Form N-CEN Clark Fork Trust For: May 31
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E-mailX0404 N-CEN LIVE 0001506980 XXXXXXXX false false false N-1A S000031478 C000097869 Clark Fork Trust 811-22504 0001506980 549300RIO7TVRKJUQM56 218 East Front Street, Suite 205 Missoula 59802 US-MT US 406-541-0130 Clark Fork Trust 218 East Front Street, Suite 205 Missoula 59802 406-541-0130 All accounts, books and documents required to be maintained by the Registrant pursuant to Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 through 31a-3 thereunder are maintained at the office of the Registrant except all those relating to the activities of the Fund's Custodian, Transfer Agent and Shareholder Servicing Agent. Mutual Shareholder Services, LLC 8000 Town Centre Drive, Suite 400 Broadview Heights 44147 440-922-0066 All accounts, books and documents required to be maintained by the Transfer Agent, Fund Accounting Agent and Shareholder Servicing Agent pursuant to Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 through 31a-3. Huntington National Bank 7 Eastern Oval EA4E95 Columbus 43219 614-331-9838 All accounts, books and documents relating to the activities of the Fund's Custodian. Front Street Capital Management, Inc. 218 East Front Street, Suite 205 Missoula 59802 406-541-0130 Maintains records relating to its function as the investment adviser to the Fund. N N N N-1A 1 Y Russell T. Piazza 000849082 Y Simona Stan N/A N Michael Munsey N/A N Virginia Belker N/A 218 East Front Street, Suite 205 Missoula 59802 XXXXXX N N N N N N N Arbor Court Capital, LLC 008-67609 000143839 N/A N N Cohen & Company, Ltd. 925 N/A N N N N N N N Tarkio Fund S000031478 54930084VJMU58MP8Z56 N 1 0 0 N/A Y N Y N N/A N/A N/A N/A N N N N Front Street Capital Management, Inc. 801-68139 000141974 N/A N Mutual Shareholder Services, LLC 084-05821 N/A N N N FIS MARKETMAP ANALYTIC PLATFORM N/A N N Huntington National Bank 2WHM8VNJH63UN14OL754 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N Mutual Shareholder Services, LLC 084-05821 SEC file number N N N Front Street Capital Management, Inc. 801-68139 SEC file number Y N N TD Ameritrade, Inc. 008-23395 000007870 CWQYQU0TV2NLMLZKNB44 48.07 48.07 0 N 161253219.87 N N N N false false true false false false
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of Tarkio Fund and
Board of Trustees of Clark Fork Trust
In planning and performing our audit of the financial statements of Tarkio Fund (the “Fund”), a series of the Clark Fork Trust, as of and for the year ended May 31, 2022, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles (GAAP). A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund’s annual or interim financial statements will not be prevented or detected on a timely basis.
Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of May 31, 2022.
This report is intended solely for the information and use of management and the Board of Trustees of the Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.
/S/ COHEN & COMPANY, LTD.
COHEN & COMPANY, LTD.
Cleveland, Ohio
July 25, 2022
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