Nuveen Investments S-4 Registration of securities issued in business combination transactions

Exhibit 12

Nuveen Investments Inc. & Subsidiaries

Computation of Earnings to Fixed Charges

(in thousands)

	Predecessor					Successor
					January 1, 2007	November 14, 2007					Three Months Ended March 31,
	2004		2005	2006	to November 13, 2007	to December 31, 2007*			2008*		2008*		2009*
Earnings:
Income/(loss) before income taxes	$	252,506	278,839	308,605	200,124	(47,565		)	(2,139,075	)	(48,811	)	$	(39,474	)
Fixed charges	16,061		31,868	44,028	34,916	40,982			291,036		74,761		72,097
Earnings as defined	268,567		310,707	352,632	235,040	(6,583		)	(1,848,039	)	25,951		32,623
Fixed charges:
Interest expense, including amortization of premiums, discounts, and capitalized expenses related to indebtedness	12,513		27,917	39,553	30,393	40,306			285,334		73,402		70,588
Interest component of rent expense (one-third of rent expense)	3,548		3,951	4,474	4,523	676			5,702		1,360		1,508
Total fixed charges	$	16,061	31,868	44,028	34,916	40,982			291,036		74,761		72,097
Ratio of earnings to fixed charges:	16.72		9.75	8.01	6.73	(0.16		)	(6.35	)	0.35		0.45
Deficiency	—		—	—	—	$	47,565		2,139,075		48,811		$	39,474

* Excludes Symphony CLO V.