Company: NPFD
Filing Date: 2025-04-04
Form Type: N-CSRS
Source: 0001193125-25-073013
Chunk: 255

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-04-04
Form: N-CSRS
Chunk 255
---
determined

that

the

fair

value

of

the

shares

approximated

their

liquidation

preference.

•

Variable

Rate

Demand

Mode

(“VRDM”)

–

Dividends

for

TFP

Shares

designated

in

this

mode

will

be

established

by

a

remarketing

agent;

therefore,

the

market

value

of

the

TFP

Shares

is

expected

to

approximate

its

liquidation

preference.

While

in

this

mode,

shares

will

have

an

unconditional

### liquidity
feature

that

enable

its

shareholders

to

require

a

### liquidity
provider,

which

each

Fund

has

entered

into

a

contractual

agreement,

to

purchase

shares

in

the

event

that

the

shares

are

not

able

to

be

successfully

remarketed.

In

the

event

that

shares

within

this

mode

are

unable

to

be

successfully

remarketed

and

are

purchased

by

the

### liquidity
provider,

the

dividend

rate

will

be

the

maximum

rate

which

is

designed

to

escalate

according

to

a

specified

schedule

in

order

to

enhance

the

remarketing

agent’s

ability

to

successfully

remarket

the

shares.

Each

Fund

is

required

to

redeem

any

shares

that

are

still

owned

by

a

### liquidity
provider

after

six

months

of

continuous,

unsuccessful

remarketing.

The

Funds

will

pay

a

### liquidity
and

remarketing

fee

on

the

aggregate

principal

amount

of

all

TFP

Shares

while

within

VRDM.

Payments

made

by

the

Funds

to

the

### liquidity
provider

and

remarketing

agent

are

recognized

as

“Liquidity

fees”

and

“Remarketing

fees”,

respectively,

on

the

Statement

of

Operations.

For

### financial
reporting

purposes,

the

liquidation

preference

of

TFP

Shares