Company: NPFD
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230111
Chunk: 61

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 61
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 borrows money from another fund, there is a risk that the loan could be called on one day’s notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs. During the current fiscal period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.

| 12. | Subsequent Events |

JPC and JPI – Fund Merger: Effective prior to the market open on September 22, 2025, JPI was merged into JPC. With respect to the merger of JPI into JPC, the separate legal existence of JPI ceased for all purposes and JPC succeeded to all the assets and assumed all the liabilities of JPI. Shares of JPI were converted into newly issued shares of JPC. Holders of common shares of JPI received newly issued common shares of JPC, the aggregate NAV of which was equal to the aggregate NAV of the common shares of JPI held immediately prior to the merger (including for this purpose fractional Acquiring Fund shares to which shareholders were entitled). For accounting and performance reporting purposes, JPC is the survivor. 101

### Notes to Financial Statements(continued)
Borrowings:Effective September 22, 2025, JPC increased the maximum commitment amount of its Borrowings
from $715,000,000 to $850,000,000. All other terms remain unchanged.

102

Shareholder Update (Unaudited) CURRENT INVESTMENT OBJECTIVES, INVESTMENT POLICIES AND PRINCIPAL RISKS OF THE FUNDS NUVEEN FLOATING RATE INCOME FUND (JFR) Investment Objective The Fund’s investment objective is to achieve a high level of current income. Investment Policies The Fund invests at least 80% of its Assets (as defined below) in secured Senior Loans and unsecured Senior Loans, which unsecured Senior Loans will be, at the time of investment, investment grade quality. With respect to the Fund’s Senior Loans included in the 80% policy, such instruments will at times have a dollar-weighted average time until the next interest rate adjustment of 90 days or less. “Assets” mean the net assets of the Fund plus the amount of any borrowings for investment purposes. “Managed Assets” mean the