Company: NPFD
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230111
Chunk: 59

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 59
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 recognized as “Rehypothecation income” on the Statement of Operations. During the current fiscal period, the Rehypothecation Fees earned by each Fund were as follows:

|                      |     | JPC |          |     | JPI |         |
| Rehypothecation Fees |     |     | $259,737 |     |     | $54,813 |

Reverse Repurchase Agreements: During the current fiscal period, certain funds utilized reverse repurchase agreements as a means of leverage. Each Fund may enter into a reverse repurchase agreement with brokers, dealers, banks or other financial institutions that have been determined by the Adviser to be creditworthy. In a reverse repurchase agreement, the Fund sells to the counterparty a security that it holds with a contemporaneous agreement to repurchase the same security at an agreed-upon price and date, reflecting the interest rate effective for the term of the agreement. It may also be viewed as the borrowing of money by the Fund. Cash received in exchange for securities delivered, plus accrued interest payments to be made by the Fund to a counterparty, are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Fund to counterparties are recognized as a component of “Interest expense” on the Statement of Operations. In a reverse repurchase agreement, the Fund retains the risk of loss associated with the sold security. Reverse repurchase agreements also involve the risk that the purchaser fails to return the securities as agreed upon, files for bankruptcy or becomes insolvent. Upon a bankruptcy or insolvency of a counterparty, the Fund is considered to be an unsecured creditor with respect to excess collateral and as such the return of excess collateral may be delayed. As of the end of the current fiscal period, the Fund’s outstanding balances on its reverse repurchase agreements were as follows:

| Fund  |     | Counterparty         |     | Rate |       |     | Principal 
 Amount    |              |     | Maturity  |     | Value |              |     | Value and Accrued 
 Interest          |              |
|:------|:----|:---------------------|:----|:-----|:------|:----|:----------|-------------:|:----|:----------|:----|:------|-------------:|:----|:------------------|-------------:|
| JQC   |     | Societe Generale SA  |     |      | 5.21% |     | $         | -142,