Company: NPFD
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230111
Chunk: 131

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 131
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 methodology, there could be a material impact, either positive or negative, on
the Fund’s NAV.

Warrants and Equity Securities Risk.Investments in warrants and equity securities entail certain risks in addition to those
associated with investments in adjustable rate instruments or other debt instruments. The value of warrants and equity securities may be affected more rapidly, and to a greater extent, by company-specific developments and general market conditions.
These risks may increase fluctuations in the Fund’s NAV. The Fund may possess material non-public information about an issuer as a result of its ownership of an adjustable rate instrument or other debt
instrument of such issuer. Because of prohibitions on trading in securities of issuers while in possession of such information, the Fund might be unable to enter into a transaction in a security of such an issuer when it would otherwise be
advantageous to do so.

When-Issued and Delayed-Delivery Transactions Risk.When-issued and delayed-delivery transactions may involve an element of risk
because no interest accrues on the securities prior to settlement and, because securities are subject to market fluctuations, the value of the securities at time of delivery may be less (or more) than their cost. A separate account of the Fund will
be established with its custodian consisting of cash equivalents or liquid securities having a market value at all times at least equal to the amount of any delayed payment commitment.

Zero Coupon Bonds or Pay-In-KindSecurities Risk.Zero coupon and pay-in-kind securities may be subject to greater fluctuation in value and less liquidity in the event of adverse market conditions than comparably rated securities paying cash
interest at regular interest payment periods. Prices on non- cash-paying instruments may be more sensitive to changes in the issuer’s financial condition, fluctuation in interest rates and market
demand/supply imbalances than cash-paying securities with similar credit ratings, and thus may be more speculative.

132

Fund Level and Other Risks:

Anti-Takeover Provisions.The Declaration of Trust and the Fund’s by-laws include provisions that could limit
the ability of other entities or persons to acquire control of the Fund or convert the Fund to open-end status. These provisions could have the effect of depriving the Common Shareholders of opportunities to
sell their Common Shares at a premium over the then-current market price of the Common Shares.

Borrowing Risk.In addition to borrowing for leverage,
the Fund may borrow for temporary or emergency purposes, to pay dividends, repurchase its shares, or clear portfolio transactions. Borrowing may exaggerate changes in