Vault-13

NUVEEN VRIABL RAT PFD & INM NPFD

COM · Closed-End Fund · CUSIP 67080R102

44 institutional holders -3 vs Q1 2025
9,348,8029.3m shares reported held*
$180.2mreported value*
6 new 15 added 12 reduced 8 sold out net bought ≈ $12.1m (+626.1k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $19.28.

Trends to Q2 2025

Institutional holders

Managers reporting a position, each quarter

0204060Q3 22: 27Q4 22: 36Q1 23: 37Q2 23: 40Q3 23: 34Q4 23: 43Q1 24: 43Q2 24: 44Q3 24: 52Q4 24: 43Q1 25: 47Q2 25: 4444Q3 22Q2 23Q1 24Q4 24Q2 25
Numbers
QuarterHolders
Q3 202227
Q4 202236
Q1 202337
Q2 202340
Q3 202334
Q4 202343
Q1 202443
Q2 202444
Q3 202452
Q4 202443
Q1 202547
Q2 202544

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
40040Q3 23: 13 bought or addedQ3 23: 20 cut or sold outQ4 23: 28 bought or addedQ4 23: 12 cut or sold outQ4 23Q1 24: 25 bought or addedQ1 24: 17 cut or sold outQ2 24: 25 bought or addedQ2 24: 14 cut or sold outQ2 24Q3 24: 33 bought or addedQ3 24: 17 cut or sold outQ4 24: 27 bought or addedQ4 24: 20 cut or sold outQ4 24Q1 25: 27 bought or addedQ1 25: 17 cut or sold outQ2 25: 21 bought or addedQ2 25: 20 cut or sold outQ2 25
Numbers
QuarterBought or addedCut or sold out
Q3 20231320
Q4 20232812
Q1 20242517
Q2 20242514
Q3 20243317
Q4 20242720
Q1 20252717
Q2 20252120

Biggest buyers

ROYAL BANK OF CANADA Added +547,065+547.1k
SIT INVESTMENT ASSOCIATES INC Added +168,849+168.8k
MORGAN STANLEY Added +132,388+132.4k
Advisors Asset Management, Inc. New +71,272+71.3k
UBS Group AG Added +26,270+26.3k
SMITH CHAS P & ASSOCIATES PA CPAS New +22,000+22.0k
STIFEL FINANCIAL CORP Added +16,208+16.2k
LPL Financial LLC New +12,029+12.0k
Merit Financial Group, LLC New +10,489+10.5k
Invesco Ltd. Added +9,874+9.9k

Biggest sellers

Thomas J. Herzfeld Advisors, Inc. Reduced -102,604-102.6k
WELLS FARGO & COMPANY/MN Reduced -96,115-96.1k
Pathstone Holdings, LLC Sold out -46,670-46.7k
GOLDMAN SACHS GROUP INC Sold out -35,692-35.7k
Rareview Capital LLC Reduced -29,747-29.7k
CHOREO, LLC Reduced -25,547-25.5k
JONES ROAD CAPITAL MANAGEMENT, L.P. Sold out -23,600-23.6k
ENVESTNET ASSET MANAGEMENT INC Reduced -21,963-22.0k
Cambridge Investment Research Advisors, Inc. Sold out -13,612-13.6k
BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC Reduced -5,745-5.7k

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
SIT INVESTMENT ASSOCIATES INC 13G · institution filed 2025-03-04 10.5% 2.5m≈ $47.9m 2025-03-04
FIRST TRUST PORTFOLIOS LP 13G · institution new · filed 2026-04-30 7.8% new 1.9m≈ $35.5m 2026-04-30
MORGAN STANLEY 13G · institution +4.0 pts · filed 2025-08-05 6.5% +4.0 pts 1.6m≈ $29.5m 2025-08-05

Insider purchases and sales in Q2 2025

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

Officers and directors buying vs selling

Number of people, by quarter (10% owners not included)

BuyingSelling
101Q3 23: 0 buyingQ3 23: 0 sellingQ4 23: 0 buyingQ4 23: 0 sellingQ4 23Q1 24: 0 buyingQ1 24: 0 sellingQ2 24: 0 buyingQ2 24: 0 sellingQ2 24Q3 24: 0 buyingQ3 24: 0 sellingQ4 24: 0 buyingQ4 24: 0 sellingQ4 24Q1 25: 0 buyingQ1 25: 0 sellingQ2 25: 1 buyingQ2 25: 0 sellingQ2 25
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q3 20230—0——
Q4 20230—0——
Q1 20240—0——
Q2 20240—0——
Q3 20240—0——
Q4 20240—0——
Q1 20250—0——
Q2 20251$9.3k0——
DateInsiderTradeSharesPrice ValueTheir holding
2025-05-05 Jones Nathaniel T. Vice President and Treasurer Bought 500 $18.69 $9.3k500 shares new

Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).

Holders, Q2 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 SIT INVESTMENT ASSOCIATES INC 1.16% of their portfolio Minneapolis, MN 2,812,9102.8m $54.2m $54.2m 1.16% Added +168.8k +168,849
2 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 1,903,6011.9m $36.7m $36.7m 0.00% Added +132.4k +132,388
3 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 1,093,9921.1m $21.1m $21.1m 0.00% Added +547.1k +547,065
4 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 786,250786.2k $15.2m $15.2m 0.00% Reduced -96.1k -96,115
5 UBS Group AG 0.00% of their portfolio ZURICH, V8 565,747565.7k $10.9m $10.9m 0.00% Added +26.3k +26,270
6 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 355,961356.0k $6.9m $6.9m 0.00% Added +9.9k +9,874
7 Thomas J. Herzfeld Advisors, Inc. 2.11% of their portfolio MIAMI BEACH, FL 307,485307.5k $5.9m $5.9m 2.11% Reduced -102.6k -102,604
8 Penserra Capital Management LLC 0.07% of their portfolio ORINDA, CA 276,310276.3k $5.3m $5.3m 0.07% Added +8.1k +8,149
9 ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio Berwyn, PA 226,453226.5k $4.4m $4.4m 0.00% Reduced -22.0k -21,963
10 COHEN & STEERS, INC. 0.01% of their portfolio NEW YORK, NY 205,000205.0k $4.0m $4.0m 0.01% Unchanged
11 STIFEL FINANCIAL CORP 0.00% of their portfolio ST. LOUIS, MO 202,113202.1k $3.9m $3.9m 0.00% Added +16.2k +16,208
12 FIRST TRUST ADVISORS LP 0.00% of their portfolio Wheaton, IL 92,83992.8k $1.8m $1.8m 0.00% Added +3.4k +3,382
13 Advisors Asset Management, Inc. 0.02% of their portfolio Monument, CO 71,27271.3k $1.4m $1.4m 0.02% New
14 COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio WALTHAM, MA 60,06860.1k $1.2m $1.2m 0.00% Added +4.7k +4,684
15 Rareview Capital LLC 0.53% of their portfolio LAS VEGAS, NV 43,41543.4k $837.0k $837.0k 0.53% Reduced -29.7k -29,747
16 Bramshill Investments, LLC 0.08% of their portfolio NAPLES, FL 39,40039.4k $759.6k $759.6k 0.08% Reduced -108 -108
17 CHOREO, LLC 0.01% of their portfolio ROCKFORD, IL 36,80236.8k $712.8k $712.8k 0.01% Reduced -25.5k -25,547
18 WEDBUSH SECURITIES INC 0.02% of their portfolio PASADENA, CA 28,44428.4k $548.0k $548.0k 0.02% Added +1.5k +1,544
19 Catalina Capital Group, LLC 0.31% of their portfolio Torrance, CA 23,54823.5k $454.0k $454.0k 0.31% Unchanged
20 Seed Wealth Management, Inc. 0.34% of their portfolio EVANSTON, IL 23,35023.4k $450.2k $450.2k 0.34% Reduced -3.4k -3,369
21 SMITH CHAS P & ASSOCIATES PA CPAS 0.02% of their portfolio LAKELAND, FL 22,00022.0k $424.2k $424.2k 0.02% New
22 Cetera Investment Advisers 0.00% of their portfolio SCHAUMBURG, IL 21,90621.9k $422.4k $422.4k 0.00% Added +1.4k +1,387
23 UHLMANN PRICE SECURITIES, LLC 0.26% of their portfolio SKOKIE, IL 18,98719.0k $366.1k $366.1k 0.26% Added +70 +70
24 &PARTNERS 0.00% of their portfolio NASHVILLE, TN 17,00617.0k $327.9k $327.9k 0.00% Added +289 +289
25 Lido Advisors, LLC 0.00% of their portfolio Los Angeles, CA 15,05415.1k $292.8k $292.8k 0.00% Unchanged
26 ACCREDITED INVESTOR SERVICES, LLC 0.19% of their portfolio ST. CLOUD, MN 13,09413.1k $252.5k $252.5k 0.19% Added +499 +499
27 Sage Capital Management, LLC 0.12% of their portfolio Stockton, NJ 12,50012.5k $241.0k $241.0k 0.12% Unchanged
28 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 12,02912.0k $231.9k $231.9k 0.00% New
29 Carnegie Investment Counsel 0.00% of their portfolio PEPPER PIKE, OH 12,00012.0k $231.4k $231.4k 0.00% Unchanged
30 WALLED LAKE PLANNING & WEALTH MANAGEMENT, LLC 0.07% of their portfolio HIGHLAND PARK, IL 11,76711.8k $226.9k $226.9k 0.07% Unchanged
31 Merit Financial Group, LLC 0.00% of their portfolio ALPHARETTA, GA 10,48910.5k $202.2k $202.2k 0.00% New
32 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 8,7978.8k $169.6k $169.6k 0.00% Reduced -1.9k -1,908
33 Geneos Wealth Management Inc. 0.00% of their portfolio ENGLEWOOD, CO 6,1686.2k $118.9k $118.9k 0.00% Reduced -5.3k -5,333
34 COMERICA BANK 0.00% of their portfolio DALLAS, TX 3,5973.6k $69.3k $69.3k 0.00% Added +1.1k +1,086
35 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 3,5863.6k $69.1k $69.1k 0.00% New
36 WPG Advisers, LLC 0.02% of their portfolio BALTIMORE, MD 1,0971.1k $21.1k $21.1k 0.02% Reduced -109 -109
37 NFSG Corp 0.00% of their portfolio BOCA RATON, FL 1,0001.0k $19.3k $19.3k 0.00% New
38 US BANCORP \DE\ 0.00% of their portfolio MINNEAPOLIS, MN 947947 $18.3k $18.3k 0.00% Unchanged
39 FNY Investment Advisers, LLC 0.01% of their portfolio NEW YORK, NY 700700 $13.0k $13.0k 0.01% Unchanged
40 BLUE BELL PRIVATE WEALTH MANAGEMENT, LLC 0.00% of their portfolio BLUE BELL, PA 620620 $12.0k $12.0k 0.00% Reduced -5.7k -5,745
41 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 342342 $6.6k $6.6k 0.00% Reduced -418 -418
42 CWM, LLC 0.00% of their portfolio OMAHA, NE 112112 $2.0k $2.0k 0.00% Unchanged
43 ASSETMARK, INC 0.00% of their portfolio CONCORD, CA 4444 $848 $848 0.00% Unchanged
44 CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio BIRMINGHAM, AL 00 $0 $0 — Unchanged