Nuveen Variable Rate Preferred & Income Fund

NPFD: 8-K · other

Effective October 19, 2026, Nuveen Variable Rate Preferred & Income Fund (NYSE: NPFD) will invest through two wholly owned Cayman Islands subsidiaries to gain exposure to Regulation S securities and TEFRA-restricted bonds. The subsidiaries are managed by Nuveen Asset Management, the Fund's sub-adviser. Alongside the change, the Fund may now invest up to 10% of Managed Assets in non-U.S. dollar denominated securities (previously limited to U.S. dollar securities only) and has removed its prior 20% cap on CoCo investments. The TEFRA Bond Subsidiary may hold up to 25% of the Fund's total assets. The filing supplements the Fund's principal risk factors with foreign currency, Regulation S liquidity, TEFRA bond, and subsidiary risks. The changes broaden the investable universe but add liquidity, valuation, and tax-treatment uncertainty for shareholders.

SEC 8-K•6d ago