Company: NPFD
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230111
Chunk: 142

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 142
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.A. in Economics from Wesleyan University. Kevin Lorenz retired from Nuveen effective as of July 1, 2025 and is no longer a portfolio manager of the Nuveen Floating Rate Income Fund (JFR) and Nuveen Credit Strategies Income Fund (JQC). Principal Risks The following principal risks are no longer included as stand-alone risks because they were consolidated into other principal risk factors as indicated below:

| Stand-Alone Risk Removed                                          |     | Consolidated Into the Following Risk                                      |
| Asset-Backed Securities                                           
 (“ABS”) Risk   Collateralized Mortgage-Backed Securities (“CMBS”) 
 and Mortgage-Backed Securities (“MBS”) Risk                       |     | Mortgage-Backed Securities (“MBS”) and Asset-Backed Securities            
 (“ABS”) Risk                                                              |
| Collateralized Loan Obligation Risk                               |     | Collateralized Debt Obligation (“CDO”) and Collateralized Loan Obligation 
 (“CLO”) Risk                                                              |
| Emerging Markets                                                  
 Risk   Non-U.S. Securities Risk                                   |     | Foreign/Emerging Markets Issuer Risk                                      |

138

ADDITIONAL DISCLOSURES FOR CERTAIN FUNDS AS OF THE FISCAL YEAR ENDED JULY 31, 2025 This annual report includes additional disclosures for certain Funds that have, or intend to have, an effective shelf offering registration statement on file with the Securities and Exchange Commission (SEC) at the time this report was prepared. Refer to Note 6, Fund Shares of the Notes to Financial Statements for further details on the shelf offering program. NUVEEN FLOATING RATE INCOME FUND (JFR) NUVEEN CREDIT STRATEGIES INCOME FUND (JQC) NUVEEN PREFERRED & INCOME OPPORTUNITIES FUND (JPC) SUMMARY OF FUND EXPENSES The purpose of the tables and the example below are to help you understand all fees and expenses that you, as a common shareholder, would bear directly or indirectly. The tables show the expenses of each Fund as a percentage of the average net assets applicable to Common Shares and not as a percentage of total assets or managed assets.

| Shareholder Transaction Expenses                             |     | JFR |       |     | JQC |       |     | JPC |       |
| Maximum Sales Charge (as a percentage of offering price) (1) |     |     | 1.00% |     |     | 1.00% |