000 B000000 04/30/98
000 C000000 0000864230
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 CALDWELL & ORKIN FUNDS, INC.
001 B000000 811-06113
001 C000000 4042390707
002 A000000 2050 TOWER PLACE, 3340 PEACHTREE RD.
002 B000000 ATLANTA
002 C000000 GA
002 D010000 30326
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
007 C010100 1
007 C020100 CALDWELL & ORKIN MARKET OPPORTUNITY FUNDS
007 C030100 N
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 C&O FUNDS ADVISOR, INC.
008 B00AA01 A
008 C00AA01 801-26787
008 D01AA01 ATLANTA
008 D02AA01 GA
008 D03AA01 30326
011 A00AA01 C&0 FUNDS DISTRIBUTOR, INC.
011 B00AA01 8-28882
011 C01AA01 ATLANTA
011 C02AA01 GA
011 C03AA01 30326
012 A00AA01 COUNTRYWIDE FUND SERVICES, INC.
012 B00AA01 85-0000000
012 C01AA01 CINCINNATI
012 C02AA01 OH
012 C03AA01 45201
013 A00AA01 TAIT WELLER & BAKER
<PAGE>
PAGE 2
013 B01AA01 PHILADELPHIA
013 B02AA01 PA
013 B03AA01 19103
013 B04AA01 2108
015 A00AA01 BANK ONE OHIO TRUST COMPANY, N.A.
015 B00AA01 C
015 C01AA01 WESTERVILLE
015 C02AA01 OH
015 C03AA01 43081
015 E01AA01 X
015 A00AA02 MERRILL LYNCH PRIME BROKERAGE SERVICES
015 B00AA02 S
015 C01AA02 JERSEY CITY
015 C02AA02 NJ
015 C03AA02 07302
015 C04AA02 3997
015 E02AA02 X
015 A00AA03 FURMAN SELZ, LLC
015 B00AA03 S
015 C01AA03 NEW YORK
015 C02AA03 NY
015 C03AA03 10169
015 E02AA03 X
015 A00AA04 PAINE WEBBER GLOBAL PRIME BROKERAGE
015 B00AA04 S
015 C01AA04 NEW YORK
015 C02AA04 NY
015 C03AA04 10019
015 E02AA04 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 ROBINSON HUMPHREY
020 B000001 58-1472560
020 C000001 338
020 A000002 INSTINET
020 B000002 13-2596491
020 C000002 148
020 A000003 MORGAN STANLEY DEAN WITTIER
020 B000003 13-2655998
020 C000003 88
020 A000004 BEAR STEARNS & CO.
020 B000004 13-3299429
020 C000004 56
020 A000005 PAINE WEBBER, INC.
020 B000005 13-2638166
020 C000005 34
020 A000006 WILLIAM O'NEIL
020 B000006 95-2269163
020 C000006 33
020 A000007 GORDON CAPITAL
<PAGE>
PAGE 3
020 C000007 25
020 A000008 JEFFRIES & CO., INC.
020 B000008 95-2622900
020 C000008 20
020 A000009 OPPENHEIMER & CO.
020 B000009 13-2811234
020 C000009 19
020 A000010 MERRILL LYNCH PIERCE FENNER
020 B000010 13-5674085
020 C000010 19
021 000000 928
022 A000001 MONTGOMERY SECURITIES
022 B000001 94-1701676
022 C000001 14670
022 D000001 10299
022 A000002 SMITH BARNEY
022 B000002 13-2919773
022 C000002 14716
022 D000002 9184
022 A000003 MERRILL LYNCH PIERCE FENNER
022 B000003 13-5674085
022 C000003 10501
022 D000003 11291
022 A000004 ROBINSON HUMPHREY
022 B000004 13-2518466
022 C000004 11171
022 D000004 6694
022 A000005 JEFFRIES & CO.
022 B000005 95-2622901
022 C000005 4479
022 D000005 10942
022 A000006 PAINE WEBBER
022 B000006 13-2638166
022 C000006 9531
022 D000006 5295
022 A000007 OPPENHEIMER & CO.
022 B000007 13-2798343
022 C000007 6555
022 D000007 6395
022 A000008 BEAR STEARNS
022 B000008 13-3299429
022 C000008 4432
022 D000008 7204
022 A000009 DONALDSON LUFKIN JENRETTE
022 B000009 13-2741729
022 C000009 7874
022 D000009 934
022 A000010 HAMBRECHT & QUIST
022 B000010 94-2856935
022 C000010 3545
022 D000010 2135
<PAGE>
PAGE 4
023 C000000 100351
023 D000000 186584
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 Y
038 00AA00 10173
039 00AA00 N
040 00AA00 N
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
077 A000000 Y
077 B000000 Y
077 Q010000 Y
086 A010000 0
<PAGE>
PAGE 5
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
028 A010100 45878
028 A020100 0
028 A030100 0
028 A040100 7997
028 B010100 21702
028 B020100 6100
028 B030100 0
028 B040100 21368
028 C010100 18260
028 C020100 0
028 C030100 0
028 C040100 11045
028 D010100 13471
028 D020100 0
028 D030100 0
028 D040100 11370
028 E010100 12406
028 E020100 0
028 E030100 0
028 E040100 8873
028 F010100 7643
028 F020100 0
028 F030100 0
028 F040100 10870
028 G010100 119360
028 G020100 6100
028 G030100 0
028 G040100 71523
028 H000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.000
048 A010100 100
048 A020100 0.900
048 B010100 100
048 B020100 0.800
048 C010100 100
048 C020100 0.700
048 D010100 200
<PAGE>
PAGE 6
048 D020100 0.600
048 E010100 500
048 E020100 0.500
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 N
054 A000100 Y
054 B000100 Y
054 C000100 Y
054 D000100 N
054 E000100 N
054 F000100 N
054 G000100 Y
054 H000100 Y
054 I000100 N
054 J000100 Y
054 K000100 N
054 L000100 N
054 M000100 Y
054 N000100 N
054 O000100 N
055 A000100 N
055 B000100 N
056 000100 N
057 000100 N
058 A000100 N
058 B000100 N
058 C000100 N
058 D000100 N
058 E000100 N
059 000100 N
060 A000100 N
060 B000100 N
061 000100 2000
062 A000100 N
062 B000100 0.0
062 C000100 0.0
<PAGE>
PAGE 7
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 Y
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 N
070 K020100 N
070 L010100 Y
<PAGE>
PAGE 8
070 L020100 Y
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 Y
071 A000100 322221
071 B000100 316095
071 C000100 69020
071 D000100 458
072 A000100 12
072 B000100 3739
072 C000100 303
072 D000100 0
072 E000100 133
072 F000100 975
072 G000100 0
072 H000100 0
072 I000100 54
072 J000100 9
072 K000100 0
072 L000100 0
072 M000100 27
072 N000100 68
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 81
072 S000100 52
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 92
072 X000100 1358
072 Y000100 0
072 Z000100 2817
072AA000100 25680
072BB000100 28376
072CC010100 23436
072CC020100 0
072DD010100 1492
072DD020100 0
072EE000100 6130
073 A010100 0.2133
<PAGE>
PAGE 9
073 A020100 0.0000
073 B000100 0.8764
073 C000100 0.0000
074 A000100 117506
074 B000100 0
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 100504
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 3068
074 K000100 0
074 L000100 390
074 M000100 9
074 N000100 221477
074 O000100 4202
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 59062
074 R030100 0
074 R040100 390
074 S000100 0
074 T000100 157823
074 U010100 8449
074 U020100 0
074 V010100 18.68
074 V020100 0.00
074 W000100 0.0000
074 X000100 741
074 Y000100 96268
075 A000100 0
075 B000100 111034
076 000100 0.00
080 A000100 NATIONAL UNION FIRE INSURANCE CO.
080 C000100 750
081 A000100 N
081 B000100 0
082 A000100 Y
082 B000100 5
083 A000100 N
083 B000100 0
084 A000100 N
084 B000100 0
085 A000100 Y
085 B000100 N
SIGNATURE MICHAEL B. ORKIN
TITLE PRESIDENT
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
Board of Directors and Shareholders
Caldwell & Orkin Funds, Inc.
Atlanta, Georgia
In planning and performing our audit of the financial statements of Caldwell &
Orkin Market Opportunity Fund for the year ended April 30, 1998, we considered
its internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal control
structure.
The management of Caldwell & Orkin Funds, Inc. is responsible for establishing
and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition, and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses, as defined above, as of
April 30, 1998.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission, and should not be used for any other
purpose.
Philadelphia, Pennsylvania
June 3, 1998
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE FOLLOWING FDS HAS BEEN ROUNDED TO THE NEAREST THOUSAND
</LEGEND>
<CIK> 0000864230
<NAME> CALDWELL & ORKIN FUNDS, INC.
<SERIES>
<NUMBER> 01
<NAME> CALDWELL & ORKIN MARKET OPPORTUNITY FUND, INC.
<MULTIPLIER> 1,000
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-START> MAY-01-1997
<PERIOD-END> APR-30-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 75,860
<INVESTMENTS-AT-VALUE> 100,504
<RECEIVABLES> 3,457
<ASSETS-OTHER> 9
<OTHER-ITEMS-ASSETS> 117,507
<TOTAL-ASSETS> 221,477
<PAYABLE-FOR-SECURITIES> 4,202
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 59,452
<TOTAL-LIABILITIES> 63,654
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 132,160
<SHARES-COMMON-STOCK> 8,449
<SHARES-COMMON-PRIOR> 3,844
<ACCUMULATED-NII-CURRENT> 1,055
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,427)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 29,035
<NET-ASSETS> 157,823
<DIVIDEND-INCOME> 303
<INTEREST-INCOME> 3,739
<OTHER-INCOME> 133
<EXPENSES-NET> 1,358
<NET-INVESTMENT-INCOME> 2,817
<REALIZED-GAINS-CURRENT> (2,696)
<APPREC-INCREASE-CURRENT> 23,436
<NET-CHANGE-FROM-OPS> 23,558
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,492
<DISTRIBUTIONS-OF-GAINS> 6,130
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,997
<NUMBER-OF-SHARES-REDEEMED> 4,737
<SHARES-REINVESTED> 346
<NET-CHANGE-IN-ASSETS> 97,191
<ACCUMULATED-NII-PRIOR> 839
<ACCUMULATED-GAINS-PRIOR> 3,049
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 975
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,358
<AVERAGE-NET-ASSETS> 111,034
<PER-SHARE-NAV-BEGIN> 15.77
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> 3.75
<PER-SHARE-DIVIDEND> 0.21
<PER-SHARE-DISTRIBUTIONS> 0.88
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.68
<EXPENSE-RATIO> 1.22
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
