STATEMENT OF ADDITIONAL INFORMATION ROTHSCHILD LARCH LANE ALTERNATIVES FUND (Investor Class shares Ticker Symbol: RLLBX) (Institutional Class shares Ticker Symbol: RLLIX) a series of THE ADVISORS’ INNER CIRCLE FUND III March 1, 2016 Investment Adviser: ROTHSCHILD LARCH LANE MANAGEMENT COMPANY LLC This Statement of Additional Information (“SAI”) is not a prospectus. This SAI is intended to provide additional information regarding the activities and operations of The Advisors’ Inner Circle Fund III (the “Trust”) and the Rothschild Larch Lane Alternatives Fund (the “Fund”). This SAI is incorporated by reference into and should be read in conjunction with the Fund’s prospectus dated March 1, 2016 (the “Prospectus”). Capitalized terms not defined herein are defined in the Prospectus. The Fund’s financial statements, including notes thereto, and the report of KPMG LLP for the fiscal year ended October 31, 2015 are contained in the 2015 Annual Report to Shareholders and are incorporated by reference into and are deemed to be part of this SAI. A copy of the Fund’s 2015 Annual Report to Shareholders accompanies the delivery of this SAI. Shareholders may obtain copies of the Prospectus or Annual Report free of charge by writing to the Fund at Rothschild Larch Lane Alternatives Fund, P.O. Box 219009, Kansas City, MO 64121-9009 (Express Mail Address: Rothschild Larch Lane Alternatives Fund, c/o DST Systems, Inc., 430 W 7th Street, Kansas City, MO 64105) or calling the Fund at 1-844-RLL-FUND (1-844-755-3863). DB1/ 84982897.10 i TABLE OF CONTENTS THE TRUST ...................................................................................................................................................................... S-1 DESCRIPTION OF PERMITTED INVESTMENTS ....................................................................................................... S-1 INVESTMENT LIMITATIONS ..................................................................................................................................... S-29 THE ADVISER AND SUB-ADVISERS ........................................................................................................................ S-32 THE PORTFOLIO MANAGERS ................................................................................................................................... S-34 THE ADMINISTRATOR................................................................................................................................................ S-42 THE DISTRIBUTOR ...................................................................................................................................................... S-43 PAYMENTS TO FINANCIAL INTERMEDIARIES..................................................................................................... S-43 THE TRANSFER AGENT.............................................................................................................................................. S-45 THE CUSTODIAN.......................................................................................................................................................... S-45 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ............................................................................... S-45 LEGAL COUNSEL ......................................................................................................................................................... S-46 TRUSTEES AND OFFICERS OF THE TRUST............................................................................................................ S-46 PURCHASING AND REDEEMING SHARES.............................................................................................................. S-53 DETERMINATION OF NET ASSET VALUE.............................................................................................................. S-53 TAXES ............................................................................................................................................................................ S-55 FUND TRANSACTIONS ............................................................................................................................................... S-63 PORTFOLIO HOLDINGS .............................................................................................................................................. S-66 DESCRIPTION OF SHARES ......................................................................................................................................... S-67 LIMITATION OF TRUSTEES’ LIABILITY ................................................................................................................. S-67 PROXY VOTING............................................................................................................................................................ S-67 CODES OF ETHICS ....................................................................................................................................................... S-68 5% AND 25% SHAREHOLDERS.................................................................................................................................. S-68 APPENDIX A – DESCRIPTION OF RATINGS..............................................................................................................A-1 APPENDIX B – PROXY VOTING POLICIES AND PROCEDURES ...........................................................................B-1 RLL-SX-001-0300 DB1/ 84982897.10 ii THE TRUST General. The Fund is a separate series of the Trust. The Trust is an open-end investment management company established under Delaware law as a Delaware statutory trust under a Declaration of Trust dated December 4, 2013 (the “Declaration of Trust”). The Declaration of Trust permits the Trust to offer separate series (“funds”) of shares of beneficial interest (“shares”). The Trust reserves the right to create and issue shares of additional funds. Each fund is a separate mutual fund, and each share of each fund represents an equal proportionate interest in that fund. All consideration received by the Trust for shares of any fund, and all assets of such fund, belong solely to that fund and would be subject to any liabilities related thereto. Each fund of the Trust pays its (i) operating expenses, including fees of its service providers, expenses of preparing prospectuses, proxy solicitation material and reports to shareholders, costs of custodial services and registering its shares under federal and state securities laws, pricing and insurance expenses, brokerage costs, interest charges, taxes and organization expenses and (ii) pro rata share of the fund’s other expenses, including audit and legal expenses. Expenses attributable to a specific fund shall be payable solely out of the assets of that fund. Expenses not attributable to a specific fund are allocated across all of the funds on the basis of relative net assets. The other funds of the Trust are described in one or more separate statements of additional information. Description of Multiple Classes of Shares. The Trust is authorized to offer shares of the Fund in Investor Class shares and Institutional Class shares. The different classes provide for variations in distribution and shareholder servicing fees and minimum investment requirements. Minimum investment requirements and investor eligibility are described in the Prospectus. The Trust reserves the right to create and issue additional classes of shares. For more information on distribution and shareholder servicing expenses, see “The Distributor” and “Shareholder Services” sections in this SAI. Voting Rights. Each shareholder of record is entitled to one vote for each share held on the record date for the meeting. The Fund will vote separately on matters relating solely to it. As a Delaware statutory trust, the Trust is not required, and does not intend, to hold annual meetings of shareholders. Approval of shareholders will be sought, however, for certain changes in the operation of the Trust and for the election of members of the Board of Trustees (each, a “Trustee” and collectively, the “Trustees” or the “Board”) under certain circumstances. Under the Declaration of Trust, the Trustees have the power to liquidate the Fund without shareholder approval. While the Trustees have no present intention of exercising this power, they may do so if the Fund fails to reach a viable size within a reasonable amount of time or for such other reasons as may be determined by the Board. In addition, a Trustee may be removed by the remaining Trustees or by shareholders at a special meeting called upon written request of shareholders owning at least 10% of the outstanding shares of the Trust. In the event that such a meeting is requested, the Trust will provide appropriate assistance and information to the shareholders requesting the meeting. Any series of the Trust may reorganize or merge with one or more other series of the Trust or of another investment company. Any such reorganization or merger shall be pursuant to the terms and conditions specified in an agreement and plan of reorganization authorized and approved by the Trustees and entered into by the relevant series in connection therewith. In addition, such reorganization or merger may be authorized by vote of a majority of the Trustees then in office and, to the extent permitted by applicable law and the Declaration of Trust, without the approval of shareholders of any series. DESCRIPTION