Nuveen Variable Rate Pred & Inc Fund (N:NPFD)

Business Focus: Closed End Funds

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Sector: Financials	Industry: Closed End Funds

See Regulatory Filings on SEC

Company Contact

Address:	333 W. Wacker Dr. CHICAGO IL 60606
Tel:	N/A
Website:	N/A
IR:	N/A

Key People

David J. Lamb Chief Administrative Officer	Tina M. Lazar Vice President	Brett E. Black Chief Compliance Officer, Vice President
E. Scott Wickerham Vice President and Controller	Nathaniel T. Jones Vice President and Treasurer	Mark L. Winget Vice President and Secretary
John M. Mccann Vice President, Assistant Secretary	Rachael Zufall Vice President, Assistant Secretary	Mark J. Czarniecki Vice President and Assistant Secretary
Diana R. Gonzalez Vice President and Assistant Secretary

Business Overview

Nuveen Variable Rate Preferred & Income Fund (the Fund) is a diversified, closed-end management investment company. The Fund's investment objective is to provide a high level of current income and total return. The Fund seeks to achieve its investment objective by investing in a portfolio of variable rate preferred securities and other variable rate income-producing securities from companies such as banks, utilities, and insurance companies. The Fund invests up to 20% of Managed Assets in contingent capital securities or contingent convertible securities (CoCos) and up to 15% in companies located in emerging market countries but will only invest in United States dollar-denominated securities. More than 25% of Managed Assets will be invested in securities of companies in the financial services sector. The investment adviser of the Fund is Nuveen Fund Advisors, LLC.

Financial Overview

For the fiscal year ended 31 July 2023, Nuveen Variable Rate Pred & Inc Fund revenues increased 75% to $37.7M. Net loss decreased 67% to $24.5M. Revenues reflect Interest increase of 69% to $27.7M, Dividends increase of 96% to $9.9M. Lower net loss reflects Investments and foreign currency decrease of 83% to $14.4M (expense), Realized Gain/Loss on Derivative-Hedging increase from $985K to $2.8M (income).

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