Nuveen Tax-Advantaged Total Return Strategy Fund Raises Distribution, Adopts Managed Distribution Policy.

CHICAGO -- Nuveen Investments, a leading provider of diversified investment services, today announced an increase of $0.0265 per common share in the regular monthly distribution for the Nuveen Tax-Advantaged Total Return Strategy Fund (NYSE:JTA), a closed-end exchange-traded fund, to $0.10 per common share. At the same time, the fund announced that it has adopted a managed distribution policy. Under the new policy, the fund's monthly distribution will be calculated based primarily on investment income generated by the underlying securities as well as on realized capital gains and/or returns of capital representing unrealized capital gains. The fund, as originally designed, contemplated implementing a managed distribution once the fund's net asset value per common share exceeded the fund's common share offering price of $20.00, and there was a reasonable expectation that the net asset value could be sustained at or above the $20.00 offering price with the managed distribution in place. The closing net asset value as of November 30, 2004 was $21.08. The managed distribution program is effective immediately.

The following dates apply to today's distribution declaration:

             Record Date:            December 15
             Ex-Distribution Date:   December 13
             Payable Date:           December 30

The table below provides an estimate of the components of the fund's distributions through November 30, 2004, along with an estimate of the components of the December managed distribution. The fund estimates that a significant majority of its distributions for the calendar year will be given "qualified dividend income" treatment taxed at the 15% federal income tax rate applicable to such income. The remaining portion of the fund's distributions will represent ordinary income and short-term capital gains taxed at an investor's regular federal income tax rate, which for individuals can range up to 35%. A large portion of the December managed distribution will be comprised of short-term capital gains.

Distributions Through   December 2004 Managed    Calendar Year 2004
        11/30/04              Distribution              Totals
----------------------- ----------------------- ----------------------
Ordinary                Ordinary                Ordinary
Income(a) STCG   Total  Income(a) STCG   Total  Income(a) STCG   Total
----------------------- ----------------------- ----------------------
$.6615   $.0000 $.6615  $.0100  $.0900  $.1000  $.6715  $.0900 $.7615
   100%       -    100%     10%     90%    100%     88%     12%   100%

(a) representing primarily qualified dividend income subject to 15%
    tax rate.

The above figures are estimates only; the final composition of the tax characteristics of the December, 2004 distribution in particular and the 2004 distributions overall will not be determinable with certainty until after the end of the year, and will be reported to shareholders at that time.

The fund will seek to maintain a stable monthly distribution level representing both investment income as well as net realized capital gains and/or returns of capital representing unrealized capital appreciation. There is no guarantee that the fund will produce capital gains or appreciation in any given year. As of November 30, 2004, the fund had net unrealized capital appreciation of $2.04 per common share and net realized capital gains of $.12 per common share. The distribution rate will be adjusted (up or down) to reflect the fund's actual and anticipated total return performance over time so as to avoid significantly depleting net asset value per share below the $20.00 common share offering price. To the extent the fund realizes net long-term capital gains for any year that, in combination with ordinary income (including short-term capital gains) earned by the fund, exceed the amounts distributed under the fund's managed distribution policy, such excess may be distributed to shareholders at year-end. More information about the fund is available on www.nuveen.com/etf.

Shares of closed-end exchange traded investment companies, like this fund, usually trade on a national stock exchange. Similar to stocks, share prices will fluctuate with market conditions and, at the time of sale, may be worth more or less than the original investment. Shares of closed-end exchange-traded funds often trade at a discount to their net asset value.

Nuveen Investments provides high-quality investment services that contribute to the building of well-diversified investment portfolios. The Company serves institutional clients, financial advisors and high-net-worth investors. The firm's asset management capabilities are marketed through four distinct brands, each with an independent investment team and area of expertise: Nuveen, focused on fixed-income investments; NWQ, specializing in value-style equities; Rittenhouse, dedicated to conservative growth-style equities; and Symphony, with expertise in alternative investment portfolios. In total, the Company manages approximately $107 billion in assets. Nuveen Investments, Inc. (NYSE:JNC) is an affiliate of The St. Paul Travelers Companies, Inc. (NYSE:STA).

Certain statements made on behalf of the fund in this release are forward-looking statements. The fund's actual future results may differ significantly from those anticipated in any forward-looking statements due to numerous factors, including but not limited to a decline in value in equity markets in general or the fund's investments specifically. Neither the fund nor Nuveen Investments undertakes any responsibility to update publicly or revise any forward-looking statement.