Volumetric Fund Inc.

07/21/2026 | Press release | Distributed by Public on 07/21/2026 10:06

Semi-Annual Report by Investment Company (Form N-CSRS)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSRS

Certified Semi-annual Shareholder Report of Registered Management Investment Companies

Investment Company Act file number: 811-04643

Volumetric Fund Inc

87 Violet Drive, Pearl River, NY 10965

Jeffrey Gibs

87 Violet Drive, Pearl River, NY 10965

(Name and address of agent for service)

Registrant's telephone number: 845-623-7637

Date of fiscal year end: December 31, 2026

Date of reporting period: June 30, 2026

Item 1. Reports to Stockholders.

1

Volumetric Fund, Inc.

Semi-Annual Report

VOLMX June 30, 2026

This Semi-Annual Report contains important information about Volumetric Fund, Inc. ("Fund") for the period of January 1, 2026 to June 30, 2026 (the "Period"). You can find additional information about the Fund at volumetric.com. You can also request this information by contacting us at 800-541-3863 or [email protected].

WHAT WERE THE FUND COSTS FOR THE PERIOD?

(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

Volumetric Fund

$95

1.89%

FUND STATISTICS

Net Assets

$ 37,533,705

Number of Portfolio Holdings

51

Total Advisory Fees

$ 341,674

Portfolio Turnover

26%

WHAT DID THE FUND INVEST IN?

(as of 6/30/26)

SECTOR ALLOCATION INVESTMENT ALLOCATION

(% of net assets) (% of net assets)

2

Semi-Annual Report - June 30, 2026

WHAT DID THE FUND INVEST IN? (Continued)

(% of net assets)

TOP EQUITY / ETF HOLDINGS

HOLDINGS %

SPDR S&P 500 ETF Trust

8.4 %

Applied Materials Inc

3.7 %

Marvell Technology Inc

3.4 %

Alphabet Inc

3.2 %

Bank of New York Mellon Corp

2.5 %

Applied Industrial Tech Inc

2.4 %

Emerson Electric Co

2.3 %

Apple Inc

2.3 %

Wabtec Corp

2.3 %

PNC Financial Svcs Group Inc

2.3 %

TOP PERFORMING HOLDINGS

UNREALIZED GAIN %

Applied Materials Inc

1,745.5

Apple Inc

565.5

Microsoft Corp

549.4

Amazon.com Inc

397.2

SPDR S&P 500 ETF Trust

372.4

Meta Platforms Inc

329.9

Marvell Technology Inc

252.8

Alphabet Inc

235.2

Wabtec Corp

225.5

Raymond James Financial

179.9

CHANGES IN OR DISAGREEMENTS WITH ACCOUNTANTS

There were no changes in or disagreements with the accountants during the reporting period.

ADDITIONAL INFORMATION

If you wish to view additional information about the Fund, including but not limited to updated performance information, the Fund's prospectus, proxy voting information (including the Fund's proxy voting policies), financial statements or holdings, please visit volumetric.com.

For more information regarding this Semi-Annual Report, you may view the N-CSRS report at volumetric.com/2026semiannualNCSRS.

Volumetric Fund, Inc.

87 Violet Drive, Pearl River, New York 10965

Phone: 800-541-FUND or 845-623-7637 >Web: volumetric.com > Email: [email protected]

3

Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrant.

Not applicable for semi-annual report.

Item 6. Investments.

(a)Schedule of investments in securities of unaffiliated issuers

4

STATEMENT OF NET ASSETS

June 30, 2026

(unaudited)

Shares

Company

Value

EQUITIES - UNITED STATES: 84.1%

Asset Management -- 1.2%

3,000

Raymond James Financial

$ 456,090

456,090

Banking -- 6.0%

13,600

Bank of America Corp

774,928

1,900

JPMorgan Chase and Co

621,927

3,500

PNC Financial Services Group

861,770

2,258,625

Biotech & Pharma -- 1.9%

5,400

Merck & Co

693,900

693,900

Chemicals -- 1.3%

1,800

Ecolab Inc

501,498

501,498

Containers & Packaging -- 1.5%

2,300

Packaging Corp of America

548,044

548,044

Diversified Industrials -- 7.1%

6,100

Emerson Electric Co

873,215

1,500

GE Aerospace

560,595

3,700

ITT Inc

731,712

505

Parker Hannifin Corp

493,950

2,659,472

E-Commerce Discretionary -- 1.9%

3,000

Amazon.com Inc*

715,020

715,020

5

Statement of Net Assets (continued)

Shares

Company

Value

Electric Utilities -- 1.6%

9,000

Dominion Energy Inc

$ 614,610

614,610

Electrical Equipment -- 3.2%

2,900

AMETEK Inc

701,626

2,900

Amphenol Corp - Class A

511,328

1,212,954

Engineering & Construction -- 1.4%

4,100

Jacobs Solutions Inc

516,600

516,600

Health Care Facilities & Services -- 1.5%

2,700

Quest Diagnostics

572,265

572,265

Industrial Intermediate Prod -- 1.3%

4,000

Mueller Industries Inc

491,720

491,720

Industrial Support Services -- 2.4%

2,700

Applied Industrial Tech

913,005

913,005

Institutional Financial Services -- 4.8%

6,600

Bank of New York Mellon Corp

954,426

3,600

StoneX Group Inc*

426,600

7,300

Virtu Financial Inc - Class A

434,861

1,815,887

Insurance -- 4.2%

5,300

Aflac Inc

621,425

4,400

Loews Corp

498,124

1,400

Travelers Companies Inc

462,168

1,581,717

Internet Media & Services -- 4.9%

3,400

Alphabet Inc - Class C

1,201,322

1,100

Meta Platforms - Class A

619,619

1,820,941

Leisure Facilities & Services -- 1.4%

2,700

Hyatt Hotels - Class A

523,368

523,368

Machinery -- 1.1%

3,400

Xylem Inc

401,914

401,914

Renewable Energy -- 1.4%

2,200

Enersys

514,404

514,404

Retail - Consumer Staples -- 3.6%

1,000

Casey's General Stores

794,790

575

Costco Wholesale Corp

537,895

1,332,685

Semiconductors -- 9.9%

1,600

Analog Devices Inc

635,472

1,900

Applied Material Inc

1,373,700

4,300

Marvell Technology Inc

1,280,927

2,200

NVIDIA Corp

440,198

3,730,297

6

Statement of Net Assets (continued)

Shares

Company

Value

Software -- 3.4%

1,300

Microsoft Corp

$ 484,926

2,300

Oracle Corp

337,065

1,000

Synopsys Inc*

446,070

1,268,061

Specialty Finance -- 1.6%

3,000

Capital One Financial Corp

601,860

601,860

Steel -- 1.4%

2,300

Nucor Corp

512,325

512,325

Technology Hardware -- 6.0%

3,000

Apple Inc

868,080

5,900

Cisco Systems Inc

693,014

15,600

Hewlett Packard Enterprise Co

703,716

2,264,810

Transportation & Logistics -- 1.3%

3,000

Expeditors Intl of Washington Inc

488,940

488,940

Transportation Equipment -- 3.6%

700

Cummins Inc

499,247

3,200

Wabtec Corp

862,720

1,361,967

Wholesale - Consumer Staples -- 3.2%

6,000

Archer-Daniels Midland

458,400

7,300

US Foods Holding Corp*

746,425

1,204,825

TOTAL EQUITIES (Cost: $ 18,932,369)

31,577,804

EXCHANGE TRADED FUND ("ETF") 8.4%

Exchange Traded Fund -- 8.4%

4,200

SPDR S&P 500 ETF Trust (Cost: $663,912)

3,136,434

INVESTMENT COMPANY 7.6%

2,845,870 Shares -- Fidelity Investment Money Market

Gov Portfolio - Class I, 3.53%** (Cost: $2,845,870)

2,845,870

TOTAL INVESTMENTS (Cost: $22,442,151): 100.1%

37,560,108

CASH EQUIVALENTS/RECEIVABLE: 0.1%

Dividends and Interest Receivable

31,366

TOTAL RECEIVABLES

31,366

TOTAL ASSETS

37,591,474

LIABILITIES: -0.2%

Accrued Management Fees

(57,769)

TOTAL LIABILITIES

(57,769)

NET ASSETS 100.0%

$ 37,533,705

COMPOSITION OF NET ASSETS

Net Capital Paid on Shares of Stock

$ 21,065,742

Distributable Earnings

16,467,963

NET ASSETS

$ 37,533,705

SHARES OUTSTANDING

1,425,810

NET ASSET VALUE, OFFERING & REDEMPTION PRICE PER SHARE

$ 26.32

*Non-income producing security. ** Variable Rate Security. The rate presented is as of June 30, 2026.

See notes to financial statements

7

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

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2026

(Unaudited)

INVESTMENT INCOME (LOSS)

INCOME

Dividend

$ 173,740

Interest

70,539

TOTAL INCOME

$ 244,279

EXPENSE

Management Fee (Note 2)

(341,674)

TOTAL EXPENSE

(341,674)

NET INVESTMENT LOSS

(97,395)

REALIZED AND UNREALIZED GAIN ON INVESTMENTS

REALIZED GAIN ON INVESTMENTS:

Net Realized Gain on Investments

1,447,401

UNREALIZED APPRECIATION OF INVESTMENTS:

Beginning of Year

12,798,956

End of Period

15,117,957

CHANGE IN UNREALIZED APPRECIATION

2,319,001

NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS

3,766,402

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

$ 3,669,007

See Notes to Financial Statements

8

STATEMENTS OF CHANGES IN NET ASSETS

For the 6 Months Ended 6/30/2026 (Unaudited)

For the Year Ended 12/31/2025

OPERATIONS

Net Investment Loss

$ (97,395)

$ (25,802)

Net Realized Gain on Investments

1,447,401

692,441

Net Increase (Decrease) in Unrealized Appreciation of Investments

2,319,001

(145,134)

NET INCREASE IN NET ASSETS FROM OPERATIONS

3,669,007

521,505

DISTRIBUTIONS

TOTAL DISTRIBUTIONS FROM EARNINGS

-

(694,773)

CHANGE DUE TO CAPITAL SHARE TRANSACTIONS

Issued

220,401

603,492

Issued - In Lieu of Cash Distributions

-

688,612

Redeemed

(3,703,370)

(4,541,874)

DECREASE IN NET ASSETS DUE TO CAPITAL SHARE TRANS(Note 3)

(3,482,969)

(3,249,770)

TOTAL INCREASE (DECREASE) IN NET ASSETS

186,038

(3,423,038)

NET ASSETS BEGINNING OF YEAR/PERIOD

37,347,667

40,770,705

NET ASSETS END OF YEAR/PERIOD

$ 37,533,705

$ 37,347,667

See Notes to Financial Statements

9

FINANCIAL HIGHLIGHTS

(For one share outstanding throughout each period)

Six Months Ended 6/30/26

Years ended December 31

(unaudited)

2025

2024

2023

2022

2021

Net asset value, beginning of year/period

$23.75

$23.83

$22.53

$20.67

$25.43

$23.32

Income (loss) from investment operations

Net investment income (loss)

(0.07)

(0.02)

(0.11)

0.00*

(0.07)

(0.17)

Net realized and change in unrealized

gain (loss) on investments

2.64

0.39

3.02

2.60

(3.56)

4.32

Total from investment operations

2.57

0.37

2.91

2.60

(3.63)

4.15

Less distributions from:

Net investment income

0.00

0.00

0.00

0.00*

0.00

0.00

Net realized gains

0.00

(0.45)

(1.61)

(0.74)

(1.13)

(2.04)

Total distributions

0.00

(0.45)

(1.61)

(0.74)

(1.13)

(2.04)

Net asset value, end of year/period

$26.32

$23.75

$23.83

$22.53

$20.67

$25.43

Total return

10.82%

1.53%

12.85%

12.56%

(14.25%)

17.78%

Ratios and Supplemental Data:

Net assets, end of year/period (in thousands)

$37,534

$37,348

$40,771

$37,266

$36,316

$43,330

Ratio of expenses to average net assets

1.89%**

1.89%

1.89%

1.90%

1.89%

1.89%

Ratio of net investment income (loss) to

average net assets

(0.27%)**

(0.06%)

(0.45%)

0.00%***

(0.31%)

(0.67%)

Portfolio turnover rate

26%

62%

46%

62%

67%

34%

*Amount represents less than $0.01

** Annualized

*** Amount represents less than 0.01%

See Notes to Financial Statements

10

NOTES TO FINANCIAL STATEMENTS (Unaudited)

For the six months ended June 30, 2026

1. Significant Accounting Policies

Volumetric Fund, Inc. (the "Fund") is registered with the Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end investment company. The Fund's investment objective is capital growth. Its secondary objective is downside protection. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The financial statements have been prepared in conformity with U.S. Generally Accepted Accounting Principles ("GAAP"), as detailed in the Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ("ASC"). The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of FASB ASC Topic 946 "Financial Services - Investment Companies," including FASB Accounting Standards Update 2013-08.

a)Valuation of Securities: Investments in securities traded on a national securities exchange (or reported on the NASDAQ national market) are valued at the closing price on the day of valuation. If a market quote is not available, the Fund will value the security at fair market value as determined in good faith by Volumetric Advisers, Inc. (the "Adviser"), as directed by the Board of Directors (the "Board").

GAAP establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires certain disclosures about fair value measurements. 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 - quoted prices in active markets for identical securities

·Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.)

·Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments)

The inputs or methodology used for valuing securities are not necessarily indications of the risk associated with investing in those securities.

As of June 30, 2026, all the securities held by the Fund were valued using Level 1 inputs. See "Item 6 Investments" for a listing of securities valued using Level 1 inputs by security type and industry type, as required by GAAP.

b)Securities Transactions and Investment Income. Realized gains and losses are determined on the identified cost basis which is the same basis used for federal income tax purposes. Dividend income and distributions to shareholders are recorded on the ex-dividend date and interest income is recognized on the accrual basis.

c)Federal Income Taxes: The Fund's policy is to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of the Fund's taxable income to its shareholders. Therefore, no federal income tax provision is required.

The Fund recognizes the 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 has reviewed the Fund's tax positions taken on Federal and state income tax returns for all open tax years (2022-2025) and during the six months ended June 30, 2026, and concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements.

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expenses on the Statement of Operations. During the six months ended June 30, 2026, the Fund did not incur any interest or penalties.

d)Distributions to Shareholders: It is the Fund's policy to distribute all net investment income, and all net realized gains, in excess of any available capital loss carryovers, at year end. The Board declared the following distribution for the year ended December 31, 2025.

Record Date

December 26, 2025

Ex-Dividend Date

December 29, 2025

Payment Date

December 30, 2025

Distribution

$0.45 per share

Long term capital gains and ordinary income recorded and paid during the year ended December 31, 2025, and the six months ended June 30, 2026, were as follows: Long Term Capital Gains December 31, 2025, was $694,773 and Ordinary Income was $0. For the six months ended June 30, 2026, Long Term Capital Gains and Ordinary Income were $0.

11

e)Use of Estimates: The preparation of the 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 increases and decreases in net assets from operations during the reported period. Actual results could differ from those estimates.

2. Management Fee and Other Transactions with Affiliates

The Fund receives investment management and advisory services pursuant to an Investment Advisory Agreement, renewed with an effective date of February 1, 2026, between the Fund and the Adviser, that provides for fees to be paid at an annual rate of: (i) 2.0% of the first $10,000,000 of average daily net assets, (ii) 1.90% of such net assets from $10 million to $25 million; (iii) 1.80% of such net assets from $25 million to $50 million; (iv) 1.50% of such net assets from $50 million to $100 million; and (v) 1.25% of such net assets over $100 million. The Adviser pays the cost of all management, supervisory and administrative services required in the operation of the Fund. This includes investment management, fees of the custodian, independent public accountants and legal counsel, remuneration of officers and directors, state registration fees and franchise taxes, shareholder services, including maintenance of the shareholder accounting system, insurance, marketing expenses, shareholder reports, proxy related expenses and transfer agency. Certain officers and directors of the Fund are also officers and directors of the Adviser.

For the six months ended June 30, 2026, the Fund paid $341,674 in management fees to the Adviser.

3. Capital Stock Transactions

On June 30, 2026, there were 4,000,000 shares of $0.01 par value capital stock authorized. Transactions in capital stock were as follows:

Six Months Ended

June 30, 2026

(unaudited)

Six Months Ended

June 30, 2026 (unaudited)

Year Ended

December 31, 2025

Year Ended

December 31, 2025

Shares

Amount

Shares

Amount

Shares Sold

9,051

$ 220,401

25,776

$ 603,492

Distributions Reinvested

0

0

28,644

688,612

9,051

220,401

54,420

1,292,104

Shares Redeemed

(155,672)

(3,703,370)

(192,921)

(4,541,874)

Net Decrease

(146,621)

$ (3,482,969)

(138,501)

$ (3,249,770)

4. Purchases and Sales of Investment Securities / Federal Tax Cost Information

For the six months ended June 30, 2026, purchases and proceeds from sales of securities were $8,564,474 and $12,275,530, respectively. On June 30, 2026, the cost of investments for Federal income tax purposes was $22,442,151. Accumulated net unrealized appreciation on investments was $15,117,957 consisting of $15,379,052 gross unrealized appreciation and $261,095 gross unrealized depreciation.

5. Federal Income Tax

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

Unrealized appreciation

$ 12,798,956

Distributable earnings

$ 12,798,956

For the year ended December 31, 2025, the Fund recorded the following reclassification: the distributable earnings were increased by $28,134 and net capital paid in on shares of stock was decreased by $28,134. Such reclassifications are the result of permanent differences between the financial statements and income tax reporting requirements, and have no effect on the Fund's net assets.

6. Commitments and Contingencies

12

Under the Fund's organizational documents, its Officers and Directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund entered into contracts with its service providers, on behalf of the Fund, and others that provide for general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. The Fund expects the risk of loss to be remote.

7. Market and Geopolitical Risks

The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. A global pandemic and aggressive responses taken by many governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines or similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many retail and other businesses, may have negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment.

8. Subsequent Events

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

9. Operations and Oversight

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 President and Vice President of the Fund, who are responsible for the oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

Availability of Proxy Voting Record (Unaudited)

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request, by contacting the Fund at 800-541-3863 or [email protected]; (ii) on or through the Fund's website, at volumetric.com; and (iii) on the SEC's website at sec.gov.

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

None.

13

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

9.1 The Annual Shareholder Meeting was held on May 18, 2026.

9.2 The entire Board was up for election. The following Directors were re-elected to the Board of Directors: Jeffrey M. Gibs, Irene J. Zawitkowski, Josef Haupl, Alexandre M. Olbrecht, Cornelius O'Sullivan, Stephen J. Samitt, Allan A. Samuels, Raymond W. Sheridan, and Stacey S. Yanosy.

9.3 The following proposals were voted upon by shareholders:

·To elect nine directors to hold office until the next annual meeting of shareholders and until their successors are elected to qualify;

·To ratify the Board of Director's selection of the firm Cohen & Company, Ltd. as the independent registered accounting firm of the Fund for the fiscal year ending December 31, 2026

Proposal

For

Against

Abstain

Total

1. To elect nine (9) directors to hold office until the next annual meeting of shareholders and until their successors are elected to qualify;

1.01 Jeffrey M. Gibs

829,235.19

0

0

829,235.19

1.02 Irene J. Zawitkowski

828,861.02

0

374.17

829,235.19

1.03 Josef Haupl

822,125.89

0

7,109.30

829,235.19

1.04 Alexandre M. Olbrecht, PhD.

824,607.31

0

4,627.88

829,235.19

1.05 Cornelius O'Sullivan

824,981.48

0

4,253.71

829,235.19

1.06 Stephen J. Samitt

822,500.06

0

6,735.13

829,235.19

1.07 Allan A. Samuels

821,859.45

0

7,375.74

829,235.19

1.08 Raymond W. Sheridan

824,340.87

0

4,894.32

829,235.19

1.09 Stacey S. Yanosy

824,981.48

0

4,253.71

829,235.19

2. To ratify the Board of Director's selection of Cohen & Company, Ltd. as the independent registered accounting firm of the Fund for the fiscal year ending December 31, 2026;

824,981.48

0

4,253.71

829,235.19

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

Directors who are not Interested Directors of the Adviser received a fee for each board or committee meeting they attended. Directors' fees had no effect on the Fund's expenses and expense ratio since all their fees were paid by the Adviser. For the period the amounts paid were:

10.1 All directors and all members of any advisory board for regular compensation were paid in total $10,476.

10.2 Each director and each member of an advisory board had not received any special compensation.

10.3 Officers of the Adviser received no compensation for participation on the Board.

10.4 There are no affiliated persons.

Item 11. Statements Regarding Basis for Approval of Investment Advisory Contract.

During the period covered by this report, the Board of Directors did not take any action with respect to the approval or renewal of the Fund's investment advisory contract. Accordingly, no disclosure under this item is required.

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

14

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

There were no material changes to the procedure.

15

Item 16. Controls and Procedures.

a.The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of the end of the period covered by this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

b. There were no material changes to the internal controls over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 18. Recovery of Erroneously Awarded Compensation.

None.

Item 19. Exhibits.

Code of Ethics:

Not applicable for semi-annual report.

Policies:

Not applicable for semi-annual report.

Certifications:

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SIGNATURES

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

/s/ Jeffrey GIbs

Jeffrey Gibs

President

July 16, 2026

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) Volumetric Fund, Inc.

By

/s/ Alex Aleman

Alex Aleman

Vice President

July 16, 2026

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