Orrell Capital Managment Inc

"Fees and Compensation" (Item 5) of this brochure that our Firm is the investment adviser to
the OCM Gold Fund an investment company registered under the Investment Company Act
of 1940. We are related to the Mutual Fund through common control. Please refer to these

items for a detailed explanation of this relationship and important conflict of interest
disclosures.

For additional information, the Fund Prospectus and Statement of Additional Information are
available by calling the Fund at 1-800-628-9403. Prospective investors should review these
documents carefully before making any investment in the Mutual Fund.
Other pooled investment vehicle(s):

Management personnel of Orrell Capital Management, Inc. may also be managing
member(s) of limited liability companies (LLCs) and/or general partner(s) to limited
partnerships (LPs) formed for investment purposes. As appropriate, our advisory clients
may be solicited to invest in such LLCs and/or LPs. These related persons of our Firm do
not receive investment advisory compensation in relation to these investments, but do have
a conflict of interest in soliciting client investments.

Because investment in these types of entities may involve certain additional degrees of risk,
they will only be recommended when consistent with the client's stated investment objectives,
tolerance for risk, liquidity and suitability.

Related persons of our Firm may spend may spend as much as 50% of their time on
these related activities.

A list of these affiliated entities is specifically disclosed on Schedule D of Form ADV, Part 1 at
Item 7.B. Part 1 of our Form ADV can be accessed by following the directions provided on
the cover page of this Firm Brochure.

As of 12/31/2019, the partnership advised by Orrell Capital Management is closed to
new investors.

Item 7    Types of Clients
Orrell Capital Management, Inc. provides advisory services to the following types of clients:

   •   Investment companies (including mutual funds)

   •   Pension and profit sharing plans (other than plan participants)

   •   Other pooled investment vehicles (e.g., hedge funds)