First Trust Strategic High Income Fund III Declares its Monthly Common Share Distribution of $0.025 Per Share for August

WHEATON, Ill.--(BUSINESS WIRE)-- First Trust Strategic High Income Fund III (the "Fund") (NYSE: FHO) has declared its regularly scheduled monthly common share distribution payable on August 16, 2010 to shareholders of record as of August 4, 2010. The ex-dividend date is expected to be August 2, 2010. The monthly distribution information for the Fund appears below.

The majority, and possibly all, 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 2010 will be made after the end of 2010.

The Fund is a diversified, closed-end management investment company that seeks to provide a high level of current income. As a secondary objective, the Fund seeks to provide capital growth. The Fund pursues these investment objectives by investing up to 100% of its managed assets in a diversified portfolio of below-investment grade and investment grade debt securities and equity securities that the investment sub-advisor believes offer attractive yield and/or capital appreciation potential.

First Trust Advisors L.P., the Fund’s investment advisor, along with its affiliate First Trust Portfolios L.P., are privately-held companies which provide a variety of investment services, including asset management, financial advisory services, and municipal and corporate investment banking, with collective assets under management or supervision of approximately $29 billion as of June 30, 2010 through closed-end funds, unit investment trusts, mutual funds, separate managed accounts and exchange-traded funds.

Brookfield Investment Management Inc., the Fund’s investment sub-advisor, is an SEC registered investment advisor that specializes in core fixed income, high yield, structured products (commercial mortgage-backed securities, residential mortgage-backed securities and asset-backed securities) as well as global real estate securities and listed infrastructure securities. Headquartered in New York, the firm had approximately $23 billion of assets under management as of June 30, 2010. Brookfield Investment Management Inc. is a subsidiary of Brookfield Asset Management Inc., a global asset manager focused on property, power and other infrastructure assets with approximately $100 billion of assets under management as of June 30, 2010.

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: Investment in this Fund involves investment and market risk, management risk, value investing risk, below-investment grade debt securities risk, fixed-income securities risk, mortgage-backed securities risk, asset-backed securities risk, convertible securities risk, municipal securities risk, non-U.S. securities risk, non-U.S. government securities risk, equity securities risk, currency risk, distressed securities risk, preferred stock risk, inflation/deflation risk, market discount risk, leverage risk, derivatives risk, market disruption risk, portfolio turnover risk, and illiquid/restricted securities risk. The risks of investing in the Fund are spelled out in the prospectus, shareholder report and other regulatory filings.

The Fund’s daily closing New York Stock Exchange price and net asset value per share as well as other information can be found at www.ftportfolios.com or by calling 1-800-988-5891.

First Trust Strategic High Income Fund III
Press Inquiries: Jane Doyle, 630-765-8775
Analyst Inquiries: Jeff Margolin, 630-915-6784
Broker Inquiries: Jeff Margolin, 630-915-6784

Source: First Trust Strategic High Income Fund III