SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, DC 20549


                      RULE 23c-2 NOTICE OF INTENTION
                           TO REDEEM SECURITIES

                                    OF

             FIRST TRUST TAX-ADVANTAGED PREFERRED INCOME FUND
                          1001 Warrenville Road
                          Lisle, Illinois 60532

                                under the

                      Investment Company Act of 1940

                Investment Company Act File No. 811-21876


The undersigned registered closed-end investment company hereby notifies
the Securities and Exchange Commission that it intends to redeem
securities of which it is the issuer, as set forth below in accordance
with the requirements of Rule 23c-2 under the Investment Company Act of
1940, and states that it is filing this notice with the Securities and
Exchange Commission pursuant to no-action relief granted by the
Securities and Exchange Commission staff fewer than 30 days prior to the
date set for the redemption.

(1) TITLE OF THE CLASS OF SECURITIES OF FIRST TRUST TAX-ADVANTAGED
PREFERRED INCOME FUND (THE "FUND") TO BE REDEEMED:

Series M Auction Preferred Shares, liquidation preference of $25,000 per
share (the "Preferred Shares").

(2) THE DATE ON WHICH THE SECURITIES ARE TO BE CALLED OR REDEEMED:

July 25, 2008

(3) THE APPLICABLE PROVISIONS OF THE GOVERNING INSTRUMENT PURSUANT TO
WHICH THE SECURITIES ARE TO BE CALLED OR REDEEMED:

The Preferred Shares are to be redeemed pursuant to Section 11(a)(i) of
the Fund's Statement Establishing and Fixing the Rights and Preferences
of Series M Auction Preferred Shares dated as of September 12, 2006, the
form of which was filed with the Securities and Exchange Commission on
August 30, 2006 as Appendix C to the Fund's Statement of Additional
Information, included in the Fund's Registration Statement on Form N-2.

(4) THE PRINCIPAL AMOUNT OR NUMBER OF SHARES AND THE BASIS UPON WHICH THE
SECURITIES TO BE REDEEMED ARE TO BE SELECTED:

The Fund intends to redeem, by lot (as determined by The Depository Trust
Company), an aggregate liquidation preference of $2,000,000 of the
Preferred Shares.





                                SIGNATURE

         Pursuant to the requirement of Rule 23c-2 of the Investment
Company Act of 1940, the Fund has duly caused this Notice of Intention to
Redeem Securities to be signed on its behalf by the undersigned, duly
authorized in the State of Illinois, on this 18th day of July, 2008.


                              FIRST TRUST TAX-ADVANTAGED PREFERRED
                                 INCOME FUND


                              By:  /s/ James A. Bowen
                                   ------------------------
                              Name:  James A. Bowen
                              Title: President