N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number : 811-06113

The Caldwell & Orkin Funds, Inc.

(Exact name of registrant as specified in charter)

100 S. Ashley Drive, Suite 895

Tampa, Florida 33602

(Address of principal executive offices) (Zip code)

Derek Pilecki

100 S. Ashley Drive, Suite 895

Tampa, Florida 33602

(Name and address of agent for service)

Copies to:

Linda Hoard

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45256

Registrant’s telephone number, including area code: 1-813-282-7870

Date of fiscal year end: April 30

Date of reporting period: April 30, 2021

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a)

Table of Contents	Caldwell & Orkin - Gator Capital Long/Short Fund
April 30, 2021 (Unaudited)

Management’s Discussion of Fund Performance	2
Investment Results	5
Fund Holdings	7
Schedule of Investments	8
Schedule of Securities Sold Short	12
Statement of Assets and Liabilities	14
Statement of Operations	15
Statements of Changes in Net Assets	16
Financial Highlights	17
Notes to Financial Statements	18
Report of Independent Registered Public Accounting Firm	25
Disclosure of Fund Expenses	27
Additional Information	28
Privacy Policy Disclosure	31

Caldwell & Orkin -	Management’s Discussion
Gator Capital Long/Short Fund	of Fund Performance
	April 30, 2021 (Unaudited)

May 27, 2021

Dear Fellow Shareholder:

The Caldwell & Orkin – Gator Capital Long/Short Fund (the “Fund”) gained 51.85% over the six-month period ending on April 30, 2021. The S&P 500 Total Return Index (“S&P 500”) gained 28.85% during the same period. For the 12-month period ending April 30, 2021, the Fund gained 91.78% while the S&P 500 gained 45.98%.

Past performance is no guarantee of future results.

Management Discussion and Analysis

The Fund consistently outperformed throughout the fiscal year. The Fund’s exposure to Financial stocks was the main contributor to the performance. Financial stocks outperformed the broader market as prospects for reopening of the economy grew brighter.

The top five equity contributors during the 2021 fiscal year were Realogy (long), BBX Capital (long), OneMain Financial (long), Western Alliance (long), and BankUnited (long).

The top five equity detractors during the 2021 fiscal year were Duke Realty (short), Blackstone (short), American Express (short), Lakeland Financial (short), and Park National (short).

We ended the 2021 fiscal year with gross long exposure of 91% and gross short exposure of 16% for a total gross exposure of 107% and a net exposure of 75%.

Continued Opportunity in Small Banks

The regional bank stocks have had an epic run over the past eight months. From September until May, the SPDR S&P Regional Banking ETF returned 101%. After such a large move, we believe regional banks have shifted from extremely undervalued to fairly-valued. However, we think there is still opportunity in small banks because these banks are at low valuations.

Here is a table showing the median Price-to-Tangible Book Value (“P/TBV”) of banks grouped by market capitalization. As you can see, the median P/TBV declines as the market capitalization declines.

				Median Total
	25th Percentile	Median	75th Percentile	Return
	Price-to-Tangible	Price-to-Tangible	Price-to-Tangible	9/30/2020 to
Mkt Cap	Book	Book	Book	5/31/2021
> $10B	154%	180%	226%	85%
Between $2.5B & $10B	137%	173%	212%	100%
Between $1.0B & $2.5B	148%	164%	192%	98%
Between $500MM & $1.0B	125%	145%	170%	79%
Between $250MM & $500MM	121%	128%	163%	80%
< $250MM	99%	114%	124%	55%

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Caldwell & Orkin -	Management’s Discussion
Gator Capital Long/Short Fund	of Fund Performance
	April 30, 2021 (Unaudited)

Not only are the median values higher for larger banks, but we can see the range of values is wider and higher.

The current distribution of bank valuations has important implications for bank mergers and acquisitions. With larger banks trading for higher valuations, they can use their stocks as currency in mergers and acquisitions and the “merger math” will be attractive to investors. Here is a table comparing the distribution of bank valuations in 2021 to 2018.

	2021 Median	2018 Median
	Price-to-Tangible	Price-to-Tangible
Mkt Cap	Book	Book
> $10B	180%	156%
Between $2.5B & $10B	173%	148%
Between $1.0B & $2.5B	164%	169%
Between $500MM & $1.0B	145%	146%
Between $250MM & $500MM	128%	153%
< $250MM	114%	123%

As shown in the table, in 2018, valuations were more consistent across different sized banks. The similar valuations made mergers more difficult

We see two main reasons for the current distribution of bank stock valuations. In recent months, the stock market has been driven by the reopening trade. Ever since Pfizer announced positive news about its COVID-19 vaccine in November, stocks of companies that would benefit from the end of the pandemic, such as banks, have rallied. We believe non-traditional bank investors have moved into banks by purchasing exchange traded funds and stocks of the largest banks with the most liquid stocks. This has led to the largest banks having higher valuations.

A likely reason for the lower valuation of banks with market capitalizations below $250 million is the annual reconstitution of the Russell indices. Each June, the Russell indices are remade as stocks are shuffled in and out of the Russell 1000 and Russell 2000. This year is unusual because of the strong stock market rally and because of the large number of initial public offerings, so the minimum market capitalization for companies in the Russell 2000 is close to $250 million compared to $90 million in 2020. This means about 80 small cap banks are leaving the Russell 2000 index on June 25th. We think this is widely known by small bank investors, so small cap bank stocks are trading at lower valuations.

We believe the best opportunity in bank stocks is among small banks because they trade at lower valuations.

Annual Report  |  April 30, 2021 3

Caldwell & Orkin -	Management’s Discussion
Gator Capital Long/Short Fund	of Fund Performance
	April 30, 2021 (Unaudited)

Conclusion

Thank you for entrusting us with a portion of your wealth. We are grateful for investors like you who believe and trust in our strategy. As always, we welcome the opportunity to speak with you and discuss the Fund.

Sincerely,

Derek S. Pilecki, CFA

Portfolio Manager

The discussion of individual companies should not be considered a recommendation of such companies by the Fund’s investment adviser.

The performance data quoted represents past performance. Past performance is no guarantee of future results. The investment returns and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Please call 800-467-7903 or visit www.CaldwellOrkin.com for current month-end performance.

The Fund is distributed by Ultimus Fund Distributors, LLC, member FINRA/SIPC.

Current and future portfolio holdings are subject to change and risk.

Investors should consider the investment objective, risks, and charges and expenses of the Fund before investing. The prospectus and the summary prospectus contain this and other information about the Fund and should be read carefully before investing. The prospectus may be obtained by calling 800-467-7903 or visiting www.CaldwellOrkin.com.

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Caldwell & Orkin - Gator Capital Long/Short Fund	Investment Results
	April 30, 2021 (Unaudited)

Average Annual Total Returns(a) as of April 30, 2021
	One Year	Three Year	Five Year	Ten Year
Caldwell & Orkin - Gator Capital Long/Short Fund	91.78%	12.28%	6.22%	4.97%
S&P 500 Total Return Index (b)	45.98%	18.67%	17.42%	14.17%
Eurekahedge Long Short Equities Hedge Fund Index (c)	36.56%	10.29%	10.00%	7.06%

Total annualized Fund operating expenses for the Fund was 3.61% as described in the Prospectus, dated August 28, 2020. This amount includes Acquired Fund Fees and Expenses, as well as interest and dividend expenses related to short sales, which if excluded would result in an annual operating expense rate of 2.00%. Additional information about the Fund’s current fees and expenses for the fiscal year ended April 30, 2021 is contained in the Financial Highlights.

^(a) Return figures reflect any change in price per share and assume the reinvestment of all distributions. The Fund’s returns reflect any fee reductions during the applicable period. If such fee reductions had not occurred, the quoted performance would have been lower. The table does not reflect the deduction of taxes. The Fund’s returns represent past performance and do not guarantee future results.

^(b) Investors should expect that the Fund’s performance may fluctuate independently of stock market indices, such as the S&P 500 Total Return Index. The S&P 500 Total Return Index is a widely recognized unmanaged index of 500 common stock prices adjusted to reflect the reinvestment of dividends and distributions. You may not invest directly in an index.

^(c) The Eurekahedge Long Short Equities Hedge Fund Index is an unmanaged index comprised of long/short equity hedge funds. According to its sponsor, Eurekahedge Pte. Ltd., the Eurekahedge Index is an equally weighted index of 895 constituent funds designed to provide a broad measure of the performance of underlying hedge fund managers. The returns of the Eurekahedge Index do not include sales charges or fees, which would lower performance. You may not invest directly in an index.

You should consider the Fund’s investment objectives, risks, charges and expenses carefully before you invest. The Fund’s prospectus contains important information about the Fund’s investment objectives, potential risks, management fees, charges and expenses, and other information and should be read carefully before investing. You may obtain a current copy of the Fund’s prospectus or performance data current to the most recent month by calling (800) 467-7903.

The Fund is distributed by Ultimus Fund Distributors, LLC, member FINRA/SIPC.

Annual Report  |  April 30, 2021 5

Caldwell & Orkin - Gator Capital Long/Short Fund	Investment Results
	April 30, 2021 (Unaudited)

Comparison of the Growth of a $10,000 Investment in the Caldwell & Orkin - Gator Capital Long/Short Fund, the S&P 500 Total Return Index, and the Eurekahedge Long Short Equities Hedge Fund Index

The chart above assumes an initial investment of $10,000 made on April 30, 2011 and held through April 30, 2021. The S&P 500 Total Return Index is a widely recognized unmanaged index of equity prices and is representative of a broader market and range of securities than is found in the Fund’s portfolio. The Eurekahedge Long Short Equities Hedge Fund Index is an unmanaged index comprised of long/short equity hedge funds. Individuals cannot invest directly in an index; however, an individual can invest in exchange-traded funds or other investment vehicles that attempt to track the performance of a benchmark index. THE FUND’S RETURNS REPRESENT PAST PERFORMANCE AND DO NOT GUARANTEE FUTURE RESULTS. The returns shown do not reflect deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment returns and principal values will fluctuate so that your shares, when redeemed, may be worth more or less than their original purchase price.

Current performance may be lower or higher than the performance data quoted. For more information on the Fund, and to obtain performance data current to the most recent month-end, or to request a prospectus, please call (800) 467-7903. You should carefully consider the investment objectives, potential risks, management fees, and charges and expenses of the Fund before investing. The Fund’s prospectus contains this and other information about the Fund, and should be read carefully before investing.

The Fund is distributed by Ultimus Fund Distributors, LLC, member FINRA/SIPC.

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Caldwell & Orkin - Gator Capital Long/Short Fund	Fund Holdings
	April 30, 2021 (Unaudited)

Net Sector Exposure
April 30, 2021*

* Sector weightings are calculated as a percentage of net assets and include short positions. Portfolio holdings are subject to change.

The Caldwell & Orkin - Gator Capital Long/Short Fund’s (the “Fund”) investment objective is to provide long-term capital growth with a short-term focus on capital preservation.

Availability of Portfolio Schedule – (Unaudited)

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, within sixty days after the end of the period. The Fund’s Form N-PORT reports are available at the SEC’s website at www.sec.gov.

Annual Report  |  April 30, 2021 7

Caldwell & Orkin -
Gator Capital Long/Short Fund	Schedule of Investments
	April 30, 2021

	Shares		Fair Value
COMMON STOCKS — LONG — 90.10%
Banks — 25.83%
Ameris Bancorp		5,900	$	319,131
Axos Financial, Inc.(a)		5,900		266,385
BankUnited, Inc.		1,700		79,237
CIT Group, Inc.		7,600		405,004
ConnectOne Bancorp, Inc.		9,400		255,210
Dime Community Bancshares, Inc.		7,063		233,927
Financial Institutions, Inc.		4,520		144,324
First BanCorp.		62,800		789,395
Flushing Financial Corp.		12,100		281,567
OFG Bancorp		21,400		506,966
Popular, Inc.		7,000		517,720
Republic First Bancorp, Inc.(a)		63,200		252,168
Sterling Bancorp		19,500		490,035
UMB Financial Corp.		2,500		242,575
Western Alliance Bancorp		6,000		630,420
				5,414,064
Casinos & Gaming — 2.86%
Las Vegas Sands Corp.		6,000		367,560
Melco Resorts & Entertainment Ltd. - ADR		12,000		231,480
				599,040
Coal Mining — 1.48%
SunCoke Energy, Inc.		46,000		310,500
Communications Equipment — 0.97%
Juniper Networks, Inc.		8,000		203,120
Computer Hardware & Storage — 2.22%
Dell Technologies, Inc., Class C(a)		4,000		393,320
Hewlett Packard Enterprise Co.		4,500		72,090
				465,410

See accompanying notes which are an integral part of these financial statements.

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Caldwell & Orkin -
Gator Capital Long/Short Fund	Schedule of Investments
	April 30, 2021

	Shares		Fair Value
Consumer Finance — 16.12%
Ally Financial, Inc.		13,000	$	668,850
Capital One Financial Corp.		4,600		685,768
Navient Corp.		45,300		762,399
OneMain Holdings, Inc.		12,500		710,875
Synchrony Financial		12,600		551,124
				3,379,016
Diversified Banks — 6.40%
Barclays PLC, Sponsored - ADR		59,000		564,630
Citigroup, Inc.		5,300		377,572
Deutsche Bank AG(a)		28,500		399,000
				1,341,202
Fabricated Metal & Hardware — 1.50%
Ampco-Pittsburgh Corp.(a)		41,622		315,079
Institutional Brokerage — 6.25%
Arlington Asset Investment Corp., Class A(a)		91,500		375,150
Goldman Sachs Group, Inc. (The)		1,500		522,675
Morgan Stanley		5,000		412,750
				1,310,575
Insurance Brokers & Services — 0.36%
Kingstone Cos., Inc.		9,116		76,392
Investment Companies — 1.95%
BBX Capital, Inc.(a)		64,781		408,120
Life Insurance — 1.35%
Lincoln National Corp.		4,400		282,172
Local TV & Radio Broadcast — 1.15%
Audacy, Inc.(a)		50,000		242,000

See accompanying notes which are an integral part of these financial statements.

Annual Report | April 30, 2021 9

Caldwell & Orkin -
Gator Capital Long/Short Fund	Schedule of Investments
	April 30, 2021

	Shares		Fair Value
Mortgage Finance — 6.05%
Ladder Capital Corp.		10,700	$	127,223
MGIC Investment Corp.		28,900		440,436
New Residential Investment Corp.		29,200		313,024
Ready Capital Corp.		26,753		388,186
				1,268,869
P&C Insurance — 5.64%
Ambac Financial Group, Inc.(a)		18,700		320,705
Arch Capital Group Ltd.(a)		10,000		397,100
NMI Holdings, Inc., Class A(a)		18,000		465,120
				1,182,925
Private Equity — 1.31%
Victory Capital Holdings, Inc., Class A		9,913		275,086
Professional Services — 0.85%
H&R Block, Inc.		8,000		178,080
Real Estate Services — 3.21%
Cushman & Wakefield PLC(a)		3,000		51,000
Realogy Holdings Corp.(a)		36,000		622,080
				673,080
Retail REITs — 1.52%
Seritage Growth Properties, Class A(a)		4,800		82,560
Site Centers Corp.		16,000		236,000
				318,560
Wealth Management — 3.08%
Ameriprise Financial, Inc.		2,500		646,000
TOTAL COMMON STOCKS LONG (Cost $12,517,154)				18,889,290
PREFERRED STOCKS — LONG — 0.97%
Specialty Finance — 0.97%
Federal National Mortgage Association(a)		9,625		101,351
Federal National Mortgage Association, Series T, 8.25%(a)		17,500		101,325
TOTAL PREFERRED STOCKS LONG (Cost $341,772)				202,676

See accompanying notes which are an integral part of these financial statements.

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Caldwell & Orkin -
Gator Capital Long/Short Fund	Schedule of Investments
	April 30, 2021

	Shares		Fair Value
WARRANTS — LONG — 0.49%
Ampco-Pittsburgh Corp., Expires 08/01/25, Strike Price $6(a)		91,000	$	103,740
TOTAL WARRANTS LONG (Cost $27,297)				103,740
MONEY MARKET FUNDS — 19.43%
First American Treasury Obligations Fund - Class X, 0.03%(b)		4,072,364		4,072,364
TOTAL MONEY MARKET FUNDS (Cost $4,072,364)				4,072,364
TOTAL INVESTMENTS 110.99% (Cost $16,958,587)				23,268,070
Liabilities in Excess of Other Assets — (10.99)%				(2,304,875	)
NET ASSETS — 100.00%			$	20,963,195

(a) Non-income producing security.

(b) Rate disclosed is the seven day effective yield as of April 30, 2021.

ADR - American Depositary Receipt.

See accompanying notes which are an integral part of these financial statements.

Annual Report | April 30, 2021 11

Caldwell & Orkin -
Gator Capital Long/Short Fund	Schedule of Securities Sold Short
	April 30, 2021

	Shares			Fair Value
COMMON STOCKS — SHORT — (16.32)%
Auto Parts — (0.19)%
Romeo Power, Inc.(a)		(4,700	)	$	(40,467	)
Banks — (12.94)%
Capitol Federal Financial, Inc.		(27,000	)		(348,975	)
City Holding Co.		(2,301	)		(178,097	)
Commerce Bancshares, Inc.		(2,310	)		(179,741	)
Community Bank System, Inc.		(2,700	)		(209,601	)
Cullen/Frost Bankers, Inc.		(1,900	)		(228,114	)
CVB Financial Corp.		(10,000	)		(212,100	)
Glacier Bancorp, Inc.		(1,000	)		(58,950	)
Independent Bank Corp.		(2,000	)		(163,800	)
Lakeland Financial Corp.		(3,000	)		(195,690	)
Park National Corp.		(1,700	)		(212,653	)
Southside Bancshares, Inc.		(2,472	)		(99,251	)
Stock Yards Bancorp, Inc.		(3,200	)		(163,712	)
Tompkins Financial Corp.		(1,700	)		(132,855	)
United Bankshares, Inc.		(4,500	)		(176,715	)
Westamerica Bancorp		(2,400	)		(152,160	)
					(2,712,414	)
Consumer Finance — (0.95)%
American Express Co.		(1,300	)		(199,355	)
Industrial Reit — (1.66)%
Duke Realty Corp.		(7,500	)		(348,900	)
P&C Insurance — (0.57)%
Palomar Holdings, Inc.(a)		(1,700	)		(119,612	)
TOTAL COMMON STOCKS — SHORT (Proceeds Received $2,787,586)					(3,420,748	)

See accompanying notes which are an integral part of these financial statements.

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Caldwell & Orkin -
Gator Capital Long/Short Fund	Schedule of Securities Sold Short
	April 30, 2021

	Shares			Fair Value
EXCHANGE-TRADED FUNDS — SHORT — (7.63)%
Direxion Daily Financial Bear 3X Shares		(1,000	)	$	(28,590	)
Direxion Shares ETF Trust Direxion Daily Regional Banks Bull 3X Shares		(6,300	)		(1,571,724	)
TOTAL EXCHANGE-TRADED FUNDS (Proceeds Received $627,880)					(1,600,314	)
TOTAL SECURITIES SOLD SHORT — (23.95)% (Proceeds Received $3,415,466)				$	(5,021,062	)

(a) Non-income producing security.

ETF - Exchange-Traded Fund

See accompanying notes which are an integral part of these financial statements.

Annual Report | April 30, 2021 13

Caldwell & Orkin -
Gator Capital Long/Short Fund	Statement of Assets and Liabilities
	April 30, 2021

ASSETS
Investments is securities at fair value (cost $16,958,587)	$	23,268,070
Deposit held by broker for securities sold short		2,800,210
Receivable for fund shares sold		88
Receivable for investments sold		25,890
Dividends and interest receivable		13,003
Tax reclaims receivable		2,262
Prepaid expenses		19,629
Total Assets		26,129,152
LIABILITIES
Securities sold short, at value (proceeds received $3,415,466)		5,021,062
Payable for investments purchased		76,310
Payable for dividends declared on short sales		4,780
Payable to Adviser		13,294
Payable to Administrator		6,613
Other accrued expenses		43,898
Total Liabilities		5,165,957
Net Assets	$	20,963,195
Net Assets consist of:
Paid-in capital		18,882,277
Accumulated earnings		2,080,918
Net Assets	$	20,963,195
Shares outstanding, par value $0.10 per share (30,000,000 authorized shares)		718,634
Net asset value, offering price and redemption price per share(a)	$	29.17

^(a) Redemption price may differ from net asset value if redemption fee is applied.

See accompanying notes which are an integral part of these financial statements.

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Caldwell & Orkin -
Gator Capital Long/Short Fund	Statement of Operations
	For the year ended April 30, 2021

INVESTMENT INCOME
Dividend income (net of foreign taxes withheld of $3,138)	$	493,763
Interest income		443
Total investment income		494,206
EXPENSES
Investment Advisory fees		159,286
Legal		41,148
Miscellaneous		36,309
Director’s fees and expenses		36,000
Registration		25,505
Audit and tax preparation		19,000
Compliance Services		16,459
Administration		15,784
Fund accounting		14,794
Report printing		11,755
Insurance		10,716
Transfer agent		10,000
Custodian		5,299
Sub transfer agent fees		2,551
Pricing		1,609
Interest		170,589
Dividend expense on securities sold short		78,657
Total expenses		655,461
Fees contractually waived by Adviser		(86,538	)
Net operating expenses		568,923
Net investment loss		(74,717	)
NET REALIZED AND CHANGE IN UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) from:
Investments		1,217,921
Securities sold short		(40,793	)
Foreign currency translations		9
Change in unrealized appreciation (depreciation) on:
Investments		11,118,220
Securities sold short		(1,826,458	)
Foreign currency translations		99
NET REALIZED AND CHANGE IN UNREALIZED GAIN ON INVESTMENTS AND SECURITIES SOLD SHORT		10,468,998
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	10,394,281

See accompanying notes which are an integral part of these financial statements.

Annual Report | April 30, 2021 15

Caldwell & Orkin -
Gator Capital Long/Short Fund	Statements of Changes in Net Assets

	For the Year Ended			For the Year Ended
	April 30, 2021			April 30, 2020
INCREASE (DECREASE) IN NET ASSETS DUE TO:
Operations
Net investment loss	$	(74,717	)	$	(195,361	)
Net realized gain on investments, securities sold short and foreign currency translations		1,177,137			1,251,055
Net change in unrealized appreciation (depreciation) of investments, securities sold short and foreign currency translations		9,291,861			(6,177,738	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		10,394,281			(5,122,044	)
CAPITAL TRANSACTIONS
Proceeds from shares sold		522,553			343,089
Amount paid for shares redeemed		(2,212,833	)		(6,234,398	)
Proceeds from redemption fees (Note 1)		93			549
NET DECREASE IN NET ASSETS RESULTING FROM CAPITAL TRANSACTIONS		(1,690,187	)		(5,890,760	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		8,704,094			(11,012,804	)
NET ASSETS
Beginning of year		12,259,101			23,271,905
End of year	$	20,963,195		$	12,259,101
SHARE TRANSACTIONS
Shares sold		23,719			19,315
Shares redeemed		(110,925	)		(329,132	)
NET DECREASE IN SHARES OUTSTANDING		(87,206	)		(309,817	)

See accompanying notes which are an integral part of these financial statements.

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Caldwell & Orkin -
Gator Capital Long/Short Fund	Financial Highlights

For a share outstanding during each year

	For the			For the			For the			For the			For the
	Year			Year			Year			Year			Year
	Ended			Ended			Ended			Ended			Ended
	April 30,			April 30,			April 30,			April 30,			April 30,
	2021			2020			2019			2018			2017
Selected Per Share Data
Net asset value, beginning of year	$	15.21		$	20.86		$	20.61		$	20.72		$	21.57
Investment operations:
Net investment loss		(0.10	) (a)		(0.20	) (a)		(0.19	) (a)		(0.24	) (a)		(0.25	)
Net realized and unrealized gain (loss) on investments		14.06			(5.45	)		0.44	(b)		0.13	(b)		(0.60	)
Total from investment operations		13.96			(5.65	)		0.25			(0.11	)		(0.85	)
Paid in capital from redemption fees		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Net asset value, end of year	$	29.17		$	15.21		$	20.86		$	20.61		$	20.72
Total Return(d)		91.78	%		(27.09	)%		1.21	%		(0.53	)%		(3.94	)%
Ratios and Supplemental Data:
Net assets, end of year (000 omitted)	$	20,963		$	12,259		$	23,272		$	49,785		$	116,610
Ratios to Average Net Assets:
Ratio of net expenses to average net assets(e)		3.56	%		3.60	%		3.19	%		2.41	%		2.00	%
Ratio of expenses to average net assets before waiver by Adviser		4.10	%		4.08	%		3.31	%		2.41	%		2.00	%
Ratio of net investment loss to average net assets		(0.47	)%		(1.00	)%		(0.92	)%		(1.19	)%		(1.18	)%
Portfolio Turnover Rate		38	%		87	%		240	%		531	%		500	%

^(a) Calculated using average shares outstanding.

^(b) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

^(c) Rounds to less than $0.005 per share.

^(d) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions.

^(e) Excluding dividend and interest expense, the ratios of net expenses to average net assets were 2.00%, 2.00%, 2.00%, 1.85% and 1.40% for the fiscal years ended April 30, 2021, 2020, 2019, 2018 and 2017, respectively.

See accompanying notes which are an integral part of these financial statements.

Annual Report | April 30, 2021 17

Caldwell & Orkin - Gator Capital Long/Short Fund	Notes to Financial Statements
	April 30, 2021

1. ORGANIZATION

The Caldwell & Orkin - Gator Capital Long/Short Fund (the “Fund”), formerly the Caldwell & Orkin Market Opportunity Fund, is the only investment portfolio of The Caldwell & Orkin Funds, Inc. (the “Company”), an open-end, diversified management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and incorporated under the laws of the State of Maryland on August 15, 1989. The Fund’s investment objective is to provide long-term capital growth with a short-term focus on capital preservation. Gator Capital Management, LLC (the “Adviser”), the Fund’s investment adviser, uses a fundamental driven, multi-dimensional investment process focusing on active allocation, security selection and surveillance to achieve the Fund’s investment objective.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies.” The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”).

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities Valuation

Securities are stated at the closing price on the date at which the net asset value (“NAV”) is being determined. If the date of determination is not a trading date, or the closing price is not otherwise available, the last bid price for long positions and at the last ask price for short positions is used for a fair value instead. Debt securities are valued at the price provided by an independent pricing service. Any assets or securities for which market quotations are not readily available are valued at fair value as determined in good faith by or under the direction of the Fund’s Board of Directors (the “Board”) in accordance with the Fund’s Fair Value Pricing Policy.

18 1-800-467-7903  | https://gatorcapital.com/mutual-funds/gator-capital-long-short-fund/

Caldwell & Orkin - Gator Capital Long/Short Fund	Notes to Financial Statements
	April 30, 2021

Securities Transactions and Related Investment Income

The Fund follows industry practice and records securities transactions on trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date. Realized gains and losses from investment transactions are determined using the specific identification method. Interest income which includes amortization of premium and accretion of discount, is accrued as earned.

Fair Value Measurements

A three-tier hierarchy has been established to classify fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

● Level 1 – unadjusted quoted prices in active markets for identical investments and/or registered investment companies where the value per share is determined and published and is the basis for current transactions for identical assets or liabilities at the valuation date

● Level 2 – quoted prices which are not active quoted prices for similar assets or liabilities in active markets or inputs other than quoted process that are observable (either directly or indirectly) for substantially the full term of the asset or liability

● Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments based on the best information available)

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy which is reported, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used as of April 30, 2021 in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1			Level 2		Level 3		Total
Assets
Common Stocks	$	18,889,290		$	—	$	—	$	18,889,290
Preferred Stock		202,676			—		—		202,676
Warrants		103,740			—		—		103,740
Money Market Funds		4,072,364			—		—		4,072,364
Total	$	23,268,070		$	—	$	—	$	23,268,070
Liabilities
Securities Sold Short
Common Stocks	$	(3,420,748	)	$	—	$	—	$	(3,420,748	)
Exchange-Traded Funds		(1,600,314	)		—		—		(1,600,314	)
Total	$	(5,021,062	)	$	—	$	—	$	(5,021,062	)

Annual Report  | April 30, 2021 19

Caldwell & Orkin - Gator Capital Long/Short Fund	Notes to Financial Statements
	April 30, 2021

The Fund did not hold any assets at any time during the reporting period in which significant unobservable inputs were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period.

Share Valuation

The NAV per share of the Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Fund’s shares will not be priced on the days on which the New York Stock Exchange is closed for trading. The offering and redemption price per share for the Fund is equal to the Fund’s NAV per share.

The Fund charges a 2.00% redemption fee on shares held less than 90 days. These fees are deducted from the redemption proceeds otherwise payable to the shareholder. The Fund will retain the fee charged as paid-in capital and such fees become part of the Fund’s daily NAV calculation. For the fiscal year ended April 30, 2021 the Fund recorded $93 in redemption fee proceeds.

Federal Income Taxes

The Fund makes no provision for federal income tax or excise tax. The Fund has qualified and intends to qualify each year as a regulated investment company (“RIC”) under subchapter M of the Internal Revenue Code of 1986, as amended, by complying with the requirements applicable to RICs and by distributing substantially all of its taxable income. The Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. If the required amount of net investment income or gains is not distributed, the Fund could incur a tax expense.

The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and unrealized appreciation as such income and/or gains are earned.

The Fund recognizes tax benefits or expenses of uncertain tax positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the previous three tax year ends and the interim tax period since then, as applicable) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does

20 1-800-467-7903  | https://gatorcapital.com/mutual-funds/gator-capital-long-short-fund/

Caldwell & Orkin -
Gator Capital Long/Short Fund	Notes to Financial Statements
	April 30, 2021

not expect this to change over the next twelve months. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year, the Fund did not incur any interest or penalties.

3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES AND OTHER SERVICE PROVIDERS

The Fund has entered into a management agreement (the “Management Agreement”) with the Adviser pursuant to which the Adviser provides space, facilities, equipment and personnel necessary to perform administrative and investment management services for the Fund. The Management Agreement provides that the Adviser is responsible for the management of the Fund’s portfolio. For such services and expenses assumed by the Adviser, the Fund pays a monthly advisory fee at incremental annual rates as follows:

Advisory Fee	Average Daily Net Assets
1.00%	Up to $250 million
0.90%	In excess of $250 million but not greater than $500 million
0.80%	In excess of $500 million

The Adviser has agreed to reimburse the Fund through August 30, 2022 to the extent necessary to prevent the Fund’s annual ordinary operating expenses (excluding taxes, expenses related to the execution of portfolio transactions and the investment activities of the Fund such as, for example, interest, dividend expenses on securities sold short, brokerage commissions and fees and expenses charged to the Fund by any investment company in which the Fund invests and extraordinary charges such as litigation costs) from exceeding 2.00% of the Fund’s average net assets. For the fiscal year ended April 30, 2021, the Adviser waived fees and reimbursed expenses in the amount of $86,538 for the Fund. During the fiscal year ended April 30, 2021, the Adviser earned $159,286 from the Fund, before the waiver described above.

Ultimus Fund Solutions, LLC (the “Administrator”) provides fund accounting, fund administration and transfer agency services under a Master Services Agreement to the Fund. The Fund pays the Administrator fees for its services under the Master Services Agreement. In addition, the Fund pays out-of-pocket expenses including, but not limited to postage, supplies and costs of pricing the Fund’s securities. For the fiscal year ended April 30, 2021, the Administrator earned fees of $15,784 for administration services, $14,794 for fund accounting services, and $10,000 for transfer agent services.

Ultimus Fund Distributors, LLC (the “Distributor”) serves as distributor to the Fund. The Fund does not pay the Distributor for these services. The Distributor is a wholly-owned subsidiary of the Administrator.

Certain officers of the Fund are also officers of the Administrator and the Distributor.

Annual Report  | April 30, 2021 21

Caldwell & Orkin -
Gator Capital Long/Short Fund	Notes to Financial Statements
	April 30, 2021

4. DIRECTOR COMPENSATION

The Fund pays each Director, in cash, an annual fee of $8,000 per year, plus $1,500 for each in-person meeting attended and $1,000 for each telephonic meeting attended. The Fund also reimburses Directors’ actual out-of-pocket expenses relating to attendance at meetings.

5. INVESTMENT PORTFOLIO TRANSACTIONS

During the fiscal year ended April 30, 2021, the Fund purchased $5,711,711 and sold $9,513,698 of securities, excluding securities sold short and short-term investments.

Short Sales and Segregated Cash

Short sales are transactions in which the Fund sells a security it does not own, in anticipation of a decline in the market value of that security. To initiate such a transaction, the Fund must borrow the security to deliver to the buyer upon the short sale; the Fund is then obligated to replace the security borrowed by purchasing it in the open market at some later date, completing the transaction.

The Fund will incur a loss if the market price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund will realize a gain if the security declines in value between those dates.

All short sales must be fully collateralized. The Fund maintains the collateral in segregated accounts consisting of cash and/or U.S. Government securities sufficient to collateralize the market value of its short positions. Typically, the segregated cash with brokers and other financial institutions exceeds the minimum required. Deposits with brokers for securities sold short are invested in money market instruments. Segregated cash is held at the custodian in the name of the broker per a tri-party agreement between the Fund, the custodian, and the broker.

The Fund may also sell short “against the box”, i.e., the Fund enters into a short sale as described above, while holding an offsetting long position in the same security which it sold short. If the Fund enters into a short sale against the box, it will segregate an equivalent amount of securities owned by the Fund as collateral while the short sale is outstanding.

The Fund limits the value of its short positions (excluding short sales “against the box”) to 60% of the Fund’s total net assets. At April 30, 2021, the Fund had approximately 24% of its total net assets in short positions.

For the fiscal year ended April 30, 2021, the cost of investments purchased to cover short sales and the proceeds from investments sold short were $5,651,144 and $6,021,951, respectively.

22 1-800-467-7903  | https://gatorcapital.com/mutual-funds/gator-capital-long-short-fund/

Caldwell & Orkin -
Gator Capital Long/Short Fund	Notes to Financial Statements
	April 30, 2021

6. FEDERAL TAX INFORMATION

As of April 30, 2021, the net unrealized appreciation (depreciation) of investments, including short securities, for tax purposes was as follows:

Gross unrealized appreciation	$	6,771,913
Gross unrealized depreciation		(2,330,911	)
Net unrealized appreciation on investments	$	4,441,002
Tax cost of investments	$	13,806,105

At April 30, 2021, the components of accumulated earnings (deficit) on a tax basis were as follows:

Accumulated capital and other losses	$	(2,360,084	)
Unrealized appreciation		4,441,002
	$	2,080,918

The difference between book basis and tax basis unrealized appreciation is attributable primarily to the tax deferral of wash losses and investments in partnerships and certain other investments.

Certain capital losses incurred after October 31, and within the current taxable year, are deemed to arise on the first business day of the Fund’s following taxable year. Late year Ordinary Losses incurred after December 31 are deemed to arise on the first business day of the Fund’s following taxable year. For the tax year ended April 30, 2021, the Fund deferred $100,225 in Qualified Late Year Ordinary Losses.

As of April 30, 2021, the Fund has available for tax purposes an unused capital loss carryforward of $2,010,786 of short-term capital losses and $249,073 of long-term capital losses with no expiration, which is available to offset against future taxable net capital gains.

GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended April 30, 2021, the Fund increased accumulated earnings by $47,289 and decreased paid-in capital by $47,289. These reclassifications are due to investments in partnerships, commodities, nondeductible dividend expenses and certain other temporary and permanent book and tax reclassifications.

7. COMMITMENTS AND CONTINGENCIES

Under the Fund’s organizational documents, its officers and directors are indemnified against certain liability arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that may contain

Annual Report  | April 30, 2021 23

Caldwell & Orkin -
Gator Capital Long/Short Fund	Notes to Financial Statements
	April 30, 2021

general indemnification clauses, which may permit indemnification to the extent permissible under applicable law. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred.

8. SUBSEQUENT EVENTS

Management of the Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date at which these financial statements were issued. Based upon this evaluation, management has determined there were no items requiring adjustment of the financial statements or additional disclosure.

LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

The Fund has adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act. The program is reasonably designed to assess and manage the Fund’s liquidity risk, taking into consideration, among other factors, the Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources. The Funds’ Board of Directors approved the appointment of a committee to serve as Liquidity Program Administrator (LPA), which committee includes representatives from the Fund’s investment manager. The LPA is responsible for the program’s administration and oversight and for reporting to the Board on at least an annual basis regarding the program’s operation and effectiveness. The Liquidity Assessment written report that was presented to the Board of Directors at the May 5, 2021 Board meeting covered the period from January 1, 2020 - December 31, 2020 (the “Review Period”).

During the Review Period, the Fund did not experience unusual stress or disruption to its operations related to purchase and redemption activity. Also, during the Review Period, the Fund held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. During the Review Period, the Fund did not hold illiquid securities and the Fund was not required to establish a highly liquid investment minimum. The Report concluded that the Fund takes many factors into consideration when determining the best methods for managing the liquidity of the portfolio and that the Fund’s liquidity risk management program operated appropriately during the Review Period.

24 1-800-467-7903  | https://gatorcapital.com/mutual-funds/gator-capital-long-short-fund/

Caldwell & Orkin -	Report of Independent Registered
Gator Capital Long/Short Fund	Public Accounting Firm
	April 30, 2021

To the Shareholders and Board of Directors

of Caldwell & Orkin - Gator Capital Long/Short Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Caldwell & Orkin - Gator Capital Long/Short Fund (the “Fund”), a series of shares of The Caldwell & Orkin Funds, Inc., including the schedule of investments, as of April 30, 2021, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of April 30, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the Fund’s auditor since 1998.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included

Annual Report  | April 30, 2021 25

Caldwell & Orkin -	Report of Independent Registered
Gator Capital Long/Short Fund	Public Accounting Firm
	April 30, 2021

confirmation of securities owned as of April 30, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

 

TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania

June 23, 2021

26 1-800-467-7903  | https://gatorcapital.com/mutual-funds/gator-capital-long-short-fund/

Caldwell & Orkin - Gator Capital Long/Short Fund	Disclosure of Fund Expenses
	April 30, 2021 (Unaudited)

We believe it is important for you to understand the impact of fees and expenses on your investment in the Fund. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs related to the purchase and redemption of Fund shares, including redemption fees and brokerage commissions (if applicable); and (2) ongoing costs, including management fees, administrative expenses, portfolio transaction costs and other Fund expenses. A mutual fund’s ongoing costs are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The below example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, November 1, 2020 through April 30, 2021. The table below illustrates the Fund’s expenses in two ways:

Based on Actual Fund Returns

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Based on a Hypothetical 5% Return for Comparison Purposes

Expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of the table below is useful in comparing ongoing costs only and will not help you determine the relative costs of owning different funds. In addition, if transaction costs were included, your costs would have been higher. 

	Beginning	Ending	Expenses	Annualized
	Account Value	Account Value	Paid During	Expense
	November 1, 2020	April 30, 2021	the Period(a)	Ratio
Actual	$1,000.00	$1,518.50	$23.92	3.83%
Hypothetical(b)	$1,000.00	$1,005.80	$19.05	3.83%

^(a) Expenses are equal to the Fund’s annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

^(b) Hypothetical assumes 5% annual return before expenses.

Annual Report  | April 30, 2021 27

Caldwell & Orkin -
Gator Capital Long/Short Fund	Additional Information
	April 30, 2021 (Unaudited)

Caldwell & Orkin Board of Directors and Officers (as of April 30, 2021)

Name, Position(s) Held with Fund, and Age	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Director	Other Directorships Held by Director During the Past 5 Years
DISINTERESTED DIRECTORS
Frederick T. Blumer Director and Chairman of the Board Year of Birth: 1958	Indefinite Term, Director Since 1990, Chairman Since 2004	Mr. Blumer is the Chairman & CEO of Mile Auto, Inc. (since March 2017) and Chairman of Vehcon, Inc. (since 2012), and was CEO of Vehcon, Inc. (from 2012-2017).	One	None
Rhett E. Ingerick Director and Chairman of the Audit Committee Year of Birth: 1974	Indefinite Term, Since 2018	Mr. Ingerick is a Senior Developer for Kforce Inc. (2018-Present). Prior to that he was a Senior Functional Analyst for Kforce Inc. (2015-2018) and Senior Integration Developer for Talbots, Inc. (2014-2015).	One	Gator Series Trust
Bevin E. Newton Director Year of Birth: 1971	Indefinite Term, Since 2018	Ms. Newton is currently Director - Finance and Accounting Integration for Aveanna Healthcare (December 2020-Present). Prior to that, she was Workday Administration Manager for Aveanna Healthcare (February 2020-December 2020), Independent Contract Project Manager for Watkins Associated Industries (October 2018-November 2019), Choreographer and Ballet Teacher at Dance Stop Studios (August 2016-May 2019), and Dance and Movement Consultant for Walton High School Marching Band and Color Guard (May 2017-November 2019). In addition, she was Executive Director for Roswell United Methodist Church Foundation (April 2012-May 2016).	One	Gator Series Trust

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Caldwell & Orkin -
Gator Capital Long/Short Fund	Additional Information
	April 30, 2021 (Unaudited)

Name, Position(s) Held with Fund, and Age	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Director	Other Directorships Held by Director During the Past 5 Years
INTERESTED DIRECTOR
Derek Pilecki* President and Principal Executive Officer Year of Birth: 1970	Indefinite Term, Since 2018	Mr. Pilecki is President and Chief Investment Officer for Gator Capital Management, LLC (2008 – present).	N/A	Gator Series Trust

* Mr. Pilecki is an interested Director because he is an employee of the Manager.

Name, Position(s) Held with Fund, and Age	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen	Other Directorships Held
OFFICERS WHO ARE NOT DIRECTORS
Charles C. Black Chief Compliance Officer Year of Birth: 1979	Since 2016	Mr. Black is the Vice President and Head of Compliance Services (April 2021 to Present) and was Director of Compliance Services (November 2019 to March 2021) at CCO Technology, LLC (d/b/a Joot). Previously, Mr. Black was a Senior Compliance Officer at Ultimus Fund Solutions, LLC (2015 to 2019), Chief Compliance Officer of Ultimus Managers Trust (January 2016 to 2019), Assistant Chief Compliance Officer of Ultimus Managers Trust (April 2015 - January 2016).	N/A	N/A

Annual Report  | April 30, 2021 29

Caldwell & Orkin -
Gator Capital Long/Short Fund	Additional Information
	April 30, 2021 (Unaudited)

Name, Position(s) Held with Fund, and Age	Term of Office and Length of Time Served	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen	Other Directorships Held
OFFICERS WHO ARE NOT DIRECTORS
Zachary P. Richmond Treasurer and Principal Financial Officer Year of Birth: 1980	Since 2020	Mr. Richmond is Vice President of Financial Administration for Ultimus Fund Solutions, LLC (since February 2019). Previously, Mr. Richmond was Assistant Vice President, Associate Director of Financial Administration for Ultimus Fund Solutions, LLC (December 2015 to February 2019).	N/A	N/A

The Fund’s Statement of Additional Information (“SAI”) includes information about the directors and is available, without charge, upon request. You may call toll-free (800) 467-7903 to request a copy of the SAI or to make shareholder inquiries.

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CUSTOMER PRIVACY NOTICE

FACTS	WHAT DOES CALDWELL & ORKIN FUNDS, INC. DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ■    Social Security number ■    Assets ■    Retirement Assets ■    Transaction History ■    Checking Account Information ■    Purchase History ■    Account Balances ■    Account Transactions ■    Wire Transfer Instructions When you are no longer our customer, we continue to share your information as described in this notice.
How?	All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Caldwell & Orkin Funds, Inc. chooses to share; and whether you can limit this sharing.
Reasons we can share your personal information		Does Caldwell & Orkin Funds, Inc. share?	Can you limit this sharing?
For our everyday business purposes – Such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus		Yes	No
For our marketing purposes – to offer our products and services to you		Yes	No
For joint marketing with other financial companies		No	We don’t share
For our affiliates’ everyday business purposes – information about your transactions and experiences		No	No
For our affiliates’ everyday business purposes – information about your creditworthiness		No	We don’t share
For nonaffiliates to market to you		No	We don’t share
For our affiliates’ marketing purposes		Yes	Yes*
Questions?	Call (800) 467-7903
To limit our sharing	*Call (813) 282-7870 Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.

Annual Report  | April 30, 2021 31

Page 2
Who we are
Who is providing this notice?	Caldwell & Orkin Funds, Inc. Caldwell & Orkin - Gator Capital Long/Short Fund Ultimus Fund Distributors, LLC (Distributor) Ultimus Fund Solutions, LLC (Administrator)
What we do
How does Caldwell & Orkin Funds, Inc. protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.
How does Caldwell & Orkin Funds, Inc. collect my personal information?	We collect your personal information, for example, when you ■    Open an account ■    Provide account information ■    Give us your contact information ■    Make deposits or withdrawals from your account ■    Make a wire transfer ■    Tell us where to send the money ■    Tell us who receives the money ■    Show your government-issued ID ■    Show your driver’s license We also collect your personal information from other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ■    Sharing for affiliates’ everyday business purposes – information about your creditworthiness ■    Affiliates from using your information to market to you ■    Sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ■    Gator Capital Management, LLC the investment adviser to Caldwell & Orkin Funds, Inc., could be deemed an affiliate.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies ■    Caldwell & Orkin Funds, Inc. does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ■    Caldwell & Orkin Funds, Inc. does not jointly market.

32 1-800-467-7903  | https://gatorcapital.com/mutual-funds/gator-capital-long-short-fund/

This Page is Intentionally Left Blank.

CALDWELL & ORKIN - GATOR CAPITAL LONG/SHORT FUND

Annual Report to Shareholders

BOARD OF DIRECTORS Frederick T. Blumer,
   Independent Chairman Derek Pilecki, President Bevin E. Newton Rhett E. Ingerick INVESTMENT ADVISER Gator Capital Management, LLC 100 S. Ashley Drive, Suite 895 Tampa, FL 33602 DISTRIBUTOR Ultimus Fund Distributors, LLC 225 Pictoria Drive, Suite 450 Cincinnati, OH 45246 TRANSFER, REDEMPTION & DIVIDEND DISBURSING AGENT Ultimus Fund Solutions, LLC P.O. Box 46707 Cincinnati, OH 45246-0707 CUSTODIAN U.S. Bank, N.A. 425 Walnut St. Cincinnati, OH 45202 LEGAL COUNSEL Kilpatrick Townsend & Stockton LLP 1001 West Fourth Street Winston-Salem, NC 27101-2400

The Caldwell & Orkin - Gator Capital Long/Short Fund’s (the “Fund”) portfolio may or may not have positions in any of the companies referenced in this Report to Shareholders as of any date after April 30, 2021. The commentary reflects the views of the investment manager through the end of the period or through the date of this report, as the case may be. Of course, these views are subject to change as market and other conditions warrant. These financial statements are submitted for the general information of the Fund’s shareholders. They are not authorized for distribution to prospective investors unless preceded or accompanied by an effective Fund Prospectus.

Availability of Proxy Voting Policy & Procedures, Proxy Voting Record and Code of Ethics - A description of a) the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities, b) how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, and c) the Code of Ethics applicable to the principal officers of the Fund are available without charge, upon request, by calling toll-free (800) 467-7903, or on the Securities and Exchange Commission’s (the “Commission’s”) website at http://www.sec.gov.

Fund Information - For more information about the Fund please call (800) 467-7903 or visit the Fund’s website at https://gatorcapital.com/mutual-funds/gator-capital-long-short-fund/.

Gator Capital Management, LLC

100 S. Ashley Drive, Suite 895

Tampa, Fl 33602

Gator-AR-21

(b)Not applicable.

Item 2. Code of Ethics.

(a) As of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s Principal Executive Officer and Principal Financial Officer.

(b) Not applicable.

(c) During the period covered by the report, with respect to the registrant's code of ethics that applies to its Principal Executive Officer and Principal Financial Officer: there have been no amendments to a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2.

(d) During the period covered by the report, with respect to the registrant's code of ethics that applies to its Principal Executive Officer and Principal Financial Officer: there have been no waivers granted from a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2.

(e) Not applicable.

(f) The registrant has included a copy of the code of ethics that applies to the registrant’s Principal Executive Officer and Principal Financial Officer. This code of ethics is included as an Exhibit on this Form N-CSR.

Item 3. Audit Committee Financial Expert.

(a)       The registrant’s board of trustees has determined that the registrant does not have an audit committee financial expert. The committee members and the full Board considered a possibility of adding a member that would qualify as an expert. The audit committee determined that, although none of its members meet the technical definition of an audit committee expert, the committee has sufficient financial expertise to adequately perform its duties under the Audit Committee Charter without the addition of a qualified expert.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees billed to the registrant by its principal accountants for the two most recent fiscal years:

Fiscal year ended 2021: $14,200

Fiscal year ended 2020: $14,200

(b) Audit-Related Fees billed to the registrant by its principal accountants for the two most recent fiscal years:

Fiscal year ended 2021: $0

Fiscal year ended 2020: $0

(c) Tax Fees billed to the registrant by its principal accountants for the two most recent fiscal years:

Fiscal year ended 2021: $2,800

Fiscal year ended 2020: $2,800

Fees for 2021 and 2020 related to the review of the registrant's tax returns. Amount requiring approval of the registrant's audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.

(d) All other fees billed to the registrant by its principal accountants for the two most recent fiscal years:

Fiscal year ended 2021: $0

Fiscal year ended 2020: $0

Amount requiring approval of the registrant's audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.

(e)(1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X

Pre-Approval of Audit and Permitted Non-Audit Services Provided to the Company

Pre-Approval Requirements. The Committee shall pre-approve all auditing services and permissible non-audit services (e.g., tax services) to be provided to the Company by the Auditor, including the fees therefor. The Committee may delegate to one or more of its members the authority to grant pre-approvals. In connection with such delegation, the Committee shall establish pre-approval policies and procedures, including the requirement that the decisions of any member to whom authority is delegated under this section (B) shall be presented to the full Committee at each of its scheduled meetings.

De Minimis Exception to Pre-Approval: Pre-approval for a permitted non-audit service shall not be required if:

a. the aggregate amount of all such non-audit services is not more than 5% of the total revenues paid by the Company to the Auditor in the fiscal year in which the non-audit services are provided;

b. such services were not recognized by the Company at the time of the engagement to be non-audit services; and

c. such services are promptly brought to the attention of the Committee and approved prior to the completion of the audit by the Committee or by one or more members of the Committee to whom authority to grant such approvals has been delegated by the Committee.

Additionally, the Committee shall pre-approve the Auditor’s engagements for non-audit services with the Adviser and any affiliate of the Adviser that provides ongoing services to the Company in accordance with the foregoing, if the engagement relates directly to the operations and financial reporting of the Company, unless the aggregate amount of all services provided constitutes no more than 5% of the total amount of revenues paid to the Auditor by the Company, the Adviser and any affiliate of the Adviser that provides ongoing services to the Company during the fiscal year in which the services are provided that would have to be pre-approved by the Committee pursuant to this paragraph (without regard to this exception).

(e)(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

(b)        0%

(c) 0 %

(d) 0%

(f) The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was 0%.

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for fiscal years ended April 30, 2020 and April 30, 2021 are $0 and $0, respectively

(h) The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

(a) Not applicable.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a) The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-2 under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing of this report on Form N-CSR.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Investment Companies.

Not Applicable.

Item 13. Exhibits.

(a)(1) The code of ethics that is the subject of the disclosure required by Item 2 is attached hereto.

(a)(2) Certifications pursuant to Rule 30a-2(a) are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) are furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) The Caldwell & Orkin Funds, Inc.

By (Signature and Title)* /s/ Derek Pilecki________________________________

Derek Pilecki, President and Principal Executive Officer

Date 6/30/2021_____________

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)* /s/ Derek Pilecki______________________________________

Derek Pilecki, President and Principal Executive Officer

Date 6/30/2021___________

By (Signature and Title)* /s/ Zachary P. Richmond______________________________

Zachary P. Richmond, Treasurer and Principal Financial Officer

Date 6/30/2021_______

EX-99.906 CERT

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended April 30, 2021 of The Caldwell & Orkin Funds, Inc. (the “Registrant”).

I, Derek Pilecki, the President and Principal Executive Officer of the Registrant, certify that, to the best of my knowledge:

1. the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78m(a) or 78o(d)); and

2. the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

6/30/2021______

Date

/s/ Derek Pilecki________________________________________

Derek Pilecki

President and Principal Executive Officer

The Caldwell & Orkin Funds, Inc.

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended April 30, 2021 of The Caldwell & Orkin Funds, Inc. (the “Registrant”).

I, Zachary P. Richmond, the Treasurer and Principal Financial Officer of the Registrant, certify that, to the best of my knowledge:

1. the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78m(a) or 78o(d)); and

2. the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

6/30/2021______

Date

/s/ Zachary P. Richmond________________________________________

Zachary P. Richmond

Treasurer and Principal Financial Officer

The Caldwell & Orkin Funds, Inc.

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

EX-99.CODE ETH

XXXIII. Code of Ethics for Principal Executive and Principal Financial Officers

I. PURPOSE OF THE CODE

The Fund’s code of ethics (this “Code”) is intended to serve as the code of ethics described in Section 406 of The Sarbanes-Oxley Act of 2002 and Item 2 of Form N-CSR. This Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Fund, the Fund’s adviser(s), co-adviser(s), sub-adviser(s), principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers, as defined herein, who are subject to this Code, such policies and procedures are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Fund’s and each Adviser’s co-adviser’s, sub- adviser’s, and principal underwriter’s codes of ethics pursuant to Rule 17j-1 under the 1940 Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

All Covered Officers must become familiar and fully comply with this Code. Because this Code cannot and does not cover every applicable law or provide answers to all questions that might arise, all Covered Officers are expected to use common sense about what is right and wrong, including a sense of when it is proper to seek guidance from others on the appropriate course of conduct.

The purpose of this Code is to set standards for the Covered Officers that are reasonably designed to deter wrongdoing and to promote:

• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

• full, fair, accurate, timely, and understandable disclosure in reports and documents that the Fund files with, or submits to, the SEC and in any other public communications by the Fund;

•       compliance with applicable governmental laws, rules and regulations;

• the prompt internal reporting of violations of the Code to the appropriate persons as set forth in the Code; and

•       accountability for adherence to the Code.

II. COVERED PERSONS

This Code applies to the Fund’s principal executive officers and principal financial officers, principal accounting officer or controller or any persons performing similar functions on behalf of the Fund (the “Covered Officers”). Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. Covered Officers are expected to act in accordance with the standards set forth in this Code.

III.       HONEST AND ETHICAL CONDUCT

A.       Honesty, Diligence and Professional Responsibility

Covered Officers are expected to observe both the letter and the spirit of the ethical principles contained in this Code. Covered Officers must perform their duties and responsibilities for the Fund:

•       with honesty, diligence, and a commitment to professional and ethical responsibility;

•       carefully, thoroughly and in a timely manner; and

•       in conformity with applicable professional and technical standards.

Covered Officers who are certified public accountants are expected to carry out their duties and responsibilities in a manner consistent with the principles governing the accounting profession, including any guidelines or principles issued by the Public Fund Accounting Oversight Board or the American Institute of Certified Public Accountants from time to time.

B.       Objectivity/Avoidance of Undisclosed Conflicts of Interest

Covered Officers are expected to maintain objectivity and avoid undisclosed conflicts of interest. In the performance of their duties and responsibilities for the Fund, Covered Officers must not subordinate their judgment to personal gain and advantage, or be unduly influenced by their own interests or by the interests of others. Covered Officers must avoid participation in any activity or relationship that constitutes a conflict of interest unless that conflict has been completely disclosed to affected parties and waived by the Directors on behalf of the Fund. Further, Covered Officers should avoid participation in any activity or relationship that could create the appearance of an undisclosed conflict of interest.

A conflict of interest would generally arise if, for instance, a Covered Officer directly or indirectly participates in any investment, interest, association, activity or relationship that may impair or appear to impair the Covered Officer’s objectivity or interfere with the interests of, or the Covered Officer’s service to, the Fund.

Any Covered Officer who may be involved in a situation or activity that might be a conflict of interest or give the appearance of a conflict of interest must report such situation or activity using the reporting procedures set forth in Section VI (Reporting and Accountability).

Each Covered Officer must not:

•       use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

•       cause the Fund to take action, or fail to take actions, for the individual personal benefit of the Covered Officer rather than the benefit of the Fund; or

•       use material non-public knowledge of portfolio transactions made or contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

Each Covered Officer is responsible for his or her compliance with this conflict of interest policy.

C.       Preparation of Financial Statements

Covered Officers must not knowingly make any misrepresentations regarding the Fund’s financial statements or any facts in the preparation of the Fund’s financial statements, and must comply with all applicable laws, standards, principles, guidelines, rules and regulations in the preparation of the Fund’s financial statements. This section is intended to prohibit:

•       making, or permitting or directing another to make, materially false or misleading entries in the Fund’s financial statements or records;

•       failing to correct the Fund’s financial statements or records that are materially false or misleading when he or she has the authority to record an entry; and

•       signing, or permitting or directing another to sign, a document containing materially false or misleading financial information.

Covered Officers must be scrupulous in their application of generally accepted accounting principles. No Covered Officer may (i) express an opinion or state affirmatively that the financial statements or other financial data of the Fund are presented in conformity with generally accepted accounting principles, or (ii) state that he or she is not aware of any material modifications that should be made to such statements or data in order for them to be in conformity with generally accepted accounting principles, if in either case such Covered Officer knows or should know that such statements or data contain any departure from generally accepted accounting principles then in effect in the United States.

Covered Officers must follow the laws, standards, principles, guidelines, rules and regulations established by all applicable governmental bodies, commissions or other regulatory agencies in the preparation of financial statements, records and related information. If a Covered Officer prepares financial statements, records or related information for purposes of reporting to such bodies, commissions or regulatory agencies, the Covered Officer must follow the requirements of such organizations in addition to generally accepted accounting principles.

If a Covered Officer and his or her supervisor have a disagreement or dispute relating to the preparation of financial statements or the recording of transactions, the Covered Officer should take the following steps to ensure that the situation does not constitute an impermissible subordination of judgment:

•       The Covered Officer should consider whether (i) the entry or the failure to record a transaction in the records, or (ii) the financial statement presentation or the nature or omission of disclosure in the financial statements, as proposed by the supervisor, represents the use of an acceptable alternative and does not materially misrepresent the facts or result in an omission of a material fact. If, after appropriate research or

consultation, the Covered Officer concludes that the matter has authoritative support and/or does not result in a material misrepresentation, the Covered Officer need do nothing further.

•       If the Covered Officer concludes that the financial statements or records could be materially misstated as a result of the supervisor’s determination, the Covered Officer should follow the reporting procedures set forth in Section VI (Reporting and Accountability).

D.       Obligations in Dealing with the Independent Auditor of the Fund

In dealing with the Fund’s independent auditor, Covered Officers must be candid and not knowingly misrepresent facts or knowingly fail to disclose material facts, and must respond to specific inquiries and requests by the Fund’s independent auditor.

Covered Officers must not take any action, or direct any person to take any action, to fraudulently influence, coerce, manipulate or mislead the Fund’s independent auditor in the performance of an audit of the Fund’s financial statements for the purpose of rendering such financial statements materially misleading.

IV. FULL, FAIR, ACCURATE, TIMELY AND UNDERSTANDABLE DISCLOSURE

The Fund’s policy is to provide full, fair, accurate, timely, and understandable disclosure in reports and documents that the Fund files with, or submits to, the SEC and in any other public communications by the Fund. The Fund has designed and implemented Disclosure Controls and Procedures to carry out this policy.

Covered Officers are expected to familiarize themselves with the disclosure requirements generally applicable to the Fund, and to use their best efforts to promote, facilitate, and prepare full, fair, accurate, timely, and understandable disclosure in all reports and documents that the Fund files with, or submits to, the SEC and in any other public communications by the Fund.

Covered Officers must review the Fund’s Disclosure Controls and Procedures to ensure they are aware of and carry out their duties and responsibilities in accordance with the Disclosure Controls and Procedures and the disclosure obligations of the Fund. Covered Officers are responsible for monitoring the integrity and effectiveness of the Fund’s Disclosure Controls and Procedures.

V. COMPLIANCE WITH APPLICABLE LAWS, RULES AND REGULATIONS

Covered Officers are expected to know, respect and comply with all laws, rules and regulations applicable to the conduct of the Fund’s business. If a Covered Officer is in doubt about the legality or propriety of an action, business practice or policy, the Covered Officer should seek advice from the Covered Officer’s supervisor or the Fund’s legal counsel.

In the performance of their work, Covered Officers must not knowingly be a party to any illegal activity or engage in acts that are discreditable to the Fund.

Covered Officers are expected to promote the Fund’s compliance with applicable laws, rules and regulations. To promote such compliance, Covered Officers may establish and maintain mechanisms to educate

employees carrying out the finance and compliance functions of the Fund about any applicable laws, rules or regulations that affect the operation of the finance and compliance functions and the Fund generally.

VI.       REPORTING AND ACCOUNTABILITY

All Covered Officers will be held accountable for adherence to this Code. Each Covered Officer must, upon the Fund’s adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer or upon the effectiveness of an amendment to the Code as set forth in Section IX (Amendment)), affirm in writing to the Board that he/she has received, read, and understands this Code by signing the Acknowledgement Form attached hereto as Exhibit A hereto. Thereafter, each Covered Officer, on an annual basis, must affirm to the Board that he/she has complied with the requirements of this Code.

Covered Officers may not retaliate against any other Covered Officer of the Fund or their affiliated persons for reports of potential violations that are made in good faith.

The Fund will follow these procedures in investigating and enforcing this Code:

A.       Any Covered Officer who knows of any violation of this Code or who questions whether a situation, activity or practice is acceptable must immediately report such practice to the Fund’s Chief Compliance Officer. The Chief Compliance Officer shall take appropriate action to investigate any reported potential violations. If, after such investigation, the Chief Compliance Officer believes that no violation has occurred, the Chief Compliance Officer is not required to take any further action. Any matter that the Chief Compliance Officer believes is a violation will be reported to the Chairman of the Board of Directors. The Chief Compliance Officer shall respond to the Covered Officer within a reasonable period of time.

B. If the Covered Officer is not satisfied with the response of the Chief Compliance Officer, the Covered Officer shall report the matter to the Chairman of the Board of Directors. If the Chairman is unavailable, the Covered Officer may report the matter to any other member of the Board of Directors. The person receiving the report shall consider the matter, refer it to the full Board of Directors if he or she deems appropriate, and respond to the Covered Officer within a reasonable amount of time. If the Board of Directors concurs that a violation has occurred, it will consider appropriate action, which may include review of and appropriate modifications to applicable policies and procedures or notification to appropriate personnel of the investment adviser or its board.

C.       If the Board of Directors determines that a Covered Officer violated this Code, failed to report a known or suspected violation of this Code, or provided intentionally false or malicious information in connection with an alleged violation of this Code, the Board of Directors may take disciplinary action against any such Covered Officer to the extent the Board of Directors deems appropriate. No Covered Officer will be disciplined for reporting a concern in good faith.

To the extent possible and as allowed by law, reports will be treated as confidential. The Fund may report violations of the law to the appropriate authorities.

VII.       DISCLOSURE OF THIS CODE

This Code, and any applicable waivers under Section VIII (Waivers) or amendments under Section IX (Amendments), shall be disclosed to the public by at least one of the following methods in the manner prescribed by the SEC, and as otherwise required by law:

•       Filing a copy of this Code as an exhibit to the Fund’s annual report on Form N- CSR;

•       Posting the text of this Code on the Fund’s Internet website and disclosing, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted this Code on its Internet website; or

•       Providing an undertaking in the Fund’s most recent report on Form N-CSR to provide a copy of this Code to any person without charge upon request, and explaining the manner in which such a request may be made.

VIII.       WAIVERS

Any waiver of this Code, including an implicit waiver, granted to a Covered Officer may be made only by the Board of Directors or a committee of the Board to which such responsibility has been delegated, and must be disclosed by the Fund in the manner prescribed by law and as set forth above in Section VII (Disclosure of this Code).

IX.       AMENDMENTS

This Code may be amended by the affirmative vote of a majority of the Board of Directors, including a majority of the independent Directors. Any amendment of this Code must be disclosed by the Fund in the manner prescribed by law and as set forth above in Section VII (Disclosure of this Code), unless such amendment is deemed to be technical, administrative, or otherwise non-substantive. Any amendments to this Code will be provided to the Covered Officers promptly upon adoption, as well as a new Acknowledgment Form.

X.       CONFIDENTIALITY

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board of Directors of the Fund, the Chief Compliance Officer of the Fund, the legal counsel to the Fund, legal counsel to the independent directors and such other persons as a majority of the Board of Directors, including a majority of the independent Directors, shall determine to be appropriate.

Exhibit A

Certification and Acknowledgment of Receipt of Code of Ethics for Principal Executive Officers and Principal Financial Officers

I acknowledge and certify that I have received a copy of The Caldwell & Orkin Funds, Inc.’s Code of Ethics for Principal Executive Officers and Principal Financial Officers (the “Code”). I understand and agree that it is my responsibility to read and familiarize myself with the policies and procedures contained in the Code and to abide by those policies and procedures.

I acknowledge and certify that I have read and understand the Code.

Name: _____________________________

Date: ____________________ Signature: ________________________

V06.15.17