Caldwell & Orkin Funds NPORT-P Caldwell & Orkin - Gator Capital Long/short Fund (Jul 2020 report)

CALDWELL & ORKIN - GATOR CAPITAL LONG/SHORT FUND

SCHEDULE OF INVESTMENTS

July 31, 2020 (Unaudited)

COMMON STOCKS — LONG — 90.99%	Shares		Fair Value
Application Software — 0.99%
BlackBerry Ltd.(a)		28,000	$	132,720
Banks — 14.56%
BankUnited, Inc.		14,000		281,960
CIT Group, Inc.		2,700		51,219
Citizens Financial Group, Inc.		10,500		260,505
ConnectOne Bancorp, Inc.		7,000		96,530
OFG Bancorp		21,400		279,912
Pinnacle Financial Partners, Inc.		4,300		170,366
Popular, Inc.		7,000		259,770
Sterling Bancorp		19,500		219,375
Western Alliance Bancorp.		9,200		330,740
				1,950,377
Casinos & Gaming — 4.28%
Las Vegas Sands Corp.		6,000		261,840
Melco Resorts & Entertainment Ltd. - ADR		12,000		197,520
MGM Resorts International		7,000		112,630
				571,990
Coal Mining — 1.19%
SunCoke Energy, Inc.		50,000		159,500
Communications Equipment — 1.90%
Juniper Networks, Inc.		10,000		253,800
Computer Hardware & Storage — 2.34%
Dell Technologies, Inc., Class C(a)		4,000		239,320
Hewlett Packard Enterprise Company		7,500		74,025
				313,345
Consumer Finance — 13.85%
Ally Financial, Inc.		13,000		261,300
Capital One Financial Corp.		4,600		293,480
Navient Corp.		45,300		360,588
OneMain Holdings, Inc.		14,000		401,800
SLM Corp.		38,000		257,260
Synchrony Financial		12,600		278,838
				1,853,266
Diversified Banks — 6.18%
Barclays PLC, Sponsored - ADR		59,000		309,160
Citigroup, Inc.		5,300		265,053

See accompanying notes which are an integral part of this schedule of investments.

CALDWELL & ORKIN - GATOR CAPITAL LONG/SHORT FUND

SCHEDULE OF INVESTMENTS - continued

July 31, 2020 (Unaudited)

COMMON STOCKS — LONG — 90.99% - continued	Shares		Fair Value
Diversified Banks — 6.18% - continued
Deutsche Bank AG(a)		28,500	$	254,220
				828,433
Film & TV — 1.75%
ViacomCBS, Inc., Class B		8,958		233,535
Institutional Brokerage — 6.68%
Credit Suisse Group AG - ADR		42,000		443,520
Interactive Brokers Group, Inc., Class A		3,700		183,520
Jefferies Financial Group, Inc.		16,500		267,300
				894,340
Investment Management — 6.53%
BrightSphere Investment Group, Inc.		15,900		213,696
Goldman Sachs Group, Inc. (The)		2,100		415,716
Morgan Stanley		5,000		244,400
				873,812
Life Insurance — 1.23%
Lincoln National Corp.		4,400		163,988
Local TV & Radio Broadcast — 0.54%
Entercom Communications Corp., Class A		52,000		72,800
Lodging — 3.78%
BBX Capital Corp.(a)		36,380		506,410
Mortgage Finance — 7.68%
Federal National Mortgage Association(a)		68,500		134,945
MGIC Investment Corp.		28,900		239,003
Mr. Cooper Group, Inc.(a)		800		13,064
New Residential Investment Corp.		13,500		107,055
PennyMac Financial Services, Inc.		11,000		530,859
				1,024,926
P&C Insurance — 3.52%
Ambac Financial Group, Inc.(a)		18,700		239,360
NMI Holdings, Inc., Class A(a)		15,000		232,800
				472,160
Professional Services — 0.87%
H&R Block, Inc.		8,000		116,000
Real Estate Services — 3.89%
Cushman & Wakefield PLC(a)		3,000		32,100

See accompanying notes which are an integral part of this schedule of investments.

CALDWELL & ORKIN - GATOR CAPITAL LONG/SHORT FUND

SCHEDULE OF INVESTMENTS - continued

July 31, 2020 (Unaudited)

COMMON STOCKS — LONG — 90.99% - continued	Shares		Fair Value
Real Estate Services — 3.89% - continued
Realogy Holdings Corp.(a)		54,000	$	489,240
				521,340
Retail Reit — 1.21%
Seritage Growth Properties, Class A(a)		4,800		44,688
Site Centers Corp.		16,000		117,280
				161,968
Wealth Management — 8.02%
Ameriprise Financial, Inc.		2,500		384,075
Charles Schwab Corp. (The)		8,625		285,919
TD Ameritrade Holding Corp.		4,500		161,505
UBS Group AG		20,729		242,115
				1,073,614
Total Common Stocks — Long— (Cost $15,159,373)				12,178,324
PREFERRED STOCKS — LONG — 7.59%
Specialty Finance — 7.59%
Ellington Financial, Inc., 6.75%		5,076		104,058
Federal National Mortgage Association, Series R, 7.63%(a)		9,625		138,985
Federal National Mortgage Association, Series T, 8.25%(a)		17,500		135,275
Invesco Mortgage Capital, Inc., Series C, 7.50%		9,916		207,740
MFA Financial, Inc., Series C, 6.50%		16,422		295,432
New Residential Investment Corp., 6.38%		7,170		134,724
Total Preferred Stocks — Long— (Cost $941,958)				1,016,214
WARRANTS — LONG — 0.22%
American International Group, Inc., Expires 01/19/21, Strike Price $44(a)		28,500		29,640
Total Warrants — Long— (Cost $399,180)				29,640

See accompanying notes which are an integral part of this schedule of investments.

CALDWELL & ORKIN - GATOR CAPITAL LONG/SHORT FUND

SCHEDULE OF INVESTMENTS - continued

July 31, 2020 (Unaudited)

MONEY MARKET FUNDS - 0.40%	Shares		Fair Value
First American Treasury Obligations Fund, Class X, 0.07%(b)		53,453		53,453
Total Money Market Funds (Cost $53,453)			$	53,453
Total Investments — 99.20% (Cost $16,553,964)				13,277,631
Other Assets in Excess of Liabilities — 0.80%				107,057
NET ASSETS — 100.00%			$	13,384,688

(a)	Non-income producing security.
(b)	Rate disclosed is the seven day effective yield as of July 31, 2020.

ADR	- American Depositary Receipt.
ETF	- Exchange-Traded Fund

See accompanying notes which are an integral part of this schedule of investments.

CALDWELL & ORKIN - GATOR CAPITAL LONG/SHORT FUND

SCHEDULE OF SECURITIES SOLD SHORT

July 31, 2020 (Unaudited)

COMMON STOCKS — SHORT — (18.67)%	Shares			Fair Value
Banks — (10.11)%
City Holding Co.		(2,301	)	$	(143,720	)
Commerce Bancshares, Inc.		(2,200	)		(125,972	)
Community Bank System, Inc.		(1,350	)		(75,911	)
CVB Financial Corp.		(10,000	)		(180,700	)
Glacier Bancorp, Inc.		(1,000	)		(35,310	)
Independent Bank Corp.		(2,000	)		(129,040	)
Lakeland Financial Corp.		(3,000	)		(132,780	)
NBT Bancorp, Inc.		(800	)		(23,832	)
Southside Bancshares, Inc.		(4,900	)		(135,730	)
Tompkins Financial Corp.		(1,700	)		(109,701	)
United Bankshares, Inc.		(4,500	)		(118,440	)
Westamerica Bancorp.		(2,400	)		(144,864	)
					(1,356,000	)
Consumer Finance — (2.04)%
American Express Co.		(1,300	)		(121,316	)
LendingClub Corp.(a)		(29,000	)		(151,380	)
					(272,696	)
Industrial REITs — (2.25)%
Duke Realty Corp.		(7,500	)		(301,425	)
P&C Insurance — (1.52)%
Lemonade, Inc.(a)		(3,500	)		(203,630	)
Private Equity — (1.99)%
Blackstone Group LP (The), Class A		(5,000	)		(266,400	)
Specialty Reit — (0.76)%
Iron Mountain, Inc.		(3,600	)		(101,484	)
Total Common Stocks - Short (Proceeds Received $2,540,077)					(2,501,635	)

See accompanying notes which are an integral part of this schedule of investments.

CALDWELL & ORKIN - GATOR CAPITAL LONG/SHORT FUND

SCHEDULE OF SECURITIES SOLD SHORT - continued

July 31, 2020 (Unaudited)

EXCHANGE-TRADED FUNDS — SHORT — (5.75)%	Shares			Fair Value
Direxion Daily Financial Bear 3X Shares		(8,000	)		(123,600	)
Direxion Daily Regional Banks Bull 3x Shares		(12,000	)		(645,480	)
					(769,080	)
Total Exchange-Traded Funds (Cost $(926,129))				$	(769,080	)
TOTAL SECURITIES SOLD SHORT -  (24.42)% (Proceeds Received $3,466,206)				$	(3,270,715	)

^(a) Non-income producing security.

ADR - American Depositary Receipt.

As of July 31, 2020, the net unrealized appreciation (depreciation) of investments, including short securities, for tax purposes was as follows:

Unrealized appreciation	$	757,980
Unrealized depreciation		(4,387,962	)
Net unrealized depreciation on investments		(3,629,982	)
Aggregate cost of securities for federal income tax purposes	$	13,636,898

See accompanying notes which are an integral part of this schedule of investments.

Caldwell & Orkin – Gator Capital Long/Short Fund

Related Notes to Schedule of Investments

July 31, 2020 (Unaudited)

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

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.

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

Caldwell & Orkin – Gator Capital Long/Short Fund

Related Notes to Schedule of Investments

July 31, 2020 (Unaudited)

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

The following is a summary of the inputs used as of July 31, 2020 in valuing the Fund’s investments:

Investments in Securities*	Level 1			Level 2		Level 3		Total
Assets
Common Stocks	$	12,178,324		$	—	$	—	$	12,178,324
Preferred Stocks		1,016,214			—		—		1,016,214
Warrants		29,640			—		—		29,640
Money Market Funds		53,453			—		—		53,453
Total	$	13,277,631		$	—	$	—	$	13,277,631
Liabilities
Securities Sold Short
Common Stocks	$	(2,501,635	)	$	—	$	—	$	(2,501,635	)
Exchange-Traded Funds		(769,080	)		—		—		(769,080	)
Total	$	(3,270,715	)	$	—	$	—	$	(3,270,715	)

* For detailed industry descriptions, see the accompanying Schedule of Investments.

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.

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 targets a net exposure of its short positions (excluding short sales “against the box”) to 60% of the Fund’s total net assets. At July 31, 2020, the Fund had approximately 24.42% of its total net assets in short positions.