<SEC-DOCUMENT>0000897101-25-000121.txt : 20250304
<SEC-HEADER>0000897101-25-000121.hdr.sgml : 20250304
<ACCEPTANCE-DATETIME>20250304142526
ACCESSION NUMBER:		0000897101-25-000121
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250304
DATE AS OF CHANGE:		20250304

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Nuveen Variable Rate Preferred & Income Fund
		CENTRAL INDEX KEY:			0001865389
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-94287
		FILM NUMBER:		25703187

	BUSINESS ADDRESS:	
		STREET 1:		333 W. WACKER DR.
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		312-917-8146

	MAIL ADDRESS:	
		STREET 1:		333 W. WACKER DR.
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SIT INVESTMENT ASSOCIATES INC
		CENTRAL INDEX KEY:			0000769317
		ORGANIZATION NAME:           	
		IRS NUMBER:				411404829
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		3300 IDS CENTER
		STREET 2:		80 SOUTH EIGHTH STREET
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55402
		BUSINESS PHONE:		6123323223

	MAIL ADDRESS:	
		STREET 1:		3300 IDS CENTER
		STREET 2:		80 SOUTH EIGHTH STREET
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55402
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <previousAccessionNumber>0000897101-24-000383</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: SIT INVESTMENT ASSOCIATES INC -->
          <cik>0000769317</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>


    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>1</amendmentNo>
      <securitiesClassTitle>Common Stock</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>02/14/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001865389</issuerCik>
        <issuerName>Nuveen Variable Rate Preferred &amp; Income Fund</issuerName>
        <issuerCusip>67080R102</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>333 W. WACKER DR.</com:street1>
          <com:city>Chicago</com:city>
          <com:stateOrCountry>IL</com:stateOrCountry>
          <com:zipCode>60606</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Sit Investment Associates, Inc.</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>MN</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>2545155.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>2545155.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2545155.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>10.5</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Sit Fixed Income Advisors II, LLC</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>2545155.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>2545155.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2545155.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>10.5</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Nuveen Variable Rate Preferred &amp; Income Fund</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>Nuveen Investments, 333 West Wacker Drive, Chicago, IL 60606</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Sit Investment Associates, Inc.
Sit Fixed Income Advisors II, LLC</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>c/o Sit Investment Associates, Inc.
80 South Eighth Street, Suite 3300
Minneapolis, MN  55402</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Sit Investment Associates, Inc.   Minnesota Corporation
Sit Fixed Income Advisors II, LLC    Delaware LLC</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
        <typeOfPersonFiling>IA</typeOfPersonFiling>
      </item3>
      <item4>
        <amountBeneficiallyOwned>See response to item 9 on each cover page.</amountBeneficiallyOwned>
        <classPercent>10.5</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>See response to item 5 on each cover page.</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>See response to item 6 on each cover page.</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>See response to item 7 on each cover page.</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>See response to item 8 on each cover page.

The ownership percentages reported are based on 24,164,141 shares of common stock outstanding as of July 31, 2024, as reported in the Issuer's Report on Form N-CSR filed with the Securities Exchange Commission.

Sit Investment Associates, Inc. ("SIA") is an investment adviser registered under section 203 of the Investment Advisers Act of 1940.  Sit Fixed Income Advisors II, LLC ("SFI") is an investment adviser registered under section 203 of the Investment Advisers Act of 1940 and a subsidiary of SIA.  SIA and SFI provide investment management services to client accounts ("Accounts").  In their roles as investment advisers SIA and SFI possess shared voting and investment power over securities of the Issuer described in this schedule 13G owned by the Accounts and may be deemed to be the beneficial owner of such shares of the Issuer owned by the Accounts.  All securities reported in this schedule 13G are owned by the Accounts.  Pursuant to Rule 13d-4 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), SIA and SFI disclaim beneficial ownership of such securities.</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>N</notApplicableFlag>
        <ownershipMoreThan5PercentOnBehalfOfAnotherPerson>The Accounts are known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities.

Except as may be indicated if this is a joint filing with a registered investment company managed by SIA or SFI, not more than 5% of the class of such securities is owned by any one Account subject to the investment advice of SIA or SFI.</ownershipMoreThan5PercentOnBehalfOfAnotherPerson>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>Sit Investment Associates, Inc.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Paul E. Rasmussen</signature>
        <title>Paul Rasmussen / Vice President</title>
        <date>03/04/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Sit Fixed Income Advisors II, LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Paul E. Rasmussen</signature>
        <title>Paul Rasmussen / Vice President</title>
        <date>03/04/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
