Company: NPFD
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230111
Chunk: 141

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 141
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 your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will
participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan
at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.

Call today to start reinvesting distributions

For more information
on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial professional or call us at (800) 257-8787.

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Shareholder Update (continued) CHANGES OCCURRING DURING THE FISCAL YEAR The following information in this annual report is a summary of certain changes during the most recent fiscal year. This information may not reflect all of the changes that have occurred since you purchased shares of a Fund. During the most recent fiscal year, there have been no changes required to be reported in connection with: (i) the Funds’ investment objectives and principal investment policies that have not been approved by shareholders, (ii) the principal risks of the Fund, (iii) the portfolio managers of the Funds; (iv) a Fund’s charter or by-lawsthat would delay or prevent a change of control of the Fund that have not been approved by shareholders ex cept as follows: Portfolio Managers Nuveen Floating Rate Income Fund (“JFR”) and Nuveen Credit Strategies Income Fund (“JQC”) Coale Mechlin has been named a portfolio manager of Nuveen Floating Rate Income Fund (JFR) and Nuveen Credit Strategies Income Fund (JQC), effective December 30, 2024. Coale Mechlin is a portfolio manager on Nuveen’s Leveraged Finance investment team, focusing on the platform’s bank loan strategies. His responsibilities include supporting the day-to-dayoversight and monitoring of the platform’s bank loan strategies. He joined Nuveen in 2017 as a research analyst covering the Technology sector. Prior to joining Nuveen, he was a high yield/senior loan capital markets associate for J.P. Morgan and an analyst for the UBS Investment Bank. He graduated with a B