Company: NPFD
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230111
Chunk: 48

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 48
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er monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determinedthreshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determinedthreshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determinedthreshold amount.

| 6. | Fund Shares |

Common Shares Tender Offer The Board authorized JPI to conduct a tender offer pursuant to which the Fund offered to purchase up to 100% of its then outstanding shares for cash on a pro rata basis at a price per share equal 100% of the NAV per share as determined as of the close of regular trading on the NYSE on the expiration date of the tender offer. On July 17, 2024, Nuveen announced the Fund’s tender offer, which commenced on July 17, 2024 and expired on August 14, 2024. Details of the tender offer from participating shareholders during the current fiscal period were as follows:

|                                                         |     | JPI |            |
| Number of common shares outstanding before tender offer |     |     | 22,772,419 |
| Number of common shares authorized for tender offer     |     |     |  8,672,542 |
| Percentage of common shares outstanding tendered        |     |     |        38% |
| Purchase price (100% of share NAV on expiration date)   |     |     |    20.0081 |
| Number of common shares outstanding after tender offer  |     |     | 14,099,877 |

JFR – Rights offering:On January 8, 2025, the Board approved the terms of the issuance of transferable rights (“Rights”) to the holders of the Fund’s common shares (par value $0.01 per share) (“Common Shares”) as of January 21, 2025 (the “Record Date”). Holders of Common Shares on the Record Date (“Record Date Shareholders”) received one Right for each outstanding Common Share owned on the Record Date. The Rights entitled the holders to purchase one new Common Share for every