Company: NPFD
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230111
Chunk: 29

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 29
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 transactions                                 |     |            |    55,744,631 |   |     |            | 1,551,871,080 |   |     |            | (173,123,823 | ) |     |            |           – |   |
| Net increase (decrease) in net assets applicable to common 
 shares                                                     |     |            |    51,574,661 |   |     |            | 1,780,864,068 |   |     |            | (171,922,485 | ) |     |            |  34,485,007 |   |
| Net assets applicable to common shares at the beginning of 
 period                                                     |     |            | 2,563,871,408 |   |     |            |   783,007,340 |   |     |            |  454,488,231 |   |     |            | 420,003,224 |   |
| Net assets applicable to common shares at the end of       
 period                                                     |     | $          | 2,615,446,069 |   |     | $          | 2,563,871,408 |   |     | $          |  282,565,746 |   |     | $          | 454,488,231 |   |

See Notes to Financial Statements 72

| OPERATIONS                                                 |     | NPFD       
 Year Ended 
 7/31/25    |             |   |     | Year Ended 
 7/31/24    |             |   |
|:-----------------------------------------------------------|:----|:-----------|------------:|:--|:----|:-----------|------------:|:--|
| Net investment income (loss)                               |     | $          |  23,367,902 |   |     | $          |  18,346,533 |   |
| Net realized gain (loss)                                   |     |            |  (5,510,671 | ) |     |            | (10,004,771 | ) |
| Net change in unrealized appreciation (depreciation)       |     |            |  28,979,344 |   |     |            |  57,022,131 |   |
| Net increase (decrease) in net assets applicable to common 
 shares from operations                                     |     |            |  46,836,575 |   |     |            |  65,363