Company: NPFD
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230111
Chunk: 53

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 53
---
:|
| Average liquidation preference of TFP Shares outstanding |     | $   | 285,000,000 |     | $   | 140,000,000 |     | $   | 420,000,000 |     | $    | 85,000,000 |
| Average dividend rate                                    |     |     |       5.17% |     |     |       4.73% |     |     |       4.72% |     |      |      4.72% |

Preferred Share Transactions:Transactions in preferred shares during the Funds’ current and prior fiscal period, where applicable, are noted in the following tables. Transactions in TFP Shares for the Funds, where applicable, were as follows:

|                     |     | Year Ended July 31, 2024 |   |     |        |         |     |        |              |
|:--------------------|:----|:-------------------------|:--|:----|:-------|--------:|:----|:-------|-------------:|
| JFR                 |     | Series                   |   |     | Shares |         |     | Amount |              |
| TFP Shares Issued   |     |                          | A |     |        |  70,000 |     |        |  $70,000,000 |
| TFP Shares Redeemed |     |                          | C |     |        | -70,000 |     |        |  -70,000,000 |
|                     |     | Year Ended July 31, 2024 |   |     |        |         |     |        |              |
| JPC                 |     | Series                   |   |     | Shares |         |     | Amount |              |
| TFP Shares Issued*  |     |                          | B |     |        | 270,000 |     |        | $270,000,000 |

* Issued in the Merger

| 7. | Income Tax Information |

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund’s federal income tax returns are generally subject to examination for a period of three fiscal