Exhibit 12.1

Nuveen Investments Inc. & Subsidiaries

Computation of Earnings to Fixed Charges

(in thousands, except for the ratio of earnings to fixed charges)

	2009			2010			2011			2012			2013
EARNINGS:
Income/(loss) before taxes	$	(4,561	)	$	25,776		$	(26,446	)	$	(877,916	)	$	32,359
less: (income)/loss from noncontrolling interests	(1,653		)	(87,426		)	7,171			66,188			(29,516		)
less: Symphony CLO V (income)/loss	(135,273		)	(24,949		)	7,576			(23,165		)	(4,725		)
Income/(loss) before taxes attributable to Nuveen Investments, before all non-controlling interests and Symphony CLO V	(141,487		)	(86,599		)	(11,699		)	(834,893		)	(1,882		)
Fixed charges	318,061			320,635			330,072			351,712			295,630
Earnings, as defined	$	176,574		$	234,036		$	318,373		$	(483,181	)	$	293,748
FIXED CHARGES:
Net interest expense	$	306,642		$	309,552		$	320,416		$	340,270		$	283,759
add: interest and dividend revenue	5,253			5,420			3,685			5,290			5,886
Gross interest expense	311,895			314,972			324,101			345,560			289,645
Interest component of rent expense (one-third of rent expense)	6,166			5,663			5,971			6,152			5,985
Total Fixed Charges	$	318,061		$	320,635		$	330,072		$	351,712		$	295,630
Ratio of earnings to fixed charges:	0.56			0.73			0.96			(1.37		)	0.99
Deficiency	$	(141,487	)	$	(86,599	)	$	(11,699	)	$	(834,893	)	$	(1,881	)