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      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 12C</ReturnReference>
        <Explanation>THE SLCEC REVIEWS THE PRINCIPALS ENGAGED IN CONTRACTUAL RELATIONSHIPS ANNUALLY.</Explanation>
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      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 15</ReturnReference>
        <Explanation>AN INDEPENDENT COMPENSATION CONSULTANT IS UTILIZED. THE CONSULTANT REVIEWS MARKET CONDITIONS.</Explanation>
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      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION C, LINE 19</ReturnReference>
        <Explanation>GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE FURNISHED UPON WRITTEN REQUEST.</Explanation>
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      <GeneralExplanation>
        <Identifier>CHANGES IN NET ASSETS OR FUND BALANCES:</Identifier>
        <ReturnReference>FORM 990, PART XI, LINE 5:</ReturnReference>
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