UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549


                                   FORM 10-Q


(Mark One)

|X|   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

For the quarter ended March 31, 2005

                                      OR

|_|   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

For the transition period from _______________________ to ______________________

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
Commission File No.                Name of Registrant or Co-Registrant in Charter     IRS Employer Number
-------------------                ----------------------------------------------     -------------------
<S>                              <C>                                                  <C>
-------------------------------- ---------------------------------------------------- -----------------------------------------
333-119612                                     WORLD MONITOR TRUST III                20-1697966  (Series G)
                                                (Name of Registrant)                  20-1698042  (Series H)
                                                                                      20-1698147    (Series I)
                                                                                      20-2446281  (Series J)
-------------------------------- ---------------------------------------------------- -----------------------------------------
333-119612-01                      WMT III SERIES I/J TRADING VEHICLE LLC (Name of    20-2469479
                                            Rule 140 Co-Registrant No. 1)
-------------------------------- ---------------------------------------------------- -----------------------------------------
333-119612-02                      WMT III SERIES H/J TRADING VEHICLE LLC (Name of    20-2469200
                                            Rule 140 Co-Registrant No. 2)
-------------------------------- ---------------------------------------------------- -----------------------------------------
333-119612-03                      WMT III SERIES G/J TRADING VEHICLE LLC (Name of    20-2469369
                                            Rule 140 Co-Registrant No. 3)
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>


<TABLE>
<CAPTION>
Delaware
<C>                                                                               <C>
----------------------------------------------------------------------------------------------------------------------
(State or other Jurisdiction of Incorporation or organization of Registrant and Co-Registrants)

51 Weaver Street, Building 1 South, 2nd Floor, Greenwich, Connecticut             06831
---------------------------------------------------------------------------------------------------------------------------
(Address of principal executive offices of Registrant and Co-Registrants)         (Zip Code)


Registrant's and Co-Registrants' telephone number, including area code:           (203) 861-1000
</TABLE>


Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes      No  X
                                                   ----    ----

Indicate by check mark whether the Registrant is an accelerated filer (as
defined in Rule 12b-2 of the Securities Exchange Act of 1934).  Yes     No  X
                                                                   ----    ----


<PAGE>

                            WORLD MONITOR TRUST III
                         QUARTER ENDED MARCH 31, 2005
                               TABLE OF CONTENTS
                            ______________________

                                                                            Page
                                                                            ----


PART I.    FINANCIAL INFORMATION..............................................1

           ITEM 1.    FINANCIAL STATEMENTS....................................1
           ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                      CONDITION AND RESULTS OF OPERATIONS.....................7
           ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES
                      ABOUT MARKET RISK.......................................9
           ITEM 4.    CONTROLS AND PROCEDURES.................................9

PART II.   OTHER INFORMATION.................................................10

           ITEM 1.    LEGAL PROCEEDINGS .....................................10
           ITEM 2.    UNREGISTERED SALES OF EQUITY SECURITIES AND
                      USE OF PROCEEDS........................................10
           ITEM 3.    DEFAULTS UPON SENIOR SECURITIES........................10
           ITEM 4.    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS....10
           ITEM 5.    OTHER INFORMATION......................................10
           ITEM 6.    EXHIBITS...............................................10


SIGNATURES ..................................................................12

EXHIBIT INDEX...............................................................E-1
           Exhibit 31.1   Certification of Kenneth A. Shewer................E-2
           Exhibit 31.2   Certification of Maureen D. Howley................E-3
           Exhibit 32.1   Certification of Kenneth A. Shewer................E-4
           Exhibit 32.2   Certification of Maureen D. Howley................E-5


<PAGE>

                        PART I. FINANCIAL INFORMATION


ITEM 1.  FINANCIAL STATEMENTS

                            WORLD MONITOR TRUST III
                       STATEMENT OF FINANCIAL CONDITION
                                March 31, 2005
                                  (Unaudited)

                                _______________

<TABLE>
<CAPTION>
                                                                Series G         Series H        Series I         Series J
                                                            ---------------- ---------------- --------------- ----------------
<S>                                                         <C>              <C>              <C>             <C>
ASSETS

         Cash                                                    $1,000           $1,000          $1,000           $1,000
                                                                 ======           ======          ======           ======
UNITHOLDERS' CAPITAL

         General Units - 10 General Units of each Series
         outstanding                                             $1,000           $1,000          $1,000           $1,000
                                                                 ======           ======          ======           ======
</TABLE>


















                            See accompanying notes.




                                     -1-
<PAGE>




                            WORLD MONITOR TRUST III
                       STATEMENT OF FINANCIAL CONDITION
                               December 31, 2004
                                   (Audited)

                                _______________


<TABLE>
<CAPTION>

                                                                    Series G              Series H              Series I
                                                            ----------------------- ---------------------- --------------------
<S>                                                         <C>                     <C>                    <C>

ASSETS

         Cash                                                          $1,000                $1,000                $1,000
                                                                       ======                ======                ======
UNITHOLDERS' CAPITAL

         General Units - 10 General Units of each Series
         outstanding                                                   $1,000                $1,000                $1,000
                                                                       ======                ======                ======
</TABLE>















































                            See accompanying notes.


                                     -2-
<PAGE>

Note 1.  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
         -----------------------------------------------------------

      A.    General Description of the Fund

            World Monitor Trust III (the Trust) is a Delaware business trust
            organized on September 28, 2004, which has not yet commenced
            operations. The Trust intends to engage in the speculative trading
            of futures contracts, forward contracts and other derivative
            instruments. The Trust consists of four separate and distinct
            series ("Series"): Series G, H, I and J. The assets of each Series
            will be segregated from the other Series and separately valued.

            Each Series will invest in a trading vehicle which, in turn, will
            enter into a managed account agreement with its own independent
            commodity trading advisor that will manage such Series' assets,
            except that Series J will invest in each of the three trading
            vehicles in which Series G, H and I will invest. Series J will, in
            turn, enter into a managed account agreement with its own advisors
            that will manage the portion of the assets of Series J allocated
            to such trading vehicles. The assets of Series J will initially be
            allocated equally among the advisors of Series G, H and I and
            Series J will rebalance its exposure quarterly to maintain an
            equal exposure to each advisor.

            Each Series is initially divided into two classes: General Units
            and Limited Units. The Limited Units will initially be divided
            into two sub-classes: the Class I Units and the Class II Units.
            The Class I and Class II Units are identical except for the
            applicable service fee charged to each Class.

            The capital contributions to the Trust as of March 31, 2005, total
            $1,000 per Series and were contributed by the Managing Owner.

      B.    Proposed Public Offering of Units of Beneficial Interest

            The Trust filed a registration statement with the Securities and
            Exchange Commission offering to sell up to $500,000,000 of Units
            of Beneficial Interest. Units will be sold at $100 per Unit during
            the initial offering period and at the net asset value per Unit
            during the continuing offering period.

      C.    Regulation

            As a registrant with the Securities and Exchange Commission, the
            Trust is subject to the regulatory requirements under the
            Securities Act of 1933 and the Securities Exchange Act of 1934. As
            a commodity investment pool, the Trust will be subject to the
            regulations of the Commodity Futures Trading Commission, an agency
            of the United States (U.S.) government which regulates most
            aspects of the commodity futures industry; rules of the National
            Futures Association, an industry self-regulatory organization; and
            the requirements of the various commodity exchanges where the
            Trust will execute transactions. Additionally, the Trust will be
            subject to the requirements of futures commission merchants
            (brokers) and interbank market makers through which the Trust will
            trade.

      D.    Method of Reporting

            The Trust's statement of financial condition is presented in
            accordance with accounting principles generally accepted in the
            United States of America, which require the use of certain
            estimates made by the Trust's management. Actual results could
            differ from these estimates.

      E.    Investments in Trading Vehicles

            Each Series' investment in its respective trading vehicle(s) will
            be reported at their net asset values as of the date of the
            statement of financial condition. Each Series will record its
            proportionate share of the income or loss from the trading
            vehicle(s) in its statement of operations.

            Once the Trust commences trading, the trading vehicle(s) will
            account for investment transactions on the trade date. Gains or
            losses will be realized when contracts are liquidated. Net
            unrealized gain or loss on open contracts (the difference between
            contract trade price and market price) will be reflected in the
            trading vehicle(s)'s statement of financial condition in
            accordance with Financial Accounting Standards Board
            Interpretation No. 39 - "Offsetting of Amounts Related to Certain
            Contracts." Any change in net unrealized gain or loss will be
            reported in the trading vehicle(s)'s statement of operations.
            Brokerage commissions will include other trading fees and will be
            charged to expense when contracts are opened.



                                     -3-
<PAGE>

      F.    Income Taxes

            The Trust will prepare calendar year U.S. and applicable state
            information tax returns and report to the unitholders their
            allocable shares of the Trust's income, expenses and trading gains
            or losses.

      G.    Organization and Offering Costs

            Organization and initial offering costs (exclusive of the initial
            selling fee), estimated to total approximately $700,000, will be
            advanced by the Managing Owner. One fourth of such organizational
            and initial offering expenses will be reimbursed by each Series,
            without interest, in 36 monthly payments during each of the first
            36 months of the Continuous Offering Period. In no event shall the
            Managing Owner be entitled to reimbursement for such expenses in
            an aggregate amount in excess of 2.5% of the aggregate amount of
            all subscriptions accepted by the Trust during the Initial
            Offering Period and the first 36 months of the Continuous Offering
            Period. The Managing Owner also will pay all offering expenses
            incurred after the Initial Offering Period ("ongoing offering
            costs"). Such expenses will be allocated among the Series as the
            Managing Owner determines to be fair and equitable and, each
            Series will reimburse the Managing Owner, without interest, in up
            to 36 monthly payments during each of the first 36 months
            following the month in which such expenses were paid by the
            Managing Owner. In no event shall the amount of any payment in any
            month for reimbursement of organization and initial offering costs
            and ongoing offering costs exceed 0.50% per annum of the Net Asset
            Value of the Trust as of the beginning of such month.

            Each Series will only be liable for payment of organization,
            initial offering and ongoing offering costs on a monthly basis. If
            a Series terminates prior to completion of payment of such amounts
            to the Managing Owner, the Managing Owner will not be entitled to
            any additional payments, and the Series will have no further
            obligation to the Managing Owner.

      H.    Allocations

            Income or loss from each Series will be allocated pro rata to each
            unitholder in the Series. Each unitholder within each Class of the
            Series will be charged its applicable service fee.

Note 2.  MANAGING OWNER
         --------------

      The Managing Owner of the Trust is Preferred Investment Solutions Corp.,
      which conducts and manages the business of the Trust. The Declaration of
      Trust and Trust Agreement requires the Managing Owner to maintain a
      capital account equal to 1% of the total capital accounts of the Series
      (subject to a $100,000 minimum per Series).

      The Managing Owner will be paid a monthly management fee of 1/12 of 0.5%
      (0.5% annually) of each Series' net asset value at the beginning of the
      month.

Note 3.  COMMODITY TRADING ADVISORS
         --------------------------

      Series G has entered into an advisory agreement with Graham Capital
      Management, L.P., pursuant to which Series G will pay a monthly
      management fee equal to 1/12 of 2.5% (2.5% annually) of the Series G Net
      Asset Value. Series H has entered into an advisory agreement with
      Bridgewater Associates, Inc., pursuant to which Series H will pay a
      monthly management fee equal to 1/12 of 3% (3% annually) of the Series H
      Net Asset Value. Series I has entered into an advisory agreement with
      Eagle Trading Systems Inc. pursuant to which Series I will pay a monthly
      management fee equal to 1/12 of 2% (2% annually) of the Series I Net
      Asset Value.

      Series J has entered into advisory agreements with Graham Capital
      Management, L.P., Bridgewater Associates, Inc. and Eagle Trading Systems
      Inc. pursuant to which Series J will pay each of its advisors a monthly
      management fee as described above on that portion of the assets of
      Series J under the management of each such advisor.

      Each Series will also pay the commodity trading advisors an incentive
      fee of 20% of New High Net Trading Profits (as defined in the applicable
      advisory agreement) generated by such Series, except that Series J will
      pay such incentive fee separately with respect to each of its advisors
      based on "New High Net Trading Profits" generated by such advisor,
      regardless of the profitability of Series J as a whole. Incentive fees
      will accrue monthly and be paid quarterly in arrears.

Note 4.  SERVICE FEES AND SALES COMMISSIONS
         ----------------------------------

                                     -4-
<PAGE>

      The Trust will pay a service fee with respect to Class I units, monthly
      in arrears, equal to 1/12 of 2% ( 2% per annum) of the Net Asset Value
      per unit of the outstanding Class I units as of the beginning of the
      month. The service fee will be paid directly by the Trust to the Selling
      Agent, Kenmar Securities, Inc., an affiliate of the Managing Owner. The
      Selling Agent will be responsible for paying all commissions owing to
      the correspondent selling agents, who will be entitled to receive from
      the Selling Agent an initial commission equal to 2% of the initial Net
      Asset Value per Unit of each Class I unit sold by them, payable on the
      date such Class I units are purchased and, commencing with the 13th
      month after the purchase of a Class I unit, an ongoing monthly
      commission equal to 1/12th of 2% (2% per annum) of the Net Asset Value
      per unit as of the beginning of the month of the Class I units sold by
      them.

      Class II unitholders will not be assessed service fees.

      All unitholders will also pay Kenmar Securities Inc. a monthly sales
      commission equal to 1/12 of 1% (1% annually) of the Net Asset Value of
      the outstanding units as of the beginning of each month.

Note 5.  TRUSTEE
         -------

      The trustee of the Trust is Wilmington Trust Company, a Delaware banking
      company. The trustee has delegated to the Managing Owner the duty and
      authority to manage the business and affairs of the Trust and has only
      nominal duties and liabilities with respect to the Trust.

Note 6.  OPERATING EXPENSES
         ------------------

      Operating expenses of the Trust will be paid for by the Trust.

Note 7.  SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS
         --------------------------------------------

      Investments in the Trust will be made by subscription agreement, subject
      to acceptance by the Managing Owner.

      The Trust is not required to make distributions, but may do so at the
      sole discretion of the Managing Owner. A unitholder may request and
      receive redemption of Units owned, subject to restrictions in the
      Declaration of Trust and Trust Agreement.

      Class I unitholders who redeem all or a portion of their units of any
      Series on or prior to the first anniversary of their purchase will be
      subject to a redemption charge of up to 2% of the purchase price of such
      units to reimburse Kenmar Securities, Inc. for the unreimbursed amount
      of the initial service fee in respect of such redeemed units which was
      previously advanced by Kenmar Securities, Inc. There is no redemption
      charge associated with the Class II units.

Note 8.  TRADING ACTIVITIES AND RELATED RISKS
         ------------------------------------

      The Trust intends to engage in the speculative trading of futures
      contracts, options on futures contracts and forward contracts
      (collectively, "derivatives") through the trading vehicles. The Trust
      will be exposed to both market risk, the risk arising from changes in
      the market value of the contracts, and credit risk, the risk of failure
      by another party to perform according to the terms of a contract.

      Purchases and sales of futures and options on futures contracts require
      margin deposits with the brokers. Additional deposits may be necessary
      for any loss of contract value. The Commodity Exchange Act requires a
      broker to segregate all customer transactions and assets from such
      broker's proprietary activities. A customer's cash and other property
      (for example, U.S. Treasury bills) deposited with a broker are
      considered commingled with all other customer funds subject to the
      broker's segregation requirements. In the event of a broker's
      insolvency, recovery may be limited to a pro rata share of segregated
      funds available. It is possible that the recovered amount could be less
      than total cash and other property deposited.

      The Trust will have cash and cash equivalents on deposit with interbank
      market makers and other financial institutions in connection with its
      trading of forward contracts and its cash management activities. In the
      event of a financial institution's insolvency, recovery of Trust assets
      on deposit may be limited to account insurance or other protection
      afforded such deposits. Since forward contracts are traded in
      unregulated markets between principals, the Trust will also assume the
      risk of loss from counterparty nonperformance.

      For derivatives, risks arise from changes in the market value of the
      contracts. Theoretically, the Trust will be exposed to a market risk
      equal to the notional contract value of futures and forward contracts
      purchased and unlimited liability on such contracts sold short. As both
      a buyer and seller of options, the Trust will pay or receive a premium
      at the outset and then bear the risk of unfavorable changes in the price
      of the contract underlying the


                                     -5-
<PAGE>

      option. Written options will expose the Trust to potentially unlimited
      liability, and purchased options will expose the Trust to a risk of loss
      limited to the premiums paid.

      The Managing Owner has established procedures to actively monitor market
      risk and minimize credit risk, although there can be no assurance that
      it will, in fact, succeed in doing so. The Unitholders will bear the
      risk of loss only to the extent of the market value of their respective
      investments and, in certain specific circumstances, distributions and
      redemptions received.

Note 9.  GUARANTEES
         ----------

      In the normal course of business, the Trust enters into contracts and
      agreements that contain a variety of representations and warranties and
      which provide general indemnifications. The Trust's maximum exposure
      under these arrangements is unknown, as this would involve future claims
      that may be made against the Trust that have not yet occurred. The Trust
      expects the risk of any future obligation under these indemnifications
      to be remote.

Note 10. INTERIM FINANCIAL STATEMENTS
         ----------------------------

      The statement of financial condition as of March 31, 2005 is unaudited.
      In the opinion of management, such financial statement reflects all
      adjustments, which were of a normal and recurring nature, necessary for
      a fair presentation of financial position as of March 31, 2005.











                                     -6-
<PAGE>


                            WORLD MONITOR TRUST III
                          (a Delaware Business Trust)

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS

      This Report includes forward-looking statements that reflect the
      Managing Owner's current expectations about the future results,
      performance, prospects and opportunities of the Trust. The Managing
      Owner has tried to identify these forward-looking statements by using
      words such as "may," "will," "expect," "anticipate," "believe,"
      "intend," "should," "estimate" or the negative of those terms or similar
      expressions. These forward-looking statements are based on information
      currently available to the Managing Owner and are subject to a number of
      risks, uncertainties and other factors, both known, such as those
      described in this Report, and unknown, that could cause the Trust's
      actual results (upon commencement of trading), performance, prospects or
      opportunities to differ materially from those expressed in, or implied
      by, these forward-looking statements.

      You should not place undue reliance on any forward-looking statements.
      Except as expressly required by the Federal securities laws, the
      Managing Owner undertakes no obligation to publicly update or revise any
      forward-looking statements or the risks, uncertainties or other factors
      described in this Report, as a result of new information, future events
      or changed circumstances or for any other reason after the date of this
      Report.

      Introduction

      World Monitor Trust III, or the Trust, was formed as a Delaware
      statutory trust on September 28, 2004, with separate series, or each, a
      Series, of units of beneficial interest, or the Units. Its term will
      expire on December 31, 2054 (unless terminated earlier in certain
      circumstances).

      The Trust's Units will initially be offered in four (4) separate and
      distinct Series: Series G, Series H, Series I, and Series J. The Trust
      may issue future Series of Units. The Units of each Series will be
      separated into two classes, or each, a Class, of Units. The Trust, with
      respect to each Series, will:

      o     engage in the speculative trading of a diversified portfolio of
            futures, forward (including interbank foreign currencies) and
            options contracts and other derivative instruments and may, from
            time to time, engage in cash and spot transactions;

      o     invest in a trading vehicle which, in turn, will enter into a
            managed account agreement with its own independent commodity
            trading advisor, or each, an Advisor, that will manage such
            Series' assets and make the trading decisions in respect of the
            assets of such Series, except that Series J will invest in each of
            the three trading vehicles in which Series G, Series H and Series
            I will invest, each of which, in turn, will enter into a managed
            account agreement with its own Advisor that will manage the
            portion of the assets of Series J allocated to such trading
            vehicle and make the trading decisions in respect of the assets of
            Series J allocated to such trading vehicle;

      o     segregate its assets from the assets of any other Series and
            maintain separate, distinct records from each other Series, and
            account for its assets separately from each other Series;

      o     calculate its net assets and the Net Asset Value of its Units
            separately from each other Series;

      o     have an investment objective of increasing the value of its Units
            over the long term (capital appreciation), while controlling risk
            and volatility; and

      o     offer Units in two Classes--Class I and Class II.

      Class I Units and Class II Units:

      o     The Trust will pay a Service Fee in respect of the Class I Units,
            monthly in arrears, equal to 1/12th of 2.00% (2.00% per annum) of
            the Net Asset Value per Unit of the outstanding Class I Units as
            of the beginning of the month. The Service Fee will be paid
            directly by the Trust to the Selling Agent. The Selling Agent will
            then be responsible for paying all service fees owing to the
            Correspondent Selling Agents. The Correspondent Selling Agents are
            entitled to receive from the Selling Agent an initial service fee
            equal to 2.00% of the initial Net Asset Value per Unit of each
            Class I Unit sold by them, payable on the date such Class I Units
            are purchased and, commencing with the thirteenth month after the
            purchase of a Class I Unit, an ongoing monthly commission equal to
            1/12th of 2.00% (2.00% per annum) of the Net Asset Value per Unit
            as of the beginning of the month of the Class I Units sold by
            them. In addition to the above Service Fee, the Trust will pay to
            the Selling Agent a


                                     -7-
<PAGE>

            Sales Commission, monthly in arrears, equal to 1/12th of 1.00%
            (1.00% per annum) of the Net Asset Value per Unit of the
            outstanding Class I Units as of the beginning of the month.

      o     Class II Units may only be offered to investors who are
            represented by approved Correspondent Selling Agents who are
            directly compensated by the investor for services rendered in
            connection with an investment in the Trust (such arrangements
            commonly referred to as "wrap-accounts"). Investors who purchase
            Class II Units of any Series will not be charged any Service Fee.
            However, the Trust will pay to the Selling Agent a Sales
            Commission, monthly in arrears, equal to 1/12th of 1.00% (1.00%
            per annum) of the Net Asset Value per Unit of the outstanding
            Class II Units as of the beginning of the month.

      Units of each Series will initially be offered for a period ending July
      1, 2005 unless (i) the subscription minimum for such Series is reached
      before that date or (ii) such date is extended by Preferred Investment
      Solutions Corp., the Managing Owner, for up to an additional ninety (90)
      days.

      After trading commences, Units in each Series will be offered as of the
      beginning of each month and will be offered continuously until all of
      each Series' Units which are registered are sold. The Managing Owner may
      terminate the Continuous Offering Period at any time.

      Critical Accounting Policies

      Preparation of the financial statements and related disclosures in
      compliance with accounting principles generally accepted in the United
      States of America requires the application of appropriate accounting
      rules and guidance, as well as the use of estimates. The Trust's
      application of these policies involves judgments and actual results may
      differ from the estimates used.

      The Managing Owner has evaluated the nature and types of estimates that
      it will make in preparing the Trust's financial statements and related
      disclosures once the Trust begins trading operations and has determined
      that the valuation of its investments which are not traded on a United
      States or internationally recognized futures exchange involves a
      critical accounting policy. While not currently applicable given the
      fact that the Trust is not currently involved in trading activities, the
      values which will be used by the Trust for its open forward positions
      will be provided by its commodity broker who will use market prices when
      available, while over-the-counter derivative financial instruments,
      principally forwards, options and swaps will be valued based on the
      present value of estimated future cash flows that would be received from
      or paid to a third party in settlement of these derivative contracts
      prior to their delivery date.

      Liquidity and Capital Resources

      As of March 31, 2005, the Trust has not begun trading activities. Once
      the Trust begins trading activities, it is anticipated that all of its
      total net assets will be allocated to commodities trading through the
      trading vehicles. A significant portion of the net asset value is likely
      to be held in U.S. Treasury bills and cash, which will be used as margin
      for the Trust's trading in commodities. The percentage that U.S.
      Treasury bills will bear to the total net assets will vary from period
      to period as the market values of commodity interests change. The
      balance of the net assets will be held by the Trust in the trading
      vehicles' commodity trading accounts. Interest earned on
      interest-bearing funds will be paid to the Trust.

      The Trust's commodity contracts will be subject to periods of
      illiquidity because of market conditions, regulatory considerations and
      other reasons. For example, commodity exchanges limit fluctuations in
      certain commodity futures contract prices during a single day by
      regulations referred to as "daily limits." During a single day, no
      trades may be executed at prices beyond the daily limit. Once the price
      of a futures contract for a particular commodity has increased or
      decreased by an amount equal to the daily limit, positions in the
      commodity can neither be taken nor liquidated unless the traders are
      willing to effect trades at or within the limit. Commodity futures
      prices have occasionally moved the daily limit for several consecutive
      days with little or no trading. Such market conditions could prevent the
      Trust from promptly liquidating its commodity futures positions.

      Since the Trust will trade futures and forward contracts through the
      trading vehicles, its capital will be at risk due to changes in the
      value of these contracts (market risk) or the inability of
      counterparties to perform under the terms of the contracts (credit
      risk).

      The Trust does not have, nor does it expect to have, any capital assets.



                                     -8-
<PAGE>

      Off-Balance Sheet Arrangements and Contractual Obligations

      As of March 31, 2005, the Trust has not utilized, nor does it expect to
      utilize in the future, special purpose entities to facilitate
      off-balance sheet financing arrangements and has no loan guarantee
      arrangements or off-balance sheet arrangements of any kind other than
      agreements entered into in the normal course of business, which may
      include indemnification provisions related to certain risks service
      providers undertake in performing services which are in the best
      interests of the Trust. While the Trust's exposure under such
      indemnification provisions cannot be estimated, these general business
      indemnifications are not expected to have a material impact on the
      Trust's financial position.

      The Trust's contractual obligations are with the Managing Owner, the
      Advisors and its commodity brokers. Payments made under the Trust's
      agreement with the Advisors are a fixed rate, calculated as a percentage
      of each trading vehicle's "New High Net Trading Profits." In addition,
      Management Fee payments to the Advisors and fees paid to the Managing
      Owner are calculated as a fixed percentage of each trading vehicle's Net
      Asset Value. As such, the Managing Owner cannot anticipate the amount of
      payments that will be required under these arrangements for future
      periods as Net Asset Values are not known until a future date.
      Commission payments to the commodity broker are based on a cost per
      executed trade and, as such, the Managing Owner cannot anticipate the
      amount of such payments that will be required under the brokerage
      agreement for future periods as the level of executed trades are not
      known until a future date These agreements are effective for one year
      terms, renewable automatically for additional one year terms unless
      terminated. Additionally, these agreements may be terminated by either
      party for various reasons.

      Results of Operations

      Through March 31, 2005, the Trust has not yet commenced operations.

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

      Information regarding quantitative and qualitative disclosures about
      market risk is not required pursuant to Item 305(e) of Regulation S-K.

ITEM 4.  CONTROLS AND PROCEDURES

      As of the end of the period covered by this report, the Managing Owner
      carried out an evaluation, under the supervision and with the
      participation of the officers of the Managing Owner, including the
      Managing Owner's co-chief executive officer and chief financial officer,
      of the effectiveness of the design and operation of the Trust's
      disclosure controls and procedures. Based upon that evaluation, the
      Managing Owner's co-chief executive officer and chief financial officer
      concluded that the Trust's disclosure controls and procedures are
      effective.

      In designing and evaluating the Trust's disclosure controls and
      procedures (as defined in Rules 13a-15(e) or 15d-15(e) of the Exchange
      Act), the Managing Owner recognized that any controls and procedures, no
      matter how well designed and operated, can provide only reasonable
      assurances of achieving the desired control objectives, as ours are
      designed to do, and the Managing Owner necessarily was required to apply
      its judgment in evaluating the cost-benefit relationship of possible
      controls and procedures. We believe that our disclosure controls and
      procedures provide such reasonable assurance.

      There have not been any changes in our internal controls over financial
      reporting (as defined in Rules 13a-15(e) and 15d-15(e) under the
      Securities Exchange Act of 1934, as amended) during the fiscal quarter
      to which this report relates that have materially affected, or are
      reasonably likely to materially affect, our internal controls over
      financial reporting.



                                     -9-
<PAGE>

                          PART II. OTHER INFORMATION


ITEM     1. LEGAL PROCEEDINGS - THERE ARE NO MATERIAL LEGAL PROCEEDINGS
         PENDING BY OR AGAINST THE REGISTRANT OR THE MANAGING OWNER OR FOR
         WHICH THE REGISTRANT OR THE MANAGING OWNER WAS A PARTY DURING THE
         PERIOD COVERED BY THIS REPORT.

ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS - NONE

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES - NONE

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS - NONE

ITEM 5.  OTHER INFORMATION - NONE

ITEM 6.  EXHIBITS:

      1.1   Form of Selling Agreement (incorporated by reference to Exhibit
            1.1 to the Trust's Pre-Effective Amendment No. 2 on S-1
            Registration Statement, File No. 333-119612, filed with the
            Commission on March 14, 2005)

      4.1   Amended and Restated Declaration of Trust and Trust Agreement of
            the Registrant (annexed to the Prospectus as Exhibit A and
            incorporated by reference to Exhibit 4.1 to the Trust's
            Pre-Effective Amendment No. 3 on S-1 Registration Statement, File
            No. 333-119612, filed with the Commission on March 29, 2005)

            Form of Request for Redemption (annexed to Exhibit A) Form of
            Exchange Request for Class I Units of Beneficial Ownership
            (annexed to Exhibit A) Form of Exchange Request for Class II Units
            of Beneficial Ownership (annexed to Exhibit A)

      4.2   Subscription Requirements (annexed to the Prospectus as Exhibit B
            and incorporated by reference to Exhibit 4.2 to the Trust's
            Pre-Effective Amendment No. 3 on S-1 Registration Statement, File
            No. 333-119612, filed with the Commission on March 29, 2005)

      4.3   Subscription Instructions, Form of Subscription Agreement and
            Power of Attorney (annexed to the Prospectus as Exhibit C and
            incorporated by reference to Exhibit 4.3 to the Trust's
            Pre-Effective Amendment No. 3 on S-1 Registration Statement, File
            No. 333-119612, filed with the Commission on March 29, 2005)

      4.4   Form of Privacy Notice (annexed to the Prospectus as Exhibit D and
            incorporated by reference to Exhibit 4.4 to the Trust's
            Pre-Effective Amendment No. 3 on S-1 Registration Statement, File
            No. 333-119612, filed with the Commission on March 29, 2005)

      10.1  Form of Subscription Escrow Agreement (incorporated by reference
            to Exhibit 10.1 to the Trust's Pre-Effective Amendment No. 2 on
            S-1 Registration Statement, File No. 333-119612, filed with the
            Commission on March 14, 2005)

      10.2  Form of Advisory Agreement among WMT III Series G/J Trading
            Vehicle LLC, Preferred Investment Solutions Corp. (the "Managing
            Owner") and Graham Capital Management, L.P. (incorporated by
            reference to Exhibit 10.2 to the Trust's Pre-Effective Amendment
            No. 2 on S-1 Registration Statement, File No. 333-119612, filed
            with the Commission on March 14, 2005)

      10.3  Form of Advisory Agreement among WMT III Series H/J Trading
            Vehicle LLC, the Managing Owner and Bridgewater Associates, Inc.
            (incorporated by reference to Exhibit 10.3 to the Trust's
            Pre-Effective Amendment No. 2 on S-1 Registration Statement, File
            No. 333-119612, filed with the Commission on March 14, 2005)

      10.4  Form of Advisory Agreement among WMT III Series I/J Trading
            Vehicle LLC, the Managing Owner and Eagle Trading Systems Inc.
            (incorporated by reference to Exhibit 10.4 to the Trust's
            Pre-Effective Amendment No. 2 on S-1 Registration Statement, File
            No. 333-119612, filed with the Commission on March 14, 2005)



                                     -10-
<PAGE>

      10.5  Form of Customer Agreement between the World Monitor Trust III and
            UBS Securities LLC (incorporated by reference to Exhibit 10.5 to
            the Trust's Pre-Effective Amendment No. 2 on S-1 Registration
            Statement, File No. 333-119612, filed with the Commission on March
            14, 2005)

      31.1  Certification pursuant to Exchange Act Rules 13a-14 and 15d-14
            (filed herewith)

      31.2  Certification pursuant to Exchange Act Rules 13a-14 and 15d-14
            (filed herewith)

      32.1  Certification pursuant to 18 U.S.C. Section 1350 as adopted
            pursuant to Section 906 of the SARBANES-OXLEY Act of 2002
            (furnished herewith)

      32.2  Certification pursuant to 18 U.S.C. Section 1350 as adopted
            pursuant to Section 906 of the SARBANES-OXLEY Act of 2002
            (furnished herewith)




                                     -11-
<PAGE>

                                  SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.



WORLD MONITOR TRUST III

By:    Preferred Investment Solutions Corp.
       Managing Owner


       By:  /s/ Kenneth A. Shewer                            Date:  May 16, 2005
       ----------------------------------------------------
       Kenneth A. Shewer
       Co-Chief Executive Officer

WORLD MONITOR TRUST III

By:    Preferred Investment Solutions Corp.
       Managing Owner


       By:  /s/ Maureen D. Howley                            Date:  May 16, 2005
       ----------------------------------------------------
       Maureen D. Howley
       Senior Vice President and Chief Financial Officer

WMT III SERIES G/J TRADING VEHICLE LLC


  By:    World Monitor Trust III - Series G, a member
         By:   Preferred Investment Solutions Corp.
               Managing Owner
               By:  /s/KENNETH A. SHEWER                     Date:  May 16, 2005
                    -----------------------------------
                    Kenneth A. Shewer
                    Co-Chief Executive Officer

  By:    World Monitor Trust III - Series J, a member
         By:   Preferred Investment Solutions Corp.
               Managing Owner
               By:  /s/KENNETH A. SHEWER                     Date:  May 16, 2005
                    -----------------------------------
                    Kenneth A. Shewer
                    Co-Chief Executive Officer


WMT III SERIES H/J TRADING VEHICLE LLC


  By:    World Monitor Trust III - Series H, a member
         By:   Preferred Investment Solutions Corp.
               Managing Owner
               By:  /s/KENNETH A. SHEWER                     Date:  May 16, 2005
                    -----------------------------------
                    Kenneth A. Shewer
                    Co-Chief Executive Officer

  By:    World Monitor Trust III - Series J, a member
         By:   Preferred Investment Solutions Corp.
               Managing Owner
               By:  /s/KENNETH A. SHEWER                     Date:  May 16, 2005
                    -----------------------------------
                    Kenneth A. Shewer
                    Co-Chief Executive Officer


WMT III SERIES I/J TRADING VEHICLE LLC


  By:    World Monitor Trust III - Series I, a member


                                     -12-
<PAGE>

         By:   Preferred Investment Solutions Corp.
               managing owner
               By:  /s/KENNETH A. SHEWER                     Date:  May 16, 2005
                    -----------------------------------
                    Kenneth A. Shewer
                    Co-Chief Executive Officer

  By:    World Monitor Trust III - Series J, a member
         By:   Preferred Investment Solutions Corp.
               managing owner
               By:  /s/KENNETH A. SHEWER                     Date:  May 16, 2005
                    -----------------------------------
                    Kenneth A. Shewer
                    Co-Chief Executive Officer




                                     -13-
<PAGE>


                                 EXHIBIT INDEX

<TABLE>
<CAPTION>
                                                                                                                    Page
Exhibit Number                                     Description of Document                                         Number
<S>              <C>                                                                                               <C>
31.1             Certification of Kenneth A. Shewer                                                                 E-2
31.2             Certification of Maureen D. Howley                                                                 E-3
32.1             Certification of Kenneth A. Shewer, Co-Chief Executive Officer, pursuant to 18 U.S.C.              E-4
                 Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of 2002
32.2             Certification of Maureen D. Howley, Senior Vice President and Chief Financial Officer,             E-5
                 pursuant to 18 U.S.C. Section 1350, as enacted by Section 906 of The Sarbanes-Oxley Act of
                 2002

</TABLE>



                                     E-1