WORLD MONITOR TRUST III SERIES J CLASS 1

Unaudited Account Statement

For the Month Ending September 30, 2008

Dear Interest Holder:

Enclosed is the report for the period of September 30, 2008 for World Monitor Trust III Series J Class 1. The net asset value of an interest as of September 30, 2008 was $112.69, an increase of +0.23% from the August 31, 2008 value of $112.44. The calendar year-to-date return for World Monitor Trust III Series J Class 1 was an increase of +6.92% as of September 30, 2008.

STATEMENT OF INCOME (LOSS)

Trading Income (Loss)
Realized Trading Gain/(Loss)	$	(1,121,921.24	)
Change in Unrealized Gain/(Loss)	$	1,988,211.24
Gain/(Loss) on Other Investments	$	0.00
Brokerage Commission	$	(48,389.53	)
Total Trading Income	$	817,900.47
Expenses
Audit Fees	$	0.00
Administrative and Legal Fees	$	17,354.74
Management Fees	$	41,803.86
Advisory Fees	$	182,644.30
Offering Fees	$	0.00
Incentive Fees	$	172,739.34
Other Expenses	$	287,810.55
Total Expenses	$	702,352.79
Interest Income	$	113,277.30
Net Income (Loss) from the Period	$	228,824.98

STATEMENT OF CHANGES IN NET ASSET VALUE (NAV)

	Total			NAV Per Unit
Beginning of Month	$	100,329,260.30		$	112.44
Addition	$	2,460,856.00
Withdrawal	$	(1,322,055.51	)
Net Income/(Loss)	$	228,824.98
Month End	$	101,696,885.77		$	112.69
Monthly Rate of Return		0.23	%
Year to Date Rate of Return		6.92	%

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:

/s/ David K. Spohr

David K. Spohr, Senior Vice 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 September 30, 2008

Dear Interest Holder:

Enclosed is the report for the period of September 30, 2008 for World Monitor Trust III Series J Class 2. The net asset value of an interest as of September 30, 2008 was $114.77, an increase of +0.39% from the August 31, 2008 value of $114.32. The calendar year-to-date return for World Monitor Trust III Series J Class 2 was an increase of +8.52% as of September 30, 2008.

STATEMENT OF INCOME (LOSS)

Trading Income (Loss)
Realized Trading Gain/(Loss)	$	(171,601.00	)
Change in Unrealized Gain/(Loss)	$	304,102.49
Gain/(Loss) on Other Investments	$	0.00
Brokerage Commission	$	(7,401.32	)
Total Trading Income	$	125,100.17
Expenses
Audit Fees	$	0.00
Administrative and Legal Fees	$	2,654.46
Management Fees	$	6,394.02
Advisory Fees	$	27,935.96
Offering Fees	$	0.00
Incentive Fees	$	26,420.97
Other Expenses	$	18,469.94
Total Expenses	$	81,875.35
Interest Income	$	17,326.08
Net Income (Loss) from the Period	$	60,550.90

STATEMENT OF CHANGES IN NET ASSET VALUE (NAV)

	Total			NAV Per Unit
Beginning of Month	$	15,345,642.00		$	114.32
Addition	$	367,697.63
Withdrawal	$	(94,966.55	)
Net Income/(Loss)	$	60,550.90
Month End	$	15,678,923.98		$	114.77
Monthly Rate of Return		0.39	%
Year to Date Rate of Return		8.52	%

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:

/s/ David K. Spohr

David K. Spohr, Senior Vice President

Preferred Investment Solutions Corp., Managing Owner of World Monitor Trust III Series J Class 2