# EDGAR Filing Document

**Accession Number:** 0000745338
**File Stem:** 0001213900-26-010626
**Filing Date:** 2026-2
**Character Count:** 119980
**Document Hash:** 00761a99cee7abf1df8a12e72550368d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-010626.hdr.sgml**: 20260202

**ACCESSION NUMBER**: 0001213900-26-010626

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260202

**DATE AS OF CHANGE**: 20260202

**EFFECTIVENESS DATE**: 20260202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** OCM MUTUAL FUND
- **CENTRAL INDEX KEY:** 0000745338

**ORGANIZATION NAME:**
- **EIN:** 226444024
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04010
- **FILM NUMBER:** 26586513

**BUSINESS ADDRESS:**
- **STREET 1:** 2600 KITTY HAWK ROAD
- **STREET 2:** SUITE 119
- **CITY:** LIVERMORE
- **STATE:** CA
- **ZIP:** 94551
- **BUSINESS PHONE:** 414-299-2000

**MAIL ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES, INC.
- **STREET 2:** 235 W. GALENA ST.
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212-3948

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PIA MUTUAL FUND
- **DATE OF NAME CHANGE:** 20030402

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MONTEREY MUTUAL FUND
- **DATE OF NAME CHANGE:** 19970325

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MONITREND MUTUAL FUND
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### OCM MUTUAL FUND (Series ID: S000005294)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000014470 | OCM Gold Fund - Investor Class | OCMGX           |
| C000101831 | OCM Gold Fund - Atlas Class    | OCMAX           |

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#### 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

#### 811-04010

#### OCM Mutual Fund
(Exact name of registrant as specified in charter)

------

2600 Kitty Hawk Road

Suite 119

Livermore, CA 94551

(Address of principal executive offices) (Zip code)

Gregory M. Orrell

Orrell Capital Management, Inc.

2600 Kitty Hawk Road

Suite 119

Livermore, CA 94551

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(925) 455-0802

#### Date of fiscal year end:

#### November 30

#### Date of reporting period:

#### November 30, 2025

#### Item 1. Report to Stockholders.
(a) The registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Investment Act"), is as follows:

OCM Gold Fund

Atlas Class/OCMAX

![TSR Fund Logo - Cover](images_378.jpg)

ANNUAL SHAREHOLDER REPORT \| November 30, 2025

This annual shareholder report contains important information about the OCM Gold Fund ("Fund") for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://ocmgoldfund.com. You can also request this information by contacting us at 1-800-628-9403.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| OCM Gold Fund<br>(Atlas Class/OCMAX) | $264 | 1.63% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

Over the fiscal year ending November 30, 2025, the OCM Gold Fund Atlas Class gained 124.28%, compared to a 124.59% increase in the Philadelphia Gold and Silver Index ("XAU") and a 15.00% gain for the S&P 500 Index. The U.S. dollar gold price (London PM) rose 59.23% over the fiscal period to $4,191.05/oz. Steady central bank demand was a key driver in the rise of physical gold as well as concerns about the U.S. fiscal position weakening. The gold price received further support as U.S. fiscal discipline endeavors were quickly abandoned by the new administration along with the administration's public efforts to destroy the Federal Reserve's theoretical independence.

The OCM Gold Fund's investment strategy is to invest across all market capitalization sectors of the gold and silver mining industry, including major, intermediate, and junior producers along with exploration and development companies. This strategy has led to the Fund's outperformance of the XAU over long periods of time.

TOP PERFORMANCE CONTRIBUTORS

**Lundin Gold, Inc.** \| Lundin Gold, Inc.'s ("Lundin") share price rose 279.60% over the reporting period. Lundin was a major benefactor of the rise in the gold price as the company produces over 400,000 ounces annually at a significantly lower cost relative to peers. Under a CEO transition, the company has continued exploration programs with impressive results, which display strong potential for further deposits within relatively close proximity to current operations. Lundin represents 5.68% of the Fund's portfolio as of November 30, 2025.

**AngloGold Ashanti PLC** \| AngloGold Ashanti PLC's ("AngloGold") share price rose 260.80% over the reporting period. AngloGold has increased its gold production by 17% year over year, when comparing the third quarters of 2024 and 2025. AngloGold's production increase is in part due to the company's accretive deal taking over Centamin and the Sukari mine in Egypt. AngloGold has also been able to keep its costs in line or lower than other major producers. AngloGold represents 4.66% of the Fund's portfolio as of November 30, 2025.

**Rio2 Ltd.** \| Rio2 Ltd.'s ("Rio2") share price rose 290.60% over the reporting period. Rio2 continued to develop its Fenix Gold Project in Chile. Rio2 hit several milestones resulting in construction being 80% complete and is on track for first gold pour in January 2026. Rio2 expects the project to produce 100,000 once fully ramped up with an opportunity for significant expansion, which would be funded by cash flow from existing operations. Rio2 represents 2.56% of the Fund's portfolio as of November 30, 2025.

**DPM Metals, Inc.** \| DPM Metals, Inc.'s ("DPM") share price rose 200.80% over the reporting period. DPM completed its acquisition of Adriatic Metals in 2025, which features the Vares mine that has 15 years of mine life and is a high-grade gold-equivalent deposit. Despite the acquisition, DPM has constructed a strong balance sheet that will be beneficial as it develops the Coka Rakita project, which is projected to have first production in 2029. DPM represents 3.62% of the Fund's portfolio as of November 30, 2025.

TOP PERFORMANCE DETRACTORS

**Aya Gold & Silver, Inc.** \| Aya Gold & Silver, Inc.'s ("Aya") share price rose 44.46% over the reporting period. Aya oversaw grade issues with its Zgounder mine, which were originally forecasted to be higher than current production levels. Aya was the victim of a public short selling attack as the silver price rose, an attack whose claims were refuted. However, Aya's change in mine plan and delayed production profile has resulted in it lagging other top silver producers. Aya represents 4.5% of the Fund's portfolio as of November 30, 2025.

**Jaguar Mining, Inc.** \| Jaguar Mining, Inc's. ("Jaguar") share price rose 90.21% over the reporting period. In early December 2024, Jaguar suspended operations at their Turmalina mine due to an incident at its tailings site. Turmalina represents roughly 40% of Jaguar's annual production. Jaguar has conducted remedial work throughout 2025 and anticipates being permitted to restart operations by the end of January 2026. Jaguar represents 4.53% of the Fund's portfolio as of November 30, 2025

**Emerald Resources N.L.** \| Emerald Resources N.L.'s ("Emerald") share price rose 60.86% over the reporting period. Emerald continued its successful operation of its Okvau mine in Cambodia producing over 100,000 ounces under $1,000 all-in cost per ounce. Emerald lagged peers as the company further de-risked its other Cambodia project, Memot, and its Australian project, Dingo Range. Both projects are currently undergoing drilling for resource updates and studies are being conducted to support permitting. Morgan Hart, Emerald's managing director, and his team have successfully built several mines on-time and on budget and thus, we look forward to the team advancing both development projects upon permit approval. Emerald represents 2.26% of the Fund's portfolio as of November 30, 2025.

**B2Gold Corp.** \| B2Gold Corp.'s ("B2Gold") share price rose 65.63% over the reporting period. B2Gold underperformed its peers due to uncertainty in West Africa. Due to incidents with other companies in the West Africa region, the market has feared companies may be forced to renegotiate its royalty deals with host countries. B2Gold's Canadian asset, Goose Lake, also saw cost overruns along with production delays, which held the stock back relative to other producers. B2Gold represents 1.92% of the Fund's portfolio as of November 30, 2025.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1049116.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS (as of November 30, 2025) | 1 Year | 5 Years | 10 Years |
| OCM Gold Fund (Atlas Class/OCMAX) | 124.28% | 21.61% | 23.45% |
| S&P 500 Index | 15.00% | 15.28% | 14.63% |
| Philadelphia Gold & Silver Index | 124.59% | 22.70% | 23.76% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://ocmgoldfund.com for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$192.9M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1068129 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;1% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Industry Allocation exclude short-term holdings, if any.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lundin Gold, Inc. | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alamos Gold, Inc. | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining Corp. | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;AngloGold Ashanti PLC | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corp. | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Aya Gold & Silver, Inc. | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jaguar Mining, Inc. | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;DPM Metals, Inc. | 3.6% |

---

**INVESTMENTS BY COUNTRY**

![Graphical Representation - Allocation 1 Chart](chartimages_1049121.jpg)

**Industry Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1049126.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://ocmgoldfund.com. You can also request this information by contacting us at 1-800-628-9403.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-628-9403 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR QR Code](images_377.jpg)

For additional information, please scan the QR code at right to navigate to additional hosted material at https://ocmgoldfund.com.

OCM GOLD FUND

OCM Gold Fund

Investor Class/OCMGX

![TSR Fund Logo - Cover](images_378.jpg)

ANNUAL SHAREHOLDER REPORT \| November 30, 2025

This annual shareholder report contains important information about the OCM Gold Fund ("Fund") for the period of December 1, 2024 to November 30, 2025. You can find additional information about the Fund at https://ocmgoldfund.com. You can also request this information by contacting us at 1-800-628-9403.

#### Fund Expenses
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| OCM Gold Fund<br>(Investor Class/OCMGX) | $344 | 2.13% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

Over the fiscal year ending November 30, 2025, the OCM Gold Fund Investor Class gained 123.09% (Without Sales Load) and 113.03% (With Sales Load), compared to a 124.59% increase in the Philadelphia Gold and Silver Index ("XAU") and a 15.00% gain for the S&P 500 Index. The U.S. dollar gold price (London PM) rose 59.23% over the fiscal period to $4,191.05/oz. Steady central bank demand was a key driver in the rise of physical gold as well as concerns about the U.S. fiscal position weakening. The gold price received further support as U.S. fiscal discipline endeavors were quickly abandoned by the new administration along with the administration's public efforts to destroy the Federal Reserve's theoretical independence.

The OCM Gold Fund's investment strategy is to invest across all market capitalization sectors of the gold and silver mining industry, including major, intermediate, and junior producers along with exploration and development companies. This strategy has led to the Fund's outperformance of the XAU over long periods of time.

TOP PERFORMANCE CONTRIBUTORS

**Lundin Gold, Inc.** \| Lundin Gold, Inc.'s ("Lundin") share price rose 279.60% over the reporting period. Lundin was a major benefactor of the rise in the gold price as the company produces over 400,000 ounces annually at a significantly lower cost relative to peers. Under a CEO transition, the company has continued exploration programs with impressive results, which display strong potential for further deposits within relatively close proximity to current operations. Lundin represents 5.68% of the Fund's portfolio as of November 30, 2025.

**AngloGold Ashanti PLC** \| AngloGold Ashanti PLC's ("AngloGold") share price rose 260.80% over the reporting period. AngloGold has increased its gold production by 17% year over year, when comparing the third quarters of 2024 and 2025. AngloGold's production increase is in part due to the company's accretive deal taking over Centamin and the Sukari mine in Egypt. AngloGold has also been able to keep its costs in line or lower than other major producers. AngloGold represents 4.66% of the Fund's portfolio as of November 30, 2025.

**Rio2 Ltd.** \| Rio2 Ltd.'s ("Rio2") share price rose 290.60% over the reporting period. Rio2 continued to develop its Fenix Gold Project in Chile. Rio2 hit several milestones resulting in construction being 80% complete and is on track for first gold pour in January 2026. Rio2 expects the project to produce 100,000 once fully ramped up with an opportunity for significant expansion, which would be funded by cash flow from existing operations. Rio2 represents 2.56% of the Fund's portfolio as of November 30, 2025.

**DPM Metals, Inc.** \| DPM Metals, Inc.'s ("DPM)" share price rose 200.80% over the reporting period. DPM completed its acquisition of Adriatic Metals in 2025, which features the Vares mine that has 15 years of mine life and is a high-grade gold-equivalent deposit. Despite the acquisition, DPM has constructed a strong balance sheet that will be beneficial as it develops the Coka Rakita project, which is projected to have first production in 2029. DPM represents 3.62% of the Fund's portfolio as of November 30, 2025.

TOP PERFORMANCE DETRACTORS

**Aya Gold & Silver, Inc.** \| Aya Gold & Silver, Inc.'s ("Aya") share price rose 44.46% over the reporting period. Aya oversaw grade issues with its Zgounder mine, which were originally forecasted to be higher than current production levels. Aya was the victim of a public short selling attack as the silver price rose, an attack whose claims were refuted. However, Aya's change in mine plan and delayed production profile has resulted in it lagging other top silver producers. Aya represents 4.5% of the Fund's portfolio as of November 30, 2025.

**Jaguar Mining, Inc.** \| Jaguar Mining, Inc's. ("Jaguar") share price rose 90.21% over the reporting period. In early December 2024, Jaguar suspended operations at their Turmalina mine due to an incident at its tailings site. Turmalina represents roughly 40% of Jaguar's annual production. Jaguar has conducted remedial work throughout 2025 and anticipates being permitted to restart operations by the end of January 2026. Jaguar represents 4.53% of the Fund's portfolio as of November 30, 2025

**Emerald Resources N.L.** \| Emerald Resources N.L.'s ("Emerald") share price rose 60.86% over the reporting period. Emerald continued its successful operation of its Okvau mine in Cambodia producing over 100,000 ounces under $1,000 all-in cost per ounce. Emerald lagged peers as the company further de-risked its other Cambodia project, Memot, and its Australian project, Dingo Range. Both projects are currently undergoing drilling for resource updates and studies are being conducted to support permitting. Morgan Hart, Emerald's managing director, and his team have successfully built several mines on-time and on budget and thus, we look forward to the team advancing both development projects upon permit approval. Emerald represents 2.26% of the Fund's portfolio as of November 30, 2025.

**B2Gold Corp.** \| B2Gold Corp.'s ("B2Gold") share price rose 65.63% over the reporting period. B2Gold underperformed its peers due to uncertainty in West Africa. Due to incidents with other companies in the West Africa region, the market has feared companies may be forced to renegotiate its royalty deals with host countries. B2Gold's Canadian asset, Goose Lake, also saw cost overruns along with production delays, which held the stock back relative to other producers. B2Gold represents 1.92% of the Fund's portfolio as of November 30, 2025.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment at the beginning of the first fiscal year in an appropriate, broad-based securities market index for the same period.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_1049080.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS (as of November 30, 2025) | 1 Year | 5 Years | 10 Years |
| OCM Gold Fund (Investor Class/OCMGX) | 113.03% | 19.85% | 22.04% |
| OCM Gold Fund (Investor Class/OCMGX)—excluding sales load | 123.09% | 20.96% | 22.60% |
| S&P 500 Index | 15.00% | 15.28% | 14.63% |
| Philadelphia Gold & Silver Index | 124.59% | 22.70% | 23.76% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit https://ocmgoldfund.com for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$192.9M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1068129 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;1% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. The Top Ten Holdings and Industry Allocation exclude short-term holdings, if any.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lundin Gold, Inc. | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alamos Gold, Inc. | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining Corp. | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;AngloGold Ashanti PLC | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corp. | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Aya Gold & Silver, Inc. | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jaguar Mining, Inc. | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;DPM Metals, Inc. | 3.6% |

---

**INVESTMENTS BY COUNTRY**

![Graphical Representation - Allocation 1 Chart](chartimages_1049085.jpg)

**Industry Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_1049090.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://ocmgoldfund.com. You can also request this information by contacting us at 1-800-628-9403.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-628-9403 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR QR Code](images_377.jpg)

For additional information, please scan the QR code at right to navigate to additional hosted material at https://ocmgoldfund.com.

OCM GOLD FUND

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, and persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party. A copy of this code of ethics is attached hereto as Exhibit (a).

There have been no amendments to the registrant's code of ethics during the reporting period for this Form N-CSR. There have also been no waivers granted by the registrant to individuals covered by the registrant's code of ethics during the reporting period for this Form N-CSR.

**Item 3. Audit Committee Financial Expert.**

(a)(1) The Registrant's Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee.

(a)(2) Mr. Doug Webenbauer is the audit committee financial expert. Mr. Webenbauer is "independent" under the applicable rules.

**Item 4. Principal Accountant Fees and Services.**

(a) – (e)

The registrant has engaged its principal accountant to perform audit services and tax services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees and tax fees by the principal accountant.

---

| | | |
|:---|:---|:---|
|  | Fiscal year ended<br> November 30, <br> 2025 | Fiscal year ended<br> November 30, <br> 2024 |
| Audit Fees | $13500 | $13500 |
| Audit-Related Fees | $0 | $0 |
| Tax Fees | $2500 | $2500 |
| All Other Fees | $0 | $0 |

---

 

The registrant's audit committee has adopted an Audit Committee Charter that requires that the Audit Committee review the scope and plan of the registered public accounting firm's annual and interim examinations, approve the services (other than the annual audit) to be performed for the registrant by the independent public accountants and approve the fees and other compensation payable to the independent accountants. During the fiscal years ended November 30, 2025 and 2024, all of the audit and non-audit services provided by the registrant's principal accountant were pre-approved by the audit committee.

(f) None.

(g) None.

(h) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Investments in securities in unaffiliated issuers are included as part of the financial
 statements filed under Item 7.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

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

---

| |
|:---|
| ![](tocm_logo.jpg) |
| **Financial Statements<br>and<br>Other Information<br>(Form N-CSR Items 7-11)** |
| **November 30, 2025**<br>|

---

------

**OCM Gold Fund**

**Table of Contents** – November 30, 2025

---

| | |
|:---|:---|
|  | **Pages** |
|  **Item 7.** |  |
|  [Financial Statements and Financial Highlights for Open-End Management Investments Companies](#T01) | &nbsp;&nbsp;&nbsp; 1 |
|  [Schedule of Investments](#T02) | &nbsp;&nbsp;&nbsp; 1-2 |
|  [Statement of Assets and Liabilities](#T03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
|  [Statement of Operations](#T04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
|  [Statements of Changes in Net Assets](#T05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5-6 |
|  [Financial Highlights](#T06) | &nbsp;&nbsp;&nbsp; 7-8 |
|  [Notes to Financial Statements](#T07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9-18 |
|  [Additional Fund Information](#T702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
|  [Report of Independent Registered Public Accounting Firm](#T071) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
|  **Item 8.** |  |
|  [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#T08) | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
|  **Item 9.** |  |
|  [Proxy Disclosures for Open-End Management Investment Companies](#T09) | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
|  **Item 10.** |  |
|  [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#T10) | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
|  **Item 11.** |  |
|  [Statement Regarding Basis for Approval of Investment Advisory Contract](#T11) | &nbsp;&nbsp;&nbsp;&nbsp; 21 |

---

------

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

**OCM Gold Fund**

Schedule of Investments – November 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| ***Shares*** | ***Shares*** | ***Value***  | ***Value***  |
|  **Common Stocks 92.1%** | **Common Stocks 92.1%** |  |  |
|  **Major Gold Producers 22.2%** | **Major Gold Producers 22.2%** |  |  |
| 65000 | Agnico Eagle Mines Ltd. | $| 11337950 |
| 105000 | AngloGold Ashanti PLC |  | 8996400 |
| 225000 | Barrick Mining Corp. |  | 9301500 |
| 118670 | Endeavour Mining PLC |  | 5449055 |
| 85000 | Newmont Corp. |  | 7712050 |
|  |  |  | **42796955** |
|  **Intermediate/Mid-Tier Gold Producers 30.9%** | **Intermediate/Mid-Tier Gold Producers 30.9%** | **Intermediate/Mid-Tier Gold Producers 30.9%** | **Intermediate/Mid-Tier Gold Producers 30.9%** |
| 290000 | Alamos Gold, Inc. |  | 10875000 |
| 133333 | Allied Gold Corp.\* |  | 2810733 |
| 300000 | B2Gold Corp. |  | 1386000 |
| 500000 | B2Gold Corp.^ |  | 2322003 |
| 75000 | Centerra Gold, Inc. |  | 996000 |
| 250000 | DPM Metals, Inc. |  | 6976744 |
| 225000 | Fortuna Mining Corp.\* |  | 2274955 |
| 637501 | Greatland Resources Ltd.\* |  | 3181177 |
| 100000 | IAMGOLD Corp.\* |  | 1554000 |
| 130000 | Lundin Gold, Inc. |  | 10955349 |
| 166666 | OceanaGold Corp. |  | 4289786 |
| 70000 | Pan American Silver Corp. |  | 3196900 |
| 800000 | Perseus Mining Ltd. |  | 2961216 |
| 100000 | SSR Mining, Inc.\* |  | 2328000 |
| 600000 | West African Resources Ltd.\* |  | 1104560 |
| 600000 | Westgold Resources Ltd. |  | 2397799 |
|  |  |  | **59610222** |
|  **Junior Gold Producers 16.7%** | **Junior Gold Producers 16.7%** | **Junior Gold Producers 16.7%** | **Junior Gold Producers 16.7%** |
| 1250000 | Catalyst Metals Ltd.\* |  | 5544091 |
| 150000 | Discovery Silver Corp.\* |  | 828622 |
| 1250000 | Emerald Resources N.L.\* |  | 4356656 |
| 62500 | G Mining Ventures Corp.\* |  | 1481664 |
| 300000 | Heliostar Metals Ltd.\* |  | 564579 |

---

---

| | | | |
|:---|:---|:---|:---|
| ***Shares*** | ***Shares*** | ***Value***  | ***Value***  |
| 1700000 | Jaguar Mining, Inc.\* | $| 8746333 |
| 175000 | K92 Mining, Inc.\* |  | 2640966 |
| 500000 | Orezone Gold Corp.\* |  | 576029 |
| 900000 | Thor Explorations Ltd. |  | 798569 |
| 415000 | Wesdome Gold Mines Ltd.\* |  | 6681574 |
|  |  |  | **32219083** |
|  **Exploration and Development Companies 12.7%** | **Exploration and Development Companies 12.7%** | **Exploration and Development Companies 12.7%** | **Exploration and Development Companies 12.7%** |
| 350000 | Angel Wing Metals, Inc.\* |  | 10018 |
| 1166666 | Ausgold Ltd.\* |  | 664963 |
| 505000 | Canagold Resources Ltd.\* |  | 151771 |
| 60076 | Dakota Gold Corp.\* |  | 280555 |
| 3000000 | Excellon Resources, Inc.\* |  | 681574 |
| 250000 | G2 Goldfields, Inc.\* |  | 889088 |
| 25000 | Highlander Silver Corp.\* |  | 74240 |
| 875000 | Liberty Gold Corp.\* |  | 513417 |
| 1228000 | Mithril Silver And Gold Ltd.\* |  | 369059 |
| 616500 | Montage Gold Corp.\* |  | 3745320 |
| 734108 | NeXGold Mining Corp.\* |  | 787952 |
| 5000000 | Omai Gold Mines Corp.\* |  | 4651163 |
| 325000 | Probe Gold, Inc.\* |  | 844186 |
| 2758000 | Rio2 Ltd.\* |  | 4933810 |
| 209004 | Robex Resources, Inc.\* |  | 732555 |
| 2399000 | Royal Road Minerals Ltd.\* |  | 343327 |
| 4578755 | RTG Mining, Inc.\* |  | 94491 |
| 1860466 | Saturn Metals Ltd.\* |  | 627712 |
| 526400 | Sendero Resources Corp.\* |  | 346539 |
| 1370000 | Silver Tiger Metals, Inc.\* |  | 754848 |
| 628931 | Tesoro Gold Ltd.\* |  | 459419 |
| 300000 | Thesis Gold, Inc.\* |  | 407871 |
| 200000 | Tiernan Gold Corp.\*<sup>,†</sup> |  | 715564 |
| 200000 | Vizsla Silver Corp.\* |  | 1014000 |
| 1600000 | WIA Gold Ltd.\* |  | 372117 |
|  |  |  | **24465559** |

---

See notes to Financial Statements.

– 1 –

**OCM Gold Fund**

Schedule of Investments – November 30, 2025 (Continued)

---

| | | |
|:---|:---|:---|
| ***Shares*** | ***Shares*** | ***Value***  |
|  **Royalty/Streaming Companies 5.1%** | **Royalty/Streaming Companies 5.1%** | **Royalty/Streaming Companies 5.1%** |
| 100000 | Metalla Royalty & Streaming Ltd.\* | $740000 |
| 100000 | Vizsla Royalties Corp.\* | 324866 |
| 80000 | Wheaton Precious Metals <br>Corp. | 8785402 |
|  |  | **9850268** |
|  **Primary Silver Producers 4.5%** | **Primary Silver Producers 4.5%** |  |
| 644400 | Aya Gold & Silver, Inc.\* | **8779518** |
|  **Total Common Stocks** | **Total Common Stocks** |  |
|  | (Cost $39,507,765) | **177721605** |
|  **Warrants 0.1%** | **Warrants 0.1%** |  |
|  **Exploration and Development Companies 0.1%** | **Exploration and Development Companies 0.1%** | **Exploration and Development Companies 0.1%** |
| 367054 | NeXGold Mining Corp. Exercise Price 0.95 CAD, Expiration Date: December 16, 2026 | 144458 |
|  |  | **144458** |
|  **Total Warrants** | **Total Warrants** |  |
|  | (Cost $0) | **144458** |

---

---

| | | | |
|:---|:---|:---|:---|
| ***Shares*** | ***Shares*** | ***Shares*** | ***Value***  |
|  **Short-Term Investment 7.9%** | **Short-Term Investment 7.9%** | **Short-Term Investment 7.9%** |  |
| 15259568 | UMB Bank, Institutional Banking Money Market II Deposit Investment, <br>3.68%<sup>#</sup> | UMB Bank, Institutional Banking Money Market II Deposit Investment, <br>3.68%<sup>#</sup> | $15259568 |
|  **Total Short-Term Investment** | **Total Short-Term Investment** | **Total Short-Term Investment** |  |
|  | (Cost $15,259,568) | (Cost $15,259,568) | **15259568** |
|  **Total Investments** | **Total Investments** | **Total Investments** |  |
|  | (Cost $54,767,333) | **100.1%** | **193125631** |
|  **Liabilities less Other Assets** | **Liabilities less Other Assets** | **(0.1)%** | **(214693)** |
|  **TOTAL NET ASSETS** | **TOTAL NET ASSETS** | **100.0%** | $**192910938** |

---

____________

PLC – Public Limited Company

CAD – Canadian Dollars

\*&nbsp;&nbsp;&nbsp;&nbsp; Non-income producing security.

^&nbsp;&nbsp;&nbsp;&nbsp; Denoted investment is a Canadian security traded on U.S. stock exchange.

†&nbsp;&nbsp;&nbsp;&nbsp; The value of this security was determined using significant unobservable inputs. This is reported as a Level 3 security in the Fair Value Hierarchy.

#&nbsp;&nbsp;&nbsp;&nbsp; The rate is the annualized seven-day yield at period end.

See notes to Financial Statements.

– 2 –

**OCM GOLD FUND**

*Statement of Assets and Liabilities – November 30, 2025*

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers, at value (cost $54,767,333) | $193125631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 189956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold | 48541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends receivable | 210574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclaims receivable | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 43162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 193618205 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed | 48468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment adviser fees | 135812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued distribution fees | 49467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 359663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued fund administration and accounting fees | 42248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued transfer agent fees and expenses | 28045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Chief Compliance Officer fees | 4850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued report to shareholders | 8929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees | 16000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Trustees' fees | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 11285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 707267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $**192910938** |
|  **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, no par value: unlimited shares authorized | $56948744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | 135962194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $**192910938** |
|  **Calculation of Maximum Offering Price:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investor Class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemptionprice per share | $29.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum sales charge (4.50% of offering price) | 1.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Offering price to public | $30.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets applicable to shares outstanding | $27809126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 943941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Atlas Class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemptionprice per share | $33.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets applicable to shares outstanding | $165101812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 4858863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Shares Outstanding** | 5802804 |

---

See notes to Financial Statements.

– 3 –

**OCM GOLD FUND**

*Statement of Operations – November 30, 2025*

---

| | |
|:---|:---|
|  **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | $322527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend (net of foreign withholding taxes of $125,825) | 1149002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 1471529 |
|  **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1068129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees and expenses | 192734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund administration and accounting fees | 178442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Atlas Class | 140416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Investor Class | 122357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal and state registration fees | 51943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 49422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 32138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer fees | 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 16000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 11977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 9807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 19431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1922796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | (451267) |
|  **Realized and Unrealized Gain (Loss) on Investments:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments and foreign currency transactions | 629887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciationon investments and foreign currency translations | 96366323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net gain on investments** | 96996210 |
|  **Net increase in net assets from operations** | $96544943 |

---

See notes to Financial Statements.

– 4 –

**OCM GOLD FUND**

*Statements of Changes in Net Assets*

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br>November 30,<br>2025** | **Year Ended <br>November 30,<br>2024** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | $(451267) | $(453877) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments and foreign currency transactions | 629887 | 1275161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments and foreign currency transactions | 96366323 | 15655905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets from operations | 96544943 | 16477189 |
|  **Distributions Paid to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (345531) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas Class | (1481490) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | (1827021) |  |
|  **Fund Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investor Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 3282689 | 1168377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 301212 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of shares redeemed<sup>1</sup> | (5133517) | (2152056) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease in net assets from Investor Class share transactions | (1549616) | (983679) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Atlas Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 68570118 | 19986043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions reinvested | 1398836 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of shares redeemed<sup>2</sup> | (41100874) | (16159717) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets from Atlas Class share transactions | 28868080 | 3826326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets from Fund share transactions | 27318464 | 2842647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase in net assets** | 122036386 | 19319836 |
|  **Net Assets, Beginning of Period** | 70874552 | 51554716 |
|  **Net Assets, End of Period** | $192910938 | $70874552 |

---

See notes to Financial Statements.

– 5 –

**OCM GOLD FUND**

*Statements of Changes in Net Assets (Continued)*

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br>November 30,<br>2025** | **Year Ended <br>November 30,<br>2024** |
|  **Transactions in shares** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investor Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 163084 | 85890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued on reinvestment of distributions | 23624 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (263340) | (192545) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease in Investor Class shares outstanding | (76632) | (106655) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Atlas Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2838783 | 1289390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued on reinvestment of distributions | 95549 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1738464) | (1150950) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in Atlas Class shares outstanding | 1195868 | 138440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Fund Shares Outstanding** | 1119236 | 31785 |

---

____________

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>Net of redemption fees of $22,881 for the year ended November 30, 2025 and $3,130 for the year ended November 30, 2024, respectively.

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>Net of redemption fees of $93,063 for the year ended November 30, 2025 and $86,158 for the year ended November 30, 2024, respectively.

See notes to Financial Statements.

– 6 –

**OCM GOLD FUND**

*Financial Highlights Investor Class*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year <br>Ended <br>Nov 30, <br>2025** | **Year <br>Ended <br>Nov 30, <br>2024** | **Year <br>Ended <br>Nov 30, <br>2023** | **Year <br>Ended <br>Nov 30, <br>2022** | **Year <br>Ended <br>Nov 30, <br>2021** |
|  **Per Share Operating Performance** |  |  |  |  |  |
|  (For a share outstanding throughout each period) | (For a share outstanding throughout each period) | (For a share outstanding throughout each period) |  |  |  |
|  Net asset value, beginning of period | $13.56 | $10.01 | $9.35 | $11.71 | $11.94 |
|  **Income from Investment Operations:** |  |  |  |  |  |
|  Net investment loss<sup>1</sup> | (0.15) | (0.14) | (0.10) | (0.08) | (0.11) |
|  Net realized and unrealized gain (loss) on investments and foreign currency transactions | 16.37 | 3.69 | 0.76 | (2.16) | 0.01 |
|  Net increase from payments by affiliates (Note 3) |  |  |  |  |  |
|  Total from investment operations | 16.22 | 3.55 | 0.66 | (2.24) | (0.10) |
|  **Less Distributions:** |  |  |  |  |  |
|  Dividends from net investment income | (0.26) |  |  |  | (0.08) |
|  Distribution from net realized gains | (0.08) |  | —<br><sup>2</sup> | (0.12) | (0.05) |
|  Total distributions | (0.34) |  | —<br><sup>2</sup> | (0.12) | (0.13) |
|  **Redemption fee proceeds1** | 0.02 | —<br><sup>2</sup> | —<br><sup>2</sup> | —<br><sup>2</sup> | —<br><sup>2</sup> |
|  **Net asset value, end of period** | $29.46 | $13.56 | $10.01 | $9.35 | $11.71 |
|  **Total return\*** | 123.09% | 35.46% | 7.11% | (19.25)% | (0.95)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in 000's) | $27809 | $13834 | $11283 | $11747 | $17024 |
|  Ratio of expenses to average net assets | 2.13% | 2.38% | 2.44% | 2.32% | 2.19% |
|  Ratio of net investment loss to average net assets | (0.82)% | (1.17)% | (0.99)% | (0.80)% | (0.89)% |
|  Portfolio turnover rate | 1% | 6% | 3% | 9% | 11% |

---

____________

\*&nbsp;&nbsp;&nbsp;&nbsp; Assumes no sales charge

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>Based on average shares method.

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>Amount represents less than $0.01 per share.

See notes to Financial Statements.

– 7 –

**OCM GOLD FUND**

*Financial Highlights Atlas Class*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year <br>Ended <br>Nov 30, <br>2025** | **Year <br>Ended <br>Nov 30, <br>2024** | **Year <br>Ended <br>Nov 30, <br>2023** | **Year <br>Ended <br>Nov 30, <br>2022** | **Year <br>Ended <br>Nov 30, <br>2021** |
|  **Per Share Operating Performance** |  |  |  |  |  |
|  (For a share outstanding throughout each period) | (For a share outstanding throughout each period) | (For a share outstanding throughout each period) |  |  |  |
|  Net asset value, beginning of period | $15.57 | $11.43 | $10.62 | $13.21 | $13.46 |
|  **Income from Investment Operations:** |  |  |  |  |  |
|  Net investment loss<sup>1</sup> | (0.07) | (0.09) | (0.05) | (0.04) | (0.05) |
|  Net realized and unrealized gain (loss) on investments and foreign currency transactions | 18.86 | 4.20 | 0.86 | (2.44) |  |
|  Net increase from payments by affiliates (Note 3) |  |  |  |  |  |
|  Total from investment operations | 18.79 | 4.11 | 0.81 | (2.48) | (0.05) |
|  **Less Distributions:** |  |  |  |  |  |
|  Dividends from net investment income | (0.32) |  |  |  | (0.16) |
|  Distribution from net realized gains | (0.08) |  | —<br><sup>2</sup> | (0.12) | (0.05) |
|  Total distributions | (0.40) |  | —<br><sup>2</sup> | (0.12) | (0.21) |
|  **Redemption fee proceeds1** | 0.02 | 0.03 | —<br><sup>2</sup> | 0.01 | 0.01 |
|  **Net asset value, end of period** | $33.98 | $15.57 | $11.43 | $10.62 | $13.21 |
|  **Total return** | 124.28% | 36.22% | 7.68% | (18.80)% | (0.42)% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of year (in 000's) | $165102 | $57040 | $40272 | $41679 | $51390 |
|  Ratio of expenses to average net assets | 1.63% | 1.88% | 1.94% | 1.82% | 1.69% |
|  Ratio of net investment loss to average net assets | (0.32)% | (0.67)% | (0.49)% | (0.30)% | (0.39)% |
|  Portfolio turnover rate | 1% | 6% | 3% | 9% | 11% |

---

____________

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>Based on average shares method.

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>Amount represents less than $0.01 per share.

See notes to Financial Statements.

– 8 –

**OCM GOLD FUND**

Notes to Financial Statements – November 30, 2025

**Note 1. Organization**

OCM Mutual Fund (the "Trust") is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The Trust was organized as a Massachusetts business trust on January 6, 1984 and consists of the OCM Gold Fund (the "Fund"). The Fund is a non-diversified fund. The investment objective for the Fund is long-term growth of capital through investing primarily in equity securities of domestic and foreign companies engaged in activities related to gold and precious metals.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 "Financial Services—Investment Companies."

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 Orrell Capital Management, Inc. ("OCM" or the "Adviser") to make investment decisions, and the results of the operations, as shown on 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 there are no resources allocated to the Fund based on performance measurements. The Adviser is deemed to be the Chief Operating Decision Maker ("CODM") with respect to the Fund's investment decisions.

**Note 2. Significant Accounting Policies**

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.

Security Valuation – Portfolio securities that are listed on national securities exchanges, other than the NASDAQ Stock Market LLC, are valued at the last sale price as of the close of business of such securities exchanges, or, in the absence of recorded sales, at the average of readily available closing bid and ask prices on such exchanges. NASDAQ Global Select Market, Global Market and Capital Market securities are valued at the NASDAQ Official Closing Price ("NOCP"). If a NOCP is not issued for a given day, these securities are valued at the average of readily available closing bid and ask prices. Unlisted securities are valued at the average of the quoted bid and ask prices in the over-the-counter market. Short-term investments which mature in less than 60 days are valued at amortized cost (unless the Adviser determines that this method does not represent fair value). Short-term investments which mature after 60 days are valued at market. Securities and other assets for which market quotations are not readily available are valued at fair value as determined in good faith by the Adviser. In compliance with Rule 2a-5 under the 1940 Act, the Fund's Board of Trustees has designated the Adviser as the valuation designee, and the Adviser performs the fair value determinations relating to Fund

– 9 –

**OCM GOLD FUND**

Notes to Financial Statements – November 30, 2025 (Continued)

investments. For each investment that is fair valued, the Adviser considers, to the extent applicable, various factors including, but not limited to, the type of security, the financial condition of the company, comparable companies in the public market, the nature and duration of the cause for a quotation not being readily available and other relevant factors.

The Fund applies the provisions of the FASB Accounting Standards Codification "Fair Value Measurement" Topic 820, defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or a liability, when a transaction is not orderly, and how that information must be incorporated into a fair value measurement.

Under *Fair Value Measurement*, various inputs are used in determining the value of the Fund's investments. These inputs are summarized into three broad levels as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 factors a market participant would use in valuing the asset or liability, based on the best information 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 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.

– 10 –

**OCM GOLD FUND**

Notes to Financial Statements – November 30, 2025 (Continued)

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of November 30, 2025, in valuing the Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Sector** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Major Gold Producers | $42796955 | $— | $— | $42796955 |
| &nbsp;&nbsp;&nbsp; Intermediate/Mid-Tier Gold Producers | 59610222 |  |  | 59610222 |
| &nbsp;&nbsp;&nbsp; Junior Gold Producers | 32219083 |  |  | 32219083 |
| &nbsp;&nbsp;&nbsp; Exploration and Development Companies | 23749995 |  | 715564 | 24465559 |
| &nbsp;&nbsp;&nbsp; Royalty/Streaming Companies | 9850268 |  |  | 9850268 |
| &nbsp;&nbsp;&nbsp; Primary Silver Producers | 8779518 |  |  | 8779518 |
|  **Warrants** |  | 144458 |  | 144458 |
|  **Short-Term Investment** | 15259568 |  |  | 15259568 |
|  **Total** | $192265609 | $144458 | $715564 | $193125631 |

---

The Fund held one Level 2 security at November 30, 2025: NeXGold Mining Corp., a Warrant, is being valued at intrinsic value, in accordance with the Fund's fair value methodologies. The Fund held one Level 3 security at November 30, 2025: Tiernan Gold Corp. is being valued at cost, in accordance with the Fund's fair value methodologies.

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining value:

---

| | |
|:---|:---|
|  | **Common Stock** |
|  Balance as of November 30, 2024 | $— |
| &nbsp;&nbsp;&nbsp; Transfers into Level 3 during the period |  |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 during the period |  |
| &nbsp;&nbsp;&nbsp; Total gains or losses for the period |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in earnings (or changes in net assets) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in other comprehensive income |  |

---

– 11 –

**OCM GOLD FUND**

Notes to Financial Statements – November 30, 2025 (Continued)

---

| | |
|:---|:---|
|  | **Common Stock** |
| &nbsp;&nbsp;&nbsp; Purchases, sales, and principal paydowns |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net purchases | 715564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net sales |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal paydown |  |
|  Balance as of November 30, 2025 | $715564 |
|  Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at the end of the reporting period | $— |

---

Tiernan Gold Corp. became publicly listed and began trading on December 19, 2025. The security was transferred to a Level 1 security on that date.

The following table presents additional quantitative information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of November 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Class** | **Fair Value at <br>November 30, <br>2025** | **Valuation <br>Technique(s)** | **Unobservable <br>Input** | **Range of <br>Input** | **Weighted <br>Average of <br>Input** | **Impact to <br>Valuation <br>from an <br>Increase in <br>Input<sup>(1)</sup>** |
|  Common Stock | $715564 | Transaction Price | Transaction Price | $5.00 | N/A | Increase |

---

Foreign Currency – Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations for the year ended November 30, 2025 are included within the realized and unrealized gain/loss on investments section of the Statement of Operations.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. Such fluctuations for the year ended November 30, 2025 are included within the realized and unrealized gain/loss on investments section of the Statement of Operations.

– 12 –

**OCM GOLD FUND**

Notes to Financial Statements – November 30, 2025 (Continued)

Federal Income Taxes – The Fund intends to comply with the requirements of the Internal Revenue Code of 1986, as amended ("Code"), necessary to qualify as a regulated investment company and to make the requisite distributions of income to its shareholders to relieve it from all or substantially all federal income taxes. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding on the applicable country's tax rules and rate.

*Accounting for Uncertainty in Income Taxes* ("Income Tax Statement") requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing the Fund's tax returns to determine whether these positions meet a "more-likely-than-not" standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the "more-likely-than-not" recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The Fund's policy is to classify interest and penalties associated with underpayment of federal and state income taxes, if any, as income tax expense on the Statement of Operations. As of November 30, 2025, the Fund did not have any interest or penalties associated with the underpayment of any income taxes.

The Income Tax Statement requires management of the Fund to analyze all open tax years, fiscal years 2022-2025 as defined by the Internal Revenue Service statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of and during the year ended November 30, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund has no examinations in progress and is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Share Classes – The Fund offers two classes of shares, Investor Class and Atlas Class (formerly "Advisor Class"). The outstanding shares of the Fund on April 1, 2010 were renamed "Investor Class shares." The Atlas Class shares commenced operations on April 1, 2010. The two classes represent interests in the same portfolio of investments and have the same rights. Income, expenses (other than expenses attributable to a specific class) and realized and unrealized gains and losses on investments are allocated to each class of shares in proportion to their relative net assets.

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains and losses on sales of securities are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates.

– 13 –

**OCM GOLD FUND**

Notes to Financial Statements – November 30, 2025 (Continued)

Distributions to Shareholders – The character of distributions made during the year from net investment income or net realized gains may differ from the characterization for federal income tax purposes due to differences in the recognition of income, expense or gain items for financial statement and tax purposes. To the extent that these differences are attributable to permanent book and tax accounting differences, the components of net assets have been adjusted.

Redemption Fee – A 1.50% redemption fee is retained by the Fund to offset transaction costs and other expenses associated with short-term investing. The fee is imposed on redemptions or exchanges of shares held less than three months from their purchase date. The Fund records the fee as a reduction of shares redeemed and as a credit to shares of beneficial interest. For the year ended November 30, 2025, the Investor Class and the Atlas Class received $22,881 and $93,063 in redemption fees, respectively.

Guarantees and Indemnifications – In the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. Also, under the Fund's organizational documents, its officers and Trustees are indemnified by the Fund against certain liabilities arising out of the performance of their duties to the Fund. The Fund notes that insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to trustees and officers, the Fund has been advised that in the opinion of the Securities and Exchange Commission (the "SEC") such indemnification is against public policy as expressed in that Act and is, therefore, unenforceable. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims against the Fund that have not yet occurred. Based on experience, the Fund expects the risk of loss to be remote.

Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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.

Derivative Instruments – Equity securities in the gold mining industry, particularly the smaller companies, may occasionally issue warrants as part of their capital structure. A warrant gives the holder the right to purchase the underlying equity at the exercise price until the expiration date of the warrant. The Fund may hold such warrants for exposure to smaller companies in the portfolio or other reasons associated with the Fund's overall objective of long-term growth, though warrants will typically not be a significant part of the Fund's portfolio. The Fund's maximum risk in holding warrants is the loss of the entire amount paid for the warrants. At November 30, 2025, the Fund held warrants as listed on the Schedule of Investments.

– 14 –

**OCM GOLD FUND**

Notes to Financial Statements – November 30, 2025 (Continued)

**Note 3. Investment Advisory Agreement and Affiliated Parties**

The Fund has an investment advisory agreement with OCM. Under the agreement, the Fund pays OCM a fee computed daily and payable monthly, at the following annual rates based upon average daily net assets:

---

| | |
|:---|:---|
| **Assets**  | **Fee Rate** |
|  $0 to $250 million | 0.950% |
|  $250 million to $500 million | 0.800% |
|  $500 million to $1 billion | 0.700% |
|  Over $1 billion | 0.600% |

---

Under the investment advisory agreement, the Adviser is responsible for reimbursing the Fund to maintain a voluntary ratio of expenses to average daily net assets for the Investor Class shares and Atlas Class shares at 2.99% and 2.49%, respectively.

The Fund does not compensate Trustees and Officers affiliated with OCM. For the year ended November 30, 2025, the expenses accrued for Trustees who are not affiliated with OCM are reported on the Statement of Operations. The Fund pays fees and related expenses for the services of the Fund's Chief Compliance Officer. The expenses incurred for the Chief Compliance Officer are reported on the Statement of Operations.

**Note 4. Distribution Agreement and Plan**

The Trust has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. The Plan authorizes the Fund to reimburse the distributor for marketing expenses incurred in distributing shares of the Fund, including the cost of printing sales material and making payments to dealers of the Fund's Investor Class and Atlas Class, in any fiscal year, subject to limits of 0.99% and 0.25%, respectively, of the average daily net assets of each respective class. For the year ended November 30, 2025, the Investor Class and the Atlas Class incurred $122,357 and $140,416, respectively, in expenses under the Plan.

**Note 5. Purchases and Sales of Securities**

Purchases and sales of investment securities (excluding short-term securities and U.S. government obligations) for the year ended November 30, 2025 were $15,126,740 and $1,378,047, respectively. There were no purchases or sales of U.S. government obligations.

– 15 –

**OCM GOLD FUND**

Notes to Financial Statements – November 30, 2025 (Continued)

**Note 6. Federal Income Tax Information**

At November 30, 2025, gross unrealized appreciation and depreciation of investments owned by the Fund, based on cost for federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  Cost of investments | $68867508 |
|  Unrealized appreciation on investments | $124777142 |
|  Unrealized depreciation on investments | (519019) |
|  Net unrealized appreciation on investments | $124258123 |

---

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to investments in passive foreign investment companies ("PFICs").

The tax character of distributions paid during the fiscal years ended November 30, 2025 and 2024 was as follows:

---

| | | |
|:---|:---|:---|
| **Distribution paid from:**  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp; Ordinary income | $1447221 | $— |
| &nbsp;&nbsp;&nbsp; Net long-term capital gains | 379800 |  |
|  Total distributions paid | $1827021 | $— |

---

As of November 30, 2025, the components of accumulated earnings on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $11098833 |
|  Undistributed long-term capital gains | 606578 |
|  Tax accumulated earnings | 11705411 |
|  Accumulated capital and other losses |  |
|  Unrealized appreciation on investments | 124258123 |
|  Unrealized appreciation on foreign currency | (1340) |
|  Total accumulated earnings | $135962194 |

---

– 16 –

**OCM GOLD FUND**

Notes to Financial Statements – November 30, 2025 (Continued)

**Note 7. Concentration of Risk**

Investing in foreign securities involves certain risks not necessarily found in U.S. markets. These include risks associated with adverse changes in economic, political, regulatory and other conditions, changes in currency exchange rates, exchange control regulations, expropriation of assets or nationalization, imposition of withholding taxes on dividend or interest payments or capital gains, and possible difficulty in obtaining and enforcing judgments against foreign entities. Further, issuers of foreign securities are subject to different, and often less comprehensive, accounting, reporting, and disclosure requirements than domestic issuers.

As the Fund concentrates its investments in the gold mining industry, a development adversely affecting such industry (for example, changes in the mining laws which increases production costs or a significant decrease in the market price of gold) would have a greater adverse effect on the Fund than it would if the Fund invested in a number of different industries.

**Note 8. Illiquid Securities**

Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Liquidity Risk Management Program ("LRMP") that requires, among other things, that the Fund limits its illiquid investments that are assets to no more than 15% of net assets. An illiquid investment is any security which may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If the Adviser, at any time, determines that the value of illiquid securities held by the Fund exceeds 15% of its net asset value, the Adviser will take such steps as it considers appropriate to reduce them as soon as reasonably practicable in accordance with the Fund's written LRMP.

**Note 9. Market Disruption and Geopolitical Risks**

Certain local, regional or global events such as war, acts of terrorism, the spread of infectious illnesses and/or other public health issues, or other events may have a significant impact on a security or instrument. These types of events and other like them are collectively referred to as "Market Disruptions and Geopolitical Risks" and they may have adverse impacts on the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. Some of the impacts noted in recent times include but are not limited to embargos, political actions, supply chain disruptions, tariffs, bank failures restrictions to investment and/or monetary movement including the forced selling of securities or the inability to participate impacted markets. The duration of these events could adversely affect the Fund's performance, the performance of the securities in which the Fund invests and may lead to losses on your investment. The ultimate impact of "Market Disruptions and Geopolitical Risks" on the financial performance of the Fund's investments is not reasonably estimable at this time. Management is actively monitoring these events.

– 17 –

**OCM GOLD FUND**

Notes to Financial Statements – November 30, 2025 (Continued)

**Note 10. New Accounting Pronouncements**

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds' financial statements.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07")," which enhances disclosure requirements about significant segment expenses that are regularly provided to the CODM. ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by Topic 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management has evaluated the impact of applying ASU 2023-07, and the Fund has adopted the ASU during the reporting period. The adoption of the ASU does not have a material impact on the financial statements. Required disclosure is included in Note 1.

**Note 11. Subsequent Events**

Management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

The Fund declared the payment of a distribution to be paid on December 19, 2025, to all shareholders of record on December 18, 2025, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Income** | **Short Term <br>Capital Gain** | **Long Term <br>Capital Gain** |
|  Investor Class | $1.82912 | $None | $0.10487 |
|  Atlas Class | 1.93622 |  | 0.10487 |

---

Management has determined there are no other material events that would require disclosure in the Fund's financial statements through this date.

– 18 –

**OCM GOLD FUND**

Additional Fund Information

(Unaudited)

**Long Term Capital Gains Designation**

**Pursuant to IRC 852(b)(3) of the Internal Revenue Code OCM Gold Fund hereby designates $379,800 as long**-term **capital gains distributed during the year ended November 30, 2025.**

**Qualified Dividend Income**

**Pursuant to Section 854 of the Internal Revenue Code of 1986, OCM Gold Fund designates income dividends of 11.13% as qualified dividend income paid during the fiscal year ended November 30, 2025.**

– 19 –

**OCM GOLD FUND**

Report of Independent Registered Public Accounting Firm

**To the Board of Trustees of OCM Mutual Fund and**

**Shareholders of OCM Gold Fund**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of OCM Gold Fund (the "Fund"), a series of OCM Mutual Fund (the "Trust"), including the schedule of investments, as of November 30, 2025, the related statement of operations for the year then ended, and the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of the fund since 2018.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund's internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting, 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.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

**TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania January 26, 2026**

– 20 –

**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 remuneration paid to directors, officers and others is included as part of the report to shareholders filed under Item 7 of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

On October 23, 2025, the Board of Trustees of OCM Mutual Fund approved the continuation of the Fund's investment advisory agreement with Orrell Capital Management, Inc. (the "Adviser"). In connection with the meeting, the Trustees received and reviewed a substantial package of information, including, without limitation, performance reports, peer group fee and expense comparisons, advisory fee breakpoints, compliance and risk management reports, and information on brokerage and soft dollar arrangements. The Trustees discussed these materials with the Adviser at the meeting and in executive session without management present. Prior to approving the continuation of the agreement, the Board considered:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the nature, extent and quality of the services provided by the Adviser

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the investment performance of the Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the costs of the services to be provided and profits to be realized by the Adviser from its relationship with the Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect those economies of scale

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the expense ratio of the Fund

All of the factors discussed by the Trustees were considered as a whole and were considered separately by the Trustees who are not "interested persons" of the Trust (the "Independent Trustees"), meeting in executive session. The factors were viewed in their totality by the Trustees, with no single factor being the principal or determinative factor in the Trustees' determination of whether to approve the continuation of the investment advisory agreement. The Trustees recognized that the management and fee arrangements for the Fund are the result of years of review and discussion between the Independent Trustees and the Adviser, that certain aspects of such arrangements may receive greater scrutiny in some years than in others and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements and information received during the course of the year and in prior years.

– 21 –

The material considerations and determinations of the Board, including all Independent Trustees, are provided below.

In considering the nature, extent and quality of the services provided by the Adviser, the Board considered an oral presentation by the Adviser describing the portfolio management, shareholder communication, and regulatory compliance services provided by the Adviser to the Fund. In evaluating the nature, extent, and quality of the services provided, the Independent Trustees considered the Adviser's long-standing specialization in gold and precious metals investing, including the portfolio manager's industry experience and relationships with companies in the sector. Based on their review and discussions with management, the Trustees believe that the Adviser provides high quality services to the Fund, and they noted that their overall confidence in the Adviser is high, based on their experience interacting with the Adviser. The Trustees also concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Fund by the Adviser, as the Adviser has worked to obtain good performance for the Fund, and performance has remained good in the long term, and that the nature and extent of the services provided by the Adviser are appropriate to ensure that the Fund's operations are conducted in compliance with applicable laws, rules and regulations, as there have been no material compliance violations.

The Trustees compared the performance of the Fund to benchmark indices over various periods of time. The Adviser provided information regarding and led discussions of factors impacting the performance of the Fund, outlining current market conditions and explaining the Adviser's expectations and strategies for the future. Based on this information and discussions with Mr. Gregory Orrell, the Trustees concluded, within the context of their full deliberations, that the investment results that the Adviser had been able to achieve for the Fund were good and support renewal of the investment advisory agreement, noting that the recent performance is particularly strong, and that the Adviser has historically been able to achieve positive performance for shareholders. The Trustees noted that the Fund adhered to its investment style.

In concluding that the advisory fees payable by the Fund were reasonable, the Trustees reviewed the profits realized by the Adviser, from its relationship with the Fund. They discussed in detail the profitability of the Adviser as it relates to the Fund, and they discussed the impact of the intermediary service fees on the profitability. The Trustees also considered the resources and revenues that the Adviser has put into managing and distributing the Fund and concluded that the level of profitability realized by the Adviser from its provision of services to the Fund is reasonable, and that the overall expense ratio and investment advisory fee were fair and within a reasonable range of industry averages. The Trustees determined that the Adviser has spent significant resources and time to maintain and improve the Fund, and that the Adviser has not recognized unreasonable profits.

As part of its analysis the Board considered the value of the research the Adviser received from broker-dealers executing securities transactions for the Fund. The Trustees concluded that the research obtained by the Adviser is beneficial to the Fund and that the Adviser had executed the Fund's portfolio transactions in a manner designed to obtain best execution for the Fund. The Trustees determined such research has been used for legitimate purposes relating to the Fund by aiding in the investment decision-making process. The Trustees concluded that the other benefits realized by the Adviser from its relationship with the Fund were minimal and reasonable.

The Trustees also reviewed reports comparing the expense ratios of each class and advisory fees paid by the Fund to those paid by other comparable mutual funds in the same category and concluded that the advisory fees paid by the Fund and the expense ratios of each class of the Fund were within a reasonable range of comparable

– 22 –

mutual funds. In making this conclusion, the Trustees also noted the unique expertise of the Adviser, and that the Adviser does not currently engage any sub-advisers for the Fund. The Trustees also discussed the advisory fees payable by the Fund in relation to other advisory clients of the Adviser. The Trustees determined that they did not find anything to suggest that the fees charged to the Fund are unreasonable in comparison to other fees charged by the Adviser.

The Trustees concluded that the Fund has the right fee structure in place to continue to realize lower fees and expenses as asset levels continue to increase. The Trustees also considered whether the investment advisory agreement fee schedule should be adjusted for an increase in assets under management. The Independent Trustees discussed with the Adviser the Fund's asset growth and the potential for future economies of scale. The Independent Trustees determined that the existing breakpoint schedule, which reduces the advisory fee rate at $250 million and again at higher asset levels, is reasonably structured to allow shareholders to benefit from economies of scale if and when the Fund's assets grow further.

After reviewing the materials provided at the meeting, management's presentation, as well as other information regularly provided at the Board's quarterly meetings throughout the year regarding the quality of services provided by the Adviser, the performance of the Fund, expense information, regulatory compliance issues, trading information and related matters and other factors deemed relevant by the Board, the Trustees, including all of the Independent Trustees, determined to continue the investment advisory agreement.

– 23 –

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable.

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

As of the end of the period covered by this report, the registrant had not adopted any procedures by which shareholders may recommend nominees to the registrant's Board of Directors.

**Item 16. Controls and Procedures.**

(a) 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 (the "Act")) as of a date within 90 days of the filing date of this report, as required by Rule 30a-3(b)
 under the Act and Rules 13a-15(b) or 15d-15(b) under the Exchange Act. Based on their review, such officers have concluded that the disclosure
 controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded,
 processed, summarized, and reported and made known to them by others within the registrant and by the registrant's service providers.

(b) There were no changes in the registrant's internal control
 over financial reporting (as defined in Rule 30a-3(d) under the Act) 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.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

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

Not applicable.

**Item 19. Exhibits.**

(a)(1) [Code of ethics, or amendments thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing of an exhibit – Filed herewith](ea0270153-01_ex99codeeth.htm)

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed – Not applicable.

(a)(3) [A separate certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) – Filed herewith.](ea0270153-01_ex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons - Not applicable.

(a)(5) Change in the registrant's independent public accountant – Not applicable.

(b) [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b), or Rule 15d-14(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) – Furnished herewith.](ea0270153-01_ex99906cert.htm)

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.

OCM Mutual Fund

---

| | |
|:---|:---|
| By: | /s/ Gregory M. Orrell |
|  | Gregory M. Orrell |
|  | President |

---

Date: January 29, 2026

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: | /s/ Gregory M. Orrell |
|  | Gregory M. Orrell |
|  | President (Principal Executive Officer) |

---

Date: January 29, 2026

---

| | |
|:---|:---|
| By: | /s/ Steven Orrell |
|  | Steven Orrell |
|  | Secretary and Treasurer (Principal Financial Officer) |

---

Date: January 29, 2026

## Ex-99.Code

**Exhibit 99.CODEETH**

**OCM MUTUAL FUND<br>SARBANES-OXLEY<br> code of ethics for the principal executive officer,<br> principal Financial officer and principal accounting officer<br>(Adopted January 27, 2010)**

**<u>2.G(3) Code of Ethics – Principal Executive and Senior Officers</u>**

**<u>The attached Code of Ethics for Senior Officers (this "Code") for the Fund applies to the Fund's Principal Executive Officer and Principal Financial Officer (the "Covered Officers") for the purpose of promoting:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files
with, or submits to, the SEC and in other public communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting of violations of this Code to an appropriate person or persons identified
in this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to this Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

Annually each Covered Officer signs a certification documenting his adherence with the Code.

**Responsible Parties/Compliance Process:** Trustees/Officers/Chief Compliance Officer

**[Code of Ethics for Senior Officers which follows]**

**OCM Mutual Fund**

**CODE OF ETHICS FOR SENIOR OFFICERS**

<u>Preamble</u>

Section 406 of the Sarbanes-Oxley Act of 2002 directs that rules be adopted disclosing whether a company has a code of ethics for senior financial officers. The U.S. Securities and Exchange Commission (the "SEC") has adopted rules requiring annual disclosure of an investment company's code of ethics applicable to the company's principal executive as well as principal financial officers, if such a code has been adopted. In response, OCM Mutual Fund (the "Fund") has adopted this Code of Ethics (the "Code").

<u>Statement of Policy</u>

It is the obligation of the senior officers of the Fund to provide full, fair, timely and comprehensible disclosure--financial and otherwise--to Fund shareholders, regulatory authorities and the general public. In fulfilling that obligation, senior officers must act ethically, honestly and diligently. This Code is intended to enunciate guidelines to be followed by persons who serve the Fund in senior officer positions. No Code of Ethics can address every situation that a senior officer might face; however, as a guiding principle, senior officers should strive to implement the spirit as well as the letter of applicable laws, rules and regulations, and to provide the type of clear and complete disclosure and information Fund shareholders have a right to expect.

The purpose of this Code of Ethics is to promote high standards of ethical conduct by Covered Persons (as defined below) in their capacities as officers of the Fund, to instruct them as to what is considered to be inappropriate and unacceptable conduct or activities for officers and to prohibit such conduct or activities. This Code supplements other policies that the Fund and the Adviser have adopted or may adopt in the future with which Fund officers are also required to comply (e.g., code of ethics relating to personal trading and conduct).

<u>Covered Persons</u>

This Code of Ethics applies to those persons appointed by the Fund's Board of Trustees as Chief Executive Officer, President, Chief Financial Officer and Chief Accounting Officer, or persons performing similar functions.

<u>Promotion of Honest and Ethical Conduct</u>

In serving as an officer of the Fund, each Covered Person must maintain high standards of honesty and ethical conduct and must encourage his colleagues who provide services to the Fund, whether directly or indirectly, to do the same.

Each Covered Person understands that as an officer of the Fund, he has a duty to act in the best interests of the Fund and their shareholders. The interests of the Covered Person's personal interests should not be allowed to compromise the Covered Person from fulfilling his duties as an officer of the Fund.

If a Covered Person believes that his personal interests are likely to materially compromise his objectivity or his ability to perform the duties of his role as an officer of the Fund, he should consult with the Fund' chief legal officer or outside counsel. Under appropriate circumstances, a Covered Person should also consider whether to present the matter to the Trustees of the Fund or a committee thereof.

No Covered Person shall suggest that any person providing, or soliciting to be retained to provide, services to the Fund give a gift or an economic benefit of any kind to him in connection with the person's retention or the provision of services.

<u>Promotion of Full, Fair, Accurate, Timely and Understandable Disclosure</u>

No Covered Person shall create or further the creation of false or misleading information in any SEC filing or report to Fund' shareholders. No Covered Person shall conceal or fail to disclose information within the Covered Person's possession legally required to be disclosed or necessary to make the disclosure made not misleading. If a Covered Person shall become aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Fund counsel, who shall advise such Covered Person whether corrective action is necessary or appropriate.

Each Covered Person, consistent with his responsibilities, shall exercise appropriate supervision over, and shall assist Fund service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner. Each Covered Person shall use his best efforts within his area of expertise to assure that Fund reports reveal, rather than conceal, the Fund's financial condition.

Each Covered Person shall seek to obtain additional resources if he believes that available resources are inadequate to enable the Fund to provide full, fair and accurate financial information and other disclosure to regulators and Fund shareholders.

Each Covered Person shall inquire of other Fund officers and service providers, as appropriate, to assure that information provided is accurate and complete and presented in an understandable format using comprehensible language.

Each Covered Person shall diligently perform his services to the Fund, so that information can be gathered and assessed early enough to facilitate timely filings and issuance of reports and required certifications.

<u>Promotion of Compliance with Applicable Government Laws, Rules and Regulations</u>

Each Covered Person shall become and remain knowledgeable concerning the laws and regulations relating to the Fund and its operations and shall act with competence and due care in serving as an officer of the Fund. Each Covered Person with specific responsibility for financial statement disclosure will become and remain knowledgeable concerning relevant auditing standards, generally accepted accounting principles, FASB pronouncements and other accounting and tax literature and developments.

Each Covered Person shall devote sufficient time to fulfilling his responsibilities to the Fund.

Each Covered Person shall cooperate with the Fund's independent auditor, regulatory agencies and internal auditors in their review or inspection of the Fund and their operations.

No Covered Person shall knowingly violate any law or regulation relating to the Fund or its operations or seek to illegally circumvent any such law or regulation.

No Covered Person shall engage in any conduct involving dishonesty, fraud, deceit or misrepresentation involving the Fund or their operations.

<u>Promoting Prompt Internal Reporting of Violations</u>

Each Covered Person shall promptly report his own violations of this Code and violations by other Covered Persons of which he is aware to the Chairman of the Fund's Audit Committee.

Any requests for a waiver from or an amendment to this Code shall be made to the Chairman of the Fund's Audit Committee. All waivers and amendments shall be disclosed as required by law.

<u>Sanctions</u>

Failure to comply with this Code will subject the violator to appropriate sanctions, which will vary based on the nature and severity of the violation. Such sanctions may include censure, suspension or termination of position as an officer of the Fund. Sanctions shall be imposed by the Fund's Audit Committee, subject to review by the entire Board of Trustees of the Fund.

Each Covered Person shall be required to certify annually whether he has complied with this Code.

<u>No Rights Created</u>

This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern the Fund's senior officers in the conduct of the Fund's business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

<u>Recordkeeping</u>

The Fund will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board (1) that provided the basis for any amendment or waiver to this Code and (2) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

**<u>CODE OF ETHICS FOR SENIOR OFFICERS</u>**

**I HEREBY CERTIFY THAT:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) I have read and I understand the Code of Ethics for Senior Officers adopted by the OCM Mutual Fund (the
"Code of Ethics");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) I
recognize that I am subject to the Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) I have complied with the requirements of the Code of Ethics during the period year ended ___________;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) I have reported all violations of the Code of Ethics required to be reported pursuant to the requirements
of the Code during the period ended ____________.

Set forth below exceptions to items (3) and (4), if any:

Name: _________________

Date: _________________

## Ex-99.Cert

**Exhibit 99.CERT**

**OCM Mutual Fund**

I, Gregory M. Orrell, certify that:

1. I have reviewed this report on Form N-CSR of OCM Mutual Fund;

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 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:

&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;(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 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):

&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;(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: January 29, 2026

---

| | |
|:---|:---|
| By: | /s/ Gregory M. Orrell |
|  | Gregory M. Orrell |
|  | President (Principal Executive Officer) |

---

**OCM Mutual Fund**

I, Steven Orrell, certify that:

1. I have reviewed this report on Form N-CSR of OCM Mutual Fund;

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 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:

&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;(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 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):

&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;(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: January 29, 2026

---

| | |
|:---|:---|
| By: | /s/ Steven Orrell |
|  | Steven Orrell |
|  | Secretary and Treasurer (Principal Financial Officer) |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**OCM Mutual Fund**

I, Gregory M. Orrell, hereby certify that to the best of my knowledge:

1. The report on Form N-CSR of OCM Mutual Fund for the period ended November 30, 2025 fully complies with
the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of OCM Mutual Fund.

Date: January 29, 2026

---

| |
|:---|
| /s/ Gregory M. Orrell |
| Gregory M. Orrell |
| President (Principal Executive Officer) |

---

I, Steven Orrell, hereby certify that to the best of my knowledge:

1. The report on Form N-CSR of OCM Mutual Fund for the period ended November 30, 2025 fully complies with
the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of OCM Mutual Fund.

Date: January 29, 2026

---

| |
|:---|
| /s/ Steven Orrell |
| Steven Orrell |
| Secretary and Treasurer (Principal Financial Officer) |

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