Company: NPFD
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230111
Chunk: 145

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 145
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 borrowings (excluding temporary borrowings) of a Fund and does not include derivative transactions and other investments that have the economic effect of leverage such 
 as reverse repurchase agreements and tender option bonds. If the leverage effects of such investments were included, the asset coverage amounts presented would be lower.                                                                                 |

| (5) | Includes all borrowings and preferred shares presented for the fund. |

143

Shareholder Update(continued)

UNRESOLVED STAFF COMMENTS

Each Fund believes that there are no material unresolved written comments, received 180 days or more before July 31, 2025, from the Staff of the Securities and
Exchange Commission (SEC) regarding any of its periodic or current reports under the Securities Exchange Act or Investment Company Act of 1940, or its registration statement.

144

Important Tax Information (Unaudited) As required by the Internal Revenue Code and Treasury Regulations, certain tax information, as detailed below, must be provided to shareholders. Shareholders are advised to consult their tax advisor with respect to the tax implications of their investment. The amounts listed below may differ from the actual amounts reported on Form 1099-DIV,which will be sent to shareholders shortly after calendar year end. Long-Term Capital Gains As of year end, each Fund designates the following distribution amounts, or maximum amount allowable, as being from net long-term capital gains pursuant to Section 852(b)(3) of the Internal Revenue Code:

| Fund |     | Net Long-Term 
 Capital Gains |    |
| JFR  |     |               | $— |
| JQC  |     |               | —  |
| JPC  |     |               | —  |
| JPI  |     |               | —  |
| NPFD |     |               | —  |

Dividends Received Deduction (DRD) Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders:

| Fund |     | Percentage |      |   |
| JFR  |     |            |  0.9 | % |
| JQC  |     |            |  0.4 |   |
| JPC  |     |            | 46.8 |   |
| JPI  |     |            | 70.9 |   |
| NPFD |     |            | 65.2 |   |

Qualified Dividend Income (QDI) Each Fund listed below had