Company: NPFD
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230111
Chunk: 26

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 26
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     | $   | 2,270,007,360 |   |     | $   | 1,322,888,239 |   |     | $   | 4,047,885,000 |   |     | $   | 452,555,241 |   |     | $    | 763,502,808 |   |
| ◊ Short-term investments, cost                                    |     | $   |    28,623,217 |   |     | $   |    58,662,854 |   |     | $   |    21,976,515 |   |     | $   |   2,289,396 |   |     | $    |   4,388,279 |   |
| ^ Cash denominated in foreign currencies,                         
 cost                                                              |     | $   |             – |   |     | $   |            17 |   |     | $   |             – |   |     | $   |           – |   |     | $    |           – |   |
| ** TFP Shares, liquidation preference                             |     | $   |   285,000,000 |   |     | $   |   140,000,000 |   |     | $   |   420,000,000 |   |     | $   |           – |   |     | $    |  85,000,000 |   |

See Notes to Financial Statements 68

Statement of Assets and Liabilities (continued)

| (1) | Cash pledged to collateralize the net payment obligations for investments in derivatives is in addition to the 
 Fund’s securities pledged as collateral as noted in the Portfolio of Investments.                              |

| (2) | As disclosed in Notes to Financial Statements. |

See Notes to Financial Statements 69

Statement of Operations

| Year Ended July 31, 2025                                   |     | JFR |             |   |     | JQC |             |   |     | JPC |             |   |     | JPI |            |   |     | NPFD |            |   |
|:-----------------------------------------------------------|:----|:----|------------:|:--|:----|:----|------------:|:--|:----|:----|------------:|:--|:----|:----|-----------:|:--|:----|:-----|-----------:|:--|
|