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, 2016

Date of reporting period: October 31, 2016

Item 1. Reports to Stockholders.

The Advisors’ Inner Circle Fund III

PineBridge Dynamic Asset Allocation Fund

ANNUAL REPORT OCTOBER 31, 2016

Investment Adviser:

PineBridge Investments LLC

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

TABLE OF CONTENT

Shareholders’ Letter	1
Schedule of Investments	5
Statement of Assets and Liabilities	54
Statement of Operations	55
Statement of Changes in Net Assets	56
Financial Highlights	57
Notes to Financial Statements	59
Report of Independent Registered Public Accounting Firm	74
Disclosure of Fund Expenses	75
Trustee and Officers of the Advisors’ Inner Circle Fund III	77
Notice to Shareholders	83

The Fund files its complete schedule of investments with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q within sixty days after period end. The Fund’s Form N-Q is available on the SEC’s website at http://www.sec.gov, and may be reviewed and copied at the SEC’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 Fund uses to determine how to vote proxies relating to Fund securities, as well as information relating to how a Fund voted proxies relating to fund securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-877-225-4164; and (ii) on the SEC’s website at http://www.sec.gov.

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016 (Unaudited)

SHAREHOLDERS’ LETTER

Dear Shareholder,

We are pleased to offer you the 2016 report for the PineBridge Dynamic Asset Allocation Fund (the “Fund”) for the year-to-date period ending October 31, 2016. Enclosed we provide a discussion of how the Fund was managed and our market outlook going forward during this period.

Coming into 2016 markets were pricing in a high likelihood of a hard landing in China in the midst of a rising consensus that all central banks were near the end of their accommodative measures. Global equity markets, particularly in Europe and Japan, suffered due to disappointing data flow as well as steep sell-off in China. Then a number of surprising events took hold. Oil prices ricochet off of new lows in the wake of increasing supply and weak demand outlook. The Bank of Japan surprised investors, including ourselves, by announcing a ‘negative interest rate policy’. While risk assets generally grinded higher in the second quarter, the long awaited Brexit decision shocked the markets in June as polls moved from “unlikely” to “too-close-to-call”, while market-based odds for “Remain” rose from “Likely” to “Extremely Likely”. By the end of June, global equities (as measured by the MSCI All Country World Daily TR Net Index) ended at 1.2% while global government bonds (as measured by the Citi World Government Bond Index TR Net Index) rallied at 10.7% as developed world sovereign bond yields plunged to record lows. During these first two quarters, the Fund returns were negatively impacted by its overweight exposures to Japanese Equities, European Equities and US Dollar (long US Dollar, Euro and Yen hedged out).

In Q3 2016, markets seemed to reverse their trend in the first half of the year. Dovish policymakers, deflationary pressures subsiding, and relatively stable oil prices prompted global equities to rally 4.6%. Japanese equities rallied 6.2% on the back of a decisive reelection outcome for Prime Minister Abe and investor sentiment improvement following the announcement of its long-awaited stimulus package. The macro data flow from Europe painted a picture of stable growth — outweighing any lingering ‘Brexit’ fears. Lower and lower developed market sovereign yields led investors to search for yields in riskier credit instruments such as US High Yield rising 5.6% followed by emerging market sovereign bonds in local currency rising 4.0%. During this period, the Fund returns were positively impacted by its overweight exposures to Japanese Equities and Emerging Market (“EM”) Sovereign Local Currency Debt.

More recently, we have started to observe clear signs in a regime shift from monetary policy to fiscal policy in the US joining Japan and China. The US presidential election outcome pulled global equities out of its range bound levels since July — renewed economic growth in light of more fiscal backdrop pushed global equities to their yearly highs at 5.6% by the end of November 2016. In the US, prospects of a Trump fiscal stimulus package bolstered US equities up more than

1

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016 (Unaudited)

+13% over November; in particular, talk of a looser regulatory environment benefitted US financials. On the other hand, renewed prospects of higher growth and faster inflation, in addition to increasing investor convictions in an interest rate hike by the Federal Reserve, led to a sell-off of government bonds ending lower at 5.3% on year-to-date basis as of November 30, 2016 after the US elections. Some of the best performing asset classes this year like emerging market sovereigns posted losses since the US elections — though the trend was merely a dent in their stellar double-digit performance this year. Selective outliers to the selloff included Latin American emerging market sovereigns helped by structural and domestic reforms.

Going forward, in our view, the positives of pro-growth tax cuts, regulatory roll back, and infrastructure spending have to be weighed against a deleterious impact on global trade. On balance we agree with the markets assessment that the stimulative positives of a US fiscal thrust could outweigh potential drags from global trade. In China, measures to curb excess capacity seem to be working as the country is discarding its attempt to slow down local government debt buildup and is now accelerating a new form of fiscal thrust by the central government. In tandem, monetary policy remains very accommodative, and should continue to do so for most of 2017 with a widening divergence between the Federal Reserve and the other central banks; negative interest rate policies and quantitative easing programs by the European Central Bank and Bank of Japan should soon stifle further escalations in the US yield curve and US Dollar, until one of these central banks changes course. As a whole, emerging markets have been weathering the bond sell-off relatively well; offsetting a rising US yield curve is the reality of selective accelerating EM economies, commodity prices, and political reforms.

Amidst this market environment, in 2016, the PineBridge Dynamic Asset Allocation Fund, Institutional Shares returned 5.10% net of fees underperforming the benchmark (60% MSCI ACWI/ 40% Citi World Government Bond Index) by -1.86% from March 2, 2016 (commencement of operations) through October 31, 2016. While 2016 presented a challenge, we are optimistic in finding opportunities going forward as an environment of low nominal returns and rising volatility ahead particularly emphasizes the importance of selectivity. On the horizon, we believe increasing differences to regional, sector and asset class should be a healthy backdrop for seeking alpha from choosing beta. We look forward to this new regime driven by fiscal policies, despite the likely bumps along the way.

We appreciate your investment into the PineBridge Dynamic Asset Allocation Fund and look forward to continuing to servicing your investment needs in the year ahead.

Warm Regards,

Michael Kelly

2

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016 (Unaudited)

This material represents the manager’s assessment of the portfolio and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice. Past performance is no guarantee of future results. Mutual fund investing involves risk, including possible loss of principal.

Definition of Comparative Index And Other Investment Terms

Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a mutual fund and compares its risk adjusted performance to a benchmark index. The excess return of the fund relative to the return of the benchmark index is a fund’s alpha.

Beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole. Beta is used in the capital asset pricing model (CAPM), a model that calculates the expected return of an asset based on its beta and expected market return.

Citigroup World Government Bond Index (WGBI) is a market capitalization weighted index that is designed to measure the performance of fixed-rate, local currency, investment grade sovereign bonds. The WGBI comprises sovereign debt from over 20 countries.

MSCI ACWI is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 46 country indices comprising 23 developed and 23 emerging market country indices.

3

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016 (Unaudited)

Comparison of Change in the Value of a $1,000,000 Investment in the PineBridge Dynamic Asset Allocation Fund, Institutional Shares versus a blended benchmark of 60% MSCI ACWI and 40% Citigroup World Government Bond Index

	TOTAL RETURN FOR THE PERIOD ENDED OCTOBER 31, 2016
	Cumulative Inception to Date*
Institutional Shares		5.10	%
Investor Servicing Shares**		5.30	%
60% MSCI AWI/40% Citigroup World Government Bond Index		6.96	%

* The PineBridge Dynamic Asset Allocation Fund, Institutional Shares and Investor Servicing Shares, commenced operations on March 2, 2016.

** The graph is based on only Institutional Shares; performance for Investor Shares would be different due to differences in fee structures. 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 portfolio’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.

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

See definition of comparative index on page 3.

4

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

SECTOR WEIGHTINGS (Unaudited)†

†Percentages are based on total investments.

SCHEDULE OF INVESTMENTS
COMMON STOCK — 43.9%
	Shares		Value
Austria — 0.0%
ANDRITZ		602	$	31,489
Belgium — 0.1%
Anheuser-Busch InBev		526		60,369
Proximus SADP		1,623		46,466
				106,835
Bermuda — 0.1%
Aspen Insurance Holdings		1,115		53,799
Canada — 0.3%
Bank of Montreal		3,292		209,503
Barrick Gold		2,692		47,365
Genworth MI Canada		300		6,515
				263,383

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

5

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

COMMON STOCK — continued
	Shares		Value
Denmark — 0.1%
Carlsberg, Cl B		172	$	15,510
Danske Bank		1,122		34,641
Genmab *		9		1,485
ISS		315		12,385
Novo Nordisk, Cl B		1,088		38,922
				102,943
Finland — 0.2%
Fortum		2,108		35,151
Kone, Cl B		495		22,784
Nokia		860		3,840
Nokian Renkaat		191		6,410
Orion, Cl B		842		35,854
UPM-Kymmene		2,672		62,184
				166,223
France — 0.9%
Arkema		257		24,370
Atos		90		9,348
AXA		2,780		62,668
BNP Paribas		1,170		67,866
Bouygues		805		26,250
Carrefour		480		12,591
Christian Dior		445		85,854
Cie de Saint-Gobain		1,069		47,462
Cie Generale des Etablissements Michelin		158		17,107
Credit Agricole		5,276		56,945
Danone		160		11,079
Edenred		48		1,112
Electricite de France		742		8,316
Engie		7,046		101,596
Eutelsat Communications		941		19,730
Fonciere Des Regions ‡		79		6,906
LVMH Moet Hennessy Louis Vuitton		140		25,443
Natixis		2,959		14,958
Orange		8,155		128,464
Safran		461		31,695
Sanofi		109		8,491
SES, Cl A		742		17,064
Societe Generale		1,850		72,218
TOTAL		427		20,493

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

6

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

COMMON STOCK — continued
	Shares		Value
France — continued
Vivendi		3,198	$	64,666
				942,692
Germany — 0.8%
Allianz		1,094		170,533
BASF		209		18,423
Bayer		812		80,482
Bayerische Motoren Werke		213		18,558
Beiersdorf		575		50,623
Daimler		1,322		94,200
Deutsche Lufthansa		1,454		18,587
Deutsche Post		1,254		38,861
Deutsche Telekom		2,231		36,357
Deutsche Wohnen		254		8,287
E.ON		2,761		20,222
Evonik Industries		1,605		50,144
Fresenius & KGaA		254		18,749
Henkel & KGaA		292		32,151
HUGO BOSS		93		5,841
MAN		245		25,055
METRO		188		5,632
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		193		37,416
SAP		82		7,223
Siemens		74		8,404
Telefonica Deutschland Holding		12,669		49,107
				794,855
Hong Kong — 0.3%
Agricultural Bank of China		6,000		2,530
China Petroleum & Chemical		78,000		56,824
China Telecom		356,000		184,070
Chongqing Rural Commercial Bank		15,000		8,993
CSPC Pharmaceutical Group		18,000		18,660
China Life Insurance		24,000		22,169
				293,246
Indonesia — 7.0%
Adaro Energy		943,900		114,660
AKR Corporindo		116,400		63,338

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

7

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

COMMON STOCK — continued
	Shares		Value
Indonesia — continued
Astra International		1,327,200	$	836,620
Bank Central Asia		808,300		961,746
Bank Mandiri Persero		612,200		538,396
Bank Negara Indonesia Persero		489,200		209,020
Bank Rakyat Indonesia Persero		728,000		680,687
Bumi Serpong Damai		504,800		83,953
Global Mediacom		465,500		30,325
Gudang Garam		31,600		164,442
Hanjaya Mandala Sampoerna		610,300		184,755
Indocement Tunggal Prakarsa		96,500		121,660
Indofood CBP Sukses Makmur		153,000		110,224
Indofood Sukses Makmur		288,000		187,615
Jasa Marga Persero		133,700		46,418
Kalbe Farma		1,383,400		184,482
Lippo Karawaci		1,210,600		83,966
Matahari Department Store		153,100		211,498
Media Nusantara Citra		327,600		52,725
Perusahaan Gas Negara Persero		715,400		140,361
Semen Indonesia Persero		194,600		146,905
Summarecon Agung		662,200		83,739
Surya Citra Media		383,500		77,887
Telekomunikasi Indonesia Persero		3,305,000		1,068,907
Tower Bersama Infrastructure		157,200		71,986
Unilever Indonesia		100,100		341,198
United Tractors		110,100		182,473
Waskita Karya Persero		311,500		62,548
XL Axiata *		245,100		41,326
				7,083,860
Ireland — 0.0%
Paddy Power Betfair		80		8,281
Italy — 0.3%
Assicurazioni Generali		3,427		44,279
Enel		44,816		192,852
Eni		3,177		46,071
Intesa Sanpaolo		3,574		7,721
Snam		5,155		27,174
				318,097

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

8

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

COMMON STOCK — continued
	Shares		Value
Japan — 14.2%
AEON Financial Service		2,500	$	44,126
Aeon Mall		2,200		32,726
Air Water		1,000		18,757
Ajinomoto		9,300		207,204
Alfresa Holdings		2,000		42,377
Alps Electric		3,200		76,895
Amada Holdings		200		2,285
ANA Holdings		22,000		61,928
Asahi Glass		5,000		35,043
Asahi Group Holdings		7,000		250,377
Asahi Kasei		7,000		63,265
Asics		300		6,414
Astellas Pharma		900		13,384
Bandai Namco Holdings		900		27,033
Bank of Kyoto		2,000		14,704
BayCurrent Consulting *		6,500		108,592
Benesse Holdings		600		15,751
Bridgestone		2,500		93,330
Brother Industries		700		12,883
Canon		3,300		94,937
Capcom		5,500		142,391
Casio Computer		15,800		220,871
Central Japan Railway		1,400		238,496
Chiba Bank		14,000		86,774
Chubu Electric Power		5,000		73,639
Chugai Pharmaceutical		200		6,828
Chugoku Bank		2,000		26,890
Chugoku Electric Power		3,400		39,813
Concordia Financial Group		10,100		46,922
CYBERDYNE *		3,300		49,624
Daicel		14,600		192,679
Dai-ichi Life Holdings		4,400		64,655
Daiichi Sankyo		3,500		84,304
Daikin Industries		2,400		230,686
Daikyo		72,000		154,477
Daito Trust Construction		500		83,794
Daiwa House Industry		1,000		27,520
Daiwa Securities Group		12,000		71,826
Denso		1,200		52,236
Disco		800		96,882
East Japan Railway		1,200		105,925

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

9

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

COMMON STOCK — continued
	Shares		Value
Japan — continued
Eisai		1,300	$	83,030
Electric Power Development		800		18,667
FamilyMart UNY Holdings		900		56,470
Fast Retailing		300		101,440
Fuji Electric		48,000		240,298
Fuji Heavy Industries		8,400		327,926
Fujitsu		27,000		160,424
GMO internet		5,000		66,988
GMO Payment Gateway		700		32,240
Hino Motors		500		5,459
Hirose Electric		500		66,177
Hiroshima Bank		4,000		17,164
Hitachi		18,000		95,982
Hitachi Chemical		900		21,112
Hitachi Construction Machinery		1,800		37,710
Hitachi Metals		200		2,502
Honda Motor		3,400		101,932
Hoshizaki		300		27,119
Hoya		2,100		87,809
IDOM		6,900		36,056
IHI *		12,000		31,696
Iida Group Holdings		3,700		71,587
Inpex		12,100		113,719
Isetan Mitsukoshi Holdings		1,200		12,152
Isuzu Motors		17,200		213,134
ITOCHU		16,800		212,823
Iyo Bank		1,900		11,704
J Front Retailing		1,000		13,798
Japan Post Bank		3,400		40,137
Japan Post Holdings		800		10,207
Japan Real Estate Investment ‡		1		5,788
Japan Retail Fund Investment ‡		9		20,417
Japan Tobacco		900		34,277
JFE Holdings *		10,400		149,401
JTEKT		1,600		23,725
JX Holdings		500		1,983
Kajima		5,000		33,804
Kakaku.com		11,000		185,133
Kansai Electric Power *		1,500		14,368
Kao		3,100		159,774
Kawasaki Heavy Industries		16,000		46,839

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

10

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

COMMON STOCK — continued
	Shares		Value
Japan — continued
KDDI		9,300	$	283,071
Keisei Electric Railway		2,500		60,480
Keyence		200		146,963
Kobe Steel *		200		1,655
Koito Manufacturing		4,000		209,021
Konica Minolta		200		1,795
Kose		300		27,434
Kubota		8,500		137,344
Kuraray		2,700		41,039
Kyocera		1,500		73,090
Lawson		400		30,438
M3 *		1,800		54,925
Marubeni		14,200		74,839
Mazda Motor		11,500		189,437
Mebuki Financial Group		12,870		45,899
Megachips *		3,400		68,376
MEIJI Holdings		700		69,953
Minebea *		1,200		12,290
Miraca Holdings		300		14,532
MISUMI Group		4,600		84,087
Mitsubishi		300		6,554
Mitsubishi Estate		2,000		39,697
Mitsubishi Gas Chemical		500		7,714
Mitsubishi Motors		2,000		11,157
Mitsubishi UFJ Financial Group		42,000		218,110
Mitsui Chemicals		4,000		19,758
Mitsui Fudosan		6,000		136,770
Mitsui OSK Lines		1,000		2,508
Mixi *		400		14,742
Mizuho Financial Group		13,400		22,629
Morinaga		2,600		121,112
MS&AD Insurance Group Holdings		11,200		333,427
Murata Manufacturing		1,300		181,854
Nabtesco		4,600		137,732
NEC		10,000		26,795
Nexon		3,000		51,206
NHK Spring		200		1,888
Nichias		14,000		124,821
Nichirei		5,500		120,573
Nidec		2,700		261,838
Nikon		2,400		36,319

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

11

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

COMMON STOCK — continued
	Shares		Value
Japan — continued
Nippon Telegraph & Telephone		4,600	$	204,405
Nitori Holdings		1,500		179,794
NOK		200		4,495
Nomura Research Institute		300		10,427
NTT Data		700		36,178
NTT DOCOMO		1,500		37,768
NTT Urban Development		7,900		72,619
Obara Group		1,100		47,516
Obayashi		3,800		36,706
Oji Holdings		4,000		16,973
Osaka Gas		7,000		29,149
Outsourcing		1,700		64,680
Park24		100		3,094
Penta-Ocean Construction		14,300		85,361
PeptiDream *		1,500		77,525
Pola Orbis Holdings		800		66,673
Recruit Holdings		3,500		140,841
Ricoh		2,500		20,406
Rinnai		600		57,786
Ryohin Keikaku		300		64,194
SCSK		3,200		119,615
Secom		100		7,231
Seikagaku *		3,500		56,270
Seven & i Holdings		1,500		62,692
Shimadzu		13,000		189,539
Shin-Etsu Chemical		1,200		91,210
SMC		300		87,222
SMS *		4,300		112,390
SoftBank Group		3,200		201,453
Sony		5,300		169,861
Sumco		8,200		86,168
Sumitomo		400		4,613
Sumitomo Dainippon Pharma		4,800		83,349
Sumitomo Metal Mining		6,000		77,782
Sumitomo Mitsui Financial Group		4,300		149,785
Sumitomo Mitsui Trust Holdings		4,300		145,561
Sundrug		1,700		134,061
Suzuki Motor		2,200		78,249
T&D Holdings		7,600		92,110
Taiheiyo Cement		1,000		2,870
Taisei		11,000		82,655

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

12

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

COMMON STOCK — continued
	Shares		Value
Japan — continued
Takeda Pharmaceutical		200	$	8,963
Teijin		800		15,509
Temp Holdings		4,600		78,165
Tohoku Electric Power		4,400		53,914
Tokio Marine Holdings		5,300		209,685
Tokyu		12,000		90,054
Tomy		12,700		137,452
Topcon		13,400		200,738
Toray Industries		12,000		112,002
Toyobo		32,000		52,484
Toyoda Gosei		1,000		22,895
Toyota Motor *		6,200		359,395
W-Scope		3,700		66,330
				14,514,948
Luxembourg — 0.0%
RTL Group		450		35,261
Malaysia — 0.2%
Berjaya Sports Toto		208,400		158,473
Mexico — 9.5%
Alfa, Cl A		193,500		293,613
America Movil		1,902,300		1,260,081
Arca Continental		20,700		128,640
Cemex *		835,300		722,563
Coca-Cola Femsa		34,300		257,545
El Puerto de Liverpool		14,000		147,229
Fibra Uno Administracion ‡		144,600		275,184
Fomento Economico Mexicano		116,800		1,119,922
Gentera		45,800		90,335
Gruma, Cl B		11,340		157,636
Grupo Aeroportuario del Pacifico, Cl B		19,000		183,556
Grupo Aeroportuario del Sureste, Cl B		14,765		235,056
Grupo Bimbo, Ser A		112,600		303,587
Grupo Carso		37,500		163,880
Grupo Comercial Chedraui		9,400		20,908
Grupo Financiero Banorte, Cl O		150,100		885,464
Grupo Financiero Inbursa, Cl O		161,500		263,171
Grupo Financiero Santander Mexico, Cl B		129,300		234,164
Grupo Lala, Cl B		24,800		46,120

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

13

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

COMMON STOCK — continued
	Shares		Value
Mexico — continued
Grupo Mexico		244,900	$	601,205
Grupo Televisa		146,100		717,785
Industrias Penoles		9,870		238,773
Kimberly-Clark de Mexico, Cl A		107,100		230,791
Mexichem		52,700		125,944
OHL Mexico		26,200		30,745
Promotora y Operadora de Infraestructura		18,925		211,118
Wal-Mart de Mexico		338,400		715,794
				9,660,809
Netherlands — 0.3%
Akzo Nobel		889		57,461
ArcelorMittal *		74		499
ASML Holding		597		63,242
Boskalis Westminster		784		25,299
Heineken		104		8,568
Heineken Holding		659		50,719
Koninklijke Ahold Delhaize		5,780		131,945
Randstad Holding		26		1,339
RELX		1,106		18,667
				357,739
Norway — 0.1%
DNB		1,872		27,075
Statoil		3,601		59,012
				86,087
Portugal — 0.0%
EDP—Energias de Portugal		9,364		30,951
Galp Energia SGPS		227		3,078
				34,029
South Africa — 0.1%
Barclays Africa Group		3,251		37,700
Capitec Bank Holdings		196		9,957
FirstRand		7,189		25,762
				73,419
South Korea — 0.1%
Hanwha Life Insurance		17,963		98,115

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

14

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

COMMON STOCK — continued
	Shares		Value
South Korea — continued
Korea Electric Power		739	$	31,808
KT		21		593
				130,516
Spain — 0.3%
Abertis Infraestructuras		3,178		47,184
Amadeus IT Group, Cl A		1,986		93,746
Banco Bilbao Vizcaya Argentaria		11,776		85,035
Banco de Sabadell		7,198		9,632
Enagas		1,289		37,003
Endesa		227		4,826
Gas Natural SDG		155		3,058
Telefonica		4,618		46,943
				327,427
Sweden — 0.2%
Alfa Laval		476		6,841
Atlas Copco, Cl A		1,398		41,017
Atlas Copco, Cl B		1,514		39,593
Boliden		296		6,859
Electrolux		241		5,707
Hexagon, Cl B		367		12,848
ICA Gruppen		401		12,453
Millicom International Cellular		17		747
Nordea Bank		2,330		24,494
Skanska, Cl B		1,135		24,656
Swedish Match		677		23,558
Telefonaktiebolaget LM Ericsson, Cl B		299		1,447
				200,220
Switzerland — 0.7%
ABB		3,472		71,577
Actelion		120		17,341
Adecco Group		64		3,806
Coca-Cola HBC		2,236		48,333
EMS-Chemie Holding		39		19,578
Galenica		7		7,017
Givaudan		2		3,870
Lonza Group		363		68,524
Nestle		2,238		162,273

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

15

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

COMMON STOCK — continued
	Shares		Value
Switzerland — continued
Novartis		809	$	57,556
Pargesa Holding		757		50,834
Partners Group Holding		41		20,758
Roche Holding		550		126,447
Swiss Re		29		2,693
TE Connectivity		528		33,195
				693,802
Taiwan — 0.1%
Advanced Semiconductor Engineering		12,000		14,108
AU Optronics		18,000		6,845
Cheng Shin Rubber Industry		8,000		16,300
Chicony Electronics		6,000		15,362
Chunghwa Telecom		3,000		10,267
Hon Hai Precision Industry		24,000		64,872
				127,754
United Kingdom — 1.4%
3i Group PLC		1,984		16,295
Aberdeen Asset Management PLC		9,735		38,154
Admiral Group PLC		1,155		27,101
Aggreko PLC		428		4,199
Anglo American PLC *		212		2,935
AstraZeneca PLC		252		14,152
Aviva PLC		1,521		8,244
BAE Systems PLC		6,073		40,326
Barratt Developments PLC		3,413		18,953
Berkeley Group Holdings PLC		1,607		46,401
BHP Billiton PLC		1,853		27,999
BP PLC		20,333		120,383
British American Tobacco PLC		2,017		115,824
BT Group PLC, Cl A		5,126		23,588
Carnival PLC		471		22,691
Centrica PLC		12,088		31,693
Cobham PLC		957		1,674
Compass Group PLC		2,305		41,784
DCC PLC		275		22,434
Diageo PLC		2,712		72,349
Direct Line Insurance Group PLC		12,388		52,479
easyJet PLC		1,752		20,094

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

16

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

COMMON STOCK — continued
	Shares		Value
United Kingdom — continued
GKN PLC		1,705	$	6,661
GlaxoSmithKline PLC		5,534		109,631
Hargreaves Lansdown PLC		1,006		14,284
Hikma Pharmaceuticals PLC		149		3,199
HSBC Holdings PLC		14,091		106,279
ITV PLC		12,109		25,271
J Sainsbury PLC		5,721		17,569
Johnson Matthey PLC		41		1,711
Legal & General Group PLC		14,777		37,874
Lloyds Banking Group PLC		58,105		40,724
Marks & Spencer Group PLC		1,529		6,372
Mondi PLC		1,373		26,822
Pearson PLC		899		8,335
Persimmon PLC		1,758		36,452
Rio Tinto PLC		1,166		40,525
Royal Dutch Shell PLC, Cl A		4,158		103,748
Royal Dutch Shell PLC, Cl B		637		16,490
Royal Mail PLC		3,467		20,836
Shire PLC		430		24,474
St. James’s Place PLC		570		6,593
William Hill PLC		4,616		16,713
				1,440,315
United States — 6.6%
3M		218		36,035
Adobe Systems *		297		31,930
AES		3,604		42,419
Aetna		325		34,889
Aflac		694		47,796
AGNC Investment ‡		4,324		86,739
Alaska Air Group		500		36,110
Allied World Assurance Holdings		289		12,421
Alphabet, Cl C *		50		39,227
Ameren		149		7,443
American Airlines Group		1,229		49,897
American Express		3,635		241,437
AmTrust Financial Services		1,521		40,139
Anthem		837		101,997
Aon		247		27,375
Archer-Daniels-Midland		3,087		134,501
Arista Networks *		300		25,425

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

17

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

COMMON STOCK — continued
	Shares		Value
United States — continued
AT&T		3,315	$	121,960
AutoZone *		25		18,554
AvalonBay Communities ‡		29		4,964
Avery Dennison		13		907
Bank of America		1,448		23,892
Baxter International		455		21,653
Bemis		79		3,849
Berkshire Hathaway, Cl B *		449		64,791
Best Buy		77		2,996
Boeing		283		40,308
Boston Properties ‡		231		27,831
Brixmor Property Group ‡		1,459		37,088
BWX Technologies		6,200		243,163
Carnival		1,648		80,917
CenturyLink		1,268		33,703
CH Robinson Worldwide		221		15,055
Chevron		326		34,149
Cigna		157		18,656
Cisco Systems		3,126		95,906
Citigroup		1,892		92,992
Citrix Systems *		316		26,797
Clorox		346		41,527
Cognizant Technology Solutions, Cl A *		348		17,870
Concho Resources *		5		635
Corrections Corp of America ‡		1,500		21,675
Cummins		105		13,421
Darden Restaurants		188		12,181
Deere		134		11,832
Delta Air Lines		426		17,794
Diamond Offshore Drilling *		1,501		24,751
Dow Chemical		1,159		62,366
Dr Pepper Snapple Group		122		10,710
E*TRADE Financial *		1,421		40,015
East West Bancorp		1,048		41,406
EI du Pont de Nemours		347		23,870
Emerson Electric		941		47,690
Entergy		599		44,134
Equity Residential ‡		640		39,520
Exelon		1,375		46,847
Express Scripts Holding *		20		1,348
Exxon Mobil		1,115		92,901

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

18

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

COMMON STOCK — continued
	Shares		Value
United States — continued
F5 Networks *		182	$	25,154
Facebook, Cl A *		990		129,680
Federated Investors, Cl B		807		21,789
First Republic Bank		270		20,096
Fiserv *		143		14,083
General Dynamics		301		45,373
General Electric		1,516		44,116
Great Plains Energy		316		8,987
Hanover Insurance Group		53		4,038
Harris		44		3,925
HCA Holdings *		443		33,903
Herbalife *		200		12,136
Hologic *		949		34,174
Home Depot		152		18,546
Honeywell International		74		8,116
HP		15,692		227,377
Intel		594		20,713
International Paper		61		2,747
Intuitive Surgical *		54		36,293
Johnson & Johnson		605		70,174
JPMorgan Chase		1,771		122,660
Kimberly-Clark		329		37,641
Kroger		1,222		37,858
Laredo Petroleum *		2,970		35,402
Lazard, Cl A		1,132		41,273
Lear		326		40,026
Leidos Holdings		300		12,471
LyondellBasell Industries, Cl A		2,938		233,718
Marathon Petroleum		1,128		49,170
McKesson		152		19,330
Medtronic		72		5,905
Merck		1,402		82,326
MGM Resorts International *		2,179		57,024
Microsoft		669		40,087
Mondelez International, Cl A		1,463		65,747
Nabors Industries		3,190		37,961
Noble Energy		1,260		43,432
Northrop Grumman		25		5,725
Nucor		860		42,011
Omnicom Group		3,306		263,885
ONEOK		211		10,219

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

19

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

COMMON STOCK — continued
	Shares		Value
United States — continued
PACCAR		617	$	33,886
Pfizer		940		29,807
Philip Morris International		114		10,994
Pilgrim’s Pride *		3,218		70,281
PPG Industries		223		20,768
Procter & Gamble		529		45,917
Public Service Enterprise Group		471		19,819
Public Storage ‡		20		4,274
Range Resources		904		30,546
Regions Financial		327		3,502
Rowan, Cl A *		611		8,108
Schlumberger		44		3,442
Southwest Airlines		3,280		131,364
Steel Dynamics		9,900		271,854
SunTrust Banks		175		7,915
Target		90		6,186
Tempur Sealy International *		320		17,302
Texas Instruments		584		41,376
TJX		330		24,337
Transocean *		1,044		10,033
Travelers		449		48,573
United Continental Holdings *		1,907		107,231
United Technologies		454		46,399
Unum Group		224		7,930
Valero Energy		1,354		80,210
VeriSign *		679		57,050
Verizon Communications		853		41,029
Visteon *		3,300		233,013
Wal-Mart Stores		3,511		245,840
Walt Disney		388		35,964
WellCare Health Plans *		2,000		227,019
Wells Fargo		885		40,719
Western Union		1,835		36,828
World Fuel Services		850		34,213
				6,717,424
TOTAL COMMON STOCK (Cost $43,248,050)				44,723,926

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

20

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

SOVEREIGN DEBT — 16.2%
	Face Amount(1)				Value
Argentine Government International Bond 7.500%, 04/22/2026			$	400,000	$	437,000
7.125%, 07/06/2036				1,000,000		1,031,000
6.875%, 04/22/2021				420,000		454,440
6.625%, 07/06/2028				500,000		514,250
Austria Government Bond 4.850%, 03/15/2026 (A)		EUR		55,000		86,557
3.150%, 06/20/2044 (A)		EUR		5,000		8,285
Belgium Government Bond 5.000%, 03/28/2035 (A)		EUR		40,000		74,882
4.250%, 03/28/2041 (A)		EUR		20,000		36,761
3.750%, 06/22/2045		EUR		12,000		21,187
Brazil Notas do Tesouro Nacional Serie F 10.000%, 01/01/2019		BRL		4,200,000		1,281,559
10.000%, 01/01/2021		BRL		4,300,000		1,293,208
10.000%, 01/01/2025		BRL		4,450,000		1,301,842
10.000%, 01/01/2027		BRL		4,450,000		1,284,432
Bundesrepublik Deutschland 4.750%, 07/04/2040		EUR		19,000		39,494
3.250%, 07/04/2042		EUR		69,000		120,435
0.500%, 02/15/2026		EUR		14,000		15,962
French Government Bond OAT 4.500%, 04/25/2041		EUR		45,000		84,547
4.000%, 10/25/2038		EUR		17,000		29,284
3.250%, 05/25/2045		EUR		27,000		43,442
Indonesia Treasury Bond 10.500%, 08/15/2030		IDR		1,800,000,000		169,715
9.000%, 03/15/2029		IDR		3,900,000,000		331,177
8.750%, 05/15/2031		IDR		1,100,000,000		94,210
8.375%, 03/15/2024		IDR		5,100,000,000		415,097
8.375%, 09/15/2026		IDR		5,000,000,000		407,706
8.250%, 07/15/2021		IDR		4,250,000,000		341,355
8.250%, 05/15/2036		IDR		1,200,000,000		95,530
Ireland Government Bond 5.400%, 03/13/2025		EUR		11,000		16,898
Italy Buoni Poliennali Del Tesoro 7.250%, 11/01/2026		EUR		22,000		36,667
5.000%, 09/01/2040		EUR		20,000		31,280
4.750%, 09/01/2044 (A)		EUR		10,000		15,394

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

21

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

SOVEREIGN DEBT — continued
	Face Amount(1)			Value
Japan Government Five Year Bond 0.200%, 09/20/2018		JPY	10,600,000	$	101,957
0.100%, 12/20/2019		JPY	11,600,000		111,764
0.100%, 09/20/2020		JPY	11,000,000		106,165
0.100%, 12/20/2020		JPY	11,000,000		106,225
0.100%, 06/20/2021		JPY	10,000,000		96,648
Japan Government Ten Year Bond 1.700%, 09/20/2017		JPY	10,900,000		105,786
1.700%, 03/20/2018		JPY	12,500,000		122,448
1.400%, 03/20/2018		JPY	10,800,000		105,368
Japan Government Thirty Year Bond 2.500%, 09/20/2036		JPY	1,200,000		16,053
2.300%, 06/20/2035		JPY	4,000,000		51,699
2.300%, 12/20/2036		JPY	7,100,000		92,506
Japan Government Twenty Year Bond 1.200%, 09/20/2035		JPY	4,100,000		45,251
1.000%, 12/20/2035		JPY	6,100,000		65,140
Japan Government Two Year Bond 0.100%, 06/15/2017		JPY	11,100,000		106,124
0.100%, 10/15/2017		JPY	6,500,000		62,226
0.100%, 01/15/2018		JPY	10,900,000		104,429
Mexico Government International Bond 4.750%, 03/08/2044			408,000		406,980
4.125%, 01/21/2026			200,000		211,400
3.500%, 01/21/2021			270,000		284,310
Panama Government International Bond 5.200%, 01/30/2020			130,000		143,163
Peru Government Bond 8.200%, 08/12/2026		PEN	2,185,000		769,427
7.840%, 08/12/2020		PEN	725,000		238,454
6.950%, 08/12/2031		PEN	1,550,000		500,907
6.900%, 08/12/2037		PEN	1,600,000		512,428
6.350%, 08/12/2028		PEN	3,226,000		987,066
6.350%, 08/12/2028 (A)		PEN	1,330,000		406,942
Poland Government International Bond 3.250%, 04/06/2026			80,000		82,925
3.000%, 03/17/2023			230,000		236,693
Spain Government Bond 5.900%, 07/30/2026 (A)		EUR	16,000		25,171
5.150%, 10/31/2044 (A)		EUR	8,000		13,920
4.900%, 07/30/2040 (A)		EUR	10,000		16,584
4.700%, 07/30/2041 (A)		EUR	20,000		32,480

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

22

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

SOVEREIGN DEBT — continued
	Face Amount(1)			Value
United Kingdom Gilt 5.000%, 03/07/2025		GBP	20,000	$	32,188
4.500%, 12/07/2042		GBP	30,000		56,807
4.250%, 03/07/2036		GBP	11,000		18,943
4.250%, 09/07/2039		GBP	10,000		17,717
TOTAL SOVEREIGN DEBT (Cost $16,379,215)					16,507,890

CORPORATE OBLIGATIONS — 13.7%
Communications — 0.1%
Embarq 7.995%, 06/01/2036	45,000	45,675
Telesat Canada Callable 12/02/2016 @ $100
6.000%, 05/15/2017 (A)	45,000	45,056
		90,731
Consumer Discretionary — 2.1%
Albertsons Callable 06/15/2019 @ $105 6.625%, 06/15/2024 (A)	50,000	51,875
American Honda Finance MTN 1.200%, 07/14/2017	102,000	102,155
1.200%, 07/12/2019	31,000	30,782
Anheuser-Busch InBev Finance 1.900%, 02/01/2019	18,000	18,140
Anheuser-Busch InBev Finance Callable 08/01/2035 @ $100 4.700%, 02/01/2036	42,000	46,559
Callable 12/01/2022 @ $100 3.300%, 02/01/2023	17,000	17,743
Callable 01/01/2021 @ $100 2.650%, 02/01/2021	147,000	150,338
Anheuser-Busch InBev Worldwide 1.375%, 07/15/2017	59,000	59,174
BMW US Capital 1.500%, 04/11/2019 (A)	20,000	20,043
Brinker International Callable 07/01/2024 @ $100 5.000%, 10/01/2024 (A)	30,000	30,525

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

23

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Consumer Discretionary — continued
Cable One Callable 06/15/2018 @ $103 5.750%, 06/15/2022 (A)	$	16,000	$	16,880
Caesars Growth Properties Holdings Callable 05/01/2017 @ $107 9.375%, 05/01/2022		45,000		47,813
Cascades Callable 07/15/2018 @ $104 5.750%, 07/15/2023 (A)		40,000		40,400
CCO Holdings Callable 02/15/2021 @ $103 5.750%, 02/15/2026 (A)		50,000		52,094
Charter Communications Operating Callable 04/23/2045 @ $100 6.484%, 10/23/2045 (A)		10,000		11,719
Callable 04/23/2035 @ $100 6.384%, 10/23/2035 (A)		52,000		59,942
Callable 04/23/2025 @ $100 4.908%, 07/23/2025 (A)		24,000		25,885
Callable 06/23/2020 @ $100 3.579%, 07/23/2020 (A)		8,000		8,295
Chester Downs & Marina Callable 12/02/2016 @ $105 9.250%, 02/01/2020 (A)		7,000		6,860
Clear Channel Worldwide Holdings Callable 11/15/2017 @ $103 6.500%, 11/15/2022		40,000		40,200
Comcast Callable 01/15/2046 @ $100 3.400%, 07/15/2046		17,000		15,687
Callable 01/15/2036 @ $100 3.200%, 07/15/2036		17,000		16,196
Callable 10/15/2026 @ $100 2.350%, 01/15/2027		17,000		16,424
Conn’s Callable 07/15/2017 @ $105 7.250%, 07/15/2022		60,000		46,050
Diageo Capital 5.750%, 10/23/2017		31,000		32,424
1.500%, 05/11/2017		9,000		9,024

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

24

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Consumer Discretionary — continued
DISH DBS 7.750%, 07/01/2026	$	48,000	$	52,710
Dollar General Callable 08/01/2025 @ $100 4.150%, 11/01/2025		16,000		17,134
Callable 01/15/2023 @ $100 3.250%, 04/15/2023		26,000		26,581
Downstream Development Authority of the Quapaw Tribe of Oklahoma Callable 12/02/2016 @ $104 10.500%, 07/01/2019 (A)		27,000		27,270
ERAC USA Finance Callable 05/01/2046 @ $100 4.200%, 11/01/2046 (A)		30,000		29,079
ESH Hospitality Callable 05/01/2020 @ $103 5.250%, 05/01/2025 (A)		37,000		36,630
Garda World Security Callable 12/02/2016 @ $105 7.250%, 11/15/2021 (A)		50,000		47,750
Golden Nugget Callable 12/01/2017 @ $104 8.500%, 12/01/2021 (A)		20,000		21,000
Home Depot Callable 03/15/2016 @ $100 3.500%, 09/15/2056		13,000		12,078
Callable 03/01/2021 @ $100 2.000%, 04/01/2021		4,000		4,045
Hyundai Capital America MTN 2.400%, 10/30/2018 (A)		51,000		51,575
Interpublic Group of 4.200%, 04/15/2024		30,000		31,999
Interval Acquisition Callable 04/15/2018 @ $104 5.625%, 04/15/2023		40,000		41,300
K Hovnanian Enterprises Callable 12/02/2016 @ $104 7.250%, 10/15/2020 (A)		35,000		31,499
LG FinanceCo Callable 11/01/2019 @ $104 5.875%, 11/01/2024 (A)		25,000		25,234

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

25

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Consumer Discretionary — continued
Mattamy Group Callable 12/02/2016 @ $103 6.500%, 11/15/2020 (A)	$	40,000	$	39,900
McDonald’s MTN Callable 06/09/2035 @ $100 4.700%, 12/09/2035		9,000		9,881
Mohegan Tribal Gaming Authority Callable 10/15/2019 @ $106 7.875%, 10/15/2024 (A)		35,000		35,525
NCL Callable 11/15/2017 @ $102 4.625%, 11/15/2020 (A)		26,000		26,325
Netflix 5.875%, 02/15/2025		50,000		55,438
Newell Brands Callable 10/01/2035 @ $100 5.375%, 04/01/2036		11,000		12,738
Callable 01/01/2026 @ $100 4.200%, 04/01/2026		13,000		14,047
Omnicom Group Callable 01/15/2026 @ $100 3.600%, 04/15/2026		22,000		22,854
PF Chang’s China Bistro Callable 12/02/2016 @ $105 10.250%, 06/30/2020 (A)		27,000		25,718
Royal Caribbean Cruises 5.250%, 11/15/2022		50,000		54,687
Scientific Games International Callable 12/01/2018 @ $105 10.000%, 12/01/2022		50,000		46,250
Sirius XM Radio Callable 07/15/2021 @ $103 5.375%, 07/15/2026 (A)		45,000		45,590
Time Warner Callable 01/15/2045 @ $100 4.850%, 07/15/2045		31,000		32,923
Toyota Motor Credit MTN 2.000%, 10/24/2018		16,000		16,199
1.700%, 02/19/2019		128,000		128,642

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

26

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Consumer Discretionary — continued
Viacom Callable 03/01/2043 @ $100 5.850%, 09/01/2043	$	14,000	$	15,700
Callable 07/04/2026 @ $100 3.450%, 10/04/2026		20,000		19,864
Walt Disney 1.650%, 01/08/2019		63,000		63,650
1.500%, 09/17/2018		23,000		23,175
Whirlpool Callable 12/01/2045 @ $100 4.500%, 06/01/2046		16,000		16,614
Wolverine World Wide Callable 09/01/2021 @ $103 5.000%, 09/01/2026 (A)		7,000		7,000
				2,141,831
Consumer Staples — 0.4%
Archer-Daniels-Midland Callable 05/11/2026 @ $100 2.500%, 08/11/2026		18,000		17,746
Costco Wholesale 2.250%, 02/15/2022		113,000		115,256
CVS Health Callable 03/01/2026 @ $100 2.875%, 06/01/2026		26,000		25,808
CVS Pass-Through Trust 5.926%, 01/10/2034 (A)		42,169		49,553
Kimberly-Clark 1.850%, 03/01/2020		6,000		6,059
Kraft Heinz Foods Callable 02/15/2020 @ $102 4.875%, 02/15/2025 (A)		34,000		37,356
Kroger Callable 04/15/2046 @ $100 3.875%, 10/15/2046		13,000		12,426
Callable 07/15/2026 @ $100 2.650%, 10/15/2026		29,000		28,130
Land O’Lakes Capital Trust I 7.450%, 03/15/2028 (A)		11,000		12,595
Opal Acquisition Callable 12/15/2016 @ $107 8.875%, 12/15/2021 (A)		50,000		40,750

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

27

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Consumer Staples — continued
Procter & Gamble 1.700%, 11/03/2021	$	39,000	$	38,920
				384,599
Energy — 1.7%
Anadarko Finance 7.500%, 05/01/2031		8,000		10,155
Anadarko Petroleum 6.450%, 09/15/2036		81,000		96,122
Antero Midstream Partners Callable 09/15/2019 @ $104 5.375%, 09/15/2024 (A)		75,000		75,563
BP Capital Markets 3.245%, 05/06/2022		23,000		23,997
1.676%, 05/03/2019		18,000		18,028
BP Capital Markets Callable 02/04/2026 @ $100 3.119%, 05/04/2026		64,000		64,758
Callable 10/16/2026 @ $100 3.017%, 01/16/2027		15,000		15,042
Bristow Group Callable 10/15/2017 @ $103 6.250%, 10/15/2022		25,000		19,938
Calumet Specialty Products Partners Callable 04/15/2017 @ $103 6.500%, 04/15/2021		35,000		27,825
Carrizo Oil & Gas Callable 04/15/2018 @ $105 6.250%, 04/15/2023		25,000		25,688
Chevron 1.365%, 03/02/2018		37,000		37,060
Chevron Callable 09/05/2022 @ $100 2.355%, 12/05/2022		57,000		57,382
Colorado Interstate Gas Callable 05/15/2026 @ $100 4.150%, 08/15/2026 (A)		20,000		19,850
Columbia Pipeline Group 2.450%, 06/01/2018		8,000		8,034

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

28

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Energy — continued
Denbury Resources Callable 12/15/2018 @ $109 9.000%, 05/15/2021 (A)	$	45,000	$	46,350
Callable 05/01/2017 @ $104 5.500%, 05/01/2022		16,000		12,640
Electricite de France Callable 04/13/2045 @ $100 4.950%, 10/13/2045 (A)		38,000		40,485
Callable 07/13/2025 @ $100 3.625%, 10/13/2025 (A)		12,000		12,406
Callable 09/13/2020 @ $100 2.350%, 10/13/2020 (A)		71,000		72,144
Energy Transfer Equity 7.500%, 10/15/2020		50,000		54,500
Energy Transfer Partners Callable 12/01/2040 @ $100 6.050%, 06/01/2041		3,000		3,054
Callable 09/15/2034 @ $100 4.900%, 03/15/2035		9,000		8,442
EnLink Midstream Partners Callable 04/15/2026 @ $100 4.850%, 07/15/2026		21,000		21,391
Callable 01/01/2024 @ $100 4.400%, 04/01/2024		10,000		9,949
Enterprise Products Operating Callable 09/15/2043 @ $100 4.850%, 03/15/2044		39,000		39,448
Callable 11/15/2026 @ $100 3.950%, 02/15/2027		14,000		14,546
Exxon Mobil 1.305%, 03/06/2018		36,000		36,103
Genesis Energy Callable 06/15/2019 @ $103 5.625%, 06/15/2024		50,000		49,500
Hess 5.600%, 02/15/2041		6,000		5,935
Hess Callable 01/01/2027 @ $100 4.300%, 04/01/2027		17,000		16,924
Hilcorp Energy I Callable 06/01/2019 @ $103 5.000%, 12/01/2024 (A)		50,000		48,750

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

29

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Energy — continued
Holly Energy Partners Callable 08/01/2019 @ $105 6.000%, 08/01/2024 (A)	$	71,000	$	73,840
Kinder Morgan Callable 01/15/2021 @ $100 5.000%, 02/15/2021 (A)		16,000		17,323
Kinder Morgan Energy Partners 5.625%, 09/01/2041		9,000		8,991
Kinder Morgan Energy Partners Callable 11/15/2022 @ $100 3.450%, 02/15/2023		49,000		49,041
Laredo Petroleum Callable 05/01/2017 @ $104 7.375%, 05/01/2022		16,000		16,480
MEG Energy Callable 07/30/2017 @ $103 6.375%, 01/30/2023 (A)		50,000		41,250
Noble Energy Callable 05/15/2044 @ $100 5.050%, 11/15/2044		23,000		23,208
Callable 08/15/2024 @ $100 3.900%, 11/15/2024		22,000		22,619
Occidental Petroleum Callable 10/15/2045 @ $100 4.400%, 04/15/2046		17,000		18,129
PBF Holding Callable 11/15/2018 @ $105 7.000%, 11/15/2023 (A)		30,000		27,750
Petroleos Mexicanos MTN 6.750%, 09/21/2047 (A)		44,000		43,615
5.500%, 06/27/2044		40,000		34,456
Phillips 66 Partners Callable 04/01/2046 @ $100 4.900%, 10/01/2046		24,000		23,828
Plains All American Pipeline Callable 07/15/2023 @ $100 3.850%, 10/15/2023		11,000		11,154
Callable 08/01/2024 @ $100 3.600%, 11/01/2024		11,000		10,841
Rose Rock Midstream Callable 07/15/2017 @ $104 5.625%, 07/15/2022		50,000		47,750

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

30

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Energy — continued
Shell International Finance BV 2.250%, 11/10/2020	$	28,000	$	28,368
2.125%, 05/11/2020		23,000		23,197
1.250%, 11/10/2017		22,000		22,032
Spectra Energy Partners Callable 07/15/2026 @ $100 3.375%, 10/15/2026		14,000		13,910
Summit Midstream Holdings Callable 08/15/2017 @ $104 5.500%, 08/15/2022		20,000		19,400
Tallgrass Energy Partners Callable 09/15/2019 @ $104 5.500%, 09/15/2024 (A)		75,000		74,625
Tesoro Logistics Callable 11/17/2016 @ $105 6.125%, 10/15/2021		51,000		53,359
Transcanada Trust Callable 05/20/2025 @ $100 5.625%, 05/20/2075 (B)		19,000		19,214
Western Gas Partners Callable 04/01/2026 @ $100 4.650%, 07/01/2026		21,000		22,002
WPX Energy Callable 07/01/2020 @ $100 7.500%, 08/01/2020		30,000		31,613
				1,770,004
Financials — 3.2%
Aflac Callable 04/15/2046 @ $100 4.000%, 10/15/2046		17,000		16,768
Ally Financial Callable 10/20/2025 @ $100 5.750%, 11/20/2025		45,000		46,069
American Express Credit MTN Callable 04/04/2021 @ $100 2.250%, 05/05/2021		62,000		62,570
Callable 09/30/2019 @ $100 1.700%, 10/30/2019		26,000		26,017

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

31

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Financials — continued
American International Group Callable 07/15/2034 @ $100 3.875%, 01/15/2035	$	11,000	$	10,686
Callable 02/01/2021 @ $100 3.300%, 03/01/2021		36,000		37,635
Assurant 6.750%, 02/15/2034		92,000		113,653
Bank of America MTN 4.250%, 10/22/2026		62,000		65,144
3.950%, 04/21/2025		16,000		16,426
2.625%, 10/19/2020		16,000		16,268
2.600%, 01/15/2019		79,000		80,312
BankUnited Callable 08/17/2025 @ $100 4.875%, 11/17/2025		49,000		49,845
Berkshire Hathaway 1.150%, 08/15/2018		25,000		24,964
Capital One Financial Callable 06/28/2026 @ $100 3.750%, 07/28/2026		14,000		13,983
Citigroup 6.000%, 10/31/2033		13,000		15,243
4.600%, 03/09/2026		14,000		14,941
4.450%, 09/29/2027		35,000		36,876
4.400%, 06/10/2025		97,000		102,441
Credit Acceptance Callable 03/15/2018 @ $106 7.375%, 03/15/2023		35,000		36,138
Credit Agricole 4.375%, 03/17/2025 (A)		200,000		204,126
Enova International Callable 06/01/2017 @ $107 9.750%, 06/01/2021		50,000		46,875
Fifth Third Bancorp Callable 09/30/2019 @ $100 4.900%, 12/29/2049 (B)		81,000		78,408
First Horizon National Callable 11/15/2020 @ $100 3.500%, 12/15/2020		71,000		72,295
First Niagara Financial Group 7.250%, 12/15/2021		48,000		58,607
6.750%, 03/19/2020		163,000		186,805

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

32

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Financials — continued
GATX Callable 06/15/2026 @ $100 3.250%, 09/15/2026	$	12,000	$	11,757
Goldman Sachs Group 6.750%, 10/01/2037		65,000		81,981
6.125%, 02/15/2033		39,000		48,273
5.150%, 05/22/2045		9,000		9,724
Goldman Sachs Group Callable 04/21/2045 @ $100 4.750%, 10/21/2045		16,000		17,597
Callable 10/28/2026 @ $100 2.634%, 10/28/2027 (B)		27,000		27,050
Callable 11/15/2020 @ $100 2.350%, 11/15/2027		32,000		31,731
Greystar Real Estate Partners Callable 12/01/2017 @ $106 8.250%, 12/01/2022 (A)		38,000		41,325
Harland Clarke Holdings Callable 03/01/2017 @ $103 6.875%, 03/01/2020 (A)		60,000		57,450
Jackson National Life Global Funding 3.050%, 04/29/2026 (A)		72,000		71,868
JPMorgan Chase Callable 04/30/2024 @ $100 6.125%, 12/29/2049 (B)		13,000		13,764
Callable 03/18/2023 @ $100 2.700%, 05/18/2023		83,000		83,247
Callable 02/01/2021 @ $100 2.550%, 03/01/2021		109,000		110,624
Callable 08/15/2020 @ $100 2.295%, 08/15/2021		19,000		19,015
JPMorgan Chase 4.950%, 06/01/2045		1,000		1,099
Massachusetts Mutual Life Insurance 4.500%, 04/15/2065 (A)		25,000		23,646
MetLife Callable 11/13/2045 @ $100 4.600%, 05/13/2046		53,000		57,499

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

33

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Financials — continued
Morgan Stanley MTN 5.000%, 11/24/2025	$	29,000	$	32,077
4.100%, 05/22/2023		112,000		118,007
2.800%, 06/16/2020		16,000		16,388
2.125%, 04/25/2018		56,000		56,409
National Rural Utilities Cooperative Finance Callable 04/30/2023 @ $100 4.750%, 04/30/2043 (B)		53,000		54,122
National Rural Utilities Cooperative Finance 1.100%, 01/27/2017		48,000		48,039
0.950%, 04/24/2017		11,000		10,998
Navient MTN 5.625%, 08/01/2033		50,000		39,625
New York Life Global Funding 2.100%, 01/02/2019 (A)		115,000		116,630
Old Republic International Callable 07/26/2026 @ $100 3.875%, 08/26/2026		9,000		8,807
OneMain Financial Holdings Callable 12/15/2016 @ $105 6.750%, 12/15/2019 (A)		35,000		36,225
Pacific LifeCorp 6.000%, 02/10/2020 (A)		30,000		33,033
Prudential Financial Callable 06/15/2023 @ $100 5.625%, 06/15/2043 (B)		63,000		67,725
Callable 05/15/2025 @ $100 5.375%, 05/15/2045 (B)		13,000		13,514
Quicken Loans Callable 05/01/2020 @ $103 5.750%, 05/01/2025 (A)		50,000		49,375
Regions Financial Callable 01/08/2021 @ $100 3.200%, 02/08/2021		22,000		22,809
Regions Financial 7.375%, 12/10/2037		25,000		31,432
Royal Bank of Canada MTN 4.650%, 01/27/2026		25,000		27,107
SunTrust Banks Callable 02/03/2021 @ $100 2.900%, 03/03/2021		5,000		5,161

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

34

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Financials — continued
TD Ameritrade Holding Callable 02/01/2022 @ $100 2.950%, 04/01/2022	$	15,000	$	15,506
Toronto-Dominion Bank MTN 1.800%, 07/13/2021		60,000		59,648
Unum Group 5.750%, 08/15/2042		10,000		11,122
Wells Fargo 4.900%, 11/17/2045		6,000		6,450
4.400%, 06/14/2046		32,000		32,096
4.300%, 07/22/2027		23,000		24,444
3.000%, 10/23/2026		70,000		69,519
Wells Fargo Capital X 5.950%, 12/15/2036		18,000		19,260
XLIT 5.500%, 03/31/2045		20,000		19,331
4.450%, 03/31/2025		43,000		43,699
				3,229,303
Health Care — 0.8%
Amgen Callable 11/01/2044 @ $100 4.400%, 05/01/2045		13,000		13,219
Baxalta Callable 04/23/2022 @ $100 3.600%, 06/23/2022		23,000		23,955
Baxter International Callable 05/15/2026 @ $100 2.600%, 08/15/2026		20,000		19,368
Centene Callable 01/15/2020 @ $104 4.750%, 01/15/2025		30,000		29,869
CHS Callable 02/01/2018 @ $103 6.875%, 02/01/2022		50,000		38,125
CTR Partnership Callable 06/01/2017 @ $103 5.875%, 06/01/2021		50,000		51,500
Endo Finance Callable 12/02/2016 @ $104 7.750%, 01/15/2022 (A)		50,000		47,375

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

35

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Health Care — continued
Express Scripts Holding Callable 01/15/2046 @ $100 4.800%, 07/15/2046	$	29,000	$	28,872
Callable 11/27/2025 @ $100 4.500%, 02/25/2026		22,000		23,569
Callable 05/15/2023 @ $100 3.000%, 07/15/2023		13,000		12,929
Forest Laboratories 4.875%, 02/15/2021 (A)		48,000		53,187
Gilead Sciences Callable 03/01/2036 @ $100 4.000%, 09/01/2036		9,000		9,015
HCA Callable 12/15/2025 @ $100 5.250%, 06/15/2026		45,000		47,025
IASIS Healthcare Callable 12/02/2016 @ $102 8.375%, 05/15/2019		50,000		47,625
Laboratory Corp of America Holdings Callable 08/01/2044 @ $100 4.700%, 02/01/2045		12,000		12,696
Callable 11/01/2024 @ $100 3.600%, 02/01/2025		29,000		29,994
Laboratory Corp of America Holdings 3.200%, 02/01/2022		14,000		14,562
Quest Diagnostics Callable 03/01/2026 @ $100 3.450%, 06/01/2026		17,000		17,475
RegionalCare Hospital Partners Holdings Callable 05/01/2019 @ $106
8.250%, 05/01/2023 (A)		40,000		40,550
Teva Pharmaceutical Finance Netherlands III BV 4.100%, 10/01/2046		10,000		9,283
3.150%, 10/01/2026		18,000		17,506
2.800%, 07/21/2023		24,000		23,617
UnitedHealth Group 3.350%, 07/15/2022		16,000		17,022
2.125%, 03/15/2021		88,000		88,814
1.400%, 12/15/2017		85,000		85,154
				802,306

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

36

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Industrials — 1.3%
Allegiant Travel 5.500%, 07/15/2019	$	45,000	$	46,744
Amcor Finance USA Callable 01/28/2026 @ $100 3.625%, 04/28/2026 (A)		30,000		30,548
ATS Automation Tooling Systems Callable 06/15/2018 @ $105 6.500%, 06/15/2023 (A)		25,000		25,875
Avis Budget Car Rental Callable 03/15/2020 @ $103 5.250%, 03/15/2025 (A)		39,000		37,050
Callable 06/01/2017 @ $104 5.125%, 06/01/2022 (A)		9,000		8,820
Boeing 2.350%, 10/30/2021		19,000		19,534
Burlington Northern Santa Fe Callable 02/01/2046 @ $100 3.900%, 08/01/2046		11,000		11,246
Clean Harbors Callable 12/02/2016 @ $103 5.125%, 06/01/2021		43,000		44,021
CSX Callable 05/01/2016 @ $100 4.250%, 11/01/2066		15,000		14,463
EnerSys Callable 01/30/2023 @ $100 5.000%, 04/30/2023 (A)		50,000		51,250
General Cable Callable 10/01/2017 @ $103 5.750%, 10/01/2022		20,000		18,900
General Electric MTN Callable 04/13/2017 @ $100 1.250%, 05/15/2017		142,000		142,213
General Electric 2.700%, 10/09/2022		38,000		39,268
Great Lakes Dredge & Dock Callable 12/02/2016 @ $102 7.375%, 02/01/2019		50,000		49,062
Herc Rentals Callable 06/01/2019 @ $104 7.500%, 06/01/2022 (A)		15,000		15,000

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

37

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Industrials — continued
Hertz Callable 10/15/2019 @ $104 5.500%, 10/15/2024 (A)	$	24,000	$	23,302
Honeywell International Callable 08/01/2026 @ $100 2.500%, 11/01/2026		120,000		118,329
Illinois Tool Works Callable 08/15/2026 @ $100 2.650%, 11/15/2026		30,000		29,906
Ingersoll-Rand Global Holding 5.750%, 06/15/2043		64,000		78,280
Ingersoll-Rand Luxembourg Finance Callable 05/01/2044 @ $100 4.650%, 11/01/2044		14,000		15,079
International Lease Finance 5.875%, 08/15/2022		21,000		23,127
JB Poindexter Callable 04/01/2017 @ $105 9.000%, 04/01/2022 (A)		21,000		22,061
John Deere Capital MTN 1.550%, 12/15/2017		69,000		69,327
1.125%, 06/12/2017		63,000		63,004
Lennox International Callable 09/15/2023 @ $100 3.000%, 11/15/2023		34,000		33,946
Moog Callable 12/01/2017 @ $104 5.250%, 12/01/2022 (A)		25,000		25,625
Multi-Color Callable 12/01/2017 @ $105 6.125%, 12/01/2022 (A)		35,000		36,488
Novelis Callable 08/15/2019 @ $105 6.250%, 08/15/2024 (A)		34,000		35,360
Penske Truck Leasing LP Callable 08/15/2026 @ $100 3.400%, 11/15/2026 (A)		13,000		12,985
Callable 12/01/2021 @ $100 3.375%, 02/01/2022 (A)		18,000		18,599
Pitney Bowes Callable 09/01/2021 @ $100 3.375%, 10/01/2021		6,000		5,984

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

38

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Industrials — continued
Quad 7.000%, 05/01/2022	$	50,000	$	47,999
Sensata Technologies BV 5.000%, 10/01/2025 (A)		35,000		35,875
Textron Callable 12/15/2025 @ $100 4.000%, 03/15/2026		6,000		6,239
Triumph Group Callable 06/01/2017 @ $104 5.250%, 06/01/2022		25,000		22,875
Valmont Industries Callable 04/01/2016 @ $100 5.250%, 10/01/2054		8,000		7,310
Wabtec 3.450%, 11/15/2026 (A)		24,000		23,992
WW Grainger Callable 11/15/2045 @ $100 3.750%, 05/15/2046		12,000		12,054
Xylem Callable 05/01/2046 @ $100 4.375%, 11/01/2046		8,000		7,965
				1,329,705
Information Technology —1.4%
Amkor Technology Callable 12/02/2016 @ $105 6.375%, 10/01/2022		14,000		14,438
Apple Callable 08/23/2035 @ $100 4.500%, 02/23/2036		12,000		13,376
Callable 02/04/2046 @ $100 3.850%, 08/04/2046		16,000		15,581
Callable 12/23/2022 @ $100 2.850%, 02/23/2023		79,000		81,932
Callable 05/04/2026 @ $100 2.450%, 08/04/2026		21,000		20,580
Apple 2.850%, 05/06/2021		25,000		26,086
Automatic Data Processing Callable 08/15/2020 @ $100 2.250%, 09/15/2020		10,000		10,255

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

39

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Information Technology — continued
Avnet Callable 01/15/2026 @ $100 4.625%, 04/15/2026	$	11,000	$	11,227
Belden Callable 07/15/2019 @ $103 5.250%, 07/15/2024 (A)		50,000		50,375
Cisco Systems 2.200%, 02/28/2021		28,000		28,478
2.125%, 03/01/2019		57,000		57,967
1.400%, 02/28/2018		30,000		30,102
Cisco Systems Callable 06/20/2026 @ $100 2.500%, 09/20/2026		9,000		8,929
Corning 1.500%, 05/08/2018		16,000		15,989
Diamond 1 Finance Callable 01/15/2046 @ $100 8.350%, 07/15/2046 (A)		108,000		130,862
Callable 01/15/2036 @ $100 8.100%, 07/15/2036 (A)		30,000		35,813
Callable 06/15/2019 @ $105 7.125%, 06/15/2024 (A)		7,000		7,668
Callable 03/15/2026 @ $100 6.020%, 06/15/2026 (A)		78,000		85,023
Diebold Callable 04/15/2019 @ $106 8.500%, 04/15/2024 (A)		45,000		47,689
Donnelley Financial Solutions Callable 10/15/2021 @ $102 8.250%, 10/15/2024 (A)		25,000		25,813
Fidelity National Information Services Callable 07/15/2025 @ $100 5.000%, 10/15/2025		18,000		20,258
Callable 02/15/2046 @ $100 4.500%, 08/15/2046		14,000		13,678
Harris Callable 10/27/2034 @ $100 4.854%, 04/27/2035		31,000		33,219
Hewlett Packard Enterprise Callable 04/15/2035 @ $100 6.200%, 10/15/2035 (A)		42,000		43,428

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

40

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Information Technology — continued
Hughes Satellite Systems 7.625%, 06/15/2021	$	50,000	$	54,813
Intel 1.350%, 12/15/2017		51,000		51,189
International Business Machines 1.800%, 05/17/2019		100,000		101,128
Microsoft 1.300%, 11/03/2018		22,000		22,083
Microsoft Callable 02/08/2046 @ $100 3.700%, 08/08/2046		12,000		11,726
Callable 02/08/2036 @ $100 3.450%, 08/08/2036		28,000		27,642
Callable 05/08/2026 @ $100 2.400%, 08/08/2026		28,000		27,462
Oracle Callable 11/15/2034 @ $100 3.900%, 05/15/2035		9,000		9,167
Callable 01/15/2036 @ $100 3.850%, 07/15/2036		19,000		19,175
Callable 04/15/2026 @ $100 2.650%, 07/15/2026		11,000		10,851
Callable 08/15/2021 @ $100 1.900%, 09/15/2021		35,000		34,863
Oracle 2.800%, 07/08/2021		43,000		44,615
Plantronics Callable 05/15/2018 @ $104 5.500%, 05/31/2023 (A)		50,000		50,875
Rackspace Hosting Callable 01/15/2019 @ $105 6.500%, 01/15/2024 (A)		50,000		57,188
Visa Callable 09/14/2025 @ $100 3.150%, 12/14/2025		52,000		54,244
Western Digital Callable 04/01/2019 @ $108 10.500%, 04/01/2024 (A)		30,000		34,650
				1,440,437

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

41

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Materials — 0.9%
A Schulman Callable 06/01/2018 @ $105 6.875%, 06/01/2023 (A)	$	45,000	$	45,787
Airgas Callable 07/01/2020 @ $100 3.050%, 08/01/2020		17,000		17,717
AK Steel Callable 07/15/2019 @ $104 7.500%, 07/15/2023		50,000		53,875
ArcelorMittal 7.250%, 02/25/2022		50,000		56,750
Boise Cascade Callable 09/01/2019 @ $104 5.625%, 09/01/2024 (A)		50,000		50,562
Brambles USA Callable 07/25/2025 @ $100 4.125%, 10/23/2025 (A)		17,000		18,014
Clearwater Paper Callable 02/01/2018 @ $102 4.500%, 02/01/2023		50,000		49,750
Crown Cork & Seal 7.375%, 12/15/2026		50,000		56,125
Domtar Callable 08/15/2043 @ $100 6.750%, 02/15/2044		37,000		40,626
Eastman Chemical Callable 04/15/2044 @ $100 4.650%, 10/15/2044		14,000		14,180
Ecolab Callable 05/01/2046 @ $100 3.700%, 11/01/2046		4,000		3,915
FMG Resources August 2006 Pty Callable 03/01/2018 @ $110 9.750%, 03/01/2022 (A)		60,000		69,601
Georgia-Pacific 5.400%, 11/01/2020 (A)		38,000		42,622
Georgia-Pacific Callable 04/15/2023 @ $100 3.734%, 07/15/2023 (A)		68,000		72,052
Callable 12/01/2024 @ $100 3.600%, 03/01/2025 (A)		76,000		79,736

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

42

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Materials — continued
Goldcorp Callable 12/09/2043 @ $100 5.450%, 06/09/2044	$	14,000	$	14,902
International Paper Callable 02/15/2047 @ $100 4.400%, 08/15/2047		13,000		12,715
Lubrizol 6.500%, 10/01/2034		18,000		23,739
Owens-Brockway Glass Container 5.375%, 01/15/2025 (A)		50,000		51,500
PH Glatfelter Callable 12/02/2016 @ $103 5.375%, 10/15/2020		6,000		6,120
Steel Dynamics Callable 10/01/2017 @ $103 5.125%, 10/01/2021		50,000		52,125
SunCoke Energy Partners Callable 12/02/2016 @ $106 7.375%, 02/01/2020		25,000		24,063
Unifrax I Callable 12/02/2016 @ $102 7.500%, 02/15/2019 (A)		11,000		10,588
United States Steel Callable 07/01/2018 @ $106 8.375%, 07/01/2021 (A)		60,000		63,750
Westlake Chemical Callable 05/15/2026 @ $100 3.600%, 08/15/2026 (A)		22,000		21,994
				952,808
Real Estate — 0.2%
American Tower Callable 07/15/2026 @ $100 3.375%, 10/15/2026		18,000		17,913
Callable 10/15/2026 @ $100 3.125%, 01/15/2027		29,000		28,156
AvalonBay Communities MTN Callable 04/15/2046 @ $100 3.900%, 10/15/2046		9,000		8,813

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

43

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Real Estate — continued
Columbia Property Trust Operating Partnership Callable 05/15/2026 @ $100 3.650%, 08/15/2026	$	9,000	$	8,939
CubeSmart Callable 06/01/2026 @ $100 3.125%, 09/01/2026		18,000		17,682
DuPont Fabros Technology Callable 06/15/2018 @ $104 5.625%, 06/15/2023		15,000		15,788
Federal Realty Investment Trust Callable 02/01/2046 @ $100 3.625%, 08/01/2046		3,000		2,811
iStar 6.500%, 07/01/2021		28,000		28,209
Kennedy-Wilson Callable 04/01/2019 @ $103 5.875%, 04/01/2024		50,000		50,563
Kimco Realty Callable 07/01/2026 @ $100 2.800%, 10/01/2026		10,000		9,773
Liberty Property Callable 07/01/2026 @ $100 3.250%, 10/01/2026		12,000		11,915
Realty Income Callable 10/15/2026 @ $100 3.000%, 01/15/2027		8,000		7,861
				208,423
Telecommunication Services — 0.9%
AT&T Callable 11/15/2045 @ $100 4.750%, 05/15/2046		60,000		58,715
Callable 11/15/2034 @ $100 4.500%, 05/15/2035		38,000		37,722
Callable 12/15/2044 @ $100 4.350%, 06/15/2045		37,000		33,943
AT&T 5.800%, 02/15/2019		102,000		110,800
Block Communications Callable 12/02/2016 @ $104 7.250%, 02/01/2020 (A)		36,000		36,810

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

44

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Telecommunication Services — continued
CenturyLink 6.875%, 01/15/2028	$	22,000	$	20,680
CenturyLink Callable 01/01/2025 @ $100 5.625%, 04/01/2025		15,000		14,063
Cincinnati Bell Callable 09/15/2019 @ $105 7.000%, 07/15/2024 (A)		25,000		26,188
Cogent Communications Group Callable 12/01/2021 @ $100 5.375%, 03/01/2022 (A)		50,000		51,375
Frontier Communications Callable 06/15/2025 @ $100 11.000%, 09/15/2025		60,000		61,434
Sprint 7.250%, 09/15/2021		165,000		168,919
Sprint Capital 8.750%, 03/15/2032		25,000		25,375
T-Mobile USA Callable 11/14/2016 @ $103 6.542%, 04/28/2020		80,000		82,600
Verizon Communications 4.862%, 08/21/2046		28,000		29,657
4.672%, 03/15/2055		34,000		33,145
4.522%, 09/15/2048		61,000		60,660
Verizon Communications Callable 05/01/2034 @ $100 4.400%, 11/01/2034		6,000		6,079
Zayo Group Callable 05/15/2020 @ $103 6.375%, 05/15/2025		20,000		21,056
				879,221
Utilities — 0.7%
AES Callable 03/15/2019 @ $103 5.500%, 03/15/2024		60,000		60,899
Arizona Public Service Callable 12/15/2019 @ $100 2.200%, 01/15/2020		10,000		10,180

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

45

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
Utilities — continued
Dominion Gas Holdings Callable 05/01/2043 @ $100 4.800%, 11/01/2043	$	29,000	$	31,047
Dominion Resources Callable 10/01/2024 @ $100 5.750%, 10/01/2054 (B)		32,000		33,280
Dominion Resources 2.962%, 07/01/2019 (C)		8,000		8,172
Duke Energy Callable 03/01/2046 @ $100 3.750%, 09/01/2046		20,000		18,927
Duke Energy Progress Callable 02/15/2022 @ $100 2.800%, 05/15/2022		26,000		27,069
Dynegy Callable 11/01/2018 @ $104 7.375%, 11/01/2022		50,000		48,219
Entergy Arkansas Callable 12/15/2024 @ $100 4.950%, 12/15/2044		20,000		21,058
Entergy Louisiana Callable 01/15/2025 @ $100 4.950%, 01/15/2045		1,000		1,065
Exelon Callable 12/15/2044 @ $100 5.100%, 06/15/2045		2,000		2,262
Exelon Generation Callable 12/15/2019 @ $100 2.950%, 01/15/2020		18,000		18,470
FirstEnergy 7.375%, 11/15/2031		53,000		68,911
Hydro-Quebec 1.375%, 06/19/2017		69,000		69,120
Louisville Gas & Electric Callable 04/01/2045 @ $100 4.375%, 10/01/2045		9,000		9,942
Massachusetts Electric Callable 02/15/2046 @ $100 4.004%, 08/15/2046 (A)		58,000		58,740
NRG Energy Callable 07/15/2018 @ $103 6.250%, 07/15/2022		60,000		60,150

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

46

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

CORPORATE OBLIGATIONS — continued
	Face Amount/Shares		Value
Utilities — continued
South Carolina Electric & Gas Callable 12/01/2016 @ $100 5.100%, 06/01/2065	$	12,000	$	13,631
Southern 1.300%, 08/15/2017		136,000		136,069
Talen Energy Supply Callable 12/02/2016 @ $103 4.625%, 07/15/2019 (A)		25,000		23,750
TerraForm Power Operating Callable 02/01/2018 @ $105 5.875%, 02/01/2023 (A) (C)		35,000		35,088
Trans-Allegheny Interstate Line Callable 03/01/2025 @ $100 3.850%, 06/01/2025 (A)		5,000		5,277
				761,326
TOTAL CORPORATE OBLIGATIONS (Cost $13,648,784)				13,990,694
REGISTERED INVESTMENT COMPANIES — 1.4%
Lazard Global Listed Infrastructure Portfolio, Cl I		103,794		1,435,471
Nuveen Symphony Floating Rate Income Fund, Cl I		250		4,954
TOTAL REGISTERED INVESTMENT COMPANIES (Cost $1,447,644)				1,440,425
EXCHANGE TRADED FUNDS — 1.1%
iShares Europe ETF		1,049		39,998
iShares MSCI Indonesia ETF		2,050		53,813
iShares MSCI Japan ETF		1,063		13,426
iShares Russell 1000 Value ETF		360		37,454
PowerShares Global Listed Private Equity Portfolio		86,700		918,153
TOTAL EXCHANGE TRADED FUNDS (Cost $1,009,878)				1,062,844

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

47

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

PREFERRED STOCK — 0.1%
	Shares/Face Amount		Value
Brazil — 0.1%
Banco Bradesco #		4,200	$	44,040
Braskem 3.900%		600		5,327
				49,367
Germany — 0.0%
Bayerische Motoren Werke 4.440%		292		22,165
Henkel & KGaA 1.340%		81		10,395
				32,560
TOTAL PREFERRED STOCK (Cost $75,474)				81,927
U.S. GOVERNMENT AGENCY OBLIGATION — 0.0%
Tennessee Valley Authority 1.750%, 10/15/2018	$	23,000		23,327
TOTAL U.S. GOVERNMENT AGENCY OBLIGATION (Cost $23,352)				23,327
U.S. TREASURY OBLIGATIONS — 5.0%
U.S. Treasury Bill 0.471%, 03/30/2017 (D)(E)		2,920,000		2,915,243
U.S. Treasury Bonds 3.125%, 08/15/2044		23,000		25,586
3.000%, 11/15/2045		29,000		31,485
2.500%, 02/15/2046		39,000		38,267
2.500%, 05/15/2046		368,000		361,257
U.S. Treasury Notes 2.250%, 07/31/2021		14,000		14,588
2.125%, 09/30/2021		70,000		72,557
2.125%, 12/31/2021		58,000		60,130
2.125%, 06/30/2022		127,000		131,514
2.000%, 10/31/2021		58,000		59,783
1.750%, 02/28/2022		79,000		80,355
1.625%, 06/30/2020		49,000		49,835
1.625%, 04/30/2023 (E)		159,000		159,472
1.625%, 05/31/2023		20,000		20,048
1.625%, 05/15/2026		35,000		34,377
1.500%, 02/28/2023 (E)		161,000		160,421

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

48

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

U.S. TREASURY OBLIGATIONS — continued
	Face Amount		Value
1.500%, 08/15/2026	$	260,000	$	252,241
1.375%, 08/31/2023		100,000		98,516
1.375%, 09/30/2023		80,000		78,738
1.125%, 02/28/2021		4,000		3,977
U.S. Treasury Notes 1.125%, 08/31/2021		100,000		99,117
1.125%, 09/30/2021		80,000		79,244
0.750%, 08/31/2018		100,000		99,820
0.750%, 09/30/2018		80,000		79,828
0.750%, 07/15/2019		120,000		119,297
TOTAL U.S. TREASURY OBLIGATIONS (Cost $5,152,013)				5,125,696
TOTAL INVESTMENTS — 81.4% (Cost $80,984,410)			$	82,956,729

Percentages are based on Net Assets of $101,878,522.

* Non-income producing security.

(1) In U.S. dollars unless otherwise indicated.

(A) Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” The total value of such securities as of October 31, 2016 was $4,781,289 and represents 4.7% of Net Assets.

(B) Floating rate security—Rate disclosed is the rate in effect on October 31, 2016.

(C) Step Bonds—The rate reflected on the Schedule of Investments is the effective yield on October 31, 2016. The coupon on a step bond changes on a specifiebd date.

(D) Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase.

(E) Security, or portion thereof, has been pledged as collateral on open futures contracts or forward foreign currency contracts.

‡ Real Estate Investment Trust

# Rate not available.

BRL — Brazilian Real

Cl — Class

EAFE — Europe, Australasia and Far East

EUR — Euro

ETF — Exchange Traded Fund

FTSE — Financial Times Stock Exchange

GBP — British Pound

IDR — Indonesian Rupiah

JPY — Japanese Yen

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

49

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

LP — Limited Partnership

MSCI — Morgan Stanley Capital International

MTN — Medium Term Note

PEN — Peruvian Sol

PLC — Public Limited Company

S&P — Standard & Poor’s

S&P CNX Nifty — National Stock Exchange of India

SEK — Swedish Krona

Ser — Series

SGX — Singapore Exchange Limited

TOPIX — Tokyo Stock Price Index

USD — United States Dollar

A list of the outstanding forward foreign currency contracts held by the Fund at October 31, 2016, is as follows:

Counterparty	Settlement Date		Currency to Deliver			Currency to Receive			Unrealized Appreciation/ (Depreciation)
Morgan Stanley & Co., Inc.		12/7/16		EUR	786,000		USD	889,290	$	25,070
Morgan Stanley & Co., Inc.		12/7/16		GBP	94,000		USD	125,344		10,195
Morgan Stanley & Co., Inc.		12/7/16		JPY	140,500,000		USD	1,386,949		45,328
Morgan Stanley & Co., Inc.		12/7/16		SEK	259,000		USD	30,853		2,127
Morgan Stanley & Co., Inc.		12/7/16		USD	89,648		EUR	80,000		(1,687	)
Morgan Stanley & Co., Inc.		12/7/16		USD	30,357		SEK	259,000		(1,631	)
Morgan Stanley & Co., Inc.		1/10/17		GBP	17,300		USD	22,501		1,288
Morgan Stanley & Co., Inc.		1/10/17		USD	6,109		GBP	5,000		21
Morgan Stanley & Co., Inc.		1/11/17		JPY	6,745,000		USD	66,712		2,188
									$	82,899

For the period ended October 31, 2016, the total amount of all open forward foreign currency contracts, as presented in the tables above, are representative of the volume of activity for this derivative type during the period.

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

50

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

The open futures contracts held by the Fund at October 31, 2016, are as follows:

Type of Contract	Number of Contracts Long (Short)			Expiration Date		Unrealized Appreciation (Depreciation)
DJ Euro Stoxx 50 Index		(22	)		Dec-2016	$	(4,223	)
Euro		(22	)		Dec-2016		82,283
FTSE 100 Index		(12	)		Dec-2016		(45,191	)
GBP Currency		(20	)		Dec-2016		125,065
Japanese Currency		(1	)		Dec-2016		3,241
Mexican Bolsa Index		41			Dec-2016		30,803
MINI MSCI EAFE		(20	)		Dec-2016		22,844
MINI MSCI Emerging Markets Index		(14	)		Dec-2016		(5,699	)
Russell 2000 Index E-MINI		69			Dec-2016		(138,447	)
Russell 1000 Value Index		28			Dec-2016		957
S&P 500 Index E-MINI		(25	)		Dec-2016		(5,248	)
SGX S&P CNX Nifty Index		577			Nov-2016		(69,782	)
Swiss Franc		(5	)		Dec-2016		12,641
TOPIX Index		8			Dec-2016		40,114
U.S. 10-Year Treasury Note		(19	)		Dec-2016		30,533
U.S. 5-Year Treasury Note		(11	)		Dec-2016		4,964
U.S. Long Treasury Bond		(10	)		Dec-2016		79,125
						$	163,980

For the period ended October 31, 2016, the total amount of all open futures contracts as presented in the table above, are representative of the volume of activity for this derivative type during the period.

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

51

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

The following table summarizes the inputs used as of October 31, 2016, in valuing the Fund’s investments and other financial instruments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock
Austria	$	31,489	$	—	$	—	$	31,489
Belgium		106,835		—		—		106,835
Bermuda		53,799		—		—		53,799
Canada		263,383		—		—		263,383
Denmark		102,943		—		—		102,943
Finland		166,223		—		—		166,223
France		942,692		—		—		942,692
Germany		794,855		—		—		794,855
Hong Kong		293,246		—		—		293,246
Indonesia		7,083,860		—		—		7,083,860
Ireland		8,281		—		—		8,281
Italy		318,097		—		—		318,097
Japan		14,514,948		—		—		14,514,948
Luxembourg		35,261		—		—		35,261
Malaysia		158,473		—		—		158,473
Mexico		9,660,809		—		—		9,660,809
Netherlands		357,739		—		—		357,739
Norway		86,087		—		—		86,087
Portugal		34,029		—		—		34,029
South Africa		73,419		—		—		73,419
South Korea		130,516		—		—		130,516
Spain		327,427		—		—		327,427
Sweden		200,220		—		—		200,220
Switzerland		693,802		—		—		693,802
Taiwan		127,754		—		—		127,754
United Kingdom		1,440,315		—		—		1,440,315
United States		6,717,424		—		—		6,717,424
Total Common Stock		44,723,926		—		—		44,723,926
Sovereign Debt		—		16,507,890		—		16,507,890
Corporate Obligations		—		13,990,694		—		13,990,694
Registered Investment Companies		1,440,425		—		—		1,440,425
Exchange Traded Funds		1,062,844		—		—		1,062,844
Preferred Stock		81,927		—		—		81,927

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

52

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

Investments in Securities	Level 1			Level 2			Level 3		Total
U.S. Government Agency Obligation	$	—		$	23,327		$	—	$	23,327
U.S. Treasury Obligations		—			5,125,696			—		5,125,696
Total Investments in Securities	$	47,309,122		$	35,647,607		$	—	$	82,956,729
Other Financial Instruments	Level 1			Level 2			Level 3		Total
Forward Contracts *
Unrealized Appreciation	$	—		$	86,217		$	—	$	86,217
Unrealized Depreciation		—			(3,318	)		—		(3,318	)
Futures Contracts *
Unrealized Appreciation		432,570			—			—		432,570
Unrealized Depreciation		(268,590	)		—			—		(268,590	)
Total Investments in Securities	$	163,980		$	82,899		$	—	$	246,879

* Futures contracts and forward contracts are valued at the unrealized appreciation (depreciation) on the instrument

Amounts designated as “—“ are $0.

For the period ended October 31, 2016, there were no transfers between Level 1, Level 2 and Level 3 assets and liabilities. For the period ended October 31, 2016, there were no Level 3 securities.

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

53

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

STATEMENT OF ASSETS AND LIABILITIES
Assets:
Investments, at Value (Cost $80,984,410)	$	82,956,729
Foreign Currency, at Value (Cost $11,689)		34,819
Cash		17,754,424
Dividend and Interest Receivable		584,710
Receivable for Capital Shares Sold		481,846
Receivable for Investment Securities Sold		263,349
Unrealized Appreciation on Forward Foreign Currency Contracts		86,217
Receivable due from Investment Adviser		48,013
Reclaim Receivable		23,974
Deferred Offering Costs (Note 2)		22,482
Unrealized Appreciation on Foreign Spot Currency Contracts		41
Other Prepaid Expenses		7,987
Total Assets		102,264,591
Liabilities:
Payable for Investment Securities Purchased		278,967
Payable due to Administrator		11,858
Variation Margin Payable		5,050
Unrealized Depreciation on Forward Foreign Currency Contracts		3,318
Chief Compliance Officer Fees Payable		2,468
Payable due to Trustees		251
Unrealized Depreciation on Foreign Spot Currency Contracts		38
Other Accrued Expenses and Other Payables		84,119
Total Liabilities		386,069
Net Assets	$	101,878,522
NET ASSETS CONSIST OF:
Paid-in Capital	$	97,432,149
Undistributed Net Investment Income		1,088,411
Accumulated Net Realized Gain on Investments, Futures Contracts and Foreign Currency Transactions		1,117,437
Net Unrealized Appreciation on Investments		1,972,319
Net Unrealized Appreciation on Futures Contracts		163,980
Net Unrealized Appreciation on Forward Contracts, Foreign Currency
Transactions and Translation of Other Assets and Liabilities Denominated in Foreign Currencies		104,226
Net Assets	$	101,878,522
Institutional Shares:
Net Assets	$	101,773,157
Outstanding Shares of beneficial interest (unlimited authorization — no par value)		9,681,312
Net Asset Value, Offering and Redemption Price Per Share		$10.51
Investor Servicing Shares:
Net Assets	$	105,365
Outstanding Shares of beneficial interest (unlimited authorization — no par value)		10,010
Net Asset Value, Offering and Redemption Price Per Share		$10.53

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

54

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND

STATEMENT OF OPERATIONS
	Period Ended October 31, 2016*
Investment Income:
Dividends	$	705,702
Interest		760,707
Less: Foreign Taxes Withheld		(55,879	)
Total Investment Income		1,410,530
Expenses:
Investment Advisory Fees		406,536
Administration Fees		92,951
Trustees’ Fees		6,850
Chief Compliance Officer Fees		4,350
Custodian Fees		62,130
Legal Fees		48,322
Offering Costs (Note 2)		45,276
Transfer Agent Fees		31,385
Audit Fees		23,000
Printing Fees		17,500
Registration and Filing Fees		13,214
Other Expenses		50,543
Total Expenses		802,057
Less:
Waiver of Investment Advisory Fees		(406,536	)
Reimbursement by Investment Adviser		(124,493	)
Net Expenses		271,028
Net Investment Income		1,139,502
Net Realized Gain (Loss) on:
Investments		1,090,913
Futures Contracts		37,668
Forward Contracts and Foreign Currency Transactions		(62,235	)
Net Realized Gain		1,066,346
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		1,972,319
Futures Contracts		163,980
Forward Contracts, Foreign Currency Transactions and Translation of Other Assets and Liabilities Denominated in Foreign Currencies		104,226
Net Change in Unrealized Appreciation		2,240,525
Net Realized and Unrealized Gain on Investments, Futures Contracts, Forward Contracts, Foreign Currency Transactions and Translation of Other Assets and Liabilities Denominated in Foreign Currencies		3,306,871
Net Increase in Net Assets Resulting from Operations	$	4,446,373

* Commenced operations on March 2, 2016.

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

55

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND

STATEMENT OF CHANGES IN NET ASSETS
	Period Ended October 31, 2016*
Operations:
Net Investment Income	$	1,139,502
Net Realized Gain on Investments, Futures Contracts, Forward Contracts and Foreign Currency Transactions		1,066,346
Net Change in Unrealized Appreciation on Investments, Futures Contracts, Forward Contracts, Foreign Currency Transactions and Translation of Other Assets and Liabilities Denominated in Foreign Currencies		2,240,525
Net Increase in Net Assets Resulting From Operations		4,446,373
Capital Share Transactions:
Institutional Shares
Issued		108,435,930
Redeemed		(11,103,881	)
Net Institutional Shares Transactions		97,332,049
Investor Servicing Shares
Issued		100,100
Net Investor Servicing Shares Transactions		100,100
Net Increase in Net Assets From Capital Share Transactions		97,432,149
Total Increase in Net Assets		101,878,522
Net Assets:
Beginning of Period		—
End of Period (including Undistributed Net Investment Income of $1,088,411)	$	101,878,522
Shares Transactions:
Institutional Shares
Issued		10,746,149
Redeemed		(1,064,837	)
Total Institutional Shares Transactions		9,681,312
Investor Servicing Shares
Issued		10,010
Total Investor Servicing Shares Transactions		10,010
Net Increase in Shares Outstanding From Share Transactions		9,691,322

* Commenced operations on March 2, 2016.

Amounts designated as “— “ are $0.

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

56

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND

FINANCIAL HIGHLIGHTS
Selected Per Share Date & Ratios For a Share Outstanding Throughout the Period
Institutional Shares
	Period Ended October 31, 2016(1)
Net Asset Value, Beginning of Period	$	10.00
Income from Investment Operations:
Net Investment Income*		0.14
Net Realized and Unrealized Gain		0.37
Total from Investment Operations		0.51
Net Asset Value, End of Period	$	10.51
Total Return†		5.10	%
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)		$101,773
Ratio of Expenses to Average Net Assets		0.50%††
Ratio of Expenses to Average Net Assets (Excluding Waivers and Reimbursements)		1.48%††
Ratio of Net Investment Loss to Average Net Assets		2.10%††
Portfolio Turnover Rate		90%‡

(1) The Fund commenced operations on March 2, 2016.

* Per share calculations were performed using average shares for the period.

† Total return is for the period indicated and has not been annualized. Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

†† Annualized.

‡ Portfolio turnover is for the period indicated and has not been annualized.

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

57

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND

FINANCIAL HIGHLIGHTS
Selected Per Share Date & Ratios For a Share Outstanding Throughout the Period
Investor Servicing Shares
	Period Ended October 31, 2016(1)
Net Asset Value, Beginning of Period	$	10.00
Income from Investment Operations:
Net Investment Income*		0.14
Net Realized and Unrealized Gain		0.39
Total from Investment Operations		0.53
Net Asset Value, End of Period	$	10.53
Total Return†		5.30	%
Ratios and Supplemental Data
Net Assets, End of Year (Thousands)		$106
Ratio of Expenses to Average Net Assets		0.50%††
Ratio of Expenses to Average Net Assets (Excluding Waivers and Reimbursements)		1.48%††
Ratio of Net Investment Loss to Average Net Assets		2.08%††
Portfolio Turnover Rate		90%‡

(1) The Fund commenced operations on March 2, 2016.

* Per share calculations were performed using average shares for the period.

† Total return is for the period indicated and has not been annualized. Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

†† Annualized.

‡ Portfolio turnover is for the period indicated and has not been annualized.

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

58

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

NOTES TO FINANCIAL STATEMENTS

1. Organization:

The Advisors’ Inner Circle Fund III (the “Trust”) is organized as a Delaware statutory trust under a 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 14 funds. The financial statements herein are those of the PineBridge Dynamic Asset Allocation Fund (the “Fund”). The investment objective of the Fund is to seek absolute return. The Fund is classified as a diversified investment company. PineBridge Investments LLC serves as the Fund’s investment adviser (the “Adviser”). The Fund currently offers Institutional Shares and Investor Servicing Shares. The Fund commenced operations on March 2, 2016. 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 Fund in the preparation of its financial statements. The Fund is an investment company in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Therefore, the Fund follows the accounting and reporting guidance for investment companies.

Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses 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 Eastern Standard Time 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

59

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

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 Fund’s Board of Trustees (the “Board”). The Fund’s Fair Value Procedures are implemented through a Fair Value 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; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government imposed restrictions. 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.

Futures contracts that are traded on an exchange are valued at their last reported sales price as of the valuation date.

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 the Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time the Fund calculates its 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 the Fund calculates net asset

60

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

value. A Significant Event may relate to a single issuer or to an entire market sector. If the Adviser of the Fund 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 the Fund calculates its net asset value, it may request that a Committee meeting be called.

The Fund uses MarkIt Fair Value (“MarkIt”) as a third party fair valuation vendor. MarkIt provides a fair value for foreign securities in the Fund 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 established by the Committee. The Committee establishes 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 Fund values its non-U.S. securities 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 Administrator and can request that a meeting of the Committee be held.

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

In accordance with U.S. GAAP, the Fund discloses fair value of its 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 are described below:

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

61

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

• 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.); and

• 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, 2016, there have been no significant changes to the Fund’s fair valuation methodology.

Federal Income Taxes — It is the Fund’s intention 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. Accordingly, no provisions for Federal income taxes have been made in the financial statements.

The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund’s 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 Fund 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., from commencement of operations, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the period ended October 31, 2016, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period, the Fund did not incur any significant interest or penalties.

62

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

Security Transactions and Investment Income — Security transactions are accounted for on trade date. Costs used in determining realized gains and losses on the sale of investment securities are based on the specific identification method. Dividend income and expense are recorded on the ex-dividend date. Interest income is recognized on the accrual basis from settlement date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date.

Foreign Currency Translation — The books and records of the Fund 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 Fund does 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 unrealized gains and losses 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 transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid.

Forward Foreign Currency Exchange Contracts — The Fund enters into forward foreign currency exchange contracts to protect the value of securities held and related receivables and payables against changes in future foreign exchange rates. A forward currency contract is an agreement between two parties to buy and sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the current forward rate and the change in market value is recorded by the Fund as unrealized gain or loss. The Fund recognizes realized gains or losses when the contract is closed, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Any realized or unrealized appreciation (depreciation) during the period are presented on the Statements of Operations. Risks may arise from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Risks may also arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and are generally limited to the amount of unrealized gain on the contracts at the date of default. Refer to the Fund’s Schedule of

63

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

Investments for details regarding open forward foreign currency contracts as of October 31, 2016, if applicable.

For the period ended October 31, 2016, the average balances of forward foreign currency exchange contracts were as follows:

Average Monthly Notional Contracts Purchased	$	82,625
Average Monthly Notional Contracts Sold	$	630,412

Futures Contracts — The Fund utilized futures contracts during the period ended October 31, 2016. To the extent consistent with its investment objective and strategies, the Fund may use futures contracts for tactical hedging purposes as well as to enhance the Fund’s returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The futures contracts are valued at the settlement price established each day by the board of exchange on which they are traded. The futures contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the futures contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the futures contract.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction.

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to the Fund’s Schedule of Investments for details regarding open futures contracts as of October 31, 2016.

For the period ended October 31, 2016, the average notional amount of futures contracts held were as follows:

Average Notional Value of Contracts Purchased Long	$	5,340,412
Average Notional Value of Contracts Sold Short	$	1,745,497

Investments in Real Estate Investment Trusts (“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

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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.

Expenses — Most expenses of the Trust can be directly attributed to a particular fund. Expenses which cannot be directly attributed to a particular 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 Fund distributes substantially all of its net investment income annually. Any net realized capital gains are distributed annually. All distributions are recorded on ex-dividend date.

Deferred Offering Costs — Offering costs, including costs of printing initial prospectus, legal and registration fees, are amortized over twelve-months from inception of the Fund. As of October 31, 2016, the remaining amount still to be amortized for the Fund was $22,482.

3. Derivative Transactions:

The following tables include the Fund’s exposure by type of risk on derivatives held throughout the period.

The fair value of derivative instruments as of October 31, 2016, was as follows:

	Asset Derivatives				Liability Derivatives
	Statement of Assets and Liability Location	Fair Value			Statement of Assets and Liability Location	Fair Value
Derivatives not accounted for as hedging instruments:
Currency contracts	Net Assets — Unrealized appreciation on futures contracts	$	223,230	*	Net Assets — Unrealized depreciation on futures contracts	$	—	*
Equity contracts	Net Assets — Unrealized appreciation on futures contracts		94,718	*	Net Assets — Unrealized depreciation on futures contracts		268,590	*
Foreign exchange contracts	Net Assets — Unrealized appreciation on forward foreign currency contracts		86,217	*	Net Assets — Unrealized depreciation on forward foreign currency contracts		3,318	*
Interest rate contracts	Net Assets — Unrealized appreciation on futures contracts		114,622	*	Net Assets — Unrealized depreciation on futures contracts		—	*
Total Derivatives not accounted for as hedging instruments		$	518,787			$	271,908

* Includes cumulative appreciation (depreciation) of futures and forward contacts as reported in the Schedule of Investments

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The effective of derivative instruments on the Statement of Operations for the period ended October 31, 2016, was as follows:

The amount of realized gain (loss) on derivatives recognized in income:

Derivatives Not Accounted for as Hedging Instruments	Futures Contracts			Forward Foreign Currency Contracts			Total
Foreign exchange contracts	$	(822,385	)	$	(236,571	)	$	(1,058,956	)
Equity contracts		1,030,939			—			1,030,939
Interest rate contracts		(170,886	)		—			(170,886	)
Total	$	37,668		$	(236,571	)	$	(198,903	)

Change in unrealized appreciation (depreciation) on derivatives recognized in income:

Derivatives Not Accounted for as Hedging Instruments	Futures Contracts			Forward Foreign Currency Contracts		Total
Foreign exchange contracts	$	223,229		$	82,899	$	306,128
Equity contracts		(173,871	)		—		(173,871	)
Interest rate contracts		114,622			—		114,622
Total	$	163,980		$	82,899	$	246,879

4. Offsetting Assets and Liabilities:

The Fund is subject to various netting arrangements with select counterparties (“Master Agreements”). Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Since different types of transactions have different mechanics and are sometimes traded out of different legal entities of a particular counterparty organization, each type of transaction may be covered by a different Master Agreement, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a specific counterparty entity in the event of a default with respect to all the transactions governed under a single agreement with a specific counterparty entity.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain

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transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Securities and U.S. dollar cash are generally the preferred forms of collateral. Securities and cash pledged as collateral are reflected as assets on the Statement of Assets and Liabilities as either a component of investments at value (securities) or cash pledged as collateral for futures contracts and swap contracts (cash). The market value of any securities received as collateral is not reflected as a component of net asset value. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement. The following is a summary by derivative type of the value of over the counter (“OTC”) financial derivative instruments and collateral (received)/pledged by counterparty of the Fund as of October 31, 2016:

Counterparty	Gross Assets Recognized in the Statement of Assets and Liabilities		Gross Liabilities Recognized in the Statement of Assets and Liabilities			Net Amount Available to be Offset		Collateral Pledged or (Received)†			Net Amount
	Forward Foreign Currency Contracts
Morgan Stanley & Co., Inc .	$	86,217	$	(3,318	)	$	82,899	$	(82,899	)	$	—

† Collateral pledged is limited to the net outstanding amount due to/from the counterparty. The actual collateral amounts pledged may exceed these amounts and may fluctuate in value.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern OTC financial derivative transactions entered into by a Fund and select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. In limited circumstances, the ISDA Master Agreement may contain additional provisions that add additional counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level. These amounts, if any, may be segregated with a third party custodian.

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5. Transactions with Affiliates:

Certain officers of the Trust are also employees 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.

The services provided by the (“CCO”) and his staff 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.

6. Administration, Distribution, Shareholder Servicing, Custodian and Transfer Agent Agreements:

The Fund and the Administrator are parties to an Administration Agreement under which the Administrator provides administration services to the Fund. 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 Fund. For the period ended October 31, 2016, the Fund paid $92,951 for these services.

The Fund has adopted a shareholder servicing plan (the “Service Plan”) under which a shareholder servicing fee of up to 0.15% of average daily net assets of Investor Servicing Shares of the Fund will be paid to other service providers. Under the Service Plan, other service providers may perform, or may compensate other service providers for performing certain shareholder and administrative services.

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

Atlantic Fund Services, LLC, serves as the transfer agent and dividend disbursing agent for the Fund under a transfer agency agreement with the Trust.

7. Investment Advisory Agreement:

Under the terms of an investment advisory agreement, the Adviser provides investment advisory services to the Fund at a fee calculated at an annual rate of 0.75% of the Fund’s average daily net assets. The Adviser has contractually agreed to reduce fees and/or reimburse expenses to the extent necessary to keep total annual Fund operating expenses after fee reductions and/or expense reimbursements (excluding any class specific expenses, dividend and interest expenses on securities sold short, interest, taxes, acquired fund fee expenses and non-routine expenses) from exceeding 0.50% of the average daily net assets of the Fund’s Investor Servicing Shares and Institutional Shares until February 28, 2017

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(the “Expense Limitation”). The Adviser may recover all or a portion of its fee reductions or expense reimbursements, up to the expense cap in place at the time the expenses were waived, within a three-year period from the year in which it reduced its fee or reimbursed expenses if the Fund’s total annual fund operating expenses are below the Expense Limitation. This agreement may be terminated by the Board for any reason at any time, or by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on February 28, 2017. As of October 31, 2016, the fees which were previously waived and/or reimbursed by the Adviser, which may be subject to possible future reimbursement, up to the expense cap in place at the time the expenses were waived, to the Adviser were $531,029 expiring in 2019.

8. Investment Transactions:

The cost of security purchases and the proceeds from security sales other than short-term securities, for the period ended October 31, 2016, were as follows:

Purchases
U.S. Government	$	11,680,949
Other		113,606,837
Sales
U.S. Government	$	3,868,384
Other		44,832,195

9. Federal Tax Information:

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income 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. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes. To the extent these differences are permanent in nature, they are charged or credited to undistributed net investment income (loss), accumulated net realized gain (loss) or paid-in capital, as appropriate, in the period that the differences arise.

Permanent book and tax basis differences which are primarily attributable to foreign currency transactions, REIT adjustments, reclassification of sales of PFIC gains and

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paydown gains and losses on investments have been reclassified to/from the following accounts during the period ended October 31, 2016:

Undistributed Net Investment Loss	Accumulated Net Realized Gain
$(51,091)	$	51,091

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

There were no tax character of dividends or distributions declared during the period ended October 31, 2016.

As October 31, 2016 of the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income	$	2,710,939
Undistributed Long-Term Capital Gains		46,622
Unrealized Appreciation		2,101,665
Other Temporary Differences		(412,853	)
Total Distributable Earnings	$	4,446,373

The difference between Federal tax cost and book cost are primarily due to PFIC and 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 by the Fund at October 31, 2016, were as follows:

Federal Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation			Net Unrealized Appreciation
$	81,123,270	$	3,104,062	$	(1,270,603	)	$	1,833,459

10. Concentration of Risks:

As with most funds that invest in fixed income securities, changes in interest rates are one of the most important factors that could affect the value of your investment. Rising interest rates tend to cause the prices of fixed income securities (especially those with longer maturities) and the Fund’s share price to fall.

Asset Allocation Risk — The Fund is subject to asset allocation risk, which is the risk that the Adviser’s allocation of the Fund’s assets among various asset classes will cause the Fund to underperform other funds with a similar investment objective and/or underperform the markets in which the Fund invests.

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Corporate Fixed Income Securities Risk — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

Credit Risk — The credit rating or financial condition of an issuer may affect the value of a fixed income security. Generally, the lower the credit quality of a security, the greater the perceived risk that the issuer will fail to pay interest fully and return principal in a timely manner. If an issuer defaults or becomes unable to honor its financial obligations, the security may lose some or all of its value.

Derivatives Risk — The Fund’s use of futures contracts, forward contracts, options or swaps is subject to market risk, leverage risk, correlation risk, liquidity risk and hedging risk. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Leverage risk is the risk that since derivatives may be purchased for a fraction of their value, a relatively small price movement in a derivative may result in an immediate and substantial loss or gain for the Fund, and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly or at all with the underlying asset, rate or index. Liquidity risk is the risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. Hedging risk is the risk that derivatives instruments used for hedging purposes may also limit any potential gain that may result from the increase in value of the hedged asset. To the extent that the Fund engages in hedging strategies, there can be no assurance that such strategy will be effective or that there will be a hedge in place at any given time. The Fund’s use of forwards and swaps is also subject to credit risk and valuation risk. Credit risk is the risk that the counterparty to a derivative contract will default or otherwise become unable to honor a financial obligation. Valuation risk is the risk that the derivative may be difficult to value. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument.

Foreign Company Risk — Investing in foreign companies, including direct investments and investments through depositary receipts, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the U.S. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the “SEC”) and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publically available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the portfolio. Foreign securities may also be more difficult to value than

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securities of U.S. issuers. While depositary receipts provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in depositary receipts continue to be subject to many of the risks associated with investing directly in foreign securities.

Foreign Currency Risk — As a result of the Fund’s investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.

Foreign Sovereign Debt Securities Risk — The Fund’s investments in foreign sovereign debt securities are subject to the risks that: (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due, due to factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

Interest Rate Risk — As with most funds that invest in fixed income securities, changes in interest rates could affect the value of your investment. Rising interest rates tend to cause the prices of fixed income securities (especially those with longer maturities and lower credit qualities) and the Fund’s share price to fall.

Preferred Stocks Risk — Preferred stocks are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company’s assets in the event of a liquidation are generally subordinate to the rights associated with a company’s debt securities.

U.S. Government Securities Risk — The Fund’s investment in U.S. government obligations may include securities issued or guaranteed as to principal and interest by the U.S. government, or its agencies or instrumentalities. Payment of principal and interest on U.S. government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. There can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. In addition, U.S. government securities are not guaranteed against price movements due to changing interest rates.

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11. Other:

At October 31, 2016, the percentage of total shares outstanding held by shareholders for each Fund, which are comprised of individual shareholders and omnibus accounts that are held on behalf of various individual shareholders was as follows:

	No. of Shareholders		% Ownership
PineBridge Dynamic Asset Allocation Fund
Institutional Shares		5		88	%
Investor Servicing Shares		1		100	%

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

12. Regulatory Matters:

In October 2016, the Securities and Exchange Commission (the “SEC”) released its Final Rule on Investment Company Reporting Modernization (the “Rule”). The Rule which introduces two new regulatory reporting forms for investment companies — Form N-PORT and Form N-CEN — also contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. Although still evaluating the impact of the Rule, management believes that many of the Regulation S-X amendments are consistent with the Fund’s current financial statement presentation and expects that the Fund will be able to comply with the Rule’s Regulation S-X amendments by the August 1, 2017 compliance date.

13. Subsequent Events:

The Fund has 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 as of October 31, 2016.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of

The Advisors’ Inner Circle Fund III and Shareholders of

PineBridge Dynamic Asset Allocation Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule 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 PineBridge Dynamic Asset Allocation Fund (one of the funds constituting The Advisors’ Inner Circle Fund III, hereafter referred to as the “Fund”) as of October 31, 2016, and the results of its operations, the changes in its net assets and the financial highlights for the period March 2, 2016 (commencement of operations) through October 31, 2016, 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 Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit 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 audit, which included confirmation of securities as of October 31, 2016 by correspondence with the custodian and brokers, provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 22, 2016

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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 Fund 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 the mutual fund’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the mutual fund’s average net assets; this percentage is known as the 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 from May 1, 2016 to October 31, 2016.

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 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 period. Simply divide your ending 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 “Expense Paid During Period” column with those that appear in the same charts in the shareholder reports for other mutual funds.

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DISCLOSURE OF FUND EXPENSES (Unaudited) — concluded

Note: Because the 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 5/01/16		Ending Account Value 10/31/16		Annualized Expense Ratios			Expenses Paid During Period*
PineBridge Dynamic Asset Allocation Fund — Institutional Shares**
Actual Portfolio Return	$	1,000.00	$	1,031.40		0.50	%	$	2.55
Hypothetical 5% Return		1,000.00		1,022.62		0.50			2.54
PineBridge Dynamic Asset Allocation Fund — Investor Servicing Shares**
Actual Portfolio Return	$	1,000.00	$	1,032.40		0.50	%		2.55
Hypothetical 5% Return		1,000.00		1,022.62		0.50			2.54

* Expenses are equal to the Funds’ annualized expense ratio multiplied by the average account value over the period, multiplied by184/366 (to reflect the one-half year period shown).

** Commenced operations on March 2, 2016.

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

Set forth below are the names, years of birth, positions 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. Unless otherwise noted, the business address of each Trustee is SEI Investments Company, 1 Freedom Valley Drive, Oaks Pennsylvania 19456. Trustees who are deemed not to be “interested persons” of the Trust are referred to as “Independent Trustees.” Messrs. Nesher and Doran are Trustees who may be deemed to be

Name and Year of Birth	Position with Trust and Length of Time Served1	Principal Occupations in the Past Five Years
INTERESTED TRUSTEES 2 3
WILLIAM M. DORAN (Born: 1940)	Chairman of the 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 TRUSTEES3
JON C. HUNT (Born: 1951)	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 (Born: 1954)	Trustee (Since 2014)	Retired since 2013. Executive Vice President and General Counsel, Legg Mason, Inc. from 2005 to 2013.
JAY C. NADEL (Born: 1958)	Trustee (since 2016)	Self-Employed Consultant since 2004.
RANDALL S. YANKER (Born: 1960)	Trustee (since 2014)	Co-Founder and Senior Partner, Alternative Asset Managers, L.P. since 2004.

1 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.

2 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.

3 Trustees oversee 14 funds in The Advisors’ Inner Circle Fund III.

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“interested” 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 877-225-4164. The following chart lists Trustees and Officers as of October 31, 2016.

Other Directorships
Held in the Past Five Years⁴

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

Former Directorships: Director of SEI Alpha Strategy Portfolios, LP to 2013. Trustee of O’Connor EQUUS (closed-end investment company) to 2016. Trustee of SEI Liquid Asset Trust to 2016.

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

Former Directorship: Trustee of O’Connor EQUUS (closed-end investment company) to 2016.

Current Directorships: Trustee of AXA Premier VIP Trust, Winton Series Trust, Winton Diversified Opportunities Fund (closed-end investment company), Gallery Trust and JP Morgan Active ETFs.

Former Directorships: Trustee of Munder Funds to 2014. Trustee of Victory Funds to 2015. Trustee of O’Connor EQUUS (closed-end investment company) to 2016.

Current Directorships: Trustee of City National Rochdale Funds, Winton Series Trust, Winton Diversified Opportunities Trust (closed-end investment company) and Gallery Trust. Director of Lapolla Industries, Inc.

Former Directorships: Trustee of Rochdale Investment Trust to 2013.

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

Former Directorship: Trustee of O’Connor EQUUS (closed-end investment company) to 2016.

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.

78

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

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

Name and Year of Birth	Position with Trust and Length of Time Served	Principal Occupations in the Past Five Years
OFFICERS
MICHAEL BEATTIE (Born: 1965)	President (Since 2014)	Director of Client Service, SEI Investments Company, since 2004.
ROBERT NESHER (Born: 1946)	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 (Born: 1984)	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.
DIANNE M. DESCOTEAUX (Born: 1977)	Vice President and Secretary (since 2014)	Counsel at SEI Investments since 2010. Associate at Morgan, Lewis, & Bockius LLP from 2006 to 2010.

79

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

Other Directorships

Held in the Past Five Years

None.

None.

None.

None.

80

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

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

Name and Year of Birth	Position with Trust and Length of Time Served	Principal Occupations in the Past Five Years
OFFICERS (continued)
RUSSELL EMERY (Born: 1962)	Chief Compliance Officer (Since 2014)	Chief Compliance Officer of SEI Structured Credit Fund, LP since June 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, The Advisors’ Inner Circle Fund II, Bishop Street Funds, The KP Funds, Winton Series Trust, Winton Diversified Opportunities Fund (closed-end investment company), Gallery Trust, SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Daily Income Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust. Chief Compliance Officer of SEI Opportunity Fund, L.P. until 2010. Chief Compliance Officer of O’Connor EQUUS (closed-end investment company) to 2016. Chief Compliance Officer of SEI Liquid Asset Trust to 2016.
LISA WHITTAKER (Born: 1978)	Vice President and Assistant Secretary (Since 2014)	Attorney, SEI Investments Company (2012-present). Associate Counsel, The Glenmede Trust Company (2011-2012). Associate, Drinker Biddle & Reath LLP (2006-2011).
JOHN Y. KIM (Born: 1981)	Vice President and Secretary (Since 2014)	Attorney, SEI Investments Company (2014-present). Associate Stradley Ronon Stevens & Young (2009-2014).
BRIDGET E. SUDALL (Born: 1980)	Privacy Officer (since 2015) Anti-Money Laundering Officer (since 2015)	Senior Associate and AML Officer, Morgan Stanley Alternative Investment Partners (2011-2015). Investor Services Team Lead, Morgan Stanley Alternative Investment Partners (2007- 2011).

81

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

Other Directorships

Held in the Past Five Years

None.

None.

None.

None.

82

THE ADVISORS’ INNER CIRCLE FUND III	PINEBRIDGE DYNAMIC
	ASSET ALLOCATION FUND
	OCTOBER 31, 2016

NOTICE TO SHAREHOLDERS (Unaudited)

For shareholders that do not have an October 31, 2016 tax year end, this notice is for informational purposes only. For shareholders with an October 31, 2016 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended October 31, 2016, the Fund is designating the following items with regard to distributions paid during the year.

Ordinary Income Distributions	Long-Term Capital Gain Distributions	Total Distributions	Qualifying for Corporate Dividends Received Deduction(1)	Qualifying Dividend Income(2)	U.S. Government Interest(3)	Interest Related Dividends(4)	Short-Term Capital Gain Dividends(5)	Foreign Tax Credit(6)
100.00%	0.00%	100.00%	5.40%	20.06%	52.38%	10.59%	0.00%	100.00%

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 Tax Relief Reconciliation Act of 2003 and is 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 the Fund to designate the maximum amount permitted by law.

3. “U.S. Government Interest” represents the amount of interest that was derived from direct U.S. Government obligations and distributed during the fiscal year. This amount is reflected as a percentage of ordinary income. 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 “Interest Related Dividends” and is reflected as a percentage of ordinary income distribution. Interest related dividends are exempt from U.S. withholding tax when paid to foreign investors.

5. The percentage of this column represents the amount of “Short Term Capital Gain Dividends” and is reflected as a percentage of short term capital gain distribution that is exempt from U.S. withholding tax when paid to foreign investors.

6. The percentage in this column represents the amount of “Qualifying Foreign Taxes” as a percentage of ordinary distributions during the fiscal year ended October 31, 2016. The Fund intends to pass through a Foreign Tax Credit to shareholders for fiscal year ended 2016. The total amount of foreign source income is $906,432. The total amount of foreign tax paid is $44,506. Your allocation share of the foreign tax credit will be reported on form 1099-DIV.

The information reported herein may differ from the information and distributions taxable to the shareholder for the calendar year ending December 31, 2016. Complete information will be computed and reported with your 2016 Form 1099-DIV.

83

PineBridge Dynamic Asset Allocation Fund

P.O. Box 588

Portland, ME 04112

1- 877-225-4164

Investment Adviser:

PineBridge Investments LLC

399 Park Avenue, 4th Floor

New York, NY 10022

Administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Legal Counsel:

Morgan, Lewis & Bockius LLP

1701 Market Street

Philadelphia, PA 19103

This information must be preceded or accompanied by a current prospectus for the Fund described.

PBI-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. There have been no amendments to or waivers granted to this code of ethics.

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 experts are Thomas Lemke and Jay Nadel, and they are 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:

		2016									2015
		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(1)		$	264,000		$	0		$	0		$	211,500		$	0		$	0
(b)	Audit-Related Fees		$	0		$	0		$	0		$	0		$	0		$	0
(c)	Tax Fees		$	0		$	0		$	534,700		$	0		$	0		$	0
(d)	All Other Fees		$	0		$	0		$	2,970		$	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:

		2016									2015
		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(1)		$	36,050		$	0		$	0		$	35,000		$	0		$	0
(b)	Audit-Related Fees		$	0		$	0		$	0		$	0		$	0		$	0
(c)	Tax Fees		$	5,150		$	0		$	0		$	5,000		$	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:

2016

2015

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(1)

N/A

N/A

N/A

$

25,400

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

Notes:

(1) Audit fees include amounts related to the audit of the Trust’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings.

(e)(1) The Trust’s Audit Committee has adopted and the Board of Trustees has ratified an Audit and Non-Audit Services Pre-Approval Policy (the “Policy”), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Funds may be pre-approved.

The Policy provides that all requests or applications for proposed services to be provided by the independent auditor must be submitted to the Registrant’s Chief Financial Officer (“CFO”) and must include a detailed description of the services proposed to be rendered. The 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 pursuant to the Policy; or (3) have been previously pre-approved in connection with the independent auditor’s annual engagement letter for the applicable year or otherwise. In any instance where services require pre-approval, the Audit Committee will consider whether such services are consistent with SEC’s rules and whether the provision of such services would impair the auditor’s independence.

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 expert, 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.

Services that have received the general pre-approval of the Audit Committee are identified and described in the Policy. In addition, the Policy sets forth a maximum fee per engagement with respect to each identified service that has received general pre-approval.

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):

	2016			2015
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):

	2016			2015
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):

	2016		2015
Audit-Related Fees		N/A		0	%
Tax Fees		N/A		0	%
All Other Fees		N/A		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 $537,670 and $0 for 2016 and 2015, 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 $5,150 and $5,000 for 2016 and 2015, 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 two fiscal years were N/A and $0 for 2016 and 2015, respectively.

(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 270.30a-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 (17CFR 270.3a-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 6, 2017

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 6, 2017

By (Signature and Title)*	/s/ Stephen Connors
	Stephen Connors,
	Treasurer, Controller and Chief Financial Officer

Date: January 6, 2017

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