Company: NPFD
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230111
Chunk: 107

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 107
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Temporary Defensive Periods

During temporary defensive periods, the period in which the net proceeds of this offering of Common Shares are first being invested (the “invest-upperiod”), the “wind-up”period (the approximately six month period during which the Fund is transitioning its portfolio as the Fund’s Termination Date approaches) or the period in which the Fund’s assets are being liquidated in anticipation of the Fund’s termination, the Fund may deviate from its investment policies and objective. During such periods, the Fund may invest up to 100% of its Managed Assets in cash, short-term investments, including high quality, short-term securities or may invest in short-, intermediate-, or long-term U.S. Treasury securities. During the invest-upperiod, the Fund may also purchase securities issued by ETFs that invest primarily in investments of the types in which the Fund may invest directly. Any such investments in ETFs will be in compliance with the limitations imposed by the 1940 Act, the rules promulgated thereunder, or pursuant to any exemptive relief obtained thereunder. There can be no assurance that such techniques will be successful. Accordingly, during such periods, the Fund may not achieve its investment objective.

122

PRINCIPAL RISKS OF THE FUNDS The factors that are most likely to have a material effect on a particular Fund’s portfolio as a whole are called “principal risks.” Each Fund is subject to the principal risks indicated below, whether through direct investment or derivative positions. Each Fund may be subject to additional risks other than those identified and described below because the types of investments made by a Fund can change over time.

| Risk                                                                                   |     | JFR |     | JQC |     | JPC |     | JPI |     | NPFD |
| Portfolio Level Risks                                                                  |     |     |     |     |     |     |     |     |     |      |
| Basis Risk                                                                             |     | X   |     | X   |     | -   |     | -   |     | -    |
| Below Investment Grade Risk                                                            |     | X   |     | X   |     | X   |     | X   |     | X    |
| Call Risk                                                                              |     | X   |     | X   |     | X   |     | X   |     | X    |
| Collateralized Debt Obligation (“CDO”) and Collateralized Loan Obligation (“CLO”) Risk |     | X   |