Company: NPFD
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230111
Chunk: 125

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 125
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 risk may also be present with respect to                                                                 
 fixed-to-floating rate securities in which the Fund may invest. A secondary risk associated with declining interest rates is the risk that income earned by the Fund on                                                                               
 floating rate and fixed-to-floating rate securities may decline due to lower coupon payments on floating-rate securities.                                                                                                                             |

| • |     | Liquidity Risk. Certain preferred securities may be substantially less liquid than many other securities, such as                                                                                                                                         
 U.S. Government securities or common stock. Illiquid securities involve the risk that the securities will not be able to be sold at the time desired by the Fund or at prices approximating the value at which the Fund is carrying the securities on its 
 books.                                                                                                                                                                                                                                                    |

| • |     | Regulatory Risk. Issuers of preferred securities may be in industries that are heavily regulated and that may receive                                                                                                              
 government funding. The value of preferred securities issued by these companies may be affected by changes in government policy, such as increased regulation, ownership restrictions, deregulation or reduced government funding. |

| • |     | New Types of Securities Risk. From time to time, preferred securities, including hybrid-preferred securities, have                                                                                                                                  
 been, and may in the future be, offered having features other than those described herein. The Fund reserves the right to invest in these securities if the Sub-Advisers believe that doing so would be                                             
 consistent with the Fund’s investment objective and policies. Since the market for these instruments would be new, the Fund may have difficulty disposing of them at a suitable price and time. In addition to limited liquidity, these instruments 
 may present other risks, such as high price volatility.                                                                                                                                                                                             |

Real Estate Investment Trust Risk.Share prices of Real Estate Investment Trusts (“REITs”) typically decline because of adverse developments affecting the real estate industry and real property values. In general, real estate values are affected by a variety of factors, including supply and demand for properties, the economic health of the country or of different regions, and the strength of specific industries that rent properties. Qualification as a REIT under the Internal Revenue Code of 1986, as amended in any particular year is a complex analysis that depends on a number of factors. There can be no assurance that an entity in which the Fund invests with the expectation that it will be taxed as a REIT will, in fact, qualify as a REIT. 130

An entity that fails to qualify as a REIT would be taxed as a corporation, and thus,