First Trust Tax-Advantaged Preferred Income Fund
Releases Information Regarding Portfolio Security Issuer
First Trust Advisors, LP
 
 
Lisle, IL, March 4, 2008 -- First Turst Tax-Advantaged Preferred Income Fund (the "Fund") (AMEX: FPI) announced today that the issuer of one of its portfolio securities, Irwin Financial Corporation ("Irwin") (NYSE: IFC), issued a news release announcing that Irwin suspended quarterly dividends on its common, preferred and trust preferred securities. The Fund currently holds $6,000,000 liquidation value of Irwin's Series A Floating Rate Non-Cumulative Perpetual Preferred Shares ("Irwin Preferred Shares"). In its news release, Irwin's Chariman and CEO stated that, although its bank subsidiary was "well-capitalized" under regulatory guidelines, it was unlikely that Irwin would resume paying dividends in 2008.

Such action by Irwin resulted in a reduction in the price of the Irwin Preferred Shares, which led to a significant decline in the Fund's NAV. Primarily as a result of such event, the Fund's net asset value declined from $15.60 as of Friday, February 29, 2008 to $14.32 as of Monday, March 3, 2008 at 4:00 p.m. Eastern Time (as approximate 8.2% reduction). Management is currently evaluating the impact this event will have on the Fund's dividend.

First Trust Advisors, LP ("First Trust") serves as the Fund's investment adviser and currently manages or supervises approximately $33 billion in assets. 

View more information on First Trust Advisors, LP or other Closed-End Funds