SIT EMERGING MARKETS EQUITY FUND (Second Prospectus Summary) | SIT EMERGING MARKETS EQUITY FUND

EMERGING MARKETS EQUITY FUND

Investment Goal

Capital appreciation.

Fees and Expenses

The following tables describe the fees and expenses that you may pay if you buy

and hold Fund shares.

SHAREHOLDER FEES (fees paid directly from your investment)

Shareholder Fees	SIT EMERGING MARKETS EQUITY FUND CLASS G
Redemption Fee (applies to a redemption, or series of redemptions, from a single identifiable source that, in the aggregate, exceeds $25 million within any thirty (30) day period)	1.25%

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses		SIT EMERGING MARKETS EQUITY FUND CLASS G
Management Fees		1.05%
Distribution (12b-1) Fees		0.25%
Other Expenses		1.04%
Acquired Fund Fees and Expenses (AFFE)		0.01%
Total Annual Fund Operating Expenses	[1]	2.35%

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, By Year, Column Name	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years	Expense Example, With Redemption, 5 Years	Expense Example, With Redemption, 10 Years
SIT EMERGING MARKETS EQUITY FUND CLASS G	Class G Shares	238	733	1,255	2,686

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

annual Fund operating expenses or in the Example, affect the Fund's performance.

During the most recent fiscal year, the Fund's portfolio turnover rate was 98%

of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Emerging Markets Equity Fund will invest at

least 80% of its net assets (plus the amount of any borrowings for investment

purposes) in equity securities of emerging market issuers. Equity securities may

include common stocks, preferred stock and warrants. The Fund normally maintains

investments in at least six emerging market countries and does not invest more

than 35% of its total assets in any one emerging market country. The Fund uses a

multi-manager approach, relying upon a number of Sub-Advisers with differing

investment philosophies to manage portions of the Fund's portfolio under the

general supervision of SIMC.



The Fund may purchase shares of ETFs to gain exposure to a particular portion of

the market while awaiting an opportunity to purchase securities directly.

Principal Risks

Currency Risk -- As a result of the Fund's investments in securities denominated

in, and/or receiving revenues in, foreign currencies, the Fund will be subject

to currency risk. Currency risk is the risk that those currencies will decline

in value relative to the U.S. dollar or, in the case of hedging positions, that

the U.S. dollar will decline in value relative to the currency hedged. In either

event, the dollar value of an investment in the Fund would be adversely

affected.



Equity Market Risk -- The risk that stock prices will fall over short or extended

periods of time.



Exchange-Traded Funds (ETFs) Risk - The risks of owning shares of an ETF

generally reflect the risks of owning the underlying securities the ETF is

designed to track, although lack of liquidity in an ETF could result in its

value being more volatile than the underlying portfolio securities.



Foreign Investment/Emerging Markets Risk -- The risk that non-U.S. securities may

be subject to additional risks due to, among other things, political, social and

economic developments abroad, currency movements and different legal, regulatory

and tax environments. These additional risks may be heightened with respect to

emerging market countries since political turmoil and rapid changes in economic

conditions are more likely to occur in these countries.



Investment Style Risk -- The risk that emerging market equity securities may

underperform other segments of the equity markets or the equity markets as a

whole.



Portfolio Turnover Risk -- Due to its investment strategy, the Fund may buy and

sell securities frequently. This may result in higher transaction costs and

additional capital gains tax liabilities.



Small and Medium Capitalization Risk -- The small and medium capitalization

companies in which the Fund invests may be more vulnerable to adverse business

or economic events than larger, more established companies. In particular, small

and medium capitalization companies may have limited product lines, markets and

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

Therefore, small and medium capitalization stocks may be more volatile than those

of larger companies. Small and medium capitalization stocks may betraded over the

counter or listed on an exchange.



Loss of money is a risk of investing in the Fund.

Performance Information

As of January 31, 2012, Class G Shares of the Fund had not commenced operations

and did not have a performance history.



The bar chart and the performance table below provide some indication of the

risks of investing in the Fund by showing changes in the Fund's performance from

year to year for the past ten calendar years and by showing how the Fund's

average annual returns for 1, 5 and 10 years, and since the Fund's inception,

compared with those of a broad measure of market performance. Since Class G

Shares are invested in the same portfolio of securities, returns for Class G

Shares will be substantially similar to those of Class A Shares, shown here, and

will differ only to the extent that Class G Shares have higher expenses. The

Fund's past performance (before and after taxes) is not necessarily an

indication of how the Fund will perform in the future.

Best Quarter:   34.40% (06/30/2009)



Worst Quarter: -27.79% (12/31/2008)

Average Annual Total Returns (for the periods ended December 31, 2011)

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. Your actual after-tax returns will depend on your 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 SIT EMERGING MARKETS EQUITY FUND	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, 10 Years	Average Annual Returns, Since Inception	Average Annual Returns, Inception Date
CLASS G	Class A Shares Return Before Taxes	(23.32%)	(0.56%)	10.73%	4.61%	Jan. 17, 1995
CLASS G After Taxes on Distributions	Class A Shares Return After Taxes on Distributions	(23.16%)	(2.00%)	9.57%	3.96%	Jan. 17, 1995
CLASS G After Taxes on Distributions and Sales	Class A Shares Return After Taxes on Distributions and Sale of Fund Shares	(14.93%)	(0.53%)	9.60%	4.09%	Jan. 17, 1995
MSCI Emerging Markets Index Return	MSCI Emerging Markets Index Return (reflects no deduction for fees, expenses or taxes)	(18.17%)	2.70%	14.20%	7.03%	Jan. 17, 1995	[1]

[1] Because the Fund incurred AFFE during the most recent fiscal year, the operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial statements because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in underlying funds.

[1] Index returns are shown from January 31, 1995.