UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22920

The Advisors’ Inner Circle Fund III

(Exact name of registrant as specified in charter)

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

Registrant’s telephone number, including area code: (877) 446-3863

Date of fiscal year end: October 31, 2015

Date of reporting period: October 31, 2015

Item 1. Reports to Stockholders.

The Advisors’ Inner Circle Fund III

Knights of Columbus Core Bond Fund

Knights of Columbus Limited Duration Bond Fund

Knights of Columbus Large Cap Growth Fund

Knights of Columbus Large Cap Value Fund

Knights of Columbus Small Cap Equity Fund

Knights of Columbus International Equity Fund

Annual Report October 31, 2015

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS FUNDS
	OCTOBER 31, 2015

TABLE OF CONTENTS
Shareholder Letter	1
Management’s Discussion and Analysis of Fund Performance	3
Schedules of Investments	9
Statements of Assets and Liabilities	24
Statements of Operations	26
Statements of Changes in Net Assets	28
Financial Highlights	34
Notes to Financial Statements	35
Report of Independent Registered Public Accounting Firm	41
Trustees and Officers of the Advisors’ Inner Circle Fund III	42
Disclosure of Fund Expenses	48
Notice to Shareholders	50

The Funds file their complete schedules of investments with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q within sixty days after period end. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities, as well as information relating to how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-844-523-8637; and (ii) on the Commission’s website at http://www.sec.gov.

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS FUNDS
	OCTOBER 31, 2015

LETTER TO SHAREHOLDERS (Unaudited)

Dear Shareholders:

We are pleased to supply our first annual report since Knights of Columbus Asset Advisors’ launch of our six mutual funds on February 27, 2015. It has been an interesting and volatile year as investors have been weighing the activities, or lack thereof, of the Federal Reserve (“Fed”) with a myriad of domestic economic issues and geopolitical concerns. Just a quick look at the equity market is illustrative of the volatility we have witnessed this year.

The S&P 500 Index ended 2014 at 2,058.90 and stood at 2,079.36 as of October 31, 2015, representing a price change of about 1%. The index experienced a lot more volatility during this period than the point-to-point levels would suggest. The S&P 500 had its 2015 peak on May 21st, when it closed at 2,130.82 and that represented a year-to-date change of about 3.5%. This year’s low was on August 25^th, when the index closed at 1,867.61, representing a loss of 9.3%, while the index has rallied by over 11.3% from that low to the October 31^st close.

Looking at the economy, the markets have been fixated by the first move of the Fed away from their zero interest rate policy, and many Fed observers believe that the first rate hike may occur in December. The employment picture has brightened at the headline level with unemployment falling to 5.0% and underemployment falling to 9.6%. We remain concerned about the chronically unemployed and their ability to find meaningful work given the skills mismatch that exists between those looking for employees and those individuals searching for work.

On the broader economic front, industrial production is still accelerating, but at a much slower rate than at the beginning of 2015. We have also watched Capacity Utilization, a measure of industrial output, slip from 79.0% at the end of 2014, to 77.5% at the end of October 2015. Durable goods orders have also weakened. The strength of the U.S. dollar has certainly been a headwind for manufacturing and the expected tailwind from lower energy prices has not translated into the consumer spending that was expected. The index of leading economic indicators has also been flat on a year-over-year basis from June to September 2015, so while this does not connote an impending recession, it does indicate that economic expansion is slowing and a catalyst is needed to push economic activity higher from here.

The geopolitical landscape has been a challenge to say the least. I am writing this letter in the wake of the brutal terrorist attack in Paris, and when coupled with the situation in Egypt, Russian activities in Ukraine, ISIS, Syria, Iran and others, the wall of worry on the geopolitical side is tall indeed. All of the geopolitical issues coupled with the United States gearing up for the 2016 Presidential election cycle leaves much uncertainty for the markets to ponder.

The Funds have generally performed well relative to their respective peer groups. Our Large Cap Growth, Large Cap Value, Small Cap Core, Core Bond and Limited Duration Bond funds have all outperformed their respective Lipper category average since inception. While the International Equity Fund’s relative performance has lagged its Lipper category average, its performance during the last three months has improved on a relative basis. We also have been able to generate this performance across all funds while remaining compliant with our Catholic screenings. We have continued to add clients and look forward to a successful year.

As always, we appreciate your confidence in our team and look forward to serving you in the future.

Sincerely,

Anthony V. Minopoli

President & Chief Investment Officer

The information provided herein represents the opinion of the manager at a specific point in time and is not intended to be a forecast of future events, a guarantee of future results nor investment advice.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1-844-KC-FUNDS or visit www.kofcassetadvisors.org.

1

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS FUNDS
	OCTOBER 31, 2015

Mutual fund investing involves risk. Some mutual funds have more risk than others. The investment return and principal value will fluctuate and shares when sold may be worth more or less than the original cost. Fixed income investments are subject to interest rate risk, and their value will decline as interest rates rise. Asset allocation and diversification do not assure a profit or protect against loss in declining markets. There is no guarantee a Fund’s objectives will be achieved. The risks associated with each fund are explained more fully in each fund’s respective prospectus. Investors should consult with their attorney, accountant, and/or tax professional for advice concerning their particular situation.

Definition of Comparative Indices

Barclays US Aggregate Bond Index

The Barclays US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency). Provided the necessary inclusion rules are met, US Aggregate eligible securities also contribute to the multi-currency Global Aggregate Index and the US Universal Index, which includes high yield and emerging markets debt. The US Aggregate Bond Index was created in 1986.

Barclays 1-3 Year US Government/Credit Index

The Barclays US Government/Credit Index is the non-securitized component of the US Aggregate Index and was the first macro index launched by Barclays Capital. The US Government/Credit Index includes Treasuries (i.e., public obligations of the US Treasury that have remaining maturities of more than one year), government-related issues (i.e., agency, sovereign, supranational, and local authority debt), and corporates. The US Government/Credit Index was launched on January 1, 1979 and is a subset of the US Aggregate Index. The 1-3 year index includes all medium and larger issues of US government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities of between 1 and 3 years and are publicly issued.

Russell 1000 Growth Index

The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the US equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment. The Russell 1000 Growth Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.

Russell 1000 Value Index

The Russell 1000 Value Index measures the performance of the large-cap value segment of the US equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values. The Russell 1000 Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The Russell 1000 Value Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.

Russell 2000 Index

The Russell 2000 Index measures the performance of the small-cap segment of the US equity universe. The Russell 2000 Index is a subset of the Russell 3000^® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.

FTSE All-World Ex-U.S. Index

The FTSE All-World ex-US Index is one of a number of indexes designed to help investors benchmark their international investments. The index comprises Large and Mid-cap stocks providing coverage of Developed and Emerging Markets excluding the US. The index is derived from the FTSE Global Equity Index Series (GEIS), which covers 98% of the world’s investable market capitalization.

2

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS FUNDS
	OCTOBER 31, 2015

Management’s Discussion and Analysis of Fund Performance (Unaudited)

Knights of Columbus Core Bond Fund

For the period from inception to October 31, 2015, the Knights of Columbus Core Bond Fund, Institutional Shares (the “Fund”) and its benchmark, Barclays US Aggregate Bond Index, returned -0.18% and 0.01%, respectively. The Fund outperformed its peer group, which returned -0.53% as measured by the Lipper Core Bond Universe.

Given the general flight-to-quality in the markets over this time horizon, the underweight to Treasuries detracted from performance. This allocation was positioned in high quality asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS), which along with security selection, offset some of the underperformance. The Fund’s exposure to investment grade bonds negatively affected relative performance as corporate interest rate spreads widened due to a record supply of new issues.

Looking forward, we continue to expect a challenging and volatile environment for fixed income securities. In terms of portfolio positioning, we will seek to provide a competitive yield, while striving to reduce exposure to yield curve volatility.

AVERAGE ANNUAL TOTAL RETURN^{1 2}

	Cumulative Inception to Date†
Institutional Shares*		(0.18)%
Class S Shares**		1.39%
Barclays US Aggregate Bond Index***		0.01%

Comparison of Change in the Value of a $25,000 Investment in the Knights of Columbus Core Bond Fund, Institutional Shares versus the Barclays US Aggregate Bond Index.

* Commenced operations of February 27, 2015. The graph is based on Institutional Shares only; performance for Class S Shares would have been lower due to differences in fee structures.

** Commenced operations on July 14, 2015.

*** Index return is shown from February 27, 2015. See definition of comparative index on page 2.

† If the Adviser had not waived a portion of its fee, the Fund’s total return may have been lower.

1 The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.

2 Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

3

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS FUNDS
	OCTOBER 31, 2015

Management’s Discussion and Analysis of Fund Performance (Unaudited)

Knights of Columbus Limited Duration Bond Fund

For the period from inception to October 31, 2015, the Knights of Columbus Limited Duration Bond Fund, Institutional Shares (the “Fund”) and its benchmark, the Barclays 1-3 Year US Government/Credit Index returned 0.36% and 0.62%, respectively. The Fund outperformed its peer group, which returned 0.25% as measured by Lipper’s Short-Intermediate Investment-Grade Debt Classification.

During the period, the Fund held an overweight position in corporate bonds and a lower allocation to risk-free Treasuries versus the Index in anticipation of corporate yields following the historical pattern of rising at a slower rate and outperforming the risk-free Treasury in a rising interest rate environment. However, the Federal Reserve did not raise rates, supporting Treasury prices and corporate spreads widened due to a record supply of issues and macroeconomic concerns primarily attributable to the reduced growth rate in China. This accounted for the slight underperformance to the benchmark.

The Fund achieved its outperformance relative to its peer group due in large part to its overweight positions in high quality ABS and CMBS securities. The Fund’s overweight position in investment grade bonds negatively affected relative performance as corporate interest rate spreads widened due to a record supply of new issues.

We believe that the Fund is well positioned going forward with a diversified, high-quality portfolio with a strong yield. The Fund’s portfolio maintains a slight underweight in 2-year duration securities, which are anticipated to lag relative to other durations should rates rise as anticipated.

AVERAGE ANNUAL TOTAL RETURN^{1 2}

	Cumulative Inception to Date†
Institutional Shares*		0.36%
Class S Shares**		0.24%
Barclays 1-3 Year US Government/Credit Index***		0.62%

Comparison of Change in the Value of a $25,000 Investment in the Knights of Columbus Limited Duration Bond Fund, Institutional Shares versus the Barclays 1-3 Year US Government/Credit Index.

* Commenced operations of February 27, 2015. The graph is based on Institutional Shares only; performance for Class S Shares would have been lower due to differences in fee structures.

** Commenced operations on July 14, 2015.

*** Index return is shown from February 27, 2015. See definition of comparative index on page 2.

† If the Adviser had not waived a portion of its fee, the Fund’s total return may have been lower.

1 The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities

2 Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

4

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS FUNDS
	OCTOBER 31, 2015

Management’s Discussion and Analysis of Fund Performance (Unaudited)

Knights of Columbus Large Cap Growth Fund

The Knights of Columbus Large Cap Growth Fund, Institutional Shares (the “Fund”) returned +0.16% since inception (2/27/15) through October 31, 2015, trailing the benchmark Russell 1000 Growth Index return of +1.82%.

Performance can be broken down into two distinct periods. The fund outperformed through the end of the June quarter, driven by strong results in Technology, Consumer Discretionary, and Financials, which more than offset weakness in Healthcare and Consumer Staples. Media was especially strong in the second quarter, with Netflix and video game publisher Electronic Arts. Software was also strong, led by data processors Total System Services, Fiserv, and Vantiv as well as social networking leader Facebook and online search giant Google (now called Alphabet). The fund’s holdings in the Software and Services industry continued to outperform during the summer and into the fall, weathering the August selloff and making Technology by far the best relative contributor to return. However, broad based weakness in the Healthcare sector, where the fund was overweight, dragged down results. The Consumer Discretionary, Industrials, and Consumer Staples sectors also underperformed. Financials were weak, with holdings in capital markets leveraged firms such as Morgan Stanley, Affiliated Managers, and ETF manager Wisdomtree Investments particularly hard hit during the August decline.

In total, the fund underperformed the benchmark by -200 basis points from the end of the June quarter through the end of the October fiscal year. Since last summer, equity market leadership has narrowed, liquidity has been harder to find, and volatility has picked up, reflecting investor nervousness regarding the start of a Fed tightening cycle, ongoing weakness in China, and slower earnings growth domestically.

AVERAGE ANNUAL TOTAL RETURN^{1 2}

	Cumulative Inception to Date†
Institutional Shares*		0.16%
Class S Shares**		(2.12)%
Russell 1000 Growth Index***		1.82%

Comparison of Change in the Value of a $25,000 Investment in the Knights of Columbus Large Cap Growth Fund, Institutional Shares versus the Russell 1000 Growth Index.

* Commenced operations of February 27, 2015. The graph is based on Institutional Shares only; performance for Class S Shares would have been lower due to differences in fee structures.

** Commenced operations on July 14, 2015.

*** Index return is shown from February 27, 2015. See definition of comparative index on page 2.

† If the Adviser had not waived a portion of its fee, the Fund’s total return may have been lower.

1 The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.

2 Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

5

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS FUNDS
	OCTOBER 31, 2015

Management’s Discussion and Analysis of Fund Performance (Unaudited)

Knights of Columbus Large Cap Value Fund

The Knights of Columbus Large Cap Value Fund, Institutional Shares (the “Fund”) returned -3.36% since inception (2/27/15) through October 31, 2015, trailing the benchmark Russell 1000 Value Index return of -2.72%.

Performance since inception can be characterized by distinct periods of volatility by calendar quarter, almost to the day. A strong start for the fund in its first month was met with a period of underperformance in the second calendar quarter which was reversed in the third quarter with strong outperformance, only to be given back in the fourth calendar quarter finally finishing modestly lower. In its entirety, Healthcare was the worst performing sector since inception. Much of this was driven by political rhetoric regarding drug pricing and the ripple effect this could potentially have on peripheral industries like Distributors and Clinical Research Organizations. This impacted companies such as McKesson Corp and ICON Plc, respectively. The lasting positive effect of lower gas prices on the consumer also began to fade as a slew of casual dining and fast food restaurants reported weakness in traffic in the third quarter which sent the entire group in a tailspin. However, despite the selloff in oil, Energy was the best performing sector in the fund on a relative basis after a more conservative, late-summer repositioning added tremendous value as the lower quality companies continued to selloff. Technology also performed well since inception led by the Software and Services industry with strong moves in companies like Broadridge Financial, Microsoft, and Accenture.

Since last summer, equity market leadership has narrowed, liquidity has been harder to find, and volatility has picked up, reflecting investor nervousness regarding the start of a Fed tightening cycle, ongoing weakness in China, and slower earnings growth domestically.

AVERAGE ANNUAL TOTAL RETURN^{1 2}

	Cumulative Inception to Date†
Institutional Shares*		(3.36	)%
Class S Shares**		(3.10	)%
Russell 1000 Value Index***		(2.72	)%

Comparison of Change in the Value of a $25,000 Investment in the Knights of Columbus Large Cap Value Fund, Institutional Shares versus the Russell 1000 Value Index.

* Commenced operations of February 27, 2015. The graph is based on Institutional Shares only; performance for Class S Shares would have been lower due to differences in fee structures.

** Commenced operations on July 14, 2015.

*** Index return is shown from February 27, 2015. See definition of comparative index on page 2.

† If the Adviser had not waived a portion of its fee, the Fund’s total return may have been lower.

1 The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.

2 Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

6

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS FUNDS
	OCTOBER 31, 2015

Management’s Discussion and Analysis of Fund Performance (Unaudited)

Knights of Columbus Small Cap Equity Fund

During the fiscal year ended October 31, 2015, U.S. Small Cap equities came under pressure, particularly during the third quarter. The selloff was similar in magnitude and volatility to the same period in 2014. However, performance relative to the benchmark was strong. Since inception on 2/27/2015, the Fund’s Institutional Shares declined -0.80%, finishing 4.14% ahead of the benchmark Russell 2000 Index, which declined -4.94%.

During the fiscal year, the Fund benefitted from positive relative performance in eight of ten sectors. The Consumer Staples, Consumer Discretionary and Industrials sectors were particularly strong. Central Garden & Pet rose 62.3% and accounted for most of the positive attribution in Consumer Staples. In the Consumer Discretionary sector, several names were standouts. Skechers U.S.A. rose 66.1%. Fortunately, we sold the name shortly before it missed earnings and gave back most of those gains. Another strong name was Entravision Communications, which returned 22.7%. In the Industrials sector, we benefitted from one of the strongest groups of the year with our position in Hawaiian Holdings, which soared 44.3%.

On the downside, we only had two groups that underperformed the benchmark. Telecommunication Services was a small drag on the portfolio. Utilities also subtracted performance. Part of that was from being underweight a sector that outperformed the benchmark. The rest came from owning NextEra Energy Partners, which declined 42.3%. Two other names that hurt performance were Lannett Company, a drug company that was down 28.3%, and Manitowoc Company, an industrial equipment maker that declined 30.9%.

One of the benefits of a market decline is that it lowers valuation multiples for many companies and provides buying opportunities. We see improved valuations and above average growth potential in the Health Care, Technology and Consumer Discretionary sectors.

AVERAGE ANNUAL TOTAL RETURN^{1 2}

	Cumulative Inception to Date†
Institutional Shares*		(0.80	)%
Class S Shares**		(6.07	)%
Russell 2000 Index***		(4.94	)%

Comparison of Change in the Value of a $25,000 Investment in the Knights of Columbus Small Cap Equity Fund, Institutional Shares versus the Russell 2000 Index.

* Commenced operations of February 27, 2015. The graph is based on Institutional Shares only; performance for Class S Shares would have been lower due to differences in fee structures.

** Commenced operations on July 14, 2015.

*** Index return is shown from February 27, 2015. See definition of comparative index on page 2.

† If the Adviser had not waived a portion of its fee, the Fund’s total return may have been lower.

1 The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.

2 Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

7

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS FUNDS
	OCTOBER 31, 2015

Management’s Discussion and Analysis of Fund Performance (Unaudited)

Knights of Columbus International Equity Fund

Since inception on 2/27/15 and ending on October 31, 2015, the Knights of Columbus International Fund, Institutional Shares delivered a total return of -7.50%, trailing the FTSE All-World ex-US Index return of -5.89% by 1.61%.

During this period, all market regions except Japan, +2.7%, posted negative returns. Emerging markets underperformed Developed, -15.1% vs -4.3%. Latin America was the worst performing region, -23.2%. All sectors except Staples, +1.3%, posted negative returns, with Materials the worst at -17.8%.

With this backdrop, the portfolio benefited from an underweight to Emerging Markets, and an overweight to Developed Markets, particularly Japan. The fund also benefited from an underweight in Materials and from strong stock selection in Financials and Technology. Holdings in Latin America and India in the Materials and Consumer Discretionary sectors accounted for the majority of underperformance.

The best performer during the period was Ipsen, a French pharmaceutical company. The stock returned over 30% due to improving revenue expectations. Other positive contributors include ITV, a British media company, +16.5%, and Veolia, a French water and waste utility, +24.5%.

The Fund’s worst performing stocks include Anglo American, the London-based mining company, which lost -51% due to fears of declining Chinese materials consumption; Banco do Brasil, -42% on deteriorating Brazilian fundamentals, including an over -20% decline in the Brazilian Real rate versus the USD; and Tata Motors, which lost -36%, also because of fears of declining Chinese demand.

AVERAGE ANNUAL TOTAL RETURN^{1 2}

	Cumulative Inception to Date†
Institutional Shares*		(7.50	)%
Class S Shares**		(6.88	)%
FTSE All-World ex-US Index***		(5.89	)%

Comparison of Change in the Value of a $25,000 Investment in the Knights of Columbus International Equity Fund, Institutional Shares versus the FTSE All-World ex-US Index.

* Commenced operations of February 27, 2015. The graph is based on Institutional Shares only; performance for Class S Shares would have been lower due to differences in fee structures.

** Commenced operations on July 14, 2015.

*** Index return is shown from February 27, 2015. See definition of comparative index on page 2.

† If the Adviser had not waived a portion of its fee, the Fund’s total return may have been lower.

1 The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. The Fund’s performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.

2 Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

8

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	CORE BOND FUND
	OCTOBER 31, 2015

SECTOR WEIGHTINGS† (Unaudited)

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — 28.7%
	Face Amount		Value
CONSUMER DISCRETIONARY — 2.2%
DIRECTV Holdings
3.950%, 01/15/25	$	300,000	$	298,403
Dollar General
3.250%, 04/15/23		300,000		286,579
Ford Motor Credit
5.875%, 08/02/21		300,000		341,963
				926,945
CONSUMER STAPLES — 2.2%
Kraft Foods Group
5.000%, 06/04/42		300,000		308,791
Mead Johnson Nutrition
4.125%, 11/15/25		300,000		303,040
Walgreens Boots Alliance
2.700%, 11/18/19		300,000		301,206
				913,037
ENERGY — 2.0%
Anadarko Petroleum
5.950%, 09/15/16		300,000		311,036
Enterprise Products Operating
2.550%, 10/15/19		300,000		298,941
Helmerich & Payne International Drilling
4.650%, 03/15/25		200,000		202,949
				812,926
FINANCIALS — 11.0%
Ares Capital
4.875%, 11/30/18		500,000		519,858
Bank of America MTN
4.000%, 01/22/25		300,000		295,772
Crown Castle Towers
3.222%, 05/15/22 (A)		300,000		291,973
Goldman Sachs Group
3.500%, 01/23/25		300,000		296,575

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS — continued
JPMorgan Chase
7.900%, 04/29/49 (B)	$	300,000	$	311,700
Morgan Stanley MTN
4.875%, 11/01/22		300,000		323,504
National Retail Properties
3.900%, 06/15/24 ‡		300,000		299,599
PNC Bank
1.800%, 11/05/18		300,000		300,248
Roman Catholic Church of the Diocese of Phoenix
2.500%, 06/01/18		300,000		300,534
TIAA Asset Management Finance
4.125%, 11/01/24 (A)		1,000,000		1,018,130
Vornado Realty
5.000%, 01/15/22 ‡		300,000		321,655
Wells Fargo
7.980%, 03/15/18 (B)		300,000		319,500
				4,599,048
INDUSTRIALS — 4.1%
Air Lease
5.625%, 04/01/17		250,000		261,493
American Airlines Pass-Through Trust , Ser 2015-1
3.700%, 05/01/23		600,000		583,500
Burlington Northern Santa Fe
3.450%, 09/15/21		300,000		310,946
Pentair Finance
2.900%, 09/15/18		250,000		250,573
Transurban Finance
4.125%, 02/02/26 (A)		300,000		297,885
				1,704,397
INFORMATION TECHNOLOGY — 0.8%
HP
4.650%, 12/09/21		300,000		311,748
MATERIALS — 3.7%
Alcoa
5.550%, 02/01/17		300,000		311,999
CRH America
5.125%, 05/18/45 (A)		300,000		310,921
Mosaic
4.250%, 11/15/23		300,000		304,405
Nucor
4.000%, 08/01/23		300,000		304,903
Rio Tinto Finance USA
2.250%, 12/14/18		300,000		299,445
				1,531,673
TELECOMMUNICATION SERVICES — 2.0%
Rogers Communications
4.100%, 10/01/23		300,000		311,152

The accompanying notes are an integral part of the financial statements.

9

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	CORE BOND FUND
	OCTOBER 31, 2015

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
TELECOMMUNICATION SERVICES — continued
Unison Ground Lease Funding
2.981%, 03/15/20 (A)	$	200,000	$	200,491
Verizon Communications
3.650%, 09/14/18		300,000		316,411
				828,054
UTILITIES — 0.7%
AEP Texas Central
3.850%, 10/01/25 (A)		300,000		299,669
Total Corporate Obligations (Cost $12,131,289)				11,927,497
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 26.6%
FHLMC
3.500%, 11/01/44		1,912,871		1,987,753
3.000%, 02/01/45		1,446,094		1,458,413
2.500%, 02/01/30		932,288		949,945
FNMA
4.500%, 02/01/41		2,157,607		2,344,252
4.000%, 03/01/35		850,608		908,985
4.000%, 01/01/42		1,513,507		1,616,102
GNMA, Ser 2011-143, Cl AB
3.889%, 03/16/33 (B)		740,993		751,535
GNMA
2.918%, 12/31/49		988,981		1,016,889
Total U.S. Government Agency Mortgage-Backed Obligations (Cost $11,056,259)				11,033,874
ASSET-BACKED SECURITIES — 15.6%
CNH Equipment Trust, Ser 2015-B, Cl B
2.230%, 10/17/22		450,000		451,286
Cronos Containers Program, Ser 2013-1A, Cl A
3.080%, 04/18/28 (A)		93,750		92,887
Diamond Head Aviation, Ser 2015-1, Cl A
3.810%, 07/14/28 (A)		376,822		373,506
Domino’s Pizza Master Issuer, Ser 2012-1A, Cl A2
5.216%, 01/25/42 (A)		213,938		222,602
ECAF, Ser 2015-1A, Cl A1
3.473%, 06/15/40 (A)		398,329		401,192
John Deere Owner Trust, Ser 2015-B, Cl A4
1.780%, 06/15/22		500,000		500,904
Nissan Auto Lease Trust, Ser 2014-B, Cl A4
1.290%, 03/16/20		400,000		399,604

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
SBA Small Business Investment, Ser 2015-10A, Cl 1
2.517%, 03/10/25	$	991,765	$	1,005,289
Sierra Timeshare Receivables Funding, Ser 2013-3A, Cl B
2.700%, 10/20/30 (A)		317,270		318,122
Spirit Master Funding, Ser 2014-1A, Cl A1
5.050%, 07/20/40 (A)		327,872		342,626
United States Small Business Administration, Ser 2015-20E, Cl 1
2.770%, 05/01/35		1,000,000		1,007,123
United States Small Business Administration, Ser 2015-20D, Cl 1
2.510%, 04/01/35		979,654		973,785
Wendys Funding, Ser 2015-1A, Cl A2I
3.371%, 06/15/45 (A)		375,000		375,820
Total Asset-Backed Securities (Cost $6,450,624)				6,464,746
U.S. TREASURY OBLIGATIONS — 15.1%
U.S. Treasury Bonds
4.625%, 02/15/40		1,000,000		1,320,534
3.750%, 08/15/41		1,350,000		1,572,487
3.000%, 05/15/45		600,000		607,086
U.S. Treasury Notes
2.625%, 11/15/20		1,000,000		1,050,182
2.125%, 02/29/16		1,700,000		1,710,890
Total U.S. Treasury Obligations (Cost $6,389,317)				6,261,179
MORTGAGE-BACKED SECURITIES — 9.9%
Citigroup Commercial Mortgage Trust, Ser 2013-GC15, Cl A3
4.095%, 09/10/46		400,000		434,768
COMM Mortgage Trust, Ser 2014-UBS4, Cl AM
3.968%, 08/10/47		400,000		408,259
GS Mortgage Securities Trust, Ser 2011-GC3, Cl A3
4.473%, 03/10/44 (A)		400,000		402,990
JPMorgan Trust, Ser 2015-3, Cl A5
3.500%, 05/25/45 (A),(B)		451,458		460,875
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C13, Cl A2
2.936%, 11/15/46		400,000		412,520

The accompanying notes are an integral part of the financial statements.

10

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	CORE BOND FUND
	OCTOBER 31, 2015

MORTGAGE-BACKED SECURITIES — continued
	Face Amount		Value
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C14, Cl A2
2.916%, 02/15/47	$	400,000	$	412,300
Morgan Stanley Capital I Trust, Ser 2011-C3, Cl A4
4.118%, 07/15/49		500,000		540,608
Sequoia Mortgage Trust, Ser 2015-3, Cl A4
3.500%, 07/25/45 (A),(B)		338,479		343,177
WFRBS Commercial Mortgage Trust, Ser 2012-C7, Cl B
4.773%, 06/15/45 (B)		625,000		673,015
Total Mortgage-Backed Securities (Cost $4,133,360)				4,088,512
U.S. GOVERNMENT AGENCY OBLIGATION — 2.4%
FHLMC
1.000%, 03/08/17		1,000,000		1,005,422
(Cost $1,003,507)				1,005,422
Total Investments — 98.3% (Cost $41,164,356)			$	40,781,230

Percentages based on Net Assets of $41,497,730.

(A) Securities sold within the terms of a private placement memorandum, exempt from registration under section 144A of the Securities Act of 1933, as amended, and maybe sold only to dealers in the program or other “accredited investors”. These securities have been determined to be liquid under the guidelines established by the Board of Trustees.

(B) Floating rate security — The rate reported is the rate in effect on October 31, 2015.

‡ Real Estate Investment Trust.

Cl — Class

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

MTN — Medium Term Note

Ser — Series

The list of inputs used to value the Fund’s net assets as of October 31, 2015 is as follows:

Investments in Securities	Level 1		Level 2		Level 3†		Total
Corporate Obligations	$	—	$	11,626,963	$	300,534	$	11,927,497
U.S. Government Agency Mortgage-Backed Obligations		—		11,033,874		—		11,033,874
Asset-Backed Securities		—		6,464,746		—		6,464,746
U.S. Treasury Obligations		—		6,261,179		—		6,261,179
Mortgage-Backed Securities		—		4,088,512		—		4,088,512
U.S. Government Agency Obligation		—		1,005,422		—		1,005,422
Total Investments in Securities	$	—	$	40,480,696	$	300,534	$	40,781,230

† A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Portfolio has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

For the period ended October 31, 2015, there were no transfers between Level 1, Level 2, and Level 3 assets and liabilities. Transfers between levels, if any, are considered to have occurred as of the end of the period.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

11

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	LIMITED DURATION BOND FUND
	OCTOBER 31, 2015

SECTOR WEIGHTINGS† (Unaudited)

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — 31.6%
	Face Amount		Value
CONSUMER DISCRETIONARY — 1.3%
DIRECTV Holdings
2.400%, 03/15/17	$	250,000	$	253,266
Ford Motor Credit
3.000%, 06/12/17		250,000		253,869
				507,135
CONSUMER STAPLES — 4.6%
Campbell Soup
3.050%, 07/15/17		250,000		256,736
Coca-Cola Enterprises
2.000%, 08/19/16		250,000		251,904
ConAgra Foods
1.300%, 01/25/16		250,000		250,391
CVS Health
5.750%, 06/01/17		250,000		267,263
General Mills
1.400%, 10/20/17		250,000		249,567
Kraft Heinz Foods
2.000%, 07/02/18 (A)		300,000		300,889
Tyson Foods
6.600%, 04/01/16		250,000		255,526
				1,832,276
ENERGY — 3.4%
Anadarko Petroleum
6.375%, 09/15/17		500,000		538,386
Canadian Natural Resources
5.700%, 05/15/17		250,000		263,056
Chevron
1.104%, 12/05/17		250,000		250,127
Columbia Pipeline Group
2.450%, 06/01/18 (A)		300,000		300,429
				1,351,998

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS — 10.9%
American Tower
4.500%, 01/15/18 ‡	$	250,000	$	262,458
Ares Capital
4.875%, 11/30/18		500,000		519,860
Bank of America
6.050%, 05/16/16		250,000		256,539
Bank of Nova Scotia
1.375%, 12/18/17		250,000		249,242
Camden Property Trust
5.700%, 05/15/17 ‡		250,000		265,032
Citigroup
1.850%, 11/24/17		250,000		250,758
Credit Suisse New York MTN
1.750%, 01/29/18		250,000		250,674
Discover Bank
2.600%, 11/13/18		400,000		402,193
Goldman Sachs Group
5.950%, 01/18/18		250,000		272,793
JPMorgan Chase MTN
1.350%, 02/15/17		250,000		250,433
Morgan Stanley
1.875%, 01/05/18		250,000		251,275
PNC Bank
1.800%, 11/05/18		300,000		300,248
Roman Catholic Church of the Diocese of Phoenix
2.500%, 06/01/18		300,000		300,534
Wells Fargo MTN
1.200%, 07/22/20 (B)		500,000		501,783
				4,333,822
HEALTH CARE — 1.3%
Amgen
5.850%, 06/01/17		250,000		267,199
2.125%, 05/15/17		250,000		253,247
				520,446
INDUSTRIALS — 2.0%
Air Lease
5.625%, 04/01/17		250,000		261,493
Aviation Capital Group
3.875%, 09/27/16 (A)		300,000		303,749
Pentair Finance
2.900%, 09/15/18		250,000		250,573
				815,815
MATERIALS — 1.1%
Eastman Chemical
2.400%, 06/01/17		250,000		252,775
Glencore Finance Canada
2.700%, 10/25/17 (A)		200,000		186,200
				438,975

The accompanying notes are an integral part of the financial statements.

12

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	LIMITED DURATION BOND FUND
	OCTOBER 31, 2015

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
TELECOMMUNICATION SERVICES — 3.7%
AT&T
1.400%, 12/01/17	$	550,000	$	548,951
Unison Ground Lease Funding
2.981%, 03/15/20 (A)		400,000		400,981
Verizon Communications
2.500%, 09/15/16		250,000		253,418
Vodafone Group
5.625%, 02/27/17		250,000		263,261
				1,466,611
UTILITIES — 3.3%
Dayton Power & Light
1.875%, 09/15/16		250,000		250,715
Dominion Resources
1.950%, 08/15/16		250,000		251,467
Duke Energy
1.625%, 08/15/17		250,000		250,850
Exelon
1.550%, 06/09/17		300,000		299,579
NextEra Energy Capital Holdings
1.586%, 06/01/17		250,000		249,903
				1,302,514
Total Corporate Obligations (Cost $12,586,941)				12,569,592
U.S. TREASURY OBLIGATIONS — 23.2%
U.S. Treasury Notes
3.250%, 05/31/16		2,000,000		2,033,386
3.250%, 03/31/17		1,350,000		1,400,309
2.250%, 11/30/17		500,000		514,948
0.750%, 10/31/17		1,500,000		1,499,571
0.625%, 12/15/16		2,100,000		2,102,980
0.500%, 11/30/16		1,700,000		1,700,199
Total U.S. Treasury Obligations (Cost $9,245,935)				9,251,393
ASSET-BACKED SECURITIES — 18.1%
CarMax Auto Owner Trust, Ser 2014-2, Cl C
2.080%, 01/15/20		400,000		399,110
CarMax Auto Owner Trust, Ser 2014-1, Cl A3
0.790%, 10/15/18		252,904		252,401
Chase Issuance Trust, Ser 2014-A1, Cl A1
1.150%, 01/15/19		400,000		401,224
Citibank Credit Card Issuance Trust, Ser 2008-A1, Cl A1
5.350%, 02/07/20		225,000		245,690
Citibank Credit Card Issuance Trust, Ser 2013-A3, Cl A3
1.110%, 07/23/18		375,000		375,761

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
CNH Equipment Trust, Ser 2015-B, Cl B
2.230%, 10/17/22	$	300,000	$	300,857
Cronos Containers Program, Ser 2013-1A, Cl A
3.080%, 04/18/28 (A)		93,750		92,887
Diamond Head Aviation, Ser 2015-1, Cl A
3.810%, 07/14/28 (A)		376,822		373,506
Discover Card Execution Note Trust, Ser 2013-A2, Cl A2
0.690%, 08/15/18		350,000		350,048
Domino’s Pizza Master Issuer, Ser 2012-1A, Cl A2
5.216%, 01/25/42 (A)		305,625		318,003
ECAF, Ser 2015-1A, Cl A1
3.473%, 06/15/40 (A)		298,747		300,894
Ford Credit Auto Owner Trust, Ser 2012-C, Cl C
1.690%, 04/15/18		375,000		376,469
Ford Credit Auto Owner Trust, Ser 2014-B, Cl A3
0.900%, 10/15/18		475,000		474,959
John Deere Owner Trust, Ser 2015-B, Cl A4
1.780%, 06/15/22		500,000		500,904
Nissan Auto Lease Trust, Ser 2014-B, Cl A4
1.290%, 03/16/20		375,000		374,629
Sierra Timeshare Receivables Funding, Ser 2013-3A, Cl B
2.700%, 10/20/30 (A)		317,270		318,122
Spirit Master Funding, Ser 2014-1A, Cl A1
5.050%, 07/20/40 (A)		328,210		342,979
TAL Advantage, Ser 2013-1A, Cl A
2.830%, 02/22/38 (A)		366,667		367,836
TCF Auto Receivables Owner Trust, Ser 2015-1A, Cl B
2.490%, 04/15/21 (A)		400,000		404,343
Wendys Funding, Ser 2015-1A, Cl A2I
3.371%, 06/15/45 (A)		375,000		375,820
World Omni Auto Receivables Trust, Ser 2013-B, Cl A3
0.830%, 08/15/18		271,083		271,010
Total Asset-Backed Securities (Cost $7,214,660)				7,217,452
MORTGAGE-BACKED SECURITIES — 12.3%
Citigroup Commercial Mortgage Trust, Ser 2014-GC23, Cl A1
1.392%, 07/10/47		324,060		322,944

The accompanying notes are an integral part of the financial statements.

13

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	LIMITED DURATION BOND FUND
	OCTOBER 31, 2015

MORTGAGE-BACKED SECURITIES — continued
	Face Amount		Value
Commercial Mortgage Trust, Ser 2012-CR2, Cl A2
2.025%, 08/15/45	$	375,000	$	378,888
FREMF Mortgage Trust, Ser 2011-K703, Cl B
4.881%, 07/25/44 (A),(B)		380,000		402,271
GS Mortgage Securities Trust, Ser 2011-GC3, Cl A3
4.473%, 03/10/44 (A)		350,000		352,616
GS Mortgage Securities Trust, Ser 2010-C2, Cl A1
3.849%, 12/10/43 (A)		49,997		51,750
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2010-C1, Cl A2
4.608%, 06/15/43 (A)		375,000		391,323
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2011-C4, Cl A3
4.106%, 07/15/46 (A)		375,000		394,050
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2013-C16, Cl A1
1.223%, 12/15/46		113,761		113,635
JPMorgan Trust, Ser 2015-3, Cl A5
3.500%, 05/25/45 (A)(B)		451,458		460,875
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C13, Cl A2
2.936%, 11/15/46		267,000		275,357
Morgan Stanley Capital
3.884%, 02/15/16 (A)		59,681		59,831
Sequoia Mortgage Trust, Ser 2015-3, Cl A4
3.500%, 07/25/45 (A),(B)		338,479		343,177
UBS-Barclays Commercial Mortgage Trust, Ser 2012-C2, Cl A2
2.113%, 05/10/63		390,000		394,114
UBS-Citigroup Commercial Mortgage Trust, Ser 2011-C1, Cl A1
1.524%, 01/10/45		208,350		208,861
WFRBS Commercial Mortgage Trust, Ser 2011-C3, Cl A2
3.240%, 03/15/44 (A)		319,110		320,782
WFRBS Commercial Mortgage Trust, Ser 2014-C21, Cl A1
1.413%, 08/15/47		322,413		321,328
WFRBS Commercial Mortgage Trust, Ser 2013-C18, Cl A1
1.191%, 12/15/46		107,447		107,188
Total Mortgage-Backed Securities (Cost $4,930,201)				4,898,990

U.S. GOVERNMENT AGENCY OBLIGATIONS — 7.6%
	Face Amount		Value
FHLB
4.750%, 12/16/16	$	1,000,000	$	1,047,348
0.625%, 11/23/16		1,000,000		1,001,001
FHLMC
0.750%, 01/12/18		1,000,000		997,221
Total U.S. Government Agency Obligations (Cost $3,038,394)				3,045,570
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 4.4%
GNMA, Ser 2011-143, Cl AB
3.889%, 03/16/33 (B)		740,993		751,535
GNMA
2.918%, 12/31/49		988,981		1,016,889
Total U.S. Government Agency Mortgage-Backed Obligations (Cost $1,772,845)				1,768,424
MUNICIPAL BOND — 0.8%
Oregon State Facilities Authority, Ser B
2.100%, 04/01/17		300,000		300,039
(Cost $300,000)				300,039
Total Investments — 98.0% (Cost $39,088,976)			$	39,051,460

Percentages based on Net Assets of $39,847,538.

(A) Securities sold within the terms of a private placement memorandum, exempt from registration under section 144A of the Securities Act of 1933, as amended, and maybe sold only to dealers in the program or other “accredited investors”. These securities have been determined to be liquid under the guidelines established by the Board of Trustees.

(B) Floating rate security — The rate reported is the rate in effect on October 31, 2015.

‡ Real Estate Investment Trust.

Cl — Class

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

GNMA — Government National Mortgage Association

MTN — Medium Term Note

Ser — Series

The accompanying notes are an integral part of the financial statements.

14

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	LIMITED DURATION BOND FUND
	OCTOBER 31, 2015

The list of inputs used to value the Fund’s net assets as of October 31, 2015 is as follows:

Investments in Securities	Level 1		Level 2		Level 3†		Total
Corporate Obligations	$	—	$	12,269,058	$	300,534	$	12,569,592
U.S. Treasury Obligations		—		9,251,393		—		9,251,393
Asset-Backed Securities		—		7,217,452		—		7,217,452
Mortgage-Backed Securities		—		4,898,990		—		4,898,990
U.S. Government Agency Obligations		—		3,045,570		—		3,045,570
U.S. Government Agency Mortgage-Backed Obligations		—		1,768,424		—		1,768,424
Municipal Bond		—		300,039		—		300,039
Total Investments in Securities	$	—	$	38,750,926	$	300,534	$	39,051,460

† A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Portfolio has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

For the period ended October 31, 2015, there were no transfers between Level 1, Level 2, and Level 3 assets and liabilities. Transfers between levels, if any, are considered to have occurred as of the end of the period.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

15

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	LARGE CAP GROWTH FUND
	OCTOBER 31, 2015

SECTOR WEIGHTINGS† (Unaudited)

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS
COMMON STOCK — 96.1%†
	Shares		Value
CONSUMER DISCRETIONARY — 20.6%
Amazon.com *		1,125	$	704,137
Carter’s		1,150		104,512
Comcast, Cl A		8,600		538,531
Darden Restaurants		2,250		139,252
G-III Apparel Group *		1,575		86,767
GoPro, Cl A *		3,075		76,875
Hasbro		1,625		124,849
Home Depot		4,450		550,198
JC Penney *		5,925		54,332
Lennar, Cl A		4,450		222,811
Macy’s		3,150		160,587
Mohawk Industries *		825		161,288
Netflix *		2,100		227,598
O’Reilly Automotive *		1,375		379,858
Pinnacle Entertainment *		3,075		107,656
Pool		2,300		187,542
Target		2,700		208,386
Walt Disney		4,675		531,735
				4,566,914
CONSUMER STAPLES — 9.5%
Colgate-Palmolive		4,450		295,258
CVS Health		3,775		372,894
Dr Pepper Snapple Group		3,350		299,390
Hershey		1,650		146,338
Hormel Foods		3,250		219,537
Ingredion		1,475		140,214
Kroger		9,250		349,650
Spectrum Brands Holdings		1,800		172,530
Whole Foods Market		3,475		104,111
				2,099,922
ENERGY — 0.6%
Tesoro		1,200		128,316
FINANCIALS — 1.8%
CBRE Group, Cl A *		6,400		238,592
Morgan Stanley		5,025		165,674
				404,266

COMMON STOCK — continued
	Shares		Value
HEALTH CARE — 19.1%
Alere *		3,000	$	138,360
AmerisourceBergen, Cl A		2,250		217,148
Amgen		3,100		490,357
Cardinal Health		2,775		228,105
Celgene *		3,700		454,027
Cigna		1,825		244,623
Dyax *		4,475		123,197
Express Scripts Holding *		3,250		280,735
Gilead Sciences		4,225		456,849
Incyte *		850		99,901
Jazz Pharmaceuticals *		1,525		209,352
McKesson		1,175		210,090
Medivation *		2,575		108,305
Molina Healthcare *		2,450		151,900
Regeneron Pharmaceuticals *		425		236,891
United Therapeutics *		1,275		186,953
UnitedHealth Group		3,400		400,452
				4,237,245
INDUSTRIALS — 6.4%
Caterpillar		2,600		189,774
Chicago Bridge & Iron		2,550		114,419
Deere		2,475		193,049
Eaton		3,075		171,923
JetBlue Airways *		7,000		173,880
PACCAR		3,300		173,745
Stanley Black & Decker		1,575		166,919
United Continental Holdings *		4,025		242,748
				1,426,457
INFORMATION TECHNOLOGY — 33.5%
Alphabet, Cl A *		1,525		1,124,519
Apple		12,700		1,517,650
Broadcom, Cl A		2,600		133,640
Broadridge Financial Solutions		3,625		215,978
Cadence Design Systems *		6,100		135,542
Check Point Software Technologies *		2,000		169,880
Cognizant Technology Solutions, Cl A *		4,325		294,576
Convergys		6,375		163,646
CoreLogic *		4,150		161,767
Electronic Arts *		3,750		270,263
Euronet Worldwide *		1,925		154,462
F5 Networks *		1,050		115,710
Facebook, Cl A *		6,500		662,805
Fiserv *		3,450		332,960
MasterCard, Cl A		5,675		561,767
Maxim Integrated Products		3,725		152,651
Microsoft		13,625		717,220
NXP Semiconductors *		1,775		139,071
Vantiv, Cl A *		3,375		169,256
Visa, Cl A		2,450		190,071
				7,383,434

The accompanying notes are an integral part of the financial statements.

16

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	LARGE CAP GROWTH FUND
	OCTOBER 31, 2015

COMMON STOCK — continued
	Shares		Value
MATERIALS — 1.2%
CF Industries Holdings		3,275	$	166,272
WestRock		1,891		101,660
				267,932
TELECOMMUNICATION SERVICES — 3.4%
AT&T		5,842		195,765
Level 3 Communications *		4,550		231,823
T-Mobile US *		3,875		146,824
Verizon Communications		3,675		172,284
				746,696
Total Common Stock (Cost $20,592,116)				21,261,182
Total Investments — 96.1% (Cost $20,592,116)			$	21,261,182

Percentages based on Net Assets of $22,127,959.

* Non-income producing security.

† More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes .

Cl — Class

As of October 31, 2015, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance of fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended October 31, 2015, there were no transfers between Level 1 and Level 2 assets and liabilities. For the period ended October 31, 2015, there were no Level 3 securities.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

17

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	LARGE CAP VALUE FUND
	OCTOBER 31, 2015

SECTOR WEIGHTINGS† (Unaudited)

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS
COMMON STOCK — 94.7%†
	Shares		Value
CONSUMER DISCRETIONARY — 9.1%
Best Buy		4,566	$	159,947
Carnival		4,151		224,486
Darden Restaurants		1,622		100,386
DR Horton		5,188		152,735
Foot Locker		3,953		267,816
General Motors		6,193		216,198
Hasbro		2,768		212,665
Lowe’s		3,974		293,399
Sinclair Broadcast Group, Cl A		5,150		154,552
Walt Disney		1,500		170,610
				1,952,794
CONSUMER STAPLES — 7.7%
Altria Group		7,783		470,638
Archer-Daniels-Midland		6,226		284,279
Colgate-Palmolive		5,561		368,973
Dr Pepper Snapple Group		4,639		414,587
Procter & Gamble		1,505		114,952
				1,653,429
ENERGY — 12.5%
BP ADR		11,414		407,480
Chevron		3,020		274,458
ConocoPhillips		4,046		215,854
Exxon Mobil		8,923		738,289
Frank’s International		5,749		98,653
Occidental Petroleum		2,093		156,012
Schlumberger		2,429		189,850
Tesoro		2,347		250,965
Valero Energy		5,188		341,993
				2,673,554
FINANCIALS — 28.1%
Apartment Investment & Management, Cl A ‡		2,656		104,089
Assured Guaranty		11,777		323,161
Bank of America		38,392		644,217
Bank of New York Mellon		9,609		400,215
Berkshire Hathaway, Cl B *		1,539		209,335

COMMON STOCK — continued
	Shares		Value
FINANCIALS — continued
Citizens Financial Group		4,742	$	115,231
CubeSmart ‡		3,813		106,078
DuPont Fabros Technology ‡		4,866		156,150
Endurance Specialty Holdings		5,676		358,326
Equity Residential ‡		1,341		103,686
Goldman Sachs Group		2,490		466,875
Hartford Financial Services Group		6,370		294,676
JPMorgan Chase		10,770		691,972
KeyCorp		19,289		239,569
PNC Financial Services Group		2,904		262,115
Prudential Financial		5,966		492,195
Simon Property Group ‡		1,006		202,668
Sun Communities ‡		2,782		186,450
SunTrust Banks		6,325		262,614
Wells Fargo		7,065		382,499
				6,002,121
HEALTH CARE — 11.4%
Aetna		1,867		214,294
Amgen		2,639		417,437
Cardinal Health		4,400		361,680
Gilead Sciences		3,474		375,644
ICON *		3,591		229,357
PAREXEL International *		3,113		196,493
Select Medical Holdings		9,609		108,582
UnitedHealth Group		4,514		531,658
				2,435,145
INDUSTRIALS — 4.0%
Alaska Air Group		2,669		203,511
Cintas		2,782		258,976
Delta Air Lines		4,607		234,220
Snap-on		995		165,061
				861,768
INFORMATION TECHNOLOGY — 13.8%
Accenture, Cl A		2,220		237,984
Apple		921		110,060
Booz Allen Hamilton Holding, Cl A		12,981		382,420
Broadridge Financial Solutions		4,866		289,916
Cisco Systems		9,266		267,324
Intel		16,601		562,110
International Business Machines		1,452		203,396
Lam Research		2,668		204,342
Microsoft		10,377		546,246
Open Text		3,356		155,718
				2,959,516
MATERIALS — 1.3%
LyondellBasell Industries, Cl A		2,989		277,708
TELECOMMUNICATION SERVICES — 1.5%
AT&T		9,505		318,513

The accompanying notes are an integral part of the financial statements.

18

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	LARGE CAP VALUE FUND
	OCTOBER 31, 2015

COMMON STOCK — continued
	Shares		Value
UTILITIES — 5.3%
CMS Energy		9,151	$	330,077
Edison International		5,322		322,087
PPL		8,572		294,877
UGI		4,866		178,436
				1,125,477
Total Common Stock (Cost $19,815,882)				20,260,025
Total Investments — 94.7% (Cost $19,815,882)			$	20,260,025

Percentages based on Net Assets of $21,386,042.

* Non-income producing security.

‡ Real Estate Investment Trust.

† More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

ADR — American Depositary Receipt

Cl — Class

As of October 31, 2015, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance of fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended October 31, 2015, there were no transfers between Level 1 and Level 2 assets and liabilities. For the period ended October 31, 2015, there were no Level 3 securities.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

19

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	SMALL CAP EQUITY FUND
	OCTOBER 31, 2015

SECTOR WEIGHTINGS† (Unaudited)

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS
COMMON STOCK — 98.0%
	Shares		Value
CONSUMER DISCRETIONARY — 17.1%
1-800-Flowers.com, Cl A *		16,770	$	166,526
American Axle & Manufacturing Holdings *		14,148		313,520
Asbury Automotive Group *		3,528		279,418
Build-A-Bear Workshop, Cl A *		9,135		142,141
Burlington Stores *		5,015		241,121
Caleres		9,270		283,291
Citi Trends		12,915		343,152
Crown Media Holdings, Cl A *		46,820		271,088
Entravision Communications, Cl A		32,944		288,589
G-III Apparel Group *		6,025		331,917
Jack in the Box		2,977		221,876
JC Penney *		25,930		237,778
Kirkland’s		22,060		507,160
Marcus		12,650		261,729
Nautilus *		33,641		573,243
Papa Murphy’s Holdings *		10,905		150,598
Penn National Gaming *		19,415		346,751
Pool		4,290		349,807
Steven Madden *		7,400		257,890
Taylor Morrison Home, Cl A *		13,068		240,843
Tenneco *		5,855		331,334
Tile Shop Holdings *		13,740		199,367
WCI Communities *		24,098		575,701
				6,914,840
CONSUMER STAPLES — 3.4%
Central Garden & Pet, Cl A *		27,676		467,171
Ingles Markets, Cl A		12,190		608,768
Natural Grocers by Vitamin Cottage *		12,985		310,991
				1,386,930
ENERGY — 2.1%
Alon USA Energy		13,290		222,608
Atwood Oceanics		8,221		136,058
Hornbeck Offshore Services *		11,730		158,472
McDermott International *		73,700		339,756
				856,894

COMMON STOCK — continued
	Shares		Value
FINANCIALS — 24.6%
American Equity Investment Life Holding		13,020	$	334,354
Ameris Bancorp		6,117		192,686
Banc of California		20,571		268,246
Banner		6,030		295,892
CenterState Banks		17,070		248,881
DCT Industrial Trust ‡		9,938		368,899
DuPont Fabros Technology ‡		11,540		370,319
Employers Holdings		11,860		313,934
Evercore Partners, Cl A		4,860		262,440
First Defiance Financial		6,250		239,375
First Industrial Realty Trust ‡		15,410		334,089
GAIN Capital Holdings		19,850		147,883
Glacier Bancorp		12,000		328,319
Great Southern Bancorp		4,666		225,508
International Bancshares		9,680		260,876
Investors Bancorp		46,115		576,898
Mack-Cali Realty ‡		4,540		98,790
Marcus & Millichap *		5,685		247,695
MarketAxess Holdings		4,520		457,921
Monogram Residential Trust ‡		69,213		682,439
Northwest Bancshares		22,081		297,210
Pebblebrook Hotel Trust ‡		8,010		273,782
RLJ Lodging Trust ‡		11,100		278,499
Ryman Hospitality Properties ‡		3,810		200,406
Selective Insurance Group		8,035		293,197
Southwest Bancorp		10,285		173,919
Stewart Information Services		7,410		297,660
Sun Communities ‡		4,980		333,760
Sunstone Hotel Investors ‡		20,700		299,322
TriCo Bancshares		9,827		259,040
Triumph Bancorp *		10,900		181,921
Urban Edge Properties ‡		10,840		257,342
Wintrust Financial		5,930		299,406
WSFS Financial		6,365		202,216
				9,903,124
HEALTH CARE — 15.1%
Allscripts Healthcare Solutions *		17,230		242,254
AMAG Pharmaceuticals *		11,252		450,079
Cambrex *		7,525		345,924
Dyax *		10,290		283,284
Emergent BioSolutions *		7,000		225,050
Exactech *		10,630		181,029
HealthSouth		12,490		435,026
INC Research Holdings, Cl A *		6,510		271,532
Insys Therapeutics *		6,265		161,386
Lannett *		10,320		462,027
Merit Medical Systems *		24,105		446,907
MiMedx Group *		22,300		162,344
Molina Healthcare *		3,990		247,380
Natus Medical *		6,930		315,523
Omnicell *		8,265		224,808
PAREXEL International *		6,115		385,979

The accompanying notes are an integral part of the financial statements.

20

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	SMALL CAP EQUITY FUND
	OCTOBER 31, 2015

COMMON STOCK — continued
	Shares		Value
HEALTH CARE — continued
Prestige Brands Holdings *		7,815	$	383,013
Providence Service *		6,115		315,840
Repligen *		5,640		187,474
Rigel Pharmaceuticals *		54,320		137,973
Vanda Pharmaceuticals *		19,555		210,021
				6,074,853
INDUSTRIALS — 12.2%
Aircastle		22,826		517,237
Allegiant Travel, Cl A		1,715		338,626
Deluxe		6,260		372,783
EMCOR Group		7,688		371,177
General Cable		16,445		253,089
Griffon		35,750		614,185
H&E Equipment Services		10,750		207,583
Hawaiian Holdings *		18,551		643,719
Manitowoc		11,795		180,464
MRC Global *		15,119		179,916
Multi-Color		4,760		370,518
Timken		8,300		262,279
TrueBlue *		12,280		355,752
Xerium Technologies *		18,855		254,543
				4,921,871
INFORMATION TECHNOLOGY — 17.6%
ACI Worldwide *		11,065		265,007
Aspen Technology *		9,385		388,445
AVG Technologies *		13,550		321,135
Calix *		24,320		169,997
Ciena *		30,453		735,135
Convergys		12,740		327,036
CoreLogic *		7,850		305,993
ePlus *		4,060		342,745
Fleetmatics Group *		7,165		398,804
GSI Group *		18,380		248,314
Ixia *		21,359		307,783
j2 Global		11,570		897,254
Luxoft Holding, Cl A *		6,415		427,496
Manhattan Associates *		6,480		472,067
Mattson Technology *		50,150		117,351
Mentor Graphics		5,570		151,504
NetScout Systems *		6,885		246,965
NeuStar, Cl A *		7,160		194,680
Qualys *		9,515		336,070
Rudolph Technologies *		35,610		455,452
				7,109,233
MATERIALS — 3.2%
Cabot		4,050		145,557
Domtar		4,735		195,271
Koppers Holdings		12,115		229,700
Materion		7,110		214,367
Neenah Paper		3,422		230,677

COMMON STOCK — continued
	Shares		Value
MATERIALS — continued
PolyOne		8,180	$	273,540
				1,289,112
UTILITIES — 2.7%
ONE Gas		7,575		369,963
PNM Resources		12,570		353,468
Southwest Gas		5,839		358,865
				1,082,296
Total Common Stock (Cost $39,177,298)				39,539,153
Total Investments — 98.0% (Cost $39,177,298)			$	39,539,153

Percentages based on Net Assets of $40,359,405.

* Non-income producing security.

‡ Real Estate Investment Trust.

Cl — Class

As of October 31, 2015, all of the Fund’s investments were considered Level 1 in accordance with the authoritative guidance of fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended October 31, 2015, there were no transfers between Level 1 and Level 2 assets and liabilities. For the period ended October 31, 2015, there were no Level 3 securities.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

21

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	INTERNATIONAL EQUITY FUND
	OCTOBER 31, 2015

SECTOR WEIGHTINGS† (unaudited)

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS
COMMON STOCK — 97.1%
	Shares		Value
AUSTRALIA — 5.7%
Caltex Australia		16,400	$	368,659
Harvey Norman Holdings		170,000		481,017
Macquarie Group		13,500		821,112
Woodside Petroleum		22,700		480,302
				2,151,090
AUSTRIA — 1.3%
ANDRITZ		10,000		503,252
BELGIUM — 3.7%
Anheuser-Busch InBev ADR		5,000		596,650
Delhaize Group ADR		35,100		815,022
				1,411,672
BRAZIL — 3.0%
Banco do Brasil		78,000		322,999
JBS		120,000		443,401
Vale ADR, Cl B		83,800		365,368
				1,131,768
CANADA — 4.7%
Alimentation Couche-Tard, Cl B		15,800		679,680
Canadian Imperial Bank of Commerce		8,100		621,190
WestJet Airlines		25,000		463,062
				1,763,932
CHINA — 1.1%
CNOOC ADR		3,700		420,616
DENMARK — 3.4%
Danske Bank		26,100		717,674
Vestas Wind Systems		10,000		581,849
				1,299,523
FINLAND — 3.6%
Neste		28,900		702,628
UPM-Kymmene		35,700		668,071
				1,370,699

COMMON STOCK — continued
	Shares		Value
FRANCE — 10.1%
AXA		24,800	$	663,539
BNP Paribas		11,800		717,542
Bouygues		15,000		568,322
Christian Dior		3,100		609,648
Ipsen		12,100		763,857
Veolia Environnement		21,500		500,466
				3,823,374
GERMANY — 5.8%
Allianz		5,100		894,739
Infineon Technologies		49,900		615,527
METRO		22,500		695,082
				2,205,348
HONG KONG — 7.2%
China Construction Bank		881,500		638,297
CK Hutchison Holdings		43,297		594,507
Hang Seng Bank		33,900		623,215
Tencent Holdings		23,400		442,173
Wharf Holdings		70,900		423,073
				2,721,265
INDIA — 2.8%
ICICI Bank ADR		55,300		476,686
Tata Motors ADR *		19,200		567,744
				1,044,430
ISRAEL — 3.1%
Bank Leumi Le-Israel *		110,000		417,497
NICE-Systems		12,200		763,048
				1,180,545
JAPAN — 20.7%
Canon		12,600		377,084
FANUC		3,000		530,138
Honda Motor		18,400		610,882
ITOCHU		55,100		690,686
Kirin Holdings		38,100		539,121
Kobe Steel		311,000		392,149
Mizuho Financial Group		392,000		807,148
Nippon Telegraph & Telephone		20,000		737,799
Otsuka Holdings		27,000		900,280
Sony		14,600		416,736
Sumitomo		40,200		440,460
Takeda Pharmaceutical		12,000		586,537
Tokio Marine Holdings		19,500		750,510
				7,779,530
POLAND — 0.9%
PGE Polska Grupa Energetyczna		89,000		331,735
SINGAPORE — 2.4%
United Overseas Bank		24,200		350,569
Wilmar International		252,300		563,175
				913,744

The accompanying notes are an integral part of the financial statements.

22

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	INTERNATIONAL EQUITY FUND
	OCTOBER 31, 2015

COMMON STOCK — continued
	Shares		Value
SOUTH KOREA — 1.7%
Korea Electric Power ADR		29,000	$	649,600
SPAIN — 1.9%
Almirall		23,000		442,990
Repsol		20,588		260,249
				703,239
SWEDEN — 1.6%
Swedbank, Cl A		27,100		621,798
UNITED KINGDOM — 12.4%
Anglo American		32,800		276,547
Aviva		54,500		407,692
BT Group, Cl A		130,300		932,883
ITV		183,300		713,179
Marks & Spencer Group		80,000		633,444
Sage Group		100,800		845,817
Shire		10,800		820,296
				4,629,858
Total Common Stock (Cost $39,169,900)				36,657,018
Total Investments — 97.1% (Cost $39,169,900)			$	36,657,018

Percentages are based on Net Assets of $37,757,322.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

The list of inputs used to value the Fund’s net assets as of October 31, 2015 is as follows:

Investments in Securities	Level 1		Level 2		Level 3		Total
Australia	$	—	$	2,151,090	$	—	$	2,151,090
Austria		—		503,252		—		503,252
Belgium		1,411,672		—		—		1,411,672
Brazil		1,131,768		—		—		1,131,768
Canada		1,763,932		—		—		1,763,932
China		420,616		—		—		420,616
Denmark		—		1,299,523		—		1,299,523
Finland		—		1,370,699		—		1,370,699
France		—		3,823,374		—		3,823,374
Germany		—		2,205,348		—		2,205,348
Hong Kong		—		2,721,265		—		2,721,265
India		1,044,430		—		—		1,044,430
Israel		—		1,180,545		—		1,180,545
Japan		—		7,779,530		—		7,779,530
Poland		—		331,735		—		331,735
Singapore		—		913,744		—		913,744
South Korea		649,600		—		—		649,600
Spain		—		703,239		—		703,239
Sweden		—		621,798		—		621,798
United Kingdom		—		4,629,858		—		4,629,858
Total Investments in Securities	$	6,422,018	$	30,235,000	$	—	$	36,657,018

Changes in the classifications between Levels 1 and 2 occurred throughout the year when foreign equity securities were fair valued using other observable market based inputs provided by MarkIt in place of the closing exchange price due to events occurring after the close of the exchange or market on which the investment was principally traded. As of October 31, 2015, securities with a total value $30,235,000 were classified as Level 2 due to the application of the fair value provided by MarkIt. There were no other significant transfers between Level 1 and 2 assets for the year ended October 31, 2015. All other transfers were considered to have occurred as of the end of the year.

For the period ended October 31, 2015, there were no Level 3 securities.

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

23

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	OCTOBER 31, 2015

STATEMENTS OF ASSETS AND LIABILITIES
	Core Bond Fund			Limited Duration Bond Fund			Large Cap Growth Fund
Assets:
Cost of securities	$	41,164,356		$	39,088,976		$	20,592,116
Investments in securities at value	$	40,781,230		$	39,051,460		$	21,261,182
Cash equivalents		1,392,352			920,182			1,034,818
Interest receivable		250,200			202,144			—
Receivable due from Investment Adviser		17,517			20,140			10,943
Deferred offering cost (See Note 2)		8,590			8,590			8,590
Receivable for investment securities sold		—			—			288,518
Dividends receivable		—			—			15,959
Prepaid expenses		2,855			2,763			2,080
Total Assets		42,452,744			40,205,279			22,622,090
Liabilities:
Payable for investment securities purchased		897,198			299,955			451,057
Payable due to administrator		11,329			10,873			5,837
Payable due to trustees		3,330			3,202			1,702
Chief Compliance Officer fees payable		1,229			1,182			628
Shareholder servicing fees payable (Class S Shares)		1			13			1
Accrued expenses		41,927			42,516			34,906
Total Liabilities		955,014			357,741			494,131
Net Assets	$	41,497,730		$	39,847,538		$	22,127,959
Net Assets:
Paid-in Capital	$	42,038,262		$	39,894,062		$	22,171,381
Undistributed net investment income		82,233			38,517			185
Accumulated net realized loss on investments		(239,639	)		(47,525	)		(712,673	)
Net unrealized appreciation (depreciation) on investments		(383,126	)		(37,516	)		669,066
Net Assets	$	41,497,730		$	39,847,538		$	22,127,959
Institutional Shares:
Net Assets	$	41,487,448		$	39,696,104		$	22,118,031
Total shares outstanding at end of period		4,206,186			3,974,443			2,210,430
Net Asset Value, Offering and Redemption Price Per Share* (Net Assets ÷ Shares Outstanding)	$	9.86		$	9.99		$	10.01
Class S Shares:
Net Assets	$	10,282		$	151,434		$	9,928
Total shares outstanding at end of period		1,043			15,165			993
Net Asset Value, Offering and Redemption Price Per Share* (Net Assets ÷ Shares Outstanding)	$	9.86		$	9.99		$	10.00

*Redemption price per share may vary depending on the length of time shares are held.

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

24

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	OCTOBER 31, 2015

STATEMENTS OF ASSETS AND LIABILITIES
	Large Cap Value Fund			Small Cap Equity Fund			International Equity Fund
Assets:
Cost of securities	$	19,815,882		$	39,177,298		$	39,169,900
Investments in securities at value	$	20,260,025		$	39,539,153		$	36,657,018
Cash equivalents		843,443			1,914,462			1,024,828
Foreign Cash (Cost $—, $— and $4,162, respectively)		—			—			4,231
Receivable for investment securities sold		749,117			86,991			—
Dividends receivable		18,680			4,492			99,104
Receivable due from Investment Adviser		11,329			1,024			—
Deferred offering cost (See Note 2)		8,590			8,195			8,195
Tax reclaim receivable		888			—			19,996
Prepaid expenses		2,060			2,851			2,783
Total Assets		21,894,132			41,557,168			37,816,155
Liabilities:
Payable for investment securities purchased		465,270			1,142,379			—
Payable due to administrator		5,714			10,899			10,129
Payable due to trustees		1,681			3,229			2,987
Chief Compliance Officer fees payable		621			1,192			1,103
Shareholder servicing fees payable (Class S Shares)		1			1			1
Investment Adviser fees payable		—			—			2,158
Accrued expenses		34,803			40,063			42,455
Total Liabilities		508,090			1,197,763			58,833
Net Assets	$	21,386,042		$	40,359,405		$	37,757,322
Net Assets:
Paid-in Capital	$	22,355,187		$	40,724,620		$	41,288,998
Undistributed (distributions in excess of) net investment income		12,881			(2,685	)		—
Accumulated net realized loss on investments		(1,426,169	)		(724,385	)		(1,018,501	)
Net unrealized appreciation (depreciation) on investments		444,143			361,855			(2,512,882	)
Net unrealized depreciation on foreign currencies and translation of other assets and liabilities denominated in foreign currencies		—			—			(293	)
Net Assets	$	21,386,042		$	40,359,405		$	37,757,322
Institutional Shares:
Net Assets	$	21,376,221		$	40,349,877		$	37,747,877
Total shares outstanding at end of period		2,231,933			4,070,778			4,136,273
Net Asset Value, Offering and Redemption Price Per Share* (Net Assets ÷ Shares Outstanding)	$	9.58		$	9.91		$	9.13
Class S Shares:
Net Assets	$	9,821		$	9,528		$	9,445
Total shares outstanding at end of period		1,025			962			1,035
Net Asset Value, Offering and Redemption Price Per Share* (Net Assets ÷ Shares Outstanding)	$	9.58		$	9.91	†	$	9.12	†

*Redemption price per share may vary depending on the length of time shares are held.

†Net assets divided by Shares do not calculate to the stated NAV due to rounding.

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

25

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	FOR THE PERIOD ENDED
	OCTOBER 31, 2015*

STATEMENTS OF OPERATIONS
	Core Bond Fund			Limited Duration Bond Fund			Large Cap Growth Fund
Investment Income
Dividends	$	—		$	—		$	141,634
Interest		662,765			346,129			—
Less: Foreign Taxes Withheld		—			—			(27	)
Total Investment Income		662,765			346,129			141,607
Expenses
Investment Advisory Fees		107,268			101,295			86,462
Administration Fees		83,777			79,137			44,979
Trustees’ Fees		9,632			9,134			5,199
Chief Compliance Officer Fees		2,876			2,730			1,599
Shareholder Servicing Fees (Class S Shares)		1			13			1
Transfer Agent Fees		23,294			22,073			21,173
Audit Fees		23,000			23,000			23,000
Legal Fees		21,847			21,146			15,176
Offering Costs (See Note 2)		18,704			18,704			18,704
Printing Fees		8,993			8,603			5,676
Pricing Fees		6,407			8,647			2,408
Registration & Filing Fees		6,196			5,936			3,844
Custodian Fees		2,872			5,364			1,296
Other Expenses		3,495			3,244			2,253
Total Expenses		318,362			309,026			231,770
Less:
Investment Advisory Fees Waiver		(107,268	)		(101,295	)		(86,462	)
Reimbursement from Adviser		(50,191	)		(55,788	)		(15,614	)
Net Expenses		160,903			151,943			129,694
Net Investment Income		501,862			194,186			11,913
Net Realized Loss on Investments		(165,700	)		(27,174	)		(712,673	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		(383,126	)		(37,516	)		669,066
Net Loss on Investments		(548,826	)		(64,690	)		(43,607	)
Net Increase (Decrease) in Net Assets from Operations	$	(46,964	)	$	129,496		$	(31,694	)

*Commenced operations on February 27, 2015.

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

26

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	FOR THE PERIOD ENDED
	OCTOBER 31, 2015*

STATEMENTS OF OPERATIONS
	Large Cap Value Fund			Small Cap Equity Fund			International Equity Fund
Investment Income
Dividends	$	318,838		$	287,126		$	999,926
Less: Foreign Taxes Withheld		(4,367	)		(1,157	)		(98,769	)
Total Investment Income		314,471			285,969			901,157
Expenses
Investment Advisory Fees		84,773			196,477			234,154
Administration Fees		44,091			84,577			81,137
Trustees’ Fees		5,274			9,620			9,141
Chief Compliance Officer Fees		1,582			2,895			2,762
Shareholder Servicing Fees (Class S Shares)		1			1			1
Audit Fees		23,000			23,000			23,000
Transfer Agent Fees		21,216			22,147			21,864
Offering Costs (See Note 2)		18,704			18,597			18,597
Legal Fees		14,941			22,247			21,393
Printing Fees		5,635			9,445			8,626
Registration & Filing Fees		3,869			6,045			6,105
Pricing Fees		2,390			3,656			3,864
Custodian Fees		1,320			2,066			9,859
Other Expenses		2,233			3,338			3,247
Total Expenses		229,029			404,111			443,750
Less:
Investment Advisory Fees Waiver		(84,773	)		(119,558	)		(157,561	)
Reimbursement from Adviser		(17,097	)		—			—
Net Expenses		127,159			284,553			286,189
Net Investment Income		187,312			1,416			614,968
Net Realized Loss on Investments		(1,423,479	)		(712,686	)		(1,018,501	)
Net Realized Loss on Foreign Currency Transactions		—			—			(115,055	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		444,143			361,855			(2,512,882	)
Net Change in Unrealized Depreciation on Translation of Other Assets and Liabilities Denominated in Foreign Currencies		—			—			(293	)
Net Loss on Investments and Foreign Currency Transactions		(979,336	)		(350,831	)		(3,646,731	)
Net Decrease in Net Assets from Operations	$	(792,024	)	$	(349,415	)	$	(3,031,763	)

*Commenced operations on February 27, 2015.

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

27

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	CORE BOND FUND

STATEMENT OF CHANGES IN NET ASSETS
	Period ended October 31, 2015*
Operations:
Net Investment Income	$	501,862
Net Realized Loss on Investments		(165,700	)
Net Change in Unrealized Depreciation on Investments		(383,126	)
Net Decrease in Net Assets Resulting from Operations		(46,964	)
Dividends and Distributions:
Net Investment Income:
Institutional Shares		(493,510	)
Class S Shares		(58	)
Total Dividends and Distributions		(493,568	)
Capital Share Transactions:
Institutional Shares
Issued		41,652,697
Reinvestment of Dividends		492,628
Redeemed		(117,259	)
Net Increase in Net Assets from Institutional Shares Transactions		42,028,066
Class S Shares
Issued		10,138
Reinvestment of Dividends		58
Redeemed		—
Net Increase in Net Assets from Class S Shares Transactions		10,196
Net Increase in Net Assets from Capital Share Transactions		42,038,262
Total Increase in Net Assets		41,497,730
Net Assets:
Beginning of Period		—
End of Period	$	41,497,730
Undistributed Net Investment Income	$	82,233
Share Transactions:
Institutional Shares
Issued		4,168,043
Reinvestment of Dividends		50,020
Redeemed		(11,877	)
Total Increase in Institutional Shares		4,206,186
Class S Shares
Issued		1,037
Reinvestment of Dividends		6
Total Increase in Class S Shares		1,043
Net Increase in Shares Outstanding		4,207,229

*Commenced operations on February 27, 2015.

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

28

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	LIMITED DURATION BOND FUND

STATEMENT OF CHANGES IN NET ASSETS
	Period ended October 31, 2015*
Operations:
Net Investment Income	$	194,186
Net Realized Loss on Investments		(27,174	)
Net Change in Unrealized Depreciation on Investments		(37,516	)
Net Increase in Net Assets Resulting from Operations		129,496
Dividends and Distributions:
Net Investment Income:
Institutional Shares		(175,662	)
Class S Shares		(358	)
Total Dividends and Distributions		(176,020	)
Capital Share Transactions:
Institutional Shares
Issued		39,574,320
Reinvestment of Dividends		174,804
Redeemed		(6,561	)
Net Increase in Net Assets from Institutional Shares Transactions		39,742,563
Class S Shares
Issued		151,140
Reinvestment of Dividends		359
Redeemed		—
Net Increase in Net Assets from Class S Shares Transactions		151,499
Net Increase in Net Assets from Capital Share Transactions		39,894,062
Total Increase in Net Assets		39,847,538
Net Assets:
Beginning of Period		—
End of Period	$	39,847,538
Undistributed Net Investment Income	$	38,517
Share Transactions:
Institutional Shares
Issued		3,957,594
Reinvestment of Dividends		17,506
Redeemed		(657	)
Total Increase in Institutional Shares		3,974,443
Class S Shares
Issued		15,129
Reinvestment of Dividends		36
Total Increase in Class S Shares		15,165
Net Increase in Shares Outstanding		3,989,608

*Commenced operations on February 27, 2015.

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

29

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	LARGE CAP GROWTH FUND

STATEMENT OF CHANGES IN NET ASSETS
	Period ended October 31, 2015*
Operations:
Net Investment Income	$	11,913
Net Realized Loss on Investments		(712,673	)
Net Change in Unrealized Appreciation on Investments		669,066
Net Decrease in Net Assets Resulting from Operations		(31,694	)
Dividends and Distributions:
Net Investment Income:
Institutional Shares		(11,725	)
Class S Shares		(3	)
Total Dividends and Distributions		(11,728	)
Capital Share Transactions:
Institutional Shares
Issued		22,803,450
Reinvestment of Dividends		11,663
Redeemed		(653,877	)
Net Increase in Net Assets from Institutional Shares Transactions		22,161,236
Class S Shares
Issued		10,142
Reinvestment of Dividends		3
Redeemed		—
Net Increase in Net Assets from Class S Shares Transactions		10,145
Net Increase in Net Assets from Capital Share Transactions		22,171,381
Total Increase in Net Assets		22,127,959
Net Assets:
Beginning of Period		—
End of Period	$	22,127,959
Undistributed Net Investment Income	$	185
Share Transactions:
Institutional Shares
Issued		2,281,039
Reinvestment of Dividends		1,244
Redeemed		(71,853	)
Total Increase in Institutional Shares		2,210,430
Class S Shares
Issued		993
Reinvestment of Dividends		—
Total Increase in Class S Shares		993
Net Increase in Shares Outstanding		2,211,423

*Commenced operations on February 27, 2015.

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

30

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	LARGE CAP VALUE FUND

STATEMENT OF CHANGES IN NET ASSETS
	Period ended October 31, 2015*
Operations:
Net Investment Income	$	187,312
Net Realized Loss on Investments		(1,423,479	)
Net Change in Unrealized Appreciation on Investments		444,143
Net Decrease in Net Assets Resulting from Operations		(792,024	)
Dividends and Distributions:
Net Investment Income:
Institutional Shares		(177,090	)
Class S Shares		(31	)
Total Dividends and Distributions		(177,121	)
Capital Share Transactions:
Institutional Shares
Issued		22,851,158
Reinvestment of Dividends		176,497
Redeemed		(682,638	)
Net Increase in Net Assets from Institutional Shares Transactions		22,345,017
Class S Shares
Issued		10,139
Reinvestment of Dividends		31
Redeemed		—
Net Increase in Net Assets from Class S Shares Transactions		10,170
Net Increase in Net Assets from Capital Share Transactions		22,355,187
Total Increase in Net Assets		21,386,042
Net Assets:
Beginning of Period		—
End of Period	$	21,386,042
Undistributed Net Investment Income	$	12,881
Share Transactions:
Institutional Shares
Issued		2,290,674
Reinvestment of Dividends		18,828
Redeemed		(77,569	)
Total Increase in Institutional Shares		2,231,933
Class S Shares
Issued		1,022
Reinvestment of Dividends		3
Total Increase in Class S Shares		1,025
Net Increase in Shares Outstanding		2,232,958

*Commenced operations on February 27, 2015.

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

31

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	SMALL CAP EQUITY FUND

STATEMENT OF CHANGES IN NET ASSETS
	Period ended October 31, 2015*
Operations:
Net Investment Income	$	1,416
Net Realized Loss on Investments		(712,686	)
Net Change in Unrealized Appreciation on Investments		361,855
Net Decrease in Net Assets Resulting from Operations		(349,415	)
Dividends and Distributions:
Net Investment Income:
Institutional Shares		(15,600	)
Return of Capital:
Institutional Shares		(27,260	)
Total Dividends and Distributions		(42,860	)
Capital Share Transactions:
Institutional Shares
Issued		41,051,719
Reinvestment of Dividends		42,860
Redeemed		(353,044	)
Net Increase in Net Assets from Institutional Shares Transactions		40,741,535
Class S Shares
Issued		10,145
Redeemed		—
Net Increase in Net Assets from Class S Shares Transactions		10,145
Net Increase in Net Assets from Capital Share Transactions		40,751,680
Total Increase in Net Assets		40,359,405
Net Assets:
Beginning of Period		—
End of Period	$	40,359,405
Distributions in Excess of Net Investment Income	$	(2,685	)
Share Transactions:
Institutional Shares
Issued		4,104,583
Reinvestment of Dividends		4,169
Redeemed		(37,974	)
Total Increase in Institutional Shares		4,070,778
Class S Shares
Issued		962
Reinvestment of Dividends		—
Total Increase in Class S Shares		962
Net Increase in Shares Outstanding		4,071,740

*Commenced operations on February 27, 2015.

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

32

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	INTERNATIONAL EQUITY FUND

STATEMENT OF CHANGES IN NET ASSETS
	Period ended October 31, 2015*
Operations:
Net Investment Income	$	614,968
Net Realized Loss on Investments		(1,018,501	)
Net Realized Loss on Foreign Currency Transactions		(115,055	)
Net Change in Unrealized Depreciation on Investments		(2,512,882	)
Net Change in Unrealized Depreciation on Foreign Currencies and Translation of Other Assets and Liabilities Denominated in Foreign Currencies		(293	)
Net Decrease in Net Assets Resulting from Operations		(3,031,763	)
Dividends and Distributions:
Net Investment Income:
Institutional Shares		(499,891	)
Class S Shares		(22	)
Return of Capital:
Institutional Shares		(3,371	)
Class S Shares		(1	)
Total Dividends and Distributions		(503,285	)
Capital Share Transactions:
Institutional Shares
Issued		40,779,145
Reinvestment of Dividends		503,262
Redeemed		(199	)
Net Increase in Net Assets from Institutional Shares Transactions		41,282,208
Class S Shares
Issued		10,139
Reinvestment of Dividends		23
Redeemed		—
Net Increase in Net Assets from Class S Shares Transactions		10,162
Net Increase in Net Assets from Capital Share Transactions		41,292,370
Total Increase in Net Assets		37,757,322
Net Assets:
Beginning of Period		—
End of Period	$	37,757,322
Undistributed Net Investment Income	$	—
Share Transactions:
Institutional Shares
Issued		4,083,254
Reinvestment of Dividends		53,039
Redeemed		(20	)
Total Increase in Institutional Shares		4,136,273
Class S Shares
Issued		1,032
Reinvestment of Dividends		3
Total Increase in Class S Shares		1,035
Net Increase in Shares Outstanding		4,137,308

*Commenced operations on February 27, 2015.

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

33

THE ADVISORS’ INNER CIRCLE FUND III KNIGHTS OF COLUMBUS FUNDS

FINANCIAL HIGHLIGHTS
	Selected Per Share Data & Ratios For a Share Outstanding Throughout Each Period
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)*			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Dividends from Net Investment Income			Return of Capital			Total Distributions			Net Asset Value, End of Period		Total Return †			Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets (including waivers and reimbursements)		Ratio of Expenses to Average Net Assets (excluding waivers and reimbursements)		Ratio of Net Investment Income (Loss) to Average Net Assets		Portfolio Turnover †
Knights of Columbus Core Bond Fund
Institutional Shares
2015(1)	$	10.00	$	0.13		$	(0.15	)	$	(0.02	)	$	(0.12	)	$	—		$	(0.12	)	$	9.86		(0.18	)%	$	41,487		0.60%		1.19%		1.87%		68%
Class S Shares
2015(2)	$	9.78	$	0.05		$	0.09		$	0.14		$	(0.06	)	$	—		$	(0.06	)	$	9.86		1.39	%	$	10		0.63%		1.31%		1.64%		68%
Knights of Columbus Limited Duration Bond Fund
Institutional Shares
2015(1)	$	10.00	$	0.05		$	(0.01	)	$	0.04		$	(0.05	)	$	—		$	(0.05	)	$	9.99		0.36	%	$	39,696		0.60%		1.22%		0.77%		77%
Class S Shares
2015(2)	$	9.99	$	0.02		$	—		$	0.02		$	(0.02	)	$	—		$	(0.02	)	$	9.99		0.24	%	$	151		0.65%		1.48%		0.71%		77%
Knights of Columbus Large Cap Growth Fund
Institutional Shares
2015(1)	$	10.00	$	0.01		$	0.01		$	0.02		$	(0.01	)	$	—		$	(0.01	)	$	10.01		0.16	%	$	22,118		0.90%		1.61%		0.08%		66%
Class S Shares
2015(2)	$	10.22	$	—		$	(0.22	)	$	(0.22	)	$	—		$	—		$	—		$	10.00		(2.12	)%	$	10		0.93%		1.79%		0.03%		66%
Knights of Columbus Large Cap Value Fund
Institutional Shares
2015(1)	$	10.00	$	0.09		$	(0.43	)	$	(0.34	)	$	(0.08	)	$	—		$	(0.08	)	$	9.58		(3.36	)%	$	21,376		0.90%		1.62%		1.33%		54%
Class S Shares
2015(2)	$	9.92	$	0.03		$	(0.34	)	$	(0.31	)	$	(0.03	)	$	—		$	(0.03	)	$	9.58		(3.10	)%	$	10		0.93%		1.80%		1.07%		54%
Knights of Columbus Small Cap Equity Fund
Institutional Shares
2015(1)	$	10.00	$	—		$	(0.08	)	$	(0.08	)	$	—		$	(0.01	)	$	—		$	9.91		(0.80	)%	$	40,350		1.05%		1.49%		0.01%		64%
Class S Shares
2015(2)	$	10.55	$	(0.01	)	$	(0.63	)	$	(0.64	)	$	—		$	—		$	—		$	9.91		(6.07	)%	$	10		1.09%		1.65%		(0.34)%		64%
Knights of Columbus International Equity Fund
Institutional Shares
2015(1)	$	10.00	$	0.15		$	(0.90	)	$	(0.75	)	$	(0.12	)	$	—		$	(0.12	)	$	9.13		(7.50	)%	$	37,748		1.10%		1.71%		2.36%		30%
Class S Shares
2015(2)	$	9.82	$	0.03		$	(0.71	)	$	(0.68	)	$	(0.02	)	$	—		$	(0.02	)	$	9.12		(6.88	)%	$	9		1.14%		1.80%		1.03%		30%

    * Per share data calculated using the average shares method.

    † Total return and portfolio turnover are for the period indicated and has not been annualized. Total return would have been lower had the Adviser not waived a portion of its fee. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

(1) Commenced operations on February 27, 2015. All ratios for the period have been annualized.

(2) Commenced operations on July 14, 2015. All ratios for the period have been annualized.

Amounts designated as “—” are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

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	OCTOBER 31, 2015

NOTES TO FINANCIAL STATEMENTS

1. Organization:

The Advisors’ Inner Circle Fund III (the “Trust”) is organized as a Delaware statutory trust under an Agreement and Declaration of Trust dated December 4, 2013. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company with 12 funds. The financial statements herein are those of the Knights of Columbus Core Bond Fund (“Core Bond Fund”), Knights of Columbus Limited Duration Bond Fund (“Limited Duration Bond Fund”), Knights of Columbus Large Cap Growth Fund (“Large Cap Growth Fund”), Knights of Columbus Large Cap Value Fund (“Large Cap Value Fund”), Knights of Columbus Small Cap Equity Fund (“Small Cap Equity Fund”) and Knights of Columbus International Equity Fund (“International Equity Fund”) (collectively the “Funds,” individually a “Fund”), all of which are diversified Funds. The investment objective of the Core Bond Fund and Limited Duration Bond Fund is to seek current income and capital preservation. The investment objective of the Large Cap Growth Fund, Large Cap Value Fund, Small Cap Equity Fund and International Equity Fund is to seek long-term capital appreciation. The financial statements of the remaining funds of the Trust are presented separately. The assets of each fund are segregated, and a shareholder’s interest is limited to the fund in which shares are held.

2. Significant Accounting Policies:

The following is a summary of the Significant Accounting Policies followed by the Funds.

Use of Estimates — The Funds are investment companies in conformity with U.S. generally accepted Accounting Principles (U.S. GAAP). Therefore the Funds follow the accounting and reporting guidelines for investment companies. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded on valuation date (or at approximately 4:00 pm ET if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. On the first day a new debt security purchase is recorded, if a price is not available on the automated pricing feeds from our primary and secondary pricing vendors nor is it available from an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Trusts’ Fair Value Procedures until an independent source can be secured. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value provided that it is determined the amortized cost continues to approximate fair value. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.

Securities for which market prices are not “readily available” are valued in accordance with fair value procedures established by the Funds’ Board of Trustees (the “Board”). The Funds’ fair value procedures are implemented through a fair value pricing committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using fair value procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; or the security’s primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the fair value procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which a Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time a Fund calculates net asset value if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last close and the time that a Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the Funds’ Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which a Fund calculates net asset value, it may request that a Committee meeting be called.

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	OCTOBER 31, 2015

The Funds use MarkIt Fair Value (“MarkIt”) as a third party fair valuation vendor. MarkIt provides a fair value for foreign securities held by the Funds based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security) applied by MarkIt in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Committee. The Committee has also established a “confidence interval” which is used to determine the level of correlation between the value of a foreign security and movements in the U.S. market before a particular security is fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the Funds value the non-U.S. securities in their portfolios that exceed the applicable “confidence interval” based upon the fair values provided by MarkIt. In such event, it is not necessary to hold a Committee meeting. In the event that the Adviser believes that the fair values provided by MarkIt are not reliable, the Adviser contacts the Funds Administrator and requests that a meeting of the Committee be held.

If a local market in which the Funds own securities is closed for one or more days, the Funds shall value all securities held in the corresponding currency based on the fair value prices provided by MarkIt using the predetermined confidence interval discussed above.

In accordance with the authoritative guidance on fair value measurements and disclosure under GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC 820 are described below:

Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

Level 2 — Other significant observable inputs (includes quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board, etc.)

Level 3 — Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

For the period ended October 31, 2015, there have been no significant changes to the Funds’ fair value methodologies.

Federal Income Taxes — It is each Fund’s intention to continue to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, and to distribute substantially all of its income to share-holders. Accordingly, no provision for Federal income taxes has been made in the financial statements.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the open tax year end, since inception), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the period ended October 31, 2015, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period the Funds did not incur any interest or penalties.

Security Transactions and Investment Income — Security transactions are accounted for on trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date and interest income is recognized on the accrual basis. Costs used in determining realized gains and losses on the sales of investment securities are based on specific identification.

Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and gains and losses on investments and net change in unrealized appreciation (depreciation) on investments on the Statement of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities

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THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS FUNDS
	OCTOBER 31, 2015

transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.

Cash Equivalents — Idle cash may be swept into various money market sweep accounts and is classified as cash equivalents on the Statement of Assets and Liabilities. The Fund’s maintain cash in bank deposit accounts which, at times, may exceed United States federally insured limits. Amounts invested are available on the same business day.

Expenses — Expenses of the Trust can be directly attributed to a particular Fund are borne by that Fund. Expenses which cannot be directly attributed to a Fund are apportioned among the Funds of the Trust based on the number of funds and/or relative net assets.

Dividends and Distributions to Shareholders — The Funds will distribute substantially all of their net investment income and net realized capital gains, if any, at least annually. All distributions are recorded on ex-dividend date.

Investments in REITs — Dividend income from REITs is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

Offering Costs Payable — Offering costs, including costs of printing initial prospectus, legal and registration fees, are amortized over twelve-months from inception of the Funds. As of October 31, 2015, the remaining amount still to be amortized for the Funds is as follows:

Core Bond Fund	$	8,590
Limited Duration Bond Fund		8,590
Large Cap Growth Fund		8,590
Large Cap Value Fund		8,590
Small Cap Equity Fund		8,195
International Equity Fund		8,195

Redemption Fees — The Funds retain a redemption fee of 2.00% on redemptions of capital shares held for less than thirty days. For the period ended October 31, 2015, there were no redemption fees in any of the Funds. Such fees are retained by the Funds for the benefit of the remaining shareholders and are recorded as additions to fund capital.

3. Transactions with Affiliates:

Certain officers of the Trust are also officers of SEI Investments Global Funds Services (the “Administrator”), a wholly owned subsidiary of SEI Investments Company, and/or SEI Investments Distribution Co. (the “Distributor”). Such officers are paid no fees by the Trust, other than the Chief Compliance Officer (“CCO”) as described below, for serving as officers of the Trust.

A portion of the services provided by the CCO and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust’s Advisors and service providers as required by SEC regulations. The CCO’s services and fees have been approved by and are reviewed by the Board.

4. Administration, Distribution, Shareholder Servicing, Transfer Agent and Custody Agreements:

The Fund and SEI Investments Global Fund Services (the “Administrator”) are parties to an Administration Agreement under which the Administrator provides management and administrative services to the Funds. For these services, the Administrator is paid an asset-based fee, which will vary depending on the number of share classes and the average daily net assets of the Funds.

For the period ended October 31, 2015, the Funds were charged the following for these services:

Core Bond Fund	$	83,777
Limited Duration Bond Fund		79,137
Large Cap Growth Fund		44,979
Large Cap Value Fund		44,091
Small Cap Equity Fund		84,577
International Equity Fund		81,137

The Trust and SEI Investments Distribution Co. (the “Distributor”) are parties to a Distribution Agreement. The Distributor receives no fees under the agreement.

The Funds have adopted a shareholder servicing plan that provides that the Funds may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.20% based on the average daily net assets of the Funds’ Class S Shares. The Funds do not pay these service fees on shares purchased directly. In addition to payments made directly to financial intermediaries by the Funds, the Adviser or its affiliates may, at their own expense, pay financial intermediaries for these and other services to the Funds’ shareholders.

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THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS FUNDS
	OCTOBER 31, 2015

For the period ended October 31, 2015, the Funds were charged the following rates for these services:

Core Bond Fund	0.03	%
Limited Duration Bond Fund	0.05	%
Large Cap Growth Fund	0.03	%
Large Cap Value Fund	0.03	%
Small Cap Equity Fund	0.04	%
International Equity Fund	0.04	%

DST Systems, Inc. serves as the Transfer Agent and dividend disbursing agent for the Funds under a transfer agency agreement.

Brown Brothers Harriman & Co. serves as custodian (the “Custodian”) for the Funds. The Custodian plays no role in determining the investment policies of the Funds or which securities are to be purchased and sold by the Funds.

5. Investment Advisory Agreements:

Under the terms of an investment advisory agreement, the Adviser provides investment advisory services to the Core Bond Fund, Limited Duration Bond Fund, Large Cap Growth Fund, Large Cap Value Fund, Small Cap Equity Fund and International Equity Fund at 0.40%, 0.40%, 0.60%, 0.60%, 0.725%, 0.90%, respectively, of each Fund’s average daily net assets.

The Adviser has contractually agreed, through February 29, 2016 for the Institutional Shares and February 28, 2017 for the Class S Shares, to waive a portion of its advisory fees and to assume expenses, which are calculated based on each Funds average daily net assets, in order to keep the total operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses) of each Fund from exceeding certain contractual expense limitations. Accordingly, the contractual expense limitations for each Fund are as follows:

	Contractual Expense Limitations Institutional Shares			Contractual Expense Limitations Class S Shares
Core Bond Fund		0.60	%		0.80	%
Limited Duration Bond Fund		0.60	%		0.80	%
Large Cap Growth Fund		0.90	%		1.10	%
Large Cap Value Fund		0.90	%		1.10	%
Small Cap Equity Fund		1.05	%		1.25	%
International Equity Fund		1.10	%		1.30	%

In addition, if at any point it becomes unnecessary for the Adviser to reduce fees or make expense reimbursements, the Board may permit the Adviser to retain the difference between the total annual fund operating expenses and the expense caps listed above to recapture all or a portion of its prior fee reductions or reimbursements made during the preceding three-year period. There were no fees recouped by the Adviser during the period ending October 31, 2015.

6. Investment Transactions:

For the period ended October 31, 2015, the Funds made purchases and sales of investment securities other than short-term securities as follows:

	Purchases		Sales		U.S. Government Purchases		U.S. Government Sales and Maturities
Knights of Columbus Core Bond Fund	$	29,669,471	$	7,167,967	$	33,573,386	$	17,433,788
Knights of Columbus Limited Duration Bond Fund		33,550,426		6,863,629		31,770,220		20,710,812
Knights of Columbus Large Cap Growth Fund		35,164,880		13,860,057		—		—
Knights of Columbus Large Cap Value Fund		32,288,637		11,046,580		—		—
Knights of Columbus Small Cap Equity Fund		64,826,330		24,924,646		—		—
Knights of Columbus International Equity Fund		51,508,667		11,320,260		—		—

7. Federal Tax Information:

The timing and characterization of certain income and capital gains distributions are determined annually in accordance with federal tax regulations which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to undistributed net investment income, paid-in capital or accumulated net realized loss, as appropriate, in the period that the differences arise.

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THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS FUNDS
	OCTOBER 31, 2015

The following permanent differences primarily attributable to the reclassification of paydowns, REIT adjustments, return of capital distributions and foreign currency gains (losses) have been reclassified to/from the following accounts during the period ended October 31, 2015:

	Undistributed Net Investment Income/(Loss)			Accumulated Net Realized Gain/(Loss)			Paid-in Capital
Knights of Columbus Core Bond Fund	$	73,939		$	(73,939	)	$	—
Knights of Columbus Limited Duration Bond Fund		20,351			(20,351	)		—
Knights of Columbus Large Cap Growth Fund		—			—			—
Knights of Columbus Large Cap Value Fund		2,690			(2,690	)		—
Knights of Columbus Small Cap Equity Fund		38,759			(11,699	)		(27,060	)
Knights of Columbus International Equity Fund		(111,683	)		115,055			(3,372	)

These reclassifications have no impact on net assets or net asset value per share.

The tax character of dividends and distributions declared during the last fiscal period were as follows:

	Ordinary Income		Long-Term Capital Gain		Return of Capital		Total
Knights of Columbus Core Bond Fund 2015	$	493,568	$	—	$	—	$	493,568
Knights of Columbus Limited Duration Bond Fund 2015		176,020		—		—		176,020
Knights of Columbus Large Cap Growth Fund 2015		11,728		—		—		11,728
Knights of Columbus Large Cap Value Fund 2015		177,121		—		—		177,121
Knights of Columbus Small Cap Equity Fund 2015		15,800		—		27,060		42,860
Knights of Columbus International Equity Fund 2015		499,913		—		3,372		503,285

As of October 31, 2015, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

	Undistributed Ordinary Income		Capital Loss Carryforwards Short-Term			Unrealized Appreciation (Depreciation)			Total Accumulated Losses
Knights of Columbus Core Bond Fund	$	82,233	$	(228,024	)	$	(394,741	)	$	(540,532	)
Knights of Columbus Limited Duration Bond Fund		38,517		(47,525	)		(37,516	)		(46,524	)
Knights of Columbus Large Cap Growth Fund		185		(698,025	)		654,418			(43,422	)
Knights of Columbus Large Cap Value Fund		12,881		(1,390,324	)		408,298			(969,145	)
Knights of Columbus Small Cap Equity Fund		—		(712,689	)		347,474			(365,215	)
Knights of Columbus International Equity Fund		—		(1,018,501	)		(2,513,175	)		(3,531,676	)

For Federal income tax purposes, capital losses may be carried forward and applied against future capital gains. Net capital losses earned may be carried forward indefinitely and must retain the character of the original loss.

For Federal income tax purposes the difference between Federal tax cost and book cost primarily relates to wash sales, which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years. The Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments held (excluding foreign currency) by the Fund at October 31, 2015, were as follows:

	Federal Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Knights of Columbus Core Bond Fund	$	41,175,971	$	73,481	$	(468,222	)	$	(394,741	)
Knights of Columbus Limited Duration Bond Fund		39,088,976		47,852		(85,368	)		(37,516	)
Knights of Columbus Large Cap Growth Fund		20,606,764		1,624,521		(970,103	)		654,418
Knights of Columbus Large Cap Value Fund		19,851,727		861,071		(452,773	)		408,298
Knights of Columbus Small Cap Equity Fund		39,191,679		2,854,392		(2,506,918	)		347,474
Knights of Columbus International Equity Fund		39,169,900		1,258,795		(3,771,677	)		(2,512,882	)

8. Concentration of Risks:

When the Funds invest in foreign securities, they will be subject to risks not typically associated with domestic securities. Although ADRs and GDRs are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies, they are also subject to many of the risks associated with investing directly in foreign securities. Foreign investments, especially investments in emerging markets, can be riskier and more volatile than investments in the United States. Adverse political and economic developments or changes in the value of foreign currency can make it more difficult for the Funds to sell their securities and could

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THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS FUNDS
	OCTOBER 31, 2015

impact their net asset value. Differences in tax and accounting standards and difficulties in obtaining information about foreign companies can negatively affect investment decisions. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed.

The market value of the Funds’ investments in fixed income securities may change in response to interest rate changes and other factors. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Changes by recognized rating agencies in the ratings of any fixed income security and in the ability of an issuer to make payments of interest and principal may also affect the value of these investments.

The foregoing is not intended to be a complete discussion of the risks associated with investing in a Fund. Please review each Fund’s prospectus for additional disclosures regarding the principal risks associated with investing in a Fund.

In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claims is considered remote.

9. Other:

At October 31, 2015, record shareholders owning 10% or greater of total shares outstanding of the Funds are outlined in the table below. These shareholders are comprised of affiliated omnibus accounts, unless otherwise indicated, that are held on behalf of various individual shareholders.

	No. of Shareholders Institutional Shares		% Ownership			No. of Shareholders Class S Shares			% Ownership
Core Bond Fund		2		84	%		1			99	%
Limited Duration Bond Fund		1		76	%		2	‡		93	%
Large Cap Growth Fund		2		83	%		1			99	%
Large Cap Value Fund		2		82	%		1			99	%
Small Cap Equity Fund		1		90	%		1			99	%
International Equity Fund		1		98	%		1			99	%

‡ Unaffiliated.

10. Subsequent Events:

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements.

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THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS FUNDS
	OCTOBER 31, 2015

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of

The Advisors’ Inner Circle Fund III and the Shareholders of

Knights of Columbus Core Bond Fund

Knights of Columbus Limited Duration Bond Fund

Knights of Columbus Large Cap Growth Fund

Knights of Columbus Large Cap Value Fund

Knights of Columbus Small Cap Equity Fund and

Knights of Columbus International Equity Fund:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Knights of Columbus Core Bond Fund, Knights of Columbus Limited Duration Bond Fund, Knights of Columbus Large Cap Growth Fund, Knights of Columbus Large Cap Value Fund, Knights of Columbus Small Cap Equity Fund and Knights of Columbus International Equity Fund (six of the funds constituting The Advisors’ Inner Circle Fund III, hereafter referred to as the “Funds”) at October 31, 2015, the results of each of their operations and the changes in each of their net assets for the period February 27, 2015 (commencement of operations) through October 31, 2015, and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 24, 2015

41

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS FUNDS
	OCTOBER 31, 2015

TRUSTEES AND OFFICERS OF THE ADVISORS’ INNER CIRCLE FUND III (Unaudited)

Set forth below are the names, age, position with the Trust, length of term of office, and the principal occupations for the last five years of each of the persons currently serving as Trustees and Officers of the Trust. Trustees who are deemed not to be “interested persons” of the Trust are referred to as “Independent Board Members.” Messrs. Nesher and Doran are Trustees who may be deemed to be “interested”

Name, Address, Age1	Position(s) Held with the Trust and Length of Time Served2	Principal Occupation(s) During the Past 5 Years
INTERESTED
BOARD MEMBERS3,4
WILLIAM M. DORAN 1701 Market Street Philadelphia, PA 19103 75 yrs. old	Chairman of Board of Trustees (Since 2014)	Self-Employed Consultant since 2003. Partner at Morgan, Lewis & Bockius LLP (law firm) from 1976 to 2003, counsel to the Trust, SEI Investments, SIMC, the Administrator and the Distributor.
INDEPENDENT
BOARD MEMBERS4
JON C. HUNT 64 yrs. old	Trustee (Since 2014)	Retired since 2013. Consultant to Management, Convergent Capital Management, LLC (“CCM”) from 2012 to 2013. Managing Director and Chief Operating Officer, CCM from 1998 to 2012.
THOMAS P. LEMKE 61 yrs. old	Trustee (Since 2014)	Retired since 2013. Executive Vice President and General Counsel, Legg Mason, Inc. from 2005 to 2013.

1 Unless otherwise noted, the business address of each trustee is SEI Investments Company, 1 Freedom Valley Drive, Oaks, Pennsylvania 19456.

2 Each Trustee shall hold office during the lifetime of this trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed in accordance with the Trust’s Declaration of Trust.

3 Denotes Trustees who may be deemed to be “interested” persons of the Fund as that term is defined in the 1940 Act by virtue of their affiliation with the Distributor and/or its affiliates.

4 Board Members oversee 12 funds in The Advisors’ Inner Circle Fund III.

42

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS FUNDS
	OCTOBER 31, 2015

TRUSTEES AND OFFICERS OF THE ADVISORS’ INNER CIRCLE FUND III (Unaudited)

persons of the Trust as that term is defined in the 1940 Act by virtue of their affiliation with the Trust’s Distributor. The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-844-523-8637. The following chart lists Trustees and Officers as of October 31, 2015.

Other Directorships

Held by

Board Member⁴

Current Directorships: Trustee of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, O’Connor EQUUS (closed-end investment company), Winton Series Trust, Winton Diversified Opportunities Fund (closed-end investment company), SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Liquid Asset Trust, SEI Asset Allocation Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and The KP Funds. Director of SEI Investments (Europe), Limited, SEI Investments — Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Asia), Limited, SEI Global Nominee Ltd. and SEI Investments — Unit Trust Management (UK) Limited. Director of the Distributor since 2003.

Former Directorships: Director of the SEI Alpha Strategy Portfolio LP to 2013.

Current Directorships: Trustee of City National Rochdale Funds and O’Connor EQUUS (closed-end investment company), Winton Series Trust and Winton Diversified Opportunities Fund (closed-end investment company). Member of Independent Committee of Nuveen Commodities Asset Management.

Current Directorships: Independent Director of Victory Funds. Trustee of AXA Premier VIP Trust, O’Connor EQUUS (closed-end investment company), Winton Series Trust, Winton Diversified Opportunities Fund (closed-end investment company) and JP Morgan Active ETFs.

Former Directorships: Director of ICI Mutual Insurance Company to 2013.

4 Directorships of Companies required to report to the securities and Exchange Commission under the Securities Exchange act of 1934 (i.e., “public companies”) or other investment companies under the 1940 act.

43

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS FUNDS
	OCTOBER 31, 2015

TRUSTEES AND OFFICERS OF THE ADVISORS’ INNER CIRCLE FUND III (Unaudited)

Name, Address, Age1	Position(s) Held with the Trust and Length of Time Served2	Principal Occupation(s) During the Past 5 Years
INDEPENDENT
BOARD MEMBERS3 (continued)
RANDALL S. YANKER 55 yrs. old	Trustee (Since 2014)	Co-Founder and Senior Partner, Alternative Asset Managers, L.P. since 2004.
OFFICERS
MICHAEL BEATTIE 50 yrs. old	President (Since 2014)	Managing Director at SEI since 2011. Director of Client Service at SEI from 2004 to 2011. Vice President at SEI from 2009 to November 2011.
ROBERT NESHER 69 yrs. old	Vice Chairman (Since 2014)	SEI employee 1974 to present; currently performs various services on behalf of SEI Investments for which Mr. Nesher is compensated.
STEPHEN CONNORS 31 yrs. old	Treasurer, Controller and Chief Financial Officer (since 2015)	Director, SEI Investments, Fund Accounting since December 2014. Audit Manager, Deloitte & Touche LLP, from 2011 to 2014. Audit Supervisor, BBD, LLP (formerly Briggs, Bunting & Dougherty, LLP), from 2007 to 2011.

1 Unless otherwise noted, the business address of each trustee is SEI Investments Company, 1 Freedom Valley Drive, Oaks, Pennsylvania 19456.

2 Each Trustee shall hold office during the lifetime of this trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed in accordance with the Trust’s Declaration of Trust.

3 Board Members oversee 12 funds in The Advisors’ Inner Circle Fund III.

44

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS FUNDS
	OCTOBER 31, 2015

TRUSTEES AND OFFICERS OF THE ADVISORS’ INNER CIRCLE FUND III (Unaudited)

Other Directorships

Held by

Board Members⁴

Current Directorships: Trustee of O’Connor EQUUS (closed-end investment company), Winton Series Trust and Winton Diversified Opportunities Fund (closed-end investment company). Independent Non-Executive Director of HFA Holdings Limited.

None.

None.

None.

4 Directorships of Companies required to report to the securities and Exchange Commission under the Securities Exchange act of 1934 (i.e., “public companies”) or other investment companies under the 1940 act.

45

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS FUNDS
	OCTOBER 31, 2015

TRUSTEES AND OFFICERS OF THE ADVISORS’ INNER CIRCLE FUND III (Unaudited)

Name, Address, Age1	Position(s) Held with the Trust and Length of Time Served2	Principal Occupation(s) During the Past 5 Years
OFFICERS3 (continued)
RUSSELL EMERY 52 yrs. old	Chief Compliance Officer (Since 2014)	Chief Compliance Officer of SEI Structured Credit Fund, LP since 2007. Chief Compliance Officer of SEI Alpha Strategy Portfolios, LP from June 2007 to September 2013. Chief Compliance Officer of The Advisors’ Inner Circle Fund, Advisors’ Inner Circle Fund II, Bishop Street Funds, O’Connor EQUUS (closed-end investment company), Winton Series Trust, Winton Diversified Opportunities Fund (closed-end investment company), SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Daily Income Trust, SEI Liquid Asset Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and The KP Funds. Chief Compliance Officer of SEI Opportunity Fund, L.P. until 2010.
DIANNE M. DESCOTEAUX 38 yrs. old	Vice President and Secretary (Since 2011)	Counsel at SEI Investments since 2010. Associate at Morgan, Lewis & Bockius LLP from 2006 to 2010.
BRIDGET E. SUDALL 35 yrs. old	Privacy Officer (Since 2015) AML Officer (Since 2015)	Anti-Money Laundering Compliance Officer and Privacy Officer since 2015. Senior Associate and AML Officer, Morgan Stanley Alternative Investment Partners, April 2011 to March 2015. Investor Services Team Lead, Morgan Stanley Alternative Investment Partners, July 2007 to April 2011.
LISA WHITTAKER 37 yrs. old	Vice President and Assistant Secretary (Since 2013)	Attorney, SEI Investments Company (2012-present). Associate Counsel, The Glenmede Trust Company (2011-2012). Associate, Drinker Biddle & Reath LLP (2006-2011).
JOHN Y. KIM 34 yrs. old	Vice President and Secretary (Since 2014)	Attorney, SEI Investments Company (2014-present). Associate Stradley Ronon Stevens & Young (2009-2014).

1 Unless otherwise noted, the business address of each trustee is SEI Investments Company, 1 Freedom Valley Drive, Oaks, Pennsylvania 19456.

2 Each Trustee shall hold office during the lifetime of this trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed in accordance with the Trust’s Declaration of Trust.

3 Board Members oversee 12 funds in The Advisors’ Inner Circle Fund III.

46

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS FUNDS
	OCTOBER 31, 2015

TRUSTEES AND OFFICERS OF THE ADVISORS’ INNER CIRCLE FUND III (Unaudited)

Other Directorships

Held by

Officer

None.

None.

None.

None.

None.

47

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS FUNDS
	OCTOBER 31, 2015

DISCLOSURE OF FUND EXPENSES (Unaudited)

All mutual funds have operating expenses. As a shareholder of a mutual fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.

Operating expenses such as these are deducted from a mutual fund’s gross income and directly reduce your investment return. These expenses are expressed as a percentage of a mutual fund’s average net assets; this percentage is known as a mutual fund’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (May 1, 2015 to October 31, 2015).

The table on the next page illustrates your Fund’s costs in two ways:

• Actual Fund Return. This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the six month period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that six month period. Simply divide your actual starting account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”

• Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other mutual funds.

NOTE: Because the hypothetical return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.

	Beginning Account Value 05/01/15		Ending Account Value 10/31/15		Annualized Expense Ratios			Expenses Paid During Period
Knights of Columbus Core Bond Fund
Actual Fund Return
Institutional Shares	$	1,000.00	$	999.00		0.60	%	$	1.81	*
Class S Shares		1,000.00		1,013.90		0.63	%		1.91	**
Hypothetical 5% Return
Institutional Shares	$	1,000.00	$	1,022.18		0.60	%	$	3.06	*
Class S Shares		1,000.00		1,022.03		0.63	%		3.21	*
Knights of Columbus Limited Duration Bond Fund
Actual Fund Return
Institutional Shares	$	1,000.00	$	1,002.20		0.60	%	$	1.81	*
Class S Shares		1,000.00		1,002.40		0.65	%		1.96	**
Hypothetical 5% Return
Institutional Shares	$	1,000.00	$	1,022.18		0.60	%	$	3.06	*
Class S Shares		1,000.00		1,021.93		0.65	%		3.31	*
Knights of Columbus Large Cap Growth Fund
Actual Fund Return
Institutional Shares	$	1,000.00	$	1,013.70		0.90	%	$	2.73	*
Class S Shares		1,000.00		978.80		0.93	%		2.77	**
Hypothetical 5% Return
Institutional Shares	$	1,000.00	$	1,020.67		0.90	%	$	4.58	*
Class S Shares		1,000.00		1,020.52		0.93	%		4.74	*
Knights of Columbus Large Cap Value Fund
Actual Fund Return
Institutional Shares	$	1,000.00	$	977.80		0.90	%	$	2.68	*
Class S Shares		1,000.00		969.00		0.93	%		2.76	**
Hypothetical 5% Return
Institutional Shares	$	1,000.00	$	1,020.67		0.90	%	$	4.58	*
Class S Shares		1,000.00		1,020.52		0.93	%		4.74	*

48

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS FUNDS
	OCTOBER 31, 2015

	Beginning Account Value 05/01/15		Ending Account Value 10/31/15		Annualized Expense Ratios			Expenses Paid During Period
Knights of Columbus Small Cap Equity Fund
Actual Fund Return
Institutional Shares	$	1,000.00	$	993.50		1.05	%	$	3.15	*
Class S Shares		1,000.00		939.30		1.09	%		3.19	**
Hypothetical 5% Return
Institutional Shares	$	1,000.00	$	1,019.91		1.05	%	$	5.35	*
Class S Shares		1,000.00		1,019.71		1.09	%		5.55	*
Knights of Columbus International Equity Fund
Actual Fund Return
Institutional Shares	$	1,000.00	$	907.80		1.10	%	$	3.16	*
Class S Shares		1,000.00		931.20		1.14	%		3.32	**
Hypothetical 5% Return
Institutional Shares	$	1,000.00	$	1,019.66		1.10	%	$	5.60	*
Class S Shares		1,000.00		1,019.46		1.14	%		5.80	*

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).

** Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 110/365 (to reflect the commencement of operations period shown).

49

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS FUNDS
	OCTOBER 31, 2015

NOTICE TO SHAREHOLDERS (Unaudited)

For shareholders that do not have an October 31, 2015 tax year end, this notice is for informational purposes only. For shareholders with an October 31, 2015 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal period ended October 31, 2015, the Funds are designating the following items with regard to distributions paid during the period.

	Return of Capital			Long Term Capital Gain Distribution			Ordinary Income Distributions			Total Distributions			Dividends Qualifying for Corporate Dividend Received Deduction (1)			Qualifying Dividend Income (2)			U.S. Government Interest (3)			Qualified Interest Income (4)			Qualified Short- Term Capital Gain (5)
Knights of Columbus Core Bond Fund		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		0.00	%		12.79	%		100.00	%		0.00	%
Knights of Columbus Limited Duration Bond Fund		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		0.00	%		11.65	%		100.00	%		0.00	%
Knights of Columbus Large Cap Growth Fund		0.00	%		0.00	%		100.00	%		100.00	%		100.00	%		100.00	%		0.00	%		0.00	%		0.00	%
Knights of Columbus Large Cap Value Fund		0.00	%		0.00	%		100.00	%		100.00	%		100.00	%		100.00	%		0.00	%		0.00	%		0.00	%
Knights of Columbus Small Cap Equity Fund		63.14	%		0.00	%		36.86	%		100.00	%		100.00	%		100.00	%		0.00	%		0.00	%		0.00	%
Knights of Columbus International Equity Fund		0.67	%		0.00	%		99.33	%		100.00	%		18.49	%		100.00	%		0.00	%		0.00	%		0.00	%

(1) Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary Income distributions (the total of short term capital gain and net investment income distributions).

(2) The percentage in this column represents the amount of “Qualifying Dividend Income” as created by the Jobs and Growth Relief Reconciliation Act of 2003 and its reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). It is the intention of each of the aforementioned funds to designate the maximum amount permitted by law.

(3) “U.S. Government Interest represents the amount of interest that was derived from U.S. Government obligations and distributed during the fiscal year. This amount is reflected as a percentage of total ordinary income distributions (the total of short term capital gain and net investment income distributions). Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders who are residents of California, Connecticut and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income.

(4) The percentage in this column represents the amount of “Qualifying Interest Income” as created by the American Jobs Creation Act of 2004 and is a percentage of net investment income that is exempt from U.S. withholding tax when paid for foreign investors.

(5) The percentage in this column represents the amount of “Qualifying Short-Term Capital Gain” as created by the American Jobs Creation Act of 2004 and is reflected as a percentage of short-term capital gain distributions that is exempt from U.S. withholding tax when paid to foreign investors.

The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2015. Complete information will be computed and reported in conjunction with your 2015 Form 1099-DIV.

50

Knights of Columbus Funds

P.O. Box 219009

Kansas City, MO 64121

1-844-KC-FUNDS (1-844-523-8637)

Investment Adviser

Knights of Columbus Asset Advisors LLC

One Columbus Plaza

New Haven, Connecticut 06510

Distributor

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Administrator

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Legal Counsel

Morgan, Lewis & Bockius, LLP

1701 Market Street

Philadelphia, PA 19103-2921

This information must be preceded or accompanied by a current

prospectus for the Funds described.

KOC-AR-001-0100

Item 2. Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, controller or principal accounting officer, and any person who performs a similar function.

Item 3. Audit Committee Financial Expert.

(a)(1) The Registrant’s board of trustees has determined that the Registrant has at least one audit committee financial expert serving on the audit committee.

(a)(2) The audit committee financial expert is Thomas Lemke, and he is independent as defined in Form N-CSR Item 3(a)(2).

Item 4. Principal Accountant Fees and Services.

Fees billed by PricewaterhouseCoopers LLP (“PwC”) related to the Trust

PwC billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years were as follows:

		2015									2014
		All fees and services to the Trust that were pre-approved			All fees and services to service affiliates that were pre-approved			All other fees and services to service affiliates that did not require pre-approval			All fees and services to the Trust that were pre-approved			All fees and services to service affiliates that were pre-approved			All other fees and services to service affiliates that did not require pre-approval
(a)	Audit Fees		$	211,500		$	0		$	0		$	44,300		$	0		$	0
(b)	Audit-Related Fees		$	0		$	0		$	0		$	0		$	0		$	0
(c)	Tax Fees		$	0		$	0		$	0		$	0		$	0		$	0
(d)	All Other Fees		$	0		$	0		$	0		$	0		$	0		$	0

Fees billed by KPMG LLP (“KPMG”) related to the Trust

KPMG billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years were as follows:

		2015									2014
		All fees and services to the Trust that were pre-approved			All fees and services to service affiliates that were pre-approved			All other fees and services to service affiliates that did not require pre-approval			All fees and services to the Trust that were pre-approved			All fees and services to service affiliates that were pre-approved			All other fees and services to service affiliates that did not require pre-approval
(a)	Audit Fees		$	35,000		$	0		$	0		$	32,000		$	0		$	0
(b)	Audit-Related Fees		$	0		$	0		$	0		$	0		$	0		$	0
(c)	Tax Fees		$	5,000		$	0		$	0		$	4,500		$	0		$	0
(d)	All Other Fees		$	0		$	0		$	0		$	0		$	0		$	0

Fees billed by Ernst & Young LLP (“E&Y”) related to the Trust

E&Y billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years were as follows:

2015

2014

All fees and services to the Trust that were pre-approved

All fees and services to service affiliates that were pre-approved

All other fees and services to service affiliates that did not require pre-approval

All fees and services to the Trust that were pre-approved

All fees and services to service affiliates that were pre-approved

All other fees and services to service affiliates that did not require pre-approval

(a)

Audit Fees

$

25,400

N/A

N/A

N/A

N/A

N/A

(b)

Audit-Related Fees

N/A

N/A

N/A

N/A

N/A

N/A

(c)

Tax Fees

N/A

N/A

N/A

N/A

N/A

N/A

(d)

All Other Fees

N/A

N/A

N/A

N/A

N/A

N/A

(e)(1)

All requests or applications for services to be provided by the independent auditor shall be submitted to the Chief Financial Officer (“CFO”) of the Registrant and must include a detailed description of the services proposed to be rendered. The Registrant‘s CFO will determine whether such services (1) require specific pre-approval, (2) are included within the list of services that have received the general pre-approval of the audit committee or (3) have been previously pre-approved in connection with the independent auditor’s annual engagement letter for the applicable year or otherwise.

Requests or applications to provide services that require specific pre-approval by the audit committee will be submitted to the audit committee by the CFO. The audit committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor. The audit committee has delegated specific pre-approval authority to either the audit committee chair or financial experts, provided that the estimated fee for any such proposed pre-approved service does not exceed $100,000 and any pre-approval decisions are reported to the audit committee at its next regularly scheduled meeting.

All services to be provided by the independent auditor shall be provided pursuant to a signed written engagement letter with the Registrant, the investment advisor or applicable control affiliate (except that matters as to which an engagement letter would be impractical because of timing issues or because the matter is small may not be the subject of an engagement letter) that sets forth both the services to be provided by the independent auditor and the total fees to be paid to the independent auditor for those services.

In addition, the audit committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work of the independent auditor and to assure the auditor’s independence from the Registrant, such as reviewing a formal written statement from the independent auditor delineating all relationships between the independent auditor and the Registrant, and discussing with the independent auditor its methods and procedures for ensuring independence.

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (PwC):

	2015			2014
Audit-Related Fees		0	%		0	%
Tax Fees		0	%		0	%
All Other Fees		0	%		0	%

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (KPMG):

	2015			2014
Audit-Related Fees		0	%		0	%
Tax Fees		0	%		0	%
All Other Fees		0	%		0	%

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (E&Y):

	2015
Audit-Related Fees		0	%
Tax Fees		0	%
All Other Fees		0	%

(f) Not applicable.

(g) The aggregate non-audit fees and services billed by PwC for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal years were $0 and $0 for 2015 and 2014, respectively.

(g) The aggregate non-audit fees and services billed by KPMG for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal years were $5,000 and $4,500 for 2015 and 2014, respectively.

(g) The aggregate non-audit fees and services billed by E&Y for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last fiscal year was $0 for 2015.

(h) During the past fiscal year, all non-audit services provided by Registrant’s principal accountant to either Registrant’s investment adviser or to any entity controlling, controlled by, or under common control with Registrant’s investment adviser that provides ongoing services to Registrant were pre-approved by the audit committee of Registrant’s Board of Trustees. Included in the audit committee’s pre-approval was the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6. Schedule of Investments.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable. Effective for closed-end management investment companies for fiscal years ending on or after December 31, 2005.

Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees during the period covered by this report.

Item 11. Controls and Procedures.

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There has been no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Code of Ethics attached hereto.

(a)(2) A separate certification for the principal executive officer and the principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.

(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as an exhibit.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	The Advisors’ Inner Circle Fund III
By (Signature and Title)*	/s/ Michael Beattie
	Michael Beattie, President
Date:  January 8, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Michael Beattie
	Michael Beattie, President
Date:  January 8, 2016
By (Signature and Title)*	/s/ Stephen Connors
	Stephen Connors,
	Treasurer, Controller & CFO
Date:  January 8, 2016

* Print the name and title of each signing officer under his or her signature.