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, 2006 through June 30, 2007 ITEM 1. PROXY VOTING RECORD JULY 1, 2006 - JUNE 30, 2007 ORRELL CAPITAL MANAGEMENT, INC. PROXY VOTING SUMMARY HOW DID VOTE COMPANY CUSIP SHAREHOLDER PROPOSED BY DID ORRELL ORRELL CAST FOR TICKER NUMBER MEETING COMPANY OR CAPITAL CAPITAL OR AGAINST COMPANY NAME SYMBOL DATE DESCRIBE THE MATTER VOTED ON SECURITY VOTE? VOTE? MANAGEMENT? BIRIM GOLDFIELDS BGI 090878109 7/5/2006 1. Elect directors; 2. Appoint Company yes For For Price WaterhouseCoopers as auditors; 3. Res. Authorizing private placement of a total of 3,676,627 units of corp. MEXGOLD MXG 0592776108 7/28/2006 1. Special resolution for the Company yes For For acquisition of all of the outstanding shares of the Company. VICEROY EXPLORATION VIE 925621104 10/13/2006 1. For each share of Viceroy Company Yes For For Exploration held, holders will receive 0.97 of a share of Yamana Gold shares. DRD GOLD DROOY 26152H103 12/8/2006 Company No ALTIUS MINERALS ALS 020936100 11/1/2006 Company No AUSTRALIAN SOLOMONS GOLD LTD SGA Q82710100 11/28/2006 Company No MAXIMUS VENTURES MXV 57773B100 2/22/2007 1. Elect directors; 2. Appoint Company Yes For For Grant Thornton, LLP as auditors; 3. Approve Company stock option plan. SABINA SILVER SBB 785271107 2/27/2007 1. Determine number of Company Yes For For directors; 2.Elect directors; 3. Appoint Grant Thornton, LLP as auditor; 4. Approve continuation of company 2005 stock option plan. FREEPORT- MCMORAN FCX 35671D857 3/14/2007 1. Approve amendment to Company Yes For For COPPER & GOLD increase authorized number of Special Meeting Capital shares to 750,000,000; 2. Approval of issuance of common stock in connection of planned merger with Phelps Dodge Corp.; 3. Approval of adjournment of special meeting if necessary to permit solicitation of additional proxies in favor of proposals 1&2. HOW DID VOTE COMPANY CUSIP SHAREHOLDER PROPOSED BY DID ORRELL ORRELL CAST FOR TICKER NUMBER MEETING COMPANY OR CAPITAL CAPITAL OR AGAINST COMPANY NAME SYMBOL DATE DESCRIBE THE MATTER VOTED ON SECURITY VOTE? VOTE? MANAGEMENT? NEWMONT MINING NEM 651639106 4/24/2007 1. Elect directors; 2. Ratify Company Yes For 1, 2&5 For Company appointment of independent Stockholder Against 2,5 Against auditors; 3. Stockholder stockholder proposal regarding Newmont's Indonesian operation; 4. Stockholder proposal re: report to stockholders regarding Newmont's policies and practices in communities around it's operations, if introduced at meeting; 5. Stockholder proposal re: independent board chairman. LIHIR GOLD LIHR 532349107 4/24/2007 1. Receive Financial statements Company Yes For For and report 2. Elect directors; 3. Re-appoint auditor;4. Award of share rights to managing director under Lihir senior executive plan; 5. Increase to the aggregate fee limit for non executive directors. SILVER WHEATON SLW 828336107 4/26/2007 1. Elect directors; 2. Appoint Company Yes For For Deloitte & Touche as auditors; 3. Resolution approving amendment to company stock option plan. AGNICO-EAGLE MINES AEM 008474108 4/27/2007 1. Elect directors; 2. Appoint Company Yes For For Ernst & Young LLP as auditors; 3. Resolution approving amendment to corporation stock option plan. RANDGOLD GOLD 752344309 4/30/2007 1. Adoption of directors' Company Yes For For report and accounts; 2. Elect directors; 3. Adoption of report of the remuneration committee; 4. Approve fees payable to directors; 5. Appoint BDO Stoy Haywood LLP as auditors. GUYANA GOLDFIELDS GUY 403530108 4/30/2007 1. Elect directors; 2. Appoint Company Yes For For Smith, Nixon LLP as auditor. PAN AMERICAN SILVER PAA 697900108 4/30/2007 1. Elect directors; 2. Appoint Company Yes For For Deloitte & Touche as auditors; 3. Authorize directors to fix auditors' remuneration. AURORA ENERGY AXU 05163P106 4/30/2007 1. Appoint Pricewater- Company Yes For For houseCoopers LLP as auditors; 2. Authorize directors to fix auditors remuneration; 3. Determine # of directors at 5; 4. Elect directors. HOW DID VOTE COMPANY CUSIP SHAREHOLDER PROPOSED BY DID ORRELL ORRELL CAST FOR TICKER NUMBER MEETING COMPANY OR CAPITAL CAPITAL OR AGAINST COMPANY NAME SYMBOL DATE DESCRIBE THE MATTER VOTED ON SECURITY VOTE? VOTE? MANAGEMENT? MERIDIAN GOLD MDG 589975101 5/1/2007 1. Elect directors; 2. Appoint Company Yes For For KPMG LLP as auditors; 3. Approval of the 2007 share incentive plan. BARRICK GOLD ABX 067901108 5/2/2007 1. Elect directors; 2. Approve Company Yes For For PricewaterhouseCoopers LLP as auditors; 3. Res. approving amendment of stock option plan. GOLDCORP GG 380956409 5/2/2007 1. Special resolution Company Yes For For authorizing directors to determine number of directors; 2. Elect directors; 3. Appoint Deloitte & Touche LLP as auditors; 4. Resolution approving amendment to company stock option pl. KINROSS GOLD KGC 496902404 5/2/2007 1. Special resolution Company Yes For For empowering directors to fix number of directors; 2. Elect directors; 3. Approve appointment of KPMG as auditors; 4. Resolution confirming revisions to the By-Laws of the company. YAMANA GOLD AUY 98462Y100 5/2/2007 1. Elect directors; 2. Appoint Company Yes For For auditors and authorize directors to fix their remuneration. HECLA MINING HL 422704106 5/4/2007 1. Elect directors. Company Yes For For ANGLOGOLD AU 035128206 5/4/2007 1. Adoption of financial Company Yes For For statements; 2. Elect directors; 3. Placement of shares under control of directors; 4. Issuing shares for cash; 5. Increase directors' remuneration; 6. Acquisition of company's own shares. COEUR D'ALENE CDE 192108108 5/8/2007 1. Elect directors; 2. Company Yes For For Ratification of KPMG LLP as auditors. MAG SILVER MAG 55903Q104 5/8/2007 1. Appoint Deloitte & Touche Company Yes For For LLP as auditors; 2. Determine the number of directors at 6; 3. Elect directors; 4. Approve stock option plan. GOLDEN STAR GSS 38119T104 5/9/2007 1. Elect directors; 2. Appoint Company Yes For For RESOURCES PricewaterhouseCoppers LLP as auditors; 3. Pass the Rights Plan resolution. IAMGOLD IAG 450913108 5/17/2007 1. Consider amending share Company Yes For For incentive Plan; 2. Elect directors; 3. Appoint KPKG LLP, as auditors, directors fix remuneration. METALLICA MR 59125J104 5/24/2007 1. Elect directors; 2. Appoint Company Yes For For RESOURCES PricewaterhouseCoopers LLP as auditors. HOW DID VOTE COMPANY CUSIP SHAREHOLDER PROPOSED BY DID ORRELL ORRELL CAST FOR TICKER NUMBER MEETING COMPANY OR CAPITAL CAPITAL OR AGAINST COMPANY NAME SYMBOL DATE DESCRIBE THE MATTER VOTED ON SECURITY VOTE? VOTE? MANAGEMENT? INTERNATIONAL IRC 460277106 5/18/2007 1. Reappoint Pricewater- Company Yes For For ROYALTY CORP. houseCoopers LLP as auditors, directors fix remuneration; 2. Elect directors; 3. Approve amendments to Stock Option Plan. AQUILINE RESOURCES AQI 03839N100 5/25/2007 1. Elect directors; 2. Appoint Company Yes For For Grant Thornton LLP as auditors, directors fix remuneration; 3. Approve amendments to Stock Option Plan. ANATOLIA MINERALS ANO 003290095 5/31/2007 1. Elect directors; 2. Appoint Company Yes For For PricewaterhouseCoopers LLP as auditors; 3. Resolution approving the shareholder rights plan; 4. Resolution approving share option plan. GOLDEN CYCLE GOLD GCGC 380894105 6/6/2007 1. Elect Directors; 2. Company Yes For For Re-appoint Ehrnhardt Keefe Steiner & Hoffman PC as auditors. GAMMON LAKE GAM 364915108 6/6/2007 1. Elect directors; 2. Company Yes For For RESOURCES Re-appointment of KPMG LLP as auditors, directors fix remuneration; 3. Special resolution to change corporations name to "Gammon Gold Inc/or Gammon Inc. APEX SILVER MINES SIL G04074103 6/7/2007 1. Elect directors; 2. Company Yes For For Ratification of Pricewater- houseCoopers LLP as auditors. FIRST MAJESTIC FR 32076V103 6/7/2007 1. Appoint Deloitte & Touche Company Yes For For SILVER as auditors; 2. Directors fix auditors remuneration; 3. Determine number of directors at 7; 4. Elect directors; 5. Approve 2006 Stock Option Plan. WESTERN GOLDFIELDS WGDF 95828P104 6/19/2007 1. Approve agreement whereby Company Yes For For Company will change its place of incorporation from Idaho to Nevada; 2. Approve shareholder rights plan; 3. Approve amendment to stock option plan; 4. Elect directors; 5.Approve appointment of HJ & Associates as auditors. AFRICAN GOLD GROUP AGG 00829A106 6/26/2007 1. Elect directors; 2. Company Yes For For Reappointment of BDO Dunwoody LLP as auditor, directors to fix remuneration; 3. Resolution authorizing increase of common shares. AMARILLO GOLD AGC 02301T108 6/26/2007 1. Elect directors; 2. Appoint Company Yes For For Stephens Cooper Molyneux LLP as auditors; 3. Directors to fix auditors remuneration; Approve Company's incentive stock option plan. 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 /s/ Gregory M. Orrell - ----------------------------------------- Gregory M. Orrell President July 12, 2007