<PAGE> PAGE 1
000 B000000 10/31/98
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 259
020 A000002 JEFFERIES & CO
020 B000002 95-2622900
020 C000002 150
020 A000003 BEAR STEARNS & CO
020 B000003 13-3299429
020 C000003 119
020 A000004 WILLIAM O'NEIL
020 B000004 95-2269163
020 C000004 99
020 A000005 INSTINET
020 B000005 13-2596491
020 C000005 93
020 A000006 PRUDENTIAL
020 C000006 45
020 A000007 FIRST BOSTON
020 C000007 42
<PAGE> PAGE 3
020 A000008 SANFORD BERSTEIN & CO
020 C000008 36
020 A000009 GERARD KLAVER MATTISON
020 C000009 33
020 A000010 OPPENHEIMER & CO
020 B000010 13-2811234
020 C000010 29
021 000000 1088
022 A000001 ROBINSON HUMPHREY
022 B000001 13-2518466
022 C000001 39008
022 D000001 22849
022 A000002 WILLIAM O'NEIL
022 B000002 95-2269163
022 C000002 41286
022 D000002 4454
022 A000003 MORGAN KEEGAN & CO
022 C000003 20231
022 D000003 14613
022 A000004 BEAR STEARNS
022 B000004 13-3299429
022 C000004 17322
022 D000004 14519
022 A000005 JEFFRIES & CO.
022 B000005 95-2622901
022 C000005 17810
022 D000005 11783
022 A000006 MERRILL LYNCH PIERCE FENNER
022 B000006 13-5674085
022 C000006 7081
022 D000006 18124
022 A000007 INSTINET
022 B000007 13-2596491
022 C000007 17222
022 D000007 6275
022 A000008 FIRST BOSTON
022 C000008 9434
022 D000008 5971
022 A000009 STANFORD BERSTEIN & CO
022 C000009 9438
022 D000009 4729
022 A000010 DONALDSON LUFKIN & JENRETTE
022 B000010 13-2741729
022 C000010 5255
022 D000010 7143
023 C000000 249382
023 D000000 159703
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
<PAGE> PAGE 4
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 Y
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 75961
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 Q010000 Y
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
<PAGE> PAGE 5
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
028 A010100 19315
028 A020100 0
028 A030100 0
028 A040100 1632
028 B010100 74617
028 B020100 0
028 B030100 0
028 B040100 4182
028 C010100 12777
028 C020100 0
028 C030100 0
028 C040100 9586
028 D010100 48336
028 D020100 0
028 D030100 0
028 D040100 1698
028 E010100 55702
028 E020100 0
028 E030100 0
028 E040100 2748
028 F010100 30599
028 F020100 0
028 F030100 0
028 F040100 8570
028 G010100 241346
028 G020100 0
028 G030100 0
028 G040100 28416
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
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
<PAGE> PAGE 6
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 N
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
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
<PAGE> PAGE 7
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
070 L020100 Y
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
<PAGE> PAGE 8
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 Y
071 A000100 282500
071 B000100 201617
071 C000100 71202
071 D000100 283
072 A000100 6
072 B000100 6569
072 C000100 183
072 D000100 0
072 E000100 0
072 F000100 1139
072 G000100 0
072 H000100 0
072 I000100 12
072 J000100 6
072 K000100 0
072 L000100 0
072 M000100 9
072 N000100 134
072 O000100 0
072 P000100 0
072 Q000100 26
072 R000100 8
072 S000100 30
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 514
072 X000100 1878
072 Y000100 0
072 Z000100 4874
072AA000100 17054
072BB000100 0
072CC010100 6090
072CC020100 0
072DD010100 0
072DD020100 0
072EE000100 0
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 385812
074 B000100 0
074 C000100 0
074 D000100 0
<PAGE> PAGE 9
074 E000100 0
074 F000100 184071
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 10400
074 K000100 0
074 L000100 1448
074 M000100 3
074 N000100 581734
074 O000100 26168
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 156271
074 R030100 0
074 R040100 525
074 S000100 0
074 T000100 398770
074 U010100 18743
074 U020100 0
074 V010100 21.28
074 V020100 0.00
074 W000100 0.0000
074 X000100 1579
074 Y000100 193149
075 A000100 0
075 B000100 286117
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
<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> 6-MOS
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-START> MAY-01-1998
<PERIOD-END> OCT-31-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 162,485
<INVESTMENTS-AT-VALUE> 184,071
<RECEIVABLES> 11,848
<ASSETS-OTHER> 3
<OTHER-ITEMS-ASSETS> 385,812
<TOTAL-ASSETS> 581,734
<PAYABLE-FOR-SECURITIES> 26,168
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 156,796
<TOTAL-LIABILITIES> 182,964
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 345,090
<SHARES-COMMON-STOCK> 18,743
<SHARES-COMMON-PRIOR> 8,449
<ACCUMULATED-NII-CURRENT> 5,928
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12,627
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 35,125
<NET-ASSETS> 398,770
<DIVIDEND-INCOME> 183
<INTEREST-INCOME> 6,569
<OTHER-INCOME> 0
<EXPENSES-NET> 1,878
<NET-INVESTMENT-INCOME> 4,874
<REALIZED-GAINS-CURRENT> 17,054
<APPREC-INCREASE-CURRENT> 6,089
<NET-CHANGE-FROM-OPS> 23,143
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 241,346
<NUMBER-OF-SHARES-REDEEMED> 28,416
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 240,947
<ACCUMULATED-NII-PRIOR> 1055
<ACCUMULATED-GAINS-PRIOR> (4,427)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1139
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,878
<AVERAGE-NET-ASSETS> 286,117
<PER-SHARE-NAV-BEGIN> 18.68
<PER-SHARE-NII> 0.2
<PER-SHARE-GAIN-APPREC> 2.4
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.28
<EXPENSE-RATIO> 1.3
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>