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First Trust Tax-Advantaged Preferred Income Fund
Declares Quarterly Distribution
First Trust Advisors, L.P.

Lisle, IL, December 12, 2006 — First Trust Tax-Advantaged Preferred Income Fund (the "Fund") (AMEX:FPI) today declared its regularly scheduled quarterly distribution payable on December 29, 2006 to shareholders of record as of December 22, 2006. The ex-dividend date is expected to be December 20, 2006. 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 December 11, 2006 NAV of $19.59	7.66%
Distribution Rate based on the December 11, 2006 closing market price of $19.78	7.58%

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 return of capital. The final determination of the source and tax status of all distributions paid in 2006 will be made after the end of 2006.

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 c ertain favorable federal income tax treatment as “t ax - advantaged” when received by hareholders of the Fund.

Fi rst Trust Advisors L.P. acts as the fund’s investment advisor and currently manages or supervises approximately $28 billion in assets.

Stonebridge Advisors, LLC, 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 Canadian income trust portfolios for investors. Stonebridge Advisors, LLC, formed in December 2004, serves as investment adviser or portfolio manager to investment portfolios with approximately $373 million in assets which it managed or supervised as of October 31, 2006. 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.

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