Company: NPFD
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230111
Chunk: 147

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 147
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 repurchased shares of its common stock as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.

|                           |     | JFR |   |     | JQC |   |     | JPI |   |     | JPI |   |     | NPFD |   |
| Common shares repurchased |     |     | 0 |     |     | 0 |     |     | 0 |     |     | 0 |     |      | 0 |

FINRA BrokerCheck:The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999or by visiting www.FINRA.org. 151

Glossary of Terms Used in this Report

(Unaudited)

19(a) Notice:Section 19(a) of the Investment Company Act of 1940 requires that the payment of any
distribution which is made from a source other than the fund’s net income be accompanied by a written notice that discloses the estimated sources of such payment.

Average Annual Total Return:This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period.
It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or offer price and reinvested dividends and capital gains distributions, if any) over the time
period being considered.

Collateralized Loan Obligation (CLO):A security backed by a pool of debt, often low rated corporate loans. Collateralized
loan obligations (CLOs) are similar to collateralized mortgage obligations, except for the different type of underlying loan.

Contingent Capital Securities (CoCos):CoCos are debt or capital securities of primarily non-U.S. issuers with loss absorption contingency mechanisms built into the terms of the security, for example a mandatory conversion
into common stock of the issuer, or a principal write-down, which if triggered would likely cause the CoCo investment to lose value. Loss absorption mechanisms would become effective upon the occurrence of a specified contingency event, or at the
discretion of a regulatory body. Specified contingency events, as identified in the CoCo’s governing documents, usually reference a decline in the issuer’s capital below a specified threshold