Company: NPFD
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230111
Chunk: 43

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 43
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 original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically. Purchases and Sales:Long-term purchases and sales (excluding in-kindtransactions, where applicable) during the current fiscal period were as follows:

| Fund |     | Non-U.S.   
 Government 
 Purchases  |               |     | Non-U.S.         
 Government Sales 
 and Maturities   |               |
|:-----|:----|:-----------|--------------:|:----|:-----------------|--------------:|
| JFR  |     | $          |   942,997,159 |     | $                |   648,888,396 |
| JQC  |     |            |   468,097,614 |     |                  |   424,260,653 |
| JPC  |     |            | 1,333,387,433 |     |                  | 1,415,283,095 |
| JPI  |     |            |   173,934,862 |     |                  |   208,011,483 |
| NPFD |     |            |   279,875,698 |     |                  |   308,586,927 |

The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the current fiscal period, such amounts are recognized on the Statement of Assets and Liabilities.

| 5. | Derivative Investments |

Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of Operations, respectively. Futures Contracts:During the current fiscal period, JPC used U.S. Treasury futures as part of an overall portfolio construction strategy to manage portfolio duration and yield curve exposure. A futures contract