Form N-CSRS Advisors’ Inner Circle For: Jan 31

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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: July 31, 2021

Date of reporting period: January 31, 2021

 

 

 

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Item 1.

Reports to Stockholders.

A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act or 1940, as amended (the “Act”) (17 CFR § 270.30e-1), is attached hereto.

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The Advisors’ Inner Circle Fund III

 

 

SEMI-ANNUAL REPORT		JANUARY 31, 2021

 

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THE ADVISORS’ INNER CIRCLE FUND III			CCT THEMATIC EQUITY FUND
			JANUARY 31, 2021

 

 

 

TABLE OF CONTENTS

 

 

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

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to fund securities, as well as
information relating to how the Fund voted proxies relating to fund securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-844-755-3863; and (ii) on the SEC’s website at http://www.sec.gov.

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THE ADVISORS’ INNER CIRCLE FUND III			CCT THEMATIC EQUITY FUND
			JANUARY 31, 2021
			(Unaudited)

 

 

 

 

SECTOR WEIGHTINGS†

 

 

SCHEDULE OF INVESTMENTS COMMON STOCK — 95.1%

		Shares				Value                  (000)
BELGIUM — 2.1%
VGP			5,056			$	829
FRANCE — 2.2%
LVMH Moet Hennessy Louis Vuitton ADR			7,250				885
GERMANY — 2.3%
Delivery Hero *			6,096				928
HONG KONG — 0.9%
AIA Group			30,729				372
JAPAN — 8.4%
Daifuku			11,710				1,334
FANUC			5,074				1,325
Sumitomo Mitsui Financial Group			22,116				685
							3,344
NETHERLANDS — 3.2%
ASML Holding, Cl G			1,286				687
Unilever ADR			10,060				587
							1,274
SPAIN — 1.9%
Industria de Diseno Textil			25,197				749

 

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

 

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THE ADVISORS’ INNER CIRCLE FUND III			CCT THEMATIC EQUITY FUND
			JANUARY 31, 2021
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		Shares				Value                  (000)
SWITZERLAND — 4.7%
Nestle ADR			9,701			$	1,090
Novartis ADR			8,902				805
							1,895
UNITED KINGDOM — 3.3%
London Stock Exchange Group			5,185				617
Royal Dutch Shell ADR, Cl B			19,806				691
							1,308
UNITED STATES — 66.1%
COMMUNICATION SERVICES — 8.0%
Alphabet, Cl C *			609				1,118
Verizon Communications			16,910				926
Walt Disney *			6,818				1,147
							3,191
CONSUMER DISCRETIONARY — 5.5%
Amazon.com *			210				673
Fiverr International *			2,664				550
NIKE, Cl B			7,167				957
							2,180
CONSUMER STAPLES — 2.3%
Estee Lauder, Cl A			3,807				901
ENERGY — 2.9%
EOG Resources			13,255				675
Schlumberger			22,493				500
							1,175
FINANCIALS — 7.6%
Goldman Sachs Group			4,385				1,189
JPMorgan Chase			6,706				863
Moody’s			1,513				403
MSCI, Cl A			1,440				569
							3,024
HEALTH CARE — 16.2%
CryoPort *			9,761				666
CVS Health			9,918				711
Editas Medicine, Cl A *			8,579				526
Guardant Health *			4,309				670
Illumina *			3,916				1,670
Intellia Therapeutics *			14,674				919
Intuitive Surgical *			714				534
Regeneron Pharmaceuticals *			1,514				763
							6,459

 

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

 

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THE ADVISORS’ INNER CIRCLE FUND III			CCT THEMATIC EQUITY FUND
			JANUARY 31, 2021
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		Shares				Value                  (000)
INDUSTRIALS — 1.4%
Kadant			3,802			$	543
INFORMATION TECHNOLOGY — 15.8%
Accenture, Cl A			2,253				545
Apple			8,090				1,068
Cadence Design Systems *			3,116				406
Cognex			14,772				1,213
Impinj *			28,923				1,532
NVIDIA			869				451
Splunk *			6,542				1,080
							6,295
MATERIALS — 2.1%
Franco-Nevada			7,120				850
REAL ESTATE — 2.0%
Terreno Realty ‡			13,950				789
UTILITIES — 2.3%
American Electric Power			11,456				927
							26,334
TOTAL COMMON STOCK (Cost $33,893)							37,918
TOTAL INVESTMENTS— 95.1% (Cost $33,893)						$	37,918

 

Percentages are based on Net Assets of $39,859 (000).

*	Non-income producing security.

‡	Real Estate Investment Trust.

ADR — American Depositary Receipt

Cl —
Class

As of January 31, 2021, all of the Fund’s investments were considered Level 1, in accordance with the authoritative
guidance of fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended
January 31, 2021, there were no transfers in or out of Level 3.

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

 

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

 

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THE ADVISORS’ INNER CIRCLE FUND III			CCT THEMATIC EQUITY FUND
			JANUARY 31, 2021
			(Unaudited)

 

 

 

 

STATEMENT OF ASSETS AND LIABILITIES (000) (1)

Assets:
Investments, at Value (Cost $33,893)		$	37,918
Cash			1,991
Receivable for Capital Shares Sold			303
Deferred Offering Costs (Note 2)			43
Dividend Receivable			17
Receivable due from Investment Adviser Fees			3
Receivable from Custody Fees			2
Reclaim Receivable			1
Other Prepaid Expenses			3
Total Assets			40,281
Liabilities:
Payable for Investment Securities Purchased			390
Payable for Professional Fees			8
Payable due to Administrator			5
Payable due to Transfer Agent			5
Payable for Pricing Fees			5
Payable due to Trustees			2
Chief Compliance Officer Fees Payable			1
Other Accrued Expenses and Other Payables			6
Total Liabilities			422
Net Assets		$	39,859
Net Assets Consist of:
Paid-in Capital		$	35,258
Total Distributable Earnings			4,601
Net Assets		$	39,859
Institutional Shares:
Net Assets		$	39,859
Outstanding Shares of beneficial interest (unlimited authorization — no par value)			3,352,472
Net Asset Value, Offering and Redemption Price Per Share		$	11.89

(1) Amounts shown in (000)s with the exception of Outstanding Shares of Beneficial Interest and Net Asset Value
Per Share.

 

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

 

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THE ADVISORS’ INNER CIRCLE FUND III			CCT THEMATIC EQUITY FUND

 

 

 

 

STATEMENT OF OPERATIONS (000)

		Period Ended January 31, 2021* (Unaudited)
Investment Income:
Dividends		$	116
Less: Foreign Taxes Withheld			(3	)
Total Investment Income			113
Expenses:
Investment Advisory Fees			52
Administration Fees			20
Trustees’ Fees			7
Chief Compliance Officer Fees			3
Offering Costs			21
Professional Fees			18
Transfer Agent Fees			9
Printing Fees			5
Registration and Filing Fees			1
Other Expenses			9
Total Expenses			145
Less:
Waiver of Investment Advisory Fees			(52	)
Reimbursement of Expense from Investment Adviser			(26	)
Net Expenses			67
Net Investment Income			46
Net Realized Gain (Loss) on:
Investments			571
Foreign Currency Transactions			(1	)
Net Realized Gain			570
Net Unrealized Appreciation on:
Investments			4,025
Foreign Currency Translation			–
Net Unrealized Appreciation			4,025
Net Realized and Unrealized Gain on Investments and Foreign Currency Transactions			4,595
Net Increase in Net Assets Resulting from Operations		$	4,641

*Commenced operations on September 30, 2020.

Amounts designated as “—” 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			CCT THEMATIC EQUITY FUND

 

 

 

 

STATEMENT OF CHANGES IN NET ASSETS (000)

		Period Ended January 31, 2021* (Unaudited)
Operations:
Net Investment Income		$	46
Net Realized Gain on Investments, and Foreign Currency Transactions			570
Net Unrealized Appreciation on Investments and Foreign Currency Translations			4,025
Net Increase in Net Assets Resulting From Operations			4,641
Distributions:
Institutional Shares			(40	)
Total Distributions			(40	)
Capital Share Transactions:
Institutional Shares
Issued			35,863
Redeemed			(605	)
Net Institutional Shares Transactions			35,258
Net Increase in Net Assets From Capital Share Transactions			35,258
Total Increase in Net Assets			39,859
Net Assets:
Beginning of Period			–
End of Period		$	39,859
Shares Transactions:
Institutional Shares
Issued			3,406
Redeemed			(54	)
Total Institutional Shares Transactions			3,352
Net Increase in Shares Outstanding From Share Transactions			3,352

*Commenced operations on September 30, 2020.

Amounts designated as “—” are $0.

 

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

 

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THE ADVISORS’ INNER CIRCLE FUND III			CCT THEMATIC EQUITY FUND

 

 

 

 

FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios

For a Share Outstanding

Throughout the Period

 

		Institutional Shares
		Period Ended January 31, 2021(1) (Unaudited)
Net Asset Value, Beginning of Period			$10.00
Income from Investment Operations:
Net Investment Income*			0.02
Net Realized and Unrealized Gain			1.88
Total from Investment Operations			1.90
Dividends and Distributions:
Net Investment Income			(0.01)
Total Dividends and Distributions			(0.01)
Net Asset Value, End of Period			$11.89
Total Return†			19.03%
Ratios and Supplemental Data
Net Assets, End of Period (000)			$39,859
Ratio of Expenses to Average Net Assets			0.65%††
Ratio of Expenses to Average Net Assets (Excluding Waivers and Reimbursements)			1.40%††
Ratio of Net Investment Loss to Average Net Assets			0.44%††
Portfolio Turnover Rate‡			8%

 

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

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

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

(1)	Commenced operations on September 30, 2020.

Amounts designated as “—” are either not applicable, $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			CCT THEMATIC EQUITY FUND
			JANUARY 31, 2021
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NOTES TO FINANCIAL STATEMENTS

1. Organization:

The Advisors’ Inner Circle Fund III (the “Trust”) is organized as a Delaware statutory trust under a Declaration of Trust dated
December 4, 2013. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company with 30 funds. The financial statements herein are those of the
CCT Thematic Equity Fund (the “Fund”). The investment objective of the Fund is to seek long-term capital appreciation. The Fund is classified as a diversified investment company. Chevy Chase Trust Company serves as the Fund’s
investment adviser (the “Adviser”). The Fund currently offers Institutional Shares. The Fund commenced operations on September 30, 2020. 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 are significant accounting policies, which are consistently followed in the preparation of the financial statements of
the Fund. The Fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board (“FASB”).

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

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which
quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded on the
valuation date (or at approximately 4:00 pm ET if a security’s primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent quoted bid price. For securities traded on the NASDAQ Stock Market (the
“NASDAQ”), the NASDAQ Official Closing Price will be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. All investment companies held in the Fund’s
portfolio are valued at the published net asset value.

 

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THE ADVISORS’ INNER CIRCLE FUND III			CCT THEMATIC EQUITY FUND
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Securities for which market prices are not “readily
available” are valued in accordance with Fair Value Procedures established by the Fund’s Board of Trustees (the “Board”). The Fund’s Fair Value Procedures are implemented through a Fair Value Committee (the
“Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period
of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. When a security is valued in accordance with the Fair Value Procedures,
the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. As of January 31, 202, there were no securities valued in accordance with the Fair Value Procedures.

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

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

 

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THE ADVISORS’ INNER CIRCLE FUND III			CCT THEMATIC EQUITY FUND
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If a local market in which the Fund owns securities is
closed for one or more days, the Fund shall value all securities held in that corresponding currency based on the fair value prices provided by MarkIt using the predetermined confidence interval discussed above.

There were no securities in the Fund valued in accordance with fair value procedures as of January 31, 2021.

In accordance with U.S. GAAP, the Fund discloses fair value of its investments in a hierarchy that prioritizes the inputs to
valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at
the measurement date (an exit price).

Accordingly, the fair value hierarchy gives the highest priority to quoted prices
(unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

 

●

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

 

●

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

 

●

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

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

For the period ended January 31, 2021, there have been no significant changes to
the Fund’s fair valuation methodology.

Federal Income Taxes — It is the Fund’s intention to qualify
as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986 (the “Code”), as amended.

 

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THE ADVISORS’ INNER CIRCLE FUND III			CCT THEMATIC EQUITY FUND
			JANUARY 31, 2021
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Accordingly, no provisions for Federal income taxes have been made in the financial statements.

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

As of and during the period ended January 31, 2021, the Fund did not have a liability for any unrecognized tax benefits.
The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year, the Fund did not incur any interest or penalties.

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

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

 

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THE ADVISORS’ INNER CIRCLE FUND III			CCT THEMATIC EQUITY FUND
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Investments in Real Estate Investment Trusts
(“REITs”) — Dividend income from REITs is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications, including some management estimates when actual amounts
are not available. Distributions 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.

Classes — Class specific expenses are borne by that class of shares. Income, realized and unrealized gains
(losses), and non-class specific expenses are allocated to the respective class on basis of relative daily net assets.

Expenses — Most expenses of the Trust can be directly attributed to a particular fund. Expenses which cannot be
directly attributed to a particular fund are apportioned among the funds of the Trust based on the number of funds and/or relative net assets.

Dividends and Distributions to Shareholders — The Fund distributes substantially all of its net investment income
annually. Any net realized capital gains are distributed annually. All distributions are recorded on ex-dividend date.

Deferred Offering Costs — Offering costs of the Fund, including costs of printing the initial prospectus, legal,
and registration fees, are being amortized to expense over a twelve month period. As of January 31, 2021, the Fund had $20,828 remaining to be amortized.

3. Transactions with Affiliates:

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

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

 

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THE ADVISORS’ INNER CIRCLE FUND III			CCT THEMATIC EQUITY FUND
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4. Administration, Custodian and Transfer Agent Agreements:

The Fund and the Administrator are parties to an Administration Agreement under which the Administrator provides administration services to the
Fund. For these services, the Administrator is paid an asset based fee, which will vary depending on the number of share classes and the average daily net assets of the Fund. For the period ended January 31, 2021, the Fund paid $20,219 for
these services.

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

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

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

5. Investment Advisory Agreement:

Under the terms of an investment advisory agreement, the Adviser provides investment advisory services to the Fund at a fee calculated at an
annual rate of 0.50% of the Fund’s average daily net assets. The Adviser has contractually agreed to waive fees and/or to reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding interest, taxes,
brokerage commissions, 12b-1 Fees, Shareholder Servicing Fees, acquired fund fees and expenses, fees paid to third party tax reclaim recovery service providers and
non-routine expenses (collectively, “excluded expenses”)) from exceeding 0.65% of the average daily net assets of the Fund’s Institutional Shares until November 30, 2021 (the “Expense
Limitation”). The Adviser may recover all or a portion of its fee reductions or expense reimbursements, up to the expense cap in place at the time the expenses were waived, within a three-year period from the year in which it reduced its fee or
reimbursed expenses if the Fund’s total annual fund operating expenses are below the Expense Limitation. This agreement may be terminated by the Board for any reason at any time, or by the Adviser, upon ninety (90) days’ prior written
notice to the Trust, effective as of the close of business on November 30, 2021. As of January 31, 2021, the fees which were previously waived by the Adviser which may be subject to possible future reimbursement, up to the expense cap in
place at the time the expenses were waived to the Adviser were $51,743 expiring in 2023.

 

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THE ADVISORS’ INNER CIRCLE FUND III			CCT THEMATIC EQUITY FUND
			JANUARY 31, 2021
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6. Investment Transactions:

For the period ended January 31, 2021, the Fund made purchases of $35,954,531 and sales of $2,632,479 in investment securities investment
securities, excluding in-kind transactions, long-term U.S. Government and short-term securities. For the period ended January 31, 2021, there were no purchases or sales of long-term U.S. Government
securities.

7. Federal Tax Information:

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax
regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain/(loss) on investment transactions for a reporting period may differ significantly from distributions during the year.

The book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited
to undistributed net investment income (loss), accumulated net realized gain (loss) or paid-in capital as appropriate, in the period that the difference arises.

The Federal tax cost and aggregate gross unrealized appreciation and depreciation for securities sold short held by the Fund at
January 31, 2021, were as follows (000):

 

Federal     Tax Cost		Aggregate Gross Unrealized     Appreciation				Aggregate Gross Unrealized     Depreciation		Net Unrealized     Appreciation
$    33,893		$	4,854			$    (829)		$	4,025

8. Concentration of Risks:

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the
Fund. A Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC or any government agency. The principal risk factors affecting shareholders’ investments in the Fund are set forth below.

American Depositary Receipts Risk — ADRs are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary
banks and generally trade on an established market. ADRs are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency
movements, inflation and different legal, regulatory and tax environments. Certain of the depositary receipts in which the Fund invests may be unsponsored depositary receipts. Unsponsored depositary receipts may not provide as much information about
the underlying issuer and may not carry the same voting privileges as

 

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sponsored depositary receipts. Unsponsored depositary receipts are issued by one or more depositaries in response to market demand, but without a formal agreement with the company that issues the
underlying securities.

Common Stock Risk — The prices of common stock may fall over short or extended periods of time. Common stock
generally is subordinate to preferred stock and debt upon the liquidation or bankruptcy of the issuing company.

Equity Market Risk —
The risk that stock prices will fall over short or extended periods of time, sometimes rapidly and unpredictably. The value of equity securities will fluctuate in response to factors affecting a particular company, as well as broader market and
economic conditions. Broad movements in financial markets may adversely affect the price of the Fund’s investments, regardless of how well the companies in which the Fund invests perform. In addition, the impact of any epidemic, pandemic or
natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general
in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses
on your investment in the Fund. Moreover, in the event of a company’s bankruptcy, claims of certain creditors, including bondholders, will have priority over claims of common stock holders such as the Fund.

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

Foreign Investment Risk — The risk that non-U.S. securities may be subject to additional risks due
to, among other things, political, social and economic developments abroad, currency movements, inflation and different legal, regulatory and tax environments.

Large capitalization Risk — The risk that larger, more established companies may be unable to respond quickly to new competitive
challenges such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rates of successful smaller companies.

New Fund Risk — Because the Fund is new, investors in the Fund bear the risk that the Fund may not be successful in implementing its
investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets under management to

 

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realize economies of scale, any of which could result in the Fund being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such
liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.

Management
Risk — The value of the Fund may decline if the Adviser’s judgments about the attractiveness, relative value or potential appreciation of a particular security or strategy prove to be incorrect.

REITs Risk — REITs are trusts that invest primarily in commercial real estate or real estate-related loans. The Fund’s investments in
REITs are subject to the risks associated with the direct ownership of real estate. Securities of companies principally engaged in the real estate industry may be subject to the risks associated with the direct ownership of real estate. Risks
commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. The
Fund’s investments are concentrated in issuers conducting business in the real estate industry, and therefore the Fund is subject to risks associated with legislative or regulatory changes, adverse market conditions and/or increased competition
affecting that industry.

Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of
properties.

Sector Risk — The risk that from time to time, based on market or economic conditions, the Fund may have significant
positions in one or more sectors of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more
volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events.

Small and Medium Capitalization Companies Risk — The risk that small and medium capitalization companies in which the Fund may invest may
be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a
relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter or listed on an exchange.

Thematic Investing
Strategy Risk — The Adviser manages the Fund’s assets pursuant to its proprietary Thematic-focused investment strategy. The value of the Fund may decline if,

 

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among other reasons, Themes beneficial to the Fund do not develop as anticipated or maintain over time, companies selected by the Adviser for inclusion in the Fund’s portfolio as a result of
Thematic analysis do not perform as anticipated, the Adviser fails to identify or declines to include in the Fund’s portfolio profitable companies that would have been beneficial to a Theme, or other investment strategies generally outperform
Thematic investing based on a variety of factors.

9. Other:

At January 31, 2021, 95% of the total shares outstanding were held by one record shareholder owning 10% or greater of the aggregate total
shares outstanding. These shareholders are comprised of individual shareholders and omnibus accounts that are held on behalf of various individual shareholders.

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

10. Subsequent Events:

The Fund has
evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to the
financial statements as of January 31, 2021.

 

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DISCLOSURE OF FUND EXPENSES

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

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

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund
and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from August 1, 2020 to January 31, 2021.

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

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

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

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

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

 

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DISCLOSURE OF FUND EXPENSES – CONTINUED

 

		Beginning Account Value 8/01/20				Ending Account Value 1/31/21				Annualized Expense Ratios				Expenses Paid During Period
Institutional Shares(1)
Actual Fund Return		$	1,000.00			$	1,190.30				0.65	%		$	2.40	*
Hypothetical 5% Return			1,000.00				1,021.93				0.65				3.31	**

*Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period,
multiplied by 123/365 (to reflect the period from commencement to period end).

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

(1) Commenced operations on September 30, 2020.

 

19

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intentionally left blank.]

 

 

 

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intentionally left blank.]

 

 

 

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[This page is
intentionally left blank.]

 

 

 

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APPROVAL OF INVESTMENT ADVISORY AGREEMENT

BOARD CONSIDERATIONS IN RENEWING THE FUND’S ADVISORY AND SUB-ADVISORY AGREEMENTS

Pursuant to Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Fund’s advisory agreement (the
“Agreement”) must be approved: (i) by a vote of a majority of the shareholders of the Fund; 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 Agreement 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 via videoconference on September 11, 2020 to decide
whether to approve the Agreement for an initial two-year term (the “September Meeting”). The September Meeting was held via videoconference in reliance on relief provided in orders issued by the
Securities and Exchange Commission on March 13, 2020, March 25, 2020 and June 19, 2020 from 1940 Act sections and rules requiring that certain votes of a company’s board of trustees be cast in person due to circumstances related
to the current or potential effects of the COVID-19 pandemic. In preparation for the September Meeting, the Trustees requested that the Adviser furnish information necessary to evaluate the terms of the
Agreement. The Trustees used this information, as well as other information that the Adviser and other service providers of the Fund presented or submitted to the Board at the September Meeting, to help them decide whether to approve the Agreement
for an initial two-year term.

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

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

 

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APPROVAL OF INVESTMENT ADVISORY AGREEMENT

At the September Meeting, the Trustees, including all of the Independent Trustees, based on their evaluation of
the information provided by the Adviser and other service providers of the Fund, approved the Agreement. In considering the approval of the Agreement, 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 (ii) the fees to be paid to the Adviser, as discussed in further detail below.

Nature, Extent and Quality of Services to be Provided by the Adviser

In considering the nature, extent and quality of the services to be provided by the Adviser, the Board reviewed the portfolio management
services to be provided by the Adviser to the Fund, including the quality and continuity of the Adviser’s portfolio management personnel, the resources of the Adviser, and the Adviser’s compliance history and compliance program. The
Trustees reviewed the terms of the proposed Agreement. The Trustees also reviewed the Adviser’s proposed investment and risk management approaches for the Fund. The most recent investment adviser registration form (“Form ADV”) for the
Adviser was available to the Board, as was the response of the Adviser to a detailed series of questions which included, among other things, information about the investment advisory services to be provided by the Adviser to the Fund.

The Trustees also considered other services to be provided to the Fund by the Adviser such as selecting broker-dealers for executing portfolio
transactions, monitoring adherence to the Fund’s 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 Fund by the Adviser would be satisfactory.

Costs of Advisory Services

In considering
the advisory fee payable by the Fund to the Adviser, the Trustees reviewed, among other things, a report of the proposed advisory fee to be paid to the Adviser. The Trustees also reviewed reports prepared by the Fund’s administrator comparing
the Fund’s net and gross expense ratios and advisory fees to those paid by a peer group of mutual funds as classified by Lipper, an independent provider of investment company data. The Trustees reviewed pro forma fee and expense information, as
well as the management fees charged by the Adviser to other clients with comparable mandates. The Trustees considered any differences in management fees and took into account the respective demands, resources and complexity associated with the Fund
and other client accounts as well as the extensive

 

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APPROVAL OF INVESTMENT ADVISORY AGREEMENT

 

regulatory, compliance and tax regimes to which the Fund is subject. The Board concluded, within the context of its full deliberations, that the advisory fee was reasonable in light of the nature
and quality of the services expected to be rendered by the Adviser. The Board also considered the Adviser’s commitment to managing the Fund and its willingness to enter into an expense limitation and fee waiver arrangement with the Fund.

Investment Performance, Profitability and Economies of Scale

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

Approval of the Agreement

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, with the assistance of Fund counsel and Independent Trustees’ counsel, unanimously concluded that the terms of the Agreement,
including the fees to be paid thereunder, were fair and reasonable and agreed to approve the Agreement for an initial term of two years. In its deliberations, the Board did not identify any absence of information as material to its decision, or any
particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each
Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

 

25

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CCT Thematic Equity Fund

P.O. Box 588

Portland, ME 04112

1-888-288-0002

Investment Adviser:

Chevy
Chase Trust Company

7501 Wisconsin Avenue, 1500W,

Bethesda, MD 20814

Administrator:

SEI
Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA
19456

Legal Counsel:

Morgan, Lewis & Bockius LLP

1701 Market Street

Philadelphia,
PA 19103

Independent Registered Public Accounting Firm:

Deloitte & Touche LLP

1700 Market Street

Philadelphia,
PA 19103

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

CCT-SA-001-0100

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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 to open-end management investment companies.

 

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 Rule 13a-15(b) or Rule 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 § 270.3a-3(d)) that occurred during 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.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

 

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

(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 Act (17 CFR § 270.30a-2(a)), is filed herewith.

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

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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: April 9, 2021

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: April 9, 2021

 

By (Signature and Title)*						/s/ Andrew Metzger
						Andrew Metzger,
						Treasurer, Controller, and CFO

Date: April 9, 2021

 

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

CERTIFICATION

Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940

and Section 302 of the Sarbanes-Oxley Act of 2002

I, Michael Beattie, certify that:

1. I have reviewed this report on Form N-CSRS of The Advisors’ Inner Circle Fund III (the
“Registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in
net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer(s), if any, and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940)
for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over
financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted
accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during 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; and

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of trustees (or persons performing the
equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: April 9, 2021

 

/s/ Michael Beattie

Michael Beattie

President

---

CERTIFICATION

Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940

and Section 302 of the Sarbanes-Oxley Act of 2002

I, Andrew Metzger, certify that:

1. I have reviewed this report on Form N-CSRS of The Advisors’ Inner Circle Fund III (the
“Registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in
net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer(s), if any, and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940)
for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over
financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted
accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during 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; and

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of trustees (or persons performing the
equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: April 9, 2021

 

/s/ Andrew Metzger

Andrew Metzger

Treasurer, Controller, and CFO

CERTIFICATION

Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to
Section 906

of the Sarbanes-Oxley Act of 2002

The undersigned, the President of The Advisors’ Inner Circle Fund III (the “Fund”), with respect to the Fund’s Form N-CSRS for the period ended
January 31, 2021, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

1. such Form N-CSRS fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and

2. the information contained in such Form N-CSRS fairly presents, in all
material respects, the financial condition and results of operations of the Fund.

Dated: April 9, 2021

 

/s/ Michael Beattie

Michael Beattie

President

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CERTIFICATION

Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to
Section 906

of the Sarbanes-Oxley Act of 2002

The undersigned, the Treasurer, Controller, and CFO of The Advisors’ Inner Circle Fund III (the “Fund”), with respect to the Fund’s Form N-CSRS for
the period ended January 31, 2021, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of
my knowledge:

1. such Form N-CSRS fully complies with the requirements of Section 13(a) or 15(d) of
the Securities Exchange Act of 1934; and

2. the information contained in such Form N-CSRS fairly
presents, in all material respects, the financial condition and results of operations of the Fund.

Dated: April 9, 2021

 

/s/ Andrew Metzger

Andrew Metzger

Treasurer, Controller, and CFO