Company: NPFD
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230111
Chunk: 27

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 27
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 |   |     | $   | 28,347,336 |   |     | $    | 46,836,575 |   |

See Notes to Financial Statements 70

Statement of Changes in Net Assets

| OPERATIONS                                                 |     | JFR        
 Year Ended 
 7/31/25    |               |   |     | Year Ended 
 7/31/24    |               |   |     | JQC        
 Year Ended 
 7/31/25    |             |   |     | Year Ended 
 7/31/24    |             |   |
|:-----------------------------------------------------------|:----|:-----------|--------------:|:--|:----|:-----------|--------------:|:--|:----|:-----------|------------:|:--|:----|:-----------|------------:|:--|
| Net investment income (loss)                               |     | $          |   110,946,491 |   |     | $          |   119,060,019 |   |     | $          |  66,422,709 |   |     | $          |  75,281,341 |   |
| Net realized gain (loss)                                   |     |            |   (25,473,772 | ) |     |            |   (17,276,337 | ) |     |            | (14,391,769 | ) |     |            | (18,940,185 | ) |
| Net change in unrealized appreciation (depreciation)       |     |            |    18,510,139 |   |     |            |    54,424,668 |   |     |            |  11,955,726 |   |     |            |  41,730,015 |   |
| Net increase (decrease) in net assets applicable to common 
 shares from operations                                     |     |            |   103,982,858 |   |     |            |   156,208,350 |   |     |            |  63,986,666 |   |     |            |  98,071,171 |   |
| DISTRIBUTIONS TO COMMON SHAREHOLDERS                       |     |            |               |   |     |            |               |   |     |            |             |   |     |            |             |   |
| Dividends                                                  |     |            |  (115,