Frost Investment Advisors Transitions “Class A” Shares to Investor Shares

Frost Investment Advisors, LLC., a registered investment adviser, has transitioned all of its retail (class A) shares to investor shares, making both the fund family’s institutional and retail shares free of commission. The Funds’ board voted its approval for this change, effective March 31, 2015.

“This change is an example of our commitment to offering a great value proposition for our shareholders, in keeping with the Frost Bank tradition,” said Tom Stringfellow, president and chief investment officer of Frost Investment Advisors, LLC. “By eliminating additional fees, we are making it easier for people to invest in our funds.”

Frost Investment Advisors manages $11.1 billion in total assets, including mutual fund assets of $3.53 billion as of March 31, 2015. The adviser began offering mutual funds in April 2008, initially to serve the needs of institutional clients, and expanding to offer retail shares in June 2008. Frost Investment Advisors now offers 15 managed and sub-advised strategies and mutual funds that include institutional and investor share classes.

Recent accomplishments and performance metrics include:

• As of March 31, 2015, the Frost Total Return Bond Fund (FIJEX/FATRX) was ranked in the top three percentile for one-year performance, the top one percentile for three-year performance and the top one percentile for five-year performance within its peer group, (Short-Term Bond), according to Morningstar.
• During the quarter ended March 31, 2015, the Frost Total Return Bond Fund (FIJEX/FATRX) passed $1.8 billion in assets for the first time. As of March 31, 2015, the combined share classes of the Fund had total assets of $1.804 billion.

Annualized performance through March 31, 2015, the Frost Total Return Bond Fund: (I share) 3.78% (one year), 5.51% (three year), 6.26% (5 year), 5.98% (since inception), 7.30% since inception of mutual fund (4-25-2008). (Investor class) 3.53% (one year), 5.25% (three year), 6.00% (5 year), 5.72% (since inception), 7.18% since inception of mutual fund (6-30-2008). The performance data quoted for periods prior to April 25, 2008 (for Institutional Shares) is that of the Predecessor Fund. The fund will be managed in a materially equivalent manner to its predecessor. 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. The Predecessor Fund was not a registered mutual fund and was not subject to the same investment and tax restrictions as the Fund. If it had been, the Predecessor Fund’s performance might have been lower. The performance information provided for Investor Shares includes the returns of Institutional Class Shares for periods from April 25, 2008 to June 30, 2008. Performance for periods greater than one year is annualized. Prior to March 31, 2015, Investor Class Shares of the Fund were called “Class A Shares,” and shareholders were charged a sales charge on certain purchases of Class A Shares. The performance information provided for the period prior to March 31, 2015 represents the performance of Investor Class Shares when they were called Class A Shares and includes the Maximum Sales Charge (Load), that was applicable to Class A Shares.

Expense ratios are: Total Return – I share: 0.50%; Investor share: 0.75%.

The expense ratio does not reflect the Ability of the Adviser to recover all or a portion of its prior fee waivers or expense reimbursements made during the preceding three-year period during which a contractual fee waiver was in place. This agreement may be terminated: (i) by the Board of Trustees (the “Board”) of The Advisors’ Inner Circle Fund II (the “Trust”), for any reason at any time; or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on November 30, 2015.

Investment performance may reflect fee waivers in effect. Absent these waivers, total return and yield would be reduced. There can be no assurance that the Advisor will continue to waive fees.

Performance data quoted represents past performance and does not guarantee similar future results. The investment performance and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost, and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 877.713.7678.

About Frost Investment Advisors, LLC

The family of funds managed by Frost Investment Advisors, a wholly-owned subsidiary of Frost Bank, provides clients diversification by offering separate mutual funds for growth, value, asset allocation and balance across small-cap, small/mid-cap, multi-cap value and international equity classes, as well as taxable and tax-free bonds. Registered with the SEC in January of 2008, Frost Investment Advisors manages $3.53 billion in assets in the Frost mutual fund family, while also providing investment advisory services to institutional and high net worth clients, and to the Frost trust department for the $10.2 billion in assets it manages, including the mutual fund assets referenced above, as of March 31, 2015. For more information, visit www.frostinvestmentadvisors.com.

About Frost Bank

Frost Bank is the banking, investments and insurance subsidiary of Cullen/Frost Bankers, Inc. (NYSE: CFR), a financial holding company with $28.3 billion in assets at December 31, 2014. One of 24 banks included in the KBW Bank Index and a top-50 U.S. bank by asset size, Frost provides a full range of business and consumer banking products, investment and brokerage services, insurance products and investment banking services to businesses and individuals in the Austin, Corpus Christi, Dallas, Fort Worth, Houston, Permian Basin, Rio Grande Valley and San Antonio regions. Founded in 1868, Frost has helped Texans with their financial needs during three centuries. For more information, visit www.frostbank.com.

To determine if this Fund is an appropriate investment for you, carefully consider the Fund’s investment objectives, risk factors, charges and expenses before investing. This and other information may be found in the Fund’s summary or full prospectus, which may be obtained by calling (877) 713-7678. Please read the prospectus carefully before investing.

Mutual fund investing involves risk including possible loss of principal. Bonds and bond funds are subject to interest rate risk and will decline in value as interest rates rise. Bonds and bond funds generally decrease in value as interest rates rise. High yield bonds involve greater risks of default or downgrade and are more volatile than the investment grade securities, due to the speculative nature of their investments. Mortgage backed securities are subject to prepayment and extension risk and therefore react differently to changes in interest rates than other bonds. Small movements in interest rates may quickly and significantly reduce the value of certain mortgage-backed securities. There is no guarantee that the Fund's income will be exempt from federal or state income taxes. Capital gains, if any, are subject to capital gains tax. Income from municipal bonds may be subject to the alternative minimum tax.

As of 3/31/2015 Frost Total Return Bond Fund (FIJEX, FATRX) was rated against the following number of Short-Term Bond funds over the following time periods: 535 (one year); 449 (three years); 390 (five years). With respect to these Short-Term Bond funds, FIJEX received a Morningstar Rating of 5 and 5 stars for the three- and five-year periods and FATRX received a Morningstar Rating of 5 and 5 stars for the three- and five-year periods.

The Frost mutual funds are distributed by SEI Investments Distribution Co., which is not affiliated with the Advisor or its affiliates.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE