Nuveen Variable Rate Preferred &Amp; Income Fund N-CSRS Filing

FAQ

Key Financial Figures

• $0.0850 — Realized Gains Return of Capital JFR $0.0850 72.90% 0.00% 27.10% $0.5100 $0.3719
• $0.5100 — ital JFR $0.0850 72.90% 0.00% 27.10% $0.5100 $0.3719 $0.0000 $0.1381 JQC $0.0540
• $0.3719 — $0.0850 72.90% 0.00% 27.10% $0.5100 $0.3719 $0.0000 $0.1381 JQC $0.0540 74.50% 0
• $0.0000 — 72.90% 0.00% 27.10% $0.5100 $0.3719 $0.0000 $0.1381 JQC $0.0540 74.50% 0.00% 25.
• $0.1381 — 0.00% 27.10% $0.5100 $0.3719 $0.0000 $0.1381 JQC $0.0540 74.50% 0.00% 25.50% $0.3
• $0.0540 — $0.5100 $0.3719 $0.0000 $0.1381 JQC $0.0540 74.50% 0.00% 25.50% $0.3240 $0.2415
• $0.3240 — 1381 JQC $0.0540 74.50% 0.00% 25.50% $0.3240 $0.2415 $0.0000 $0.0825 JPC $0.0625
• $0.2415 — $0.0540 74.50% 0.00% 25.50% $0.3240 $0.2415 $0.0000 $0.0825 JPC $0.0625 70.40% 0
• $0.0825 — 0.00% 25.50% $0.3240 $0.2415 $0.0000 $0.0825 JPC $0.0625 70.40% 0.00% 29.60% $0.3
• $0.0625 — $0.3240 $0.2415 $0.0000 $0.0825 JPC $0.0625 70.40% 0.00% 29.60% $0.3910 $0.2754
• $0.3910 — 0825 JPC $0.0625 70.40% 0.00% 29.60% $0.3910 $0.2754 $0.0000 $0.1156 NPFD $0.1565
• $0.2754 — $0.0625 70.40% 0.00% 29.60% $0.3910 $0.2754 $0.0000 $0.1156 NPFD $0.1565 63.00%
• $0.1156 — 0.00% 29.60% $0.3910 $0.2754 $0.0000 $0.1156 NPFD $0.1565 63.00% 0.00% 37.00% $0.
• $0.1565 — $0.3910 $0.2754 $0.0000 $0.1156 NPFD $0.1565 63.00% 0.00% 37.00% $0.9830 $0.6189
• $0.9830 — 156 NPFD $0.1565 63.00% 0.00% 37.00% $0.9830 $0.6189 $0.0000 $0.3641 5 additiona

Filing Documents

• d107175dncsrs.htm (N-CSRS) — 4198KB
• d107175dex99cert.htm (EX-99.CERT) — 22KB
• d107175dex99906cert.htm (EX-99.906CERT) — 6KB
• 0001193125-26-139277.txt ( ) — 4227KB

Notes to Financial Statements section of this report

Notes to Financial Statements section of this report. Fund principal investment policies and principal risks: Refer to the Shareholder Update section of your Fund's annual shareholder report for information on the Fund's principal investment policies and principal risks. Fund performance : For current information on your Fund's average annual total returns please refer to the Fund's website at www.nuveen.com . For average annual total returns as of the end of this reporting period, please refer to the Fund Performance, Leverage and Holding Summaries section within this report. JPC – Fund reorganization: Effective prior to market open on September 22, 2025, Nuveen Preferred Securities & Income Opportunities Fund (JPI) was reorganized into JPC. Refer to the

Notes to Financial Statements within this

Notes to Financial Statements within this report for further details on the reorganization. JPC and NPFD – Recent market factors: JPC and NPFD have substantial allocations to preferred and contingent capital securities issued by U.S. and non-U.S. banks and other financial institutions. Given the increases in prevailing interest rates and other market factors, these securities continue to be subject to heightened volatility and may, ultimately, detract from Fund performance. 4 Common Share Information COMMON SHARE DISTRIBUTION INFORMATION The following information regarding each Fund's distributions is current as of January 31, 2026 . Each Fund's distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of its common shares (stated in terms of a fixed cents per common share dividend distribution rate which may be set from time to time). Each Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution and to distribute realized capital gains at least annually. In addition, in any monthly period, to maintain its declared per common share distribution amount, a Fund may distribute more or less than its net investment income during the period. In the event a Fund distributes more than its net investment income during any yearly period, such distributions may also include realized gains and/or a return of capital. To the extent that a distribution includes a return of capital the NAV per share may erode. The practice of maintaining a stable distribution level had no material effect on each Fund's investment strategy during the most recent fiscal period and is not expected to have such an effect in future periods, however, distributions in excess of Fund returns will cause its NAV per share to erode. For additional information, refer to the distribution information section below and in the Notes to Financial herein. Act

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