Frost Small Cap Equity Fund (Second Prospectus Summary) | Frost Small Cap Equity Fund

FROST SMALL CAP EQUITY FUND

INVESTMENT OBJECTIVE

The Frost Small Cap Equity Fund (the "Fund") seeks to maximize total return.

FUND FEES AND EXPENSES

The table below describes the fees and expenses that you may pay if you buy and

hold Institutional Class Shares of the Fund.

ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)

Annual Fund Operating Expenses	Frost Small Cap Equity Fund Institutional Shares
Management Fees	0.92%
Other Expenses	0.18%
Total Annual Fund Operating Expenses	1.10%

EXAMPLE

This Example is intended to help you compare the cost of investing in the Fund

with the cost of investing in other mutual funds.



The Example assumes that you invest $10,000 in the Fund for the time periods

indicated and then redeem all of your shares at the end of those periods. The

Example also assumes that your investment has a 5% return each year and that

the Fund's operating expenses remain the same.

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years	Expense Example, With Redemption, 5 Years	Expense Example, With Redemption, 10 Years
Frost Small Cap Equity Fund Institutional Shares	112	350	606	1,340

PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells

securities (or "turns over" its portfolio). A higher portfolio turnover rate

may indicate higher transaction costs and may result in higher taxes when Fund

shares are held in a taxable account. These costs, which are not reflected in

total annual fund operating expenses or in the example, affect the Fund's

performance. During its most recent fiscal year, the Fund's portfolio turnover

rate was 144% of the average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGIES

Under normal market conditions, the Fund invests at least 80% of its net assets

in equity securities of small-capitalization companies. This investment policy

may be changed by the Fund upon 60 days' prior notice to shareholders.



The Fund uses a multi-manager approach, relying upon two sub-advisers, Cambiar

Investors, LLC ("Cambiar") and Artio Global Management LLC ("Artio Global"),

with differing investment philosophies to manage portions of the Fund's

portfolio under the general supervision of the Fund's adviser, Frost Investment

Advisors, LLC.  The Fund intends to invest in companies that Cambiar and Artio

Global believe are undervalued, profitable, and capable of generating

significant cash flow.  In managing the Fund, Cambiar will select and manage

its portion of the Fund's portfolio with a bias toward value-oriented small-cap

stocks while Artio Global will select and manage its portion of the Fund's

portfolio with a bias toward growth-oriented small-cap stocks. Growth-oriented

managers generally select stocks they believe have attractive growth and

appreciation potential in light of such characteristics as revenue and earnings

growth, expectations from sell side analysts, and relative valuation, while

value-oriented managers generally select stocks they believe are attractively

valued in light of fundamental characteristics such as earnings, capital

structure and/or return on invested capital.



In selecting investments for the Fund, Cambiar utilizes a bottom-up,

research-focused investment philosophy that seeks to identify quality companies

that are currently undervalued to their historical trading range, yet

demonstrate catalysts not yet recognized by the market that could result in

significant appreciation over a 1-2 year time horizon. While Cambiar may use

various metrics in selecting securities for the Fund, a company must possess

the following characteristics: attractive valuation, an identifiable

performance catalyst(s) and material upside potential. In selecting investments

for the Fund, Cambiar generally considers small-capitalization companies to be

those companies with total market capitalizations less than $3 billion at the

time of initial purchase.  In implementing its sell discipline, Cambiar sells

stocks once a stock reaches its price target, when there is a decline in

fundamentals, or the anticipated catalyst at purchase fails to materialize.

Stocks may also be sold in favor of a more attractive investment opportunity.

Cambiar will also trim a holding if it becomes an outsized position within the

Fund's portfolio.



In selecting investments for the Fund, Artio Global will focus on companies

that generally possess the following attributes:



         o  companies with economic earnings or free cash flow

            generation;

         o  companies with the capability to self fund and to avoid

            raising additional capital;

         o  companies that provide products or services that change the

            behavior of the consumer or capital spender;

         o  companies that provide products or services that have an

            opportunity to gain market share or carve out a niche in the

            market; and

         o  companies with high gross margins and/or operating leverage

            with the potential for providing operating margin improvement.



Generally, Artio Global will select securities of companies whose market

capitalization at the time of purchase falls (i) within the market

capitalization range of companies within the Russell 2000 Index or (ii) within

the range of the three year average minimum and maximum market capitalizations

of companies in the Russell 2000 Index as of December 31 of the three preceding

years. As of December 31, 2010, the capitalization range of the Russell 2000

Index was $13.23 million to $4.44 billion and the three year average market

capitalization range of the Russell 2000 Index was $8.35 million to $4.44

billion.



Artio Global may sell securities included in the Fund's portfolio if a stock

reaches its target price; relative investment opportunities exist; a company's

fundamentals deteriorate; and/or if there is a distortion of a company's

weighted average market capitalization.



The Fund may engage in active and frequent trading of portfolio securities to

achieve its investment objective.

PRINCIPAL RISKS

As with all mutual funds, a shareholder is subject to the risk that his or her

investment could lose money. A FUND SHARE IS NOT A BANK DEPOSIT AND IT IS NOT

INSURED OR GUARANTEED BY THE FDIC, OR ANY GOVERNMENT AGENCY. The principal risks

affecting shareholders' investments in the Fund are set forth below.



INITIAL PUBLIC OFFERINGS ("IPO") RISK -- The Fund may invest a portion of its

assets in securities of companies offering shares in IPOs. IPOs may have a

magnified performance impact on a fund with a small asset base. The impact of

IPOs on the Fund's performance likely will decrease as the Fund's asset size

increases, which could reduce the Fund's total returns. IPOs may not be

consistently available to the Fund for investing. Because IPO shares frequently

are volatile in price, the Fund may hold IPO shares for a very short period of

time.  This may increase the turnover of the Fund's portfolio and may lead to

increased expenses for the Fund, such as commissions and transaction costs. By

selling IPO shares, the Fund may realize taxable gains it will subsequently

distribute to shareholders. In addition, the market for IPO shares can be

speculative and/or inactive for extended periods of time. The limited number of

shares available for trading in some IPOs may make it more difficult for the

Fund to buy or sell significant amounts of shares without an unfavorable impact

on prevailing prices. Holders of IPO shares can be affected by substantial

dilution in the value of their shares, by sales of additional shares and by

concentration of control in existing management and principal shareholders.



EQUITY RISK -- Since it purchases equity securities, the Fund is subject to the

risk that stock prices will fall over short or extended periods of time.

Historically, the equity markets have moved in cycles, and the value of the

Fund's equity securities may fluctuate drastically from day to day. Individual

companies may report poor results or be negatively affected by industry and/or

economic trends and developments. The prices of securities issued by such

companies may suffer a decline in response.  These factors contribute to price

volatility, which is the principal risk of investing in the Fund.



SMALL-CAPITALIZATION COMPANY RISK -- The small-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, these

small-sized companies may pose additional risks, including liquidity risk,

because these companies tend to have limited product lines, markets and

financial resources, and may depend upon a relatively small management group.

Therefore, small-capitalization stocks may be more volatile than those of

larger companies. These securities may be traded over the counter or listed on

an exchange.



FOREIGN COMPANY RISK -- Investing in foreign companies, whether through

investments made in foreign markets or made through the purchase of ADRs, which

are traded on U.S. exchanges and represent an ownership in a foreign security,

poses additional risks since political and economic events unique to a country

or region will affect those markets and their issuers. These risks will not

necessarily affect the U.S. economy or similar issuers located in the United

States.  In addition, investments in foreign companies are generally

denominated in a foreign currency. As a result, changes in the value of those

currencies compared to the U.S. dollar may affect (positively or negatively)

the value of the Fund's investments. These currency movements may occur

separately from, and in response to, events that do not otherwise affect the

value of the security in the issuer's home country. While ADRs provide an

alternative to directly purchasing the underlying foreign securities in their

respective national markets and currencies, investments in ADRs continue to be

subject to many of the risks associated with investing directly in foreign

securities.



ACTIVE TRADING RISK -- The Fund may engage in active and frequent trading of

portfolio securities to achieve its investment objective. Active trading may

cause the Fund to incur increased costs, which can lower the actual return of

the Fund. Active trading may also increase short-term gains and losses, which

affect taxes that must be paid.



LIQUIDITY RISK -- Particular investments may be difficult to purchase or sell.

The Fund may make investments that become less liquid in response to market

developments or adverse investor perceptions, which may reduce the returns of

the Fund because it may be unable to sell the illiquid securities at an

advantageous time or price.

PERFORMANCE INFORMATION

The bar chart and the performance table below illustrate the risks and

volatility of an investment in the Fund by showing changes in the Fund's

performance from year to year and by showing how the Fund's average annual

total returns for 1 and 5 years and since inception compare with those of a

broad measure of market performance.



The Fund commenced operations after succeeding to the assets and operations of

a common trust fund that was managed by The Frost National Bank (the

"Predecessor Fund"). The performance information provided includes the returns

of the Predecessor Fund for periods prior to April 25, 2008 and has been

adjusted to reflect expenses for Institutional Class Shares of the Fund.

Because the Predecessor Fund was not a registered mutual fund, it was not

subject to the same investment and tax restrictions as the Fund; if it had

been, the Predecessor Fund's performance may have been lower. Although the

Predecessor Fund commenced operations prior to the periods shown, the earliest

date for which the Predecessor Fund's performance can be calculated applying

the relevant performance standards is May 31, 2002 ("Performance Start Date").



Prior to February 1, 2010, the Fund employed a different investment strategy

and, prior to June 29, 2010, the Fund was managed by a different sub-adviser.

Therefore, the past performance shown below may have differed had the Fund's

current investment strategy been in effect and had the current sub-advisers

been managing the Fund.  Of course, the Fund's past performance (before and

after taxes) does not necessarily indicate how the Fund will perform in the

future. Updated performance information is available on the Fund's website at

www.frostbank.com or by calling 1-877-71-FROST.

BEST QUARTER   WORST QUARTER

18.12%         (25.69)%

(12/31/2010)   (12/31/2008)



The performance information shown above is based on a calendar year. The Fund's

performance for Institutional Class Shares from 1/1/11 to 9/30/11 was (18.67)%.

This table compares the Fund's Institutional Class Shares' average annual total

returns for the periods ended December 31, 2010 to those of the Russell 2000

Index and the Russell 2500 Index.  After-tax returns cannot be calculated for

periods before the Fund's registration as a mutual fund and they are,

therefore, unavailable for the period since the Performance Start Date.



After-tax returns are calculated using the historical highest individual

federal marginal income tax rates and do not reflect the impact of state and

local taxes. Actual after-tax returns will depend on an investor's tax

situation and may differ from those shown. After-tax returns shown are not

relevant to investors who hold their Fund shares through tax-deferred

arrangements, such as 401(k) plans or individual retirement accounts.

AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED DECEMBER 31, 2010

Average Annual Total Returns Frost Small Cap Equity Fund	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, Since Inception	Average Annual Returns, Inception Date
Institutional Shares	FUND RETURN BEFORE TAXES	20.41%	1.04%	5.01%	May 31, 2002
Institutional Shares After Taxes on Distributions	FUND RETURN AFTER TAXES ON DISTRIBUTIONS	20.41%
Institutional Shares After Taxes on Distributions and Sales	FUND RETURN AFTER TAXES ON DISTRIBUTIONS AND SALE OF FUND SHARES	13.27%
RUSSELL 2000 INDEX RETURN	RUSSELL 2000 INDEX RETURN (REFLECTS NO DEDUCTION FOR FEES, EXPENSES, OR TAXES)	26.85%	4.47%	7.07%	May 31, 2002