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

EMERGING MARKETS DEBT FUND

Investment Goal

Maximize total return.

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 DEBT 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)	1.00%

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 DEBT FUND CLASS G
Management Fees	0.85%
Distribution (12b-1) Fees	0.25%
Other Expenses	0.95%
Total Annual Fund Operating Expenses	2.05%

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 DEBT FUND CLASS G	Class G Shares	208	643	1,103	2,379

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 59%

of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Emerging Markets Debt Fund will invest at least

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

purposes) in fixed income securities of emerging market issuers. The Fund will

invest in debt securities of government, government-related and corporate

issuers in emerging market countries, as well as entities organized to

restructure the outstanding debt of such issuers. 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 Sub-Advisers will spread the Fund's holdings across a

number of countries and industries to limit its exposure to a single emerging

market economy and may not invest more than 25% of its assets in any single

country. There are no restrictions on the Fund's average portfolio maturity or

on the maturity of any specific security. There is no minimum rating standard

for the Fund's securities, and the Fund's securities will generally be in the

lower or lowest rating categories (including those below the fourth highest

rating category by a Nationally Recognized Statistical Rating Organization,

commonly referred to as junk bonds).



The Sub-Advisers may seek to enhance the Fund's return by actively managing the

Fund's foreign currency exposure. In managing the Fund's currency exposure, the

Sub-Advisers buy and sell currencies (i.e., take long or short positions) using

futures and foreign currency forward contracts. The Fund may take long and short

positions in foreign currencies in excess of the value of the Fund's assets

denominated in a particular currency or when the Fund does not own assets

denominated in that currency. The Fund may also engage in currency transactions

in an attempt to take advantage of certain inefficiencies in the currency

exchange market, to increase its exposure to a foreign currency or to shift

exposure to foreign currency fluctuations from one currency to another. In

managing the Fund's currency exposure for foreign securities, the Sub-Advisers

may buy and sell currencies for hedging or for speculative purposes.



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

Below Investment Grade Securities Risk -- Fixed income securities rated below

investment grade (junk bonds) involve greater risks of default or downgrade and

are more volatile than investment grade securities because the prospect for

repayment of principal and interest of many of these securities is speculative.



Corporate Fixed Income Securities Risk -- Corporate fixed income securities

respond to economic developments, especially changes in interest rates, as well

as perceptions of the creditworthiness and business prospects of individual

issuers.



Credit Risk -- The risk that the issuer of a security or the counterparty to a

contract will default or otherwise become unable to honor a financial

obligation.



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

investments denominated in, and/or receiving revenues in, foreign currencies and

the Fund's active management of its currency exposures, the Fund will be subject

to currency risk. Currency risk is the risk that foreign 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.

Due to the Fund's active positions in currencies, it will be subject to the risk that

currency exchange rates may fluctuate in response to, among other things, changes

in interest rates, intervention (or failure to intervene) by U.S. or foreign governments,

central banks or supranational entities, or by the imposition of currency controls or

other political developments in the United States or abroad.



Derivatives Risk -- The Fund's use of futures and forward contracts is subject to

market risk, leverage risk, correlation risk and liquidity risk. Leverage risk

and liquidity risk are described below. Market risk is the risk that the market

value of an investment may move up and down, sometimes rapidly and

unpredictably. Correlation risk is the risk that changes in the value of the

derivative may not correlate perfectly with the underlying asset, rate or index.

The Fund's use of over-the-counter forward contracts is also subject to credit

risk and valuation risk. Valuation risk is the risk that the derivative may be

difficult to value and/or valued incorrectly. Credit risk is described above.

Each of the above risks could cause the Fund to lose more than the principal

amount invested in a derivative instrument.



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.



Extension Risk -- The risk that rising interest rates may extend the duration of

a fixed income security, typically reducing the security's value.



Fixed Income Market Risk -- The prices of the Fund's fixed income securities

respond to economic developments, particularly interest rate changes, as well as

to perceptions about the creditworthiness of individual issuers, including

governments and their agencies. In the case of foreign securities, price

fluctuations will reflect international economic and political events, as well

as changes in currency valuations relative to the U.S. dollar.



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.



Foreign Sovereign Debt Securities Risk -- The risks that (i) the governmental

entity that controls the repayment of sovereign debt may not be willing or able

to repay the principal and/or interest when it becomes due, due to factors such

as debt service burden, political constraints, cash flow problems and other

national economic factors; (ii) governments may default on their debt

securities, which may require holders of such securities to participate in debt

rescheduling or additional lending to defaulting governments; and (iii) there is

no bankruptcy proceeding by which defaulted sovereign debt may be collected in

whole or in part.



Interest Rate Risk -- The risk that the Fund's yield will decline due to falling

interest rates. A rise in interest rates typically causes a fall in the value of

fixed income securities in which the Fund invests, while a fall in interest

rates typically causes a rise in the value of such securities.



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

underperform other segments of the fixed income markets or the fixed income

markets as a whole.



Leverage Risk -- The use of leverage can amplify the effects of market volatility

on the Fund's share price and may also cause the Fund to liquidate portfolio

positions when it would not be advantageous to do so in order to satisfy its

obligations.



Liquidity Risk -- The risk that certain securities may be difficult or impossible

to sell at the time and the price that the Fund would like. The Fund may have to

lower the price, sell other securities instead or forego an investment

opportunity, any of which could have a negative effect on Fund management or

performance.



Non-Diversified Risk -- The Fund is non-diversified, which means that it may

invest in the securities of relatively few issuers. As a result, the Fund may be

more susceptible to a single adverse economic or political occurrence affecting

one or more of these issuers, and may experience increased volatility due to its

investments in those securities.



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.



Prepayment Risk -- The risk that with declining interest rates, fixed income

securities with stated interest rates may have the principal paid earlier than

expected, requiring the Fund to invest the proceeds at generally lower interest

rates.



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:   17.55% (12/31/2002)



Worst Quarter: -13.19% (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 DEBT 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	4.74%	7.56%	12.15%	10.40%	Jun. 26, 1997
CLASS G After Taxes on Distributions	Class A Shares Return After Taxes on Distributions	2.52%	4.96%	8.98%	7.03%	Jun. 26, 1997
CLASS G After Taxes on Distributions and Sales	Class A Shares Return After Taxes on Distributions and Sale of Fund Shares	3.10%	4.90%	8.76%	6.93%	Jun. 26, 1997
J.P. Morgan EMBI Global Diversified Index Return	J.P. Morgan EMBI Global Diversified Index Return (reflects no deduction for fees, expenses, or taxes)	7.35%	7.87%	10.62%	9.59%	Jun. 26, 1997	[1]

[1] Index returns are shown from June 30, 1997.