# EDGAR Filing Document

**Accession Number:** 0000745338
**File Stem:** 0001193125-26-021836
**Filing Date:** 2026-1
**Character Count:** 24011
**Document Hash:** 6c9394c52e6d25b739939257961e213a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-021836.hdr.sgml**: 20260126

**ACCESSION NUMBER**: 0001193125-26-021836

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260126

**DATE AS OF CHANGE**: 20260126

**PERIOD START**: 20251130

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04010
- **FILM NUMBER:** 26558739

**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           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** OCM MUTUAL FUND

- **b. Investment Company Act file number:** 811-04010

- **c. CIK number of Registrant:** 0000745338

- **d. LEI of Registrant:** 549300AKSS68PWZOHM90

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 2600 Kitty Hawk Rd

  - **City:** Livermore

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 94551

  - **Telephone number:** 8007794681

**Item A.2. Information about the Series.**

- **a. Name of Series:** OCM MUTUAL FUND

- **b. EDGAR series identifier (if any):** S000005294

- **c. LEI of Series:** 5493007254B8R9O2U456

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-11-30

- **b. Date as of which information is reported:** 2025-11-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $193567897.23

**Total Liabilities:** $657032.45

**Net Assets:** $192910864.78

**Delayed Delivery Securities:** $356436.21

**Cash Not Reported:** $193140.67

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000014470 | 16.90%               | -3.72%               | 14.90%               |
| Class ID C000101831 | 16.92%               | -3.65%               | 14.95%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-251.32                 | $24068591.28                               |
| Month 2  | $-266.45                 | $-6587497.54                               |
| Month 3  | $2922.04                 | $24999530.50                               |

### Schedule of Portfolio Investments

| Name                              | Title                             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Tiernan Gold Corp                 | Tiernan Gold Corp.                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    200000 | NS      | $715563.64    | 0.37%             |  |  |  | No            |                  3 | On Loan: No      |
| Allied Gold Corp                  | Allied Gold Corp.                 | CUSIP: 01921D204<br>LEI: 894500S5G4JFSRGK8L37 | Long             | EC               | CORP              | CA        |    133333 | NS      | $2810733.45   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd            | Agnico Eagle Mines Ltd.           | CUSIP: 008474108<br>LEI: YGE0EUBRF7IJOB3QRX76 | Long             | EC               | CORP              | CA        |     65000 | NS      | $11337950.00  | 5.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamos Gold Inc                   | Alamos Gold, Inc.                 | CUSIP: 011532108<br>LEI: 549300TDOX73YGYXE959 | Long             | EC               | CORP              | CA        |    290000 | NS      | $10875000.00  | 5.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglogold Ashanti Plc             | Anglogold Ashanti Plc             | CUSIP: G0378L100<br>LEI: 2138005YDSA7A82RNU96 | Long             | EC               | CORP              | GB        |    105000 | NS      | $8996400.00   | 4.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Ausgold Ltd                       | Ausgold Ltd.                      | CUSIP: Q07063102<br>LEI: 894500N1FW604CKRQQ71 | Long             | EC               | CORP              | AU        |   1166666 | NS      | $664962.93    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Angel Wing Metals Inc             | Angel Wing Metals, Inc.           | CUSIP: 03464G206<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    350000 | NS      | $10017.89     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Aya Gold & Silver Inc             | Aya Gold & Silver, Inc.           | CUSIP: 05466C109<br>LEI: 549300BWX8KJOTUL4M51 | Long             | EC               | CORP              | CA        |    644400 | NS      | $8779517.71   | 4.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Mining Corp               | Barrick Mining Corp.              | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |    225000 | NS      | $9301500.00   | 4.82%             |  |  |  | No            |                  1 | On Loan: No      |
| B2Gold Corp                       | B2Gold Corp.                      | CUSIP: 11777Q209<br>LEI: 549300F7OK456M5NLM05 | Long             | EC               | CORP              | CA        |    300000 | NS      | $1386000.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| B2Gold Corp                       | B2Gold Corp.                      | CUSIP: 11777Q209<br>LEI: 549300F7OK456M5NLM05 | Long             | EC               | CORP              | CA        |    500000 | NS      | $2322003.58   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CAD SPOT FORWARD CONTRACT   /     | CAD SPOT FORWARD CONTRACT   /     | CUSIP: 999999999<br>LEI: N/A                  | Long             | STIV             |  | CA        |    500080 | OU      | $357839.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Canagold Resources Ltd            | Canagold Resources Ltd.           | CUSIP: 136842101<br>LEI: 529900VSHM6IT5414441 | Long             | EC               | CORP              | CA        |    505000 | NS      | $151771.02    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Centerra Gold Inc                 | Centerra Gold, Inc.               | CUSIP: 152006102<br>LEI: 549300K0HXTMP5JJ0E62 | Long             | EC               | CORP              | CA        |     75000 | NS      | $996000.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Catalyst Metals Ltd               | Catalyst Metals Ltd.              | CUSIP: Q2144G109<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |   1250000 | NS      | $5544090.67   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Dakota Gold Corp                  | Dakota Gold Corp.                 | CUSIP: 46655E100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     60076 | NS      | $280554.92    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| DPM Metals Inc                    | DPM Metals, Inc.                  | CUSIP: 26139R109<br>LEI: 549300LATVTU0EIUMD45 | Long             | EC               | CORP              | CA        |    250000 | NS      | $6976744.19   | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Discovery Silver Corp             | Discovery Silver Corp.            | CUSIP: 254677107<br>LEI: 98450041CCB3E8QD3F53 | Long             | EC               | CORP              | CA        |    150000 | NS      | $828622.54    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Endeavour Mining PLC              | Endeavour Mining PLC              | CUSIP: G3042J105<br>LEI: 529900NI5MXQ91GHXR07 | Long             | EC               | CORP              | GB        |    118670 | NS      | $5449054.67   | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerald Resources NL              | Emerald Resources NL              | CUSIP: Q3464L108<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |   1250000 | NS      | $4356656.18   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Excellon Resources Inc            | Excellon Resources, Inc.          | CUSIP: 30069C801<br>LEI: 549300TCL7Q34YGPQ182 | Long             | EC               | CORP              | CA        |   3000000 | NS      | $681574.24    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortuna Mining Corp               | Fortuna Mining Corp.              | CUSIP: 349942102<br>LEI: 5493003Q88RVK7CW4735 | Long             | EC               | CORP              | CA        |    225000 | NS      | $2274955.28   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Greatland Resources Ltd           | Greatland Resources Ltd.          | CUSIP: Q4319F106<br>LEI: 213800KMN7LDF4VRPQ10 | Long             | EC               | CORP              | AU        |    637501 | NS      | $3181176.65   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| G Mining Ventures Corp            | G Mining Ventures Corp.           | CUSIP: 36270K102<br>LEI: 894500N5AZEQU0BLOT06 | Long             | EC               | CORP              | CA        |     62500 | NS      | $1481663.69   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| G2 Goldfields Inc                 | G2 Goldfields, Inc.               | CUSIP: 36256R105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    250000 | NS      | $889087.66    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Highlander Silver Corp            | Highlander Silver Corp.           | CUSIP: 43087N204<br>LEI: 875500NW47V6ALTUO315 | Long             | EC               | CORP              | CA        |     25000 | NS      | $74239.71     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Heliostar Metals Ltd              | Heliostar Metals Ltd.             | CUSIP: 42328Y102<br>LEI: 529900BF6RCFL9WNSB18 | Long             | EC               | CORP              | CA        |    300000 | NS      | $564579.61    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| IAMGOLD Corp                      | IAMGOLD Corp.                     | CUSIP: 450913108<br>LEI: 254900E7II30XAB9LA72 | Long             | EC               | CORP              | CA        |    100000 | NS      | $1554000.00   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Jaguar Mining Inc                 | Jaguar Mining, Inc.               | CUSIP: 47009M889<br>LEI: 549300IRKN0GXIRGS617 | Long             | EC               | CORP              | CA        |   1700000 | NS      | $8746332.74   | 4.53%             |  |  |  | No            |                  1 | On Loan: No      |
| K92 Mining Inc                    | K92 Mining, Inc.                  | CUSIP: 499113108<br>LEI: 254900EA8H0X9FEVZU11 | Long             | EC               | CORP              | CA        |    175000 | NS      | $2640966.01   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Gold Corp                 | Liberty Gold Corp.                | CUSIP: 53056H104<br>LEI: 549300DY25855R7ZV117 | Long             | EC               | CORP              | CA        |    875000 | NS      | $513416.82    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Lundin Gold Inc                   | Lundin Gold, Inc.                 | CUSIP: 550371108<br>LEI: 549300ZOV16K515FC525 | Long             | EC               | CORP              | CA        |    130000 | NS      | $10955348.84  | 5.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Montage Gold Corp                 | Montage Gold Corp.                | CUSIP: 61178L101<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    616500 | NS      | $3745320.21   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Mithril Silver And Gold Ltd       | Mithril Silver And Gold Ltd.      | CUSIP: Q6253U106<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |   1228000 | NS      | $369059.03    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Metalla Royalty & Streaming Lt    | Metalla Royalty & Streaming Ltd.  | CUSIP: 59124U605<br>LEI: 549300RPR0O774QEKV20 | Long             | EC               | CORP              | CA        |    100000 | NS      | $740000.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                      | Newmont Corp.                     | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     85000 | NS      | $7712050.00   | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NeXGold Mining Corp               | NeXGold Mining Corp.              | CUSIP: 65345V108<br>LEI: 25490084LOPPDXN4YK38 | Long             | EC               | CORP              | CA        |    734108 | NS      | $787951.51    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXGOLD MINING Corp. WARRANTS   / | NEXGOLD MINING Corp. WARRANTS   / | CUSIP: 999999999<br>LEI: N/A                  | Long             | DE               | CORP              | CA        |    367054 | NC      | $144457.75    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| OceanaGold Corp                   | OceanaGold Corp.                  | CUSIP: 675222400<br>LEI: 549300CBMSE8I9N3E232 | Long             | EC               | CORP              | CA        |    166666 | NS      | $4289786.06   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Omai Gold Mines Corp              | Omai Gold Mines Corp.             | CUSIP: 682043104<br>LEI: 254900GOHPZOKN6K3C88 | Long             | EC               | CORP              | CA        |   5000000 | NS      | $4651162.79   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Orezone Gold Corp                 | Orezone Gold Corp.                | CUSIP: 68616T109<br>LEI: 529900ZRY6WGGRC9Z698 | Long             | EC               | CORP              | CA        |    500000 | NS      | $576028.62    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan American Silver Corp          | Pan American Silver Corp.         | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |     70000 | NS      | $3196900.00   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Probe Gold Inc                    | Probe Gold, Inc.                  | CUSIP: 74290F100<br>LEI: 549300KN4JVFBY70QS60 | Long             | EC               | CORP              | CA        |    325000 | NS      | $844186.05    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Perseus Mining Ltd                | Perseus Mining Ltd.               | CUSIP: Q74174105<br>LEI: 54930054ZDGKBCW3SM26 | Long             | EC               | CORP              | AU        |    800000 | NS      | $2961215.93   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio2 Ltd                          | Rio2 Ltd.                         | CUSIP: 767217102<br>LEI: 2549009N9W290I0XSE73 | Long             | EC               | CORP              | CA        |   2758000 | NS      | $4933810.38   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| RTG Mining Inc                    | RTG Mining, Inc.                  | CUSIP: G7707W178<br>LEI: N/A                  | Long             |  | CORP              | AU        |   4578755 | NS      | $94490.82     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Robex Resources Inc               | Robex Resources, Inc.             | CUSIP: 999999999<br>LEI: 529900UBILRW1I57HF58 | Long             |  | CORP              | CA        |    209004 | NS      | $732554.64    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Road Minerals Ltd           | Royal Road Minerals Ltd.          | CUSIP: G76828105<br>LEI: 54930033JDODZL6J2G22 | Long             | EC               | CORP              | JE        |   2399000 | NS      | $343327.37    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Sendero Resources Corp            | Sendero Resources Corp.           | CUSIP: 81688C300<br>LEI: N/A                  | Long             | EC               | CORP              | AR        |    526400 | NS      | $346538.82    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Silver Tiger Metals Inc           | Silver Tiger Metals, Inc.         | CUSIP: 82831T109<br>LEI: 2549009QDIU00MWT6U57 | Long             | EC               | CORP              | CA        |   1370000 | NS      | $754847.94    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB MONEY MARKET II SPECIAL   /   | UMB MONEY MARKET II SPECIAL   /   | CUSIP: SF8888628<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |  15259568 | PA      | $15259568.00  | 7.91%             |  |  |  | No            |                  1 | On Loan: No      |
| SSR Mining Inc                    | SSR Mining, Inc.                  | CUSIP: 784730103<br>LEI: 549300JD2KR7AB9DYJ38 | Long             | EC               | CORP              | US        |    100000 | NS      | $2328000.00   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Saturn Metals Ltd                 | Saturn Metals Ltd.                | CUSIP: Q8317P107<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |   1860466 | NS      | $627712.26    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Thesis Gold Inc                   | Thesis Gold, Inc.                 | CUSIP: 883930109<br>LEI: 529900EDQ993Q6M6BH62 | Long             | EC               | CORP              | CA        |    300000 | NS      | $407871.20    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Thor Explorations Ltd             | Thor Explorations Ltd.            | CUSIP: 885149104<br>LEI: 213800AXZ8468CQYVT76 | Long             | EC               | CORP              | CA        |    900000 | NS      | $798568.87    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesoro Gold Ltd                   | Tesoro Gold Ltd.                  | CUSIP: Q9021B210<br>LEI: 9845008A3CD0A5FE6F76 | Long             | EC               | CORP              | AU        |    628931 | NS      | $459419.45    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Vizsla Royalties Corp             | Vizsla Royalties Corp.            | CUSIP: 92859L201<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    100000 | NS      | $324865.83    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Vizsla Silver Corp                | Vizsla Silver Corp.               | CUSIP: 92859G608<br>LEI: 549300ADJF7HWIEDL366 | Long             | EC               | CORP              | CA        |    200000 | NS      | $1014000.00   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| West African Resources Ltd        | West African Resources Ltd.       | CUSIP: Q9594D106<br>LEI: 529900XLO8GMJNTUL013 | Long             | EC               | CORP              | AU        |    600000 | NS      | $1104559.75   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Wesdome Gold Mines Ltd            | Wesdome Gold Mines Ltd.           | CUSIP: 95083R100<br>LEI: 254900D63U62QS84H719 | Long             | EC               | CORP              | CA        |    415000 | NS      | $6681574.24   | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Westgold Resources Ltd            | Westgold Resources Ltd.           | CUSIP: Q97159232<br>LEI: 2549003AMX9BL7CKBQ74 | Long             | EC               | CORP              | AU        |    600000 | NS      | $2397798.74   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| WIA Gold Ltd                      | WIA Gold Ltd.                     | CUSIP: Q8844P109<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |   1600000 | NS      | $372117.40    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp      | Wheaton Precious Metals Corp.     | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |     80000 | NS      | $8785402.50   | 4.55%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-04

**Name of Applicant:** OCM MUTUAL FUND

**Signature:** /s/ Gregory M. Orrell

**Name of Signer:** Gregory M. Orrell

**Title:** President