Company: NPFD
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230111
Chunk: 56

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 56
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 expose the Funds to some risk of loss. These could include recourse arrangements for certain agreements related to preferred shares, which are described elsewhere in these Notes to Financial Statements. The risk of future loss arising from such agreements, while not quantifiable, is expected to be remote. As of the end of the current fiscal period, the Funds did not have any unfunded commitments other than those disclosed in the Notes to Financial Statements, when applicable. From time to time, the Funds may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Funds’ rights under contracts. As of the end of the current fiscal period, management has determined that any legal proceeding(s) the Funds are subject to, including those described within this report, are unlikely to have a material impact to any of the Funds’ financial statements.

| 10. | Borrowings Arrangements and Reverse Repurchase Agreements |

Borrowings: Each Fund entered into a borrowing arrangement (“Borrowings”) as a means of leverage. As of the end of the current fiscal period, each Fund’s maximum commitment amount under these Borrowings is as follows:

| Fund |     | Maximum    
 Commitment 
 Amount     |             |
|:-----|:----|:-----------|------------:|
| JFR  |     | $          | 660,000,000 |
| JQC  |     |            | 250,000,000 |
| JPC  |     |            | 715,000,000 |
| JPI  |     |            | 135,000,000 |
| NPFD |     |            | 190,000,000 |

As of the end of the current fiscal period, each Fund’s outstanding balance on its Borrowings was as follows:

| Fund |     | Outstanding 
 Balance on  
 Borrowings  |             |
|:-----|:----|:------------|------------:|
| JFR  |     | $           | 517,200,000 |
| JQC  |     |             | 211,600,000 |
| JPC  |     |             | 649,000,000 |
| JPI  |     |             | 118,000,000 |
| NPFD |     |             | 161,314,000 |

For JFR, interest is charged at a rate equal to 1-MonthTerm SOFR plus 0.95%. JFR accrues 0.15% per annum on the