Company: NPFD
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230111
Chunk: 54

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 54
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 years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed each Fund’s tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing gains and losses on investment transactions. Temporary differences do not require reclassification. As of year end, permanent differences that resulted in reclassifications among the components of net assets relate primarily to bond premium amortization adjustments, complex securities character adjustments, foreign currency transactions, investments in partnerships, nondeductible expenses, paydowns, return of capital and long-term capital gain distributions received from portfolio investments, and treatment of notional principal contracts. Temporary and permanent differences have no impact on a Fund’s net assets. As of year end, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes were as follows:

| Fund |     | Tax Cost |               |     | Gross Unrealized 
 Appreciation     |             |     | Gross          
 Unrealized     
 (Depreciation) |             |     | Net            
 Unrealized     
 Appreciation   
 (Depreciation) |             |
|:-----|:----|:---------|--------------:|:----|:-----------------|------------:|:----|:---------------|------------:|:----|:---------------|------------:|
| JFR  |     | $        | 2,299,628,044 |     | $                |  40,976,530 |     | $              | -56,487,688 |     | $              | -15,511,158 |
| JQC  |     |          | 1,382,449,524 |     |                  |  25,191,946 |     |                | -28,950,835 |     |                |  -3,758,889 |
| JPC  |     |          | 4,067,351,166 |     |                  | 131,901,307 |     |                | -66,393,697 |     |                |  65,507,610 |
| JPI  |     |          |   450,802,859 |     |                  |  15,072,493 |     |                | -25,312,771 |     |                | -10