# EDGAR Filing Document

**Accession Number:** 0000745338
**File Stem:** 0001213900-25-070431
**Filing Date:** 2025-8
**Character Count:** 81590
**Document Hash:** 0e668bb6c3b04de2fa2b7ce500fec0fb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-070431.hdr.sgml**: 20250801

**ACCESSION NUMBER**: 0001213900-25-070431

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250801

**DATE AS OF CHANGE**: 20250801

**EFFECTIVENESS DATE**: 20250801

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04010
- **FILM NUMBER:** 251174883

**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           |

?xml version='1.0' encoding='ASCII'?

#### 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:

#### May 31, 2025
 **Item 1. Report to Stockholders.**

(a) The registrant's semi-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_297.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| May 31, 2025

This semi-annual shareholder report contains important information about the OCM Gold Fund ("Fund") for the period of December 1, 2024 to May 31, 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 |
| OCM Gold Fund<br>(Atlas Class/OCMAX) | $1031.70%<sup>1</sup> |

---

 *<sup>1</sup>* *Annualized.* 

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

For the six months ended May 31, 2025, the OCM Gold Fund's Atlas Class gained 43.56%, compared to a 32.30% increase in the Philadelphia Gold and Silver Index and a 1.35% loss for the S&P 500 Index. In the face of a strong U.S. dollar versus other fiat currencies and a robust U.S. equity market, the U.S. dollar gold price (London PM FIX) rose 24.05% over the fiscal period to $3277.55/oz. The central bank bid has underpinned the gold price as central banks continue accumulation of gold as a neutral reserve asset to counter Western sanctions. Central banks are also losing confidence in U.S. Treasuries as a store of value, combined with Trump policies driving a growing trend toward nationalism, has foreigners repatriating capital back to home countries. Thus, there has been selling of both U.S. equities and U.S. Treasuries. The overall investment community has yet to appreciate gold miners' operating margin expansion with gold's average monthly price being over $3,000 per ounce in April and May. In our opinion, Investors remain significantly underweight gold equities in what is already a small sector in comparison to the overall market.

TOP PERFORMANCE CONTRIBUTORS

**Lundin Gold, Inc.** \| Lundin Gold, Inc.'s ("Lundin") share price rose 103.70% over the reporting period. Lundin was a major benefactor of the rise in the gold price at a significantly lower cost relative to peers while the company increases production from 400,000 to 500,000 ounces annually. Lundin also continued to drill their high-grade gold deposit to the south of its current operation with success. Lundin represents 5.98% of the Fund's portfolio as of May 31, 2025.

**Catalyst Metals Ltd.** \| Catalyst Metals Ltd.'s ("Catalyst") share price rose 113.9% over the reporting period. Catalyst's success is due to the company's continued execution of increasing production, maintaining costs and successful brownfield exploration. In the past 12-16 months, Catalyst has revamped its leadership team and paid down a majority of the company's debt. Catalyst recently raised $150MM Australian to underwrite its organic growth strategy and strengthen its balance sheet. Catalyst represents 4.95% of the Fund's portfolio as of May 31, 2025.

**AngloGold Ashanti PLC** \| AngloGold Ashanti PLC's ("AngloGold") share price rose 75.66% over the reporting period. Of the major producers, AngloGold benefited from the rising gold price as well as its ability to manage production costs. AngloGold also closed their deal with Centamin in late 2024, which includes the purchase of Sukari mine. The Sukari mine is expected to add over 450,000 to 500,000 ounces of annual production to AngloGold's diverse production profile. AngloGold represents 4.38% of the Fund's portfolio as of May 31, 2025.

TOP PERFORMANCE DETRACTORS

**Aya Gold & Silver, Inc.** \| Aya Gold & Silver, Inc.'s ("Aya") share price declined 10.47% over the reporting period. Aya oversaw grade issues with their Zgounder mine, which were originally forecasted to be higher than current production levels. The Zgounder mine shifted away from an underground mine to a hybrid, underground open pit operation to efficiently extract the ore body. Aya represents 5.28% of the Fund's portfolio as of May 31, 2025.

**Jaguar Mining, Inc.** \| Jaguar Mining, Inc's. ("Jaguar") share price declined 1.06% over the reporting period. In early December, Jaguar suspended operations at their Turmalina mine due to an incident at their tailings site. Turmalina represents roughly 40% of Jaguar's annual production. Jaguar is anticipating to be permitted to restart operations by the end of 2025. Jaguar represents 4.41% of the Fund's portfolio as of May 31, 2025.

**Barrick Gold Corp.** \| Barrick Gold Corp.'s ("Barrick") share price rose 9.55% over the reporting period, which trailed the physical gold price return over the same period. Barrick continued to suffer significant setbacks with its relationship with the Mali Junta. Barrick's Loulo-Gounkoto mining complex in Mali accounts for around 14% of its 2025 estimated gold output. Barrick represents 3.65% of the Fund's portfolio as of May 31, 2025.

#### Fund Performance
The following line graph compares 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. The table provides the Fund's average annual total returns for the 1-, 5-, and 10-year periods as of May 31, 2025.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_970543.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS (as of May 31, 2025) | 1 Year | 5 Years | 10 Years |
| OCM Gold Fund (Atlas Class/OCMAX) | 62.68% | 13.35% | 14.59% |
| S&P 500 Index | 13.52% | 15.94% | 12.86% |
| Philadelphia Gold & Silver Index | 38.17% | 13.03% | 12.70% |

---

**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;$105.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

#### 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. | 7.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alamos Gold, Inc. | 7.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corp. | 6.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lundin Gold, Inc. | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Aya Gold & Silver, Inc. | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wesdome Gold Mines Ltd. | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Catalyst Metals Ltd. | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jaguar Mining, Inc. | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;AngloGold Ashanti PLC | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | 4.3% |

---

**INVESTMENTS BY COUNTRY**

![Graphical Representation - Allocation 1 Chart](chartimages_970548.jpg)

**Industry Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_970553.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 or by scanning the QR code below. 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_296.jpg)

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

OCM GOLD FUND

OCM Gold Fund

Investor Class/OCMGX

![TSR Fund Logo - Cover](images_297.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| May 31, 2025

This semi-annual shareholder report contains important information about the OCM Gold Fund ("Fund") for the period of December 1, 2024 to May 31, 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 |
| OCM Gold Fund<br>(Investor Class/OCMGX) | $1332.20%<sup>1</sup> |

---

 *<sup>1</sup>* *Annualized.* 

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

For the six months ended May 31, 2025, the OCM Gold Fund's Investor Class gained 43.05% (without sales load) and 36.60% (with sales load), compared to a 32.30% increase in the Philadelphia Gold and Silver Index and a 1.35% loss for the S&P 500 Index. In the face of a strong U.S. dollar versus other fiat currencies and a robust U.S. equity market, the U.S. dollar gold price (London PM Fix) rose 24.05% over the fiscal period to $3277.55/oz. The central bank bid has underpinned the gold price as central banks continue accumulation of gold as a neutral reserve asset to counter Western sanctions. Central banks are also losing confidence in U.S. Treasuries as a store of value, combined with Trump policies driving a growing trend toward nationalism, has foreigners repatriating capital back to home countries. Thus, there has been selling of both U.S. equities and U.S. Treasuries. The overall investment community has yet to appreciate gold miners' operating margin expansion with gold's average monthly price being over $3,000 per ounce in April and May. In our opinion, Investors remain significantly underweight gold equities in what is already a small sector in comparison to the overall market.

TOP PERFORMANCE CONTRIBUTORS

**Lundin Gold, Inc.** \| Lundin Gold, Inc.'s ("Lundin") share price rose 103.70% over the reporting period. Lundin was a major benefactor of the rise in the gold price at a significantly lower cost relative to peers while the company increases production from 400,000 to 500,000 ounces annually. Lundin also continued to drill their high-grade gold deposit to the south of its current operation with success. Lundin represents 5.98% of the Fund's portfolio as of May 31, 2025.

**Catalyst Metals Ltd.** \| Catalyst Metals Ltd.'s ("Catalyst") share price rose 113.9% over the reporting period. Catalyst's success is due to the company's continued execution of increasing production, maintaining costs and successful brownfield exploration. In the past 12-16 months, Catalyst has revamped its leadership team and paid down a majority of the company's debt. Catalyst recently raised $150MM Australian to underwrite its organic growth strategy and strengthen its balance sheet. Catalyst represents 4.95% of the Fund's portfolio as of May 31, 2025.

**AngloGold Ashanti PLC** \| AngloGold Ashanti PLC's ("AngloGold") share price rose 75.66% over the reporting period. Of the major producers, AngloGold benefited from the rising gold price as well as its ability to manage production costs. AngloGold also closed their deal with Centamin in late 2024, which includes the purchase of Sukari mine. The Sukari mine is expected to add over 450,000 to 500,000 ounces of annual production to AngloGold's diverse production profile. AngloGold represents 4.38% of the Fund's portfolio as of May 31, 2025.

TOP PERFORMANCE DETRACTORS

**Aya Gold & Silver, Inc.** \| Aya Gold & Silver, Inc.'s ("Aya") share price declined 10.47% over the reporting period. Aya oversaw grade issues with their Zgounder mine, which were originally forecasted to be higher than current production levels. The Zgounder mine shifted away from an underground mine to a hybrid, underground open pit operation to efficiently extract the ore body. Aya represents 5.28% of the Fund's portfolio as of May 31, 2025.

**Jaguar Mining, Inc.** \| Jaguar Mining, Inc's. ("Jaguar") share price declined 1.06% over the reporting period. In early December, Jaguar suspended operations at their Turmalina mine due to an incident at their tailings site. Turmalina represents roughly 40% of Jaguar's annual production. Jaguar is anticipating to be permitted to restart operations by the end of 2025. Jaguar represents 4.41% of the Fund's portfolio as of May 31, 2025.

**Barrick Gold Corp.** \| Barrick Gold Corp.'s ("Barrick") share price rose 9.55% over the reporting period, which trailed the physical gold price return over the same period. Barrick continued to suffer significant setbacks with its relationship with the Mali Junta. Barrick's Loulo-Gounkoto mining complex in Mali accounts for around 14% of its 2025 estimated gold output. Barrick represents 3.65% of the Fund's portfolio as of May 31, 2025.

#### Fund Performance
The following line graph compares 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. The table provides the Fund's average annual total returns for the 1-, 5-, and 10-year periods as of May 31, 2025.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_970507.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS (as of May 31, 2025) | 1 Year | 5 Years | 10 Years |
| OCM Gold Fund (Investor Class/OCMGX)<sup>1</sup> | 54.31% | 11.64% | 13.26% |
| OCM Gold Fund (Investor Class/OCMGX)—excluding sales load | 61.64% | 12.66% | 13.79% |
| S&P 500 Index | 13.52% | 15.94% | 12.86% |
| Philadelphia Gold & Silver Index | 38.17% | 13.03% | 12.70% |

---

---

| | |
|:---|:---|
| *1*  | *Maximum sales charge (load) of 4.50% of offering price.*  |

---

**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;$105.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;2% |

---

#### 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. | 7.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alamos Gold, Inc. | 7.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corp. | 6.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lundin Gold, Inc. | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Aya Gold & Silver, Inc. | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wesdome Gold Mines Ltd. | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Catalyst Metals Ltd. | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jaguar Mining, Inc. | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;AngloGold Ashanti PLC | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | 4.3% |

---

**INVESTMENTS BY COUNTRY**

![Graphical Representation - Allocation 1 Chart](chartimages_970512.jpg)

**Industry Allocation**

![Graphical Representation - Allocation 2 Chart](chartimages_970517.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 or by scanning the QR code below. 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_296.jpg)

For additional information, please scan the QR code at left 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.**

Not applicable to semi-annual reports.

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

Not applicable to semi-annual reports.

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

Not applicable to semi-annual reports.

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

Not applicable to semi-annual reports.

**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)** |
| **May 31, 2025<br>(Unaudited)** |

---

------

**OCM Gold Fund**

**Table of Contents** – May 31, 2025

(Unaudited)

---

| | |
|:---|:---|
|  | **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; 9-17 |
|  **Item 8.** |  |
|  [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#T08) | &nbsp;&nbsp;&nbsp;&nbsp; 18 |
|  **Item 9.** |  |
|  [Proxy Disclosures for Open-End Management Investment Companies](#T09) | &nbsp;&nbsp;&nbsp;&nbsp; 18 |
|  **Item 10.** |  |
|  [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#T10) | &nbsp;&nbsp;&nbsp;&nbsp; 18 |
|  **Item 11.** |  |
|  [Statement Regarding Basis for Approval of Investment Advisory Contract](#T11) | &nbsp;&nbsp;&nbsp;&nbsp; 18 |

---

------

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

**OCM Gold Fund**

Schedule of Investments – May 31, 2025

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| ***Shares*** | ***Shares*** | ***Value***  | ***Value***  |
|  **Common Stocks 96.6%** | **Common Stocks 96.6%** |  |  |
|  **Major Gold Producers 23.1%** | **Major Gold Producers 23.1%** |  |  |
| 65000 | Agnico Eagle Mines Ltd. | $| 7669350 |
| 105000 | AngloGold Ashanti PLC |  | 4600050 |
| 200000 | Barrick Mining Corp. |  | 3832000 |
| 118670 | Endeavour Mining PLC |  | 3637749 |
| 85000 | Newmont Corp. |  | 4481200 |
|  |  |  | **24220349** |
|  **Intermediate/Mid-Tier Gold Producers 31.2%** | **Intermediate/Mid-Tier Gold Producers 31.2%** | **Intermediate/Mid-Tier Gold Producers 31.2%** | **Intermediate/Mid-Tier Gold Producers 31.2%** |
| 290000 | Alamos Gold, Inc. |  | 7508100 |
| 133333 | Allied Gold Corp.\* |  | 1910036 |
| 100000 | B2Gold Corp. |  | 337000 |
| 500000 | B2Gold Corp.^ |  | 1679540 |
| 250000 | Dundee Precious Metals, Inc. |  | 3852740 |
| 225000 | Fortuna Mining Corp.\* |  | 1316489 |
| 12750021 | Greatland Gold PLC\* |  | 2439374 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IAMGOLD Corp.\* |  | 343000 |
| 130000 | Lundin Gold, Inc. |  | 6281186 |
| 500000 | OceanaGold Corp. |  | 2226027 |
| 70000 | Pan American Silver Corp. |  | 1707300 |
| 800000 | Perseus Mining Ltd. |  | 2005930 |
| 100000 | SSR Mining, Inc.\* |  | 1183000 |
|  |  |  | **32789722** |
|  **Junior Gold Producers 20.6%** | **Junior Gold Producers 20.6%** |  |  |
| 1250000 | Catalyst Metals Ltd.\* |  | 5196919 |
| 150000 | Discovery Silver Corp.\* |  | 356310 |
| 750000 | Emerald Resources N.L.\* |  | 2296313 |
| 62500 | G Mining Ventures Corp.\* |  | 925842 |
| 1700000 | Jaguar Mining, Inc.\* |  | 4632760 |
| 175000 | K92 Mining, Inc.\* |  | 1817072 |

---

---

| | | | |
|:---|:---|:---|:---|
| ***Shares*** | ***Shares*** | ***Value***  | ***Value***  |
| 500000 | Orezone Gold Corp.\* | $| 462693 |
| 900000 | Thor Explorations Ltd. |  | 445934 |
| 415000 | Wesdome Gold Mines Ltd.\* |  | 5512569  |
|  |  |  | **21646412**  |
|  **Exploration and Development Companies 9.7%** | **Exploration and Development Companies 9.7%** | **Exploration and Development Companies 9.7%** | **Exploration and Development Companies 9.7%** |
| 350000 | Angel Wing Metals, Inc.\* |  | 8926 |
| 1166666 | Ausgold Ltd.\* |  | 488806 |
| 250000 | G2 Goldfields, Inc.\* |  | 561061 |
| 875000 | Liberty Gold Corp.\* |  | 184895 |
| 616500 | Montage Gold Corp.\* |  | 2039427 |
| 734108 | NeXGold Mining Corp.\* |  | 411879 |
| 5000000 | Omai Gold Mines Corp.\* |  | 1930924 |
| 325000 | Probe Gold, Inc.\* |  | 524300 |
| 2758000 | Rio2 Ltd.\* |  | 2351253 |
| 209004 | Robex Resources, Inc.\* |  | 418978 |
| 3000000 | Royal Road Minerals Ltd.\* |  | 240455 |
| 4578755 | RTG Mining, Inc.\* |  | 100347 |
| 1860466 | Saturn Metals Ltd.\* |  | 383750 |
| 200000 | Vizsla Silver Corp.\* |  | 578000  |
|  |  |  | **10223001**  |
|  **Royalty/Streaming Companies 6.7%** | **Royalty/Streaming Companies 6.7%** |  |  |
| 100000 | Vizsla Royalties Corp.\* |  | 163946 |
| 80000 | Wheaton Precious Metals Corp. |  | 6931507  |
|  |  |  | **7095453** |
|  **Primary Silver Producers 5.3%** | **Primary Silver Producers 5.3%** |  |  |
| 644400 | Aya Gold & Silver, Inc.\* |  | **5540600**  |
|  **Total Common Stocks** | **Total Common Stocks** | **Total Common Stocks** | **Total Common Stocks** |
|  | (Cost $29,108,522) |  | **101515537** |

---

See notes to Financial Statements.

– 1 –

**OCM Gold Fund**

Schedule of Investments – May 31, 2025 (Continued)

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| ***Shares*** | ***Shares*** | ***Value***  | ***Value***  |
|  **Warrants 0.0%** | **Warrants 0.0%** |  |  |
|  **Exploration and Development Companies 0.0%** | **Exploration and Development Companies 0.0%** | **Exploration and Development Companies 0.0%** | **Exploration and Development Companies 0.0%** |
| 367054 | NeXGold Mining Corp. Exercise Price: 0.95 CAD, Expiration Date: 12/16/2026 | NeXGold Mining Corp. Exercise Price: 0.95 CAD, Expiration Date: 12/16/2026 | $— |
|  |  |  | **—** |
|  **Total Warrants** | **Total Warrants** |  |  |
|  | (Cost $0) | (Cost $0) | **—** |
|  **Short-Term Investment 3.3%** | **Short-Term Investment 3.3%** | **Short-Term Investment 3.3%** | **Short-Term Investment 3.3%** |
| 3450724 | UMB Bank, Institutional Banking Money <br>Market II Deposit <br>Investment, 4.19%<sup>#</sup> | UMB Bank, Institutional Banking Money <br>Market II Deposit <br>Investment, 4.19%<sup>#</sup> | 3450724  |
|  **Total Short-Term Investment** | **Total Short-Term Investment** | **Total Short-Term Investment** | **Total Short-Term Investment** |
|  | (Cost $3,450,724) | (Cost $3,450,724) | **3450724**  |
|  **Total Investments** | **Total Investments** | **Total Investments** |  |
|  | (Cost $32,559,246) | **99.9%** | **104966261** |
|  **Assets less Other Liabilities**  | **Assets less Other Liabilities**  | **0.1%** | **55387** |
|  **TOTAL NET ASSETS** | **TOTAL NET ASSETS** | **100.0%** | $**105021648** |

---

____________

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 rate is the annualized seven-day yield at period end.

See notes to Financial Statements.

– 2 –

**OCM GOLD FUND**

*Statement of Assets and Liabilities – May 31, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers, at value (cost $32,559,246)  | $104966261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold  | 115761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends receivable  | 154322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclaims receivable  | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 44349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 105281034 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed  | 44736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment adviser fees  | 79565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued distribution fees  | 34823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued fund administration and accounting fees  | 26708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued legal fees  | 18907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued transfer agent fees and expenses  | 12607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued report to shareholders  | 13644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued audit fees  | 23978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Trustees' fees  | 3258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities  | 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 259386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets  | $**105021648** |
|  **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, no par value: unlimited shares authorized  | $34731238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings  | 70290410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets  | $**105021648** |
|  **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 redemption price per share  | $18.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum sales charge (4.50% of offering price) | 0.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Offering price to public  | $19.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets applicable to shares outstanding  | $18798392  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 994989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Atlas Class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $21.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets applicable to shares outstanding | $86223256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 3964802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Shares Outstanding**  | 4959791 |

---

See notes to Financial Statements.

– 3 –

**OCM GOLD FUND**

*Statement of Operations – Six Months Ended May 31, 2025*

*(Unaudited)*

---

| | |
|:---|:---|
|  **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | $84007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend (net of foreign withholding taxes of $52,145) | 491691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 575698 |
|  **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees  | 383256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund administration and accounting fees  | 70109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees and expenses | 66071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Investor Class  | 49262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Atlas Class  | 49146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal and state registration fees  | 24870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees  | 22442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer fees  | 14958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees  | 10576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders  | 10109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees  | 7978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees  | 5566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses  | 7521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 721864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss  | (146166) |
|  **Realized and Unrealized Gain (Loss) on Investments:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments and foreign currency transactions  | 601978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments and foreign currency translations  | 30417347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net gain on investments**  | 31019325 |
|  **Net increase in net assets from operations**  | $30873159 |

---

See notes to Financial Statements.

– 4 –

**OCM GOLD FUND**

*Statements of Changes in Net Assets*

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>May 31, 2025<br>(Unaudited)** | **Year Ended <br>November 30, <br>2024** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss  | $(146166) | $(453877) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments and foreign currency transactions  | 601978 | 1275161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments and foreign currency transactions  | 30417347 | 15655905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets from operations  | 30873159 | 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  | 880260 | 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>  | (1612972) | (2152056) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease in net assets from Investor Class share transactions  | (431500) | (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  | 17185548 | 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>  | (13051926) | (16159717) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets from Atlas Class share transactions | 5532458 | 3826326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets from Fund share transactions  | 5100958 | 2842647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase in net assets**  | 34147096 | 19319836 |
|  **Net Assets, Beginning of Period**  | 70874552 | 51554716 |
|  **Net Assets, End of Period**  | $105021648 | $70874552 |

---

See notes to Financial Statements.

– 5 –

**OCM GOLD FUND**

*Statements of Changes in Net Assets (Continued)*

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>May 31, 2025<br>(Unaudited)** | **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  | 56975 | 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 | (106183) | (192545) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease in Investor Class shares outstanding | (25584) | (106655) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Atlas Class:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 946021 | 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  | (739763) | (1150950) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in Atlas Class shares outstanding  | 301807 | 138440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase in Fund Shares Outstanding**  | 276223 | 31785 |

---

____________

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>Net of redemption fees of $3,090 for the six months ended May 31, 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 $37,911 for the six months ended May 31, 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*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six<br>Months<br>Ended<br>May 31,<br>2025<br>(Unaudited)** | **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** | **Year <br>Ended <br>Nov 30, <br>2020** |
|  **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 | $8.62 |
|  **Income from Investment Operations:** |  |  |  |  |  |  |
|  Net investment loss<sup>1</sup> | (0.06) | (0.14) | (0.10) | (0.08) | (0.11) | (0.16) |
|  Net realized and unrealized gain (loss) on investments and foreign currency transactions | 5.73 | 3.69 | 0.76 | (2.16) | 0.01 | 4.05 |
|  Net increase from payments by affiliates (Note 3) |  |  |  |  |  | —<br><sup>2</sup> |
|  Total from investment operations | 5.67 | 3.55 | 0.66 | (2.24) | (0.10) | 3.89 |
|  **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) | (0.57) |
|  Total distributions | <sup>(0.34)</sup> |  | —<br><sup>2</sup> | (0.12) | (0.13) | (0.57) |
|  **Redemption fee proceeds1** | —<br><sup>2</sup> | —<br><sup>2</sup> | —<br><sup>2</sup> | —<br><sup>2</sup> | —<br><sup>2</sup> | —<br><sup>2</sup> |
|  **Net asset value, end of period** | $18.89 | $13.56 | $10.01 | $9.35 | $11.71 | $11.94 |
|  **Total return\*** | 43.05%<sup>3</sup> | 35.46% | 7.11% | (19.25)% | (0.95)% | 48.15% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of year (in 000's) | $18798 | $13834 | $11283 | $11747 | $17024 | $18343 |
|  Ratio of expenses to average net assets | 2.20%<sup>4</sup> | 2.38% | 2.44% | 2.32% | 2.19% | 2.29% |
|  Ratio of net investment loss to average net assets | (0.77)%<sup>4</sup> | (1.17)% | (0.99)% | (0.80)% | (0.89)% | (1.53)% |
|  Portfolio turnover rate | 2%<sup>3</sup> | 6% | 3% | 9% | 11% | 1% |

---

____________

\*&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.

<sup>3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>Not annualized.

<sup>4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>Annualized.

See notes to Financial Statements.

– 7 –

**OCM GOLD FUND**

*Financial Highlights Atlas Class*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six<br>Months<br>Ended<br>May 31, <br>2025<br>(Unaudited)** | **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** | **Year <br>Ended <br>Nov 30, <br>2020** |
|  **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 | $9.57 |
|  **Income from Investment Operations:** |  |  |  |  |  |  |
|  Net investment loss<sup>1</sup> | (0.02) | (0.09) | (0.05) | (0.04) | (0.05) | (0.13) |
|  Net realized and unrealized gain (loss) on investments and foreign currency transactions | 6.59 | 4.20 | 0.86 | (2.44) |  | 4.54 |
|  Net increase from payments by affiliates (Note 3) |  |  |  |  |  | —<br><sup>2</sup> |
|  Total from investment operations | 6.57 | 4.11 | 0.81 | (2.48) | (0.05) | 4.41 |
|  **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) | (0.57) |
|  Total distributions | (0.40) |  | —<br><sup>2</sup> | (0.12) | (0.21) | (0.57) |
|  **Redemption fee proceeds**<sup>1</sup> | 0.01 | 0.03 | —<br><sup>2</sup> | 0.01 | 0.01 | 0.05 |
|  **Net asset value, end of period** | $21.75 | $15.57 | $11.43 | $10.62 | $13.21 | $13.46 |
|  **Total return** | 43.56%<sup>3</sup> | 36.22% | 7.68% | (18.80)% | (0.42)% | 49.40% |
|  **Ratios/Supplemental Data:** |  |  |  |  |  |  |
|  Net assets, end of year (in 000's) | $86223 | $57040 | $40272 | $41679 | $51390 | $55603 |
|  Ratio of expenses to average net assets | 1.70%<sup>4</sup> | 1.88% | 1.94% | 1.82% | 1.69% | 1.79% |
|  Ratio of net investment loss to average net assets | (0.27)%<sup>4</sup> | (0.67)% | (0.49)% | (0.30)% | (0.39)% | (1.03)% |
|  Portfolio turnover rate | 2%<sup>3</sup> | 6% | 3% | 9% | 11% | 1% |

---

____________

<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.

<sup>3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>Not annualized.

<sup>4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>Annualized.

See notes to Financial Statements.

– 8 –

**OCM GOLD FUND**

*Notes to Financial Statements – May 31, 2025* 

*(Unaudited)*

**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 investments. For each investment that is fair valued, the

– 9 –

**OCM GOLD FUND**

*Notes to Financial Statements – May 31, 2025 (Continued)*

*(Unaudited)*

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.

*Fair Value Measurements and Disclosures* 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 Measurements and Disclosures*, 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 – May 31, 2025 (Continued)*

*(Unaudited)*

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 May 31, 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 | $24220349 | $— | $— | $24220349 |
| &nbsp;&nbsp;&nbsp; Intermediate/Mid-Tier Gold Producers | 32789722 |  |  | 32789722 |
| &nbsp;&nbsp;&nbsp; Junior Gold Producers | 21646412 |  |  | 21646412 |
| &nbsp;&nbsp;&nbsp; Exploration and Development Companies | 10223001 |  |  | 10223001 |
| &nbsp;&nbsp;&nbsp; Royalty/Streaming Companies | 7095453 |  |  | 7095453 |
| &nbsp;&nbsp;&nbsp; Primary Silver Producers | 5540600 |  |  | 5540600 |
|  **Warrants** |  | 0 |  | 0 |
|  **Short-Term Investment** | 3450724 |  |  | 3450724 |
|  **Total** | $104966261 | $0 | $— | $104966261 |

---

The Fund held one Level 2 security at May 31, 2025: NeXGold Mining Corp, a Warrant, is being valued at intrinsic value, in accordance with the Fund's fair value methodologies.

*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 six months ended May 31, 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 six months ended May 31, 2025 are included within the realized and unrealized gain/loss on investments section of the Statement of Operations.

– 11 –

**OCM GOLD FUND**

*Notes to Financial Statements – May 31, 2025 (Continued)*

*(Unaudited)*

*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 May 31, 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 2022-2024 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 six months ended May 31, 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.

– 12 –

**OCM GOLD FUND**

*Notes to Financial Statements – May 31, 2025 (Continued)*

*(Unaudited)*

*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 six months ended May 31, 2025, the Investor Class and the Atlas Class received $3,090 and $37,911 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 May 31, 2025, the Fund held warrants as listed on the Schedule of Investments.

– 13 –

**OCM GOLD FUND**

*Notes to Financial Statements – May 31, 2025 (Continued)*

*(Unaudited)*

**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 six months ended May 31, 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 six months ended May 31, 2025, the Investor Class and the Atlas Class incurred $49,262 and $49,146, 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 six months ended May 31, 2025 were $4,679,464 and $1,312,425, respectively. There were no purchases or sales of U.S. government obligations.

– 14 –

**OCM GOLD FUND**

*Notes to Financial Statements – May 31, 2025 (Continued)*

*(Unaudited)*

**Note 6. Federal Income Tax Information**

At May 31, 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 | $40169796 |
|  Unrealized appreciation on investments | $65749358 |
|  Unrealized depreciation on investments | (952893) |
|  Net unrealized appreciation on investments | $64796465 |

---

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, 2024 and 2023 was as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Ordinary income | $— | $— |
|  Net long-term capital gains |  | 24653 |
|  Total distributions | $— | $24653 |

---

As of November 30, 2024, the components of accumulated earnings on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $1195192 |
|  Undistributed long-term gains | 379729 |
|  Tax accumulated earnings | 1574921 |
|  Accumulated capital and other losses |  |
|  Unrealized appreciation on investments | 39669366 |
|  Unrealized appreciation on foreign currency | (15) |
|  Total accumulated earnings | $41244272 |

---

The Fund utilized $907,259 of its capital loss carryforward during the year ended November 30, 2024.

– 15 –

**OCM GOLD FUND**

*Notes to Financial Statements – May 31, 2025 (Continued)*

*(Unaudited)*

**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, 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.

– 16 –

**OCM GOLD FUND**

*Notes to Financial Statements – May 31, 2025 (Continued)*

*(Unaudited)*

**Note 10. New Accounting Pronouncements**

Effective January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information deemed important for retail investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in the Fund's streamlined shareholder reports but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. The Fund has adopted procedures in accordance with the SEC's rules and form amendments.

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

– 17 –

**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.**

Not applicable.

– 18 –

**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.**

Not applicable.

**Item 16. Controls and Procedures.**

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

&nbsp;&nbsp;&nbsp;&nbsp;(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 – Not applicable.

(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.](ea0247219-01_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.](ea0247219-01_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: July 28, 2025

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: July 28, 2025

---

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

---

Date: July 28, 2025

## 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: July 28, 2025 | Date: July 28, 2025 |
| 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: July 28, 2025 | Date: July 28, 2025 |
| By: | /s/ Steven Orrell |
|  | Steven Orrell |
|  | Secretary and Treasurer (Principal Financial Officer) |

---

## Exhibit 99.906

**Exhibit 99.906 CERT**

**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 May 31, 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: July 28, 2025

---

| |
|:---|
| /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 May 31, 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: July 28, 2025

---

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

---