UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934

First Trust Tax-Advantaged Preferred Income Fund

(Name of Issuer)

Auction Preferred Shares (Series M)

(Title of Class of Securities)

336918206

(CUSIP Number)

April 30, 2008

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

     þ Rule 13d-1(b)

     o Rule 13d-1(c)

     o Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

CUSIP No.		336918206

Item 1.

		(a)		Name of Issuer
				First Trust Tax-Advantaged Preferred Income Fund
		(b)		Address of Issuer’s Principal Executive Offices
				1001 Warrenville Road, Suite 300
				Lisle, IL 60532

Item 2.

		(a)		Name of Person Filing
				Royal Bank of Canada
		(b)		Address of Principal Business Office or, if none, Residence 200 Bay Street Toronto, Ontario M5J 2J5 Canada
		(c)		Citizenship Canadian chartered bank
		(d)		Title of Class of Securities Auction Preferred Shares (Series M)
		(e)		CUSIP Number 336918206

Item 3. If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

		(a)		o		Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).
		(b)		þ		Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
		(c)		o		Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).
		(d)		o		Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8).
		(e)		o		An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E);
		(f)		o		An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F);
		(g)		o		A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
		(h)		o		A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
		(i)		o		A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
		(j)		o		Group, in accordance with §240.13d-1(b)(1)(ii)(J).

Item 4. Ownership

     Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.

	(a)		Amount beneficially owned: 704.
	(b)		Percent of class: 80.0%.
	(c)		Number of shares as to which the person has:

	(i)		Sole power to vote or to direct the vote 0
	(ii)		Shared power to vote or to direct the vote 704
	(iii)		Sole power to dispose or to direct the disposition of 0
	(iv)		Shared power to dispose or to direct the disposition of 704

Instruction: For computations regarding securities which represent a right to acquire an underlying security see §240.13d-3(d)(1).

Item 5. Ownership of Five Percent or Less of a Class

          Not applicable.

Item 6. Ownership of More than Five Percent on Behalf of Another Person

          Not applicable.

Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company

          Not applicable.

Item 8. Identification and Classification of Members of the Group

          Not applicable.

Item 9. Notice of Dissolution of Group

          Not applicable.

Item 10. Certification

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

SIGNATURE

     After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: May 2, 2008

		ROYAL BANK OF CANADA
		/s/ Carol Ann Bartlett   Signature
		Carol Ann Bartlett/SVP Compliance   Name/Title
		/s/ Thomas Smee   Signature
		Thomas Smee/SVP   Name/Title