Company: NPFD
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230111
Chunk: 28

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 28
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 Net assets applicable to common shares at the end of       
 period                                                     |     | $          | 1,420,503,021 |   |     | $          | 1,244,022,600 |   |     | $          | 837,305,225 |   |     | $          | 801,035,366 |   |

See Notes to Financial Statements 71

Statement of Changes in Net Assets (continued)

| OPERATIONS                                                 |     | JPC        
 Year Ended 
 7/31/25    |               |   |     | Year Ended 
 7/31/24    |               |   |     | JPI        
 Year Ended 
 7/31/25    |              |   |     | Year Ended 
 7/31/24    |             |   |
|:-----------------------------------------------------------|:----|:-----------|--------------:|:--|:----|:-----------|--------------:|:--|:----|:-----------|-------------:|:--|:----|:-----------|------------:|:--|
| Net investment income (loss)                               |     | $          |   148,612,392 |   |     | $          |   106,326,517 |   |     | $          |   17,332,559 |   |     | $          |  24,546,634 |   |
| Net realized gain (loss)                                   |     |            |    41,540,125 |   |     |            |   (35,265,792 | ) |     |            |    1,969,034 |   |     |            |  (5,862,811 | ) |
| Net change in unrealized appreciation (depreciation)       |     |            |    62,171,327 |   |     |            |   310,419,011 |   |     |            |    9,045,743 |   |     |            |  42,581,549 |   |
| Net increase (decrease) in net assets applicable to common 
 shares from operations                                     |     |            |   252,323,844 |   |     |            |   381,479,736 |   |     |            |   28,347,336 |   |     |            |  61,265,372 |   |
| DISTRIBUTIONS TO COMMON SHAREHOLDERS