Company: NPFD
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230111
Chunk: 124

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 124
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 voting rights except if a declaration of 
 default occurs and is continuing. In such an event, preferred security holders generally would have the right to appoint and authorize a trustee to enforce the trust’s or special purpose entity’s rights as a creditor under the agreement         
 with its operating company.                                                                                                                                                                                                                          |

| • |     | Special Redemption Rights Risk. In certain circumstances, an issuer of preferred securities may redeem the securities                                                                                                                                
 at par prior to their stated maturity date. For instance, for certain types of preferred securities, a redemption may be triggered by a change in federal income tax or securities laws or regulatory or major corporate action. A redemption by the 
 issuer may negatively impact the return of the security held by the Fund.                                                                                                                                                                            |

| • |     | Payment Deferral and Omission Risk. Generally, preferred securities may be subject to provisions that allow an                                                                                                                                         
 issuer, under certain conditions, to skip (“non-cumulative” preferred securities) or defer (“cumulative” preferred securities) distributions for a stated period without any adverse                                                                   
 consequences to the issuer. Non-cumulative preferred securities can defer distributions indefinitely. Cumulative preferred securities typically contain provisions that allow an issuer, at its discretion, to                                         
 defer distribution payments for up to 10 years. If the Fund owns a preferred security that is deferring its distribution, the Fund may be required to report income for tax purposes although it has not yet received such income. In addition, recent 
 changes in bank regulations may increase the likelihood for issuers to defer or omit distributions.                                                                                                                                                    |

| • |     | Credit and Subordination Risk. Credit risk is the risk that a security in the Fund’s portfolio will decline in                                                                                                                                    
 price or the issuer of the security will fail to make dividend, interest or principal payments when due because the issuer experiences a decline in its financial status. Preferred securities are generally subordinated to bonds and other debt 
 instruments in a company’s capital structure in terms of having priority to corporate income, claims to corporate assets and liquidation payments, and therefore will be subject to greater credit risk than more senior debt instruments.        |

| • |     | Floating Rate and Fixed-to-Floating                                                                                                                                                                                                                   
 Rate Securities Risk. The market value of floating rate securities is a reflection of discounted expected cash flows based on expectations for future interest rate resets. The market value of such securities may fall in a declining interest rate 
 environment and may also fall in a rising interest rate environment if there is a lag between the rise in interest rates and the reset. This