Nuveen Investments Advisers S-4/A Registration of securities issued in business combination transactions (amended)

Exhibit 12

Nuveen Investments Inc. & Subsidiaries

Computation of Earnings to Fixed Charges

In thousands, except for the ratio of earnings to fixed charges

					January 1, 2007	November 14, 2007				Six Months Ended June 30,
	2004		2005	2006	to November 13, 2007	to December 31, 2007		2008		2008		2009
EARNINGS:
Income/(loss) before taxes	$	254,383	284,649	314,834	207,336	(53,919	)	(2,278,298	)	(32,330	)	22,899
less: net income/(loss) attributable to Symphony CLO V	—		—	—	—	(7,416	)	(141,508	)	(23,235	)	83,209
Adjusted income/(loss) before taxes	254,383		284,649	314,834	207,336	(46,504	)	(2,136,789	)	(9,094	)	(60,310	)
less: income/(loss) from noncontrolling interests	1,876		5,809	6,230	7,211	1,062		2,286		1,230		712
Income/(loss) before taxes attributable to Nuveen Investments	252,506		278,839	308,605	200,124	(47,565	)	(2,139,075	)	(10,325	)	(61,022	)
Fixed charges	16,061		31,868	44,028	34,916	40,982		291,036		144,896		142,336
Earnings as defined	$	268,567	310,707	352,632	235,040	(6,583	)	(1,848,039	)	134,571		81,314

					January 1, 2007	November 14, 2007					Six Months Ended June 30,
	2004		2005	2006	to November 13, 2007	to December 31, 2007			2008		2008	2009
FIXED CHARGES:
Gross interest expense	$	12,513	27,917	39,553	30,393	41,520			306,616		157,108	144,299
less: interest expense associated with Symphony CLO V	—		—	—	—	1,214			21,282		14,983	4,953
adjusted gross interest expense	12,513		27,917	39,553	30,393	40,306			285,334		142,125	139,346
Interest component of rent expense (one-third of rent expense)	3,548		3,951	4,474	4,523	676			5,702		2,771	2,990
Total fixed charges	$	16,061	31,868	44,028	34,916	40,982			291,036		144,896	142,336
Ratio of earnings to fixed charges:	16.72		9.75	8.01	6.73	(0.16		)	(6.35	)	0.93	0.57
Deficiency	—		—	—	—	$	47,565		2,139,075		10,325	61,022