Company: NPFD
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230111
Chunk: 91

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 91
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 Investment Objective The Fund’s investment objective is to provide a high level of current income and total return. Investment Policies The Fund will invest at least 80% of its Assets (as defined below) in preferred securities and other income producing securities issued by U.S. and non-U.S.companies, including debt securities, hybrid securities and convertible securities. “Assets” mean the net assets of the Fund plus the amount of any borrowings for investment purposes. “Managed Assets” mean the total assets of the Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). Total assets for this purpose shall include assets attributable to the Fund’s use of leverage (whether or not those assets are reflected in the Fund’s financial statements for purposes of generally accepted accounting principles), and derivatives will be valued at their market value. Under normal circumstances:

| • |     | The Fund may invest up to 20% of its Managed Assets in securities issued by federal, state and local governments and 
 U.S. government agencies.                                                                                            |

| • |     | The Fund invests at least 50% of its Managed Assets in securities rated investment grade (BBB-/Baa3 or higher) at the time of purchase. A security is considered to have the highest rating assigned to it by a rating agency or, in the case of an unrated security, to have the same rating as rated 
 securities judged by the Fund’s sub-adviser to be of comparable quality.                                                                                                                                                                                                                               |

| • |     | The Fund may invest up to 10% of its Managed Assets in securities rated below 
 B-/B3 at the time of purchase.                                                |

| • |     | The Fund may invest up to 10% of its Managed Assets in securities of issuers in emerging market countries. |

| • |     | The Fund will invest 100% of its Managed Assets in U.S. dollar denominated securities. |

| • |     | The Fund may invest up to 10% of its total assets in securities of other open- or                                                                                   
 closed-end investment companies (including exchange- traded funds (“ETFs”)) that invest primarily in securities of the types in which the Fund may invest directly. |

The foregoing policies apply only at the time of any new investment. Approving Changes in Investment Policies The Board of Trustees of the Fund may change the policies described above without a shareholder vote. However, with respect to the Fund’s policy of investing at least 80% of its Assets