13F-NT 1 ff31q08.txt FORTRESS FUND III GP LLC UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 2008 Check here if Amendment [ ]; Amendment Number: This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Fortress Fund III GP LLC Address: 1345 Avenue of the Americas, 46th Flr. New York, NY 10105 13F File Number: 28-12512 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Kevin Naughton Title: Chief Financial Officer Phone: 212-798-6100 Signature, Place, and Date of Signing: /s/ Kevin Naughton New York, NY May 15, 2008 Report Type (Check only one.): [ ] 13F HOLDINGS REPORT. [ X] 13F NOTICE. [ ] 13F COMBINATION REPORT. List of Other Managers Reporting for this Manager: Form 13F File Number Name 28-12421 Fortress Investment Group LLC