SCHEDULE 13G/A: Sit Investment Associates Discloses 10.5% Stake in Nuveen Variable Rate Preferred & Income Fund

Sit Investment Associates, Inc. and its subsidiary, Sit Fixed Income Advisors II, LLC, have reported a 10.5% beneficial ownership stake in Nuveen Variable Rate Preferred & Income Fund.

Summary

• Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC have filed an Amendment No. 1 to Schedule 13G regarding their beneficial ownership in Nuveen Variable Rate Preferred & Income Fund.
• The reporting persons collectively beneficially own 2,545,155 shares of the Common Stock of Nuveen Variable Rate Preferred & Income Fund.
• This ownership represents 10.5% of the total class of securities outstanding.
• The percentage is calculated based on 24,164,141 shares of common stock outstanding as of July 31, 2024, as reported by the Issuer in its Form N-CSR.
• The shares are held in client accounts managed by Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC, both registered investment advisers.
• The filing certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: A Schedule 13G filing is a neutral regulatory disclosure of beneficial ownership. It indicates institutional interest but does not provide positive or negative operational or financial news about the issuer.

Positives

• Increased transparency regarding institutional ownership of Nuveen Variable Rate Preferred & Income Fund.
• Indicates passive institutional interest in the fund's securities.

Negatives

• None directly stated in the filing regarding the issuer's operational performance or financial outlook.

Risks

• The filing itself does not detail specific risks related to the Nuveen Variable Rate Preferred & Income Fund.

Future Outlook

This Schedule 13G filing does not contain forward-looking statements or guidance regarding the issuer's future outlook.

Management Comments

• Paul E. Rasmussen, Vice President of Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC, certified that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of the issuer.

Industry Context

This filing represents a routine disclosure of a significant passive investment by an institutional asset manager in a closed-end fund specializing in variable rate preferred and income securities. It indicates continued institutional interest in income-generating assets within the financial sector.

Comparison to Industry Standards

• This document is a regulatory filing detailing beneficial ownership and does not contain performance metrics or operational results that can be directly compared to industry standards or specific companies.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional holder's passive stake.
• Issuer: Becomes aware of a substantial passive institutional investor in its common stock.

Next Steps

• The reporting persons will continue to manage these shares within their client accounts, subject to ongoing regulatory compliance.

Key Dates

Keywords

Nuveen Variable Rate Preferred & Income Fund, Schedule 13G, Beneficial Ownership, Sit Investment Associates, Investment Adviser, Common Stock, Institutional Ownership, SEC Filing