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        <FormAndLineReferenceDesc>PART X, LINE 2:</FormAndLineReferenceDesc>
        <ExplanationTxt>BLACK FARMER FUND BELIEVES THAT TAX FILING POSITIONS WILL BE SUSTAINED UPON EXAMINATION AND DOES NOT ANTICIPATE ANY ADJUSTMENTS THAT WOULD RESULT IN A MATERIAL ADVERSE AFFECT ON BLACK FARMER FUND'S FINANCIAL CONDITION, RESULTS OF OPERATIONS, OR CASH FLOWS. ACCORDINGLY, BLACK FARMER FUND HAS NOT RECORDED ANY RESERVES, OR RELATED ACCRUALS FOR INTEREST AND PENALTIES FOR UNCERTAIN TAX POSITIONS AT DECEMBER 31, 2024 AND 2023.</ExplanationTxt>
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        <ExplanationTxt>THE AUDIT COMMITTEE WILL REVIEW THE RESULTS OF THE AUDIT AND THE 990; IF THEY APPROVE IT WILL BE PRESENTED AT THE ANNUAL MEETING TO BE REVIEWED AND APPROVED BY THE BOARD.</ExplanationTxt>
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      <SupplementalInformationDetail>
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        <ExplanationTxt>ANNUALLY, BOARD MEMBERS SIGN A CONFLICT OF INTEREST FORM AND IF THERE IS ONE TO BE REPORTED, HE OR SHE FILLS OUT THE SECOND PORTION WHICH GIVES DETAILS.</ExplanationTxt>
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      <SupplementalInformationDetail>
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      <SupplementalInformationDetail>
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