# EDGAR Filing Document

**Accession Number:** 0000792394
**File Stem:** 0000792394-26-000011
**Filing Date:** 2026-3
**Character Count:** 113696
**Document Hash:** ea7c65a18f6a1418d4ac121c787377eb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000792394-26-000011.hdr.sgml**: 20260303

**ACCESSION NUMBER**: 0000792394-26-000011

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

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260303

**DATE AS OF CHANGE**: 20260303

**EFFECTIVENESS DATE**: 20260303

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VOLUMETRIC FUND INC
- **CENTRAL INDEX KEY:** 0000792394

**ORGANIZATION NAME:**
- **EIN:** 133373223
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04643
- **FILM NUMBER:** 26711705

**BUSINESS ADDRESS:**
- **STREET 1:** 87 VIOLET DR
- **CITY:** PEARL RIVER
- **STATE:** NY
- **ZIP:** 10965
- **BUSINESS PHONE:** 8456237637

**MAIL ADDRESS:**
- **STREET 1:** 87 VIOLET DR
- **CITY:** PEARL RIVER
- **STATE:** NY
- **ZIP:** 10965

## Series and Classes Contracts Data

### Volumetric Fund (Series ID: S000012023)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000032757 | Volumetric Fund | VOLMX           |

?xml version='1.0' encoding='ASCII'? Volumetric N-CSR

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM N-CSR/A**

CERTIFIED 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, 2025

Date of reporting period: December 31, 2025

**Item 1. Reports to Stockholders.**

---

| | | |
|:---|:---|:---|
| ![](image_008.jpg) | **Volumetric Fund, Inc.**<br> VOLMX | **Annual Report**<br> December 31, 2025 |

---

This Annual Report contains important information about Volumetric Fund, Inc. ("Fund") for the period of January 1, 2025, to December 31, 2025 (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 info@volumetric.com.

**WHAT WERE THE FUND COSTS FOR THE PERIOD?** 

(based on a hypothetical $10,000 investment)

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Cost paid as a percentage of a $10,000 investment** | **Cost paid as a percentage of a $10,000 investment** |
| Volumetric Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89% |

---

**HOW DID THE FUND PERFORM LAST YEAR?**

The Fund saw a 1.53% appreciation in 2025, finishing the year at $23.75 per share. This share price reflects a $0.45 reduction due to the long-term capital gains distribution paid to shareholders on December 29, 2025.

The equity markets experienced heightened volatility during 2025. Uncertainty related to economic policy, tariffs, and global events contributed to a market decline during the period from February through April 2025. In response to these conditions, the Fund reduced its equity exposure to 70.3% and increased its allocation to money market and cash investments to 29.7%. These actions were taken in accordance with the Fund's investment objective, which emphasizes capital preservation and risk management.

In April 2025, equity markets rebounded as market conditions stabilized. As volatility moderated, the Fund gradually increased its allocation to equities. Market performance during the year was uneven, with certain sectors, including technology and precious metals, experiencing significantly stronger gains than the broader market. The Fund maintained a diversified allocation across multiple sectors and industries rather than concentrating in a limited number of market segments.

The Fund's total return for 2025 was lower than its average annual return since inception (1979) of 8.81%. Management believes the market conditions experienced during 2025 were highly unusual and not representative of longer-term market trends. Despite these conditions, the Fund remained focused on its investment objectives and disciplined investment process. The Fund continues to emphasize diversification and capital preservation as it seeks to navigate varying market environments over time.

**CUMULATIVE PERFORMANCE**

![](image_001.jpg)

The S&P 500 Index is a market capitalization-weighted index of 500 widely held common stocks. The FTSE 3-month Treasury Bill Index measures the performance of short-term U.S. government debt securities. The S&P 500 Index represents the equity portion of the Fund's portfolio, and the FTSE 3-month Treasury Bill Index represents the cash/cash equivalent (money market) portion of the Fund's portfolio.

The above chart represents historical performance of a hypothetical $10,000 investment over the past 10 years. The Fund's past performance is not a good predictor of the Fund's future performance. The graph above and table below do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**AVERAGE ANNUAL TOTAL RETURN**

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;&nbsp;Volumetric Fund | 1.53% | 5.43% | 7.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500 Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;FTSE 3 Month T-Bill Index | 4.40% | 3.31% | 2.23% |

---

**FUND STATISTICS**

---

| | |
|:---|:---|
| Net Assets | $37347667 |
| Number of Portfolio Holdings | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Advisory Fees | $733901 |
| Portfolio Turnover | 62% |

---

**Annual Report** - December 31, 2025

**WHAT DID THE FUND INVEST IN?**

(as of 12/31/25)

---

| | |
|:---|:---|
| **SECTOR ALLOCATION**<br> **(% of net assets)**<br> ![](image_004.jpg) | **INVESTMENT ALLOCATION**<br> **(% of net assets)**<br> ![](image_003.jpg) |

---

---

| | |
|:---|:---|
| **TOP PERFORMING EQUITIES** | **UNREALIZED GAIN %** |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 742.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Materials Inc | 556.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 525.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc | 403.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 381.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust | 331.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Waste Connections Inc | 300.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc | 197.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Raymond James Financial | 195.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Salesforce Inc | 181.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % based on cost basis versus ending market value<br>|  |

---

---

| | |
|:---|:---|
| **TOP EQUITY HOLDINGS** | **HOLDINGS %** |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust | 7.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Materials Inc | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Emerson Electric Co | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Waste Connections Inc | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Packaging Corp of America | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group | 2.0 |

---

**MATERIAL FUND CHANGES**

There were no material fund changes during the reporting period.

**CHANGES IN OR DISAGREEMENTS WITH ACCOUNTANTS**

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

**ADDITIONAL INFORMATION**

If you wish to view additional information about the Fund, free of charge, 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 Annual Report, you may view the N-CSR report at volumetric.com/2025annualNCSR.

---

| | |
|:---|:---|
| ![](image_008.jpg) | **Volumetric Fund, Inc.**<br> 87 Violet Drive, Pearl River, New York 10965<br> **Phone**: 800-541-FUND or 845-623-7637 > **Web**: volumetric.com > **Email**: info@volumetric.com |

---

**Item 2. Code of Ethics.**

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) For purposes of this item, 'code of ethics' means written standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;1. Honest and ethical conduct, including the ethical
handling of actual or apparent conflicts of interest between personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;2. Full, fair, accurate, timely, and understandable
disclosure in reports and documents that a Registrant files with, or submits to, the Commission and in other public communications made
by the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;3. Compliance with applicable governmental laws,
rules, and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;4. The prompt internal reporting of violations of
the code to an appropriate person or persons identified in the code; and

&nbsp;&nbsp;&nbsp;&nbsp;5. Accountability for adherence to the code.

(c) Amendments: During the period covered by the report, there have not been any amendments to the provisions of the Code of Ethics.

(d) Waivers: During the period covered by the report, the Registrant has not granted any express or implicit waivers from the provisions of the Code of Ethics.

(e) The Code of Ethics and amendments (c) or waivers (d) to the Code of Ethics are not posted on Registrant's website; however, the website states how the Code of Ethics information may be obtained free of charge upon request.

(f) A copy of the Code of Ethics is attached as an exhibit. You may request a free copy of the Code of Ethics by calling the Fund at 800-541-3863 or writing to Volumetric Fund, 87 Violet Drive, Pearl River, New York 10965.

**Item 3. Audit Committee Financial Expert.**

(a) The Registrant's Board of Directors has determined that Stephen Samitt is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Samitt is independent for purposes of this Item.

**Item 4. Principal Accountant Fees and Services**.

a) Audit Fees: The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were as follows:

2025: $17,100

2024: $17,100

(b) Audit Related Fees: The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item were as follows:

2025: None

2024: None

(c) Tax Fees: The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were as follows:

2025: $3,600

2024: $3,000

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

(d) All Other Fees: The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were as follows:

2025 - None

2024 - None

(e) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Audit Committee's Pre-Approval Policies

The Registrant's Audit Committee is required to pre-approve all audit services and non-audit services (including audit-related, tax and all other services) to the registrant. The Registrant's Audit Committee also is required to pre-approve, when appropriate, any non-audit services (including audit-related, tax and all other services) to its adviser, or any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant, to the extent that the services may be determined to have an impact on the operations or financial reporting of the registrant. Services are reviewed on an engagement by engagement basis by the Audit Committee.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit-Related Fees: | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax Fees: | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Other Fees: | 0% |

---

(f) During the audit of the registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(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:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025: | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024: | $0 |

---

(h) Not applicable.

(i) The Registrant is not owned or controlled by a foreign governmental entity.

(j) The Registrant is not a foreign issuer.

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

Not applicable to open-end investment companies.

**Item 6. Investments.** 

(a) Investments are included as part of the financial statements filed under Item 7 of this Form.

(b) Not applicable.

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

---

| | | |
|:---|:---|:---|
| <br>&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Volumetric Fund, Inc.**<br>&nbsp;&nbsp;**STATEMENT OF NET ASSETS**<br>&nbsp;&nbsp;December 31, 2025<br>&nbsp;&nbsp;**Company** | <br>&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**EQUITIES – United States: 83.0%** | &nbsp;&nbsp;**EQUITIES – United States: 83.0%** |  |
|  | &nbsp;&nbsp;**AEROSPACE & DEFENSE&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;GE Aerospace | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $462045 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462045 |
|  | &nbsp;&nbsp;**ASSET MANAGEMENT&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;1.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;Raymond James Financial, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722655 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722655 |
|  | &nbsp;&nbsp;**BANKING&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;5.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13600 | &nbsp;&nbsp;Bank of America Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;JPMorgan Chase & Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;PNC Financial Services Group, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730555 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2090773 |
|  | &nbsp;&nbsp;**BEVERAGES&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;Coca-Cola Consolidated, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659190 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659190 |
|  | &nbsp;&nbsp;**BIOTECH & PHARMA&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;2.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;Merck & Company, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;Regeneron Pharmaceuticals, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463122 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1031526 |
|  | &nbsp;&nbsp;**CHEMICALS&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;1.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;Ecolab, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708804 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708804 |
|  | &nbsp;&nbsp;**CONTAINERS & PACKAGING&nbsp;&nbsp;&nbsp;&nbsp; -- 2.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;Packaging Corp of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742428 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742428 |
|  | &nbsp;&nbsp;**DIVERSIFIED INDUSTRIALS&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;5.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp;Emerson Electric Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;ITT, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 775 | &nbsp;&nbsp;Parker-Hannifin Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681194 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2132773 |
|  | &nbsp;&nbsp;**E-COMMERCE DISCRETIONARY&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;1.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;Amazon.com, Inc\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692460 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692460 |
|  | &nbsp;&nbsp;**ELECTRIC UTILITIES&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;1.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;Dominion Energy, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527310 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527310 |
|  | &nbsp;&nbsp;**ELECTRICAL EQUIPMENT&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;AMETEK, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595399 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595399 |
|  | &nbsp;&nbsp;**ENGINEERING & CONSTRUCTION&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;1.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543086 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543086 |
|  | &nbsp;&nbsp;**HEALTH CARE FACILITIES & SERVICES&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;2.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;Quest Diagnostics, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;UnitedHealth Group, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462154 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930685 |
|  | &nbsp;&nbsp;**INDUSTRIAL INTERMEDIATE PROD&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;Mueller Industries, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459200 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459200 |
|  | &nbsp;&nbsp;**INDUSTRIAL SUPPORT SERVICES&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;1.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;Applied Industrial Technologies, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693279 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693279 |
|  | &nbsp;&nbsp;**INSTITUTIONAL FINANCIAL SERVICES&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;3.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp;Bank of New York Mellon Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6200 | &nbsp;&nbsp;Nasdaq, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602206 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1368400 |

---

---

| | | |
|:---|:---|:---|
| <br>&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Statement Of Net Assets (Continued)**<br>&nbsp;&nbsp;**Company** | <br>&nbsp;&nbsp;**Value** |
|  | &nbsp;&nbsp;**INSURANCE&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;2.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300 | &nbsp;&nbsp;Aflac, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $584431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;Loews Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463364 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1047795 |
|  | &nbsp;&nbsp;**INTERNET MEDIA & SERVICES&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;5.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;Alphabet, Inc - Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1349339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;Meta Platforms, Inc - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726099 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2075438 |
|  | &nbsp;&nbsp;**MACHINERY&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;Lincoln Electric Holdings, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479280 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479280 |
|  | &nbsp;&nbsp;**MEDICAL EQUIPMENT & DEVICES&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;3.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;Boston Scientific Corp\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;Edwards Lifesciences Corp\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 670 | &nbsp;&nbsp;IDEXX Laboratories, Inc\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453275 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1361770 |
|  | &nbsp;&nbsp;**REAL ESTATE SERVICES&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;CBRE Group, Inc - Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611002 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611002 |
|  | &nbsp;&nbsp;**RETAIL - CONSUMER STAPLES&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;3.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;Casey's General Stores, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp;Costco Wholesale Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495846 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1214369 |
|  | &nbsp;&nbsp;**RETAIL - DISCRETIONARY&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;Genuine Parts Co | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467248 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467248 |
|  | &nbsp;&nbsp;**SEMICONDUCTORS&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;4.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;Applied Materials, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;Marvell Technology, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;QUALCOMM, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444730 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1734488 |
|  | &nbsp;&nbsp;**SOFTWARE&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;7.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 920 | &nbsp;&nbsp;Intuit, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;Microsoft Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;Salesforce, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;ServiceNow, Inc\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;Synopsys, Inc\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469720 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2735540 |
|  | &nbsp;&nbsp;**SPECIALTY FINANCE&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;1.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;Capital One Financial Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727080 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727080 |
|  | &nbsp;&nbsp;**TECHNOLOGY HARDWARE&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;4.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;Apple, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900 | &nbsp;&nbsp;Cisco Systems, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;NetApp, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535450 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1805507 |
|  | &nbsp;&nbsp;**TECHNOLOGY SERVICES&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;Equifax, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455658 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455658 |
|  | &nbsp;&nbsp;**TRANSPORTATION & LOGISTICS&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;1.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;Expeditors International of Washington, Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715248 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715248 |
|  | &nbsp;&nbsp;**TRANSPORTATION EQUIPMENT&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;Westinghouse Air Brake Technologies Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683040 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683040 |

---

---

| | | |
|:---|:---|:---|
| <br>&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Statement Of Net Assets (Continued)**<br>&nbsp;&nbsp;**Company** | <br>&nbsp;&nbsp;**Value** |
|  | &nbsp;&nbsp;**WHOLESALE - CONSUMER STAPLES&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;1.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7300 | &nbsp;&nbsp;US Foods Holding Corp\* | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 549836 |
|  |  | &nbsp;&nbsp;549836 |
| &nbsp;&nbsp;**EQUITY - Canada: 2.1%** | &nbsp;&nbsp;**EQUITY - Canada: 2.1%** |  |
|  | &nbsp;&nbsp;**COMMERCIAL SUPPORT SERVICES&nbsp;&nbsp;&nbsp;&nbsp; --&nbsp;&nbsp;&nbsp;&nbsp;2.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;Waste Connections, Inc | &nbsp;&nbsp;771584 |
|  |  | &nbsp;&nbsp;771584 |
| &nbsp;&nbsp;**TOTAL EQUITIES (Cost: $21,196,092)** | &nbsp;&nbsp;**TOTAL EQUITIES (Cost: $21,196,092)** | &nbsp;&nbsp;**31794896** |
| &nbsp;&nbsp;**EXCHANGE TRADED FUND ("ETF") - INDEX FUND 7.7%** | &nbsp;&nbsp;**EXCHANGE TRADED FUND ("ETF") - INDEX FUND 7.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;SPDR S&P 500 ETF Trust **(Cost: $663,912)** | &nbsp;&nbsp;2864064 |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT 7.3%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT 7.3%** |  |
| &nbsp;&nbsp;2,711,515 Shares -- Fidelity Investment Money Market | &nbsp;&nbsp;2,711,515 Shares -- Fidelity Investment Money Market |  |
| &nbsp;&nbsp; Gov Portfolio - Class I, 3.67%\*\* **(Cost: $2,711,515)** | &nbsp;&nbsp; Gov Portfolio - Class I, 3.67%\*\* **(Cost: $2,711,515)** | &nbsp;&nbsp;2711515 |
| &nbsp;&nbsp;**TOTAL INVESTMENTS (Cost: $24,571,519): 100.1%** | &nbsp;&nbsp;**TOTAL INVESTMENTS (Cost: $24,571,519): 100.1%** | &nbsp;&nbsp;**37370475** |
| &nbsp;&nbsp;**RECEIVABLES: 0.1%** | &nbsp;&nbsp;**RECEIVABLES: 0.1%** |  |
| &nbsp;&nbsp; Dividends and Interest Receivable | &nbsp;&nbsp; Dividends and Interest Receivable | &nbsp;&nbsp;38749 |
| &nbsp;&nbsp; Capital Shares Receivable | &nbsp;&nbsp; Capital Shares Receivable | &nbsp;&nbsp;100 |
| &nbsp;&nbsp;**TOTAL RECEIVABLES** | &nbsp;&nbsp;**TOTAL RECEIVABLES** | &nbsp;&nbsp;**38849** |
| &nbsp;&nbsp;**TOTAL ASSETS** | &nbsp;&nbsp;**TOTAL ASSETS** | &nbsp;&nbsp;**37409324** |
| &nbsp;&nbsp;**LIABILITIES: -0.2%** | &nbsp;&nbsp;**LIABILITIES: -0.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued Management Fees | &nbsp;&nbsp;&nbsp;&nbsp;Accrued Management Fees | &nbsp;&nbsp;(60657) |
| &nbsp;&nbsp; Capital Shares Payable | &nbsp;&nbsp; Capital Shares Payable | &nbsp;&nbsp;(1000) |
| &nbsp;&nbsp;**TOTAL LIABILITIES** | &nbsp;&nbsp;**TOTAL LIABILITIES** | &nbsp;&nbsp;**(61657)** |
| &nbsp;&nbsp;**NET ASSETS 100.0%** | &nbsp;&nbsp;**NET ASSETS 100.0%** | &nbsp;&nbsp;**$37347667** |
| &nbsp;&nbsp;**COMPOSTION OF NET ASSETS** | &nbsp;&nbsp;**COMPOSTION OF NET ASSETS** |  |
| &nbsp;&nbsp; Net capital paid on shares of stock | &nbsp;&nbsp; Net capital paid on shares of stock | &nbsp;&nbsp;$24548711 |
| &nbsp;&nbsp; Distributable Earnings | &nbsp;&nbsp; Distributable Earnings | &nbsp;&nbsp;12798956 |
| &nbsp;&nbsp;**NET ASSETS** | &nbsp;&nbsp;**NET ASSETS** | &nbsp;&nbsp;**$37347667** |
| &nbsp;&nbsp;**SHARES OUTSTANDING** | &nbsp;&nbsp;**SHARES OUTSTANDING** | &nbsp;&nbsp;**1572431** |
| &nbsp;&nbsp;**NET ASSET VALUE, OFFERING & REDEMPTION** | &nbsp;&nbsp;**NET ASSET VALUE, OFFERING & REDEMPTION** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**PRICE PER SHARE** | &nbsp;&nbsp;&nbsp;&nbsp;**PRICE PER SHARE** | **$23.75** |

---

<br> \*Non-income producing security. \*\* Variable Rate Security. The rate presented is as of December 31, 2025.

*See notes to Financial Statements*

 

---

| | | | |
|:---|:---|:---|:---|
| **STATEMENT OF OPERATIONS** | **STATEMENT OF OPERATIONS** | **STATEMENT OF OPERATIONS** | **STATEMENT OF OPERATIONS** |
| For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
| INVESTMENT INCOME (LOSS) | INVESTMENT INCOME (LOSS) |  |  |
| INCOME |  |  |  |
| Dividend (Net of foreign withholding tax of $1,258) | Dividend (Net of foreign withholding tax of $1,258) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 519030 |  |
| Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189069 |  |
| Total Income | Total Income |  | $&nbsp;&nbsp;&nbsp;&nbsp; 708099 |
| EXPENSE |  |  |  |
| Management Fee (Note 2) | Management Fee (Note 2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (733901) |  |
| Total Expense | Total Expense |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (733901) |
|  | NET INVESTMENT LOSS |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25802) |
| REALIZED AND UNREALIZED GAIN ON INVESTMENTS | REALIZED AND UNREALIZED GAIN ON INVESTMENTS |  |  |
| REALIZED GAIN ON INVESTMENTS: | REALIZED GAIN ON INVESTMENTS: |  |  |
| Net Realized Gain on Investments | Net Realized Gain on Investments |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 692441 |
| UNREALIZED APPRECIATION OF INVESTMENTS: | UNREALIZED APPRECIATION OF INVESTMENTS: |  |  |
| Beginning of Year | Beginning of Year | $&nbsp;&nbsp;&nbsp;&nbsp; 12944090 |  |
| End of Year | End of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12798956 |  |
| Change in Unrealized Appreciation | Change in Unrealized Appreciation |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (145134) |
|  | NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 547307 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |  | $&nbsp;&nbsp;&nbsp;&nbsp; 521505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*See notes to financial statements* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*See notes to financial statements* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*See notes to financial statements* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*See notes to financial statements* |

---

---

| | | |
|:---|:---|:---|
| **STATEMENTS OF CHANGES IN NET ASSETS** | **STATEMENTS OF CHANGES IN NET ASSETS** | **STATEMENTS OF CHANGES IN NET ASSETS** |
| For the years ended December 31, | For the years ended December 31, | For the years ended December 31, |
|  | **2025** | **2024** |
| OPERATIONS |  |  |
| Net Investment (Loss) Income | $&nbsp;&nbsp;&nbsp;&nbsp; (25802) | $&nbsp;&nbsp;&nbsp;&nbsp; (178462) |
| Net Realized Gain on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 692441 | &nbsp;&nbsp;&nbsp;&nbsp; 2572927 |
| Net (Decrease) Increase in Unrealized Appreciation of Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(145134) | &nbsp;&nbsp;&nbsp;&nbsp; 2283734 |
| NET INCREASE IN NET ASSETS FROM OPERATIONS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 521505 | &nbsp;&nbsp;&nbsp;&nbsp; 4678199 |
| DISTRIBUTIONS |  |  |
| TOTAL DISTRIBUTIONS FROM EARNINGS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(694773) | &nbsp;&nbsp;&nbsp;&nbsp; (2586133) |
| CHANGE DUE TO CAPITAL SHARE TRANSACTIONS |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 603492 | &nbsp;&nbsp;&nbsp;&nbsp; 1406308 |
| Issued - In Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 688612 | &nbsp;&nbsp;&nbsp;&nbsp; 2520284 |
| Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (4541874) | &nbsp;&nbsp;&nbsp;&nbsp; (2514125) |
| (DECREASE) INCREASE IN NET ASSETS DUE TO CAPITAL SHARE TRANS. (Note 3) | &nbsp;&nbsp;&nbsp;&nbsp; (3249770) | &nbsp;&nbsp;&nbsp;&nbsp; 1412467 |
| TOTAL (DECREASE) INCREASE IN NET ASSETS | &nbsp;&nbsp;&nbsp;&nbsp; (3423038) | &nbsp;&nbsp;&nbsp;&nbsp; 3504533 |
| NET ASSETS BEGINNING OF YEAR | &nbsp;&nbsp;&nbsp;&nbsp; 40770705 | &nbsp;&nbsp;&nbsp;&nbsp; 37266172 |
| NET ASSETS END OF YEAR | $37347667 | $40770705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*See notes to financial statements* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*See notes to financial statements* |  |

---

**FINANCIAL HIGHLIGHTS**

(For one share outstanding throughout each year)

**Years Ended December 31,**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; <br> **2025** | &nbsp;&nbsp; <br> **2024** | &nbsp;&nbsp; <br> **2023** | &nbsp;&nbsp;**2022** | &nbsp;&nbsp;**2021** |
| &nbsp;&nbsp;Net asset value, beginning of year | &nbsp;&nbsp;$23.83 | &nbsp;&nbsp;$22.53 | &nbsp;&nbsp;$20.67 | &nbsp;&nbsp;$25.43 | &nbsp;&nbsp;$23.32 |
| &nbsp;&nbsp;Income (loss) from investment operations |  |  |  |  |  |
| &nbsp;&nbsp;Net investment (loss) gain | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.11) | &nbsp;&nbsp;0.00<sup>\*</sup> | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.17) |
| &nbsp;&nbsp;Net realized and change in unrealized |  |  |  |  |  |
| &nbsp;&nbsp;gain (loss) on investments | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;3.02 | &nbsp;&nbsp;2.60 | &nbsp;&nbsp;(3.56) | &nbsp;&nbsp;4.32 |
| &nbsp;&nbsp;Total from investment operations | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;2.91 | &nbsp;&nbsp;2.60 | &nbsp;&nbsp;(3.63) | &nbsp;&nbsp;4.15 |
| &nbsp;&nbsp;Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00\* | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;Net realized gains | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;(1.61) | &nbsp;&nbsp;(0.74) | &nbsp;&nbsp;(1.13) | &nbsp;&nbsp;(2.04) |
| &nbsp;&nbsp;Total distributions | &nbsp;&nbsp;(0.45) | &nbsp;&nbsp;(1.61) | &nbsp;&nbsp;(0.74) | &nbsp;&nbsp;(1.13) | &nbsp;&nbsp;(2.04) |
| &nbsp;&nbsp;Net asset value, end of year | &nbsp;&nbsp;$23.75 | &nbsp;&nbsp;$23.83 | &nbsp;&nbsp;$22.53 | &nbsp;&nbsp;$20.67 | &nbsp;&nbsp;$25.43 |
| &nbsp;&nbsp;Total return | &nbsp;&nbsp;1.53% | &nbsp;&nbsp;12.85% | &nbsp;&nbsp;12.56% | &nbsp;&nbsp;(14.25%) | &nbsp;&nbsp;17.78% |
| &nbsp;&nbsp;Ratios and Supplemental Data: |  |  |  |  |  |
| &nbsp;&nbsp;Net assets, end of year (in thousands) | &nbsp;&nbsp; <br> $37348 | &nbsp;&nbsp; <br> $40771 | &nbsp;&nbsp; <br> $37266 | &nbsp;&nbsp;$36316 | &nbsp;&nbsp;$43330 |
| &nbsp;&nbsp;Ratio of expenses to average net assets | &nbsp;&nbsp;1.89% | &nbsp;&nbsp;1.89% | &nbsp;&nbsp;1.90% | &nbsp;&nbsp;1.89% | &nbsp;&nbsp;1.89% |
| &nbsp;&nbsp; Ratio of net investment income (loss) to<br> average net assets | &nbsp;&nbsp; <br> (0.06%) | &nbsp;&nbsp; <br> (0.45%) | &nbsp;&nbsp; <br> 0.00%\*\* | &nbsp;&nbsp;(0.31%) | &nbsp;&nbsp;(0.67%) |
| &nbsp;&nbsp;Portfolio turnover rate | &nbsp;&nbsp;62% | &nbsp;&nbsp;46% | &nbsp;&nbsp;62% | &nbsp;&nbsp;67% | &nbsp;&nbsp;34% |

---

 *\*Amount represents less than $0.01* 

*\*\* Amount represents less than 0.01%*

 

 

 

 

**NOTES TO FINANCIAL STATEMENTS**

As of December 31, 2025

**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.

&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Valuation of Securities</u>:
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 the fair market value as determined
in good faith by the Valuation Committee, 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 – unadjusted 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 December 31, 2025, all the securities held by the Fund were valued using Level 1 inputs. See the Fund's Statement of Net Assets for a listing of securities valued using Level 1 inputs by security type and industry type, as required by GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Securities Transactions and Investment Income</u>: 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, with any applicable foreign
tax withheld, and interest income is recognized on an accrual basis.

&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Federal Income Taxes</u>: 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 the Fund's taxable income to its shareholders. Therefore, no federal income tax provision is required. The
Adviser shall not pay those expenses of the Fund which are related to income taxes or penalties associated with taxes. The Fund recognizes
interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations.

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 (2022-2024) or expected to be taken during the year ended December 31, 2025, and concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Distributions to Shareholders</u>:
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 Fund declared the following distributions.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Record Date | &nbsp;&nbsp;December 26, 2025 | &nbsp;&nbsp;December 26, 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ex-Dividend Date | &nbsp;&nbsp;December 29, 2025 | &nbsp;&nbsp;December 27, 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment Date | &nbsp;&nbsp;December 30, 2025 | &nbsp;&nbsp;December 30, 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution | &nbsp;&nbsp;$0.45 per share | &nbsp;&nbsp;$1.61 per share |

---

The tax character of distributions recorded and paid during the years ended December 31, 2025, and 2024 were as follows: Long Term Capital Gains: 2025: $694,773; 2024: $2,586,133. Ordinary Income: 2025: $0; 2024: $0.

&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Use of Estimates</u>: 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 the Investment Advisory Agreement, effective February 1, 2025, 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 million 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 for the operation of the Fund. These include: salaries of personnel, research, data processing, printing, postage, franchise taxes, consultants' fees, clerical, administrative, marketing and advertising expenses, custodian, registration, auditing, approved third-party services, and bank fees; also, legal fees associated with registration, and fidelity bonding for officers, as required by the Investment Company Act of 1940.The Adviser shall not pay those expenses of the Fund which are related to legal suits against the Fund or if the Fund is required to pay excise or income taxes or penalties associated with those taxes. The Adviser shall not pay brokerage commissions or Security and Exchange Commission ("SEC") transaction fees, as these are considered investment transaction costs and not operation expenses.

**3.** **Capital Stock Transactions** 

As of December 31, 2025, there were 4,000,000 shares of $0.01 par value capital stock authorized. Transactions in capital stock were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Year Ended**<br> **December 31, 2025** | &nbsp;&nbsp; **Year Ended**<br> **December 31, 2025** | &nbsp;&nbsp; **Year Ended**<br> **December 31, 2025** | &nbsp;&nbsp; **Year Ended**<br> **December 31, 2025** | &nbsp;&nbsp; **Year Ended**<br> **December 31, 2025** | &nbsp;&nbsp; **Year Ended**<br> **December 31, 2024** | &nbsp;&nbsp; **Year Ended**<br> **December 31, 2024** | |
| &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp; **Year Ended**<br> **December 31, 2024**<br>&nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;Shares Sold | &nbsp;&nbsp;25776 | &nbsp;&nbsp;$603492 | &nbsp;&nbsp;$603492 | &nbsp;&nbsp;55742 | &nbsp;&nbsp;55742 | &nbsp;&nbsp;$1406308 | &nbsp;&nbsp;$1406308 |
| &nbsp;&nbsp;Distributions Reinvested | &nbsp;&nbsp;28644 | &nbsp;&nbsp;688612 | &nbsp;&nbsp;688612 | &nbsp;&nbsp;104706 | &nbsp;&nbsp;104706 | &nbsp;&nbsp;2520284 | &nbsp;&nbsp;2520284 |
|  | &nbsp;&nbsp;54420 | &nbsp;&nbsp;1292104 | &nbsp;&nbsp;1292104 | &nbsp;&nbsp;160448 | &nbsp;&nbsp;160448 | &nbsp;&nbsp;3926592 | &nbsp;&nbsp;3926592 |
| &nbsp;&nbsp;Shares Redeemed | &nbsp;&nbsp; (192921) | &nbsp;&nbsp;(4541874) | &nbsp;&nbsp;(4541874) | &nbsp;&nbsp;(103407) | &nbsp;&nbsp;(103407) | &nbsp;&nbsp;(2514125) | &nbsp;&nbsp;(2514125) |
| &nbsp;&nbsp;Net Increase (Decrease) | &nbsp;&nbsp;(138501) | &nbsp;&nbsp;$(3249770) | &nbsp;&nbsp;$(3249770) | &nbsp;&nbsp;57041 | &nbsp;&nbsp;57041 | &nbsp;&nbsp;$1412467 | &nbsp;&nbsp;$1412467 |

---

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

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

For the year ended December 31, 2025, purchases, and proceeds from sales of long-term securities were $21,366,801 and $22,681,269, respectively. On December 31, 2025, the cost of investments for Federal income tax purposes was $24,571,519. Accumulated net unrealized appreciation on investments was $12,798,956 consisting of $13,033,546 gross unrealized appreciation and $234,590 gross unrealized depreciation.

**5.** **Federal Income Tax** 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12798956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12798956 |

---

For the year ended December 31, 2025, the Fund recorded the following reclassification: distributable earnings increased by $28,134 and net capital paid in on shares of stock was decreased by $28,134. The reason for this year's reclassification was the result of permanent differences between the financial statements and income tax reporting requirements primarily related to net operating losses being reclassified to net capital paid on shares of stock. This had no effect on the Fund's net assets.

**6.** **Commitments and Contingencies** 

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. 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.** **Segment Reporting** 

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. The President serves as Chief Operating Decision Maker.

**10.** **Income Tax Reporting** 

The Fund has evaluated the impact of ASU 2023-09 and does not expect its adoption to have a material impact on the Fund's financial statements, as the Fund qualifies as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code and generally is not subject to federal income taxes.

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Directors of

Volumetric Fund, Inc.

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statement of net assets of Volumetric Fund, Inc. (the "Fund") as of December 31, 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, the financial highlights for each of the three 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 December 31, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund's financial highlights for the year ended December 31, 2022, and prior, were audited by other auditors whose report dated February 22, 2023, expressed an unqualified opinion on those financial highlights.

<u>Basis for Opinion</u>

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 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.

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 procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian. 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. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2023.

![A black text on a white background with Wanamaker's in the background Description automatically generated](image_007.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

February 24, 2026

**COHEN & COMPANY, LTD.**

<u>Registered with the Public Company Accounting Oversight Board</u>

800.229.1099\| 866.818.4538 FAX \| cohenco.com

**AVAILABLITY 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 info@volumetric.com; (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.

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

Shareholders voted on proposals during the first half of the year. This information was previously provided in the semi-annual Form N-CSR filing, dated June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1** The Annual Shareholder Meeting was held on May 19, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Proposal** | &nbsp;&nbsp;**Proposal** | &nbsp;&nbsp;**For** | &nbsp;&nbsp;**Against** | &nbsp;&nbsp;**Abstain** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;1. To elect nine (9) directors to hold office until the next annual meeting of shareholders and until their successors are elected to qualify; | &nbsp;&nbsp;1. To elect nine (9) directors to hold office until the next annual meeting of shareholders and until their successors are elected to qualify; |  |  |  |  |
| &nbsp;&nbsp; 1.01 Jeffrey M. Gibs | &nbsp;&nbsp; 1.01 Jeffrey M. Gibs | &nbsp;&nbsp;955069.42 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;955069.42 |
| &nbsp;&nbsp; 1.02 Irene J. Zawitkowski | &nbsp;&nbsp; 1.02 Irene J. Zawitkowski | &nbsp;&nbsp;955069.42 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;955069.42 |
| &nbsp;&nbsp; 1.03 Josef Haupl | &nbsp;&nbsp; 1.03 Josef Haupl | &nbsp;&nbsp;955069.42 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;955069.42 |
| &nbsp;&nbsp; 1.04 Alexander M. Olbrecht, PhD. | &nbsp;&nbsp; 1.04 Alexander M. Olbrecht, PhD. | &nbsp;&nbsp;955069.42 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;955069.42 |
| &nbsp;&nbsp; 1.05 Cornelius O'Sullivan | &nbsp;&nbsp; 1.05 Cornelius O'Sullivan | &nbsp;&nbsp;954395.64 | &nbsp;&nbsp;0 | &nbsp;&nbsp;673.78 | &nbsp;&nbsp;955069.42 |
| &nbsp;&nbsp; 1.06 Stephen J. Samitt | &nbsp;&nbsp; 1.06 Stephen J. Samitt | &nbsp;&nbsp;955069.42 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;955069.42 |
| &nbsp;&nbsp; 1.07 Allan A. Samuels | &nbsp;&nbsp; 1.07 Allan A. Samuels | &nbsp;&nbsp;955069.42 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;955069.42 |
| &nbsp;&nbsp; 1.08 Raymond W. Sheridan | &nbsp;&nbsp; 1.08 Raymond W. Sheridan | &nbsp;&nbsp;955069.42 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;955069.42 |
| &nbsp;&nbsp; 1.09 Stacey S. Yanosy | &nbsp;&nbsp; 1.09 Stacey S. Yanosy | &nbsp;&nbsp;955069.42 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;955069.42 |
| &nbsp;&nbsp;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, 2025; | &nbsp;&nbsp;952733.37 | &nbsp;&nbsp;952733.37 | &nbsp;&nbsp;0 | &nbsp;&nbsp;2336.05 | &nbsp;&nbsp;955069.42 |

---

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1** All directors and all members of any advisory board for regular compensation were paid in total $14,142.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2** Each director and to each member of an advisory board for special compensation. No special compensation was paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3** Officers of the Adviser received no compensation for participation on the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4** There are no affiliated persons.

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

The Investment Advisory Agreement ("Agreement") was renewed between Volumetric Fund, Inc. (the "Fund") and Volumetric Advisers, Inc (the "Adviser"). It was discussed and approved at the December 3, 2025 4<sup>th</sup> Quarter Board Meeting, after reviewing the various points listed below. The effective date of the Agreement is February 1, 2026. It was noted that this Agreement is materially the same and the fees are the same as the previous Agreement. The Board of Directors evaluated the terms of the Agreement and whether the renewal was in the best interests of the Fund and its shareholders. The Board was presented a 15(c) information document that had been completed by the Adviser. This document addressed items related to the SEC Section 15(c) Rule and the Gartenburg factors, which includes the suitability of the Adviser and the fees the Fund incurs.

The Director approvals were based on a consideration of all the information provided to the Directors, and not as the result of any single factor. Some of the factors that figured particularly in the deliberations are described below, although individual Directors may have evaluated this information differently, ascribing different weights to various factors. The Board did not rely on the comparison of the services and fees with those of other investment advisers. The Adviser is not engaged in any similar investment advisory contracts to make a comparison.

The following factors were presented and discussed with the Directors:

<u>• The investment performance of the Fund and the investment adviser</u>:

The Board reviewed the investment performance of the Fund. On a regular basis, the Adviser provides the Board with information regarding the performance of the Fund and discusses the factors contributing to the performance. Due to the unique tactical investment allocation approach of the Fund, the Fund uses both the S&P 500 Index and the FTSE 3-Month Treasury Bill Index as its benchmarks. While it is difficult to compare the Fund directly with a peer group, the Board believes the performance meets their expectations, based upon the objectives of the Fund. The Board concluded that the Adviser continued to effectively manage the portfolio in accordance with its fundamental investment strategy, as outlined in the Prospectus.

<u>• The nature, extent and quality of the services provided by the investment adviser to the Fund:</u>

The Board considered the nature and quality of the services to be provided by the Adviser to the Fund. The Board considered the overall reputation and capabilities of the Adviser, its investment allocation and stock selection approach, decision-making processes, the fact that the Adviser has managed the Fund since inception, its established relationship with shareholders, its commitment to provide quality investment advisory and other services to the Fund.

With respect to investment advisory services, the Board considered the professional experience of the personnel at the Adviser who have performed investment research and managed the portfolio's investments. The Adviser would continue to provide all administrative, accounting, compliance and other services required by the Fund, including overseeing and coordinating the activities of third-party service providers.

The Board considered the Fund's compliance program established pursuant to Rule 38a-1 under the 1940 Act. The Board, on a regular basis, receives and reviews information from the Fund's Chief Compliance Officer ("CCO") regarding the Fund's compliance program. It was noted there are no compliance or legal issues.

The Board then considered the Adviser's financial condition. The Board believes the Adviser has the financial resources to fulfill its obligations under the new advisory agreement.

<u>• The fees and cost of services to be provided:</u> 

The Board concluded that the fees paid were reasonable for a fund of such asset size. The Board reviewed the fees and expense ratio under the renewed agreement. It was noted that the fees under the agreement remained the same and the overall expense ratio was not expected to differ materially.

The management fee paid to the Adviser may be a little higher than average; however, other funds incur other charges directly to the fund, which are different from Volumetric Fund. Instead, the Adviser pays all expenses of the Fund. These unitary fees include: salaries of personnel, services of specific third parties, research, data processing, printing and postage, clerical, administrative, advertising and marketing expenses. Furthermore, the Adviser also pays the Fund's Chief Compliance Officer, its Board of Directors, custodian fees, federal registration fees, state registration fees, franchise taxes, legal and auditing fees, and all other operating expenses, such as shareholder reports and proxy statements. The Adviser does not pay the Fund's brokerage commissions and SEC transaction fees.

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

<u>• The extent to which economies of scale will be realized as the Fund grows and the benefit to shareholders;</u>

The Board recognized that one method to help ensure that shareholders benefit in economies of scale is to include breakpoints in a fund's advisory fee schedule. The advisory agreement has breakpoints which provide for a reduction of the advisory fee as assets increase. These breakpoints are similar to the previous advisory agreement. After reviewing these and other related factors, the Board agreed that the proposed fee arrangements continued to provide appropriate sharing of economies of scale between the Fund shareholders and the Adviser.

<u>• The profits to be realized by the Adviser from the relationship with the Fund;</u>

The Board also considered the cost of the services to be provided and the Adviser's expected profitability from its relationship with the Fund. The Board reviewed the Adviser's financial information regarding the Fund. It was noted that the Adviser would provide directly or through third parties all of the services necessary for the Fund's operations and that the advisory fees paid to Volumetric Advisers reflect these obligations. The Board recognized that the Adviser is entitled to earn a reasonable level of profit for the services it provides to the Fund and the entrepreneurial risk that it assumes as the investment adviser.

The motion to approve Volumetric Advisers, Inc. as the Fund's investment adviser was unanimously approved by the Board and by the Independent Directors.

The Adviser does not engage in any soft dollar arrangements.

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

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.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;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 a date within
90 days of the filing date of 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.**

(a)(1) [Code of Ethics](codeofethics122025.htm) and the [SOX Code of Ethics](codeofethicssox122025.htm) are filed herewith.

Certifications:

[(a)(2)(a) Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.](cert302rule123125.htm)

[(a)(2)(b) Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) are filed herewith.](cert906rule123125.htm)

**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

February 24, 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.

By

/s/ Alex Aleman

Alex Aleman

Vice President

February 24, 2026

(Registrant) Volumetric Fund, Inc.

## Ex-99.Code

**SOX CODE OF ETHICS**

**Volumetric Fund**

**C** **ODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND SENIOR OFFICERS**

The Board of Directors (the "<u>Board</u>") of Volumetric Fund, Inc. (the "Fund") has adopted this SOX Code of Ethics (the "SOX <u>Code</u>") for "Covered Officers" (principal executive officers and any person who performs a similar function), to encourage them to act in a manner consistent with the highest principles of ethical conduct.

**Purposes of SOX Code** 

The purposes of this SOX Code are to:

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

• Assist the Covered Officers in recognizing and avoiding conflicts of interest;

• Promote full, fair, accurate, timely, and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission (the " <u>SEC</u> ") and in other public communications made by the Fund;

• Promote compliance with applicable laws, rules, and regulations;

• Encourage the prompt internal reporting to an appropriate person of violations of this SOX Code;

The Fund's Chief Compliance Officer (the "<u>CCO</u>") shall oversee the administration of this SOX Code.

**Conduct Guidelines** 

The Fund has adopted the following guidelines under which the Covered Officers must perform their official duties and conduct the business affairs of the Fund.

• *Ethical and honest conduct.* The Covered Officers must act with honesty and integrity and avoid violations of this SOX Code.

• *Conflicts of interest.* Conflicts of interest may arise as a result of material transactions or business or personal relationships to which a Covered Officer may be a party. Any conflicts should be brought to the attention of the CCO.

• *Quality of information furnished to Fund service providers.* The Covered Officers must at all times seek to furnish information to the Fund's service providers (administrator, outside auditor, outside counsel, custodian, etc.) that is accurate and timely.

• *Quality of information included in Fund periodic reports*. The Covered Officers must at all times endeavor to ensure full, fair, timely, accurate and understandable disclosure in the Fund's periodic reports.

• *Compliance with laws.* The Covered Officers must comply with the federal securities laws and other laws and rules applicable to the Fund.

• *Standard of care.* Each of the Covered Officers must at all times act in good faith and with due care, competence and diligence, without knowingly misrepresenting material facts or allowing such Covered Officer's independent judgment to be subordinated. The Covered Officers must conduct the affairs of the Fund in a responsible manner, consistent with this SOX Code.

• *Confidentiality of information.* The Covered Officers must respect and protect the confidentiality of information acquired in the course of their professional duties, except when authorized by the Fund to disclose it or where disclosure is otherwise legally mandated. The Covered Officers may not use confidential information acquired in the course of their work for personal advantage.

• *Sharing of information and educational standards*. The Covered Officers should share information with relevant parties to keep them informed of the business affairs of the Fund, as appropriate, and maintain skills important and relevant to the Fund's needs.

• *Promotion of ethical conduct*. The Covered Officers should at all times proactively promote ethical behavior among peers in their work environment.

• *Standards for recordkeeping.* The Covered Officers must at all times endeavor to ensure that the Fund's financial books and records are thoroughly and accurately maintained to the best of their knowledge in a manner consistent with applicable laws and this SOX Code.

**Waivers of SOX Code** 

A Covered Officer may request a waiver of a provision of this SOX Code by submitting a request in writing to the CCO for review. The CCO, an executive officer of the Fund, or another appropriate person (such as a designated member of the Board or its Audit Committee), will decide whether to grant a waiver. Any waiver of this SOX Code would require Board approval. All waivers of this SOX Code must be disclosed to the shareholders of the Fund to the extent required by SEC rules.

**Affirmation of the Code** 

The Covered Officers must affirm annually in writing that, among other things, they have received, read and understand this SOX Code. Thereafter, they must reaffirm as to such matters and affirm that they have complied with the requirements of this SOX Code.

**Reporting Violations** 

In the event that a Covered Officer discovers or, in good faith, suspects a violation of this SOX Code, the Covered Officer must immediately report the violation or suspected violation to the CCO. The CCO may, in his or her discretion, consult with outside counsel, the Fund's auditors, another member of the Fund's senior management or the Board in determining how to address the suspected violation.

Covered Officers who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated as confidential to the extent possible.

**Violations of SOX Code** 

Dishonest or unethical conduct or conduct that is illegal will constitute a violation of this SOX Code, regardless of whether this SOX Code specifically refers to such particular conduct. A violation of this SOX Code may result in disciplinary action, up to and including removal as a Covered Officer. A variety of laws apply to the Fund and its operations, including the Securities Act of 1933, the Investment Company Act of 1940, state laws relating to duties owed by Fund officers, and criminal laws. The Fund will determine when and how to report a suspected criminal violation to the appropriate authorities, and will investigate, address and report, as appropriate, non-criminal violations.

**Affirmation of SOX Code of Ethics for Principal Executive and Senior Officers** 

Re: SOX Code of Ethics for Covered Officers of Volumetric Fund (the "**<u>Fund</u>**")

To: Chief Compliance Officer of the Fund

I have received, have read, understand and agree to comply with the Fund's SOX Code of Ethics (the "<u>Code</u>"), dated <u>December 3, 2025</u>. I hereby affirm that during the past year, I have complied with the Code.

I will not retaliate against any employee subordinate for good faith reports of potential violations of the Code. I will notify the Fund's Chief Compliance Officer if I observe any irregularities or violations of the Code.

Signature:

&nbsp;&nbsp;&nbsp;&nbsp;Printed Name:

&nbsp;&nbsp;&nbsp;&nbsp;Date: _____________________

Approved: December 3, 2025

## Ex-99.P

**Code of Ethics**

![](image_008.jpg)

Volumetric Fund, Inc.

Volumetric Advisers, Inc.

87 Violet Drive

Pearl River, New York 10965

**1. General Provisions**

1.1 Professional Responsibilities

Volumetric Fund, Inc. (the "Fund") and Volumetric Advisers, Inc. (the "Adviser") are dedicated to providing effective and proper professional investment management services. In addition, we are committed to the highest standards of moral and ethical conduct for both the Fund and the Adviser. In the subsequent sections of this Code of Ethic, the Fund and the Adviser may collectively be referred to as "Volumetric".

When used herein, the term "client" includes any mutual fund shareholder of the Fund. The term also includes those other clients, for whom the Adviser provides investment advisory services that may or may not involve securities.

The SEC and the courts have stated that portfolio management professionals, including registered investment advisers, have a fiduciary responsibility to their clients. In the context of securities investments, fiduciary responsibility should be thought of as the duty to place the interests of the client before that of the person providing investment advice, and failure to do so may render the adviser in violation of the anti-fraud provisions of the Advisers Act.

Volumetric is required to adopt procedures reasonably necessary to prevent violating provisions of the Investment Advisory Act of 1940 with respect to personal securities trading.

In meeting its fiduciary responsibilities to our clients, Volumetric has promulgated this Code of Conduct (the "Code") (Rule 17J-1) regarding the purchase and/or sale of securities in the personal accounts of our employees or in those accounts in which our employees may have a direct or indirect beneficial interest.

The provisions of this Code are not meant to be all-inclusive but are intended as a guide in the conduct of their personal securities trading. It is also intended to lessen the chance of any misunderstanding between Volumetric and our employees regarding such trading activities. In those situations where employees may be uncertain as to the intent or purpose of this Code, they are advised to consult with the Fund's Chief Compliance Officer ("CCO"). During the CCO's absence, the Chief Executive Officer ("CEO") will have the responsibility of the CCO. In addition, the CEO will approve all security trading of the CCO in accordance with the Code. In the absence of the CEO and CCO, the Vice-President of the Fund will assume these responsibilities.

The CCO may under circumstances that are considered appropriate, grant exceptions to the provisions contained in this manual only when it is clear that the interests of clients will not be adversely affected. All questions arising in connection with personal securities trading should be resolved in favor of the interest of clients even at the expense of the interest of our employees.

**1.2** **Failure to Comply with the Provisions of the Code – Sanctions**

Strict compliance with the provisions of this Code shall be expected. It is important that employees understand the reasons for compliance with this Code. Volumetric's reputation for fair and honest dealing with its clients and the investment community in general, has taken considerable time to build. Employees should seek the advice of the CCO for any questions as to the application of this Code to their individual circumstances. Employees should also understand that a material breach of the provisions of this Code may result in severe discipline or grounds for termination of employment with Volumetric. Any violations to the Code of Ethics should promptly be brought to the attention of the CCO.

**2. Applicability of Restrictions and Procedures of this Code**

**2.1 Advisory Representatives**

Rule 204-2(a)(12) of the Advisers Act requires generally that any partner, officer or director of Volumetric, or any associate who makes, participates in making, or whose activities relate to making any recommendation as to the purchase and/or sale of securities must report his/her personal securities transactions not later than 30 calendar days following the end of each calendar quarter. Such persons are collectively defined under sub-paragraphs (2.2 and 2.3) of this rule as "Advisory Representatives." This reporting requirement also applies to any employee of Volumetric who in the course of his/her duties with Volumetric is privy to information about securities that are being considered for purchase by our clients.

**2.2 Access Persons**

In addition to the provisions of Rule 204-2(a)(12) of the Advisers Act, Rule 17j-1 of the Investment Company Act requires that any director, officer, or general partner of a fund or of a fund's investment adviser, or any employee of a fund or of a fund's investment adviser who, in connection with his or her regular functions or duties, participates in the selection of a fund's portfolio securities, or who has access to information regarding a fund's future purchases or sales of portfolio securities must report his/her personal securities transactions not later than 30 calendar days following each calendar quarter. Under 17j-1 such persons are defined as "Access Persons."

Most of our employees fall under either the definition of "Advisory Representative" as given in the Advisers Act or "Access Person" under the Investment Company Act. For purposes of this Code all such employees of Volumetric are hereafter collectively referred to as "Access Persons" and are subject to provisions of this Code.

**2.3 Associated Persons**

Inasmuch as some of our employees are involved in purely administrative duties not involving investment advisory services, they are not considered to be Access Persons. However, certain activities under the Advisers Act and the Investment Company Act apply to all employees of Volumetric. For those activities under the Advisers Act or the Investment Company Act or any provisions of this Code that apply to all employees of Volumetric, the term "Associate" or "Associated Person" will be used to collectively describe such employees.

**3. Securities Subject to the Provisions of this Code**

**3.1 Covered Securities**

Section 202(a)(18) of the Advisers Act and Section 2(a)(36) of the Investment Company Act both define the term **"**Security" as follows:

Any note, stock, treasury stock, mutual fund managed by the Adviser, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas or other mineral rights, any put, call straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call straddle, option or privilege entered into on a national securities exchange relating to a foreign currency, or in general, any interest or instrument commonly known as a "security" or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.

For purposes of this Code, the term "Covered Securities" shall mean all such securities described above except the following:

-Securities that are direct obligations of the United States;

- Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements;

- Securities issued by any state or municipal subdivision thereof;

- Shares of any registered open-end investment company unless the adviser or control affiliate acts as the investment adviser for the fund, in which case it (the Fund) becomes a reportable transaction,

- Purchases effected upon exercise of rights offered by an issuer pro-rata to all holders of a class of its securities, to the extent such rights are acquired from such issuer.

Although the term "Covered Securities" under the Advisers Act and the Investment Company Act represents an all-inclusive list of investment products, for purposes of this Code, the term will most often apply to those securities listed on any of the nationally recognized stock exchanges of the United States. However, if there is any question by an Access Person as to whether a security is "covered" under this Code, he/she should consult with the CCO for clarification on the issue before entering any trade for his/her personal account.

In addition to the above restrictions, no Access Person shall purchase or sell any covered security for any account in which he/she has any beneficial interest, if, there is any possible conflict of interest or appearance thereof.

**3.2 Securities Not Subject to Restrictions**

Security transactions in accounts in which the Access Person has a beneficial interest but, over which he/she has no direct or indirect control (this may include but not limited to: automatic/periodic investment plans, dividend reinvestment plans (DRIP), frequent reinvestment plans (FRIP)), are not subject to the trading restrictions of this section or the reporting requirements of sub-section 5.3 of this Code. However, the Access Person should advise the CCO in writing, giving the name of the account, the person(s) or firm(s) responsible for its management, and the reason for believing that he/she should be exempt from reporting requirements under this Code.

**4. Limitations on Personal Trading by Access Persons**

Personal securities transactions by Access Persons are subject to the following trading restrictions:

**4.1 Pre-clearance of Transactions**

No Access Person may purchase or sell any covered security without first obtaining prior clearance from the CCO. The CCO may reject any proposed trade by an Access Person that: (a) involves a security that is being purchased or sold by the Fund; (b) creates a conflict of interest or an appearance thereof (c) is otherwise inconsistent with applicable law, including the Advisers Act, the Investment Company Act and the Employee Retirement Income Security Act of 1974.

**4.2 Black-Out Periods**

No Access Person may purchase or sell a security if he/she knows that the Fund is purchasing or selling that security within the next five (5) business days.

**4.3 Short Term Trading**

No Access Person of Volumetric Fund may purchase and subsequently sell (or sell and purchase) the same security within any 60-day period, unless such transaction is approved by the CCO, or unless such transaction is necessitated by an unexpected special circumstance involving the Access Person. The CCO shall consider the totality of the circumstances, including whether the trade would involve a breach of any fiduciary duty, whether it would otherwise be inconsistent with applicable laws and Volumetric's policies and procedures, and whether the trade would create an appearance of impropriety. Based on his/her consideration of these issues, the CCO shall have the sole authority to grant or deny permission to execute the trade.

**4.4 Potential Conflicts in Trading by Access Persons for their own Accounts (Front Running**)

In order to avoid any potential conflict of interest between Volumetric and its clients, securities transactions for the accounts of Access Persons in the same security as that purchased/sold for Volumetric should be entered only after completion of all reasonably anticipated trading in that security for those accounts on any given day. If the CCO determines that a potential conflict of interest exists, he/she shall have the authority to make any necessary adjustments, including canceling and re-billing the transaction to such other account(s) as appropriate.

**5. Securities Reporting by Access Persons**

5.1 Application of the Code of Conduct to Access Persons of Volumetric

The provisions of this Code applies to every security transaction, in which an Access Person of Volumetric has, or by reason of such transaction acquires, any direct or indirect beneficial interest, in any account over which he/she has any direct or indirect control. Generally, an Access Person is regarded as having a beneficial interest in those securities held in his or her name, the name of his or her spouse, and the names of his or her minor children who reside with him/her. An Access Person may be regarded as having a beneficial interest in the securities held in the name of another person (individual, partnership, corporation, trust, custodian, or another entity) if by reason of any contract, understanding, or relationship he/she obtains or may obtain benefits substantially equivalent to those of ownership. An Access Person does not derive a beneficial interest by virtue of serving as a trustee or executor unless the person, or a member of his/her immediate family, has a vested interest in the income or corpus of the trust or estate.

If an Access Person believes that he/she should be exempt from the reporting requirements with respect to any account in which he/she has direct or indirect beneficial ownership, but over which he/she has no direct or indirect control in the management process, he/she should so advise the CCO in writing, giving the name of the account, the person(s) or firm(s) responsible for its management, and the reason for believing that he/she should be exempt from reporting requirements under this Code.

**5.2 Transaction Report Is To Be Submitted Upon Becoming an Access Person**

Any employee of Volumetric who during the course of his/her employment becomes an Access Person, as that term is defined in sub-section 2.2 of this Code, must provide the CCO with an Initial Securities Holdings Report no later than 10 days after the employee becomes an Access Person. This report must include the following information:

A list of securities, including the title, number of shares, and/or principal amount (if fixed income securities) of each covered security in which the Access Person had any direct or indirect beneficial interest or ownership as of the date the employee became an Access Person;

- The name of any broker, dealer or bank with whom the Access Person maintained an account, or in any other account in which securities were held for the direct or indirect benefit or ownership of the Access Person;

- The date the report is submitted to the CCO by the Access Person.

5.3 Quarterly Transaction Reports

Every Advisory Representative and/or Access Person must submit a Personal Securities Trading Report to the CCO <u>not later than 30 days after the end of each calendar quarter</u> listing all securities transactions executed during that quarter in the Access Person's brokerage account(s) or in any account(s) in which the Access Person may have any direct or indirect beneficial interest or ownership. The quarterly Personal Securities Trading Report must contain the following information:

The date of each transaction, the name of the covered security purchased and/or sold, the interest rate and maturity date (if applicable), the number of shares and/or the principal amount of the security involved;

- The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

- The price at which the covered security was effected;

- The name of the broker, dealer or bank through whom the transaction was effected;

In addition to the securities transaction data, the report will contain representations that the Advisory Representative (i) during the period, has not purchased or sold any securities not listed on the report; (ii) has not opened a securities brokerage account during the period which has not been reported to Volumetric, and (iii) agrees to notify Volumetric if he/she opens a personal securities account which has not otherwise been disclosed to Volumetric.

- The date the report is submitted to the CCO by the Advisory Representative and/or Access Person. (Note: The report must be submitted to the CCO within 30 calendar days following the end of the quarter.)

The CCO at his discretion may modify some of the above requirements. Following submission of the Personal Securities Trading Report, the CCO will review each report for any evidence of improper trading activities or conflicts of interest. After careful review of each report, the CCO will sign and date the report attesting that he/she conducted such review. Quarterly securities transaction reports are to be maintained by the CCO.

**5.4 Annual Securities Holdings Report**

Every Access Person must submit an Annual Personal Securities Holdings Report to the CCO listing all covered securities held by the Access Person as of December 31 of each year. The report must be submitted not later than 30 calendar days following year-end and must be current as of a date no more than 45 days before the report is submitted. The Annual Personal Securities Holding Report must contain the following information:

- The title, number of shares and principal amount (if fixed income securities) of each covered security in which the Access Person had any direct or indirect beneficial ownership interest or ownership;

- The name of any broker, dealer or bank with whom the Access Person maintains an account in which any covered securities are held for the direct or indirect benefit of the Access Person; and

- The date the annual report is submitted by the Access Person to the CCO.

The CCO at his discretion may modify these requirements. Following submission of the Annual Personal Securities Holding Report, the CCO will review each report for any evidence of improper trading activities or conflicts of interest by the Access Person.

**6. Reports of Associates' Securities Trades in Accounts with Broker/Dealers**

In lieu of manually listing each securities transaction on the Personal Securities Trading Report, an Associate may affix (staple) copies of trade confirmations received during that quarter to his/her report.

**7. Personal Securities Transactions and Insider Trading**

In 1989, Congress enacted the Insider Trading and Securities Enforcement Act to address the potential misuse of material non-public information. Courts and the Securities and Exchange Commission currently define inside information as information that has not been disseminated to the public through the customary news media; is known by the recipient (tippee) to be non-public; and has been improperly obtained. In addition, the information must be material, *e.g.* it must be of sufficient importance that a reasonably prudent person might base his/her decision to invest or not invest on such information. The definition and application of inside information is continually being revised and updated by the regulatory authorities. If an Access Person or Associate of Volumetric believes he/she is in possession of inside information, it is critical that he/she not act on the information or disclose it to anyone, but instead advise the CCO, or a principal of Volumetric accordingly. Acting on such information may subject the Access Person or Associate to severe federal criminal penalties and the forfeiture of any profit realized from any transaction. Volumetric will abide by Regulation FD (Fair Disclosure) as per the regulation.

**8. Options**

Transactions in put or call options are subject to the same criteria as those for the underlying securities.

**9. Dealings with Clients**

Associates of Volumetric are prohibited from ever holding customer funds or securities or acting in any capacity as custodian for a client account. Moreover, Associates are prohibited from borrowing money or securities from any client and from lending money to any client, unless the client is a member of the Associate's immediate family.

**10. Margin Accounts**

While brokerage margin accounts are discouraged, one may open or maintain a margin account with a brokerage firm with whom the individual has maintained a regular brokerage account.

**11. New Issues (IPO)**

In view of the potential conflicts of interest, Associates are not permitted to purchase initial public offerings of securities ("IPO's") that are over-subscribed and likely to rise to an immediate premium over the issue price. Such IPOs are termed "hot issues." However, Associates may purchase IPO's when such securities are not oversubscribed or have not been requested by or are not being considered for purchase for Volumetric Fund. In all cases, Associates must obtain written approval from the CCO before subscribing to or purchasing any new issue.

**12. Private Placements**

No Associate shall purchase any security which is the subject of a private offering, unless prior written approval has been obtained from the CCO.

**13. Short Sales**

Associates may be restricted from selling short any security that is held broadly in client portfolios. Short sales executed by Associates must also comply with the other applicable trading restrictions of this Code.

14. Other Restricted Activities Applicable to All Associates of Volumetric

**14.1 Outside Business Interests**

An Associated Person who seeks or is offered a position as an officer, trustee, director, or is contemplating employment in any other capacity in an outside enterprise is expected to discuss such anticipated plans with Volumetric's CCO prior to accepting such a position. Information submitted to the CCO will be considered as confidential and will not be discussed with the Associate's prospective employer without the Associate's permission.

Volumetric does not wish to limit any Associate's professional or financial opportunities but, needs to be aware of such outside interests so as to avoid potential conflicts of interest and ensure that there is no interruption in services to our clients.

**14.2 Personal Gifts**

Personal gifts of cash, fees, trips, favors, etc. of more than a nominal value to Associates of Volumetric Fund are discouraged. Gratuitous trips and other favors whose value may exceed $100 should be brought to the attention of the CCO.

**15. Non-Public Information**

All employees, officers, directors of the Fund are expected to keep all non-public information private from the public. This information refers to any oral, written, electronic form or any other form related to Volumetric Fund. This information may be received at board of director meetings, emails, course of daily business, telephone communication or any other means. Private information may be disclosed to various parties (ex: lawyers, service providers, etc.) in order to operate the Fund as necessary. If unclear, it will be the decision of the CCO, to determine if any information is to remain private. The best interest of the Fund and its shareholders must always come first.

**16. Effectiveness of the Code**

This Code of Ethics supersedes all prior codes and becomes effective on <u>December 3, 2025</u>.

**17. Promulgation, Execution and Distribution of the Code**

The Board of Directors of Volumetric Fund, Inc. have read and approved this Code of Conduct/Ethics regarding personal securities trading by Access Persons/Associates of Volumetric. In addition to having approved this Code, the Board agrees to review at least annually the provisions of this Code which may require periodic revisions, clarifications, or updating so as to comply with the provisions of the Investment Advisers Act, the Investment Company Act and SEC interpretations thereof with respect to personal securities trading by Access Persons/Associates of Volumetric.

**<u>Board Member's</u>**

**Name: ___________________________________________**

**Signature ___________________________________________ Date _________________**

**17. Acknowledgment of Receipt of Code of Conduct/Ethics**

I have read the above Code of Conduct of Volumetric Fund regarding personal securities trading and other potential conflicts of interest and agree to comply with the provisions therein.

**<u>Volumetric Fund Access Person/Associate's</u>**

**Name: ___________________________________________**

**Signature ___________________________________________ Date _________________**

Approval: December 3, 2025

## Ex-99.Cert

**Certification Pursuant to Rule 302**

I, Jeffrey Gibs, certify that:

1. I have reviewed this report on Form N-CSR of Volumetric Fund, Inc.;

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;&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;&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 purposed in accordance with generally acceptable accounting practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures 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;&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;&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;&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.

Date: February 23, 2026

/s/ Jeffrey Gibs

Jeffrey Gibs

Chief Executive Officer & President

**Certification Pursuant to Rule 302**

I, Alex Aleman, certify that:

1. I have reviewed this report on Form N-CSR of Volumetric Fund, Inc.;

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;&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;&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 purposed in accordance with generally acceptable accounting practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures 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;&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;&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;&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.

Date: February 23, 2026

/s/ Alex Aleman

Alex Aleman

Vice President

## Exhibit 99.906

**Certification Pursuant to Rule 906 of the Sarbanes-Oxley Act**

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Sec. 1350, and accompanies the report on Form N-CSR for the period ended December 31, 2025, of Volumetric Fund Inc. (the "Fund").

I, Jeffrey Gibs, the Chief Executive Officer and President of the Fund, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Issuer.

Date: February 23, 2026

/s/ Jeffrey Gibs

Jeffrey Gibs

Chief Executive Officer, President

**Certification Pursuant to Rule 906 of the Sarbanes-Oxley Act**

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Sec. 1350, and accompanies the report on Form N-CSR for the period ended December 31, 2025, of Volumetric Fund Inc. (the "Fund").

I, Alex Aleman, the Vice President of the Fund, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Issuer.

Date: February 23, 2026

/s/ Alex Aleman

Alex Aleman

Vice President