WORLD MONITOR TRUST III SERIES J CLASS 1

Unaudited Account Statement

For the Month Ending August 31, 2008

Dear Interest Holder:

Enclosed is the report for the period of August 31, 2008 for World Monitor Trust III Series J Class 1. The net asset value of an interest as of August 31, 2008 was $112.44, a decrease of -4.29% from the July 31, 2008 value of $117.48. The calendar year-to-date return for World Monitor Trust III Series J Class 1 was an increase of +6.67% as of August 31, 2008.

STATEMENT OF INCOME (LOSS)

Trading Income (Loss)
Realized Trading Gain/(Loss)	$	195,837.22
Change in Unrealized Gain/(Loss)	$	(4,466,195.57	)
Gain/(Loss) on Other Investments	$	0.00
Brokerage Commission	$	(26,360.59	)
Total Trading Income	$	(4,296,718.94	)
Expenses
Audit Fees	$	0.00
Administrative and Legal Fees	$	11,358.72
Management Fees	$	42,163.21
Advisory Fees	$	176,171.77
Offering Fees	$	0.00
Incentive Fees	$	(50,826.37	)
Other Expenses	$	292,987.99
Total Expenses	$	471,855.32
Interest Income	$	427,993.27
Net Income (Loss) from the Period	$	(4,340,580.99	)

STATEMENT OF CHANGES IN NET ASSET VALUE (NAV)

	Total			NAV Per Unit
Beginning of Month	$	101,191,693.19		$	117.48
Addition	$	4,013,300.00
Withdrawal	$	(535,151.90	)
Net Income/(Loss)	$	(4,340,580.99	)
Month End	$	100,329,260.30		$	112.44
Monthly Rate of Return		-4.29	%
Year to Date Rate of Return		6.67	%

Should you have any questions, please contact your Financial Advisor. For account status inquiries, contact Preferred Investment Solutions Corp. Client Services at (914)307-4000.

To the best of our knowledge and belief, the information above is accurate and complete:

Kenneth A. Shewer, Chairman	Marc S. Goodman, President

Preferred Investment Solutions Corp., Managing Owner of

World Monitor Trust III Series J Class 1

WORLD MONITOR TRUST III SERIES J CLASS 2

Unaudited Account Statement

For the Month Ending August 31, 2008

Dear Interest Holder:

Enclosed is the report for the period of August 31, 2008 for World Monitor Trust III Series J Class 2. The net asset value of an interest as of August 31, 2008 was $114.32, a decrease of -4.12% from the July 31, 2008 value of $119.23. The calendar year-to-date return for World Monitor Trust III Series J Class 2 was an increase of +8.09% as of August 31, 2008.

STATEMENT OF INCOME (LOSS)

Trading Income (Loss)
Realized Trading Gain/(Loss)	$	30,388.12
Change in Unrealized Gain/(Loss)	$	(693,020.97	)
Gain/(Loss) on Other Investments	$	0.00
Brokerage Commission	$	(4,090.38	)
Total Trading Income	$	(666,723.23	)
Expenses
Audit Fees	$	0.00
Administrative and Legal Fees	$	1,762.54
Management Fees	$	6,542.48
Advisory Fees	$	27,336.63
Offering Fees	$	0.00
Incentive Fees	$	(7,886.74	)
Other Expenses	$	19,296.70
Total Expenses	$	47,051.61
Interest Income	$	66,411.85
Net Income (Loss) from the Period	$	(647,362.99	)

STATEMENT OF CHANGES IN NET ASSET VALUE (NAV)

	Total			NAV Per Unit
Beginning of Month	$	15,701,946.97		$	119.23
Addition	$	368,000.00
Withdrawal	$	(76,941.99	)
Net Income/(Loss)	$	(647,362.99	)
Month End	$	15,345,642.00		$	114.32
Monthly Rate of Return		-4.12	%
Year to Date Rate of Return		8.09	%

Should you have any questions, please contact your Financial Advisor. For account status inquiries, contact Preferred Investment Solutions Corp. Client Services at (914)307-4000.

To the best of our knowledge and belief, the information above is accurate and complete:

Kenneth A. Shewer, Chairman	Marc S. Goodman, President

Preferred Investment Solutions Corp., Managing Owner of

World Monitor Trust III Series J Class 2