World Monitor Trust III - Series J 8-K

December 26, 2014

RE:   World Monitor Trust III Series J (“WMT-III”)

Dear Unitholder,

We are writing to inform you of changes to the underlying manager line-up in WMT-III. WMT-III is a multi-manager fund, rebalanced quarterly, which allocates its assets to commodity trading advisors (each, an “Advisor”). Effective January 1, 2015, WMT-III has removed two Advisors, CTA Choice GLAGS and CTA Choice SAXN, and effective January 1, 2015, the assets of WMT-III will be reallocated equally among the four Advisors, as shown below.

This information amends the disclosure in the Private Placement Memorandum (“PPM”). If any statement in this letter conflicts with a statement in the PPM, the statement in this letter controls. Should you require any further information on the Advisors or WMT-III please refer to the PPM dated January 1, 2013 and subsequent supplements.

Frequently Asked Questions

Q1: Why did you make these changes?

WMT-III is an equally-weighted portfolio that is rebalanced each quarter. From time to time we change the Advisors in the portfolio based on our macroeconomic view and the potential opportunities/risks that we see in the markets.

During the 4^th quarter of 2014, the divergences in global central bank policy began in earnest and we believe that will continue to be a key theme for 2015. It is generally acknowledged that coordinated global central bank activity was the major contributor to a difficult environment for many CTA strategies, particularly trend following, as it resulted in high levels of correlation among markets. Further, with high levels of central bank transparency, uncertainty was all but wiped out of the markets resulting in long periods of compressed price action. Today, that has changed with CTA strategies overall benefiting from opportunities across a broad spectrum of sectors from financials to traditional commodity markets.

Within this context then, Global Ag’s focus in U.S. grain and oilseed markets is less desirable as is Saxon’s very selective, long-biased strategy and both managers will be removed from the portfolio. Those assets will be reallocated to the four WMT-III managers who we believe are more diversified with regards to markets and strategy and as such, better positioned to capitalize on a broader set of opportunities which we believe might arise during the course of 2015.

Q2: Is any action required?

No action is required by the Financial Advisor or client.

Q3: Will these changes have any impact on my tax reporting?

No. These changes will have no impact on your tax reporting.

We appreciate your continued support of WMT-III and Kenmar Preferred. If you have any questions or concerns, please do not hesitate to contact your Financial Advisor or Kenmar Preferred’s Investor Services Group at (914) 307-4000.

Kind regards,

Ken Shewer

Chairman & CIO U.S. Liquid Strategies

Kenmar Preferred Investments LLC

Investments in commodities/futures, options on them, and managed futures are not appropriate for all investors, as the risk of loss is substantial. Therefore, only risk or hedge capital should be invested in these securities.

Alternative investments carry specific investor qualifications which can include high income and net-worth requirements as well as relatively high investment minimums. They are complex investment vehicles, which generally have high fixed and variable costs and substantial risks. The high expenses often associated with these investments must be offset by trading profits and other income. They tend to be more volatile than other types of investments and present an increased risk of investment loss. There may also be a lack of transparency as to the underlying assets. Additionally, there may be no secondary market for alternative investment interests and transferability may be limited or even prohibited. Other risks may apply as well, depending on the specific investment product. Please carefully review the Private Placement Memorandum or other offering documents for complete information regarding terms, including all applicable fees, as well as other factors you should consider before investing.