Company: NPFD
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230111
Chunk: 63

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 63
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 its affiliates in connection with the Fund’s other investments in such entities.                                                                                                                                                                                                     |

| • |     | The Fund maintains an average duration of one year or less for its portfolio investments in Senior Loans and other 
 debt instruments.                                                                                                  |

| • |     | The Fund will not invest in inverse floating rate securities. |

| • |     | The Fund may invest up to 20% of its Managed Assets in securities of non-U.S.                                                                                                                               
 issuers (which includes borrowers) that are U.S. dollar or non-U.S. dollar denominated. The Fund’s Managed Assets to be invested in Senior Loans and other debt instruments of non-U.S. issuers may include 
 debt securities of issuers located, or conducting their business in, emerging markets countries.                                                                                                            |

| • |     | The Fund may not invest more than 20% of its Managed Assets in securities from an industry which (for purposes of                                                                                                                                        
 this policy) generally refers to the classification of companies in the same or similar lines of business such as the automotive, textiles and apparel, hotels, media production and consumer retailing industries. The Fund may invest more than 20% of 
 its Managed Assets in sectors which (for purposes of this policy) generally refers to broader classifications of industries, such as the consumer discretionary sector which includes the automotive, textiles and apparel, hotels, media production and 
 consumer retailing industries, provided the Fund’s investment in a particular industry within the sector does not exceed the industry limitation.                                                                                                        |

| • |     | The Fund may invest up to 5% of its Managed Assets in iBoxx Loan Total Return Swaps. An iBoxx Loan Total Return Swap                                                                                                                                
 is a specific type of total return swap on an index that is designed to provide exposure to the Senior Loan market. The iBoxx Loan Total Return Swap’s underlying index is the Markit iBoxx USD Liquid Leveraged Loans Total Return Index, which is 
 one of a subset of indices designed to track the broader, rules-based Markit iBoxx USD Liquid Leveraged Loan Index. “iBoxx Loan Total Return Swaps” means total return swaps written on the Markit iBoxx USD Liquid Leveraged Loans Total           
 Return Index.                                                                                                                                                                                                                                       |

The foregoing policies apply only at the time of any new investment. 103

Shareholder Update(continued)

Approving Changes in Investment Policies

The Board of Trustees of the Fund may change the policies described above without a shareholder vote. However, with