Company: NPFD
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230111
Chunk: 82

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 82
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 investment objective.

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NUVEEN PREFERRED & INCOME OPPORTUNITIES FUND (JPC) Investment Objectives The Fund’s primary investment objective is high current income. The Fund’s secondary investment objective is total return. Investment Policies The Fund will invest at least 80% of its Assets (as defined below) in preferred securities and other income producing securities, including hybrid securities such as contingent capital securities and up to 20% in other securities, primarily income-oriented securities such as corporate and taxable municipal debt and common equity. “Assets” mean the net assets of the Fund plus the amount of any borrowings for investment purposes. “Managed Assets” mean the total assets of the Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). Total assets for this purpose shall include assets attributable to the Fund’s use of leverage (whether or not those assets are reflected in the Fund’s financial statements for purposes of generally accepted accounting principles), and derivatives will be valued at their market value. Under normal circumstances:

| • |     | The Fund will invest at least 50% of its Managed Assets in securities rated investment grade (BBB/Baa and above) at                                                                                                                     
 the time of investment. Investment grade quality securities are those securities that, at the time of investment, are (i) rated by at least one nationally recognized statistical rating organization (“NRSRO”) within the four highest 
 grades (Baa or BBB or better by Moody’s Investors Service, Inc. (“Moody’s”), Standard & Poor’s Corporation (“S&P”), or Fitch Ratings (“Fitch”), or are unrated but judged to be of                                                      
 comparable quality.                                                                                                                                                                                                                     |

| • |     | The Fund will invest more than 25% of its Managed Assets in the securities of companies principally engaged in 
 financial services.                                                                                            |

| • |     | The Fund is not limited in the amount of its investments in non-U.S. issuers.                                                                                                                                                       
 The Fund may invest up to 10% of its Managed Assets in non-U.S. dollar-denominated securities. The Fund may invest up to 5% of its Managed Assets in preferred securities issued by companies located in emerging market countries. |

The foregoing policies apply only at the time of any new investment. Approving Changes in Investment Policies The Board of Trustees of the Fund may change the policies described above without a shareholder vote. However, with respect to the Fund’s policy of investing at least 80% of its Assets