Company: NPFD
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230111
Chunk: 177

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 177
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 variable components consisting of (i) a cash bonus; (ii) a long-term performance award; and (iii) participation in a profits interest plan. Base salary. A portfolio manager’s base salary is determined based upon an analysis of the portfolio manager’s general performance, experience and market levels of base pay for such position. Cash bonus. A portfolio manager is eligible to receive an annual cash bonus that is based on three variables: risk-adjusted investment performance relative to benchmark generally measured over the most recent one, three and five year periods (unless the portfolio manager’s tenure is shorter), ranking versus Morningstar peer funds generally measured over the most recent one, three and five year periods (unless the portfolio manager’s tenure is shorter), and management and peer reviews. Long-term performance award. A portfolio manager is eligible to receive a long-term performance award that vests after three years. The amount of the award when granted is based on the same factors used in determining the cash bonus. The value of the award at the completion of the three-year vesting period is adjusted based on the risk-adjusted investment performance of Fund(s) managed by the portfolio manager during the vesting period and the performance of the TIAA organization as a whole. Profits interest plan. Portfolio managers are eligible to receive profits interests in Nuveen Asset Management and its affiliate, Teachers Advisors, LLC, which vest over time and entitle their holders to a percentage of the firms’ annual profits. Profits interests are allocated to each portfolio manager based on such person’s overall contribution to the firms. There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above. (a)(4) Beneficial Ownership of NPFD Securities As of July 31, 2025, the portfolio managers beneficially owned the following dollar range of equity securities issued by the Fund.

| Name of Portfolio Manager |     | None |   |     | $1-     
 $10,000 |   |     | $10,001- 
 $50,000  |     | $50,001- 
 $100,000 |     | $100,001- 
 $500,000  |     | $500,001-  
 $1,000,000 |     | Over       
 $1,000,000 |
| Douglas Baker             |     |      | X |     |         |   |     |          |     |          |     |           |     |            |     |            |
| Brenda