UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-PX
ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act File Number 811-04010
OCM Mutual Fund
1536 Holmes Street
Livermore, CA 94550
(Address of principal executive offices)
OCM Mutual Fund
Attn: Greg Orrell
1536 Holmes Street
Livermore, CA 94550
(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: July 1, 2009 through June 30, 2010
Item 1. Proxy Voting Record
| PROXY SUMMARY 7/01/2009 - 06/30/2010 |
| ORRELL CAPITAL MANAGEMENT |
| | | | | | | | | | | | | | | | | |
| Company Name | | Company
Symbol | | CUSIP
Number | | Shareholder
Meeting date | | Describe The Matter Voted On | | Proposed by Company or Security | | Did Orrell
Capital Vote? | | How did Orrell
Capital Vote? | | Votes cast For or Against Mgt |
| | | | | | | | | | | | | | | | | |
| AngloGold Ashanti Ltd. ADR | | AU | | 035128206 | | 7/3/2009 | | Specific authority and approval to the directors to issue Ordinary shares for the purpose of the conversion Rights attaching to the US $732,500,000 3.50 percent convertible bonds issued by AngloGold Ashanti Finance PLC, a wholly owned subsidiary of the Company and irrevocably guaranteed by the Company. | | Company | | Yes | | For | | For |
| | | | | | | | | | | | | | | | | |
| Evolving Gold Corp. | | EVG CN | | 30050D958 | | 9/24/2009 | | 1. Elect directors; 2. Appoint BDO Dunwoody LLP as auditors and authorizing the Directors to fix remuneration; 3. Approve share Option Plan dated 3/14/2007. | | Company | | Yes | | For | | For |
| | | | | | | | | | | | | | | | | |
| Keegan Resources, Inc. | | KGN | | 487275109 | | 10/1/2009 | | 1. Set number of directors at seven; 2. Elect directors; 3. Appoint BDO Dunwoody LLP as auditors, authorize directors to fix remuneration; 4. Approve continuation of the shareholders’ Rights Plan Agreement dated 9/01/2006 between the Company and Computershare Investor Services until 9/01/2012. | | Company | | Yes | | For | | For |
| | | | | | | | | | | | | | | | | |
| International Tower Hill Mines Ltd. | | ITH CN | | 46051L104 | | 10/15/2009 | | 1. Fix number of directors at 6; 2. Elect directors; 3. Appoint Mackay LLP as auditors, authorize directors to fix remuneration; 4. Re-approve Company's 2006 incentive stock option plan; 5. Pass ordinary resolution to ratify and approve adoption of Company's shareholder rights plan. | | Company | | Yes | | For | | For |
| | | | | | | | | | | | | | | | | |
| Company Name | | Company
Symbol | | CUSIP
Number | | Shareholder
Meeting date | | Describe The Matter Voted On | | Proposed by Company or Security | | Did Orrell
Capital Vote? | | How did Orrell
Capital Vote? | | Votes cast For or Against Mgt |
| | | | | | | | | | | | | | | | | |
| Argentex Mining Corp. | | AGXM | | 04012E107 | | 10/22/2009 | | 1. Elect directors; 2. Re-appoint Morgan & Co. as auditors; 3. Ratify consulting agreement between the Company and Frontera Geological Services Ltd.; 4. Ratify Consulting agreement between the Company and B.C. Ltd. | | Company | | Yes | | For | | For |
| | | | | | | | | | | | | | | | | |
| Altius Minerals Corp. | | ALS CN | | 020936100 | | 10/28/2009 | | 1. Fix number of directors at 7; 2. Elect directors; 3. Appoint Deloitte & Touche LLP as auditors; 4. Confirm shareholders rights plan. | | Company | | Yes | | For | | For |
| | | | | | | | | | | | | | | | | |
| Gold Fields Ltd. ADR | | GFI | | 38059T106 | | 11/4/2009 | | 1. Adoption of financial statements; 2. Elect directors; 3. Placement of ordinary shares under control of directors; 4. Placement of non-convertible redeemable shares under control of directors; 5. Issuing equity securities for cash; 6. Amendments to the Gold Fields Ltd. 2005 share plan; 7. Award of rights to non-executive directors; 8. Increase non-executive fees; 9. Acquisition of Company's own shares. | | Company | | Yes | | For | | For |
| | | | | | | | | | | | | | | | | |
| Royal Gold, Inc. | | RGLD | | 780287108 | | 11/18/2009 | | 1. Elect directors; 2. Appoint PricewaterhouseCoopers LLP as auditors. | | Company | | Yes | | For | | For |
| | | | | | | | | | | | | | | | | |
| Harmony Gold Mining Co., Ltd. ADR | | HMY | | 413216300 | | 11/23/2009 | | 1. Adoption of financials for the fiscal year 2009; 2. Re-appointment of PricewaterhouseCoopers as auditors; 3. Elect directors; 4. Placement of 10% of authorized but unissued ordinary shares of the Company under the directors' control; 5. General authority for directors to allot and issue Equity Securities for cash up to 5%; 6. Increase in non-executive directors' fees. | | Company | | Yes | | For | | For |
| | | | | | | | | | | | | | | | | |
| Company Name | | Company
Symbol | | CUSIP
Number | | Shareholder
Meeting date | | Describe The Matter Voted On | | Proposed by Company or Security | | Did Orrell
Capital Vote? | | How did Orrell
Capital Vote? | | Votes cast For or Against Mgt |
| | | | | | | | | | | | | | | | | |
| Randgold Resources Ltd. ADR | | GOLD | | 752344309 | | 12/18/2009 | | Special Meeting. 1. That the proposed acquisition by Kibali (Jersey) Limited shares in Kibali Goldmines S.P.R.L. be and is hereby approved. | | Company | | Yes | | For | | For |
| | | | | | | | | | | | | | | | | |
| Grayd Resource Corp. | | GYD CN | | 388902108 | | 2/2/2010 | | 1. Set the number of directors at four; 2. Elect directors; 3. Appoint Smythe Ratcliff LLP as auditors, have directors set remuneration; 4. Approve Company's amended stock option plan; 5. Grant the proxy holder authority to vote at his/her discretion on any other business, or amendment or variation to the previous resolutions. | | Company | | Yes | | For | | For |
| | | | | | | | | | | | | | | | | |
| Rainy River Resources Ltd. | | RR CN | | 75101R100 | | 3/16/2010 | | 1. Elect directors; 2. Appoint Davidson & Co. LLP as auditors; 3. To consider and if deemed fit, approve the continuance of the Company's stock option plan. | | Company | | Yes | | For | | For |
| | | | | | | | | | | | | | | | | |
| Agnico-Eagle Mines Ltd. | | AEM | | 008474108 | | 3/30/2010 | | 1. Elect directors; 2. Appoint Ernst & Young as auditors, directors to set remuneration; 3. Resolution approving amendment to stock option plan; 4. Special resolution approving an amendment to Agnico Eagle's Articles of Amalgamation and authorizing Board of Directors to set the number of directors. | | Company | | Yes | | For | | For |
| | | | | | | | | | | | | | | | | |
| Newmont Mining Corp. | | NEM | | 651639106 | | 4/23/2010 | | 1. Elect directors; 2. Appoint PricewaterhouseCoopers as auditors; 3. Stockholder proposal regarding special meetings; 4. Stockholder proposal to approve majority voting for the election of directors in a non-contested election. | | Company
1 & 2
Shareholder
3 & 4 | | Yes | | | | For
1 & 2
Against
3 & 4 |
| | | | | | | | | | | | | | | | | |
| Barrick Gold Corp. | | ABX | | 067901108 | | 4/28/2010 | | 1. Elect directors; 2. Appoint PricewaterhouseCoopers as auditors; 3. Advisory resolution on executive compensation. | | Company | | Yes | | For | | For |
| | | | | | | | | | | | | | | | | |
| Company Name | | Company
Symbol | | CUSIP
Number | | Shareholder
Meeting date | | Describe The Matter Voted On | | Proposed by Company or Security | | Did Orrell
Capital Vote? | | How did Orrell
Capital Vote? | | Votes cast For or Against Mgt |
| | | | | | | | | | | | | | | | | |
| Nevsun Resources Ltd. | | NSU | | 64156L101 | | 5/3/2010 | | 1. Elect directors; 2. Appoint KPMG as auditors; 3. Approve amendment to the Company's stock option plan. | | Company | | Yes | | For | | For |
| | | | | | | | | | | | | | | | | |
| Randgold Resources Ltd. ADR | | GOLD | | 752344309 | | 5/5/2010 | | 1. Elect directors; 2. Adoption of the report of the remuneration committee; 3. Approve the fees payable to the directors; 4. Re-appoint BDO as auditors; 5. Special resolution #1: Increase of authorized share capital; 6. Special resolution #2: Amend paragraph 4 of the Memorandum of Association; 7. Special resolution #3: Amend Article 4.1 of the Article of Association. | | Company | | Yes | | For | | For |
| | | | | | | | | | | | | | | | | |
| Kinross Gold Corp. | | KGC | | 496902404 | | 5/5/2010 | | 1. Elect directors; 2. Approve appointment of KPMG as auditors and authorize directors to fix remuneration. | | Company | | Yes | | For | | For |
| | | | | | | | | | | | | | | | | |
| Eldorado Gold Corp. | | EGO | | 284902103 | | 5/5/2010 | | 1. Elect directors; 2. Appoint KPMG as auditors; 3. Authorize directors to fix the auditor's compensation; 4. Pass an ordinary resolution to increase the maximum allowable remuneration which may be paid to the independent directors. | | Company | | Yes | | For | | For |
| | | | | | | | | | | | | | | | | |
| Lihir Gold Ltd. ADR | | LIHR | | 532349107 | | 5/5/2010 | | 1. Approve financial statements; 2 & 3. Elect directors; 4 . Re-appointment of PricewaterhouseCoopers as auditors; 5. Contract for new CEO; 6. Issue of share rights for new CEO. | | Company | | Yes | | For | | For |
| | | | | | | | | | | | | | | | | |
| Company Name | | Company
Symbol | | CUSIP
Number | | Shareholder
Meeting date | | Describe The Matter Voted On | | Proposed by Company or Security | | Did Orrell
Capital Vote? | | How did Orrell
Capital Vote? | | Votes cast For or Against Mgt |
| | | | | | | | | | | | | | | | | |
| Yamana Gold, Inc. | | AUY | | 98462Y100 | | 5/5/2010 | | 1. Elect directors; 2. Appoint Deloitte & Touche LLP as auditors. | | Company | | Yes | | For | | For |
| | | | | | | | | | | | | | | | | |
| New Gold, Inc. | | NGD | | 644535106 | | 5/6/2010 | | 1. Elect directors; 2. Appoint Deloitte & Touche LLP as auditors, authorizing directors to fix remuneration. | | Company | | Yes | | For | | For |
| | | | | | | | | | | | | | | | | |
| AngloGold Ashanti Ltd. ADR | | AU | | 035128206 | | 5/7/2010 | | 1. Adoption of financial statements; 2. Appoint Ernst & Young as auditors; 3-6. Elect directors and appointment of directors to committees; 7-9. General authority to directors to allot and issue ordinary shares, issue ordinary shares for cash, issue convertible bonds; 10. Increase non-executive fees; 11. Increase in non- directors' fees for Board Committee meetings;
12. Amendments to the AngloGold Ashanti Ltd. share Incentive Scheme; 13. Amendments to the long term Incentive Plan 2005; 14. Amendment to the Limited Bonus Share Plan 2005; 15. Specific authority to issue shares for the purpose of the schemes adopted by the Company from time to time; 16. Non-binding advisory Resolution: Approval of the Company's remuneration policy; 17. Acquisition of Company's own shares. | | Company | | Yes | | For | | For |
| | | | | | | | | | | | | | | | | |
| Red Back Mining, Inc. | | RBI CN | | 756297107 | | 5/10/2010 | | 1. Elect directors; 2. Appoint PricewaterhouseCoopers as auditor, authorize directors to fix remuneration; 3. Approve new Stock Option Plan; 4. Approve certain stock option grants to insiders of the Corporation; 5. Approve an Amendment to By-Law No. 8.05. | | Company | | Yes | | For | | For |
| | | | | | | | | | | | | | | | | |
| Company Name | | Company
Symbol | | CUSIP
Number | | Shareholder
Meeting date | | Describe The Matter Voted On | | Proposed by Company or Security | | Did Orrell
Capital Vote? | | How did Orrell
Capital Vote? | | Votes cast For or Against Mgt |
| | | | | | | | | | | | | | | | | |
| Pan American Silver Corp. | | PAAS | | 697900108 | | 5/10/2010 | | 1. Elect directors; 2. Re-appoint Deloitte & Touche LLP as auditors; 3. Authorize directors to fix auditor's remuneration; 4. Approve resolution approving the Corporation's approach to executive compensation; 5. Approve resolution amending 2008 Stock Option Plan. | | Company | | Yes | | For | | For |
| | | | | | | | | | | | | | | | | |
| Franco-Nevada Corp. | | FNV CN | | 351858105 | | 5/12/2010 | | 1. Elect directors; 2. Appoint PricewaterhouseCoopers as auditors, directors to fix remuneration; 3. Approve resolution approving Corporation's share compensation plan; 4. Approve advisory resolution on the corporation's approach to executive compensation. | | Company | | Yes | | For | | For |
| | | | | | | | | | | | | | | | | |
| Anatolia Minerals Development Ltd. | | ANO CN | | 032900953 | | 5/12/2010 | | 1. Elect directors; 2. Appoint PricewaterhouseCoopers as auditors, directors to fix remuneration; 3. Resolution approving amended shareholder rights plan. | | Company | | Yes | | For | | For |
| | | | | | | | | | | | | | | | | |
| Jaguar Mining, Inc. | | JAG CN | | 47009M954 | | 5/13/2010 | | 1. Elect directors; Re-appoint KPMG LLP as auditors, directors to fix remuneration. | | Company | | Yes | | For | | For |
| | | | | | | | | | | | | | | | | |
| Claude Resources, Inc. | | CRJ CN | | 182873950 | | 5/14/2010 | | 1. Elect directors; 2. Appoint KPMG LLP as auditors, directors to fix remuneration; 3. Ratification and approval of Corporation's stock option plan; 4. Ratification and approval of employee share purchase plan. | | Company | | Yes | | For | | For |
| | | | | | | | | | | | | | | | | |
| Company Name | | Company Symbol | | CUSIP Number | | Shareholder Meeting date | | Describe The Matter Voted On | | Proposed by Company or Security | | Did Orrell Capital Vote? | | How did Orrell Capital Vote? | | Votes cast For or Against Mgt |
| | | | | | | | | | | | | | | | | |
| IAMGOLD Corp. | | IAG | | 450913108 | | 5/19/2010 | | 1. Elect directors; 2. Appoint KPMG LLP as auditors; 3. Resolved that shareholders accept the approach to executive compensation, disclosed in 2010 information circular. | | Company | | Yes | | For | | For |
| | | | | | | | | | | | | | | | | |
| Centerra Gold, Inc. | | CG CN | | 152006102 | | 5/19/2010 | | 1. Elect directors; 2. Appoint KPMG LLP as auditors and authorize directors to fix their remuneration. | | Company | | Yes | | For | | For |
| | | | | | | | | | | | | | | | | |
| Goldcorp, Inc. | | GG | | 380956409 | | 5/19/2010 | | 1. Elect directors; 2. Appoint Deloitte & Touche LLP as auditors; 3. Shareholder proposal. | | Company
1 & 2
Shareholder 3 | | Yes | | For
1 & 2
Against
3 | | For
1 & 2
Against 3 |
| | | | | | | | | | | | | | | | | |
| Silver Wheaton Corp. | | SLW CN | | 828336958 | | 5/20/2010 | | 1. Elect directors; 2. Appoint Deloitte & Touche LLP as auditors and authorize directors to fix their remuneration. | | Company | | Yes | | For | | For |
| | | | | | | | | | | | | | | | | |
| Aura Minerals, Inc. | | ORA CN | | 05152Q305 | | 5/27/2010 | | 1. Resolution approving increase number of directors to 9; 2. Elect directors; 3. Appoint PricewaterhouseCoopers as auditors, authorize directors to fix remuneration; 4. Approve 2010 Stock Option Plan; 5. Resolution approving the Treasury Share Unit Plan. | | Company | | Yes | | For | | For |
| | | | | | | | | | | | | | | | | |
| Sabina Silver Corp. | | SBB CN | | 785246109 | | 6/4/2010 | | 1. Set number of directors at 8; 2. Elect directors; 3. Appoint KPMG LLP as auditors; 4. Approve amendments to the Company's Stock Option Plan. | | Company | | Yes | | For | | For |
| | | | | | | | | | | | | | | | | |
| Sutter Gold Mining, Inc. | | SGM CN | | 86944A105 | | 6/8/2010 | | 1. Set number of directors at 5; 2. Elect directors; 3. Appoint Devisser Gray as auditors and directors to fix remuneration; 4. Approve resolution for the adoptions of new form of Articles for the company; 5. Confirm Company's stock option plan; 6. Transact any other business. | | Company | | Yes | | For | | For |
| | | | | | | | | | | | | | | | | |
| Company Name | | Company Symbol | | CUSIP Number | | Shareholder Meeting date | | Describe The Matter Voted On | | Proposed by Company or Security | | Did Orrell Capital Vote? | | How did Orrell Capital Vote? | | Votes cast For or
Against Mgt |
| | | | | | | | | | | | | | | | | |
| SEMAFO, Inc. | | SMF CN | | 816922108 | | 6/16/2010 | | 1. Elect directors; 2. Appoint PricewaterhouseCoopers as auditors; 3. Adoption of 2010 stock option plan. | | Company | | Yes | | For | | For |
| | | | | | | | | | | | | | | | | |
| San Gold Corp. | | SGR CN | | 79780P104 | | 6/21/2010 | | 1. Elect directors; 2. Appoint Scarrow & Donald as auditors, directors fix remuneration; 3. Approval of amended stock option plan. | | Company | | Yes | | For | | For |
| | | | | | | | | | | | | | | | | |
| Great Basin Gold Ltd. | | GBG | | 390124105 | | 6/22/2010 | | 1. Elect directors; 2. Appoint PricewaterhouseCoopers as auditors; 3. Adopt new three year shareholder rights plan agreement; 4. Alter existing Articles to accommodate a paperless share transfer system. | | Company | | Yes | | For | | For |
| | | | | | | | | | | | | | | | | |
| MAG Silver Corp. | | MAG CN | | 55903Q955 | | 6/28/2010 | | 1. Fix board of directors at 7; 2. Elect directors; 3. Appoint KPMG as auditors, directors to fix remuneration; 4. Approve renewal of stock option plan. | | Company | | Yes | | For | | For |
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
Gregory M. Orrell
President
July 30, 2010
