<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0603</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001473675</cik>
        <entityName>AlphaMetrix Managed Futures III LLC (AlphaMetrix WC Diversified Series)</entityName>
        <issuerAddress>
            <street1>181 WEST MADISON STREET, 34TH FLOOR</street1>
            <city>CHICAGO</city>
            <stateOrCountry>IL</stateOrCountry>
            <zipCode>60602</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>312-267-8400</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <edgarPreviousNameList>
            <previousName>AlphaMetrix Managed Futures III LLC</previousName>
            <previousName>AlphaMetrix Managed Futures III LLC (AlphaMetrix WC Diversified Series)</previousName>
        </edgarPreviousNameList>
        <entityType>Limited Liability Company</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2009</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>n/a</firstName>
                <lastName>AlphaMetrix, LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>181 West Madison Street, 34th Floor</street1>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60602</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Sponsor</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Aleks</firstName>
                <middleName>A</middleName>
                <lastName>Kins</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>AlphaMetrix, LLC</street1>
                <street2>181 West Madison Street, 34th Floor</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60602</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>President and Chief Executive Officer of the Sponsor</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>David</firstName>
                <middleName>J</middleName>
                <lastName>Young</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>AlphaMetrix, LLC</street1>
                <street2>181 West Madison Street, 34th Floor</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60602</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Operations Officer of the Sponsor</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>George</firstName>
                <middleName>J</middleName>
                <lastName>Brown</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>AlphaMetrix, LLC</street1>
                <street2>181 West Madison Street, 34th Floor</street2>
                <city>Chicago</city>
                <stateOrCountry>IL</stateOrCountry>
                <zipCode>60602</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Financial Officer of the Sponsor</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Other Investment Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001478404-10-000003</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2010-01-04</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>10000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Wells Fargo Advisors, LLC</recipientName>
                <recipientCRDNumber>19616</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>One North Jefferson Avenue</street1>
                    <city>St. Louis</city>
                    <stateOrCountry>MO</stateOrCountry>
                    <zipCode>63103</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Wells Fargo Advisors Financial Network, LLC</recipientName>
                <recipientCRDNumber>11025</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>One North Jefferson Avenue</street1>
                    <city>St. Louis</city>
                    <stateOrCountry>MO</stateOrCountry>
                    <zipCode>63103</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Wells Fargo Investments, LLC</recipientName>
                <recipientCRDNumber>10582</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>One North Jefferson Avenue</street1>
                    <city>St. Louis</city>
                    <stateOrCountry>MO</stateOrCountry>
                    <zipCode>63103</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>232500</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>8</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>1950</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse>Selling agent is paid upfront placement fee of up to 2% of subscription price of units sold and ongoing monthly sales comm. of 2% annum of month-end net asset value of units sold which remain outstanding.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>AlphaMetrix Managed Futures III LLC (AlphaMetrix WC Diversified Series)</issuerName>
                <signatureName>David J. Young</signatureName>
                <nameOfSigner>David J. Young</nameOfSigner>
                <signatureTitle>Chief Operations Officer of the Sponsor</signatureTitle>
                <signatureDate>2010-04-09</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
