Company: NPFD
Filing Date: 2025-04-04
Form Type: N-CSRS
Source: 0001193125-25-073013
Chunk: 1

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-04-04
Form: N-CSRS
Chunk 1
---

#### Portfolio

#### manager

#### commentaries
:

The

Funds

include

portfolio

manager

commentary

in

their

annual

shareholder

reports.

For

your

Fund’s

most

recent

annual

portfolio

manager

discussion,

please

refer

to

the

Portfolio

Managers’

Comments

section

of

the

Fund’s

annual

shareholder

report.

#### Fund
changes:

For

changes

that

occurred

to

your

Fund

both

during

and

after

this

reporting

period,

please

refer

to

the

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

Performance

### Overview
and

Holding

Summaries

section

within

this

report.

#### JFR
#### –

#### Rights
offering:

On

January

8,

2025,

the

Board

of

Trustees

(the

“Board”)

approved

the

terms

of

the

issuance

of

transferable

rights

(“Rights”)

to

the

holders

of

the

Fund’s

common

shares

(par

value

$0.01

per

share)

(“Common

Shares”)

as

of

January

21,

2025

(the

“Record

Date”).

Holders

of

Common

Shares

on

the

Record

Date

(“Record

Date

Shareholders”)

received

one

Right

for

each

outstanding

Common

Share

owned

on

the

Record

Date.

The

Rights

entitled

the

holders

to

purchase

one