Report of Independent Registered Public Accounting
Firm
To the Board of Trustees of The Advisors' Inner
Circle Fund III and Shareholders of Democracy
International Fund, Penn Mutual AM Strategic Income
Fund and Penn Mutual AM 1847 Income Fund
In planning and performing our audit of the
financial statements of Democracy International
Fund, Penn Mutual AM Strategic Income Fund and Penn
Mutual AM 1847 Income Fund (three of the Funds
constituting The Advisors' Inner Circle Fund III,
hereafter collectively referred to as the "Funds")
as of and for the periods ended December 31, 2022,
in accordance with the standards of the Public
Company Accounting Oversight Board (United States)
(PCAOB), we considered the Funds' internal control
over financial reporting, including controls over
safeguarding securities, as a basis for designing
our auditing procedures for the purpose of
expressing our opinion on the financial statements
and to comply with the requirements of Form N-CEN,
but not for the purpose of expressing an opinion on
the effectiveness of the Funds' internal control
over financial reporting.  Accordingly, we do not
express an opinion on the effectiveness of the
Funds' internal control over financial reporting.

The management of the Funds are responsible for
establishing and maintaining effective internal
control over financial reporting. In fulfilling this
responsibility, estimates and judgments by
management are required to assess the expected
benefits and related costs of controls. A company's
internal control over financial reporting is a
process designed 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. A company's internal control
over financial reporting includes those policies and
procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of
the assets of the company; (2) provide reasonable
assurance that transactions are recorded as
necessary to permit preparation of financial
statements in accordance with generally accepted
accounting principles, and that receipts and
expenditures of the company are being made only in
accordance with authorizations of management and
directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection
of unauthorized acquisition, use or disposition of a
company's assets that could have a material effect
on the financial statements.

Because of its inherent limitations, internal
control over financial reporting may not prevent or
detect misstatements. Also, projections of any
evaluation of effectiveness to future periods are
subject to the risk that controls may become
inadequate because of changes in conditions, or that
the degree of compliance with the policies or
procedures may deteriorate.

A deficiency in internal control over financial
reporting exists when the design or operation of a
control does not allow management or employees, in
the normal course of performing their assigned
functions, to prevent or detect misstatements on a
timely basis. A material weakness is a deficiency,
or a combination of deficiencies, in internal
control over financial reporting, such that there is
a reasonable possibility that a material
misstatement of the company's annual or interim
financial statements will not be prevented or
detected on a timely basis.

Our consideration of the Funds' internal control
over financial reporting was for the limited purpose
described in the first paragraph and would not
necessarily disclose all deficiencies in internal
control over financial reporting that might be
material weaknesses under standards established by
the PCAOB. However, we noted no deficiencies in the
Funds' internal control over financial reporting and
its operation, including controls over safeguarding
securities, that we consider to be a material
weakness as defined above as of December 31, 2022.
This report is intended solely for the information
and use of the Board of Trustees of The Advisors'
Inner Circle Fund III and the Securities and
Exchange Commission and is not intended to be and
should not be used by anyone other than these
specified parties.

/s/ PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
March 1, 2023