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: (925) 455-0802

Date of fiscal year end: November 30

Date of reporting period: November 30, 2020

Item 1. Report to Stockholders.

Annual Report

November 30, 2020

OCM GOLD FUND

Shareholder Letter – November 30, 2020
(Unaudited)

Dear Fellow Shareholder:

Your Fund’s long-tenured management experience in the precious metals equities sector and active management style delivered strong relative performance for the fiscal year ending November 30, 2020, with the OCM Gold Fund Advisor Class gaining 49.40% and the Investor Class gaining 48.15% (41.42% after maximum sales load) compared to a 42.22% gain in the Philadelphia Gold and Silver Index (“XAU”)¹ and a 17.46% gain for the S&P 500 Index². Aggressive fiscal and monetary policy responses to fight the Global Pandemic helped fuel gold prices higher in 2020, as investors turned to gold assets in a period of extreme uncertainty and rapid currency debasement. The London PM Fix³ gold price closed the Fund’s fiscal year ending November 30, 2020 at $1,762.55 per ounce, up 20.71%. The high for the Fund’s fiscal year was reached in August at $2,044.50 per ounce prior to positive COVID-19 vaccine news. Higher gold and silver prices over the period translated into robust earnings and cash flow for the precious metals mining industry.

Market Commentary

We believe the investment thesis for owning gold assets remains simple and compelling for long-term investors looking to hedge against monetary debasement and inflated financial asset valuations. Total U.S. federal debt has risen from $800 billion to $28 trillion since the 2008 Financial Crisis. This significant rise in total U.S. federal debt is a bipartisan issue that shows no signs of leveling off. The proposed $1.9 trillion COVID-19 stimulus bill proposed by newly elected President Joe Biden will take U.S. debt over $30 trillion if enacted. Further, progressives within the Democratic Party plan to take advantage of control of both the Senate and House of Representatives to push the Biden Administration to enact an aggressive social agenda to close the wealth gap. Annual budget deficits approaching $3 trillion would not surprise us going forward. The implications for the gold market are clear. Since President Nixon closed the gold window in August 1971, the gold price correlation to total federal debt stands at 92% (See Figure 1).

– 1 –

OCM GOLD FUND

Shareholder Letter – November 30, 2020 (Continued)
(Unaudited)

Figure 1 Source St Louis Fed:

Since the bursting of the tech bubble in 2000, the Federal Reserve⁴ (the “Fed”) has increasingly been viewed as an institution more interested in supporting financial asset price levels than protecting the purchasing power of the dollar, in our opinion. The fear of a cascading sequence of defaults with deflationary implications has led the Fed to implement extreme monetary policies that it now finds difficult normalize. Consequently, credit growth has far outstripped economic growth with the Fed’s balance sheet expanding 900% since 2008 (See Figure 2). With excess liquidity finding its way back into financial assets, the Fed’s predicament is a vicious cycle of fighting one crisis while sowing the seeds of the next crisis in our view. Alarmingly, the current Quantitative Easing(“QE”) program has expanded the Fed’s balance sheet 72% since the beginning of the COVID-19 crisis in March, equaling the total of the three previous QE programs following the 2008 Financial Crisis. Rather than fretting over the Fed’s expansion of debt and money supply, the market cheers knowing that liquidity is fueling the party.

– 2 –

OCM GOLD FUND

Shareholder Letter – November 30, 2020 (Continued)
(Unaudited)

Figure 2 Source St Louis Fed

Despite a COVID-19 related economic activity slowdown and high unemployment, the S&P 500 and Nasdaq have responded to the Fed’s liquidity injection by surging to new highs. Investor euphoria, particularly for growth and technology stocks, has surpassed the 2000 Tech Bubble according to Citibank research. This is supported in our view by the fact that equity valuations have reached beyond the Tech Bubble extreme valuations as measured by total market capitalization to gross domestic product and market capitalization to sales. Since gold assets are viewed as a defensive asset to preserve capital and purchasing power, investor capital flows toward gold tend to be influenced by shifts in investor sentiment. If euphoria turns to panic, investors may take a more defensive posture and look toward gold assets as returns in financial assets become problematic. Ironically, investors have largely ignored the fact that the total return on gold bullion has outperformed both the total returns of bonds and the S&P 500 over the past 20-year period.

The broad consensus on Wall Street is the global economy is set to strengthen once COVID-19 vaccine immunizations allow for the economic activity to fully open in the second half of 2021. No doubt there is pent up demand and a desire by consumers to let loose, the question is will consumer demand create inflation and inflationary expectations above the Fed’s 2% target? And if so, is there anything the Fed can do about it without causing another liquidity crisis? Considering the large amount of consumer, corporate and government debt, we would argue Fed policy is backed into a corner where it cannot raise interest rates or withdraw liquidity to head off inflation without risking

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OCM GOLD FUND

Shareholder Letter – November 30, 2020 (Continued)
(Unaudited)

widespread credit defaults and economic instability. Therefore, the Fed is likely trapped into managing the yield curve through the purchase of additional Treasury securities onto its balance sheet until a complete monetary reset takes place, in our opinion. We believe that rising gold prices and a sinking U.S. dollar will be signs confidence in central banking has run its course.

Gold Mining Industry

The gold mining industry’s hard-earned lessons from the previous bull market cycle of 2001 to 2011 showed up in the form of robust earnings and free cash flow generation over the past year. We believe the earnings and cash flow leverage to higher gold prices exhibited by the gold mining industry reinforces the investment rational for including precious metal equities in an investment portfolio. Further, management teams of gold producers have learned that returning cash to shareholders through dividends is important. The days of gold mining companies being a call option on the price of gold are over as plenty of competing financial instruments exist providing direct gold exposure, such as exchange traded bullion funds. Consequently, the gold mining industry understands it must demonstrate that it is a sustainable business that can compete with other sectors. The comparison is attractive with precious metals equities trading at 5.5 times 2021 consensus operating cash flow multiples versus 15.7 for the S&P 500 presently.

Your Fund’s investment strategy remains a disciplined approach to searching out value and growth opportunities across all segments of the precious metals industry on a global basis. We believe companies that possess strong management, large reserves in the ground in stable jurisdictions, and exhibit capital discipline while holding equity dear will be the companies that outperform over time as they deliver higher levels of free cash flow to maintain a sustainable business model to create shareholder value. We are specifically targeting companies with existing production that possess large reserve expansion potential where shareholder value can be created through the drill bit. Your Fund has the flexibility to maneuver within the precious metals sector to invest in opportunities that larger funds and exchange traded funds cannot; from major gold producers with over one million ounces of annual production to junior gold producers with less than 100,000 ounces of annual production to exploration and development companies with micro capitalizations. Over the past year, we have increased the portfolio allocation to exploration and development companies as we believe the industry is starved for new gold reserves which will lead larger producers to acquire reserves in the ground of exploration and development companies.

Conclusion

The risks posed by inflated financial assets, excess money creation and over indebtedness will need to be reconciled in our opinion. Whether policy makers have the tools to deal with it without unintended consequences is open for debate. We have our opinion, and it favors owning gold assets. The U.S. dollar has lost 95% of its purchasing power since going off the gold standard in 1933. Calls to close the wealth gap through taxation and large deficits financed

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OCM GOLD FUND

Shareholder Letter – November 30, 2020 (Continued)
(Unaudited)

with printing press money threatens to take the remaining 5%. While investors have been slow to appreciate the gold mining industry’s improved fundamentals, we believe it creates an opportunity for investors to position in gold assets at attractive valuations ahead of large capital flows moving into gold looking for protection against monetary debasement.

We appreciate your shareholding and confidence in the OCM Gold Fund, and we look forward to meeting the investment objective of preserving your purchasing power. Should you have any questions regarding the Fund or gold, please contact your financial adviser or you may contact us directly at 1-800-779-4681. For questions regarding your account, please contact Shareholder Service at 1-800-628-9403.

Sincerely,

Gregory M. Orrell
Portfolio Manager
January 20, 2021

The Philadelphia Gold and Silver Index (XAU)¹ is an unmanaged capitalization-weighted index composed of 16 companies listed on U.S. exchanges involved in the gold and silver mining industry. The index is generally considered as representative of the gold and silver share market. You cannot invest directly in an index.

The S&P 500 Index², a registered trademark of McGraw-Hill Co., Inc. is a market capitalization-weighted index of 500 widely held common stocks. You cannot invest directly in an index.

London PM Fix³ is a price per ounce for each of the precious metals (gold, silver, platinum and palladium) determined daily at 10:30 and 15:00 GMT by a brief conference call among the five members of the London Gold Pool (Scotia-Mocatta, Barclays Capital, Deutsche Bank, HSBC and Société Générale). The London spot fix price is the price fixed at the moment when the conference call terminates.

Federal Reserve⁴ is the central bank of the United States and arguably the most powerful financial institution in the world. The Federal Reserve System was founded by the U.S. Congress in 1913 to provide the nation with a safe, flexible, and stable monetary and financial system.

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OCM GOLD FUND

Shareholder Letter – November 30, 2020 (Continued)
(Unaudited)

Investing in the Fund involves risks including the loss of principal. Many of the companies in which the Fund invests are smaller capitalization companies which may subject the fund to greater risk than securities of larger, more-established companies, as they often have limited product lines, markets or financial resources and may be subject to more-abrupt market movements. The Fund also invests in securities of gold and precious metals which may be subject to greater price fluctuations over short periods of time. The Fund is a non-diversified investment company meaning it will invest in fewer securities than diversified investment companies and its performance may be more volatile. The Fund contains international securities that may provide the opportunity for greater return but also have special risks associated with foreign investing including fluctuations in currency, government regulation, differences in accounting standards and liquidity.

Investor Class Performance as of November 30, 2020

	OCMGX (without load)	OCMGX (with load)	Philadelphia Gold and Silver Index (XAU)1	S&P 5002
Six Months	9.34%	4.46%	12.63%	19.98%
One Year	48.15%	41.42%	42.22%	17.46%
3 Year Annualized	23.80%	21.90%	20.34%	13.17%
5 Year Annualized	24.27%	23.13%	24.83%	13.99%
10 Year Annualized	(1.38)%	(1.83)%	(3.37)%	14.19%

Advisor Class Performance as of November 30, 2020

	OCMAX	Philadelphia Gold and Silver Index (XAU)1	S&P 5002
Six Months	9.88%	12.63%	19.98%
One Year	49.40%	42.22%	17.46%
3 Year Annualized	24.86%	20.34%	13.17%
5 Year Annualized	25.32%	24.83%	13.99%
10 Year Annualized	(0.67)%	(3.37)%	14.19%

The performance data quoted above represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost. The Fund’s Total Annual Operating Expenses for the Fund’s Investor Class and Advisor

– 6 –

OCM GOLD FUND

Shareholder Letter – November 30, 2020 (Continued)
(Unaudited)

Class are 2.46% and 1.96% respectively. Please review the Fund’s prospectus for more information regarding the Fund’s fees and expenses. For performance information current to the most recent month-end, please call toll-free 800-628-9403. The returns shown include the reinvestment of all dividends but do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

¹ The Philadelphia Gold and Silver Index (XAU) is an unmanaged capitalization-weighted index composed of 16 companies listed on U.S. exchanges involved in the gold and silver mining industry. The index is generally considered as representative of the gold and silver share market. You cannot invest directly in an index.

² The S&P 500 Index, a registered trademark of McGraw-Hill Co., Inc. is a market capitalization-weighted index of 500 widely held common stocks. You cannot invest directly in an index.

– 7 –

OCM GOLD FUND

Schedule of Investments – November 30, 2020

	Shares			Value
COMMON STOCKS 95.4%
Major Gold Producers 24.3%
		70,000	Agnico Eagle Mines Ltd.	$	4,610,900
		145,000	AngloGold Ashanti Ltd. ADR		3,142,150
		200,000	Barrick Gold Corp.		4,628,000
		50,000	Kinross Gold Corp.*		357,000
		35,000	Kirkland Lake Gold Ltd.		1,434,300
		65,000	Newmont Corp.		3,823,300
					17,995,650
Intermediate/Mid-Tier Gold Producers 21.7%
		325,000	Alamos Gold, Inc.		2,687,750
		300,000	B2Gold Corp.*		1,672,442
		100,000	Centerra Gold, Inc.*		976,361
		125,000	Endeavour Mining Corp.*		2,948,141
		500,000	IAMGOLD Corp.		1,685,000
		50,000	Northern Star Resources Ltd.		462,820
		500,000	OceanaGold Corp.		623,701
		25,000	Pan American Silver Corp.		738,250
		500,000	Resolute Mining Ltd.		278,940
		154,840	SSR Mining, Inc.		2,850,604
		80,000	Torex Gold Resources, Inc.		1,103,873
					16,027,882
Junior Gold Producers 26.4%
		450,000	Argonaut Gold, Inc.*		803,881
		200,000	Calibre Mining Corp.		363,440
		250,000	Dundee Precious Metals, Inc.*		1,636,252
		150,000	Fortuna Silver Mines, Inc.*		955,186
		250,000	Galiano Gold, Inc.		290,000
		1,399,950	Jaguar Mining, Inc.*		7,394,823
		175,000	K92 Mining, Inc.		1,055,094
		1,000,000	Perseus Mining Ltd.		814,798
		550,000	Roxgold, Inc.*		698,776
		2,550,000	Superior Gold, Inc.		1,138,831
		500,000	Wesdome Gold Mines Ltd.*		4,389,004
					19,540,085
Exploration and Development Companies 11.1%
		255,128	Adriatic Metals PLC		406,392
		298,300	Adventus Mining Corp.		206,722
		450,000	Bullfrog Gold Corp.		94,500
		1,375,000	Emerald Resources N.L.		585,407
		1,282,000	Euro Sun Mining, Inc.		330,692
		200,000	Galway Metals, Inc.		177,100
		1,000,000	GR Silver Mining Ltd.		431,200
		3,500,000	Horizon Minerals Ltd.		251,780
		123,880	Integra Resources Corp.		414,936
		775,000	Liberty Gold Corp.		996,574
		1,000,000	Maritime Resources Corp.		100,100
		2,000,000	Matador Mining Ltd.		477,134
		245,000	Montage Gold Corp.		160,353
		161,300	New Found Gold Corp.		491,836
		400,000	Orca Gold, Inc.		178,640
		500,000	Paramount Gold Nevada Corp.		540,000
		2,899,100	Royal Road Minerals Ltd.*		625,047
		4,578,755	RTG Mining, Inc.*		571,378
		200,000	Sun Peak Metals Corp.		86,240
		2,512,040	Sutter Gold Mining, Inc.*,#		—
		1,210,500	Tajiri Resources Corp.		158,455
		604,500	Talisker Resources Ltd.		139,640
		1,595,000	Thor Explorations Ltd.		227,208
		400,000	West Vault Mining, Inc.		539,001
					8,190,335
Royalty/Streaming Companies 8.9%
		70,000	Maverix Metals, Inc.		359,100
		100,000	Osisko Gold Royalties Ltd.		1,088,000
		6,500	Royal Gold, Inc.		718,055
		75,000	Sandstorm Gold Ltd.		546,750

See notes to financial statements.

– 8 –

OCM GOLD FUND

Schedule of Investments – November 30, 2020 (Continued)

	Shares			Value
		100,000	Wheaton Precious Metals Corp.	$	3,860,014
					6,571,919
Primary Silver Producers 3.0%
		797,000	Aya Gold & Silver, Inc.		1,761,292
		100,000	Hecla Mining Co.		478,000
					2,239,292
Total Common Stocks
			(Cost $33,998,903)		70,565,163
WARRANTS 0.0%
Exploration and Development Companies 0.0%
		641,000	Euro Sun Mining, Inc. Exercise Price: 0.55 CAD, Exp. 6/5/2023*		—
					—
Primary Silver Producers 0.0%
		350,000	Aya Gold & Silver, Inc. Exercise Price: 3.30 CAD, Exp. 9/3/2023*		—
					—
Total Warrants
			(Cost $0)		—
SHORT-TERM INVESTMENT 4.8%
		3,547,160	UMB Money Market Fiduciary, 0.01%		3,547,160
Total Short-Term Investment
			(Cost $3,547,160)		3,547,160

Total Investments
	(Cost $37,546,063)	100.2	%		74,112,323
Liabilities less Other Assets		(0.2	)%		(166,665	)
TOTAL NET ASSETS		100.0	%	$	73,945,658

ADR – American Depository Receipt

PLC – Public Limited Company

CAD – Canadian Dollars

* Non-income producing security.

^# Level 3 security fair valued under procedures established by the Board of Trustees, represents 0.00% of Net Assets. The total value of this security is $0.

See notes to financial statements.

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OCM GOLD FUND

Schedule of Investments – November 30, 2020 (Continued)

SUMMARY OF INVESTMENTS BY COUNTRY

Country	Value		Percent of Investment Securities
Australia	$	2,870,880		3.9%
Canada		54,347,321		73.3
Cayman Islands		2,948,140		4.0
Jersey		625,047		0.8
South Africa		3,142,150		4.2
United Kingdom		406,392		0.6
United States1		9,201,015		12.4
Virgin Islands (British)		571,378		0.8
Total	$	74,112,323		100.0%

¹ Includes short-term investments.

See notes to financial statements.

– 10 –

OCM GOLD FUND

Statement of Assets and Liabilities – November 30, 2020

Assets:
Investments in unaffiliated issuers, at value (cost $37,546,063)	$	74,112,323
Receivable for fund shares sold		177,254
Due from Adviser		4,158
Interest and dividends receivable		126,099
Prepaid expenses and other assets		32,915
Total assets		74,452,749
Liabilities:
Payable for fund shares redeemed		259,636
Investment securities purchased		47,304
Accrued distribution fees		52,691
Investment adviser fees		61,840
Accrued transfer agent fees and expenses		17,633
Accrued fund administration and accounting fees		11,572
Accrued Trustees’ fees		3,400
Accrued audit fees		15,500
Accrued report to shareholders		11,861
Accrued expenses and other liabilities		25,654
Total liabilities		507,091
Net Assets	$	73,945,658
Net Assets Consist of:
Shares of beneficial interest, no par value: unlimited shares authorized	$	39,042,586
Total distributable earnings		34,903,072
Net Assets	$	73,945,658
Calculation of Maximum Offering Price:
Investor Class:
Net asset value and redemption price per share	$	11.94
Maximum sales charge (4.50% of offering price)		0.56
Offering price to public	$	12.50
Shares outstanding		1,536,211
Advisor Class:
Net asset value and redemption price per share	$	13.46
Shares outstanding		4,131,814
Total Shares Outstanding		5,668,025

See notes to financial statements.

– 11 –

OCM GOLD FUND

Statement of Operations – Year Ended November 30, 2020

Investment Income
Interest	$	1,506
Dividend (net of foreign withholding taxes of $66,919)		436,354
Total investment income		437,860
Expenses
Investment advisory fees		551,786
Distribution fees - Investor Class		133,522
Distribution fees - Advisor Class		56,311
Fund administration and accounting fees		111,324
Transfer agent fees and expenses		106,341
Federal and state registration fees		42,661
Legal fees		30,579
Chief Compliance Officer fees		24,870
Custody fees		22,918
Reports to shareholders		19,115
Audit fees		15,500
Trustees’ fees		11,806
Other expenses		14,229
Total expenses		1,140,962
Net investment loss		(703,102	)
Realized and Unrealized Gain on Investments:
Net realized gain on investments and foreign currency transactions		317,376
Net change in unrealized appreciation/depreciation on investments and foreign currency translations		17,186,699
Reimbursement by affiliate (Note 3)		4,158
Net gain on investments		17,508,233
Net increase in net assets from operations	$	16,805,131

See notes to financial statements.

– 12 –

OCM GOLD FUND

Statements of Changes in Net Assets

	Year Ended November 30, 2020			Year Ended November 30, 2019
Operations:
Net investment loss	$	(703,102	)	$	(501,263	)
Net realized gain on investments and foreign currency transactions		317,376			2,242,143
Net change in unrealized appreciation/depreciation on investments and foreign currency transactions		17,186,699			9,810,314
Net increase from payment by affiliate (Note 3)		4,158			—
Net increase in net assets from operations		16,805,131			11,551,194
Distributions Paid to Shareholders
Distributions:
Investor Class		(1,489,153	)		(4,021,862	)
Advisor Class		(792,591	)		(1,424,626	)
Total		(2,281,744	)		(5,446,488	)
Fund Share Transactions
Investor Class:
Net proceeds from shares sold		1,346,996			895,476
Distributions reinvested		1,410,502			3,396,889
Payment of shares redeemed1		(13,385,671	)		(3,787,200	)
Net increase (decrease) in net assets from Investor Class share transactions		(10,628,173	)		505,165
Advisor Class:
Net proceeds from shares sold		56,148,361			10,602,579
Distributions reinvested		748,817			1,027,514
Payment of shares redeemed2		(21,820,965	)		(7,035,387	)
Net increase in net assets from Advisor Class share transactions		35,076,213			4,594,706
Net increase in net assets from Fund share transactions		24,448,040			5,099,871
Total increase in net assets		38,971,427			11,204,577
Net Assets, Beginning of Period		34,974,231			23,769,654
Net Assets, End of Period	$	73,945,658		$	34,974,231

See notes to financial statements.

– 13 –

OCM GOLD FUND

Statements of Changes in Net Assets (Continued)

	Year Ended November 30, 2020			Year Ended November 30, 2019
Transactions in shares
Investor Class:
Shares sold		113,065			121,508
Shares issued on reinvestment of distributions		171,177			573,799
Shares redeemed		(1,353,678	)		(522,919	)
Net increase (decrease) in Investor Class shares outstanding		(1,069,436	)		172,388
Advisor Class:
Shares sold		4,511,934			1,168,422
Shares issued on reinvestment of distributions		81,305			157,836
Shares redeemed		(1,768,380	)		(892,656	)
Net increase in Advisor Class shares outstanding		2,824,859			433,602
Net Increase in Fund Shares Outstanding		1,755,423			605,990

¹ Net of redemption fees of $3,343 for the year ended November 30, 2020 and $1,006 for the year ended November 30, 2019, respectively.

² Net of redemption fees of $146,148 for the year ended November 30, 2020 and $51,310 for the year ended November 30, 2019, respectively.

See notes to financial statements.

– 14 –

OCM GOLD FUND

Notes to Financial Statements – November 30, 2020

Note 1. Organization

OCM Mutual Fund (the “Trust”) is registered under the Investment Company Act of 1940, as amended, 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.”

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 Trust’s Board of Trustees 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 investment adviser under procedures established by and under the general supervision and responsibility of the Trust’s Board of Trustees. For each investment that is fair valued, the investment 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.

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OCM GOLD FUND

Notes to Financial Statements – November 30, 2020 (Continued)

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:

● Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

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

● Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be 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.

– 16 –

OCM GOLD FUND

Notes to Financial Statements – November 30, 2020 (Continued)

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of November 30, 2020, in valuing the Fund’s assets carried at fair value:

Sector	Level 1		Level 2		Level 3		Total
Common Stocks
Major Gold Producers	$	17,995,650	$	—	$	—	$	17,995,650
Intermediate/Mid-Tier Gold Producers		16,027,882		—		—		16,027,882
Junior Gold Producers		19,540,085		—		—		19,540,085
Exploration and Development Companies		8,190,335		—		—		8,190,335
Royalty/Streaming Companies		6,571,919		—		—		6,571,919
Primary Silver Producers		2,239,292		—		—		2,239,292
Warrants		—		—		—		—
Short-Term Investment		3,547,160		—		—		3,547,160
Total	$	74,112,323	$	—	$	—	$	74,112,323

The Fund held two Level 2 securities at November 30, 2020. Euro Sun Mining, Inc. and Aya Gold & Silver, Inc., both Warrants, are being valued at intrinsic value, in accordance with procedures established by and under the general supervision of the Trust’s Board of Trustees. The Fund held one Level 3 security at November 30, 2020. Sutter Gold Mining, Inc. (“SGM CN”) has ceased operations and a receiver for the company’s assets has been appointed. The common shares of SGM CN will be valued at zero, in accordance with procedures established by and under the general supervision of the Trust’s Board of Trustees, until such time as the receiver has finalized the sale of the company’s assets.

There was no Level 3 activity during the year ended November 30, 2020 and did not warrant a Level 3 rollforward disclosure.

The Level 3 investments for the Fund represented 0.00% of net assets and did not warrant a disclosure of significant unobservable valuation inputs.

– 17 –

OCM GOLD FUND

Notes to Financial Statements – November 30, 2020 (Continued)

Foreign Currency – Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations for the year ended November 30, 2020 are included within the realized and unrealized gain/loss on investments section of the Statement of Operations.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates. Such fluctuations for the year ended November 30, 2020 are included within the realized and unrealized gain/loss on investments section of the Statement of Operations.

Federal Income Taxes – The Fund intends to comply with the requirements of the Internal Revenue 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 county’s tax rules and rate.

Accounting for Uncertainty in Income Taxes (“Income Tax Statement”) requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing the Fund’s tax returns to determine whether these positions meet a “more-likely-than-not” standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the “more-likely-than-not” recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The Fund’s policy is to classify interest and penalties associated with underpayment of federal and state income taxes, if any, as income tax expense on the Statement of Operations. As of November 30, 2020, 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 2017-2020 as defined by the Internal Revenue Service statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of and during the year ended November 30, 2020, 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.

– 18 –

OCM GOLD FUND

Notes to Financial Statements – November 30, 2020 (Continued)

Share Classes – The Fund offers two classes of shares, Investor Class and Advisor Class. The outstanding shares of the Fund on April 1, 2010 were renamed “Investor Class shares.” The Advisor 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.

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

Redemption Fee – A 1.50% redemption fee is retained by the Fund to offset transaction costs and other expenses associated with short-term investing. The fee is imposed on redemptions or exchanges of shares held less than three months from their purchase date. The Fund records the fee as a reduction of shares redeemed and as a credit to shares of beneficial interest. For the year ended November 30, 2020, the Investor Class and the Advisor Class received $3,343 and $146,148 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.

– 19 –

OCM GOLD FUND

Notes to Financial Statements – November 30, 2020 (Continued)

Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Derivative Instruments – Equity securities in the gold mining industry, particularly the smaller companies, may occasionally issue warrants as part of their capital structure. A warrant gives the holder the right to purchase the underlying equity at the exercise price until the expiration date of the warrant. The Fund may hold such warrants for exposure to smaller companies in the portfolio or other reasons associated with the Fund’s overall objective of long-term growth, though warrants will typically not be a significant part of the Fund’s portfolio. The Fund’s maximum risk in holding warrants is the loss of the entire amount paid for the warrants. At November 30, 2020, the Fund held warrants as listed on the Schedule of Investments.

Note 3. Investment Advisory Agreement and Affiliated Parties

The Fund has an investment advisory agreement with Orrell Capital Management, Inc. (“OCM” or the “Adviser”). 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 Advisor Class shares at 2.99% and 2.49%, respectively.

The Fund does not compensate Trustees and Officers affiliated with OCM. For the year ended November 30, 2020, 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.

– 20 –

OCM GOLD FUND

Notes to Financial Statements – November 30, 2020 (Continued)

Affiliates reimbursed the Fund $4,158 for losses on a trading error by the Adviser during the year ended November 30, 2020. This amount is reported on the Fund’s Statement of Operations and Statement of Changes in Net Assets. This reimbursement had no impact to the Fund’s net asset value per share or total return.

Note 4. Distribution Agreement and Plan

The Trust has adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended. 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 Advisor Class, in any fiscal year, subject to limits of 0.99% and 0.25%, respectively, of the average daily net assets of each respective class. For the year ended November 30, 2020, the Investor Class and the Advisor Class incurred $133,522 and $56,311, respectively, in expenses under the Plan.

Note 5. Purchases and Sales of Securities

Purchases and sales of investment securities (excluding short-term securities and U.S. government obligations) for the year ended November 30, 2020 were $19,359,907 and $574,901, respectively. There were no purchases or sales of U.S. government obligations.

Note 6. Federal Income Tax Information

At November 30, 2020, 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	$	39,499,555
Unrealized appreciation on investments	$	37,584,126
Unrealized depreciation on investments		(2,971,358	)
Unrealized appreciation on foreign currency		902
Net unrealized appreciation on investments	$	34,613,670

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

– 21 –

OCM GOLD FUND

Notes to Financial Statements – November 30, 2020 (Continued)

The tax character of distributions paid during the fiscal years ended November 30, 2020 and 2019 was as follows:

	2020		2019
Ordinary income	$	—	$	—
Net long-term capital gains		2,281,744		5,446,488
Total distributions	$	2,281,744	$	5,446,488

As of November 30, 2020 the components of accumulated earnings on a tax basis were as follows:

Undistributed ordinary income	$	186,726
Undistributed long-term gains		102,676
Tax accumulated earnings		289,402
Accumulated capital and other losses		—
Unrealized appreciation on investments		34,612,768
Unrealized appreciation on foreign currency		902
Total accumulated earnings	$	34,903,072

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 the 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.

– 22 –

OCM GOLD FUND

Notes to Financial Statements – November 30, 2020 (Continued)

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 Advisor, at any time, determines that the value of illiquid securities held by the Fund exceeds 15% of its net asset value, the Advisor 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. COVID-19 Pandemic

In early 2020, an outbreak of a novel strain of coronavirus (COVID-19) emerged globally. This coronavirus has resulted in closing international borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general public concern and uncertainty. The impact of this outbreak has negatively affected 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. The future impact of COVID-19 is currently unknown, and it may exacerbate other risks that apply to the Fund, including political, social and economic risks. Any such impact 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 in the Fund. The ultimate impact of COVID-19 on the financial performance of the Fund’s investments is not reasonably estimable at this time.

Note 10. Subsequent Events

Management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. The Fund declared the following distributions:

Record Date		Payable Date		Share Class		Long Term Capital Gain		Short Term Capital Gain		Ordinary Income
	12/17/2020		12/18/2020		Advisor	$	0.05043	$	0.00000	$	0.15894
	12/17/2020		12/18/2020		Investor	$	0.05043	$	0.00000	$	0.07650

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

– 23 –

OCM GOLD FUND

Financial Highlights Investor Class

	Year Ended Nov. 30, 2020			Year Ended Nov. 30, 2019			Year Ended Nov. 30, 2018			Year Ended Nov. 30, 2017			Year Ended Nov. 30, 2016
Per Share Operating Performance
(For a share outstanding throughout each period)
Net asset value, beginning of period	$	8.62		$	7.05		$	9.26		$	11.12		$	7.19
Income from Investment Operations:
Net investment loss1		(0.16	)		(0.14	)		(0.19	)		(0.21	)		(0.24	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		4.05			3.37			(1.36	)		0.10			4.17
Net increase from payments by affiliates (Note 3)		—	2		—			—			—			—
Total from investment operations		3.89			3.23			(1.55	)		(0.11	)		3.93
Less Distributions:
Dividends from net investment income		—			—			—			—			—
Distribution from net realized gains		(0.57	)		(1.66	)		(0.66	)		(1.75	)		—	2
Total distributions		(0.57	)		(1.66	)		(0.66	)		(1.75	)		—	2
Redemption fee proceeds		—	2		—	2		—	2		—	2		—	2
Net asset value, end of period	$	11.94		$	8.62		$	7.05		$	9.26		$	11.12
Total return*		48.15	%		56.65	%		(18.24	)%		0.94	%		54.74	%
Ratios/Supplemental Data:
Net assets, end of year (in 000’s)	$	18,343		$	22,467		$	17,146		$	30,492		$	33,841
Ratio of expenses to average net assets		2.29	%		2.91	%		2.93	%		2.78	%		2.66	%
Ratio of net investment loss to average net assets		(1.53	)%		(1.89	)%		(2.27	)%		(2.17	)%		(2.07	)%
Portfolio turnover rate		1	%		18	%		6	%		10	%		11	%

* Assumes no sales charge

¹ Based on average shares method.

² Amount represents less than $0.01 per share.

See notes to financial statements.

– 24 –

OCM GOLD FUND

Financial Highlights Advisor Class

	Year Ended Nov. 30, 2020			Year Ended Nov. 30, 2019			Year Ended Nov. 30, 2018			Year Ended Nov. 30, 2017			Year Ended Nov. 30, 2016
Per Share Operating Performance
(For a share outstanding throughout each period)
Net asset value, beginning of period	$	9.57		$	7.58		$	9.86		$	11.63		$	7.46
Income from Investment Operations:
Net investment loss1		(0.13	)		(0.11	)		(0.15	)		(0.15	)		(0.18	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		4.54			3.71			(1.47	)		0.12			4.31
Net increase from payments by affiliates (Note 3)		—	2		—			—			—			—
Total from investment operations		4.41			3.60			(1.62	)		(0.03	)		4.13
Less Distributions:
Dividends from net investment income		—			—			—			—			—
Distribution from net realized gains		(0.57	)		(1.66	)		(0.66	)		(1.75	)		—	2
Total distributions		(0.57	)		(1.66	)		(0.66	)		(1.75	)		—	2
Redemption fee proceeds		0.05			0.05			—	2		0.01			0.04
Net asset value, end of period	$	13.46		$	9.57		$	7.58		$	9.86		$	11.63
Total return		49.40	%		58.54	%3		(17.81	)%3		1.81	%		55.98	%
Ratios/Supplemental Data:
Net assets, end of year (in 000’s)	$	55,603		$	12,507		$	6,624		$	7,106		$	9,467
Ratio of expenses to average net assets		1.79	%		2.38	%		2.31	%		2.05	%		2.03	%
Ratio of net investment loss to average net assets		(1.03	)%		(1.36	)%		(1.65	)%		(1.44	)%		(1.44	)%
Portfolio turnover rate		1	%		18	%		6	%		10	%		11	%

¹ Based on average shares method.

² Amount represents less than $0.01 per share.

³ Total returns would have been higher/lower had expenses not been waived/recovered by the Adviser.

See notes to financial statements.

– 25 –

OCM GOLD FUND

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of OCM Mutual Fund and
Shareholders of OCM Gold Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of OCM Gold Fund (the “Fund”), a series of OCM Mutual Fund (the “Trust”), including the schedule of investments, as of November 30, 2020, the related statement of operations for the year then ended, and the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The financial highlights for each of the two years in the period ended November 30, 2017 have been audited by other auditors, whose report dated January 26, 2018 expressed unqualified opinion on such financial highlights.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as

– 26 –

OCM GOLD FUND

Report of Independent Registered Public Accounting Firm (Continued)

evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2020 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania
January 27, 2021

– 27 –

OCM GOLD FUND

Expense Example – For the Period Ended November 30, 2020
(Unaudited)

As a shareholder of the OCM Gold Fund (the “Fund”), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees on certain redemptions; and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2020 to November 30, 2020 (the “period”).

Actual Expenses

The row titled “Actual” in the table below provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 equals 8.6), then multiply the result by the number in the appropriate line for your share class under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during the periods.

Hypothetical Example for Comparison Purposes

The row titled “Hypothetical” in the table below provides information about hypothetical account values and hypothetical expenses based on each class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the classes of the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and redemption fees. Therefore, the hypothetical lines of the table are useful in comparing the ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

– 28 –

OCM GOLD FUND

Expense Example – For the Period Ended November 30, 2020 (Continued)
(Unaudited)

Expenses Paid During the Period

	Beginning Account Value June 1, 2020	Ending Account Value November 30, 2020	Expenses Paid During the Period Ended November 30, 2020*
Investor Class
Actual	$ 1,000.00	$ 1,093.40	$ 11.02
Hypothetical (5% return before expenses)	1,000.00	1,014.47	10.61
Advisor Class
Actual	1,000.00	1,098.80	8.99
Hypothetical (5% return before expenses)	1,000.00	1,016.43	8.64

* Expenses are equal to the Investor Class’ and Advisor Class’ annualized expense ratios of 2.11% and 1.71%, respectively, for the period, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

– 29 –

OCM GOLD FUND

Other Information
(Unaudited)

Investments by Sector – As of November 30, 2020
As a Percentage of Total Investments

The Fund files a complete schedule of their portfolio holdings with the U.S. Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-PORT within 60 days of the end of such fiscal quarter. Shareholders may obtain the Fund’s Form N-PORT on the SEC’s website at www.sec.gov.

A description of the Fund’s proxy voting policies and procedures and a record of the Fund’s proxy votes for the year ended June 30, 2020 are available without charge, upon request by calling toll free 1-800-779-4681 and on the SEC’s website at http://www.sec.gov. The Fund’s proxy voting policies and procedures are also available on the Fund’s website at http://www.ocmgoldfund.com.

– 30 –

OCM GOLD FUND - INVESTOR CLASS

Performance Results – Year Ended November 30, 2020
(Unaudited)

Average Annual Total Returns

	Investor Class	S&P 500® Index	Philadelphia Gold & Silver Index
1 year	41.42%	17.46%	42.22%
5 year	23.13%	13.99%	24.83%
10 year	-1.83%	14.19%	-3.37%

– 31 –

OCM GOLD FUND - ADVISOR CLASS

Performance Results – Year Ended November 30, 2020
(Unaudited)

Average Annual Total Returns

	Advisor Class	S&P 500® Index	Philadelphia Gold & Silver Index
1 year	49.40%	17.46%	42.22%
5 year	25.32%	13.99%	24.83%
10 year	-0.67%	14.19%	-3.37%

– 32 –

OCM GOLD FUND

Annual Renewal of Investment Advisory Agreement
(Unaudited)

On October 20, 2020, the Board of Trustees of OCM Mutual Fund approved the continuation of the Fund’s investment advisory agreement with Orrell Capital Management, Inc. (the “Adviser”). Prior to approving the continuation of the agreement, the Board considered:

● the nature, extent and quality of the services provided by the Adviser

● the investment performance of the Fund

● the costs of the services to be provided and profits to be realized by the Adviser from its relationship with the Fund

● the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect those economies of scale

● the expense ratio of the Fund

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

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

In considering the nature, extent and quality of the services provided by the Adviser, the Board considered an oral presentation by the Adviser describing the portfolio management, shareholder communication, and regulatory compliance services provided by the Adviser to the Fund. Based on their review and discussions with management, the Trustees believe that the Adviser provides high quality services to the Fund, and they noted that their overall confidence in the Adviser is high. The Trustees also concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Fund by the Adviser, as the Adviser has worked to obtain good performance for the Fund, and performance has remained strong in recent periods, and that the nature and extent of the services provided by the Adviser are appropriate to ensure that the Fund’s operations are conducted in compliance with applicable laws, rules and regulations, as there have been no material compliance violations.

– 33 –

OCM GOLD FUND

Annual Renewal of Investment Advisory Agreement (Continued)
(Unaudited)

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

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

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

The Trustees also reviewed reports comparing the expense ratios of each class and advisory fees paid by the Fund to those paid by other comparable mutual funds in the same category and concluded that the advisory fees paid by the Fund and the expense ratios of each class of the Fund were within a reasonable range of comparable mutual funds. In making this conclusion, the Trustees also noted the unique expertise of the Adviser and that the Adviser does not currently engage any sub-advisers for the Fund. The Trustees also discussed the advisory fees payable by the Fund in relation to other advisory clients of the Adviser. The Trustees determined that they did not find anything to suggest that the fees charged to the Fund are unreasonable in comparison to other fees charged by the Adviser.

– 34 –

OCM GOLD FUND

Annual Renewal of Investment Advisory Agreement (Continued)
(Unaudited)

The Trustees concluded that the Fund has the right structure in place to continue to realize lower fees and expenses as asset levels continue to increase. The Trustees also considered whether the investment advisory agreement fee schedule should be adjusted for an increase in assets under management. They concluded that the existing “breakpoints” embodied in the investment advisory agreement would result in substantially lower fee rates than those of comparable mutual funds.

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

– 35 –

OCM GOLD FUND

Additional Fund Information
(Unaudited)

Corporate Dividends Received Distribution

For the fiscal year ended November 30, 2020, 31.52% of the dividends to be paid from net investment income, including short-term capital gains qualifies for the dividends received deduction available to corporate shareholders of the OCM Gold Fund.

Qualified Dividend Income

Pursuant to Section 854 of the Internal Revenue Code of 1986, OCM Gold Fund designates income dividends of 100% as qualified dividend income paid during the fiscal year ended November 30, 2020.

Long Term Capital Gains Designation

Pursuant to IRC 852(b)(3) of the Internal Revenue Code OCM Gold Fund hereby designates $2,281,744 as long-term capital gains distributed during the year ended November 30, 2020.

Liquidity Risk Management Program

The Fund has adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940, as amended. The program is reasonably designed to assess and manage the Fund’s liquidity risk, taking into consideration, among other factors, the Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources. The Fund’s Board of Trustees approved the appointment of a Liquidity Program Administrator (“LPA”) comprised of the Trust’s Liquidity Risk Management Program Committee, which includes representatives from the Fund’s investment adviser, independent trustees and the Fund’s CCO. The LPA is responsible for the program’s administration and oversight and for reporting to the Board on at least an annual basis regarding the program’s operation and effectiveness. The LPA updated its assessment of the Fund’s liquidity risk profile, considering additional data gathered in the 12 months ended May 31, 2020 and the adequacy and effectiveness of the liquidity risk management program’s operations since its inception on June 1, 2019 (the “Review Period”), in order to prepare a written report for the Board of Trustees (the “Report”) for consideration at its meeting held on July 23, 2020.

During the Review Period, the Fund did not experience unusual stress or disruption to its operations related to purchase and redemption activity. Also, during the Review Period, the Fund held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. The Fund did not have a significant amount of illiquid investments and did not require a determination as to a highly liquid investment minimum. The Report concluded that the Fund’s liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and has been implemented effectively.

– 36 –

OCM GOLD FUND

Trustee and Officer Information
(Unaudited)

The business and affairs of the Fund are managed under the direction of the Board of Trustees. Information pertaining to the Trustees and Officers of the Fund is set forth below. The Fund’s Statement of Additional Information includes additional information about Trustees and is available, without charge, upon request by calling 1-800-779-4681.

Independent Trustees*
Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Service	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee or Nominee for Trustee
Doug Webenbauer 2600 Kitty Hawk Road, Suite 119 Livermore, California 94551 Age 60	Trustee	Indefinite Since 2005	Controller of Comtel Systems Technology, Inc., a low voltage electrical contractor, since 2016. Prior to that, Chief Financial Officer of M.E. Fox & Company, Inc., a beer distributor (2000 to 2016).	None
Peter Hayman 2600 Kitty Hawk Road, Suite 119 Livermore, California 94551 Age 66	Trustee	Indefinite Since 2018	Managing member of Anzus Capital, LLC, a corporate investment advisory firm specializing in Australasian companies, since 2005. Prior to that, Mr. Hayman held positions in institutional equity sales with investment firms ABN, AMRO, JP Morgan and Ord Minnett, since 1978.	None

– 37 –

OCM GOLD FUND

Trustee and Officer Information (Continued)
(Unaudited)

Interested Trustees and Officers**
Name, Address and Age	Position(s) Held with Fund	Term of Office and Length of Service	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee or Nominee for Trustee
Gregory M. Orrell 2600 Kitty Hawk Road, Suite 119 Livermore, California 94551 Age 59	Trustee, President, Treasurer	Indefinite Since 2004	President of Orrell Capital Management, Inc. since 1991.	None
Katherine A. Orrell 2600 Kitty Hawk Road, Suite 119 Livermore, California 94551 Age 25	Secretary	One year term Since 2019	Administrative Assistant of Orrell Capital Management, Inc. since 2019. Full time student from 2009 to 2018.	N/A
Emile Molineaux 2600 Kitty Hawk Road, Suite 119 Livermore, California 94551 Age 58	Chief Compliance Officer and Anti-Money Laundering Officer	At discretion of the Board Since 2018	Senior Compliance Officer and CCO of various clients of Northern Lights Compliance Services, LLC (since 2011).	N/A

* “Independent” trustees are trustees who are not deemed to be “interested persons” of the Fund as defined in the Investment Company Act of 1940.

** An “interested” trustee is a trustee who is deemed to be an “interested person” of the Fund, as defined in the Investment Company Act of 1940. Gregory M. Orrell is an interested person of the Fund because of his ownership in the Fund’s investment adviser.

– 38 –

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OCM Gold Fund
Distributed by:

Northern Lights Distributors, LLC
17605 Wright Street
Omaha, NE 68130

2097-NLD-1/26/2021

Item 2. Code of Ethics.

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

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

Item 3. Audit Committee Financial Expert.

The registrant's board of trustees has determined that Mr. Doug Webenbauer is an audit committee financial expert serving on its audit committee and that Mr. Webenbauer is independent.

Item 4. Principal Accountant Fees and Services

(a) – (e)

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

	Fiscal year ended November 30, 2020	Fiscal year ended November 30, 2019
Audit Fees	$13,000	$13,000
Audit-Related Fees	$0	$0
Tax Fees	$2,500	$2,500
All Other Fees	$0	$0

The registrant's audit committee has adopted an Audit Committee Charter that requires that the Audit Committee review the scope and plan of the registered public accounting firm's annual and interim examinations, approve the services (other than the annual audit) to be performed for the registrant by the independent public accountants and approve the fees and other compensation payable to the independent accountants. During the fiscal years ended November 30, 2020 and 2019, all of the audit and non-audit services provided by the registrant's principal accountant were pre-approved by the audit committee.

(f) None.

(g) None.

(h) Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

The schedules of investments in securities in unaffiliated issuers are included as part of the reports to shareholders filed under Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submissions of Matters to a Vote of Security Holders

For the purposes of this Item, there have not been any material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

Item 11. Controls and Procedures.

(a) The registrant's certifying officer has concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-2 under the Investment Company Act of 1940 (the "Act")) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-2 under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.

(b) Not Applicable

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) Code of Ethics – Filed as an attachment to this filing.

(a)(2) Certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2(a)) – Filed as an attachment to this filing.

(a)(3) 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 to open-end investment companies.

(a)(4) 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 Exchange Act (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) – Filed as an attachment to this filing.

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 and Treasurer

Date: January 28, 2021

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 and Treasurer

Date: January 28, 2021