Nuveen Variable Rate Preferred & Income Fund

Nuveen Variable Rate Preferred & Income Fund is a diversified, closed-end investment vehicle focused on delivering a high level of current income and total return. The fund primarily invests in variable rate preferred securities and related variable rate income-producing assets, with the bulk of holdings issued by highly regulated and investment grade companies in sectors such as banking, utilities, and insurance. Notably, more than a quarter of the fund's assets are concentrated in the financial services sector. The fund also allocates a portion of assets to contingent capital securities and can invest in U.S. dollar-denominated emerging market securities. A distinguishing feature of the fund is its emphasis on variable rate securities, which help reduce interest rate risk compared to fixed-rate instruments. Nuveen Variable Rate Preferred & Income Fund utilizes leverage to enhance returns and is structured with a fixed term of 12 years, with a potential option to convert to a perpetual format. Most of its income distributions are expected to be treated as qualified dividend income, which may offer favorable tax treatment for investors. The fund plays a role in providing investors with diversified access to income-generating preferred and hybrid securities within the broader fixed income market.