# EDGAR Filing Document

**Accession Number:** 0001506980
**File Stem:** 0001162044-26-000086
**Filing Date:** 2026-1
**Character Count:** 69452
**Document Hash:** 5d04c6591b0980f2629f249791bafc9d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-26-000086.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0001162044-26-000086

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260129

**EFFECTIVENESS DATE**: 20260129

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Clark Fork Trust
- **CENTRAL INDEX KEY:** 0001506980

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22504
- **FILM NUMBER:** 26575494

**BUSINESS ADDRESS:**
- **STREET 1:** 218 EAST FRONT STREET
- **STREET 2:** SUITE 205
- **CITY:** MISSOULA
- **STATE:** MT
- **ZIP:** 59802
- **BUSINESS PHONE:** 406-541-0130

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 9168
- **CITY:** MISSOULA
- **STATE:** MT
- **ZIP:** 59807

## Series and Classes Contracts Data

### Tarkio Fund (Series ID: S000031478)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000097869 | Tarkio Fund  | TARKX           |

?xml version='1.0' encoding='ASCII'? FORM N-CSRS

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number: <u>811-22504</u>

**<u>Clark Fork Trust</u>**

(Exact Name of Registrant as Specified in Charter)

<u>218 East Front Street, Suite 205, Missoula, Montana 59802</u>

(Address of Principal Executive Offices) (Zip Code)

Capitol Services, Inc.

<u>615 S. Dupont Hwy, Dover, DE 19901</u>

(Name and Address of Agent for Service)

Registrant's Telephone Number, including Area Code: (406) 541-0130

Date of fiscal year end: <u>May 31</u>

Date of reporting period: <u>November 30, 2025</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSRS in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.**

![](image_001.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**November 30, 2025 (Unaudited)**

TARKIO FUND

***TARKX***

**<u>ADDITIONAL INFORMATION</u>**

This semi-annual shareholder report contains important information about the Tarkio Fund - TARKX (the "Fund") for the period June 1, 2025 to November 30, 2025.

You can find additional information about the Fund at https://tarkiofund.com. You can also request this information by contacting us at 1-866-738-3629.

**<u>What were the Fund costs for the past six months?</u>**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment \*** |
| &nbsp;&nbsp;Tarkio Fund | &nbsp;&nbsp;$58 | &nbsp;&nbsp;1.00% |

---

\*Annualized

**<u>managment's discussion of fund performance</u>**

The investment strategy of the Tarkio Fund (the "Fund") is to use our criteria to identify companies whose leaders and whose culture can, over time, give them a advantage (including by engaging employees, delighting customers, adapting and innovating, continuously achieving efficiencies, and therefore continually improving) by striving for (1) Humility, Integrity and Trust; (2) Long-Term Focus; (3) Purpose and Passion; (4) Teamwork: Cooperation, Not Competition; (5) Employee Empowerment: Driving Fear Out of the Organization; and (6) Disciplined Capital Allocation. Decisions whether to try to reduce or eliminate a position depend on whether and to what extent the company's culture and leadership may drift away from our criteria. Otherwise, our intention is to hold through whatever may occur, including short-term economic cycles and geopolitical and macroeconomic events.

While typically quite volatile, the stock prices of the companies in the Fund's portfolio saw, on average a relatively steady increase throughout the 6-month period ending November 30, 2025, much like the rest of the market in general. The Fund's performance during the period was 31.82% while the S&P 500® Index was up 16.57% during the same period. The difference was primarily due to the performance of our optical components companies and other businesses adjacent to the global data center buildout. The companies with the largest share price increases affecting the Fund's performance during the period were Lumen Technologies (LUMN, +107%), Coherent Corp. (COHR, +117%), Ciena (CIEN, +155%), and Lumentum (LITE, +350%). The Fund's worst performers over the same period were Costco (COST, -12%), International Paper (IP, -17%), and ATS Corp. (ATS, -12%).

We believe that price changes (including fluctuations, or lack thereof) in the market and in individual stocks during the period, due to various geopolitical and macroeconomic events, represented reactions to short-term, temporary conditions. In response to fluctuations of certain stocks, we purchased a substantial amount of additional shares in what we believe to be high quality holdings at prices that we believe will provide significant increased value for the Fund's long-term shareholders, including Azenta, Inc. (AZTA), Baxter International (BAX), and International Paper (IP), each of which we believe represents a great "lean turnaround" situations. We believe we are in a better position than ever to continue to build and compound meaningful wealth for our long-term partners/shareholders in the Fund.

We thank you for your investment in the Tarkio Fund.

**<u>HOW DID THE FUND PERFORM DURING THE LAST TEN YEARS?</u>**

**AVERAGE ANNUAL RETURNS**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;10 Years |
| &nbsp;&nbsp;Tarkio Fund | &nbsp;&nbsp;14.08% | &nbsp;&nbsp;13.06% | &nbsp;&nbsp;13.37% |
| &nbsp;&nbsp;S&P 500® Index | &nbsp;&nbsp;15.00% | &nbsp;&nbsp;15.29% | &nbsp;&nbsp;14.63% |

---

**Cumulative Performance Comparison of $10,000 Investment**

![](image_001.gif)

**Past performance is not a good predictor of future performance.** The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-866-738-3629.

**<u>Fund statistics</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;ADVISORY FEES |
| &nbsp;&nbsp;NET ASSETS: | &nbsp;&nbsp;HOLDINGS: | &nbsp;&nbsp;TURNOVER: | &nbsp;&nbsp;PAID BY FUND: |
| &nbsp;&nbsp;$208530526 | &nbsp;&nbsp;35 | &nbsp;&nbsp;6.73% | &nbsp;&nbsp;$705656 |

---

**<u>WHAT ARE THE FUND'S HOLDINGS?</u>**

**PORTFOLIO ILLUSTRATION**

The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments.

![](image_002.gif)

Sectors are categorized using Morningstar<sup>®</sup> classifications.

**TOP TEN HOLDINGS (% OF NET ASSETS)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Lumen Technologies, Inc. | &nbsp;&nbsp;15.75% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;13.59% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Cognex Corp. | &nbsp;&nbsp;8.17% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Manitowoc Co., Inc. | &nbsp;&nbsp;7.12% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;GE Vernova, Inc. | &nbsp;&nbsp;6.16% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;3.71% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Modine Manufacturing Co. | &nbsp;&nbsp;3.70% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;ESAB Corp. | &nbsp;&nbsp;3.18% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Coherent Corp. | &nbsp;&nbsp;3.05% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Parker Hannifin Corp. | &nbsp;&nbsp;3.03% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total % of Net Assets | &nbsp;&nbsp;67.46% |

---

**<u>WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?</u>**

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit https://tarkiofund.com or contact us at 1-866-738-3629.

**For a more thorough understanding of our investment process, including a fuller description of our investment criteria and how we apply these criteria to our particular companies, we encourage you to read our quarterly shareholder letters, available at https://tarkiofund.com/shareholder-info or by scanning the following QR code.**

![](image_003.gif)

**Item 2. Code of Ethics.** Not applicable.

**Item 3. Audit Committee Financial Expert.** Not applicable.

**Item 4. Principal Accountant Fees and Services.** Not applicable.

**Item 5. Audit Committee of Listed Companies.** Not applicable.

**Item 6. Schedule of Investments.** Not applicable – schedule filed with Item 7.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Companies.**

![](image_001.jpg)

***TARKIO FUND***

***(TARKX)***

 ****

*CLARK FORK TRUST*

 **

 ****

***SEMI-ANNUAL FINANCIAL STATEMENTS***

 

***November 30, 2025***

 ****

***(Unaudited)***

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Tarkio Fund** | &nbsp;&nbsp;**Tarkio Fund** | &nbsp;&nbsp;**Tarkio Fund** |
| &nbsp;&nbsp;**Schedule of Investments** | &nbsp;&nbsp;**Schedule of Investments** | &nbsp;&nbsp;**Schedule of Investments** |
| &nbsp;&nbsp;**November 30, 2025 (Unaudited)** | &nbsp;&nbsp;**November 30, 2025 (Unaudited)** | &nbsp;&nbsp;**November 30, 2025 (Unaudited)** |
| &nbsp;&nbsp; **<u>Shares</u>** |  | &nbsp;&nbsp;**<u>Value</u>** |
| &nbsp;&nbsp; **COMMON STOCK - 99.78%** | &nbsp;&nbsp; **COMMON STOCK - 99.78%** |  |
| &nbsp;&nbsp; **Communications Equipment - 2.05%** | &nbsp;&nbsp; **Communications Equipment - 2.05%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13125 | &nbsp;&nbsp;Lumentum Holdings, Inc. \* | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 4267725 |
| &nbsp;&nbsp; **Construction Machinery & Equipment - 8.27%** | &nbsp;&nbsp; **Construction Machinery & Equipment - 8.27%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145625 | &nbsp;&nbsp;Columbus McKinnon Corp. | &nbsp;&nbsp;2394075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316925 | &nbsp;&nbsp;Manitowoc Co., Inc. (a) \* | &nbsp;&nbsp;14854914 |
|  |  | &nbsp;&nbsp;17248989 |
| &nbsp;&nbsp; **Drawing & Insulation of Nonferrous Wire - 0.54%** | &nbsp;&nbsp; **Drawing & Insulation of Nonferrous Wire - 0.54%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13425 | &nbsp;&nbsp;Corning, Inc. | &nbsp;&nbsp;1130385 |
| &nbsp;&nbsp; **Electronic & Other Electrical Equipment (No Computer Equipment) - 19.75%** | &nbsp;&nbsp; **Electronic & Other Electrical Equipment (No Computer Equipment) - 19.75%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21425 | &nbsp;&nbsp;GE Vernova, Inc. | &nbsp;&nbsp;12850072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94925 | &nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;28330366 |
|  |  | &nbsp;&nbsp;41180438 |
| &nbsp;&nbsp; **Fire, Marine & Casualty Insurance - 2.73%** | &nbsp;&nbsp; **Fire, Marine & Casualty Insurance - 2.73%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7625 | &nbsp;&nbsp;Berkshire Hathaway, Inc. Class B \* | &nbsp;&nbsp;3917801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1025 | &nbsp;&nbsp;Fairfax Financial Holdings, Ltd. (Canada) \* | &nbsp;&nbsp;1772768 |
|  |  | &nbsp;&nbsp;5690569 |
| &nbsp;&nbsp; **General Industrial Machinery & Equipment - 5.29%** | &nbsp;&nbsp; **General Industrial Machinery & Equipment - 5.29%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172025 | &nbsp;&nbsp;ATS Corp. (Canada) \* | &nbsp;&nbsp;4388358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59125 | &nbsp;&nbsp;ESAB Corp. | &nbsp;&nbsp;6636190 |
|  |  | &nbsp;&nbsp;11024548 |
| &nbsp;&nbsp; **Industrial Instruments for Measurement, Display & Control - 11.88%** | &nbsp;&nbsp; **Industrial Instruments for Measurement, Display & Control - 11.88%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 447125 | &nbsp;&nbsp;Cognex Corp. | &nbsp;&nbsp;17035463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34125 | &nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;7738867 |
|  |  | &nbsp;&nbsp;24774330 |
| &nbsp;&nbsp; **Industrial Trucks, Tractors, Trailers & Stackers - 1.34%** | &nbsp;&nbsp; **Industrial Trucks, Tractors, Trailers & Stackers - 1.34%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60325 | &nbsp;&nbsp;Terex Corp. | &nbsp;&nbsp;2787618 |
| &nbsp;&nbsp; **Instruments For Meas & Testing of Electricity & Elec Signals - 0.63%** | &nbsp;&nbsp; **Instruments For Meas & Testing of Electricity & Elec Signals - 0.63%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13025 | &nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;1318391 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Laboratory Analytical Instruments - 0.09%** | &nbsp;&nbsp; **Laboratory Analytical Instruments - 0.09%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128525 | &nbsp;&nbsp;Standard Biotools, Inc. \* | &nbsp;&nbsp;192788 |
| &nbsp;&nbsp; **Land Subdividers & Developers (No Cemeteries) - 0.83%** | &nbsp;&nbsp; **Land Subdividers & Developers (No Cemeteries) - 0.83%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28725 | &nbsp;&nbsp;The St. Joe Co. | &nbsp;&nbsp;1732979 |
| &nbsp;&nbsp; **Medical Instruments & Supplies - 1.95%** | &nbsp;&nbsp; **Medical Instruments & Supplies - 1.95%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217225 | &nbsp;&nbsp;Baxter International, Inc. | &nbsp;&nbsp;4070796 |
| &nbsp;&nbsp; **Miscellaneous Fabricated Metal Products - 3.03%** | &nbsp;&nbsp; **Miscellaneous Fabricated Metal Products - 3.03%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7325 | &nbsp;&nbsp;Parker Hannifin Corp. | &nbsp;&nbsp;6311952 |
| &nbsp;&nbsp; **Motor Vehicle Parts & Accessories - 3.70%** | &nbsp;&nbsp; **Motor Vehicle Parts & Accessories - 3.70%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47525 | &nbsp;&nbsp;Modine Manufacturing Co. \* | &nbsp;&nbsp;7705228 |
| &nbsp;&nbsp; **Office Furniture - 2.68%** | &nbsp;&nbsp; **Office Furniture - 2.68%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353325 | &nbsp;&nbsp;MillerKnoll, Inc. | &nbsp;&nbsp;5593135 |
| &nbsp;&nbsp; **Office Furniture (No Wood) - 0.33%** | &nbsp;&nbsp; **Office Furniture (No Wood) - 0.33%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16825 | &nbsp;&nbsp;HNI Corp. | &nbsp;&nbsp;698574 |
| &nbsp;&nbsp; **Optical Instruments & Lenses - 3.05%** | &nbsp;&nbsp; **Optical Instruments & Lenses - 3.05%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38725 | &nbsp;&nbsp;Coherent Corp. \* | &nbsp;&nbsp;6360969 |
| &nbsp;&nbsp; **Orthopedic, Prosthetic & Surgical Appliances & Supplies - 1.83%** | &nbsp;&nbsp; **Orthopedic, Prosthetic & Surgical Appliances & Supplies - 1.83%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125925 | &nbsp;&nbsp;Enovis Corp. \* | &nbsp;&nbsp;3811750 |
| &nbsp;&nbsp; **Paper Mills - 2.32%** | &nbsp;&nbsp; **Paper Mills - 2.32%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122725 | &nbsp;&nbsp;International Paper Co. | &nbsp;&nbsp;4845183 |
| &nbsp;&nbsp; **Retail-Catalog & Mail-Order Houses - 0.03%** | &nbsp;&nbsp; **Retail-Catalog & Mail-Order Houses - 0.03%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;Amazon.com, Inc. \* | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69966 |
| &nbsp;&nbsp; **Retail-Variety Stores - 0.91%** | &nbsp;&nbsp; **Retail-Variety Stores - 0.91%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2075 | &nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;1895699 |
| &nbsp;&nbsp; **Services-Business Services - 0.50%** | &nbsp;&nbsp; **Services-Business Services - 0.50%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13625 | &nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;1032230 |
| &nbsp;&nbsp; **Special Industry Machinery - 2.07%** | &nbsp;&nbsp; **Special Industry Machinery - 2.07%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121425 | &nbsp;&nbsp;Azenta, Inc. \* | &nbsp;&nbsp;4317873 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) - 0.98%** | &nbsp;&nbsp; **Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) - 0.98%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12825 | &nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;2045459 |
| &nbsp;&nbsp; **Telephone & Telegraph Apparatus - 2.91%** | &nbsp;&nbsp; **Telephone & Telegraph Apparatus - 2.91%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29725 | &nbsp;&nbsp;Ciena Corp. \* | &nbsp;&nbsp;Ciena Corp. \* | &nbsp;&nbsp;6070142 |
| &nbsp;&nbsp; **Telephone Communications (No Radiotelephone) - 15.75%** | &nbsp;&nbsp; **Telephone Communications (No Radiotelephone) - 15.75%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4050125 | &nbsp;&nbsp;Lumen Technologies, Inc. \* | &nbsp;&nbsp;Lumen Technologies, Inc. \* | &nbsp;&nbsp;32846514 |
| &nbsp;&nbsp; **Textile Mills Products - 1.08%** | &nbsp;&nbsp; **Textile Mills Products - 1.08%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80625 | &nbsp;&nbsp;Interface, Inc. | &nbsp;&nbsp;Interface, Inc. | &nbsp;&nbsp;2250244 |
| &nbsp;&nbsp; **Totalizing Fluid Meters & Counting Devices - 2.30%** | &nbsp;&nbsp; **Totalizing Fluid Meters & Counting Devices - 2.30%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132325 | &nbsp;&nbsp;Vontier Corp. | &nbsp;&nbsp;Vontier Corp. | &nbsp;&nbsp;4800751 |
| &nbsp;&nbsp; **X-Ray Apparatus & Tubes & Related Irradiation Apparatus - 0.96%** | &nbsp;&nbsp; **X-Ray Apparatus & Tubes & Related Irradiation Apparatus - 0.96%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24925 | &nbsp;&nbsp;GE HealthCare Technologies, Inc. | &nbsp;&nbsp;GE HealthCare Technologies, Inc. | &nbsp;&nbsp;1993751 |
| &nbsp;&nbsp; TOTAL FOR COMMON STOCK (Cost $98,038,844) - 99.78% | &nbsp;&nbsp; TOTAL FOR COMMON STOCK (Cost $98,038,844) - 99.78% | &nbsp;&nbsp;208068976 | &nbsp;&nbsp;208068976 |
| &nbsp;&nbsp; MONEY MARKET FUND - 0.21% | &nbsp;&nbsp; MONEY MARKET FUND - 0.21% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 448210 | &nbsp;&nbsp;Federated Government Obligations Fund - Institutional Class 3.84% \*\* (Cost $448,210) | &nbsp;&nbsp;Federated Government Obligations Fund - Institutional Class 3.84% \*\* (Cost $448,210) | &nbsp;&nbsp;448210 |
| &nbsp;&nbsp; TOTAL INVESTMENTS (Cost $99,487,054) - 99.99% | &nbsp;&nbsp; TOTAL INVESTMENTS (Cost $99,487,054) - 99.99% | &nbsp;&nbsp;208517186 | &nbsp;&nbsp;208517186 |
| &nbsp;&nbsp; OTHER ASSETS LESS LIABILITIES - 0.01% | &nbsp;&nbsp; OTHER ASSETS LESS LIABILITIES - 0.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13340 |
| &nbsp;&nbsp; NET ASSETS - 100.00% | &nbsp;&nbsp; NET ASSETS - 100.00% | &nbsp;&nbsp;$208530526 | &nbsp;&nbsp;$208530526 |
| &nbsp;&nbsp; \* Non-income producing securities during the period. | &nbsp;&nbsp; \* Non-income producing securities during the period. |  |  |
| &nbsp;&nbsp; \*\* The rate shown represents the 7-day yield at November 30, 2025. | &nbsp;&nbsp; \*\* The rate shown represents the 7-day yield at November 30, 2025. |  |  |
| &nbsp;&nbsp; (a) The Fund and the Adviser, in combination, owned more than 5% of the outstanding voting shares of the company during the | &nbsp;&nbsp; (a) The Fund and the Adviser, in combination, owned more than 5% of the outstanding voting shares of the company during the | &nbsp;&nbsp; (a) The Fund and the Adviser, in combination, owned more than 5% of the outstanding voting shares of the company during the | &nbsp;&nbsp; (a) The Fund and the Adviser, in combination, owned more than 5% of the outstanding voting shares of the company during the |
| &nbsp;&nbsp; year ended November 30, 2025. | &nbsp;&nbsp; year ended November 30, 2025. |  |  |
| &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp; The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Tarkio Fund** | &nbsp;&nbsp;**Tarkio Fund** |
| &nbsp;&nbsp;**Statement of Assets and Liabilities** | &nbsp;&nbsp;**Statement of Assets and Liabilities** |
| &nbsp;&nbsp;**November 30, 2025 (Unaudited)** | &nbsp;&nbsp;**November 30, 2025 (Unaudited)** |
| &nbsp;&nbsp;Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in Securities, at Value (Cost $84,756,286) | &nbsp;&nbsp;$193662272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in Affiliated Security, at Value (Cost $14,730,768) | &nbsp;&nbsp;14854914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Subscriptions | &nbsp;&nbsp;17902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp; 208700137 |
| &nbsp;&nbsp;Liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Adviser Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Service Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169611 |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$208530526 |
| &nbsp;&nbsp;Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid In Capital | &nbsp;&nbsp;$86468506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable Earnings | &nbsp;&nbsp; 122062020 |
| &nbsp;&nbsp;Net Assets, for 5,707,330 Shares Outstanding (unlimited shares authorized) | &nbsp;&nbsp;$208530526 |
| &nbsp;&nbsp;Net asset value, offering price, and redemption price per share | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36.54 |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Tarkio Fund** | &nbsp;&nbsp;**Tarkio Fund** |
| &nbsp;&nbsp;**Statement of Operations** | &nbsp;&nbsp;**Statement of Operations** |
| &nbsp;&nbsp;**For the Six Months Ended November 30, 2025 (Unaudited)** | &nbsp;&nbsp;**For the Six Months Ended November 30, 2025 (Unaudited)** |
| &nbsp;&nbsp;Investment Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 576956 |
| &nbsp;&nbsp;Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory Fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 705656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service Fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 940875 |
| &nbsp;&nbsp;Net Investment Loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(363919) |
| &nbsp;&nbsp;Realized and Unrealized Gain (Loss) on Investments: |  |
| &nbsp;&nbsp; Net Realized Gain on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3820383 |
| &nbsp;&nbsp; Net Realized Loss on Affiliated Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(438052) |
| &nbsp;&nbsp; Net Change in Unrealized Appreciation on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46353622 |
| &nbsp;&nbsp; Net Change in Unrealized Appreciation on Affiliated Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512365 |
| &nbsp;&nbsp;Net Realized and Unrealized Gain on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51248318 |
| &nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;50884399 |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Tarkio Fund** | &nbsp;&nbsp;**Tarkio Fund** | &nbsp;&nbsp;**Tarkio Fund** |
| &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** |
|  | &nbsp;&nbsp;(Unaudited) |  |
|  | &nbsp;&nbsp;Six Months |  |
|  | &nbsp;&nbsp;Ended | &nbsp;&nbsp;Year Ended |
|  | &nbsp;&nbsp;11/30/2025 | &nbsp;&nbsp;5/31/2025 |
| &nbsp;&nbsp;Increase (Decrease) in Net Assets From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Loss | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; (363919) | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; (775506) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3820383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11412011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Loss on Affiliated Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (438052) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (319844) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46353622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5436309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) on Affiliated Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1512365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1097908) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50884399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14655062 |
| &nbsp;&nbsp;Distributions to Shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2521808) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Dividends and Distributions Paid to Shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2521808) |
| &nbsp;&nbsp;Capital Share Transactions (Note 6): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Sale of Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2143057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3140683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value of Shares Issued on Reinvestment of Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2521808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5162425) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11466804) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Decrease in Net Assets from Shareholder Activity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3019368) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5804313) |
| &nbsp;&nbsp;Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47865031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6328941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Period/Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160665495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154336554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Period/Year | &nbsp;&nbsp;$208530526 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;160665495 |

---

The accompanying notes are an integral part of these financial statements.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Tarkio Fund** | &nbsp;&nbsp;**Tarkio Fund** | &nbsp;&nbsp;**Tarkio Fund** | &nbsp;&nbsp;**Tarkio Fund** | &nbsp;&nbsp;**Tarkio Fund** | &nbsp;&nbsp;**Tarkio Fund** | &nbsp;&nbsp;**Tarkio Fund** | &nbsp;&nbsp;**Tarkio Fund** |
| &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** |
| &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** |
|  | &nbsp;&nbsp;(Unaudited) |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Six Months |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Ended |  | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
|  | &nbsp;&nbsp;11/30/2025 |  | &nbsp;&nbsp;5/31/2025 | &nbsp;&nbsp;5/31/2024 | &nbsp;&nbsp;5/31/2023 | &nbsp;&nbsp;5/31/2022 | &nbsp;&nbsp;5/31/2021 |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Period/Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 27.72 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 25.63 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 21.11 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 25.87 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 31.60 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 16.48 |
| &nbsp;&nbsp;Income (Loss) From Operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income (Loss) \* | &nbsp;&nbsp; (0.06) |  | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; 0.05 | &nbsp;&nbsp; 0.15 |
| &nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp; 8.88 |  | &nbsp;&nbsp; 2.65 | &nbsp;&nbsp; 5.30 | &nbsp;&nbsp; (2.66) | &nbsp;&nbsp; (5.35) | &nbsp;&nbsp; 15.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp; 8.82 |  | &nbsp;&nbsp; 2.52 | &nbsp;&nbsp; 5.22 | &nbsp;&nbsp; (2.71) | &nbsp;&nbsp; (5.30) | &nbsp;&nbsp; 15.24 |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.12) |
| &nbsp;&nbsp; Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.70) | &nbsp;&nbsp; (2.00) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Distributions | &nbsp;&nbsp; - |  | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.70) | &nbsp;&nbsp; (2.05) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.12) |
| &nbsp;&nbsp;Net Asset Value, at End of Period/Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 36.54 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 27.72 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 25.63 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 21.11 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 25.87 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 31.60 |
| &nbsp;&nbsp;Total Return \*\* | &nbsp;&nbsp;31.82% | &nbsp;&nbsp;\*\*\* | &nbsp;&nbsp;9.68% | &nbsp;&nbsp;25.07% | &nbsp;&nbsp; (9.63)% | &nbsp;&nbsp; (16.95)% | &nbsp;&nbsp;92.70% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Period/Year (Thousands) | &nbsp;&nbsp;$208531 |  | &nbsp;&nbsp;$160665 | &nbsp;&nbsp;$154337 | &nbsp;&nbsp;$126927 | &nbsp;&nbsp;$143079 | &nbsp;&nbsp;$168576 |
| &nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;1.00% |  | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;1.00% |
| &nbsp;&nbsp; Ratio of Net Investment Income (Loss) to Average Net Assets | &nbsp;&nbsp; (0.39)% |  | &nbsp;&nbsp; (0.47)% | &nbsp;&nbsp; (0.36)% | &nbsp;&nbsp; (0.24)% | &nbsp;&nbsp;0.17% | &nbsp;&nbsp;0.62% |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;6.73% | &nbsp;&nbsp;\*\*\* | &nbsp;&nbsp;16.24% | &nbsp;&nbsp;6.91% | &nbsp;&nbsp;19.20% | &nbsp;&nbsp;12.86% | &nbsp;&nbsp;12.32% |
| &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares method. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares method. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares method. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares method. |  |  |  |  |
| &nbsp;&nbsp;\*\* Total Return represents the rate that the investor would have earned or lost on an | &nbsp;&nbsp;\*\* Total Return represents the rate that the investor would have earned or lost on an |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; investment in the Fund assuming reinvestment of all Fund distributions. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; investment in the Fund assuming reinvestment of all Fund distributions. |  |  |  |  |  |  |
| &nbsp;&nbsp;\*\*\* Not Annualized |  |  |  |  |  |  |  |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |  |  |  |  |

---

**Tarkio Fund**

NOTES TO FINANCIAL STATEMENTS

NOVEMBER 30, 2025 (UNAUDITED)

**1. ORGANIZATION**

The Clark Fork Trust (the "Trust") is registered as an open-end management investment company under the Investment Company Act of 1940 (the "1940 Act") and was organized as a statutory trust under the laws of Delaware by the filing of a Certificate of Trust on October 28, 2010. The Trust is authorized to issue one or more series of beneficial interests and issue classes of any series or divide shares of any series into two or more separate classes. The Trust currently consists of one series of units of beneficial interest ("shares") called the Tarkio Fund (the "Fund"). The Fund is a non-diversified fund. The investment adviser to the Fund is Front Street Capital Management, Inc. (the "Adviser").

The Fund's investment objective is long term growth of capital.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Fund is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification Topic 946-*Financial Services-Investment Companies*.

**SECURITIES VALUATIONS**: All investments in securities are recorded at their estimated fair value as described in Note 3.

**FEDERAL INCOME TAXES:** The Fund's policy is to comply with the requirements of Subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of its taxable income to its shareholders. Therefore, no federal income tax provision is required. It is the Fund's policy to distribute annually, prior to the end of the calendar year, dividends sufficient to satisfy excise tax requirements of the Internal Revenue Code. This Internal Revenue Code requirement may cause an excess of distributions over the book year-end accumulated income. In addition, it is the Fund's policy to distribute annually, after the end of the fiscal year, any remaining net investment income and net realized capital gains.

The Fund recognizes the tax benefits of certain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2022-2024), or expected to be taken in the Fund's 2025 year-end tax returns. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations when incurred. During the six months ended November 30, 2025, the Fund did not incur any interest or penalties.

**USE OF ESTIMATES:** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**DISTRIBUTIONS TO SHAREHOLDERS:** Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense, or realized capital gain for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations, or net asset value per share of the Fund.

**INVESTMENT INCOME AND SECURITIES TRANSACTIONS:** The Fund records security transactions on the trade date. Dividend income is recognized on the ex-dividend date. Interest income is recognized on an accrual basis. The Fund uses the specific identification method in computing gain or loss on sale of investment securities. Withholding taxes on foreign dividends have been provided in accordance with the Fund's understanding of the applicable country's tax rules and rates.

**3. SECURITIES VALUATIONS**

The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, based on the best information that is available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

**FAIR VALUE MEASUREMENTS:** The following is a description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis. The Board of Trustees (the "Board") has delegated day-to-day responsibility for oversight of the valuation of the Fund's assets to the Fund's Adviser (the "Valuation Designee") pursuant to Rule 2a-5 under the 1940 Act and the Fund's Valuation Policies and Procedures.

Equity securities (common stock) - Equity securities are valued by using market quotations furnished by a pricing service when the Valuation Designee believes such prices accurately reflect the fair value of such securities. Securities that are traded on any stock exchange are valued by the pricing service at the last quoted sale price. Lacking a last sale price, an exchange traded security is valued by the pricing service at its last bid price. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1 of the fair value hierarchy. When market quotations are not readily available, or when the Valuation Designee determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, such securities are valued at a fair value as determined by the Valuation Designee in good faith, in accordance with guidelines adopted by and subject to review of the Board. Manually priced securities held by the Fund (if any) are reviewed by the Board on a quarterly basis, and are categorized as Level 2 or 3, depending on the inputs used.

Money market funds are generally priced at the most recent net asset value ("NAV") provided by the service agent of the funds. These securities will be categorized as Level 1 securities.

The following table summarizes the inputs used to value the Fund's assets measured at fair value as of November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Valuation Inputs of Assets \*</u>** | &nbsp;&nbsp;**<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | &nbsp;&nbsp;**<u>Total</u>** |
| &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;$208068976 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$208068976 |
| &nbsp;&nbsp;Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 448210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 448210 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;<u>$208517186</u> | <u>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -</u> | <u>$&nbsp;&nbsp;&nbsp;&nbsp; -</u> | &nbsp;&nbsp;<u>$208517186</u> |

---

\* See the Schedule of Investments for common stock listed by industry.

The Fund did not hold any Level 3 assets or derivative instruments at any time during the six months ended November 30, 2025.

**AFFILIATED COMPANIES:** If a Fund and/or Adviser owns 5% or more of the outstanding voting securities, either directly or indirectly, of a particular issuer, the 1940 Act deems such an issuer to be an "affiliate" of the Fund. As of and during the six months ended November 30, 2025, the Fund and Adviser, in combination, owned 5% or more of the outstanding voting securities of the issuers identified in the table below and therefore those issuers are considered affiliates of that Fund for purposes of the 1940 Act.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**The Manitowoc Co., Inc.** |  |
| &nbsp;&nbsp;Fair Value as of May 31, 2025 | &nbsp;&nbsp;$14282302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales | &nbsp;&nbsp;(501701) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Loss on Sale of Investments | &nbsp;&nbsp;(438052) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Depreciation on Investments Held at Period End | &nbsp;&nbsp; 1512365 |
| &nbsp;&nbsp;Fair Value as of November 30, 2025 | &nbsp;&nbsp;$14854914 |
| &nbsp;&nbsp;Share Balance as of November 30, 2025 | &nbsp;&nbsp;1316925 |
| &nbsp;&nbsp;Dividend Income | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |

---

**4. RELATED PARTY TRANSACTIONS**

**INVESTMENT ADVISER:** Front Street Capital Management, Inc. serves as investment adviser to the Fund. Subject to the authority of the Board, the President of the Adviser is responsible for management of the Fund's investment portfolio. The President of the Adviser is responsible for selecting the Fund's investments according to the Fund's investment objective, policies, and restrictions. As compensation for its management services, the Fund is obligated to pay the Adviser an advisory fee computed and accrued daily and paid monthly in arrears at an annual rate of 0.75% of the average daily net assets of the Fund under the Investment Advisory Agreement ("Agreement"). For the six months ended November 30, 2025, the Adviser earned $705,656 in advisory fees. At November 30, 2025, the Fund owed the Adviser $127,200.

The Fund entered into a Services Agreement with the Adviser. Under the Services Agreement the Adviser is obligated to provide executive and administrative services, assist in the preparation of the Trust's tax returns and various reports to shareholders, and provide non-investment related statistical and research services. In addition, the Adviser is also obligated to pay for certain operational expenses of the Fund including those related to transfer agency, fund accounting, audit, legal, and chief compliance officer services. Under the Services Agreement, the Adviser receives a fee of 0.25% of the average daily net assets of the Fund. For the six months ended November 30, 2025, the Adviser earned $235,219 in service fees. As of November 30, 2025 the Fund owed $42,411 in service fees to the Adviser.

Under the Agreement, the Adviser, at its own expense and without reimbursement from the Trust, furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the assets of the Fund. The Adviser pays the operating expenses of the Fund excluding advisory fees and service fees payable under the Agreement and the Services Agreement and the Fund pays all brokerage fees and commissions, taxes, borrowing costs (such as (a) interest and (b) dividend expenses on securities sold short), fees and expenses of the non-interested person Trustees, fees and expenses of acquired funds, and such extraordinary or non-recurring expenses as may arise, including litigation to which the Fund may be a party and indemnification of the Trust's Board and officers with respect thereto.

Some of the officers, and one Trustee, of the Trust are also officers of the Adviser.

**5. SEGMENT REPORTING**

The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by the investment manager to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for the Fund is the information utilized for the day-to-day management of the Fund. The Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated to the Fund based on performance measurements. Due to the significance of oversight and its role, the Adviser is deemed to be the Chief Operating Decision Maker.

**6. CAPITAL SHARE TRANSACTIONS**

Transactions in capital stock were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Six Months Ended**<br> **November 30, 2025** | &nbsp;&nbsp; **Six Months Ended**<br> **November 30, 2025** | &nbsp;&nbsp; **Year Ended**<br> **May 31, 2025** | &nbsp;&nbsp; **Year Ended**<br> **May 31, 2025** |
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Amount | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Amount |
| &nbsp;&nbsp;Shares sold | &nbsp;&nbsp;66669 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;2143057 | &nbsp;&nbsp;111407 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;3140683 |
| Shares issued in reinvestment of dividends | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;82818 | &nbsp;&nbsp;2521808 |
| &nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp; (155263) | &nbsp;&nbsp; (5162425) | &nbsp;&nbsp; (420773) | &nbsp;&nbsp; (11466804) |
| &nbsp;&nbsp;Net increase (decrease) | &nbsp;&nbsp; <u>(88594)</u> | &nbsp;&nbsp;<u>$(3019368)</u> | &nbsp;&nbsp; <u>(226548)</u> | &nbsp;&nbsp;<u>$(5804313)</u> |

---

**7. INVESTMENT TRANSACTIONS**

For the six months ended November 30, 2025, purchases and sales of investment securities, other than short-term investments, were as follows:

**Purchases**

Investment Securities $12,670,720

**Sales**

Investment Securities $15,852,324

**8. TAX INFORMATION**

As of May 31, 2025, the net unrealized appreciation of investments for tax purposes was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Gross Appreciation | &nbsp;&nbsp;$76947301 |
| &nbsp;&nbsp;Gross (Depreciation) | &nbsp;&nbsp; (16422564) |
| &nbsp;&nbsp;Net Appreciation on Investments | &nbsp;&nbsp;<u>$60524737</u> |

---

At May 31, 2025, the aggregate cost of securities for federal income tax purposes was $100,148,140.

As of the fiscal year ended May 31, 2025, the components of distributable earnings/(accumulated losses) on a tax basis are as follows:

---

| | |
|:---|:---|
| Accumulated undistributed capital gain | &nbsp;&nbsp;$11198058 |
| Post December loss deferral | &nbsp;&nbsp;(268676) |
| Unrealized appreciation | &nbsp;&nbsp;60524737 |
|  | &nbsp;&nbsp;$71454119 |

---

Under current tax law, net capital losses realized after October 31<sup>st</sup> and net ordinary losses incurred after December 31<sup>st</sup> may be deferred and treated as occurring on the first day of the following year. The Fund incurred and elected to defer $268,676 of such ordinary late year losses.

The difference between book basis and tax basis unrealized appreciation is attributable to the tax deferral of losses on wash sales.

The Fund has recorded a reclassification in the capital accounts. As of May 31, 2025, the Fund recorded permanent book/tax differences of $769,950 from distributable earnings to paid in capital primarily due to net operating loss forfeiture. This reclassification has no impact on the net asset value of the Fund.

**9. DISTRIBUTIONS TO SHAREHOLDERS**

The tax character of distributions paid during the years ended May 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>2025</u>** | &nbsp;&nbsp;**<u>2024</u>** |
| &nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;Long-Term Capital Gain | &nbsp;&nbsp;$2521808 | &nbsp;&nbsp;$4205623 |

---

Income and long-term capital gain distributions are determined in accordance with Federal income tax regulations, which may differ from GAAP.

The Fund did not pay any distributions for the six months ended November 30, 2025.

**10. COMMITMENTS AND CONTINGENCIES**

In the normal course of business, the Fund may enter into contracts that may contain a variety of representations and warranties and provide general indemnifications. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, management considers the risk of loss from such claims to be remote.

**11. CONTROL OWNERSHIP**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2 (a) (9) of the 1940 Act. As of November 30, 2025, SEI Private Trust Co. held in an omnibus account for the benefit of others approximately 75.13% of the voting securities of the Fund. The Fund does not know whether any underlying account of SEI Private Trust Co., owned or controlled 25% of the voting securities of the Fund.

**12. MARKET RISK**

Overall market risks may also affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions and depressions, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund's net asset value, and may impair market liquidity, thereby increasing liquidity risk. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments.

**13. SUBSEQUENT EVENTS**

On December 12, 2025, the Fund declared the following distributions to shareholders of record as of December 12, 2025:

Total Distribution Per Share Amount

Long-Term $11,028,043 $1.93

The Fund is required to recognize in its financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the Statement of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Fund is required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated the impact of all subsequent events on the Fund through the issuance date of these financial statements and has noted no additional events requiring accounting or disclosure.

**Tarkio Fund**

**ADDITIONAL INFORMATION**

NOVEMBER 30, 2025 (UNAUDITED)

**Proxy Voting** - A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies during the most recent 12-month period ended May 31, are available without charge upon request by (1) calling the Fund at (800) 231-2901 and (2) from Fund documents filed with the Securities and Exchange Commission ("SEC") on the SEC's website at <u>http://www.sec.gov</u>.

This report is intended only for the information of shareholders or those who have received the Fund's prospectus, which contains information about the Fund's advisory fee and expenses. Please read the prospectus carefully before investing.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** The information is included as part of the material filed under Item 7 of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract**. The information is included as part of the material filed under Item 7 of this Form.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.** Not applicable.

**Item 13. Portfolio Managers of Closed-End Funds.** Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Funds.** Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

The guidelines applicable to shareholders desiring to submit recommendations for nominees to the Registrant's board of trustees are contained in the Trust's Statement of Additional Information.

**Item 16. Controls and Procedures.**

(a) &nbsp;&nbsp;&nbsp;&nbsp; The Registrant's principal executive officer and principal financial officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended, (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act. Based on their review, such officers have concluded that the disclosure controls and procedures were effective in ensuring that information required to be disclosed in this report was appropriately recorded, processed, summarized and reported within the time periods specified by the Securities and Exchange Commission's rules and forms.

(b)&nbsp;&nbsp;&nbsp;&nbsp; There were no changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that materially affected, or were reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.** 

(a)(1) Not applicable.

(a)(2) Certifications required pursuant to Rule 30a-2(a) under the 1940 Act are attached hereto.

(a)(3) Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp; Certifications pursuant to Rule 30a-2(b) under the 1940 Act are furnished herewith.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

<u>Clark Fork Trust</u>

By <u>/s/ Russell T. Piazza</u>

&nbsp;&nbsp;&nbsp;&nbsp; Russell T. Piazza

&nbsp;&nbsp;&nbsp;&nbsp; Chairman of the Board, Principal Executive Officer

Date: <u>January 29, 2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By <u>/s/ Russell T. Piazza</u>

&nbsp;&nbsp;&nbsp;&nbsp; Russell T. Piazza

&nbsp;&nbsp;&nbsp;&nbsp; Chairman of the Board, Principal Executive Officer

Date <u>January 29, 2026</u>

By <u>/s/ Michele Blood</u>

&nbsp;&nbsp;&nbsp;&nbsp; Michele Blood

&nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Officer, Treasurer

Date <u>January 29, 2026</u>

## Ex-99.Cert

I, Russell T. Piazza, certify that:

1. I have reviewed this report on Form N-CSR of the Clark Fork Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u>January 29, 2026</u>

<u>/s/ Russell T. Piazza</u>

Russell T. Piazza

Chairman of the Board, Principal Executive Officer

I, Michele Blood, certify that:

1. I have reviewed this report on Form N-CSR of the Clark Fork Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u>January 29, 2026</u>

<u>/s/ Michele Blood</u>

Michele Blood

Principal Financial Officer, Treasurer

## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION**

Russell T. Piazza, Chairman of the Board and Principal Executive Officer, and Michele Blood, Principal Financial Officer and Treasurer of <u>Clark Fork Trust</u> (the "Registrant"), each certify to the best of his or her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended November 30, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Chairman of the Board and

Principal Financial Officer and

Principal Executive Officer

Treasurer

Clark Fork Trust

Clark Fork Trust

<u>/s/ Russell T. Piazza</u>

<u>/s/ Michele Blood</u>

Russell T. Piazza

Michele Blood

Date: <u>January 29, 2026</u>

Date: <u>January 29, 2026</u>

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to <u>Clark Fork Trust</u> and will be retained by <u>Clark Fork Trust</u> and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

<br>