Company: NPFD
Filing Date: 2025-04-04
Form Type: N-CSRS
Source: 0001193125-25-073013
Chunk: 254

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-04-04
Form: N-CSRS
Chunk 254
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ation

preference

per

share.

These

TFP

Shares

were

issued

via

private

placement

and

are

not

publicly

available.

The

Fund

is

obligated

to

redeem

its

TFP

Shares

by

the

date

as

specified

in

its

offering

documents

(“Term

Redemption

Date”),

unless

earlier

redeemed

by

the

Fund.

TFP

Shares

are

initially

issued

in

a

pre-specified

mode,

however,

TFP

Shares

can

be

subsequently

designated

as

an

alternative

mode

at

a

later

date

at

the

discretion

of

the

Funds.

The

modes

within

TFP

Shares

detail

the

dividend

mechanics

and

are

described

as

follows.

At

a

subsequent

date,

the

Funds

may

establish

additional

mode

structures

with

the

TFP

Share.

•

Variable

Rate

Mode

(“VRM”)

–

Dividends

for

TFP

Shares

designated

in

this

mode

are

based

upon

a

short-term

index

plus

an

additional

fixed

“spread"

amount

established

at

the

time

of

issuance

or

renewal

/

conversion

of

its

mode.

At

the

end

of

the

period

of

the

mode,

the

Fund

will

be

required

to

either

extend

the

term

of

the

mode,

designate

an

alternative

mode

or

redeem

the

TFP

Shares.

The

fair

value

of

TFP

Shares

while

in

VRM

are

expected

to

approximate

their

liquidation

preference

so

long

as

the

fixed

“spread”

on

the

shares

remains

roughly

in

line

with

the

“spread’

being

demanded

by

investors

on

instruments

having

similar

terms

in

the

current

market.

During

the

current

reporting

period,

the

Adviser