<PAGE> PAGE 1
000 A000000 10/31/99
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 6785337850
002 A000000 6200 CORNERS PARKWAY STE 150
002 B000000 NORCROSS
002 C000000 GA
002 D010000 30092
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 NORCROSS
008 D02AA01 GA
008 D03AA01 30092
011 A00AA01 CW FUNDS DISTRIBUTOR, INC.
011 B00AA01 8-40907
011 C01AA01 CINCINNATI
011 C02AA01 OH
011 C03AA01 45202
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 51
020 A000002 JEFFERIES & CO
020 B000002 95-2622900
020 C000002 50
020 A000003 PRUDENTIAL SECURITIES
020 B000003 0000000000
020 C000003 39
020 A000004 INSTINET
020 B000004 13-3443395
020 C000004 37
020 A000005 BEAR STEARNS
020 B000005 13-3299429
020 C000005 35
020 A000006 MORGAN STANLEY DEAN WITTIER DISCOVER
020 B000006 13-2655998
020 C000006 33
020 A000007 SIMMONS AND COMPANY INTERNATIONAL
<PAGE> PAGE 3
020 C000007 33
020 A000008 RAYMOND JAMES AND ASSOCIATES
020 B000008 59-1237041
020 C000008 31
020 A000009 WILLIAM O'NEIL
020 C000009 31
020 A000010 SALOMAN SMITH BARNEY
020 B000010 13-2638166
020 C000010 22
021 000000 526
022 A000001 SALOMON SMITH BARNEY
022 B000001 13-3082694
022 C000001 17265
022 D000001 18434
022 A000002 MORGAN STANLEY DEAN WITTIER DISCOVER
022 B000002 13-2655998
022 C000002 10819
022 D000002 19812
022 A000003 CREDIT SUISSE FIRST BOSTON
022 B000003 13-5659485
022 C000003 14562
022 D000003 12553
022 A000004 MERRILL LYNCH PIERCE FENNER & SMITH
022 B000004 13-5674085
022 C000004 11431
022 D000004 13048
022 A000005 JEFFRIES & CO.
022 B000005 95-2622900
022 C000005 6622
022 D000005 7099
022 A000006 PAIN WEBBER INC
022 B000006 13-2638166
022 C000006 7253
022 D000006 0
022 A000007 BEAR STEARNS
022 B000007 13-3299429
022 C000007 1227
022 D000007 4525
022 A000008 DONALDSON LUFKIN & JENRETTE
022 B000008 13-2741729
022 C000008 3560
022 D000008 2052
022 A000009 GERARD KLAUER MATTISON & CO
022 C000009 2055
022 D000009 1877
022 A000010 ROBINSON HUMPHREY COMPANY
022 B000010 58-1472560
022 C000010 2912
022 D000010 821
023 C000000 89813
023 D000000 89936
<PAGE> PAGE 4
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 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 10573
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 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
<PAGE> PAGE 5
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
028 A010100 297
028 A020100 0
028 A030100 0
028 A040100 316
028 B010100 334
028 B020100 0
028 B030100 0
028 B040100 863
028 C010100 159
028 C020100 0
028 C030100 0
028 C040100 875
028 D010100 210
028 D020100 0
028 D030100 0
028 D040100 890
028 E010100 90
028 E020100 0
028 E030100 0
028 E040100 436
028 F010100 106
028 F020100 0
028 F030100 0
028 F040100 1774
028 G010100 1196
028 G020100 0
028 G030100 0
028 G040100 5154
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
<PAGE> PAGE 6
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 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 10000
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
<PAGE> PAGE 7
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
070 L020100 Y
070 M010100 N
070 M020100 N
070 N010100 Y
<PAGE> PAGE 8
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 270066
071 B000100 311482
071 C000100 168535
071 D000100 160
072 A000100 6
072 B000100 7825
072 C000100 363
072 D000100 0
072 E000100 0
072 F000100 1422
072 G000100 0
072 H000100 0
072 I000100 50
072 J000100 10
072 K000100 0
072 L000100 0
072 M000100 18
072 N000100 35
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 46
072 S000100 55
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 807
072 X000100 2443
072 Y000100 0
072 Z000100 5745
072AA000100 24952
072BB000100 0
072CC010100 0
072CC020100 4579
072DD010100 0
072DD020100 0
072EE000100 0
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 415765
<PAGE> PAGE 9
074 B000100 0
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 124800
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 2927
074 K000100 0
074 L000100 993
074 M000100 10
074 N000100 544495
074 O000100 62066
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 168802
074 R030100 0
074 R040100 19319
074 S000100 0
074 T000100 294308
074 U010100 14845
074 U020100 0
074 V010100 19.83
074 V020100 0.00
074 W000100 0.0000
074 X000100 2340
074 Y000100 119926
075 A000100 0
075 B000100 369806
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>
<NAME> CALDWELL & ORKIN MARKET OPPORTUNITY FUND
<NUMBER> 01
<MULTIPLIER> 1,000
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-START> MAY-1-1999
<PERIOD-END> OCT-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 119,331
<INVESTMENTS-AT-VALUE> 124,800
<RECEIVABLES> 3,920
<ASSETS-OTHER> 11
<OTHER-ITEMS-ASSETS> 415,764
<TOTAL-ASSETS> 544,495
<PAYABLE-FOR-SECURITIES> 62,066
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 250,187
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 264,749
<SHARES-COMMON-STOCK> 14,845
<SHARES-COMMON-PRIOR> 18,803
<ACCUMULATED-NII-CURRENT> 11,404
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8,358
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,797
<NET-ASSETS> 294,308
<DIVIDEND-INCOME> 363
<INTEREST-INCOME> 7,825
<OTHER-INCOME> 0
<EXPENSES-NET> 2,443
<NET-INVESTMENT-INCOME> 5,745
<REALIZED-GAINS-CURRENT> (21,952)
<APPREC-INCREASE-CURRENT> (4,578)
<NET-CHANGE-FROM-OPS> (20,785)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,958
<NUMBER-OF-SHARES-REDEEMED> 10,353
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (81,942)
<ACCUMULATED-NII-PRIOR> 2,921
<ACCUMULATED-GAINS-PRIOR> 29,573
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,422
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,443
<AVERAGE-NET-ASSETS> 369,806
<PER-SHARE-NAV-BEGIN> 21.12
<PER-SHARE-NII> 0.61
<PER-SHARE-GAIN-APPREC> (1.90)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 19.83
<EXPENSE-RATIO> 1.31
</TABLE>