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:

October 3, 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 $3,600,000 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 2nd day of October, 2008.


                                      FIRST TRUST TAX-ADVANTAGED PREFERRED
                                         INCOME FUND


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