Company: NPFD
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230111
Chunk: 47

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 47
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:--------------|:----|:-----------------------------------|:----|:------|----------:|:----|:----------------------|:----|:------|:---|
| Futures Contracts     |     | Interest rate |     | Unrealized appreciation on futures 
 contracts*                         |     | $     | 2,272,447 |     | -                     |     |       | $– |
| Interest Rate Swaps   |     | Interest rate |     | Unrealized appreciation on         
 interest rate swaps contracts      |     |       | 2,390,002 |     | -                     |     |       | –  |

92

| * | The fair value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected in                     
 the accompanying Statements of Assets and Liabilities is only the receivable or payable for variation margin on open futures contracts. |

During the current fiscal period, the effect of derivative contracts on the Funds’ Statements of Operations was as follows:

| Derivative Instrument |     | Risk Exposure |     | Net Realized Gain 
 (Loss)            |            |     | Change in      
 Unrealized     
 Appreciation   
 (Depreciation) |             |   |
| JPC                   |     |               |     |                   |            |     |                |             |   |
| Futures contracts     |     | Interest rate |     |                   |    $14,007 |     |                | $(4,287,816 | ) |
| Swap contracts        |     | Interest rate |     |                   | 26,228,476 |     |                | (24,034,354 | ) |

Market and Counterparty Credit Risk:In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Advis