UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

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: 1-877-446-3863

Date of fiscal year end: October 31, 2015

Date of reporting period: April 30, 2015

Item 1. Reports to Stockholders.

The Advisors’ Inner Circle Fund III

Knights of Columbus Core Bond Fund

Knights of Columbus Limited Duration Bond Fund

Knights of Columbus Large Cap Growth Fund

Knights of Columbus Large Cap Value Fund

Knights of Columbus Small Cap Equity Fund

Knights of Columbus International Equity Fund

Semi-Annual Report April 30, 2015

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS FUNDS
	APRIL 30, 2015 (Unaudited)

TABLE OF CONTENTS

Shareholder Letter	1
Schedules of Investments	4
Statements of Assets and Liabilities	18
Statements of Operations	20
Statements of Changes in Net Assets	22
Financial Highlights	28
Notes to Financial Statements	31
Disclosure of Fund Expenses	36
Approval of Investment Advisory Agreement	37

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

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

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS FUNDS
	APRIL 30, 2015 (Unaudited)

Dear Shareholders:

We have a truncated period for our first semiannual report as Knights of Columbus Asset Advisors’ funds were launched on February 27, 2015. The financial markets have been looking to the Federal Reserve (Fed) to see when the first hike in rates would occur. We are much more concerned with the pace of the rate hike as opposed to when it starts. The equity market has acutely watched this timing because too high too fast will likely be a negative for stocks. First quarter earnings were much better than many expected, but economic data continued to be a tug of war between things are getting better and the pace of better is simply not fast enough. The bond market has been watching the same thing and trying to decipher the healing in the employment arena versus production centric economic releases. What follows are a review of the funds over the first two months.

Knights of Columbus Core Bond Fund

The Knights of Columbus Core Bond Fund returned -0.08% versus 0.10% for the Barclays US Aggregate Index and 0.10% for the Lipper Core Bond Classification. The portfolio experienced usual startup costs as we established the new positions. The portfolio under performance was due to specific issue selection. Within the industrial sector, holdings in Comcast, Fed Ex and Tyson Foods all negatively impacted performance. Bank of America also contributed to the underperformance. Positioning on the yield curve provided incremental value to the total return. The fund also benefitted from overweight positions in both Commercial Mortgage Backed Security and Asset Backed Security.

Knights of Columbus Limited Duration Bond Fund

The Knights of Columbus Limited Duration Bond Fund returned 0.14% versus 0.31% for the Barclays 1-3 Year Government/Credit Index and Lipper Short-Intermediate Investment Grade return 0.42%. The 17 basis points of underperformance was due to issue selection. In analyzing the attribution analysis, the fund added value in yield curve positioning and asset allocation. Widening in yield spreads hurt two Treasury holdings in the portfolio and spread widening in two Federal Home Loan Bank mortgages also negatively impacted performance. On the positive side, we added value due to our yield curve positioning and also added incremental value from underweight positions in both Treasuries and industrials.

Knights of Columbus Large Cap Growth Fund

The Knights of Columbus Large Cap Growth Fund returned -1.20% in March and April compared to the benchmark Russell 1000 Growth Index return of -0.64%. After rising nicely in the early part of March, the portfolio experienced relative weakness as U.S. equities exhibited a change in character beginning on March 20. In particular, a notable shift in the beaten-down Energy sector was costly given the portfolio’s underweight allocation, but was mostly offset by positive allocation impacts elsewhere. Energy turned out to be the best performing sector in March-April time frame by a wide margin. Otherwise, stock selection was responsible for nearly the entire shortfall, with Health Care the primary culprit due to weakness in the Biotechnology group. Relative weakness in Consumer Staples was offset by positive relative contributions from Financials, Consumer Discretionary, and Technology. Earnings-related moves primarily drove individual stock results in April, with disappointments generally being punished harshly and even positive results often met with profit taking. Applied Materials (AMAT-20) was the worst performing stock in the portfolio during the period, as the company’s merger with Tokyo-Electron was scuttled by regulators. Netflix topped the list of winners, as the company posted strong results on the continued success of original programming, including “House of Cards”, and a more rapid turn to profitability in its expanding international operations.

Knights of Columbus Large Cap Value Fund

The Knights of Columbus Large Cap Value Fund returned -1.17%, underperforming the benchmark Russell 1000 Value Index return of -0.44% in the two months ending April 30^th. The main event over this span was the +37% rally in WTI Crude Oil prices from its low of $43/barrel on March 17^th to $59/barrel at the end of April. Small cap Energy names snapped back the strongest from the lows in March, finishing up more than +15% as they were hit the hardest on the waterfall descent which started in June of last year. Large cap Energy names also benefited nicely, finishing up over +10% over this same time horizon. The portfolio acted accordingly as Energy was one of the best performing sectors on an absolute basis, but an underweight position canceled out the positive stock selection within the group. Materials was the best relative performing sector, as two of the three names driving performance were highly leveraged to the Energy industry. LyondellBasell (LYB), which along with its chemical business derives a quarter of revenues from the production of gasoline and diesel fuel, finished the period up over +20%, which culminated in a strong earnings beat for good measure. US Silica (SLCA), which produces oil and gas proppants, also benefited from strength in the Energy sector, finishing up +15%. Underperformance within Industrials was broad-based with three of the worst performers coming from this group. Union Pacific (UNP), Booz Allen Hamilton (BAH), and Waste Management (WM) cost the portfolio over 40 basis points in relative performance. Another notable detractor within Consumer Staples was Whole Foods Markets (WFM) which finished down more than -15% for the period. A slight disappointment in sales growth during the quarter and investor nervousness about national store saturation pushed the price down.

1

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS FUNDS
	APRIL 30, 2015 (Unaudited)

Knights of Columbus Small Cap Equity Fund

The Knights of Columbus Small Cap Equity Fund declined -0.15% net of expenses from March through April, 2015, outperforming the benchmark Russell 2000, which declined -0.85%. The performance of growth versus value was unusually close, with the Russell 2000 Value Index declining -0.49% and the Russell 2000 Growth Index falling -1.20%. Leadership was fueled by the Energy sector, which continued its recovery from the 2014 selloff by returning 7.88%. Health Care was the weakest sector, declining -3.84% after a strong run that dates back to October, 2014. Our stock selection was strongest in the Health Care sector. The standout was Dyax Corp, a biotech company, which soared 58% over the two-month period on news of a potential new drug. Another large, positive contributor was Sketchers, the footwear company, which rose 35% after beating earnings expectations. The Financial Sector was our weakest. There was no single company driving the results, rather there were several banks that underperformed slightly.

Knights of Columbus International Equity Fund

The Knights of Columbus International Equity Fund underperformed the FTSE All-World ex US benchmark during the two-month period of March and April, 2015. The Fund returned 1.90% versus the 3.57% appreciation of the benchmark. Market returns ranged from +6.6% for the top-performing Energy sector to +0.41% for the Materials sector, the laggard during this period. From a regional perspective, emerging markets (+5.3%) outperformed developed markets (+3.4%) during March and April, though with wide dispersion, from almost 27% and 21% returns in Hungary and China, respectively, to declines of almost 9% in India and Indonesia. While currencies were volatile during the March/April period, they did not have a significant overall impact on market performance; this is based on the movements of DXY (dollar index spot exchange rate), a representative basket of foreign currencies, which started March and ended April at approximately the same level of around $95. The strongest positive attribution in the Fund came from ITV, the U.K. media company, which appreciated over 16% in U.S. dollar terms for the two-month period due to expectations of strong advertising revenue growth in2015. Banco Do Brasil, which we added to the Fund in early April, appreciated almost 24% during April on optimism of economic improvement in Brazil and was also one of the biggest contributors to relative performance. The worst performing stock in the Fund was Tata Motors, the Indian auto producer, which lost almost 16% in U.S. dollar terms for the two-month period. The lagging performance was due to deteriorating conditions in China, the company’s largest market, and also due to a large rights issue the company is using to retire debt and fund new capital investment. From an allocation standpoint for the period of March/April, the Fund maintained regional and sector exposures relatively in-line with FTSE All-World ex US Index, so most relative performance was derived from stock selection rather than allocation decisions.

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

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

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

Barclays 1-3 Year U.S. Government/Credit Index

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

Barclays US Aggregate Bond Index

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

2

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS FUNDS
	APRIL 30, 2015 (Unaudited)

Russell 1000 Growth Index

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

Russell 1000 Value Index

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

Russell 2000 Index

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

FTSE All-World Ex-U.S. Index

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

3

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	CORE BOND FUND
	APRIL 30, 2015 (Unaudited)

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — 28.9%
	Face Amount		Value
CONSUMER DISCRETIONARY — 2.4%
DIRECTV Holdings
3.950%, 01/15/25	$	300,000	$	305,062
Dollar General
3.250%, 04/15/23		300,000		292,273
Ford Motor Credit
5.875%, 08/02/21		300,000		350,556
				947,891
CONSUMER STAPLES — 2.3%
Diageo Capital
2.625%, 04/29/23		300,000		295,931
Kraft Foods Group
5.000%, 06/04/42		300,000		320,608
Walgreens Boots Alliance
2.700%, 11/18/19		300,000		305,657
				922,196
ENERGY — 3.7%
Anadarko Petroleum
5.950%, 09/15/16		300,000		319,015
Enterprise Products Operating
2.550%, 10/15/19		300,000		304,937
Helmerich & Payne International Drilling
4.650%, 03/15/25(A)		500,000		525,892
Southwestern Energy
4.950%, 01/23/25		300,000		311,577
				1,461,421
FINANCIALS — 8.1%
Bank of America MTN
4.000%, 01/22/25		300,000		297,344
Crown Castle Towers
3.222%, 05/15/22(A)		300,000		300,933

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
FINANCIALS — continued
Goldman Sachs Group
3.500%, 01/23/25	$	300,000	$	300,333
JPMorgan Chase
7.900%, 04/30/18(B)		300,000		319,500
Morgan Stanley MTN
4.875%, 11/01/22		300,000		324,997
TIAA Asset Management Finance
4.125%, 11/01/24(A)		1,000,000		1,047,961
Vornado Realty
5.000%, 01/15/22		300,000		329,909
Wells Fargo
7.980%, 03/15/18(B)		300,000		330,000
				3,250,977
INDUSTRIALS — 3.7%
Air Lease
5.625%, 04/01/17		250,000		267,188
American Airlines Pass Through Trust , Ser 2015-1
3.700%, 05/01/23		600,000		602,999
Burlington Northern Santa Fe
3.450%, 09/15/21		300,000		317,060
FedEx
4.100%, 02/01/45		300,000		287,013
				1,474,260
INFORMATION TECHNOLOGY — 1.6%
Hewlett-Packard
4.650%, 12/09/21		300,000		328,326
Molex Electronic Technologies
3.900%, 04/15/25(A)		300,000		299,846
				628,172
MATERIALS — 3.9%
Alcoa
5.550%, 02/01/17		300,000		317,847
Eastman Chemical
2.400%, 06/01/17		300,000		306,303
Mosaic
4.250%, 11/15/23		300,000		319,366
Nucor
4.000%, 08/01/23		300,000		313,441
Rio Tinto Finance USA
2.250%, 12/14/18		300,000		304,038
				1,560,995
TELECOMMUNICATION SERVICES — 1.6%
Rogers Communications
4.100%, 10/01/23		300,000		316,472
Verizon Communications
3.650%, 09/14/18		300,000		317,714
				634,186

4

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

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	CORE BOND FUND
	APRIL 30, 2015 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
UTILITIES — 1.6%
Duke Energy
3.750%, 04/15/24	$	300,000	$	319,100
Florida Power & Light
4.125%, 02/01/42		300,000		319,412
				638,512
Total Corporate Obligations (Cost $11,581,352)				11,518,610
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — 25.5%
FHLMC
3.500%, 11/01/44		2,076,747		2,174,797
3.000%, 02/01/45		1,490,884		1,515,670
2.500%, 02/01/30		987,515		1,013,268
FNMA
4.500%, 02/01/41		2,470,935		2,698,604
4.000%, 01/01/42		2,562,917		2,754,298
Total U.S. Government Agency Mortgage-Backed Obligations (Cost $10,121,364)				10,156,637
U.S. TREASURY OBLIGATIONS — 20.8%
U.S. Treasury Bonds
4.625%, 02/15/40		1,000,000		1,351,016
3.750%, 08/15/41		1,350,000		1,619,051
U.S. Treasury Notes
4.500%, 02/15/16		2,000,000		2,067,968
2.625%, 11/15/20		1,450,000		1,529,863
2.125%, 02/29/16		1,700,000		1,726,695
Total U.S. Treasury Obligations (Cost $8,349,455)				8,294,593
U.S. GOVERNMENT AGENCY OBLIGATIONS — 8.6%
FHLB
4.875%, 05/17/17		1,000,000		1,084,560
FHLMC
2.375%, 01/13/22		1,300,000		1,328,365
1.000%, 03/08/17		1,000,000		1,006,332
Total U.S. Government Agency Obligations (Cost $3,417,410)				3,419,257
MORTGAGE-BACKED SECURITIES — 8.2%
Citigroup Commercial Mortgage Trust, Ser 2013-GC15, Cl A3
4.095%, 09/10/46		400,000		440,438
COMM Mortgage Trust, Ser 2014-UBS4, Cl AM
3.968%, 08/10/47		400,000		420,753

MORTGAGE-BACKED SECURITIES — continued
	Face Amount		Value
GS Mortgage Securities Trust, Ser 2011-GC3, Cl A3
4.473%, 03/10/44(A)	$	400,000	$	408,723
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C13, Cl A2
2.936%, 11/15/46		400,000		415,492
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2014-C14, Cl A2
2.916%, 02/15/47		400,000		415,536
Wells Fargo Commercial Mortgage Trust, Ser 2014-LC18, Cl A1
1.437%, 12/15/47		379,415		379,786
WFRBS Commercial Mortgage Trust, Ser 2014-C23, Cl ASB
3.636%, 10/15/57		400,000		427,134
WFRBS Commercial Mortgage Trust, Ser 2014-C21, Cl A2
2.917%, 08/15/47		350,000		364,032
Total Mortgage-Backed Securities (Cost $3,272,076)				3,271,894
ASSET-BACKED SECURITIES — 7.0%
Chase Issuance Trust, Ser 2012-A4, Cl A4
1.580%, 08/16/21		400,000		396,951
Nissan Auto Lease Trust, Ser 2014-B, Cl A4
1.290%, 03/16/20		400,000		400,755
Small Business Administration, Ser 2015-10A, Cl 1
2.517%, 03/10/25		1,000,000		1,001,879
Small Business Administration, Ser 2015-20D, Cl 1
2.510%, 04/01/35		1,000,000		1,006,827
Total Asset-Backed Securities (Cost $2,795,144)				2,806,412
Total Investments— 99.0% (Cost $39,536,801)			$	39,467,403

Percentages based on Net Assets of $39,856,134.

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

5

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

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	CORE BOND FUND
	APRIL 30, 2015 (Unaudited)

(B) Floating rate security - The rate reported is the rate in effect on April 30, 2015.

Cl — Class

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

MTN — Medium Term Note

Ser — Series

As of April 30, 2015, all of the Fund’s investments were considered Level 2, in accordance with ASC-820.

For the six-month period ended April 30, 2015, there were no transfers between Level 1 and Level 2 assets and liabilities. For the six-month period ended April 30, 2015, there were no Level 3 securities.

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

6

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

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	LIMITED DURATION BOND FUND
	APRIL 30, 2015 (Unaudited)

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — 31.3%
	Face Amount		Value
CONSUMER DISCRETIONARY — 2.1%
Comcast
6.500%, 01/15/17	$	250,000	$	273,449
DIRECTV Holdings
2.400%, 03/15/17		250,000		254,399
Thomson Reuters
1.300%, 02/23/17		250,000		249,919
				777,767
CONSUMER STAPLES — 6.3%
Anheuser-Busch InBev Worldwide
1.375%, 07/15/17		250,000		251,904
Campbell Soup
3.050%, 07/15/17		250,000		259,443
Coca-Cola Enterprises
2.000%, 08/19/16		250,000		253,715
ConAgra Foods
1.300%, 01/25/16		250,000		250,761
CVS Health
5.750%, 06/01/17		250,000		273,680
General Mills
1.400%, 10/20/17		250,000		250,434
Tyson Foods
6.600%, 04/01/16		250,000		262,646
Unilever Capital
0.850%, 08/02/17		250,000		249,457
Walgreen
1.800%, 09/15/17		250,000		252,383
				2,304,423
ENERGY — 3.6%
Anadarko Petroleum
6.375%, 09/15/17		500,000		555,608
Apache
1.750%, 04/15/17		250,000		251,874

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
ENERGY — continued
Canadian Natural Resources
5.700%, 05/15/17	$	250,000	$	270,276
Chevron
1.104%, 12/05/17		250,000		250,221
				1,327,979
FINANCIALS — 8.7%
American Tower
4.500%, 01/15/18		250,000		267,508
Bank of America
6.050%, 05/16/16		250,000		261,875
Bank of Nova Scotia
1.375%, 12/18/17		250,000		250,429
Camden Property Trust
5.700%, 05/15/17		250,000		270,933
Citigroup
1.850%, 11/24/17		250,000		251,600
Credit Suisse NY MTN
1.750%, 01/29/18		250,000		250,931
Daimler Finance North America
1.125%, 03/10/17(A)		250,000		250,122
Ford Motor Credit
3.000%, 06/12/17		250,000		257,034
Goldman Sachs Group
5.950%, 01/18/18		250,000		277,216
JPMorgan Chase MTN
1.350%, 02/15/17		250,000		250,890
Morgan Stanley
1.875%, 01/05/18		250,000		250,881
Morgan Stanley Capital
3.884%, 02/15/16(A)		375,000		379,948
				3,219,367
HEALTH CARE — 2.1%
AbbVie
1.750%, 11/06/17		250,000		251,296
Amgen
5.850%, 06/01/17		250,000		273,109
2.125%, 05/15/17		250,000		254,427
				778,832
INDUSTRIALS — 1.6%
Air Lease
5.625%, 04/01/17		250,000		267,188
Aviation Capital Group
3.875%, 09/27/16(A)		300,000		308,203
				575,391
MATERIALS — 1.2%
Eastman Chemical
2.400%, 06/01/17		250,000		255,252
Glencore Funding
2.125%, 04/16/18(A)		200,000		199,779
				455,031

7

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

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	LIMITED DURATION BOND FUND
	APRIL 30, 2015 (Unaudited)

CORPORATE OBLIGATIONS — continued
	Face Amount		Value
TELECOMMUNICATION SERVICES — 2.9%
AT&T
1.400%, 12/01/17	$	550,000	$	549,334
Verizon Communications
2.500%, 09/15/16		250,000		255,233
Vodafone Group
5.625%, 02/27/17		250,000		269,249
				1,073,816
UTILITIES — 2.8%
Dayton Power & Light
1.875%, 09/15/16		250,000		252,514
Dominion Resources
1.950%, 08/15/16		250,000		252,853
Duke Energy
1.625%, 08/15/17		250,000		252,616
Georgia Power
5.700%, 06/01/17		250,000		273,451
				1,031,434
Total Corporate Obligations (Cost $11,537,652)				11,544,040
U.S. TREASURY OBLIGATIONS — 29.6%
U.S. Treasury Notes
3.250%, 05/31/16		3,200,000		3,301,500
3.250%, 03/31/17		1,350,000		1,418,554
0.875%, 11/15/17		875,000		876,709
0.750%, 10/31/17		1,500,000		1,498,828
0.625%, 12/15/16		2,100,000		2,104,265
0.500%, 11/30/16		1,700,000		1,700,665
Total U.S. Treasury Obligations (Cost $10,886,738)				10,900,521
ASSET-BACKED SECURITIES — 13.3%
Capital One Multi-Asset Execution Trust, Ser 2014-A5, Cl A
1.480%, 07/15/20		400,000		402,655
CarMax Auto Owner Trust, Ser 2014-1, Cl A3
0.790%, 10/15/18		255,000		254,916
Chase Issuance Trust, Ser 2012-A4, Cl A4
1.580%, 08/16/21		375,000		372,141
Chase Issuance Trust, Ser 2014-A1, Cl A1
1.150%, 01/15/19		400,000		401,421
Citibank Credit Card Issuance Trust, Ser 2008-A1, Cl A1
5.350%, 02/07/20		225,000		249,386
Citibank Credit Card Issuance Trust, Ser 2013-A3, Cl A3
1.110%, 07/23/18		375,000		376,832

ASSET-BACKED SECURITIES — continued
	Face Amount		Value
Discover Card Execution Note Trust, Ser 2013-A2, Cl A2
0.690%, 08/15/18	$	350,000	$	350,340
Ford Credit Auto Owner Trust, Ser 2012-C, Cl C
1.690%, 04/15/18		375,000		377,533
Ford Credit Auto Owner Trust, Ser 2014-B, Cl A3
0.900%, 10/15/18		475,000		475,561
Honda Auto Receivables Owner Trust, Ser 2014-2, Cl A3
0.770%, 03/19/18		325,000		324,880
John Deere Owner Trust, Ser 2015-A, Cl A3
1.320%, 06/17/19		400,000		401,447
Nissan Auto Lease Trust, Ser 2014-B, Cl A4
1.290%, 03/16/20		375,000		375,708
Santander Drive Auto Receivables Trust, Ser 2013-3, Cl A3
0.700%, 10/16/17		189,209		189,171
World Omni Auto Receivables Trust, Ser 2013-B, Cl A3
0.830%, 08/15/18		370,000		370,128
Total Asset-Backed Securities (Cost $4,913,622)				4,922,119
MORTGAGE-BACKED SECURITIES — 12.5%
CFCRE Commercial Mortgage Trust, Ser 2011-C2, Cl A1
1.558%, 12/15/47		83,467		83,486
Citigroup Commercial Mortgage Trust, Ser 2014-GC23, Cl A1
1.392%, 07/10/47		363,923		363,763
Commercial Mortgage Trust
2.025%, 08/15/45		375,000		380,945
GS Mortgage Securities Trust, Ser 2011-GC3, Cl A3
4.473%, 03/10/44(A)		350,000		357,633
GS Mortgage Securities Trust, Ser 2010-C2, Cl A1
3.849%, 12/10/43(A)		264,208		269,348
JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2010-C1, Cl A2
4.608%, 06/15/43(A)		375,000		397,612
JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2011-C4, Cl A3
4.106%, 07/15/46(A)		375,000		401,096
JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2013-C16, Cl A1
1.223%, 12/15/46		126,418		126,657

8

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

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	LIMITED DURATION BOND FUND
	APRIL 30, 2015 (Unaudited)

MORTGAGE-BACKED SECURITIES — continued
	Face Amount		Value
Morgan Stanley Bank of America Merrill Lynch Trust, Ser 2013-C13, Cl A2
2.936%, 11/15/46	$	267,000	$	277,341
UBS-Barclays Commercial Mortgage Trust, Ser 2012-C2, Cl A2
2.113%, 05/10/63		390,000		396,801
UBS-Citigroup Commercial Mortgage Trust, Ser 2011-C1, Cl A1
1.524%, 01/10/45		344,212		345,764
Wells Fargo Commercial Mortgage Trust, Ser 2014-LC18, Cl A1
1.437%, 12/15/47		360,445		360,797
WFRBS Commercial Mortgage Trust, Ser 2014-C21, Cl A1
1.413%, 08/15/47		334,129		334,544
WFRBS Commercial Mortgage Trust, Ser 2012-6, Cl B
1.330%, 05/15/17		368,835		375,056
WFRBS Commercial Mortgage Trust, Ser 2013-C18, Cl A1
1.191%, 12/15/46		121,035		121,302
Total Mortgage-Backed Securities (Cost $4,591,210)				4,592,145
U.S. GOVERNMENT AGENCY OBLIGATIONS — 11.3%
FHLB
4.875%, 05/17/17		1,000,000		1,084,560
4.750%, 12/16/16		1,000,000		1,067,207
0.625%, 11/23/16		1,000,000		1,001,071
FHLMC
0.750%, 01/12/18		1,000,000		999,569
Total U.S. Government Agency Obligations (Cost $4,139,786)				4,152,407
MUNICIPAL BOND — 0.8%
Oregon State Facilities Authority, RB, Ser B
2.100%, 04/01/17
(Cost $300,000)		300,000		300,489
Total Investments— 98.8% (Cost $36,369,008)			$	36,411,721

Percentages based on Net Assets of $36,855,333.

(A) Securities sold within the terms of a private placement memorandum, exempt from registration under section 144A of the Securities Act of 1933, as amended, and maybe sold only to

dealers in the program or other “accredited investors”. These securities have been determined to be liquid under the guidelines established by the Board of Trustees.

Cl — Class

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

MTN — Medium Term Note

RB — Revenue Bond

Ser — Series

As of April 30, 2015, all of the Fund’s investments were considered Level 2, in accordance with ASC-820.

For the six-month period ended April 30, 2015, there were no transfers between Level 1 and Level 2 assets and liabilities. For the six-month period ended April 30, 2015, there were no Level 3 securities.

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

9

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

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	LARGE CAP GROWTH FUND
	APRIL 30, 2015 (Unaudited)

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS
COMMON STOCK — 97.7%
	Shares		Value
CONSUMER DISCRETIONARY — 20.4%
Brinker International		3,725	$	206,253
Comcast, Cl A		7,875		454,860
Dillard’s, Cl A		1,275		167,777
DIRECTV *		2,975		269,847
Electronic Arts *		4,725		274,475
Hanesbrands		5,600		174,048
Lennar, Cl A		4,250		194,650
Lithia Motors, Cl A		1,875		186,994
Lowe’s		5,300		364,957
Macy’s		2,900		187,427
Netflix *		400		222,600
O’Reilly Automotive *		1,275		277,733
Pool		2,200		142,758
Restoration Hardware Holdings *		1,250		107,713
VF		3,375		244,451
Walt Disney		4,550		494,677
Williams-Sonoma		2,050		150,737
Wyndham Worldwide		2,450		209,230
				4,331,187
CONSUMER STAPLES — 8.7%
Colgate-Palmolive		3,600		242,208
CVS Health		2,500		248,225
Dr Pepper Snapple Group		3,200		238,656
Hormel Foods		3,075		167,126
Kroger		4,475		308,372
Monster Beverage *		2,275		311,925
Rite Aid *		21,350		164,609
Whole Foods Market		3,325		158,802
				1,839,923
ENERGY — 2.8%
Atwood Oceanics		5,150		171,907
EOG Resources		2,675		264,692
Tesoro		1,975		169,514
				606,113
FINANCIALS — 6.8%
Affiliated Managers Group *		825		186,557
Ameriprise Financial		1,350		169,128
CBRE Group, Cl A ‡ *		6,175		236,750

COMMON STOCK — continued
	Shares		Value
FINANCIALS (continued)
MasterCard, Cl A		5,025	$	453,304
Morgan Stanley		4,825		180,021
Visa, Cl A		3,250		214,663
				1,440,423
HEALTH CARE — 18.4%
AmerisourceBergen, Cl A		2,100		240,030
Amgen		2,975		469,781
Biogen *		1,000		373,930
Cardinal Health		2,725		229,827
Celgene *		3,675		397,121
Express Scripts Holding *		1,275		110,160
Gilead Sciences		4,125		414,603
HealthSouth		4,475		202,360
Jazz Pharmaceuticals *		1,450		259,115
Mallinckrodt *		1,975		223,531
McKesson		1,625		363,024
Medivation *		1,975		238,462
Regeneron Pharmaceuticals *		475		217,294
United Therapeutics *		1,050		167,675
				3,906,913
INDUSTRIALS — 10.6%
Caterpillar		2,550		221,543
Deere		2,425		219,511
FedEx		1,575		267,073
JetBlue Airways *		8,825		181,177
Manitowoc		5,450		107,529
Masco		7,900		209,271
PACCAR		2,900		189,515
Spectrum Brands Holdings		1,325		121,145
Union Pacific		3,375		358,526
United Continental Holdings *		3,775		225,519
United Rentals *		1,625		156,943
				2,257,752
INFORMATION TECHNOLOGY — 24.5%
Apple		13,950		1,745,842
Applied Materials		5,950		117,751
Broadcom, Cl A		2,450		108,302
Broadridge Financial Solutions		3,425		184,676
F5 Networks *		1,000		122,020
Facebook, Cl A *		6,475		510,036
Fiserv *		3,300		256,080
Google, Cl A *		800		439,016
Microsoft		13,225		643,263
NXP Semiconductors *		1,625		156,195
Oracle		10,300		449,286
Rackspace Hosting *		2,100		113,190
Total System Services		3,500		138,460
Vantiv, Cl A *		5,650		220,915
				5,205,032
MATERIALS — 2.2%
CF Industries Holdings		450		129,362
Eagle Materials		1,625		135,509

10

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

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	LARGE CAP GROWTH FUND
	APRIL 30, 2015 (Unaudited)

COMMON STOCK — continued
	Shares		Value
MATERIALS (continued)
Packaging Corp of America		2,050	$	141,839
Rock-Tenn, Cl A		875		55,107
				461,817
TELECOMMUNICATION SERVICES — 3.3%
Level 3 Communications *		4,350		243,339
SBA Communications, Cl A *		1,975		228,745
Verizon Communications		4,400		221,936
				694,020
Total Common Stock (Cost $20,946,595)				20,743,180
Total Investments— 97.7% (Cost $20,946,595)			$	20,743,180

Percentages based on Net Assets of $21,240,101.

* Non-income producing security.

‡ Real Estate Investment Trust.

Cl — Class

As of April 30, 2015, all of the Fund’s investments were considered Level 1, in accordance with ASC-820.

For the six-month period ended April 30, 2015, there were no transfers between Level 1 and Level 2 assets and liabilities. For the six-month period ended April 30, 2015, there were no Level 3 securities.

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

11

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

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	LARGE CAP VALUE FUND
	APRIL 30, 2015 (Unaudited)

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS COMMON STOCK — 97.5%†
	Shares		Value
CONSUMER DISCRETIONARY — 8.9%
Best Buy		4,200	$	145,530
Brinker International		3,600		199,332
Foot Locker		1,800		107,010
Ford Motor		18,600		293,880
Garmin		3,300		149,127
Interpublic Group of		5,400		112,536
Las Vegas Sands		2,900		153,352
Lowe’s		2,400		165,264
Thomson Reuters		6,900		283,314
VF		1,700		123,131
Wyndham Worldwide		1,900		162,260
				1,894,736
CONSUMER STAPLES — 6.9%
Altria Group		4,400		220,220
Archer-Daniels-Midland		5,800		283,504
Colgate-Palmolive		4,800		322,944
Dr Pepper Snapple Group		3,600		268,488
Procter & Gamble		1,300		103,363
Whole Foods Market		5,400		257,904
				1,456,423
ENERGY — 11.1%
Anadarko Petroleum		3,800		357,580
Atwood Oceanics		2,400		80,112
Chesapeake Energy		9,200		145,084
ConocoPhillips		3,500		237,720
Denbury Resources		8,700		76,647
Eni ADR		8,800		338,184
Kinder Morgan		5,300		227,635
PBF Energy, Cl A		6,800		192,984
Statoil ADR		17,300		367,279
Tesoro		2,700		231,741
Valero Energy		1,800		102,420
				2,357,386
FINANCIALS — 27.5%
Ameriprise Financial		900		112,752
Bank of America		36,300		578,259

COMMON STOCK — continued
	Shares		Value
FINANCIALS (continued)
Bank of New York Mellon		8,300	$	351,422
Berkshire Hathaway, Cl B *		2,900		409,509
Brixmor Property Group ‡		6,200		145,390
DuPont Fabros Technology		4,200		130,830
Endurance Specialty Holdings		4,900		295,862
Goldman Sachs Group		2,400		471,408
Hartford Financial Services Group		5,500		224,235
Host Hotels & Resorts ‡		8,300		167,162
JPMorgan Chase		10,200		645,252
KeyCorp		27,900		403,155
PartnerRe		2,100		268,800
PNC Financial Services Group		3,900		357,747
Prudential Financial		4,200		342,720
RLJ Lodging Trust ‡		5,900		175,053
Sun Communities ‡		2,400		148,944
SunTrust Banks		6,900		286,350
Wells Fargo		6,100		336,110
				5,850,960
HEALTH CARE — 14.8%
Aetna		1,800		192,366
Amgen		2,400		378,984
Anthem		3,300		498,069
Cardinal Health		3,800		320,492
ICON *		3,100		199,454
McKesson		1,500		335,100
PAREXEL International *		3,300		209,798
Select Medical Holdings		8,300		120,765
Shire ADR		1,840		448,058
UnitedHealth Group		3,900		434,460
				3,137,546
INDUSTRIALS — 9.1%
Alaska Air Group		5,100		326,706
Booz Allen Hamilton Holding, Cl A		11,200		308,000
Cintas		2,400		191,880
CNH Industrial		26,200		228,464
Ryder System		2,300		219,328
TAL International Group		1,800		69,372
Union Pacific		2,700		286,821
Waste Management		6,000		297,180
				1,927,751
INFORMATION TECHNOLOGY — 11.0%
Broadridge Financial Solutions		4,200		226,464
Cisco Systems		8,000		230,640
Computer Sciences		3,700		238,465
Hewlett-Packard		6,400		211,008
Intel		15,600		507,780
Lam Research		2,300		173,834
Lexmark International, Cl A		4,400		195,316
Microsoft		9,500		462,080
Xerox		8,100		93,150
				2,338,737

12

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

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	LARGE CAP VALUE FUND
	APRIL 30, 2015 (Unaudited)

COMMON STOCK — continued
	Shares		Value
MATERIALS — 1.7%
International Paper		1,700	$	91,324
LyondellBasell Industries, Cl A		1,500		155,280
US Silica Holdings		3,300		123,255
				369,859
TELECOMMUNICATION SERVICES — 2.0%
AT&T		8,200		284,048
CenturyLink		3,800		136,648
				420,696
UTILITIES — 4.5%
CMS Energy		7,900		268,047
Edison International		4,600		280,324
PPL		7,400		251,822
UGI		4,200		146,202
				946,395
Total Common Stock (Cost $20,932,809)				20,700,489
Total Investments— 97.5% (Cost $20,932,809)			$	20,700,489

Percentages based on Net Assets of $21,239,206.

* Non-income producing security.

‡ Real Estate Investment Trust.

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

ADR — American Depositary Receipt

Cl — Class

As of April 30, 2015, all of the Fund’s investments were considered Level 1, in accordance with ASC-820.

For the six-month period ended April 30, 2015, there were no transfers between Level 1 and Level 2 assets and liabilities. For the six-month period ended April 30, 2015, there were no Level 3 securities.

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

13

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

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	SMALL CAP EQUITY FUND
	APRIL 30, 2015 (Unaudited)

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS
COMMON STOCK — 97.7%
	Shares		Value
CONSUMER DISCRETIONARY — 14.7%
Asbury Automotive Group *		3,480	$	292,424
Brown Shoe		9,270		275,319
Citi Trends *		12,710		289,534
Core-Mark Holding		3,725		196,345
Dillard’s, Cl A		2,350		309,237
DineEquity		3,558		343,098
G-III Apparel Group *		2,950		327,981
Kirkland’s *		14,600		346,604
Libbey		17,735		697,872
Lithia Motors, Cl A		3,755		374,487
Nautilus *		33,316		560,041
Penn National Gaming *		19,015		305,761
Performance Sports Group *		16,695		338,909
Pool		4,205		272,862
Skechers U.S.A., Cl A *		3,928		353,206
Sonic		9,485		271,745
Tenneco *		5,315		310,662
				5,866,087
CONSUMER STAPLES — 3.0%
Central Garden & Pet, Cl A *		23,810		233,338
Ingles Markets, Cl A		7,190		300,973
Inventure Foods *		38,035		370,841
Prestige Brands Holdings *		7,655		300,459
				1,205,611
ENERGY — 3.8%
Alon USA Energy		35,595		572,723
Atwood Oceanics		8,221		274,417
Carrizo Oil & Gas *		4,215		234,902
Delek US Holdings		5,690		210,075
Pengrowth Energy		61,550		206,808
				1,498,925
FINANCIALS — 22.3%
American Equity Investment Life Holding		13,020		350,889
Ameris Bancorp		14,540		363,354
Armada Hoffler Properties ‡		34,510		354,418
Banc of California		24,611		305,176

COMMON STOCK — continued
	Shares		Value
FINANCIALS (continued)
CenterState Banks		29,560	$	359,450
DuPont Fabros Technology		12,340		384,391
Employers Holdings		11,860		289,503
First Bancorp		14,395		233,631
First BanCorp *		39,180		235,472
First Defiance Financial		9,700		339,500
First Industrial Realty Trust ‡		15,410		304,039
Great Southern Bancorp		8,670		341,771
Interactive Brokers Group, Cl A		8,601		292,004
Investment Technology Group		14,190		404,273
MarketAxess Holdings		4,455		382,462
Nelnet, Cl A		5,490		245,787
Pebblebrook Hotel Trust ‡		8,010		343,949
Piper Jaffray *		5,430		273,944
RLJ Lodging Trust ‡		11,100		329,337
Ryman Hospitality Properties ‡		6,500		374,660
Selective Insurance Group		12,345		332,574
Southwest Bancorp		17,850		307,556
Strategic Hotels & Resorts ‡ *		27,700		324,090
Sun Communities ‡		4,980		309,059
Sunstone Hotel Investors ‡		20,700		322,506
Wintrust Financial		5,930		289,028
WSFS Financial		7,395		526,302
				8,919,125
HEALTH CARE — 13.8%
AMAG Pharmaceuticals *		13,542		690,236
Cambrex *		12,000		461,880
Dyax *		10,150		242,687
Exactech *		10,415		227,568
Genesis Healthcare, Cl A *		35,165		242,990
HealthSouth		16,320		737,991
Isis Pharmaceuticals *		4,500		255,240
Lannett *		10,205		586,788
MiMedx Group *		24,250		227,950
Molina Healthcare *		6,240		369,595
Natus Medical *		6,815		256,993
Nektar Therapeutics *		14,100		134,232
Omnicell *		8,095		287,615
Orexigen Therapeutics *		35,070		230,410
PAREXEL International *		5,985		380,496
SciClone Pharmaceuticals *		19,985		163,277
				5,495,948
INDUSTRIALS — 16.9%
Aircastle		28,485		683,070
Allegiant Travel, Cl A		2,320		356,723
American Railcar Industries		4,040		214,282
Deluxe		4,340		281,015
DHI Group *		21,295		161,842
Elbit Systems		4,175		323,312
EMCOR Group		7,688		343,115

14

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

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	SMALL CAP EQUITY FUND
	APRIL 30, 2015 (Unaudited)

COMMON STOCK — continued
	Shares		Value
INDUSTRIALS (continued)
H&E Equipment Services		10,750	$	265,740
Heidrick & Struggles International		7,740		186,224
JetBlue Airways *		36,505		749,449
Manitowoc		27,377		540,148
Multi-Color		10,745		674,571
Park-Ohio Holdings		5,240		242,769
Patrick Industries *		5,270		316,516
Providence Service *		5,985		254,482
Vectrus *		6,870		175,597
Wabash National *		23,960		335,919
Xerium Technologies *		36,307		645,539
				6,750,313
INFORMATION TECHNOLOGY — 16.7%
ACI Worldwide *		10,835		249,530
Aspen Technology *		9,225		409,497
Calix *		23,825		176,067
Ciena *		32,255		687,031
Convergys		13,990		317,293
Cypress Semiconductor		23,825		317,349
ePlus *		4,060		336,818
Fleetmatics Group *		7,010		319,516
GSI Group *		18,005		239,107
Ixia *		21,359		255,881
j2 Global		11,440		793,593
Kulicke & Soffa Industries *		13,410		202,625
Luxoft Holding, Cl A *		6,285		325,752
Manhattan Associates *		9,275		487,493
NetScout Systems *		6,745		277,220
Qualys *		6,860		339,707
Sanmina *		10,570		214,888
SS&C Technologies Holdings		5,315		319,804
Synchronoss Technologies *		5,985		274,592
Ultra Clean Holdings *		21,715		130,507
				6,674,270
MATERIALS — 4.3%
Domtar		4,640		200,541
Materion		7,110		284,329
Neenah Paper		9,530		576,279
PolyOne		8,010		312,791
US Silica Holdings		9,275		346,421
				1,720,361
UTILITIES — 2.2%
PNM Resources		12,570		349,195
Portland General Electric		9,550		335,778
Southwest Gas		3,570		196,350
				881,323
Total Common Stock (Cost $39,094,106)				39,011,963
Total Investments— 97.7% (Cost $39,094,106)			$	39,011,963

Percentages based on Net Assets of $39,930,529.

* Non-income producing security.

‡ Real Estate Investment Trust.

Cl — Class

As of April 30, 2015, all of the Fund’s investments were considered Level 1, in accordance with ASC-820.

For the six-month period ended April 30, 2015, there were no transfers between Level 1 and Level 2 assets and liabilities. For the six-month period ended April 30, 2015, there were no Level 3 securities.

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

15

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

THE ADVISORS’ INNER CIRCLE FUND	KNIGHTS OF COLUMBUS
	INTERNATIONAL EQUITY FUND
	APRIL 30, 2015 (Unaudited)

SECTOR WEIGHTINGS†

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS COMMON STOCK — 98.3%
	Shares		Value
AUSTRALIA — 4.7%
Caltex Australia (A)		16,400	$	457,395
Macquarie Group (A)		13,500		827,181
Woodside Petroleum (A)		22,700		626,004
				1,910,580
BELGIUM — 3.9%
Anheuser-Busch InBev ADR		7,300		876,292
Delhaize Group ADR		35,100		702,702
				1,578,994
BRAZIL — 3.2%
Banco do Brasil		78,000		678,013
Vale ADR, Cl B		83,800		643,584
				1,321,597
CANADA — 5.6%
Alimentation Couche-Tard, Cl B		15,800		604,761
Canadian Imperial Bank of Commerce		8,100		650,416
Canadian Natural Resources		13,900		461,874
WestJet Airlines		25,000		566,308
				2,283,359
CHINA — 3.3%
China Construction Bank, Cl H (A)		881,500		855,702
Tencent Holdings (A)		23,400		482,950
				1,338,652
DENMARK — 1.8%
Danske Bank (A)		26,100		740,214
FINLAND — 3.1%
Neste Oil (A)		23,000		625,556
UPM-Kymmene (A)		35,700		645,976
				1,271,532
FRANCE — 9.6%
Casino Guichard Perrachon (A)		4,400		389,082
Christian Dior (A)		3,100		606,054
Ipsen (A)		12,100		694,880
Natixis (A)		124,900		1,033,856

COMMON STOCK — continued
	Shares		Value
FRANCE (continued)
Orange (A)		44,500	$	732,975
Veolia Environnement (A)		21,500		454,941
				3,911,788
GERMANY — 8.9%
Allianz (A)		5,100		868,097
Daimler (A)		9,000		865,322
Infineon Technologies (A)		49,900		586,662
METRO (A)		17,500		634,286
Siemens (A)		6,100		663,570
				3,617,937
HONG KONG — 5.1%
Hang Seng Bank (A)		33,900		660,435
Hutchison Whampoa (A)		63,300		930,618
Wharf Holdings (A)		70,900		510,843
				2,101,896
INDIA — 3.4%
ICICI Bank ADR		55,300		604,429
Tata Motors ADR		19,200		790,848
				1,395,277
ISRAEL — 2.4%
NICE-Systems (A)		16,000		961,770
JAPAN — 18.1%
Canon (A)		12,600		449,249
FANUC (A)		3,000		659,888
Honda Motor (A)		18,400		616,867
ITOCHU (A)		55,100		678,450
Kirin Holdings (A)		38,100		504,300
Kobe Steel (A)		311,000		565,270
Mizuho Financial Group (A)		392,000		747,262
Otsuka Holdings (A)		27,000		852,243
Sony (A)		14,600		441,383
Sumitomo (A)		40,200		474,671
Takeda Pharmaceutical (A)		12,000		616,093
Tokio Marine Holdings (A)		19,500		794,931
				7,400,607
NEW ZEALAND — 1.5%
Fisher & Paykel Healthcare (A)		120,300		595,774
POLAND — 1.3%
PGE Polska Grupa Energetyczna (A)		89,000		512,119
SINGAPORE — 2.6%
United Overseas Bank (A)		24,200		446,853
Wilmar International (A)		252,300		619,680
				1,066,533
SOUTH KOREA — 0.9%
LG Display ADR		26,400		364,848
SPAIN — 1.0%
Repsol (A)		20,000		412,280

16

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

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	INTERNATIONAL EQUITY FUND
	APRIL 30, 2015 (Unaudited)

COMMON STOCK — continued
	Shares		Value
SWEDEN — 1.5%
Swedbank, Cl A (A)		27,100	$	630,148
SWITZERLAND — 1.7%
Zurich Insurance Group (A)		2,200		679,038
UNITED KINGDOM — 13.1%
Anglo American (A)		32,800		555,711
Aviva (A)		54,500		438,475
BT Group, Cl A (A)		130,300		908,783
Investec (A)		45,500		434,472
ITV (A)		183,300		711,661
Reed Elsevier (A)		47,100		779,517
Sage Group (A)		100,800		749,464
Shire (A)		9,600		780,126
				5,358,209
UNITED STATES — 1.6%
CNOOC ADR		3,700		633,625
Total Common Stock (Cost $39,445,262)				40,086,777
Total Investments— 98.3% (Cost $39,445,262)			$	40,086,777

Percentages are based on Net Assets of $40,796,415.

(A) Security is fair valued using methods determined in good faith by the Fair Value Committee designated by the Board of Trustees. The total market value of such securities as of April 30, 2015 was $32,509,077 and represented 79.7% of net assets of the Fund.

ADR — American Depositary Receipt

Cl — Class

The following is a summary of inputs used as of April 30, 2015 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
Australia	$	–	$	1,910,580	$	–	$	1,910,580
Belgium		1,578,994		–		–		1,578,994
Brazil		1,321,597		–		–		1,321,597
Canada		2,283,359		–		–		2,283,359
China		–		1,338,652		–		1,338,652
Denmark		–		740,214		–		740,214
Finland		–		1,271,532		–		1,271,532
France		–		3,911,788		–		3,911,788
Germany		–		3,617,937		–		3,617,937
Hong Kong		–		2,101,896		–		2,101,896
India		1,395,277		–		–		1,395,277
Israel		–		961,770		–		961,770
Japan		–		7,400,607		–		7,400,607
New Zealand		–		595,774		–		595,774
Poland		–		512,119		–		512,119
Singapore		–		1,066,533		–		1,066,533
South Korea		364,848		–		–		364,848
Spain		–		412,280		–		412,280
Sweden		–		630,148		–		630,148

Investments in Securities		Level 1		Level 2		Level 3		Total
Switzerland	$	–	$	679,038	$	–	$	679,038
United Kingdom		–		5,358,209		–		5,358,209
United States		633,625		–		–		633,625
Total Common Stock		7,577,700		32,509,077		–		40,086,777
Total Investments in Securities	$	7,577,700	$	32,509,077	$	–	$	40,086,777

For the period ended April 30, 2015, there were transfers between Level 1 and Level 2 assets and liabilities. The primary reason for changes in the classifications between levels 1 and 2 occurs when foreign equity securities are fair valued using other observable market-based inputs in place of the closing exchange price due to events occurring after the close of the exchange or market on which the investment is principally traded. For the six-month period ended April 30, 2015, there were no Level 3 securities.

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

17

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

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	APRIL 30, 2015 (Unaudited)

STATEMENTS OF ASSETS AND LIABILITIES

	Core Bond Fund			Limited Duration Bond Fund			Large Cap Growth Fund
Assets:
Cost of securities	$	39,536,801		$	36,369,008		$	20,946,595
Investments in securities at value	$	39,467,403		$	36,411,721		$	20,743,180
Cash		471,933			554,690			987,145
Receivable due from Investment Adviser		3,640			4,599			—
Offering Costs		19,863			19,863			19,863
Dividends receivable		248,149			216,816			13,737
Prepaid expenses		699			699			699
Total Assets		40,211,687			37,208,388			21,764,624
Liabilities:
Payable for investment securities purchased		300,000			300,000			480,063
Payable due to administrator		9,802			9,009			5,268
Payable due to trustees		2,038			2,012			1,008
Chief Compliance Officer fees payable		994			983			535
Investment Adviser fees payable		—			—			606
Offering costs payable (Note 2)		24,265			24,265			24,265
Accrued expenses		18,454			16,786			12,778
Total Liabilities		355,553			353,055			524,523
Net Assets	$	39,856,134		$	36,855,333		$	21,240,101
Net Assets:
Paid-in Capital	$	39,922,960		$	36,813,238		$	21,500,140
Undistributed net investment income (loss)		56,791			18,536			(3,367	)
Accumulated net realized loss on investments		(54,219	)		(19,154	)		(53,257	)
Net unrealized appreciation (depreciation) on investments		(69,398	)		42,713			(203,415	)
Net Assets	$	39,856,134		$	36,855,333		$	21,240,101
Institutional Class Shares:
Net Assets	$	39,856,134		$	36,855,333		$	21,240,101
Total shares outstanding at end of period		3,992,286			3,681,321			2,150,014
Net Asset Value Offering and Redemption Price Per Share* (Net Assets ÷ Shares Outstanding)	$	9.98		$	10.01		$	9.88

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

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

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

18

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	APRIL 30, 2015 (Unaudited)

STATEMENTS OF ASSETS AND LIABILITIES

	Large Cap Value Fund			Small Cap Equity Fund			International Equity Fund
Assets:
Cost of securities	$	20,932,809		$	39,094,106		$	39,445,262
Investments in securities at value	$	20,700,489		$	39,011,963		$	40,086,777
Cash		449,325			946,624			617,894
Receivable for investment securities sold		95,476			402,994			—
Dividends receivable		17,674			4,378			158,917
Offering Costs		19,863			18,859			18,859
Receivable for dividend tax reclaim		—			—			653
Prepaid expenses		699			699			699
Total Assets		21,283,526			40,385,517			40,883,799
Liabilities:
Payable due to administrator		5,222			10,124			9,890
Payable due to trustees		1,006			2,049			2,043
Chief Compliance Officer fees payable		534			999			996
Investment Adviser fees payable		520			13,149			11,586
Foreign Currency Payable		—			—			17,545
Payable for investment securities purchased		—			388,796			—
Offering costs payable (Note 2)		24,265			23,763			23,763
Accrued expenses		12,773			16,108			21,561
Total Liabilities		44,320			454,988			87,384
Net Assets	$	21,239,206		$	39,930,529		$	40,796,415
Net Assets:
Paid-in Capital	$	21,527,660		$	40,022,540		$	40,063,940
Undistributed (distributions in excess of) net investment income		16,780			(26,783	)		259,329
Accumulated net realized gain (loss) on investments (distributions in excess)		(72,914	)		16,915			(168,573	)
Net unrealized appreciation (depreciation) on investments		(232,320	)		(82,143	)		641,515
Net unrealized appreciation on foreign currencies and translation of other assets and liabilities denominated in foreign currencies		—			—			204
Net Assets	$	21,239,206		$	39,930,529		$	40,796,415
Institutional Class Shares:
Net Assets	$	21,239,206		$	39,930,529		$	40,796,415
Total shares outstanding at end of period		2,152,791			4,002,193			4,006,353
Net Asset Value Offering and Redemption Price Per Share* (Net Assets ÷ Shares Outstanding)	$	9.87		$	9.98		$	10.18

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

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

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

19

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	FOR THE PERIOD ENDED
	APRIL 30, 2015* (Unaudited)

STATEMENTS OF OPERATIONS

	Core Bond Fund			Limited Duration Bond Fund			Large Cap Growth Fund
Investment Income
Dividends	$	–		$	–		$	27,914
Interest		143,315			67,824			5
Total Investment Income		143,315			67,824			27,919
Expenses
Investment Advisory Fees		25,802			23,787			20,857
Administration Fees		20,314			18,728			10,947
Trustees’ Fees		2,236			2,210			1,205
Chief Compliance Officer Fees		994			983			535
Transfer Agent Fees		4,078			4,072			3,848
Audit Fees		5,797			5,797			5,797
Legal Fees		2,949			2,915			1,589
Registration & Filing Fees		1,951			1,938			1,411
Custodian Fees		107			385			76
Offering Costs (Note 2)		4,904			4,904			4,904
Other Expenses		5,159			5,130			1,488
Total Expenses		74,291			70,849			52,657
Less:
Investment Advisory Fees Waiver		(25,802	)		(23,787	)		(20,857	)
Reimbursement from Adviser		(9,785	)		(11,381	)		(514	)
Net Expenses		38,704			35,681			31,286
Net Investment Income (Loss)		104,611			32,143			(3,367	)
Net Realized Loss on Investments		(54,219	)		(19,154	)		(53,257	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		(69,398	)		42,713			(203,415	)
Net Gain (Loss) on Investments and Foreign Currency Transactions		(123,617	)		23,559			(256,672	)
Net Increase (Decrease) in Net Assets from Operations		$    (19,006)			$    55,702			$    (260,039)

*Commenced operations on February 27, 2015.

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

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

20

THE ADVISORS’ INNER CIRCLE FUND III	KNIGHTS OF COLUMBUS
	FOR THE PERIOD ENDED
	APRIL 30, 2015* (Unaudited)

STATEMENTS OF OPERATIONS

	Large Cap Value Fund			Small Cap Equity Fund			International Equity Fund
Investment Income
Dividends	$	75,286		$	65,399		$	409,868
Interest		5			14			10
Less: Foreign Taxes Withheld		–			(407	)		(40,935	)
Total Investment Income		75,291			65,006			368,943
Expenses
Investment Advisory Fees		20,660			47,911			57,939
Administration Fees		10,844			20,811			20,274
Trustees’ Fees		1,204			2,246			2,240
Chief Compliance Officer Fees		534			999			996
Transfer Agent Fees		3,848			4,080			4,079
Audit Fees		5,797			5,797			5,797
Legal Fees		1,586			2,963			2,954
Registration & Filing Fees		1,411			1,952			1,952
Custodian Fees		76			76			2,520
Offering Costs (Note 2)		4,904			4,905			4,904
Other Expenses		1,486			2,671			5,689
Total Expenses		52,350			94,411			109,344
Less:
Investment Advisory Fees Waiver		(20,660	)		(25,022	)		(38,530	)
Reimbursement from Adviser		(699	)		–			–
Net Expenses		30,991			69,389			70,814
Net Investment Income (Loss)		44,300			(4,383	)		298,129
Net Realized Gain (Loss) on Investments		(72,914	)		16,915			(63,934	)
Net Realized Loss on Foreign Currency Transactions		–			–			(104,639	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		(232,320	)		(82,143	)		641,515
Net Change in Unrealized Appreciation on Translation of Other Assets and Liabilities Denominated in Foreign Currencies		–			–			204
Net Gain (Loss) on Investments and Foreign Currency Transactions		(305,234	)		(65,228	)		473,146
Net Increase (Decrease) in Net Assets from Operations	$	(260,934	)	$	(69,611	)	$	771,275

*Commenced operations on February 27, 2015.

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

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

21

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

STATEMENT OF CHANGES IN NET ASSETS (Unaudited)

	Period Ended April 30, 2015*
Operations:
Net Investment Income	$	104,611
Net Realized Loss on Investments		(54,219)
Net Change in Unrealized Depreciation on Investments		(69,398)
Net Decrease in Net Assets Resulting from Operations		(19,006)
Dividends:
Institutional Class Shares
Net Investment Income		(47,820)
Total Dividends		(47,820)
Capital Share Transactions:
Institutional Class Shares
Issued		39,875,240
Reinvestment of Dividends		47,820
Redeemed		(100)
Net Increase in Net Assets from Capital Share Transactions		39,922,960
Total Increase in Net Assets		39,856,134
Net Assets:
Beginning of period		—
End of period (including undistributed net investment income of $56,791)	$	39,856,134
Share Transactions:
Institutional Class Shares
Issued		3,987,519
Reinvestment of Dividends		4,777
Redeemed		(10)
Net Increase in Shares Outstanding		3,992,286

*Commenced operations on February 27, 2015.

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

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

22

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

STATEMENT OF CHANGES IN NET ASSETS (Unaudited)

	Period Ended April 30, 2015*
Operations:
Net Investment Income	$	32,143
Net Realized Loss on Investments		(19,154)
Net Change in Unrealized Appreciation on Investments		42,713
Net Increase in Net Assets Resulting from Operations		55,702
Dividends:
Institutional Class Shares
Net Investment Income		(13,607)
Total Dividends		(13,607)
Capital Share Transactions:
Institutional Class Shares
Issued		36,799,731
Reinvestment of Dividends		13,607
Redeemed		(100)
Net Increase in Net Assets from Capital Share Transactions		36,813,238
Total Increase in Net Assets		36,855,333
Net Assets:
Beginning of period		—
End of period (including undistributed net investment income of $18,536)	$	36,855,333
Share Transactions:
Institutional Class Shares
Issued		3,679,970
Reinvestment of Dividends		1,361
Redeemed		(10)
Net Increase in Shares Outstanding		3,681,321

*Commenced operations on February 27, 2015.

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

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

23

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

STATEMENT OF CHANGES IN NET ASSETS (Unaudited)

	Period Ended April 30, 2015*
Operations:
Net Investment Loss	$	(3,367)
Net Realized Loss on Investments		(53,257)
Net Change in Unrealized Depreciation on Investments		(203,415)
Net Decrease in Net Assets Resulting from Operations		(260,039)
Capital Share Transactions:
Institutional Class Shares
Issued		21,500,240
Redeemed		(100)
Net Increase in Net Assets from Capital Share Transactions		21,500,140
Total Increase in Net Assets		21,240,101
Net Assets:
Beginning of period		—
End of period (including undistributed net investment loss of $3,367)	$	21,240,101
Share Transactions:
Institutional Class Shares
Issued		2,150,024
Redeemed		(10)
Net Increase in Shares Outstanding		2,150,014

*Commenced operations on February 27, 2015.

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

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

24

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

STATEMENT OF CHANGES IN NET ASSETS (Unaudited)

	Period Ended April 30, 2015*
Operations:
Net Investment Income	$	44,300
Net Realized Loss on Investments		(72,914	)
Net Change in Unrealized Depreciation on Investments		(232,320	)
Net Decrease in Net Assets Resulting from Operations		(260,934	)
Dividends:
Institutional Class Shares
Net Investment Income		(27,520	)
Total Dividends		(27,520	)
Capital Share Transactions:
Institutional Class Shares
Issued		21,500,240
Reinvestment of Dividends		27,520
Redeemed		(100	)
Net Increase in Net Assets from Capital Share Transactions		21,527,660
Total Increase in Net Assets		21,239,206
Net Assets:
Beginning of period		—
End of period (including undistributed net investment income of $16,780)	$	21,239,206
Share Transactions:
Institutional Class Shares
Issued		2,150,024
Reinvestment of Dividends		2,777
Redeemed		(10	)
Net Increase in Shares Outstanding		2,152,791

*Commenced operations on February 27, 2015.

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

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

25

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

STATEMENT OF CHANGES IN NET ASSETS (Unaudited)

	Period Ended April 30, 2015*
Operations:
Net Investment Loss	$	(4,383	)
Net Realized Gain on Investments		16,915
Net Change in Unrealized Depreciation on Investments		(82,143	)
Net Decrease in Net Assets Resulting from Operations		(69,611	)
Dividends:
Institutional Class Shares
Net Investment Income		(22,400	)
Total Dividends		(22,400	)
Capital Share Transactions:
Institutional Class Shares
Issued		40,000,240
Reinvestment of Dividends		22,400
Redeemed		(100	)
Net Increase in Net Assets from Capital Share Transactions		40,022,540
Total Increase in Net Assets		39,930,529
Net Assets:
Beginning of period		—
End of period (including distributions in excess of net investment income of $26,783)	$	39,930,529
Share Transactions:
Institutional Class Shares
Issued		4,000,024
Reinvestment of Dividends		2,179
Redeemed		(10	)
Net Increase in Shares Outstanding		4,002,193

*Commenced operations on February 27, 2015.

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

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

26

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

STATEMENT OF CHANGES IN NET ASSETS (Unaudited)

	Period Ended April 30, 2015*
Operations:
Net Investment Income	$	298,129
Net Realized Loss on Investments and Foreign Currency Transactions		(168,573	)
Net Change in Unrealized Appreciation on Investments, Foreign currencies and Translation of Other Assets and Liabilities Denominated in Foreign Currencies		641,719
Net Increase in Net Assets Resulting from Operations		771,275
Dividends:
Institutional Class Shares
Net Investment Income		(38,800	)
Total Dividends		(38,800	)
Capital Share Transactions:
Institutional Class Shares
Issued		40,025,240
Reinvestment of Dividends		38,800
Redeemed		(100	)
Net Increase in Net Assets from Capital Share Transactions		40,063,940
Total Increase in Net Assets		40,796,415
Net Assets:
Beginning of period		—
End of period (including undistributed net investment income of $259,329)	$	40,796,415
Share Transactions:
Institutional Class Shares
Issued		4,002,428
Reinvestment of Dividends		3,935
Redeemed		(10	)
Net Increase in Shares Outstanding		4,006,353

*Commenced operations on February 27, 2015.

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

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

27

THE ADVISORS’ INNER CIRCLE FUND III KNIGHTS OF COLUMBUS FUNDS

FINANCIAL HIGHLIGHTS (Unaudited)

Selected Per Share Data & Ratios

For a Share Outstanding Throughout Each Period

	Institutional Class Shares
Knights of Columbus Core Bond Fund	Period Ended April  30, 2015*
Net Asset Value, Beginning of Period		$            10.00
Income (Loss) from Operations:
Net Investment Income(1)		0.03
Net Realized and Unrealized Loss		(0.04)
Total from Operations		(0.01)
Dividends:
Net Investment Income		(0.01)
Total Dividends		(0.01)
Net Asset Value, End of Period		$            9.98
Total Return†		(0.08)%
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)		$39,856
Ratio of Expenses to Average Net Assets		0.60%**
Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly)		1.15%**
Ratio of Net Investment Income to Average Net Assets		1.62%**
Portfolio Turnover Rate		46%***

    * Commenced operations on February 27, 2015.

  ** Annualized

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

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

 (1) Per share data calculated using the average shares method.

	Institutional Class Shares
Knights of Columbus Limited Duration Bond Fund	Period Ended April 30, 2015*
Net Asset Value, Beginning of Period		$       10.00
Income (Loss) from Operations:
Net Investment Income(1)		0.01
Net Realized and Unrealized Gain		—@
Total from Operations		0.01
Dividends:
Net Investment Income		—@
Total Dividends		—
Net Asset Value, End of Period		$            10.01
Total Return†		0.14%
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)		$36,855
Ratio of Expenses to Average Net Assets		0.60%**
Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly)		1.19%**
Ratio of Net Investment Income to Average Net Assets		0.54%**
Portfolio Turnover Rate		54%***

    * Commenced operations on February 27, 2015.

  ** Annualized

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

   @ Amount represents less than 0.01 per share.

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

 (1) Per share data calculated using the average shares method.

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

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

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THE ADVISORS’ INNER CIRCLE FUND III KNIGHTS OF COLUMBUS FUNDS

FINANCIAL HIGHLIGHTS (Unaudited)

Selected Per Share Data & Ratios

For a Share Outstanding Throughout Each Period

	Institutional Class Shares
Knights of Columbus Large Cap Growth Fund	Period Ended April  30, 2015*
Net Asset Value, Beginning of Period		$            10.00
Income (Loss) from Operations:
Net Investment Income(1)		—
Net Realized and Unrealized Loss		(0.12)
Total from Operations		(0.12)
Net Asset Value, End of Period		$             9.88
Total Return†		(1.20)%
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)		$21,240
Ratio of Expenses to Average Net Assets		0.90%**
Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly)		1.51%**
Ratio of Net Investment Loss to Average Net Assets		(0.10)%**
Portfolio Turnover Rate		17%***

    * Commenced operations on February 27, 2015.

  ** Annualized

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

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

 (1) Per share data calculated using the average shares method.

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

	Institutional Class Shares
Knights of Columbus Large Cap Value Fund	Period Ended April 30, 2015*
Net Asset Value, Beginning of Period		$            10.00
Income (Loss) from Operations:
Net Investment Income(1)		0.02
Net Realized and Unrealized Loss		(0.14)
Total from Operations		(0.12)
Dividends:
Net Investment Income		(0.01)
Total Dividends		(0.01)
Net Asset Value, End of Period		$              9.87
Total Return†		(1.17)%
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)		$21,239
Ratio of Expenses to Average Net Assets		0.90%**
Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly)		1.52%**
Ratio of Net Investment Income to Average Net Assets		1.29%**
Portfolio Turnover Rate		7%***

    * Commenced operations on February 27, 2015.

  ** Annualized

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

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

 (1) Per share data calculated using the average shares method.

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

29

THE ADVISORS’ INNER CIRCLE FUND III KNIGHTS OF COLUMBUS FUNDS

FINANCIAL HIGHLIGHTS (Unaudited)

Selected Per Share Data & Ratios

For a Share Outstanding Throughout Each Period

	Institutional Class Shares
Knights of Columbus Small Cap Equity Fund	Period Ended April 30, 2015*
Net Asset Value, Beginning of Period		$            10.00
Income (Loss) from Operations:
Net Investment Income(1)		—
Net Realized and Unrealized Loss		(0.01)
Total from Operations		(0.01)
Dividends:
Net Investment Income		(0.01)
Total Dividends		(0.01)
Net Asset Value, End of Period		$              9.98
Total Return†		(0.15)%
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)		$39,931
Ratio of Expenses to Average Net Assets		1.05%**
Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly)		1.43%**
Ratio of Net Investment Loss to Average Net Assets		(0.07)%**
Portfolio Turnover Rate		11%***

    * Commenced operations on February 27, 2015.

  ** Annualized

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

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

 (1) Per share data calculated using the average shares method.

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

	Institutional Class Shares
Knights of Columbus International Equity Fund	Period Ended April 30, 2015*
Net Asset Value, Beginning of Period		$           10.00
Income (Loss) from Operations:
Net Investment Income(1)		0.08
Net Realized and Unrealized Gain		0.11
Total from Operations		0.19
Dividends:
Net Investment Income		(0.01)
Total Dividends		(0.01)
Net Asset Value, End of Period		$            10.18
Total Return†		1.90%
Ratios and Supplemental Data
Net Assets, End of Period (Thousands)		$40,796
Ratio of Expenses to Average Net Assets		1.10%**
Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly)		1.70%**
Ratio of Net Investment Income to Average Net Assets		4.63%**
Portfolio Turnover Rate		10%***

    * Commenced operations on February 27, 2015.

  ** Annualized

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

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

 (1) Per share data calculated using the average shares method.

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

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THE ADVISORS’ INNER CIRCLE FUND III KNIGHTS OF COLUMBUS FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1. Organization:

The Advisors’ Inner Circle Fund III (the “Trust”) is organized as a Delaware statutory trust under an Agreement and Declaration of Trust dated December 4, 2013. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company with 11 funds. The financial statements herein are those of the Knights of Columbus Core Bond Fund “Core Bond Fund”, Knights of Columbus Limited Duration Bond Fund “Limited Duration Bond Fund”, Knights of Columbus Large Cap Growth Fund “Large Cap Growth Fund”, Knights of Columbus Large Cap Value Fund “Large Cap Value Fund”, Knights of Columbus Small Cap Equity Fund “Small Cap Equity Fund” and Knights of Columbus International Equity Fund “International Equity Fund” (collectively the “Funds,” individually a “Fund”), each of which are diversified Funds. The investment objective of the Core Bond Fund and Limited Duration Bond Fund is to seek current income and capital preservation. The investment objective of the Large Cap Growth Fund, Large Cap Value Fund, Small Cap Equity Fund and International Equity Fund is to seek long-term capital appreciation. The financial statements of the remaining funds of the Trust are presented separately. The assets of each fund are segregated, and a shareholder’s interest is limited to the fund in which shares are held.

2. Significant Accounting Policies:

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

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

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, or, if there is no such reported sale, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Values of debt securities are generally reported at the last sales price if the security is actively traded. If a security price cannot be obtained from an independent, third party pricing agent, the Funds seek to obtain a bid price from at least one independent broker. Securities for which market prices are not “readily available” are valued in accordance with fair value procedures established by the Funds’ Board of Trustees (the “Board”). The Funds’ fair value procedures are implemented through a fair value pricing committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using fair value procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; or the security’s primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the fair value procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which a Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time a Fund calculates net asset value if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last close and the time that a Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the Funds’ Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which a Fund calculates net asset value, it may request that a Committee meeting be called. In addition, the Funds’ Administrator monitors price movements among certain selected indices, securities and/or baskets of securities that may be an indicator that the closing prices received earlier from foreign exchanges or markets may not reflect market value at the time a Fund calculates net asset value. If price movements in a monitored index or security exceed levels established by the Administrator, the Administrator notifies the Adviser if a Fund is holding the relevant security that such limits have been exceeded. In such event, the Adviser makes the determination whether a Committee meeting should be called based on the information provided.

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

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THE ADVISORS’ INNER CIRCLE FUND III KNIGHTS OF COLUMBUS FUNDS

meeting. In the event that the Adviser believes that the fair values provided by Interactive Data are not reliable, the Adviser contacts the Funds Administrator and requests that a meeting of the Committee be held.

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

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

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

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

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

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

For the period ended April 30, 2015, there have been no significant changes to the Funds’ fair value methodologies.

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

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last 3 tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the period ended April 30, 2015, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period the Funds did not incur any interest or penalties.

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

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

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

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THE ADVISORS’ INNER CIRCLE FUND III KNIGHTS OF COLUMBUS FUNDS

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

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

Offering Costs Payable — Offering costs, including costs of printing initial prospectus, legal and registration fees, are amortized over twelve-months from inception of the Funds. As of April 30, 2015, the remaining amount still to be amortized for the Funds is as follows:

Core Bond Fund	$	24,265
Limited Duration Bond Fund		24,265
Large Cap Growth Fund		24,265
Large Cap Value Fund		24,265
Small Cap Equity Fund		23,763
International Equity Fund		23,763

Redemption Fees — The Funds retain a redemption fee of 2.00% on redemptions of capital shares held for less than thirty days. For the period ended April 30, 2015, there were no redemption fees in any of the Funds. Such fees are retained by the Funds for the benefit of the remaining shareholders and are recorded as additions to fund capital.

3. Transactions with Affiliates:

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

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

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

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

For the period ended April 30, 2015, the Funds were charged the following for these services:

Core Bond Fund	$	20,314
Limited Duration Bond Fund		18,728
Large Cap Growth Fund		10,947
Large Cap Value Fund		10,844
Small Cap Equity Fund		20,811
International Equity Fund		20,274

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

Certain officers of the Trust are also officers of the Administrator, which is a wholly-owned subsidiary of SEI Investments Company and/or the Distributor. Such officers are paid no fees by the Trust for serving as officers of the Trust.

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

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

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

5. Investment Advisory Agreements:

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

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THE ADVISORS’ INNER CIRCLE FUND III KNIGHTS OF COLUMBUS FUNDS

The Adviser has contractually agreed, through February 29, 2016, to waive a portion of its advisory fees and to assume expenses, which are calculated based on each Funds average daily net assets, in order to keep the total operating expenses of each Fund from exceeding certain contractual expense limitations. Accordingly, the contractual expense limitations for each Fund are as follows:

	Contractual Expense Limitations
Core Bond Fund		0.60	%
Limited Duration Bond Fund		0.60	%
Large Cap Growth Fund		0.90	%
Large Cap Value Fund		0.90	%
Small Cap Equity Fund		1.05	%
International Equity Fund		1.10	%

In addition, if at any point it becomes unnecessary for the Adviser to reduce fees or make expense reimbursements, the Board may permit the Adviser to retain the difference between the total annual fund operating expenses and the expense caps listed above to recapture all or a portion of its prior fee reductions or reimbursements made during the preceding three-year period. There were no fees recouped by the adviser during the period ending April 30, 2015.

6. Investment Transactions:

For the period ended April 30, 2015, the Funds made purchases and sales of investment securities other than long-term U.S. Government and short-term securities as follows:

	Purchases		Sales and Maturities		U.S. Government Purchases		U.S. Government Sales and Maturities
Core Bond Fund	$	18,656,182	$	965,330	$	31,932,222	$	14,850,586
Limited Duration Bond Fund		22,557,600		17,901		30,493,849		18,538,683
Large Cap Growth Fund		24,481,058		3,481,205		—		—
Large Cap Value Fund		22,496,923		1,490,137		—		—
Small Cap Equity Fund		43,261,308		4,180,104		—		—
International Equity Fund		43,238,143		3,728,947		—		—

7. Federal Tax Information:

The timing and characterization of certain income and capital gains distributions are determined annually in accordance with federal tax regulations which may differ from U.S. GAAP. These differences are primarily due to wash sales and differing book and tax treatments for foreign currency transactions, investments in swaps, reclassification of distributions, utilization of earnings and profits on shareholder redemptions and certain net operating losses which, for tax purposes, offset short-term capital gains. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to undistributed net investment income, paid-in capital or accumulated net realized loss, as appropriate, in the period that the differences arise.

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments for Federal income tax purposes at April 30, 2015, were as follows:

	Federal Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Core Bond Fund	$	39,536,801	$	103,277	$	(172,675	)	$	(69,398	)
Limited Duration Bond Fund		36,369,008		52,660		(9,947	)		42,713
Large Cap Growth Fund		20,946,595		417,702		(621,117	)		(203,415	)
Large Cap Value Fund		20,932,809		406,416		(638,736	)		(232,320	)
Small Cap Equity Fund		39,094,106		1,389,342		(1,471,485	)		(82,143	)
International Equity Fund		39,445,262		1,598,029		(956,514	)		641,515

8. Concentration of Risks:

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

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THE ADVISORS’ INNER CIRCLE FUND III KNIGHTS OF COLUMBUS FUNDS

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

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

9. Other:

At April 30, 2015, the percentage of total shares outstanding held by shareholders for each Fund, which are comprised of an omnibus account that are held on behalf of various individual shareholders, was as follows:

	No. of Shareholders		% Ownership
Core Bond Fund		2		87	%
Limited Duration Bond Fund		1		82	%
Large Cap Growth Fund		2		86	%
Large Cap Value Fund		2		86	%
Small Cap Equity Fund		1		91	%
International Equity Fund		1		100	%

10. Subsequent Events:

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, no additional disclosures or adjustments were required to the financial statements as of April 30, 2015.

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THE ADVISORS’ INNER CIRCLE FUND III KNIGHTS OF COLUMBUS FUNDS

DISCLOSURE OF FUND EXPENSES (Unaudited)

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

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

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (November 1, 2014 to April 30, 2015).

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

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

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

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

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

	Beginning Account Value 11/01/14	Ending Account Value 04/30/15	Annualized Expense Ratios	Expenses Paid During Period*
Core Bond Fund — Institutional Class Shares
Actual Fund Return	$1,000.00	$999.20	0.60%	$1.04
Hypothetical 5% Return**	$1,000.00	$1,022.18	0.60%	$3.06
Limited Duration Bond Fund — Institutional Class Shares
Actual Fund Return	$1,000.00	$1,001.40	0.60%	$1.04
Hypothetical 5% Return**	$1,000.00	$1,022.18	0.60%	$3.06
Large Cap Growth Fund — Institutional Class Shares
Actual Fund Return	$1,000.00	$988.00	0.90%	$1.54
Hypothetical 5% Return**	$1,000.00	$1,020.67	0.90%	$4.58
Large Cap Value Fund — Institutional Class Shares
Actual Fund Return	$1,000.00	$988.30	0.90%	$1.54
Hypothetical 5% Return**	$1,000.00	$1,020.67	0.90%	$4.58
Small Cap Equity Fund — Institutional Class Shares
Actual Fund Return	$1,000.00	$998.50	1.05%	$1.81
Hypothetical 5% Return**	$1,000.00	$1,019.91	1.05%	$5.35
International Equity Fund — Institutional Class Shares
Actual Fund Return	$1,000.00	$1,019.00	1.10%	$1.92
Hypothetical 5% Return**	$1,000.00	$1,019.66	1.10%	$5.60

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 63/365.

** Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 181/365.

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THE ADVISORS’ INNER CIRCLE FUND III KNIGHTS OF COLUMBUS FUNDS

APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited)

Pursuant to Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Funds’ advisory and sub-advisory agreements must be approved: (i) by a vote of a majority of the shareholders of the Funds; and (ii) by the vote of a majority of the members of the Board of Trustees (the “Board” or the “Trustees”) of The Advisors’ Inner Circle Fund III (the “Trust”) who are not parties to the agreements or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

A Board meeting was held on December 11, 2014 to decide whether to approve the following agreements (the “Agreements”) for initial two-year terms:

• the advisory agreement between Knights of Columbus Asset Advisors LLC (the “Adviser”) and the Trust, on behalf of the Knights of Columbus Core Bond Fund, Knights of Columbus Limited Duration Bond Fund, Knights of Columbus Large Cap Growth Fund, Knights of Columbus Large Cap Value Fund, Knights of Columbus Small Cap Equity Fund and Knights of Columbus International Equity Fund (collectively, the “Funds”); and

• the sub-advisory agreement between the Adviser and Boston Advisors, LLC (the “Sub-Adviser”), on behalf of the Knights of Columbus Large Cap Growth Fund, Knights of Columbus Large Cap Value Fund, Knights of Columbus Small Cap Equity Fund and Knights of Columbus International Equity Fund.

In preparation for the meeting, the Trustees requested that the Adviser and the Sub-Adviser furnish information necessary to evaluate the terms of the Agreements. The Trustees used this information, as well as other information that the Adviser, the Sub-Adviser and other service providers of the Funds presented or submitted to the Board at the meeting, to help them decide whether to approve the Agreements for initial two-year terms.

Specifically, the Board requested and received written materials from the Adviser, the Sub-Adviser and other service providers of the Funds regarding: (i) the nature, extent and quality of the services to be provided by the Adviser and the Sub-Adviser; (ii) the Adviser’s and the Sub-Adviser’s investment management personnel; (iii) the Adviser’s and the Sub-Adviser’s operations and financial condition; (iv) the Adviser’s and the Sub-Adviser’s brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the Funds’ proposed advisory fees to be paid to the Adviser and the Sub-Adviser and overall fees and operating expenses compared with peer groups of mutual funds; (vi) the Adviser’s and the Sub-Adviser’s compliance systems; (vii) the Adviser’s and the Sub-Adviser’s policies on and compliance procedures for personal securities transactions; (viii) the Adviser’s and the Sub-Adviser’s investment experience; (ix) the Adviser’s rationale for introducing the Funds as well as the Funds’ proposed objectives and strategies; and (x) the Adviser’s and the Sub-Adviser’s performance in managing similar accounts.

Representatives from the Adviser and the Sub-Adviser, along with other Fund service providers, presented additional information and participated in question and answer sessions at the meeting to help the Trustees evaluate the Adviser’s and the Sub-Adviser’s services, fees and other aspects of the Agreements. The Independent Trustees received advice from independent counsel and met in executive session outside the presence of Fund management and the Adviser and the Sub-Adviser.

At the Board meeting, the Trustees, including all of the Independent Trustees, based on their evaluation of the information provided by the Adviser, the Sub-Adviser and other service providers of the Funds, approved the Agreements. In considering the approval of the Agreements, the Board considered various factors that they determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Adviser and the Sub-Adviser; and (ii) the fees to be paid to the Adviser and the Sub-Adviser, as discussed in further detail below.

Nature, Extent and Quality of Services Provided by the Adviser and the Sub-Adviser

In considering the nature, extent and quality of the services to be provided by the Adviser and the Sub-Adviser, the Board reviewed the portfolio management services to be provided by the Adviser and the Sub-Adviser to the Funds, including the quality and continuity of the Adviser’s and the Sub-Adviser’s portfolio management personnel and the resources of the Adviser and the Sub-Adviser. The Trustees reviewed the terms of the proposed Agreements. The Trustees considered that the Adviser would supervise and monitor the performance of the Sub-Adviser. The most recent investment adviser registration forms (“Form ADV”) for the Adviser and the Sub-Adviser were provided to the Board, as were the responses of the Adviser and the Sub-Adviser to a detailed series of questions which included, among other things, information about the background and experience of the portfolio managers proposed to be primarily responsible for the day-to-day management of the Funds.

37

THE ADVISORS’ INNER CIRCLE FUND III KNIGHTS OF COLUMBUS FUNDS

The Trustees also considered other services to be provided to the Funds by the Adviser and the Sub-Adviser such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Funds’ investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services to be provided to the Funds by the Adviser and the Sub-Adviser would be satisfactory.

Costs of Advisory Services

In considering the advisory fees payable by the Funds to the Adviser, as well as the fees payable by the Adviser to the Sub-Adviser, the Trustees reviewed, among other things, a report of the proposed advisory fees to be paid to the Adviser and the Sub-Adviser. The Trustees also reviewed reports prepared by the Funds’ administrator comparing the Funds’ net and gross expense ratios and advisory fees to those paid by peer groups of mutual funds as classified by Lipper, an independent provider of investment company data. The Trustees reviewed pro forma fee and expense information. The Trustees also considered that the Adviser, not the Knights of Columbus Large Cap Growth Fund, Knights of Columbus Large Cap Value Fund, Knights of Columbus Small Cap Equity Fund and Knights of Columbus International Equity Fund, would pay the Sub-Adviser pursuant to the sub-advisory agreement. The Trustees evaluated both the fee that would be payable under the sub-advisory agreement and the portion of the fee under the advisory agreement that would be retained by the Adviser. The Board concluded, within the context of its full deliberations, that the advisory fees were reasonable in light of the nature and quality of the services expected to be rendered by the Adviser and the Sub-Adviser. The Board also considered the Adviser’s and the Sub-Adviser’s commitment to managing the Funds and the Adviser’s willingness to enter into expense limitation and fee waiver arrangements with the Funds.

Because the Funds were new and had not commenced operations, they did not yet have an investment performance record and it was not possible to determine the profitability that the Adviser or the Sub-Adviser might achieve with respect to the Funds or the extent to which economies of scale would be realized by the Adviser or the Sub-Adviser as the assets of the Funds grow. Accordingly, the Trustees did not make any conclusions regarding the Funds’ investment performance, the Adviser’s or the Sub-Adviser’s profitability, or the extent to which economies of scale would be realized by the Adviser or the Sub-Adviser as the assets of the Funds grow, but will do so during future considerations of the Agreements.

Based on the Board’s deliberations and its evaluation of the information described above and other factors and information it believed relevant in the exercise of its reasonable business judgment, the Board, including all of the Independent Trustees, unanimously concluded that the terms of the Agreements, including the fees to be paid thereunder, were fair and reasonable and agreed to approve the Agreements for initial terms of two years. In its deliberations, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

37

Knights of Columbus Funds

P.O. Box 219009

Kansas City, MO 64121

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

Investment Adviser

Knights of Columbus Asset Advisors LLC

One Columbus Plaza

New Haven, Connecticut 06510

Distributor

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Administrator

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Legal Counsel

Morgan, Lewis & Bockius, LLP

1701 Market Street

Philadelphia, PA 19103-2921

This information must be preceded or accompanied by a current

prospectus for the Funds described.

KOC-SA-001-0100

Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6. Schedule of Investments.

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

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

Not applicable to open-end management investment companies.

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

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

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

Not applicable to open-end management investment companies.

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

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

Item 11. Controls and Procedures.

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

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

Items 12. Exhibits.

(a)(1) Not applicable for semi-annual report.

(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: June 26, 2015

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: June 26, 2015
By (Signature and Title)	/s/ Rami Abdel-Rahman
	Rami Abdel-Rahman
	Treasurer, Controller & CFO

Date: June 26, 2015