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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, 1999, 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, 1999.
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.
Tait, Weller & Baker
Philadelphia, Pennsylvania
May 27, 1999
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<ARTICLE> 6
<LEGEND>
THE FOLLOWING FDS HAS BEEN ROUNDED TO THE NEAREST THOUSAND
</LEGEND>
<CIK> 0000864230
<NAME> CALDWELL & ORKIN FUNDS, INC.
<SERIES>
<NUMBER> 1
<NAME> CALDWELL & ORKIN MARKET OPPORTUNITY FUND
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<CURRENCY> US DOLLARS
<S> <C>
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<FISCAL-YEAR-END> APR-30-1999
<PERIOD-START> MAY-01-1998
<PERIOD-END> APR-30-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 160,845
<INVESTMENTS-AT-VALUE> 185,693
<RECEIVABLES> 30,104
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<TOTAL-ASSETS> 585,966
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<SENIOR-LONG-TERM-DEBT> 0
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