WORLD MONITOR TRUST III SERIES J CLASS 1

Unaudited Account Statement

For the Month Ending November 30, 2008

Dear Interest Holder:

Enclosed is the report for the period of November 30, 2008 for World Monitor Trust III Series J Class 1. The net asset value of an interest as of November 30, 2008 was $119.57, an increase of +2.16% from the October 31, 2008 value of $117.05. The calendar year-to-date return for World Monitor Trust III Series J Class 1 was an increase of +13.44% as of November 30, 2008.

STATEMENT OF INCOME (LOSS)

Trading Income (Loss)
Realized Trading Gain/(Loss)	$	2,685,904.20
Change in Unrealized Gain/(Loss)	$	511,039.27
Gain/(Loss) on Other Investments	$	0.00
Brokerage Commission	$	(11,052.68	)
Total Trading Income	$	3,185,890.79
Expenses
Audit Fees	$	0.00
Administrative and Legal Fees	$	20,148.94
Management Fees	$	44,272.95
Advisory Fees	$	207,045.46
Offering Fees	$	0.00
Incentive Fees	$	320,375.55
Other Expenses	$	306,968.05
Total Expenses	$	898,810.95
Interest Income	$	6,832.27
Net Income (Loss) from the Period	$	2,293,912.11

STATEMENT OF CHANGES IN NET ASSET VALUE (NAV)

	Total			NAV Per Unit
Beginning of Month	$	106,255,081.84		$	117.05
Addition	$	2,972,425.00
Withdrawal	$	(1,046,603.61	)
Net Income/(Loss)	$	2,293,912.11
Month End	$	110,474,815.35		$	119.57
Monthly Rate of Return		2.16	%
Year to Date Rate of Return		13.44	%

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 November 30, 2008

Dear Interest Holder:

Enclosed is the report for the period of November 30, 2008 for World Monitor Trust III Series J Class 2. The net asset value of an interest as of November 30, 2008 was $122.17, an increase of +2.33% from the October 31, 2008 value of $119.39. The calendar year-to-date return for World Monitor Trust III Series J Class 2 was an increase of +15.52% as of November 30, 2008.

STATEMENT OF INCOME (LOSS)

Trading Income (Loss)
Realized Trading Gain/(Loss)	$	414,755.84
Change in Unrealized Gain/(Loss)	$	78,914.40
Gain/(Loss) on Other Investments	$	0.00
Brokerage Commission	$	(1,706.75	)
Total Trading Income	$	491,963.49
Expenses
Audit Fees	$	0.00
Administrative and Legal Fees	$	3,111.39
Management Fees	$	6,836.60
Advisory Fees	$	31,971.84
Offering Fees	$	0.00
Incentive Fees	$	49,472.21
Other Expenses	$	20,052.84
Total Expenses	$	111,444.88
Interest Income	$	1,055.03
Net Income (Loss) from the Period	$	381,573.64

STATEMENT OF CHANGES IN NET ASSET VALUE (NAV)

	Total			NAV Per Unit
Beginning of Month	$	16,407,850.81		$	119.39
Addition	$	239,000.00
Withdrawal	$	(300,889.67	)
Net Income/(Loss)	$	381,573.64
Month End	$	16,727,534.78		$	122.17
Monthly Rate of Return		2.33	%
Year to Date Rate of Return		15.52	%

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