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

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 10
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, are as shown in the accompanying table.

| 9 |

Common Share Information (continued)

|                            |     | JPC       |
| Maximum aggregate offering |     | Unlimited |

During the current reporting period, JPC sold common shares through its Shelf Offering at a weighted average premium to its NAV per common share in the accompanying table.

|                                                       |     | JPC |           |
| Common shares sold through shelf offering             |     |     | 6,853,100 |
| Weighted average premium to NAV per common share sold |     |     |     0.59% |

Refer to Notes to Financial Statements for further details of Shelf Offerings and the Fund’s transactions. COMMON SHARE REPURCHASES The Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each fund to repurchase and retire an aggregate of up to approximately 10% of its outstanding common shares. During the current reporting period, the Funds did not repurchase any of their outstanding common shares. As of July 31, 2025, (and since the inception of the Funds’ repurchase programs), each Fund has cumulatively repurchased and retired its outstanding common shares as shown in the accompanying table.

|                                                    |     | JFR |            |     | JQC |            |     | JPC |            |     | JPI |           |     | NPFD |           |
| Common shares cumulatively repurchased and retired |     |     |    147,593 |     |     |  5,473,400 |     |     |  2,826,100 |     |     |         0 |     |      |         0 |
| Common shares authorized for repurchase            |     |     | 16,095,000 |     |     | 13,560,000 |     |     | 32,175,000 |     |     | 1,410,000 |     |      | 2,415,000 |

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About the Funds’ Benchmarks ICE BofA U.S. All Capital Securities Index:An index designed to measure the performance of investment grade and below investment grade fixed rate and fixed-to-floatingrate, USD-denominatedhybrid corporate and preferred securities publicly issued in the U.S. domestic market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. ICE BofA U.S. High Yield Index:An index designed to measure the performance of USD