First Trust Tax-Advantaged Preferred Income Fund
Declares Quarterly Distribution of $0.375 per Share
First Trust Advisors, LP

Lisle, IL, September 07, 2007 -- First Trust Tax-Advantaged Preferred Income Fund (the "Fund") (FPI) today declared its regularly scheduled quarterly distribution payable on September 28, 2007 to shareholders of record as of September 20, 2007. The ex-dividend date is expected to be September 18, 2007. The quarterly distribution information for the Fund appears below. 

 First Trust Tax-Advantaged Preferred Income Fund (FPI): 

Distribution per share:	$0.375
Distribution rate based on the September 6, 2007 NAV of $17.92:	8.37%
Distribution rate based on the September 6, 2007 closing market price of $16.75:	8.96%

The majority of this distribution will be paid out of net investment income earned by the Fund. A portion of this distribution may come from net short-term realized capital gains or return of capital. The final determination of the source and tax status of all distributions paid in 2007 will be made after the end of 2007.

The Fund is a closed-end management investment company that seeks to provide current income and, to a lesser extent, capital preservation. The Fund seeks to achieve its investment objective by investing at least 80% of its managed assets in preferred securities that the Sub-Adviser believes at the time of investment are eligible to pay dividends that qualify for certain favorable federal income tax treatment as "tax-advantaged" when received by shareholders of the Fund.

First Trust Advisors L.P. acts as the fund's investment advisor and currently manages or supervises approximately $32 billion in assets.

Stonebridge Advisors, LLC, the Fund's Sub-Adviser and an affiliate of First Trust Advisors L.P., is a niche asset management firm that provides highly specialized expertise in the management of preferred securities. Additionally, Stonebridge provides expertise in managing customized North American Equities portfolios for investors. Stonebridge Advisors, LLC, formed in December 2004, serves as investment adviser or portfolio manager to investment portfolios with approximately $501 million in assets which it managed or supervised as of June 30, 2007. A portion of these assets are contained in investments sponsored by First Trust Portfolios L.P., an affiliate of the Adviser, for which Stonebridge acts as Sub-Portfolio Supervisor.

Past performance is no assurance of future results. Investment return and market value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost.

Principal Risk Factors: No operating history, investment and market risk, management risk, dependence on key personnel, loss of "qualified dividend income" status, financial services sector risk, preferred stock risk, below-investment grade securities risk, smaller issuer risk, privately-issued securities risk, illiquid/restricted securities risk, other securities risk, inflation/deflation risk, market discount from net asset value, leverage risk, derivatives risk, portfolio turnover risk, and market disruption risk. Please see the Fund's prospectus for additional information on the risks of investing in the Fund.


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