Company: NPFD
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230111
Chunk: 14

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 14
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en Variable Rate Preferred & Income Fund Opinions on the Financial Statements We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Floating Rate Income Fund, Nuveen Credit Strategies Income Fund, Nuveen Preferred & Income Opportunities Fund, Nuveen Preferred Securities & Income Opportunities Fund and Nuveen Variable Rate Preferred & Income Fund (hereafter collectively referred to as the “Funds”) as of July 31, 2025, the related statements of operations, of changes in net assets and of cash flows for the year ended July 31, 2025, including the related notes, and the financial highlights for the year ended July 31, 2025 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2025, the results of each of their operations, the changes in each of their net assets and each of their cash flows for the year ended July 31, 2025, and each of the financial highlights for the year ended July 31, 2025 in conformity with accounting principles generally accepted in the United States of America. The financial statements of the Funds as of and for the year ended July 31, 2024 and the financial highlights for each of the periods ended on or prior to July 31, 2024 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated September 27, 2024 expressed an unqualified opinion on those financial statements and financial highlights. Basis for Opinions These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error