# EDGAR Filing Document

**Accession Number:** 0000792394
**File Stem:** 0000792394-23-000005
**Filing Date:** 2023-2
**Character Count:** 103507
**Document Hash:** 611b4646757bb0d08b7e52fd113281c3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000792394-23-000005.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0000792394-23-000005

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**EFFECTIVENESS DATE**: 20230224

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VOLUMETRIC FUND INC
- **CENTRAL INDEX KEY:** 0000792394
- **IRS NUMBER:** 133373223
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04643
- **FILM NUMBER:** 23666622

**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           |

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-04643

**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, 2022

Date of reporting period: December 31, 2022

**Item 1. Reports to Stockholders.** 

------

December 31, 2022

2022

**Volumetric Fund, Inc.**

**A Conservative Equity Growth Fund**

**Annual Report**![Picture 57](ncsr123122edgar_1.jpg)

------

![Picture 6](ncsr123122edgar_2.jpg)

**To Our Shareholders: (Unaudited)**

For 2022, Volumetric Fund's (the "Fund") net asset value ("NAV") per share ended the year at $20.67 per share, as adjusted for distributions. This was a decline of 14.25% for the year, but a 5.86% increase for the 4th Quarter. The compounded annual growth rate, over our 44-year history, has been 8.80%. The Volumetric Index, a proprietary index, intended to measure the value of a $10,000 hypothetical investment in the Fund on January 1, 1979, was $409,761 on December 31, 2022.

The Fund uses two benchmarks to compare performance. These benchmarks are the S&P 500 Index, for the stock portion of the portfolio, and the FTSE 3 Month Treasury Bill Index for the money market portion of the portfolio. A combination of these benchmarks should be considered when making a comparison. For the year 2022, the S&P 500 Index declined 18.11% and the FTSE 3 Month T-Bill Index gained 1.50%.

The Fund went ex-dividend on December 28, 2022, with a long-term capital gain distribution of $1.13 per share, for shareholders of record on December 27, 2022. The distribution was reinvested with the purchase of additional shares, at the December 28, 2022, closing price of $20.54, except for shareholders with a cash dividend account. This distribution is reflected on your December 31, 2022, account statement. Additionally, a letter noting the distribution details was sent to shareholders along with the statement.

The investment objective of the Fund is capital growth and secondly downside protection. The Fund utilizes its proprietary "Volume and Range System" to raise cash during negative market conditions and conversely reduce cash during positive market conditions. Therefore, the asset allocation between stocks and cash (money market investments) may change due to market conditions. The Fund typically invests in a broadly diversified portfolio of large and mid-cap stocks, although the portfolio may also contain small cap stocks. The Fund's securities are generally a blend of value and growth stocks.

**PORTFOLIO UPDATES (Unaudited)** 

As of December 31, 2022, the Fund's portfolio allocation was 80.2% equities and 19.8% cash and cash equivalent (Fidelity Investments Money Market Government Portfolio Class I).

The Fund held 53 securities, of which 44 had unrealized gains and 9 with unrealized losses. The average security in the portfolio had an unrealized gain of 45.4%. Our best percentage gaining stock was Microsoft Corp., with a 317.5% unrealized gain at year end. Our worst performing stock was McCormick & Co., with a 19.2% unrealized loss at year end. Our ten leading stocks are shown in the "Top Stock and Sector Holdings" section.

The following stocks were purchased during the 4th quarter: Air Products & Chemicals Inc, Bank of New York Mellon Corp, Becton Dickinson & Co, Cisco Systems Inc, Cognizant Technology Solutions Corp, Expeditors Int'l of Washington Inc, Lear Corporation, Norfolk Southern Corp, Olin Corp, Packaging Corp of America, and Pilgrim's Pride Corp.

Based on the guidelines of our proprietary "Volume and Range" system, during the 4th quarter the following stocks were sold: Carlisle Companies Inc (partial position sold), Consolidated Edison Inc, Nasdaq Inc, Newell Brands Inc, PNC Financial Group, and Stanley Black & Decker Inc.

------

**TOP STOCKS AND SECTOR HOLDINGS (Unaudited)**

As of December 31, 2022, our ten top unrealized stock percentage gains are listed below. See Statement of Net Assets on pages 4 to 6 for details.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Company** | **Unrealized Gain (%)** | **% of Fund's Net Assets** | **Sector** | **% of Fund's** <br> **Net Assets** |
| Microsoft Corporation | 317.5 | 0.9 | Consumer Discretionary | 3.8 |
| Waste Connections Inc. | 202.9 | 2.4 | Consumer Staples | 12.6 |
| Apple, Inc. | 198.8 | 1.5 | Exchange Traded Fund  | 5.3 |
| Bunge, Ltd.  | 154.3 | 2.5 | Financials | 9.2 |
| CF Industries Holdings Inc. | 153.8 | 1.9 | Health Care | 12.7 |
| Applied Materials Inc. | 148.6 | 0.9 | Industrials  | 13.6 |
| Raymond James Financial  | 96.7 | 2.1 | Materials | 11.6 |
| Morgan Stanley  | 94.2 | 1.3 | Technology | 11.4 |
| Carlisle Companies Inc. | 91.5 | 1.4 |  |  |
| Jacobs Solutions Inc. | 88.3 | 2.0 |  |  |
|  | Total: | 16.9% | Total: | &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;80.2% |

---

***GO PAPERLESS AND ONLINE ACCOUNT ACCESS***

Receive your statements electronically and help the environment! Shareholders have the option to elect paperless statements by either logging into their online Volumetric account or contacting us directly. With online account access you can view your account value and transactions, download tax statements, update account information, make additional investments electronically, sign up for paperless statements and more! To create a user login and password go to volumetric.com and select the "Sign In" button. It is a free service.

If you or someone you know would like more information about the Fund including the Prospectus, new account application, past performance, financial reports and more, please visit our website, volumetric.com, email us at info@volumetric.com or call us at 800-541-FUND. Please do not hesitate to contact us if you have any questions.

Thank you for your continued trust and confidence.

February 13, 2023

Sincerely,

![Picture 3](ncsr123122edgar_3.jpg)

![Signature Jeff.jpg](ncsr123122edgar_4.jpg)

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jeffrey Gibs Vincent Arscott

Chief Executive Officer and President Vice President

***PRIVACY POLICY***

Volumetric Fund, Inc. and its affiliate Volumetric Advisers, Inc. have always worked hard to maintain the highest standard of confidentiality and to respect the privacy of its shareholders and clients. The non-public personal information collected about you comes primarily from the account applications or other forms you submit to Volumetric Fund, Inc.

We do not market or disclose information about you to anyone, except as permitted by law. For example, this may include disclosing information according to your express consent to fulfill your instructions, such as in a mortgage application, or to comply with applicable laws and regulations.

We limit information about you to those of our employees who are involved in servicing your account and outside companies that are used to service and maintain your account. We maintain physical, electronic, and procedural safeguards that are designed to comply with federal standards to guard the information. If our relationship ends, we will continue to treat the information as described in this Privacy Policy notice.

This notice complies with Federal law and SEC regulations regarding privacy. If you have any questions or concerns please contact us at Volumetric Fund, Inc.

------

**Growth of a $10,000 Investment\***

From December 31, 2012 to December 31, 2022

(Unaudited)

![Picture 6](ncsr123122edgar_5.jpg)

\*The above chart represents the historical 10-year performance of a hypothetical investment of $10,000 in Volumetric Fund, Standard & Poor's 500 Index (the "S&P 500 Index") and FTSE 3 Month T-Bill Index. The performance shown above does not reflect the deduction of taxes a shareholder would pay on Fund distributions or redemption of Fund shares. All distributions and dividends are assumed to be reinvested. Volumetric Fund reflects the Fund's average annual total return as of December 31, 2022. The S&P 500 Index reflects the 500 largest corporations by market capitalization, listed on the New York Stock Exchange or NASDAQ. The FTSE 3 Month T-Bill Index intends to track the daily performance of the 3 Month Treasury Bills. Both indexes are unmanaged, and their performance does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund's performance reflects the deduction of fees for these services. Past performance is not predictive of future performance.

\*\*Total annual operating expenses, as disclosed in the Fund's Prospectus, dated April 29, 2022, which included acquired fund fees and expenses of less than 0.01%, were 1.89% of average daily assets. The Fund's performance reflects the deduction of fees for these services. Past performance is not predictive of future performance. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost; and that current performance may be lower or higher than the performance data quoted. The Fund's investment objectives, risks, charges and expenses must be considered carefully before investing. Performance data current to the most recent month end may be obtained by calling (800) 541-3863 or visiting volumetric.com.

![Picture 1](ncsr123122edgar_6.jpg)

------

---

| | | |
|:---|:---|:---|
|  | **VOLUMETRIC FUND, INC.** |  |
|  | **STATEMENT OF NET ASSETS** |  |
|  | December 31, 2022 |  |
| **Equities: 80.2%** | **Equities: 80.2%** |  |
| **Shares** | **Description** | **Value** |
|  | **Aerospace & Defense -- 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corp. | $595464 |
|  |  | 595464 |
|  | **Apparel & Textile Products -- 1.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | 507216 |
|  |  | 507216 |
|  | **Asset Management -- 2.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raymond James Financial | 769320 |
|  |  | 769320 |
|  | **Automotive -- 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lear Corp. | 434070 |
|  |  | 434070 |
|  | **Beverages -- 1.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monster Beverage Corp.\* | 497497 |
|  |  | 497497 |
|  | **Biotech & Pharma -- 4.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 512285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12500  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer Inc. | 640500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals\* | 505043 |
|  |  | 1657828 |
|  | **Chemicals -- 7.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Products & Chemicals | 554868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings Inc. | 681600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecolab Inc. | 393012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9300  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olin Corp. | 492342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westlake Chemical Corp. | 543462 |
|  |  | 2665284 |
|  | **Commercial Support Services -- 2.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Connections Inc. | 874896 |
|  |  | 874896 |
|  | **Construction Materials -- 1.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlisle Companies, Inc. | 518430 |
|  |  | 518430 |
|  | **Containers & Packaging -- 1.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Corporation of America | 460476 |
|  |  | 460476 |
|  | **Diversified Industrials -- 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6100  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerson Electric Company | 585966 |
|  |  | 585966 |
|  | **E-Commerce Discretionary -- 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc.\* | 420000 |
|  |  | 420000 |
|  | **Engineering & Construction -- 2.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6200  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jacobs Solutions Inc. | 744434 |
|  |  | 744434 |
|  | **Exchange Traded Fund -- 5.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust | 1912150 |
|  |  | 1912150 |
|  | **Food -- 5.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | 364716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mondelez International | 466550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18200  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp.\* | 431886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.M. Smucker Company | 617994 |
|  |  | 1881146 |

---

------

---

| | | |
|:---|:---|:---|
|  | **VOLUMETRIC FUND, INC.** |  |
|  | **STATEMENT OF NET ASSETS** |  |
|  | December 31, 2022 (continued) |  |
| **Shares** | **Description** | **Value** |
|  | **Health Care Facilities & Services -- 4.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | $493907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Humana Inc. | 460971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 689234 |
|  |  | 1644112 |
|  | **Household Products -- 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Church & Dwight Co Inc. | 427233 |
|  |  | 427233 |
|  | **Institutional Financial Services -- 3.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10500  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank Of New York Mellon | 477960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Group, Inc. | 403584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 476112 |
|  |  | 1357656 |
|  | **Insurance -- 3.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Intl Group, Inc. | 632400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co | 584474 |
|  |  | 1216874 |
|  | **Machinery -- 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toro Company (The) | 577320 |
|  |  | 577320 |
|  | **Medical Equipment & Devices -- 3.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agilent Technologies Inc. | 433985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becton, Dickinson and Co. | 483170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ResMed Inc. | 395447 |
|  |  | 1312602 |
|  | **Retail - Consumer Staples -- 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 376613 |
|  |  | 376613 |
|  | **Semiconductors -- 2.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analog Devices Inc. | 590508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Materials Inc. | 311616 |
|  |  | 902124 |
|  | **Software -- 3.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit Inc. | 358082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 311766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc.\* | 490583 |
|  |  | 1160431 |
|  | **Steel -- 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nucor Corp. | 566783 |
|  |  | 566783 |
|  | **Technology Hardware -- 2.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 558699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems Inc. | 500220 |
|  |  | 1058919 |
|  | **Technology Services -- 2.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automatic Data Processing | 597150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cognizant Tech Solutions | 428925 |
|  |  | 1026075 |
|  | **Transportation & Logistics -- 2.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expeditors Intl Wash Inc. | 498816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 492840 |
|  |  | 991656 |
|  | **Transportation Equipment -- 1.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | 558936 |
|  |  | 558936 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **VOLUMETRIC FUND, INC.** | **VOLUMETRIC FUND, INC.** |  |
|  | **STATEMENT OF NET ASSETS** | **STATEMENT OF NET ASSETS** |  |
|  | December 31, 2022 (continued) | December 31, 2022 (continued) |  |
| **Shares** | **Description** | **Description** | **Value** |
|  | **Wholesale - Consumer Staples -- 3.9%** | **Wholesale - Consumer Staples -- 3.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archer Daniels Midland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archer Daniels Midland | $492105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9200  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge, Ltd. | 917884 |
|  |  |  | 1409989 |
| **TOTAL EQUITIES (Cost: $21,547,668)** | **TOTAL EQUITIES (Cost: $21,547,668)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29111500**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29111500**  |
| **INVESTMENT COMPANY 19.8%** | **INVESTMENT COMPANY 19.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,185,375 Shares -- Fidelity Investments Money Market | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,185,375 Shares -- Fidelity Investments Money Market |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gov Portfolio - Class I (FIGXX), 4.06%\*\* **(Cost: $7,185,375)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gov Portfolio - Class I (FIGXX), 4.06%\*\* **(Cost: $7,185,375)** | 7185375  | 7185375  |
| **TOTAL INVESTMENTS (Cost: $28,733,043): 100.0%** | **TOTAL INVESTMENTS (Cost: $28,733,043): 100.0%** | **36296875**  | **36296875**  |
| **RECEIVABLES: 0.2%** | **RECEIVABLES: 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Shares Receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Shares Receivable | 8000  | 8000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and Interest Receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and Interest Receivable | 70574  | 70574  |
| **TOTAL RECEIVABLES** | **TOTAL RECEIVABLES** | **78574**  | **78574**  |
| **TOTAL ASSETS** | **TOTAL ASSETS** | **36375449**  | **36375449**  |
| **LIABILITIES: -0.2%** | **LIABILITIES: -0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Management Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Management Fees | (59583) | (59583) |
| **TOTAL LIABILITIES** | **TOTAL LIABILITIES** | &nbsp;&nbsp;&nbsp;&nbsp;**(59583)** | &nbsp;&nbsp;&nbsp;&nbsp;**(59583)** |
| **NET ASSETS 100.0%** | **NET ASSETS 100.0%** | **$36315866**  | **$36315866**  |
| **VOLUMETRIC SHARES OUTSTANDING** | **VOLUMETRIC SHARES OUTSTANDING** | **1757040**  | **1757040**  |
| **NET ASSET VALUE, OFFERING & REDEMPTION** | **NET ASSET VALUE, OFFERING & REDEMPTION** |  |  |
| **PRICE PER SHARE** | **PRICE PER SHARE** | **$20.67**  | **$20.67**  |

---

*See notes to financial statements*

\*Non-income producing security.

\*\* Variable Rate Security as of December 31, 2022.

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![](ncsr123122edgar_7.jpg)

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**FINANCIAL HIGHLIGHTS**

(For a share outstanding throughout each year)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Years ended December 31**  | <br>**2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year | $25.43 | $23.32  | $21.41  | $18.42  | $21.02  |
| Income (loss) from investment operations |  |  |  |  |  |
| Net investment loss | (0.07) | (0.17)  | (0.12)  | (0.03)  | (0.09)  |
| Net realized and change in unrealized |  |  |  |  |  |
| gain (loss) on investments | (3.56) | 4.32  | 2.27  | 3.74  | (2.07)  |
| Total from investment operations | (3.63) | 4.15  | 2.15  | 3.71  | (2.16)  |
| Less distributions from: |  |  |  |  |  |
| Net realized gains | (1.13) | (2.04)  | (0.24)  | (0.72)  | (0.44)  |
| Total distributions | (1.13) | (2.04)  | (0.24)  | (0.72)  | (0.44)  |
| Net asset value, end of year | $20.67 | $25.43  | $23.32  | $21.41  | $18.42  |
| Total return | (14.25%) | 17.78% | 10.05% | 20.13% | (10.26%) |
| Ratios and Supplemental Data: |  |  |  |  |  |
| Net assets, end of year (in thousands) | $36316 | $43330  | $37866  | $35178  | $30903  |
| Ratio of expenses to average net assets | 1.89% | 1.89% | 1.91% | 1.90% | 1.90% |
| Ratio of net investment loss to average net assets | (0.31%) | (0.67%) | (0.58%) | (0.17%) | (0.43%) |
| Portfolio turnover rate | 67% | 34% | 36% | 60% | 71% |

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**NOTES TO FINANCIAL STATEMENTS**

As of December 31, 2022

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

GAAP establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires certain disclosures about fair value measurements. Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Level 1 – quoted prices in active markets for identical securities

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·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, 2022, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Securities Transactions and Investment Income: Realized gains and losses are determined on the identified cost basis which is the same basis used for federal income tax purposes. Dividend income and distributions to shareholders are recorded on the ex-dividend date and interest income is recognized on an accrual basis.

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

The Fund recognizes the tax benefits or expenses of uncertain tax positions only when the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has reviewed the Fund's tax positions taken on Federal and state income tax returns for all open tax years (2019-2021) or expected to be taken during the year ended December 31, 2022 and concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Distributions to Shareholders: It is the Fund's policy to distribute all net investment income and all net realized gains, in excess of any available capital loss carryovers, at year end. The Fund declared the following distributions.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Record Date | &nbsp;&nbsp;December 27, 2022 | &nbsp;&nbsp;December 28, 2021 |
| &nbsp;&nbsp;Ex-Dividend Date | &nbsp;&nbsp;December 28, 2022 | &nbsp;&nbsp;December 29, 2021 |
| &nbsp;&nbsp;Payment Date | &nbsp;&nbsp;December 29, 2022 | &nbsp;&nbsp;December 30, 2021 |
| &nbsp;&nbsp;Distribution | &nbsp;&nbsp;$1.13 per share | &nbsp;&nbsp;$2.04 per share |

---

The tax character of distributions recorded and paid during the years ended December 31, 2022, and 2021 were as follows: Long Term Capital Gains: 2022: $1,884,250; 2021: $3,228,575. Ordinary Income: 2022: $0, 2021: $0.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e)Use of Estimates: The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reported period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Management Fee and Other Transactions with Affiliates**

The Fund receives investment management and advisory services pursuant to the Investment Advisory Agreement, dated April 28, 2022, between the Fund and the Adviser, that provides for fees to be paid at an annual rate of; (I) 2.0% of the first $10,000,000 of average daily net assets, (ii) 1.90% of such net assets from $10 million to $25 million; (iii) 1.80% of such net assets from $25 million to $50 million; (iv) 1.50% of such net assets from $50 million to $100 million; and (v) 1.25% of such net assets over $100 million. The Adviser pays the cost of all management, supervisory and administrative services required in the operation of the Fund. This includes investment management, fees of the custodian, independent public accountants and legal counsel, remuneration of officers and directors, state registration fees and franchise taxes, shareholder services, including maintenance of the shareholder accounting system, insurance, marketing expenses, shareholder reports, proxy related expenses and transfer agency. Certain officers and directors of the Fund are also officers and directors of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Capital Stock Transactions**

On December 31, 2022, 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 December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2022** | &nbsp;&nbsp;**Year Ended December 31, 2021** | &nbsp;&nbsp;**Year Ended December 31, 2021** | &nbsp;&nbsp;**Year Ended December 31, 2021** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;Shares Sold | &nbsp;&nbsp;42927 | &nbsp;&nbsp;$998883 | &nbsp;&nbsp;$998883 | &nbsp;&nbsp;39461 | &nbsp;&nbsp;39461 | &nbsp;&nbsp;$975711 | &nbsp;&nbsp;$975711 |
| &nbsp;&nbsp;Distributions Reinvested | &nbsp;&nbsp;89101 | &nbsp;&nbsp;1830139 | &nbsp;&nbsp;1830139 | &nbsp;&nbsp;121518 | &nbsp;&nbsp;121518 | &nbsp;&nbsp;3096272 | &nbsp;&nbsp;3096272 |
|  | &nbsp;&nbsp;132028 | &nbsp;&nbsp;2829022 | &nbsp;&nbsp;2829022 | &nbsp;&nbsp;160979 | &nbsp;&nbsp;160979 | &nbsp;&nbsp;4071983 | &nbsp;&nbsp;4071983 |
| &nbsp;&nbsp;Shares Redeemed | &nbsp;&nbsp;(79156) | &nbsp;&nbsp;(1775978) | &nbsp;&nbsp;(1775978) | &nbsp;&nbsp;(80518) | &nbsp;&nbsp;(80518) | &nbsp;&nbsp;(2052579) | &nbsp;&nbsp;(2052579) |
| &nbsp;&nbsp;Net Increase | &nbsp;&nbsp;52872 | &nbsp;&nbsp;$1053044 | &nbsp;&nbsp;$1053044 | &nbsp;&nbsp;80461 | &nbsp;&nbsp;80461 | &nbsp;&nbsp;$2019404 | &nbsp;&nbsp;$2019404 |

---

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&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, 2022, purchases, and proceeds from sales of securities were $20,549,324 and $23,638,884, respectively. On December 31, 2022, the cost of investments for Federal income tax purposes was $28,733,043. Accumulated net unrealized appreciation on investments was $7,563,832 consisting of $7,952,767 gross unrealized appreciation and $388,935 gross unrealized depreciation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Composition of Net Assets**

As of December 31, 2022, net assets consisted of:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Net capital paid in on shares of stock | &nbsp;&nbsp;$28752034 |
| &nbsp;&nbsp;Distributable Earnings | &nbsp;&nbsp;7563832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets  | &nbsp;&nbsp;$36315866 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Federal Income Tax**

As of December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7563832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7563832 |

---

For the year ended December 31, 2022, the Fund recorded the following reclassification: distributable earnings increased by $124,437 and net capital paid in on shares of stock was decreased by $124,437. Such reclassifications, the result of permanent differences between the financial statements and income tax reporting requirements, have no effect on the Fund's net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **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. The current novel coronavirus (COVID-19) global pandemic and the aggressive responses taken by many governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines or similar restrictions, as well as the forced or voluntary closure of, or operational changes to, many retail and other businesses, has had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **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.

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Board of Directors and the Shareholders** 

**of Volumetric Fund, Inc.**

**Opinion on the Financial Statements**

We have audited the accompanying statement of net assets of Volumetric Fund, Inc. (the ***"Fund"***), as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended and the financial highlights for each of the years in the five-year 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, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended and its financial highlights for each of the years in the five-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (***"PCAOB"***) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities law 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 audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risk 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, 2022 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.

![Picture 1](ncsr123122edgar_10.jpg)

**BBD, LLP**

*We have served as the auditor of one or more of the Funds in the Volumetric Fund, Inc. since 2009.*

**Philadelphia, Pennsylvania**

**February 22, 2023**

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**SHAREHOLDER APPROVAL OF INVESTMENT ADVISORY AGREEMENT, DIRECTORS AND AUDITOR (Unaudited)**

At the Annual Shareholder Meeting, held on April 28, 2022, Shareholder approved the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Investment Advisory Agreement, Dated April 28, 2022, between Volumetric Fund, Inc. and Volumetric Advisers, Inc. (the "Adviser"). This agreement was previously approved by the Board of Directors on December 1, 2021. The result of the vote were: For 926,015 shares (96.94%), Against 2,551 shares (0.26%); Withheld/Abstain 26,749 shares (2.80%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Election of Directors: Jeffrey M. Gibs: For 953,814 shares (99.85%), Against 0 shares (0%); Withheld/Abstain 1,501 shares (0.15%); Irene J. Zawitkowski: For 955,044 shares (99.98%), Against 0 shares (0%); Withheld/Abstain 271 shares (0.02%); Alexander M. Olbrecht: For 955,044 shares (99.98%), Against 0 shares (0%); Withheld/Abstain 271 shares (0.02%); Cornelius O'Sullivan: For 955,315 shares (100%), Against 0 shares (0%); Withheld/Abstain 0 shares (0%); Stephen J. Samitt: For 955,315 shares (100%), Against 0 shares (0%); Withheld/Abstain 0 shares (0%); Josef Haupl: For 955,044 shares (99.98%), Against 0 shares (0%); Withheld/Abstain 271 shares (0.02%); Allan A. Samuels: For 955,069 shares (99.98%), Against 0 shares (0%); Withheld/Abstain 245 shares (0.02%); Raymond W. Sheridan: For 955,071 shares (99.98%), Against 0 shares (0%); Withheld/Abstain 244 shares (0.02%); Stacey S Yanosy: For 955,069 shares (99.98%), Against 0 shares (0%); Withheld/Abstain 245 shares (0.02%); All directors had been reelected for an additional term except, this is Stacey S. Yanosy's first term elected as a Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.BBD, LLP was ratified as the independent registered accounting firm of the Fund for fiscal year December 31, 2022; The result of the vote were: For 926,015 shares (96.94%), Against 2,551 shares (0.26%); Withheld/Abstain 26,749 shares (2.80%).

**PROSPECTUS, PROXY AND PORTFOLIO INFORMATION (Unaudited)**

This report for the period ended December 31, 2022, is intended for the shareholders of the Fund and may not be used as sales literature unless preceded or accompanied by a current prospectus. To obtain a current prospectus please call 800-541-3863 or visit volumetric.com.

Information is available to shareholders who are interested in the Fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, 2022. This information may be obtained without charge either by calling the Fund's toll-free number, 800-541-3863, or by visiting the SEC's website at sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC, for the first and third quarters of each fiscal year on Form N-PORT. These forms are available on the Commission's website at sec.gov. This information is also available from the Fund by calling 800-541-3863 or visiting volumetric.com. The Fund also files with the SEC its monthly holdings on form N-PORT. The N-PORT information for the first and second months (form N-PORT-NP) for each of the Fund's fiscal quarters is non-public information. The monthly report on N-PORT for the third month of the quarter is publicly available on the Commission's website at sec.gov. This information is also available from the Fund by calling 800-541-3863 or visit volumetric.com.

**DIRECTORS (Unaudited)**

Directors, who are not salaried employees of the Adviser, (the Adviser's address is 87 Violet Drive, Pearl River, NY 10965), receive a fee for each Board or committee meeting they attend. Directors' fees had no effect on the Fund's expenses and expense ratio since all their fees were paid by the Adviser. On an annual basis, the full Board meets four times, and the Directors of whom are not "interested persons" (as defined in the 1940 Act), meet four times. There were no "special meetings" held in 2022. In addition, on a yearly basis, the Audit Committee meets twice, and the Governance & Nominating committee meets once.

**LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)**

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), the Fund has adopted and implemented a liquidity risk management program (the "Program"), which is designed to assess and manage the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund. The Fund's Board of Directors (the "Board") previously approved the designation of Volumetric Advisers, Inc as the Program's administrator.

The Board reviewed the Fund's Liquidity Program's assessment and was briefed on the fair value pricing and liquidity status, during the various quarterly Board meetings throughout the year. No significant pricing or liquidity events impacting the Fund were

------

reported. There were no material changes to the Program during the reporting period. The report to the Board concluded that the Program is operating effectively to assess and manage the Fund's liquidity risk, and that the Program continues to be effectively implemented to monitor and respond to the Fund's liquidity risk. The Fund only holds assets that are defined under the Liquidity Rule as "highly liquid investments".

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to the Fund's prospectus for more information regarding the Fund's exposure to liquidity risk and other risks to which it may be subject.

**INFORMATION ABOUT YOUR FUND'S EXPENSES** 

For the six months ended December 31, 2022 (Unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees. These Fund expenses are further clarified in this report on page 9, Note 2. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 made at the beginning of the period and held for the entire semi-annual period, July 1, 2022, to December 31, 2022.

Below are two ways to evaluate your Fund's costs.

**Actual Fund Return**

This section helps you to estimate the actual expenses that you paid over the period. The "Ending Account Value" shown is derived from the Fund's actual return for the six month period, the "Expense Ratio" column shows the period's annualized expense ratio and the "Expenses Paid During Period" column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund at the beginning of the period. You may use the information here, together with your account value, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, a $7,000 account value divided by $1,000 = 7.0), then multiply the result by the number given in the first line under the heading entitled "Expenses Paid During Period."

**Hypothetical 5% Return** 

This section is intended to help you compare your Fund's costs with those of other mutual funds. It assumes that the Fund had an annual return of 5% before expenses, and the expense ratio is unchanged. Because the return used is not the Fund's actual return, the results do not apply to your investment. This sample is useful in making comparisons to other mutual funds because the Securities and Exchange Commission requires all mutual funds to provide examples of expenses calculated and based on an assumed 5% annual return. You can assess your Fund's costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight and help you compare your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), redemption fees, or exchange fees. Volumetric Fund does not charge any sales loads, redemption fee, or exchange fees, but these fees may be present in other funds to which you compare our Fund. Therefore, the hypothetical portions of the table are useful in comparing ongoing costs only and will not help you to determine the relative total costs of owning different funds.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Beginning Account Value, 07/01/22 | Ending<br> Account Value, 12/31/22\* | Net Expense Ratio | Expenses Paid During Period\*\* |
| Actual | $1000 | $1022.80 | 1.89% | $9.64 |
| Hypothetical 5% Return | $1000 | $1015.68 | 1.89% | $9.60 |

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\*The actual total return for the six-month period ended December 31, 2022, was 2.28%.

\*\*Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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**DIRECTORS (Unaudited)**

The Directors of the Fund and their ages, positions, addresses and principal occupations during the past five years are set forth below. There is no limit on the length of the term that each director serves. The Fund's Statement of Additional Information contains additional information about the Directors and is available without charge, upon request, by calling 1-800-541-FUND or visiting volumetric.com.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Interested Directors** |  |  |  |  |  |
| **Name, Address\*\* and Age** | **Position(s)**<br> **Held with**<br> **Fund** | **Term of**<br> **Office and**<br> **Length of**<br> **Time**<br> **Served**  | **Occupation** | **Number of**<br> **Portfolios in**<br> **Fund Complex**<br> **Overseen by**<br> **Director** | **Other Director**<br> **ships Held by**<br> **Director during**<br> **Past Five Years** |
| **Jeffrey M. Gibs**<br>Age: 56 | CEO, President, Portfolio Manager, CCO and Director (6) | Annually 2018 | Chief Executive Officer ("CEO") since 2022, President and Portfolio Manager since 2016 (Titled: Co-Portfolio Manager 2016 to 2021) and Chief Compliance Officer ("CCO") since 2005. Jeffrey was Executive Vice President from 2015 to 2016 and Vice President from 1997 to 2015. He has worked as a consultant to the Fund since 1989. Jeffrey is President of Volumetric Advisers, Inc. He was previously employed by US Bank and AIS (acquired by US Bank), as Vice President of hedge fund accounting and operations (2005 to 2015).  | 1 |  |
| **Irene J. Zawitkowski** <br>Age: 69 | Chair, and Director (7) | Annually 1978 | Chair since 2018. Ms. Zawitkowski was CEO from 2016 to 2022, Portfolio Manager from 2003 to 2022, President from 2003 to 2016, and Executive Vice President of the Fund from inception to 2003. Ms. Zawitkowski was also Executive Vice President of Volumetric Advisers, Inc until 2022. | 1 |  |
| **Independent Directors** |  |  |  |  |  |
| **Josef Haupl**<br>Age: 78 | Director (1) | Annually 2004 | Engineering consultant to the chemical industry, since 2002. Previously, Director of Technology of Lurgi PSI, an engineering and construction services company for the chemical industry.  | 1 |  |
| **Alexandre M. Olbrecht, PhD.** <br> Age 44 | Director (3) | Annually 2012 | Professor of Economics, Anisfield School of Business at Ramapo College of NJ, since 2005. Executive Director of the Eastern Economic Association. He was elected by the Board as the Fund's Vice Financial Expert. | 1 |  |
| **Cornelius O'Sullivan**<br> Age 54 | Director (3) | Annually<br> 2017 | Proprietor of Neil T. O'Sullivan, CPA, LLC since 2009. Previously Partner, Cherian, O'Sullivan & Tatapudy, LLP, certified public accountants, since 2003. Mr. O'Sullivan started his accounting career with Ernst & Young, LLP certified public accountants. | 1 |  |
| **Stephen J. Samitt** <br>Age: 81 | Director (1)(4) | Annually 1996 | Stephen Samitt, CPA, LLC, since 2008. Previously, Principal, Briggs Bunting & Dougherty, LLP, a full-service public accounting firm, since 1997. He was elected by the Board as the Fund's Financial Expert. | 1 |  |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Independent Directors** |  |  |  |  |  |
| **Name, Address\*\* and Age** | **Position(s)**<br> **Held with**<br> **Fund** | **Term of**<br> **Office and**<br> **Length of**<br> **Time**<br> **Served**  | **Occupation** | **Number of**<br> **Portfolios in**<br> **Fund Complex**<br> **Overseen by**<br> **Director** | **Other Director**<br> **ships Held by**<br> **Director during**<br> **Past Five Years** |
| **Allan A. Samuels**<br>Age: 84 | Director (2) (5) | Annually 2007 | CEO and President of Rockland Business Association (RBA) since 2001. RBA is a non-profit organization of about 1,000 businesses in Rockland County, NY, for the advancement of its members via public relations, seminars, networking and legislation. He is also Board member of several non-profit and business organizations.  | 1 |  |
| **Raymond W. Sheridan**<br>Age: 72 | Director (1) (2) | Annually 1995 | President, Raymond Sheridan Financial, Inc., insurance and financial services. Vice President and Treasurer of the Fund between 1997 and 2005.  | 1 |  |
| **Stacey S. Yanosy**<br> Age: 53 | Director (3) | Annually since 2022 | Member Development Officer at Affinity Federal Credit Union since 2019, Previously, she was a Banker at People's United Bank (2017 to 2019) and Branch Manager at Palisades Federal Credit Union (2009 to 2017). | 1 |  |

---

(1) Member of the Governance & Nominating Committee; (2) Co-Chair of the Governance & Nominating Committee; (3) Member of the Audit Committee;

(4) Chair of the Audit Committee; (5) Lead Independent Director; (6) Interested Director is an employee and owner of Volumetric Advisers Inc.; (7) Interested Director, and also former employee and former owner of Volumetric Advisers Inc. as of December 31, 2022.

\*\* The address of each director is c/o Volumetric Fund, Inc., 87 Violet Drive, Pearl River, New York 10965.

------

![Picture 6](ncsr123122edgar_11.jpg)

87 Violet Drive

Pearl River, New York 10965

845-623-7637

800-541-FUND

Ticker: VOLMX

volumetric.com

info@volumetric.com

**Investment Adviser** 

Volumetric Advisers, Inc.

Pearl River, New York 10965

**Custodian**

U.S. Bank N.A.

Milwaukee, Wisconsin 53212

**Independent Registered Public**

**Accounting Firm** 

BBD, LLP

Philadelphia, Pennsylvania 19103

**Transfer Agent and Fund Accountant**

Ultimus Fund Solutions, LLC

Cincinnati, Ohio 45246

**Distributor**

Ultimus Fund Distributors, LLC

Cincinnati, OH 45246

**Board of Directors**

Jeffrey M. Gibs

Josef Haupl

Alexandre M. Olbrecht, PhD

Cornelius O'Sullivan

Stephen J. Samitt

Allan A. Samuels

Raymond W. Sheridan

Stacey S. Yanosy

Irene J. Zawitkowski, Chair

**Officers**

Jeffrey M. Gibs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*CEO, President, Portfolio Manager, CCO* 

Vincent D. Arscott

&nbsp;&nbsp;&nbsp;&nbsp;*Vice President, Portfolio Manager*

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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 is not posted on Registrant's website; however, the website states how the Code of Ethics 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:

2022 - $16,500

2021 - $16,500

(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:

2022 - None

2021 - 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:

2022 - $2,000

2021 - $2,000

------

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:

2022 - None

2021 - 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:

Audit-Related Fees:0%

Tax Fees:0%

All Other Fees:0%

(f) During the audit of 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:

2021 - $0

2020 - $0

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

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

Not applicable to open-end investment companies.

**Item 6. Schedule of Investments:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Schedule of investments in securities of unaffiliated issuers is included under[Item 1.](#Item1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Not applicable.

------

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.**

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

**Item 9. Purchases of Equity Securities by Closed-End Funds.**

Not applicable to open-end investment companies.

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

None

**Item 11. Controls and Procedures.**

(a) Based on an evaluation of the registrant's disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the principal executive officer and principal financial officer of the registrant have concluded that the disclosure controls and procedures of the registrant are reasonably designed to ensure that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported by the filing date, including that information required to be disclosed is accumulated and communicated to the registrant's management, including the registrant's principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no significant changes in the registrant's internal control over financial reporting that occurred during the registrant's last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

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

Not applicable to open-end investment companies.

**Item 13. Exhibits.**

(a)(1) [Code of Ethics](codeofethics120122.htm) filed herewith.

(a)(2)[Certifications required by Section 302](cert302rule123122.htm) of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.

(a)(3) Not applicable for open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)[Certifications required by Section 906](cert906rule123122.htm) of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) are filed herewith.

------

**SIGNATURES**

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

Volumetric Fund, Inc.

By: /s/ Jeffrey Gibs

Jeffrey Gibs

Chief Executive Officer

Date 2/22/2022

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

Chief Executive Officer

Date 2/22/2022

By: /s/ Vincent Arscott

Vincent Arscott

Vice President

Date 2/22/2022

------

## 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:

(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 registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual 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 22, 2023

/s/ Jeffrey Gibs

Jeffrey Gibs

Chief Executive Officer & President

------

**Certification Pursuant to Rule 302**

I, Vincent Arscott, 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:

(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 registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual 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 22, 2023

/s/ Vincent Arscott

Vincent Arscott

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, 2022, 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 22, 2023

/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, 2022, of Volumetric Fund Inc. (the "Fund").

I, Vincent Arscott, 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 22, 2023

/s/ Vincent Arscott

Vincent Arscott

Vice President

## Ex-99.Code

**Code of Ethics**

Volumetric Fund, Inc.

Volumetric Advisers, Inc.

87 Violet Drive

Pearl River, New York 10965

**1. General Provisions**

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

------

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

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**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.

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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 not later than 30 days after the end of each calendar quarter 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.

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**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.

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**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.

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**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 December 1, 2022.

**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 up-dating 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.

**Board Member's**

**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.

**Volumetric Fund Access Person/Associate's**

**Name: ___________________________________________**

**Signature ___________________________________________ Date _________________**

Approved: December 1, 2022

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