Company: NPFD
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230111
Chunk: 139

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 139
---
 |     | (11.07)% |     | (11.33)% |     | (11.23)% |     | (11.01)% |     | (10.94)% |
| Common Share Total Return for 0.00% Assumed Portfolio Total             
 Return                                                                  |     | (3.25)%  |     | (3.39)%  |     | (3.29)%  |     | (3.19)%  |     | (3.11)%  |
| Common Share Total Return for 5.00% Assumed Portfolio Total             
 Return                                                                  |     | 4.57%    |     | 4.56%    |     | 4.65%    |     | 4.62%    |     | 4.71%    |
| Common Share Total Return for 10.00%                                    
 Assumed Portfolio Total Return                                          |     | 12.40%   |     | 12.51%   |     | 12.59%   |     | 12.43%   |     | 12.54%   |

Common Share total return is composed of two elements — the distributions paid by the Fund to holders of common shares (the amount of which is largely determined by the net investment income of the Fund after paying dividend payments on any preferred shares issued by the Fund and expenses on any forms of leverage outstanding) and gains or losses on the value of the securities and other instruments the Fund owns. As required by SEC rules, the table assumes that the Funds are more likely to suffer capital losses than to enjoy capital appreciation. For example, to assume a total return of 0%, the Fund must assume that the income it receives on its investments is entirely offset by losses in the value of those investments. This table reflects hypothetical performance of the Fund’s portfolio and not the actual performance of the Fund’s common shares, the value of which is determined by market forces and other factors. Should the Fund elect to add additional leverage to its portfolio, any benefits of such additional leverage cannot be fully achieved until the proceeds resulting from the use of such leverage have been received by the Fund and invested in accordance with the Fund’s investment objectives and policies. As noted above, the Fund’s willingness to use additional leverage, and the extent to which leverage is used at any time, will depend on many factors. 136

DIVIDEND REINVESTMENT PLAN

Nuveen Closed-EndFunds Automatic Reinvestment Plan

Your