# EDGAR Filing Document

**Accession Number:** 0000864230
**File Stem:** 0001580642-25-006037
**Filing Date:** 2025-9
**Character Count:** 94350
**Document Hash:** 85e5c9a73612bfe6aa3daf5ccd5c06cb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-006037.hdr.sgml**: 20250912

**ACCESSION NUMBER**: 0001580642-25-006037

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250912

**DATE AS OF CHANGE**: 20250912

**EFFECTIVENESS DATE**: 20250912

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CALDWELL & ORKIN FUNDS INC
- **CENTRAL INDEX KEY:** 0000864230

**ORGANIZATION NAME:**
- **EIN:** 581895283
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06113
- **FILM NUMBER:** 251310727

**BUSINESS ADDRESS:**
- **STREET 1:** 2502 N. ROCKY POINT DRIVE
- **STREET 2:** SUITE 665
- **CITY:** TAMPA
- **STATE:** FL
- **ZIP:** 33607
- **BUSINESS PHONE:** 813-282-7870

**MAIL ADDRESS:**
- **STREET 1:** 2502 N. ROCKY POINT DRIVE
- **STREET 2:** SUITE 665
- **CITY:** TAMPA
- **STATE:** FL
- **ZIP:** 33607

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** OTC SELECT 100 FUND INC
- **DATE OF NAME CHANGE:** 19920629

## Series and Classes Contracts Data

### Caldwell & Orkin - Gator Capital Long/Short Fund (Series ID: S000011446)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000031655 | Caldwell & Orkin - Gator Capital Long/Short Fund | COAGX           |

?xml version='1.0' encoding='ASCII'?

---

| |
|:---|
| **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: <u>811-06113</u> |
| **<u>The Caldwell & Orkin Funds, Inc.</u>** |
| (Exact name of registrant as specified in charter) |
| 2502 N. Rocky Point Drive, Suite 665 |
| Tampa, Florida 33607 |
| (Address of principal executive offices) (Zip code) |
| Derek Pilecki |
| 2502 N. Rocky Point Drive, Suite 665 |
| Tampa, Florida 33607 |
| (Name and address of agent for service) |
| *Copies to:* |
| Jennifer Merchant |
| Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, OH 45256 |

---

Registrant's telephone number, including area code: <u>1-813-282-7870</u> 

Date of fiscal year end: <u>April 30</u>

Date of reporting period: <u>April 30, 2025</u>

***Explanatory Note:*** *The Registrant is filing this amendment to its Form N-CSR for the reporting period ended April, 2025, originally filed with the Securities and Exchange Commission on June 30, 2025 (Accession Number 0001580642-25-003942). The sole purpose of this amendment is to correct Item 1. Reports to Stockholders. The corrections within Item 1 are due to incorrect fiscal year 2024 Total Return and Portfolio Turnover Rate and fiscal year 2023 Ratio of net investment income (loss) to average net assets disclosed within the Financial Highlights of the Fund Financials and Additional Information. Except as set forth above, this amendment does not amend, update or change any other items or disclosures found in the original Form N-CSR filing.*

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) # Gator Capital Long/Short Fund
(COAGX)

# Annual Shareholder Report - April 30, 2025
![Image](i30ec24de02523c7d25bab442.jpg)

## Fund Overview
This annual shareholder report contains important information about Gator Capital Long/Short Fund (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://funddocs.filepoint.com/gator/. You can also request this information by contacting us at (800) 467-7903. This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund's costs for the last year?

### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Gator Capital Long/Short Fund | $286 | 2.62% |

---

#### How did the Fund perform during the reporting period?
The Gator Capital Long/Short Fund (the "Fund") increased 18.33% during the fiscal year ended April 30, 2025. The S&P 500 Total Return Index ("S&P 500") increased 12.10% during the same period.

The Fund outperformed the S&P 500 over the last year. Long positions in brokerage, capital markets, banks and insurance companies drove the outperformance for the year. Short positions in banking, thrifts, and real estate detracted from performance.

The top five contributors during the 12-month period were Robinhood Markets (long), Barclays PLC (long), Interactive Brokers (long), SLM Corp. (long), and Pinnacle Financial (long).

The top five detractors during the 12-month period were Virtus Investment Partners (long), Global Payments (long), Columbia Banking System (short), Hingham Institute of Savings (short), and Wex Inc. (long).

We ended the period with gross long exposure of 96% and gross short exposure of 20% for a total gross exposure of 116% and net exposure of 77%.

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.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i017cc247c5e5945b621e609f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Gator Capital Long/Short Fund** | **Eurekahedge Long Short Equities Hedge Fund Index** | **S&P 500<sup>®</sup> Index** |
| **Apr-2015** | $10000 | $10000 | $10000 |
| **Apr-2016** | $9940 | $9676 | $10121 |
| **Apr-2017** | $9548 | $10756 | $11934 |
| **Apr-2018** | $9498 | $11708 | $13517 |
| **Apr-2019** | $9613 | $11853 | $15341 |
| **Apr-2020** | $7009 | $11607 | $15474 |
| **Apr-2021** | $13442 | $15705 | $22589 |
| **Apr-2022** | $13507 | $15066 | $22637 |
| **Apr-2023** | $14111 | $15003 | $23240 |
| **Apr-2024** | $19000 | $16497 | $28507 |
| **Apr-2025** | $22483 | $17532 | $31955 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Gator Capital Long/Short Fund | 18.33% | 26.25% | 8.44% |
| Eurekahedge Long Short Equities Hedge Fund Index | 6.27% | 8.60% | 5.77% |
| S&P 500<sup>®</sup> Index | 12.10% | 15.61% | 12.32% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (800) 467-7903 or visit https://www.gatorcapital.com/mutual-funds for updated performance information.***

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ibd8e20f82897a7df54cf872e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.4% |
| Investment Companies | 0.2% |
| Steel Producers | 0.3% |
| Casinos & Gaming | 0.5% |
| Insurance Brokers & Services | 0.8% |
| Specialty & Generic Pharmaceuticals | 1.0% |
| Coal Mining | 1.2% |
| Computer Hardware & Storage | 1.7% |
| Real Estate Services | 2.0% |
| Data Processing & Outsourced Services | 2.1% |
| Internet Media & Services | 2.2% |
| Money Market Funds | 2.4% |
| Institutional Brokerage | 3.5% |
| Private Equity | 4.2% |
| Mortgage Finance | 4.3% |
| Data & Transaction Processors | 5.1% |
| Diversified Banks | 7.3% |
| Life Insurance | 7.6% |
| Consumer Finance | 7.6% |
| Wealth Management | 15.2% |
| Banks | 29.4% |

---

## **Fund Statistics** 
* Net Assets$49,872,799

* Number of Portfolio Holdings86

* Advisory Fee $435,520

* Portfolio Turnover42%

## Material Fund Changes
This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by August 28, 2025 at the Fund's website https://funddocs.filepoint.com/gator/ or upon request at (800) 467-7903.

The Fund's named was changed to the "Gator Capital Long/Short Fund" effective August 28, 2024.

![Image](i30ec24de02523c7d25bab442.jpg)

# Gator Capital Long/Short Fund (COAGX)

# Annual Shareholder Report - April 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://funddocs.filepoint.com/gator/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-AR 043025-COAGX

(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 2025: $14,750

Fiscal year ended 2024: $14,500

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

Fiscal year ended 2025: $0

Fiscal year ended 2024: $0

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

Fiscal year ended 2025: $2,800

Fiscal year ended 2024: $2,800

Fees for 2025 and 2024 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 2025: $0

Fiscal year ended 2024: $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

**<u>Pre-Approval of Audit and Permitted Non-Audit Services Provided to the Company</u>**

*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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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) None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(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, 2025 and April 30, 2024 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.

(i) Not applicable

(j) Not applicable

**Item 5. Audit Committee of Listed Companies.** 

Not applicable.

**Item 6. Investments.** 

(a) Not applicable.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ![](img_001.jpg)

<u>**Table of Contents**</u> <u>Gator Capital Long/Short Fund</u> <br> *April 30, 2025*

---

| | |
|:---|:---|
| Schedule of Investments | 2 |
| Schedule of Securities Sold Short | 6 |
| Statement of Assets and Liabilities | 8 |
| Statement of Operations | 9 |
| Statements of Changes in Net Assets | 10 |
| Financial Highlights | 11 |
| Notes to Financial Statements | 12 |
| Report of Independent Registered Public Accounting Firm | 19 |
| Additional Federal Income Tax Information | 21 |
| Additional Information | 22 |

---

<u>Gator Capital Long/Short Fund</u> <u>Schedule of Investments</u> <br> *April 30, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — LONG — 90.72%** |  |  |
| &nbsp;&nbsp;&nbsp;**Banks — 29.45%** |  |  |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc.<sup>(a)</sup> | 25000 | $1587000 |
| &nbsp;&nbsp;&nbsp;Banc of California, Inc. | 56600 | 762968 |
| &nbsp;&nbsp;&nbsp;Bridgewater Bancshares, Inc.<sup>(a)</sup> | 24000 | 369360 |
| &nbsp;&nbsp;&nbsp;Business First Bancshares, Inc. | 2265 | 52208 |
| &nbsp;&nbsp;&nbsp;Capital Bancorp, Inc.<sup>(a)</sup> | 19915 | 629115 |
| &nbsp;&nbsp;&nbsp;Chain Bridge Bancorp, Inc.<sup>(a)</sup> | 24900 | 615528 |
| &nbsp;&nbsp;&nbsp;ConnectOne Bancorp, Inc. | 42690 | 961806 |
| &nbsp;&nbsp;&nbsp;Customers Bancorp, Inc.<sup>(a)</sup> | 27200 | 1360000 |
| &nbsp;&nbsp;&nbsp;Dime Community Bancshares, Inc. | 7063 | 181448 |
| &nbsp;&nbsp;&nbsp;Financial Institutions, Inc.<sup>(a)</sup> | 1525 | 38720 |
| &nbsp;&nbsp;&nbsp;First Business Financial Services, Inc. | 7500 | 361050 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc., Class A | 900 | 1601226 |
| &nbsp;&nbsp;&nbsp;First Internet Bancorp | 10000 | 212600 |
| &nbsp;&nbsp;&nbsp;Homestreet, Inc.<sup>(a)</sup> | 38232 | 434316 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | 19991 | 786646 |
| &nbsp;&nbsp;&nbsp;Old Second Bancorp, Inc. | 43900 | 693181 |
| &nbsp;&nbsp;&nbsp;OP Bancorp | 38573 | 495277 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | 16000 | 1513120 |
| &nbsp;&nbsp;&nbsp;Unity Bancorp, Inc.<sup>(a)</sup> | 5051 | 209111 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | 15000 | 709500 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 16000 | 1115360 |
|  |  | 14689540 |
| &nbsp;&nbsp;&nbsp;**Casinos & Gaming — 0.49%** |  |  |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(a)</sup> | 9000 | 243540 |
| &nbsp;&nbsp;&nbsp;**Coal Mining — 1.16%** |  |  |
| &nbsp;&nbsp;&nbsp;SunCoke Energy, Inc. | 64000 | 579840 |
| &nbsp;&nbsp;&nbsp;**Computer Hardware & Storage — 1.71%** |  |  |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | 4000 | 367040 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 30000 | 486600 |
|  |  | 853640 |
| &nbsp;&nbsp;&nbsp;**Consumer Finance — 6.43%** |  |  |
| &nbsp;&nbsp;&nbsp;OneMain Holdings, Inc. | 12500 | 588375 |
| &nbsp;&nbsp;&nbsp;SLM Corp. | 68000 | 1965880 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 12600 | 654570 |
|  |  | 3208825 |

---

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

2 1-800-467-7903 \| https://gatorcapital.com/mutual-funds/gator-capital-long-short-fund/

<u>Gator Capital Long/Short Fund</u> <u>Schedule of Investments</u> <br> *April 30, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;**Data & Transaction Processors — 5.08%** |  |  |
| &nbsp;&nbsp;&nbsp;Block, Inc.<sup>(a)</sup> | 12000 | $701640 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | 10600 | 808886 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 1900 | 656450 |
| &nbsp;&nbsp;&nbsp;WEX, Inc.<sup>(a)</sup> | 2801 | 365166 |
|  |  | 2532142 |
| &nbsp;&nbsp;&nbsp;**Data Processing & Outsourced Services — 2.04%** |  |  |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.<sup>(a)</sup> | 15500 | 1020520 |
| &nbsp;&nbsp;&nbsp;**Diversified Banks — 3.48%** |  |  |
| &nbsp;&nbsp;&nbsp;Barclays PLC - ADR | 108000 | 1734480 |
| &nbsp;&nbsp;&nbsp;**Financials — 3.76%** |  |  |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA - ADR | 32000 | 1350400 |
| &nbsp;&nbsp;&nbsp;Societe Generale SA - ADR<sup>(a)</sup> | 50000 | 524500 |
|  |  | 1874900 |
| &nbsp;&nbsp;&nbsp;**Institutional Brokerage — 3.52%** |  |  |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | 10200 | 1752870 |
| &nbsp;&nbsp;&nbsp;**Insurance Brokers & Services — 0.77%** |  |  |
| &nbsp;&nbsp;&nbsp;Kingstone Companies, Inc.<sup>(a)</sup> | 22629 | 384693 |
| &nbsp;&nbsp;&nbsp;**Internet Media & Services — 2.20%** |  |  |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 2000 | 1098000 |
| &nbsp;&nbsp;&nbsp;**Investment Companies — 0.25%** |  |  |
| &nbsp;&nbsp;&nbsp;BBX Capital, Inc.<sup>(a)</sup> | 32801 | 123004 |
| &nbsp;&nbsp;&nbsp;**Life Insurance — 7.62%** |  |  |
| &nbsp;&nbsp;&nbsp;Corebridge Financial, Inc. | 46500 | 1377795 |
| &nbsp;&nbsp;&nbsp;Genworth Financial, Inc., Class A<sup>(a)</sup> | 160000 | 1097600 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Inc. | 17000 | 1324470 |
|  |  | 3799865 |
| &nbsp;&nbsp;&nbsp;**Private Equity — 4.26%** |  |  |
| &nbsp;&nbsp;&nbsp;The Carlyle Group, Inc. | 20000 | 772800 |
| &nbsp;&nbsp;&nbsp;Victory Capital Holdings, Inc., Class A | 23590 | 1351471 |
|  |  | 2124271 |
| &nbsp;&nbsp;&nbsp;**Real Estate Services — 2.04%** |  |  |
| &nbsp;&nbsp;&nbsp;Anywhere Real Estate, Inc.<sup>(a)</sup> | 294000 | 1017240 |

---

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

Annual Financial Statements \| April 30, 2025 3

<u>Gator Capital Long/Short Fund</u> <u>Schedule of Investments</u> <br> *April 30, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;**Specialty & Generic Pharmaceuticals — 0.98%** |  |  |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | 58000 | $488360 |
| &nbsp;&nbsp;&nbsp;**Steel Producers — 0.33%** |  |  |
| &nbsp;&nbsp;&nbsp;United States Steel Corp. | 3750 | 163912 |
| &nbsp;&nbsp;&nbsp;**Wealth Management — 15.15%** |  |  |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 2500 | 1177550 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A<sup>(a)</sup> | 55000 | 2701050 |
| &nbsp;&nbsp;&nbsp;Stifel Financial Corp. | 12000 | 1028280 |
| &nbsp;&nbsp;&nbsp;UBS Group AG | 46000 | 1390580 |
| &nbsp;&nbsp;&nbsp;Virtus Investment Partners, Inc. | 8200 | 1259438 |
|  |  | 7556898 |
| **TOTAL COMMON STOCKS — LONG —** |  |  |
| **(Cost $33,003,227)** |  | 45246540 |
| **PREFERRED STOCKS — LONG — 5.53%** |  |  |
| &nbsp;&nbsp;&nbsp;**Specialty Finance — 5.53%** |  |  |
| &nbsp;&nbsp;&nbsp;AG Mortgage Investment Trust, Inc., Series C, 8.00% | 36000 | 895468 |
| &nbsp;&nbsp;&nbsp;Chimera Investment Corp., Series B, 8.00% | 14391 | 354162 |
| &nbsp;&nbsp;&nbsp;Chimera Investment Corp., Series D, 8.00% | 19717 | 486024 |
| &nbsp;&nbsp;&nbsp;Federal National Mortgage Association, Series O, 7.00%<sup>(a)</sup> | 5809 | 117226 |
| &nbsp;&nbsp;&nbsp;Federal National Mortgage Association, Series R, 7.63%<sup>(a)</sup> | 29033 | 286701 |
| &nbsp;&nbsp;&nbsp;SLM Corp., Series B, 1.70% | 8276 | 616148 |
|  |  | 2755729 |
| **TOTAL PREFERRED STOCKS — LONG —** |  |  |
| **(Cost $1,973,329)** |  | 2755729 |

---

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

4 1-800-467-7903 \| https://gatorcapital.com/mutual-funds/gator-capital-long-short-fund/

<u>Gator Capital Long/Short Fund</u> <u>Schedule of Investments</u> <br> *April 30, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **MONEY MARKET FUNDS - 2.38%** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.24%<sup>(b)</sup> | 1186129 | $1186129 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| **(Cost $1,186,129)** |  | 1186129 |
| **TOTAL INVESTMENTS — 98.63%** |  |  |
| **(Cost $36,162,685)** |  | 49188398 |
| **Other Assets in Excess of Liabilities — 1.37%** |  | 684401 |
| **NET ASSETS — 100.00%** |  | $49872799 |

---

*(a)* *Non-income producing security.* 

*(b)* *Rate disclosed is the seven day effective yield as of April 30, 2025.* 

*ADR - American Depositary Receipt*

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

Annual Financial Statements \| April 30, 2025 5

<u>Gator Capital Long/Short Fund</u> <u>Schedule of Securities Sold Short</u> <br> *April 30, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| **COMMON STOCKS — SHORT — (20.45)%** |  |  |
| &nbsp;&nbsp;&nbsp;**Banks — (8.95)%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of Hawaii Corp. | (10000) | $(661100) |
| &nbsp;&nbsp;&nbsp;Capitol Federal Financial, Inc. | (165800) | (940086) |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares, Inc. | (6250) | (209438) |
| &nbsp;&nbsp;&nbsp;Hingham Institution for Savings | (2354) | (587464) |
| &nbsp;&nbsp;&nbsp;New York Community Bancorp, Inc. | (63000) | (737730) |
| &nbsp;&nbsp;&nbsp;Northwest Bancshares, Inc. | (9142) | (112904) |
| &nbsp;&nbsp;&nbsp;Park National Corp. | (1700) | (255170) |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank (The) | (15000) | (956700) |
|  |  | (4460592) |
| &nbsp;&nbsp;&nbsp;**Commercial Vehicles — (0.00)%** |  |  |
| &nbsp;&nbsp;&nbsp;Nikola Corp.<sup>(a)</sup> | (333) | (42) |
| &nbsp;&nbsp;&nbsp;**Industrial Wholesale & Rental — (0.81)%** |  |  |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc.<sup>(a)</sup> | (3500) | (401835) |
| &nbsp;&nbsp;&nbsp;**Infrastructure Software — (0.08)%** |  |  |
| &nbsp;&nbsp;&nbsp;Upstart Holdings, Inc.<sup>(a)</sup> | (800) | (38240) |
| &nbsp;&nbsp;&nbsp;**Internet Media & Services — (0.08)%** |  |  |
| &nbsp;&nbsp;&nbsp;Opendoor Technologies, Inc.<sup>(a)</sup> | (50800) | (38522) |
| &nbsp;&nbsp;&nbsp;**Investment Companies — (0.10)%** |  |  |
| &nbsp;&nbsp;&nbsp;TriplePoint Venture Growth BDC Corp.<sup>(a)</sup> | (8500) | (51595) |
| &nbsp;&nbsp;&nbsp;**Investment Management — (0.62)%** |  |  |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | (3500) | (309925) |
| &nbsp;&nbsp;&nbsp;**Mass Merchants — (0.58)%** |  |  |
| &nbsp;&nbsp;&nbsp;Wal-Mart Stores, Inc. | (3000) | (291750) |
| &nbsp;&nbsp;&nbsp;**Mortgage Finance — (1.03)%** |  |  |
| &nbsp;&nbsp;&nbsp;Essent Group Ltd. | (9000) | (512370) |
| &nbsp;&nbsp;&nbsp;**Non-Alcoholic Beverages — (0.02)%** |  |  |
| &nbsp;&nbsp;&nbsp;Oatly Group AB - ADR<sup>(a)</sup> | (782) | (7929) |

---

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

6 1-800-467-7903 \| https://gatorcapital.com/mutual-funds/gator-capital-long-short-fund/

<u>Gator Capital Long/Short Fund</u> <u>Schedule of Securities Sold Short</u> <br> *April 30, 2025*

---

| | | |
|:---|:---|:---|
| | **Shares** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;**Office REITs — (2.33)%** |  |  |
| &nbsp;&nbsp;&nbsp;Boston Properties, Inc. | (5200) | $(331396) |
| &nbsp;&nbsp;&nbsp;Corporate Office Properties Trust | (15000) | (391650) |
| &nbsp;&nbsp;&nbsp;Cousins Properties, Inc. | (16000) | (440640) |
|  |  | (1163686) |
| &nbsp;&nbsp;&nbsp;**P&c Insurance — (3.43)%** |  |  |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | (12000) | (978240) |
| &nbsp;&nbsp;&nbsp;Radian Group, Inc. | (23000) | (734620) |
|  |  | (1712860) |
| &nbsp;&nbsp;&nbsp;**P&C Insurance — (1.46)%** |  |  |
| &nbsp;&nbsp;&nbsp;NMI Holdings, Inc., Class A<sup>(a)</sup> | (20100) | (727017) |
| &nbsp;&nbsp;&nbsp;**Packaged Food — (0.01)%** |  |  |
| &nbsp;&nbsp;&nbsp;Beyond Meat, Inc.<sup>(a)</sup> | (1600) | (3968) |
| &nbsp;&nbsp;&nbsp;**Regional Banks — (0.95)%** |  |  |
| &nbsp;&nbsp;&nbsp;KeyCorp | (32000) | (474879) |
| **TOTAL COMMON STOCKS — SHORT<br> (Proceeds Received $11,094,527)**  |  | (10195210) |
| **EXCHANGE-TRADED FUNDS — SHORT — (0.13)%** |  |  |
| &nbsp;&nbsp;&nbsp;Direxion Daily Financial Bear 3X Shares | (11700) | (64350) |
| **TOTAL EXCHANGE-TRADED FUNDS — SHORT<br> (Proceeds Received $499,663)**  |  | (64350) |
| **TOTAL SECURITIES SOLD SHORT — (20.58)%<br> (Proceeds Received $11,594,190)**  |  | $(10259560) |

---

*(a)* *Non-income producing security.* 

*ADR - American Depositary Receipt*

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

Annual Financial Statements \| April 30, 2025 7

<u>Gator Capital Long/Short Fund</u> <u>Statement of Assets and Liabilities</u> <br> *April 30, 2025*

---

| | |
|:---|:---|
| **ASSETS** | |
| Investments is securities at fair value (cost $36,162,685) | $49188398 |
| Deposit held by broker for securities sold short | 10998530 |
| Receivable for fund shares sold | 10980 |
| Receivable for investments sold | 16802 |
| Dividends and interest receivable | 28039 |
| Tax reclaims receivable | 8280 |
| Prepaid expenses | 18623 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 60269652 |
| **LIABILITIES** |  |
| Payable for dividends declared on short sales | 16525 |
| Securities sold short, at value (proceeds received $11,594,190) | 10259560 |
| Payable for fund shares redeemed | 789 |
| Payable for investments purchased | 36200 |
| Payable to Adviser | 39138 |
| Payable to Administrator | 8491 |
| Other accrued expenses | 36150 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 10396853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets** | $49872799 |
| **Net Assets consist of:** |  |
| Paid-in capital | 33305747 |
| Accumulated earnings | 16567052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Assets** | $49872799 |
| Shares outstanding, par value $0.10 per share (30,000,000 authorized shares) | 1030245 |
| **Net asset value, offering price and redemption price per share**<sup>(a)</sup> | $48.41 |

---

*(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.*

8 1-800-467-7903 \| https://gatorcapital.com/mutual-funds/gator-capital-long-short-fund/

<u>Gator Capital Long/Short Fund</u> <u>Statement of Operations</u> <br> *For the year ended April 30, 2025*

---

| | |
|:---|:---|
| **INVESTMENT INCOME** | |
| &nbsp;&nbsp;&nbsp;Dividend income (net of foreign taxes withheld of $4,331) | $1349603 |
| &nbsp;&nbsp;&nbsp;Interest income | 76582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 1426185 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Investment Advisory fees | 435520 |
| &nbsp;&nbsp;&nbsp;Director's fees and expenses | 46500 |
| &nbsp;&nbsp;&nbsp;Legal | 41448 |
| &nbsp;&nbsp;&nbsp;Administration | 39500 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 34007 |
| &nbsp;&nbsp;&nbsp;Registration | 28792 |
| &nbsp;&nbsp;&nbsp;Transfer agent | 27294 |
| &nbsp;&nbsp;&nbsp;Fund accounting | 26722 |
| &nbsp;&nbsp;&nbsp;Compliance Services | 18500 |
| &nbsp;&nbsp;&nbsp;Audit and tax preparation | 17300 |
| &nbsp;&nbsp;&nbsp;Report printing | 12596 |
| &nbsp;&nbsp;&nbsp;Sub transfer agent fees | 10530 |
| &nbsp;&nbsp;&nbsp;Insurance | 9173 |
| &nbsp;&nbsp;&nbsp;Custodian | 6969 |
| &nbsp;&nbsp;&nbsp;Pricing | 2072 |
| &nbsp;&nbsp;&nbsp;Interest | 318 |
| &nbsp;&nbsp;&nbsp;Dividend expense on securities sold short | 386492 |
| &nbsp;&nbsp;&nbsp;**Total expenses** | 1143733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net operating expenses** | 1143733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net investment income** | 282452 |
| **NET REALIZED AND CHANGE IN UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 3156503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (170) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold short | (783018) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized appreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 4101504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold short | (922352) |
| **NET REALIZED AND CHANGE IN UNREALIZED GAIN ON INVESTMENTS AND SECURITIES SOLD SHORT** | 5552467 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $5834919 |

---

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

Annual Financial Statements \| April 30, 2025 9

<u>Gator Capital Long/Short Fund</u> <u>Statements of Changes in Net Assets</u> <br>

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> April 30,<br> 2025** | **For the<br> Year Ended<br> April 30,<br> 2024** |
| **INCREASE (DECREASE) IN NET ASSETS DUE TO:** |  |  |
| **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $282452 | $386362 |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments, securities sold short and foreign currency transactions | 2373315 | 564093 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation of investments, securities sold short and foreign currency translations | 3179152 | 6775834 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | 5834919 | 7726289 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| **Earnings** | (386411) |  |
| **CAPITAL TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 19384129 | 6915076 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 383502 |  |
| &nbsp;&nbsp;&nbsp;Amount paid for shares redeemed | (9193791) | (1182806) |
| &nbsp;&nbsp;&nbsp;Proceeds from redemption fees (Note 1) | 26373 | 1504 |
| **NET INCREASE IN NET ASSETS RESULTING FROM CAPITAL TRANSACTIONS** | 10600213 | 5733774 |
| **TOTAL INCREASE IN NET ASSETS** | 16048721 | 13460063 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 33824078 | 20364015 |
| &nbsp;&nbsp;&nbsp;End of year | $49872799 | $33824078 |
| **SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 389736 | 190228 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 7365 |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (187306) | (34800) |
| &nbsp;&nbsp;&nbsp;**Net increase in shares outstanding** | 209795 | 155428 |

---

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

10 1-800-467-7903 \| https://gatorcapital.com/mutual-funds/gator-capital-long-short-fund/

<u>Gator Capital Long/Short Fund</u> <u>Financial Highlights</u>

(For a share outstanding during each year)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the<br> Year Ended<br> April 30,<br> 2025** | **For the<br> Year Ended<br> April 30,<br> 2024** | **For the<br> Year Ended<br> April 30,<br> 2023** | **For the<br> Year Ended<br> April 30,<br> 2022** | **For the<br> Year Ended<br> April 30,<br> 2021** |
| **Selected Per Share Data** |  |  |  |  |  |
| **Net asset value, beginning of year** | $41.23 | $30.62 | $29.31 | $29.17 | $15.21 |
| **Investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> | 0.31 | 0.53 | (0.04) | (0.32) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 7.25 | 10.08 | 1.35 | 0.46 | 14.06 |
| **Total from investment operations** | 7.56 | 10.61 | 1.31 | 0.14 | 13.96 |
| **Less distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.41) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  |  |
| **Total distributions** | (0.41) |  |  |  |  |
| **Paid-in capital from redemption fees** | 0.03 | — <sup>(b)</sup> | — <sup>(b)</sup> | — <sup>(b)</sup> | — <sup>(b)</sup> |
| **Net asset value, end of year** | $48.41 | $41.23 | $30.62 | $29.31 | $29.17 |
| **Total Return<sup>(c)</sup>** | 18.33% | 34.65% | 4.47% | 0.48% | 91.78% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000 omitted) | $49873 | $33824 | $20364 | $19878 | $20963 |
| **Ratios to Average Net Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets<sup>(d)</sup> | 2.62% | 3.07% | 3.13% | 3.07% | 3.56% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets before waiver by Adviser | 2.62% | 3.19% | 3.55% | 3.38% | 4.10% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | 0.65% | 1.51% | (0.12)% | (1.07)% | (0.47)% |
| **Portfolio Turnover Rate** | 42% | 40% | 52% | 55% | 38% |

---

*<sup>(a)</sup>* *Calculated using average shares outstanding.*

*<sup>(b)</sup>* *Rounds to less than $0.005 per share.*

*<sup>(c)</sup>* *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.*

*<sup>(d)</sup>* *Excluding dividend and interest expense, the ratios of net expenses to average net assets were 1.73%, 2.00%, 2.00%, 2.00% and 2.00% for the fiscal years ended April 30, 2025, 2024, 2023, 2022 and 2021, respectively.*

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

Annual Financial Statements \| April 30, 2025 11

<u>Gator Capital Long/Short Fund</u> <u>Notes to Financial Statements</u> <br> *April 30, 2025*

**1. ORGANIZATION**

The Gator Capital Long/Short Fund (the "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 Fund's investment adviser (the "Adviser"), uses a fundamental driven, multi-dimensional investment process focusing on active allocation, security selection and surveillance to achieve the Fund's investment objective.

The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the Adviser, who is responsible for the oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**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 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.

12 1-800-467-7903 \| https://gatorcapital.com/mutual-funds/gator-capital-long-short-fund/

<u>Gator Capital Long/Short Fund</u> <u>Notes to Financial Statements</u> <br> *April 30, 2025*

**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 of 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, 2025 in valuing the Fund's investments carried at value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Common Stocks\* | $45246540 | $— | $— | $45246540 |
| Preferred Stocks\* | 2755729 |  |  | 2755729 |
| Money Market Funds | 1186129 |  |  | 1186129 |
| Total | $49188398 | $— | $— | $49188398 |

---

Annual Financial Statements \| April 30, 2025 13

<u>Gator Capital Long/Short Fund</u> <u>Notes to Financial Statements</u> <br> *April 30, 2025*

---

| | |
|:---|:---|
| **Liabilities** |  |
| Securities Sold Short |  |
| &nbsp;&nbsp;&nbsp;Common Stocks\* | $(10195210) |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Funds | (64350) |
| Total | $(10259560) |

---

*\** *Refer to the Schedule of Investments for industry classifications.*

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, 2025 the Fund recorded $26,373 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

14 1-800-467-7903 \| https://gatorcapital.com/mutual-funds/gator-capital-long-short-fund/

<u>Gator Capital Long/Short Fund</u> <u>Notes to Financial Statements</u> <br> *April 30, 2025*

for unrecognized tax benefits or expenses is required in these financial statements and does 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 31, 2025 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. During the fiscal year ended April 30, 2025, the Adviser earned $435,520 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, 2025, the Administrator earned fees of $39,500 for administration services, $26,722 for fund accounting services and $27,294 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 Financial Statements \| April 30, 2025 15

<u>Gator Capital Long/Short Fund</u> <u>Notes to Financial Statements</u> <br> *April 30, 2025*

**4. DIRECTOR COMPENSATION**

The Fund pays each Director, in cash, an annual fee of $14,000 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, 2025, the Fund purchased $21,007,018 and sold $13,759,802 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, 2025, the Fund had approximately 20% of its total net assets in short positions.

For the fiscal year ended April 30, 2025, the cost of investments purchased to cover short sales and the proceeds from investments sold short were $10,650,107 and $8,884,423, respectively.

16 1-800-467-7903 \| https://gatorcapital.com/mutual-funds/gator-capital-long-short-fund/

<u>Gator Capital Long/Short Fund</u> <u>Notes to Financial Statements</u> <br> *April 30, 2025*

**6. FEDERAL TAX INFORMATION**

As of April 30, 2025, the net unrealized appreciation (depreciation) of investments, including short securities, for tax purposes was as follows:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $16435931 |
| Gross unrealized depreciation | (2322031) |
| Net unrealized appreciation on investments | $14113900 |
| Tax cost of investments | $24814938 |

---

The tax character of distributions paid for the fiscal year ended April 30, 2025 was as follows:

---

| | |
|:---|:---|
| Distributions paid from: |  |
| Ordinary income | $386411 |
| Total distributions paid | $386411 |

---

At April 30, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | $282233 |
| Undistributed long term capital gains | 2170919 |
| Unrealized appreciation on investments | 14113900 |
| Total accumulated earnings (deficit) | $16567052 |

---

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, 2025, the Fund did not defer any Qualified Late Year Ordinary Losses.

As of April 30, 2025, the Fund did not have any capital loss carryforwards available to offset against future taxable net capital gains. Capital loss carrywards do not have an expiration date.

For the fiscal year ended April 30, 2025, the Fund utilized $399,453 in short term capital loss carryforwards.

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. There were no reclassifications for the tax year ended April 30, 2025.

Annual Financial Statements \| April 30, 2025 17

<u>Gator Capital Long/Short Fund</u> <u>Notes to Financial Statements</u> <br> *April 30, 2025*

**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 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.

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

Caldwell & Orkin - Report of Independent Registered <br> <u>Gator Capital Long/Short Fund</u> <u>Public Accounting Firm</u> <br> *April 30, 2025*

**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, 2025, 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, 2025, 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 Financial Statements \| April 30, 2025 19

Caldwell & Orkin - Report of Independent Registered <br> <u>Gator Capital Long/Short Fund</u> <u>Public Accounting Firm</u> <br> *April 30, 2025*

confirmation of securities owned as of April 30, 2025 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.

![](img_002.jpg)

**TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania**

**June 23, 2025**

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

Caldwell & Orkin - Additional Federal Income Tax <br> <u>Gator Capital Long/Short Fund</u> <u>Information *(Unaudited)*</u> <br> *April 30, 2025*

The Form 1099-DIV you receive in January 2026 will show the tax status of all distributions paid to your account in calendar year 2025. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/ or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and the dividends received deduction for corporations.

***Qualified Dividend Income.*** The Fund designates 100% or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for a reduced tax rate.

***Dividends Received Deduction.*** Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividend distribution that qualifies under tax law. For the Fund's calendar year 2025 ordinary income dividends, 100% qualifies for the corporate dividends received deduction.

Annual Financial Statements \| April 30, 2025 21

<u>Gator Capital Long/Short Fund</u> <u> Additional Information *(Unaudited)* </u> <br> *April 30, 2025*

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not applicable.

**PROXY VOTING**

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted those proxies during the most recent twelve month period ended June 30, are available (1) without charge upon request by calling the Fund at 1-800-467-7903 and (2) in Fund documents filed with the SEC on the SEC's website at www.sec.gov.

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

GATOR CAPITAL LONG/SHORT FUND

**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 website at 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**

2502 N. Rocky Point Drive, Suite 665

Tampa, FL 33607

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None

**Item 16. 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 as of a date within 90 days 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) 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.** 

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.** 

(a)(1) [Code of Ethics attached hereto.](gatorcapital_ex99codeeth.htm)

(a)(2) Not applicable

---

| | |
|:---|:---|
| (a)(3) | [Certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2 under the Investment Company Act of 1940 are filed herewith.](gatorcapital_ex99-cert.htm) |

---

(a)(4) Not applicable

(a)(5) Not applicable

(b) [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)) are filed herewith.](gatorcapital_ex99-906cert.htm)

**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) <u>The Caldwell & Orkin Funds, Inc.</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Derek Pilecki |
|  | Derek Pilecki, Principal Executive Officer |

---

Date <u> 9/11/2025</u> <br>

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, Principal Executive Officer |

---

Date <u>9/11/2025</u> <br>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Zachary P. Richmond |
|  | Zachary P. Richmond, Principal Financial Officer |

---

Date <u>9/11/2025</u>

## Ex-99.Cert

**EX-99.CERT**

<u>CERTIFICATIONS</u>

I, Derek Pilecki, certify that:

1. I have reviewed this report on Form N-CSR of The Caldwell & Orkin Funds, Inc. (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| 9/11/2025 | /s/ Derek Pilecki |
| Date | Derek Pilecki |
|  | Principal Executive Officer |
|  | The Caldwell & Orkin Funds, Inc. |

---

<u>CERTIFICATIONS</u>

I, Zachary P. Richmond, certify that:

1. I have reviewed this report on Form N-CSR of The Caldwell & Orkin Funds, Inc. (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| 9/11/2025 | /s/ Zachary P. Richmond |
| Date | Zachary P. Richmond |
|  | Principal Financial Officer |
|  | The Caldwell & Orkin Funds, Inc. |

---

## Exhibit 99.906

**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, 2025 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.

<u> 9/11/2025</u> <br> Date

---

| |
|:---|
| /s/ Derek Pilecki |
| Derek Pilecki |
| 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, 2025 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.

<u> 9/11/2025</u> <br> Date

---

| |
|:---|
| /s/ Zachary P. Richmond |
| Zachary P. Richmond |
| 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

**Exhibit 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 <u>Exhibit A</u> 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.

**<u>Exhibit A</u>**

**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:   <br>Date:   Signature: