Company: NPFD
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230111
Chunk: 57

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 57
---
 undrawn balance if the undrawn portion of the Borrowings on a particular day is more than the maximum commitment amount. Interest is charged on the Borrowings at a rate per annum equal to the daily SOFR plus 1.10% for JQC and the Fund accrues 1.10% per annum on any positive difference between 90% of the maximum commitment amount and the daily drawn amount For JPC and JPI funds, interest is charged on these Borrowings at OBFR (“Overnight Bank Funding Rate”) plus 0.85% per annum on the amounts borrowed. For NPFD, interest is charged on these Borrowings at OBFR plus 0.75% per annum on the amounts borrowed and 0.25% per annum on the undrawn balance if the undrawn portion of the Borrowings on a particular day is more than 25% of the maximum commitment amount. During the current fiscal period, the average daily balance outstanding and average annual interest rate on each Fund’s Borrowings were as follows:

| Fund |     | Utilization  
 Period (Days 
 Outstanding) |     |     | Average       
 Daily Balance 
 Outstanding   |             |     | Average Annual 
 Interest Rate  |       |
|:-----|:----|:-------------|----:|:----|:--------------|------------:|:----|:---------------|------:|
| JFR  |     |              | 365 |     | $             | 483,336,986 |     |                | 5.76% |
| JQC  |     |              | 365 |     |               | 211,600,000 |     |                |  5.76 |
| JPC  |     |              | 365 |     |               | 662,246,575 |     |                |  5.76 |
| JPI  |     |              | 352 |     |               | 119,782,670 |     |                |  5.73 |
| NPFD |     |              | 365 |     |               | 170,034,548 |     |                |  5.76 |

99

Notes to Financial Statements (continued) Other Borrowings Information for the Funds: In order to maintain these Borrowings, the Funds must meet certain collateral, asset coverage and other requirements. The Funds’ borrowings outstanding are fully secured by eligible securities held in each Fund’s portfolio of investments. (“Pledged Collateral”) Borrowings