Frost International Equity Fund (Second Prospectus Summary) | Frost International Equity Fund

FROST INTERNATIONAL EQUITY FUND

INVESTMENT OBJECTIVE

The Frost International Equity Fund (the "Fund") seeks to achieve long-term

capital appreciation and current income.

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.

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)

Shareholder Fees	Frost International Equity Fund Institutional Shares
Redemption Fee (as a percentage of amount redeemed if applicable)	(2.00%)

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

Annual Fund Operating Expenses	Frost International Equity Fund Institutional Shares
Management Fees	0.93%
Other Expenses	0.21%
Total Annual Fund Operating Expenses	1.14%

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 International Equity Fund Institutional Shares	116	362	628	1,386

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 26% 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 non-U.S. issuers.  This investment policy may be

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

invests primarily in common stocks, but may also invest in other types of

equity securities, such as preferred stock, convertible securities, warrants or

other similar publicly traded securities. The Fund may also purchase American

Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs").



The Fund's investments are ordinarily diversified among regions, countries and

currencies, as determined by its sub-adviser, Thornburg Investment Management

Inc. ("Thornburg"). Thornburg intends to invest on an opportunistic basis when

it believes there is intrinsic value. The Fund's principal focus will be on

traditional or "basic" value stocks.  However, the portfolio may include stocks

that, in Thornburg's opinion, provide value in a broader or different context.

The relative proportions of these different types of securities will vary over

time. The Fund ordinarily invests in stocks that may be undervalued or reflect

unfavorable market perceptions of company or industry fundamentals. The Fund

may invest in companies of any size.



Debt securities will be considered for investment when Thornburg believes them

to be more attractive than equity alternatives. The Fund may purchase debt

securities of any maturity and quality. The Fund evaluates currency risk on a

stock-by-stock basis.  The Fund will hedge currency exposure utilizing forward

contracts if deemed appropriate by the portfolio management team.  Currency

hedging, if utilized, is to protect the investment thesis for a given stock

from being significantly undermined by dollar/foreign currency fluctuations

when we perceive currency risk to be high.



Thornburg primarily uses individual company and industry analysis to make

investment decisions. Value, for purposes of Thornburg's selection criteria,

relates to both current and projected measures. Among the specific factors

considered by Thornburg in identifying undervalued securities for inclusion in

the Fund's portfolio are:



         o  price/earnings ratio

         o  price/book value

         o  price/cash flow ratio

         o  debt/capital ratio

         o  dividend yield

         o  security and consistency of revenue stream

         o  undervalued assets

         o  relative earnings growth potential

         o  industry growth potential

         o  industry leadership

         o  dividend growth potential

         o  franchise value

         o  potential for favorable developments



The Fund typically makes equity investments in the following three types of

companies:



         o  BASIC VALUE companies which, in Thornburg's opinion, are

            financially sound companies with well established businesses

            whose stock is selling at low valuations relative to the

            companies' net assets or potential earning power.



         o  CONSISTENT EARNER companies when they are selling at

            valuations below historic norms. Stocks in this category

            sometimes sell at premium valuations and sometimes at discount

            valuations. Generally, they show steady earnings and dividend

            growth.



         o  EMERGING FRANCHISES are value-priced companies that in

            Thornburg's opinion are in the process of establishing a

            leading position in a product, service or market and which

            Thornburg expects will grow, or continue to grow, at an above

            average rate. Under normal conditions, the proportion of the

            Fund invested in companies of this type will be less than the

            proportions of the Fund invested in basic value or consistent

            earner companies.

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.



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.



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.



When the Fund invests in foreign fixed income securities, it will be subject to

risks not typically associated with domestic securities. Foreign investments,

especially investments in emerging markets, can be riskier and more volatile

than investments in the United States. Adverse political and economic

developments or changes in the value of foreign currency can make it more

difficult for the Fund to sell its securities and could reduce the value of

your shares. Differences in tax and accounting standards and difficulties in

obtaining information about foreign companies can negatively affect investment

decisions. Unlike more established markets, emerging markets may have

governments that are less stable, markets that are less liquid and economies

that are less developed.



EMERGING MARKET SECURITIES RISK -- Investments in emerging markets securities

are considered speculative and subject to heightened risks in addition to the

general risks of investing in non-U.S. securities. Unlike more established

markets, emerging markets may have governments that are less stable, markets

that are less liquid and economies that are less developed.  In addition,

emerging markets securities may be subject to smaller market capitalization of

securities markets, which may suffer periods of relative illiquidity;

significant price volatility; restrictions on foreign investment; and possible

restrictions on repatriation of investment income and capital. Furthermore,

foreign investors may be required to register the proceeds of sales, and future

economic or political crises could lead to price controls, forced mergers,

expropriation or confiscatory taxation, seizure, nationalization or creation of

government monopolies.



FOREIGN CURRENCY RISK -- Because non-U.S. securities are usually denominated in

currencies other than the dollar, the value of the Fund's portfolio may be

influenced by currency exchange rates and exchange control regulations. The

currencies of emerging market countries may experience significant declines

against the U.S. dollar, and devaluation may occur subsequent to investments in

these currencies by the Fund. Inflation and rapid fluctuations in inflation

rates have had, and may continue to have, negative effects on the economies and

securities markets of certain emerging market countries.



HEDGING RISK. The Fund may use forward currency contracts for hedging purposes.

Hedging through the use of these instruments does not eliminate fluctuations in

the underlying prices of the securities that the Fund owns or intends to

purchase or sell. While entering into these instruments tends to reduce the risk

of loss due to a decline in the value of the hedged asset, such instruments also

limit any potential gain that may result from the increase in value of the

asset. To the extent that the Fund engages in hedging strategies, there can be

no assurance that such strategy will be effective or that there will be a hedge

in place at any given time.



INTEREST RATE RISK - As with most funds that invest in debt securities, changes

in interest rates are one of the most important factors that could affect the

value of your investment. Rising interest rates tend to cause the prices of

debt securities (especially those with longer maturities) and the Fund's share

price to fall.



Debt securities have a stated maturity date when the issuer must repay the

principal amount of the bond. Some debt securities, known as callable bonds,

may repay the principal earlier than the stated maturity date. Debt securities

are most likely to be called when interest rates are falling because the issuer

can refinance at a lower rate. Mutual funds that invest in debt securities have

no real maturity. Instead, they calculate their weighted average maturity. This

number is an average of the effective or anticipated maturity of each debt

security held by the mutual fund, with the maturity of each security weighted

by the percentage of its assets of the mutual fund it represents.



CREDIT RISK - The credit rating or financial condition of an issuer may affect

the value of a debt security. Generally, the lower the quality rating of a

security, the greater the risk that the issuer will fail to pay interest fully

and return principal in a timely manner. If an issuer defaults or becomes

unable to honor its financial obligations, the security may lose some or all of

its value. The issuer of an investment-grade security is more likely to pay

interest and repay principal than an issuer of a lower rated bond. Adverse

economic conditions or changing circumstances, however, may weaken the capacity

of the issuer to pay interest and repay principal.



Although the Fund's U.S. government securities are considered to be among the

safest investments, they are not guaranteed against price movements due to

changing interest rates. Obligations issued by some U.S. government agencies are

backed by the U.S. Treasury, while others are backed solely by the ability of

the agency to borrow from the U.S. Treasury or by the government sponsored

agency's own resources. As a result, investments in securities issued by

government sponsored agencies that are not backed by the U.S. Treasury are

subject to higher credit risk than those that are. High yield, or "junk,"

bonds are highly speculative securities that are usually issued by smaller

less credit worthy and/or highly leveraged (indebted) companies. Compared

with investment-grade bonds, high yield bonds carry a greater degree of risk

and are less likely to make payments of interest and principal. Market

developments and the financial and business conditions of the corporation

issuing these securities influences their price and liquidity more

than changes in interest rates, when compared to investment-grade debt

securities. Insufficient liquidity in the junk bond market may make it more

difficult to dispose of junk bonds and may cause the Fund to experience sudden

and substantial price declines. A lack of reliable, objective data or market

quotations may make it more difficult to value junk bonds accurately.



INVESTMENT STYLE RISK -- The Fund pursues a "value style" of investing.  Value

investing focuses on companies with stocks that appear undervalued in light of

factors such as the company's earnings, book value, revenues or cash flow. If

Thornburg's assessment of a company's value or prospects for exceeding earnings

expectations or market conditions is wrong, the Fund could suffer losses or

produce poor performance relative to other funds. In addition, "value stocks"

can continue to be undervalued by the market for long periods of time.

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 and sub-advised

by Thornburg and INVESCO Global Asset Management N.A. (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").



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

22.57%       (19.23)%

(06/30/2009)  (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 (18.07)%.

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

returns for the periods ended December 31, 2010 to those of the Morgan Stanley

Capital International All Country World ex-US Index ("MSCI ACWI ex-US Index")

and the Morgan Stanley Capital International Europe, Australasia, Far East

Index ("MSCI EAFE 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 International 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	14.14%	6.85%	8.95%	May 31, 2002
Institutional Shares After Taxes on Distributions	FUND RETURN AFTER TAXES ON DISTRIBUTIONS	14.20%			May 31, 2002
Institutional Shares After Taxes on Distributions and Sales	FUND RETURN AFTER TAXES ON DISTRIBUTIONS AND SALE OF FUND SHARES	9.53%			May 31, 2002
MSCI ACWI EX-US INDEX RETURN	MSCI ACWI EX-US INDEX RETURN (REFLECTS NO DEDUCTION FOR FEES, EXPENSES, OR TAXES)	11.15%	4.82%	8.85%	May 31, 2002
MSCI EAFE INDEX RETURN	MSCI EAFE INDEX RETURN (REFLECTS NO DEDUCTION FOR FEES, EXPENSES, OR TAXES)	7.75%	2.46%	6.76%	May 31, 2002