Company: NPFD
Filing Date: 2025-10-03
Form Type: N-CSR
Source: 0001193125-25-230111
Chunk: 55

Company: Nuveen Variable Rate Preferred & Income Fund
Filing Date: 2025-10-03
Form: N-CSR
Chunk 55
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| 8. | Management Fees and Other Transactions with Affiliates |

Management Fees : Each Fund’s management fee compensates the Adviser for the overall investment advisory and administrative services and general office facilities. The Sub-Adviseris compensated for its services to the Funds from the management fees paid to the Adviser. Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund’s shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser. The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule: 97

Notes to Financial Statements (continued)

| Average Daily Managed Assets*      |     | JFR |        |   |     | JQC |        |   |     | JPI |        |   |     | NPFD |        |   |
| For the first $500 million         |     |     | 0.6500 | % |     |     | 0.6800 | % |     |     | 0.7000 | % |     |      | 0.7500 | % |
| For the next $500 million          |     |     | 0.6250 |   |     |     | 0.6550 |   |     |     | 0.6750 |   |     |      | 0.7250 |   |
| For the next $500 million          |     |     | 0.6000 |   |     |     | 0.6300 |   |     |     | 0.6500 |   |     |      | 0.7000 |   |
| For the next $500 million          |     |     | 0.5750 |   |     |     | 0.6050 |   |     |     | 0.6250 |   |     |      | 0.6750 |   |
| For managed assets over $2 billion |     |     | 0.5500 |   |     |     | 0.5800 |   |     |     | 0.6000 |   |     |      | 0