20549-0409



      March 24, 2005



Mr. Marc S. Goodman
Preferred Investment Solutions Corporation
Two American Lane
Greenwich, Connecticut 06830

Re:	World Monitor Trust III
	Registration Statement on Form S-1, amended on March 14, 2004
	File No. 333-119612

Dear Mr. Goodman:

      We have reviewed your filing and have the following
comments.
Where indicated, we think you should revise your document in
response
to these comments.  If you disagree, we will consider your
explanation as to why our comment is inapplicable or a revision is
unnecessary.  Please be as detailed as necessary in your
explanation.
In some of our comments, we may ask you to provide us with
supplemental information so we may better understand your
disclosure.
After reviewing this information, we may or may not raise
additional
comments.

      Please understand that the purpose of our review process is
to
assist you in your compliance with the applicable disclosure
requirements and to enhance the overall disclosure in your filing.
We look forward to working with you in these respects.  We welcome
any questions you may have about our comments or on any other
aspect
of our review.  Feel free to call us at the telephone numbers
listed
at the end of this letter.

General
1. We have reviewed your response to Comment No. 4 from our last
comment letter.  Since you are conducting a continuous offering,
please include disclosure indicating that you are registering
units
that are anticipated to be sold within two years of the
effectiveness
of the registration statement.  Please see Rule 415(a)(2) of the
Securities Act of 1933.
2. We note your response to Comment 7 from our last letter, but
are
unable to determine where you have indicated that the company has
no
formal procedure in place to resolve conflicts. Please revise the
summary risk factor on page 3 to include this.

Possible Illiquid Markets may Exacerbate Losses - page 22
3. We note your response to Comment 14. Your response does not
appear
to address the extent, beyond a general reference, to which the
trading advisors you have selected to trade for the fund have
encountered illiquid situations in the past.

Federal Income Tax Consequences - page 106
4. Please revise to opine that each Series of the Trust will be
classified as a partnership for federal income tax purposes, as
opposed to "should be."  Likewise, please revise your disclosure
on
page 13 accordingly.

World Monitor Trust III Statement of Financial Condition - March
10,
2005, page 2

5. Since the registrant`s year end is December 31, an audited
balance
sheet as of that date is required in the filing.  Refer to Rule 3-
12
of Regulation S-X.

Preferred Investment Solutions Corp. Notes to Statement of
Financial
Condition - September 30, 2004

Note 8.  Related Party Transactions, page 24

6. We note that you have obtained a standby letter of credit
guaranteeing a substantial portion of the receivable from Kenmar
Management Ltd. in lieu of providing an audited balance sheet for
KML
as requested in our prior comment 18.  We are in the process of
discussing this issue with the Division`s Chief Accountant`s
Office
and additional comments may be forthcoming.

Exhibit 8.1-Opinion of Sidley Austin Brown & Wood
7. We note your response to Comment 21, but are unable to
determine
where you have made the referenced revision. Please revise or
advise.

General

      We will consider a written request for acceleration of the
effective date of the registration statement as a confirmation of
the
fact that those requesting acceleration are aware of their
respective
responsibilities under the Securities Act of 1933 and the
Securities
Exchange Act of 1934 as they relate to the proposed public
offering
of the securities specified in the above registration statement.
We
will act on the request and, pursuant to delegated authority,
grant
acceleration of the effective date.

      We direct your attention to Rules 460 and 461 regarding
requesting acceleration of a registration statement.  Please allow
adequate time after the filing of any amendment for further review
before submitting a request for acceleration.  Please provide this
request at least two business days in advance of the requested
effective date.

      You may contact Kristi Beshears at 202-824-5346 or Linda Van
Doorn at 202-942-1960 if you have questions regarding comments on
the
financial statements and related matters.  Please contact Paul
Fischer at 202-942-1903 or the undersigned at 202-942-1971 with
any
other questions.


Sincerely,



Owen Pinkerton
Senior Attorney



cc:	Michael J. Schmidtberger, Esq.
	by facsimile,  212-839-5599

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World Monitor Trust III
March 24, 2005
Page 3