I have a similar, but subtly different problem. I've an iPhone 5S updated to IOS8.4. It still plays the ringtones. However, iTunes (version 12.2.1.16 (updated today - July 13th) can't find them. They've been deleted completely from my Macbook Air (2013 - OS X 10.10.4). Searching for them finds nothing. In the Music folder there is now no iTunes folder, and no folder marked Tones or Ringtones. Just completely vanished.
I can probably retrieve these from TimeMachine (when I get home) but why were they deleted? Because I didn't buy them from the iTunes Store? I created my own from my own music (yes, I play several instruments).
Infuriating and it would appear Apple up to their old tricks again as they've done this before in previous updates.