# EDGAR Filing Document

**Accession Number:** 0000792394
**File Stem:** 0001376474-25-000689
**Filing Date:** 2025-7
**Character Count:** 55549
**Document Hash:** ece8a91b8e24074b041e94169d2cf813
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001376474-25-000689.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001376474-25-000689

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**EFFECTIVENESS DATE**: 20250730

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04643
- **FILM NUMBER:** 251168061

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

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

## Series and Classes Contracts Data

### Volumetric Fund (Series ID: S000012023)

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

?xml version='1.0' encoding='ASCII'? Volumetric Fund Inc - Form N-CSRS SEC filing

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM N-CSRS**

Certified Semi-annual Shareholder Report of Registered Management Investment Companies

Investment Company Act file number: 811-04643

**Volumetric Fund Inc**

87 Violet Drive, Pearl River, NY 10965

Jeffrey Gibs

87 Violet Drive, Pearl River, NY 10965

(Name and address of agent for service)

Registrant's telephone number: 845-623-7637

Date of fiscal year end: December 31, 2025

Date of reporting period: June 30, 2025

**Item 1. Reports to Stockholders.**

------

Volumetric Fund, Inc.

**Semi-Annual Report**

&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;*VOLMX* &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;&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; June 30, 2025

This Semi-Annual Report contains important information about Volumetric Fund, Inc. ("Fund") for the period of January 1, 2025 to June 30, 2025 (the "Period"). You can find additional information about the Fund at volumetric.com. You can also request this information by contacting us at 800-541-3863 or info@volumetric.com.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Volumetric Fund | $95 | 1.89% |

---

**FUND STATISTICS**

---

| | |
|:---|:---|
| &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; Net Assets  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$39514078 |
| &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; Number of Portfolio Holdings | &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;56 |
| &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; Total Advisory Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $368490 |
| &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; Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33% |

---

**WHAT DID THE FUND INVEST IN?**

(as of 6/30/25)

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTOR ALLOCATION &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; INVESTMENT ALLOCATION**

 **&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; (% of net assets) &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(% of net assets)**

![Picture](vfncsrs_2.jpg) ![Picture](vfncsrs_3.jpg)

------

**Semi-Annual Report** - June 30, 2025

**WHAT DID THE FUND INVEST IN? (Continued)**

**(% of net assets)**

---

| | |
|:---|:---|
| **TOP EQUITY HOLDINGS** | **HOLDINGS %** |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust | 7.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Waste Connections Inc | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;ServiceNow Inc | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Emerson Electric Co | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ecolab Inc | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intuit Inc | 1.8% |

---

---

| | |
|:---|:---|
| **TOP PERFORMING EQUITIES** | **UNREALIZED GAIN %** |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 766.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc | 463.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc | 371.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Materials Inc | 367.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc | 357.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Waste Connections Inc | 326.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust | 271.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Salesforce Inc | 190.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Raymond James Financial | 182.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wabtec Corp | 152.7 |

---

**CHANGES IN OR DISAGEEEMENTS WITH ACCOUNTANTS**

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

**ADDITIONAL INFORMATION**

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

For more information regarding this Semi-Annual Report, you may view the N-CSRS report at volumetric.com/2025semiannualNCSRS.

 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** **Volumetric Fund, Inc.**

------

87 Violet Drive, Pearl River, New York 10965

**Phone:** 800-541-FUND or 845-623-7637 >**Web:** volumetric.com > **Email:** info@volumetric.com

------

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;Not applicable for semi-annual report.

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

&nbsp;&nbsp;&nbsp;&nbsp;Not applicable for semi-annual report.

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

Not applicable for semi-annual report.

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

Not applicable for semi-annual report.

**Item 6. Investments.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Schedule of investments in securities of unaffiliated issuers

------

**STATEMENT OF NET ASSETS**

**June 30, 2025**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| **Shares** | **Company** | **Value** |
| **EQUITIES – United States: 80.7%** | **EQUITIES – United States: 80.7%** |  |
|  | **Asset Management &nbsp;&nbsp;&nbsp;&nbsp; -- 3.2%** |  |
| &nbsp;&nbsp;1100  | &nbsp;&nbsp;&nbsp;&nbsp;Ameriprise Financial Inc | $587103  |
| &nbsp;&nbsp;4500  | &nbsp;&nbsp;&nbsp;&nbsp;Raymond James Financial | 690165  |
|  |  | 1277268  |
|  | **Banking &nbsp;&nbsp;&nbsp;&nbsp; -- 4.7%** |  |
| &nbsp;&nbsp;13600  | &nbsp;&nbsp;&nbsp;&nbsp;Bank Of America Corp | 643552  |
| &nbsp;&nbsp;1900  | &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co | 550829  |
| &nbsp;&nbsp;3500  | &nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Gr | 652470  |
|  |  | 1846851  |
|  | **Chemicals &nbsp;&nbsp;&nbsp;&nbsp; -- 1.8%** |  |
| &nbsp;&nbsp;2700  | &nbsp;&nbsp;&nbsp;&nbsp;Ecolab Inc | 727488  |
|  |  | 727488  |
|  | **Containers & Packaging &nbsp;&nbsp;&nbsp;&nbsp; -- 1.7%** |  |
| &nbsp;&nbsp;3600  | &nbsp;&nbsp;&nbsp;&nbsp;Packaging Corp of America | 678420  |
|  |  | 678420  |
|  | **Diversified Industrials &nbsp;&nbsp;&nbsp;&nbsp; -- 3.5%** |  |
| &nbsp;&nbsp;6100  | &nbsp;&nbsp;&nbsp;&nbsp;Emerson Electric Co | 813313  |
| &nbsp;&nbsp;3700  | &nbsp;&nbsp;&nbsp;&nbsp;ITT Inc | 580271  |
|  |  | 1393584  |
|  | **E-Commerce Discretionary &nbsp;&nbsp;&nbsp;&nbsp; -- 1.7%** |  |
| &nbsp;&nbsp;3000  | &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com Inc\* | 658170  |
|  |  | 658170  |
|  | **Electric Utilities &nbsp;&nbsp;&nbsp;&nbsp; -- 1.3%** |  |
| &nbsp;&nbsp;9000  | &nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy Inc | 508680  |
|  |  | 508680  |
|  | **Electrical Equipment &nbsp;&nbsp;&nbsp;&nbsp; -- 1.3%** |  |
| &nbsp;&nbsp;2900  | &nbsp;&nbsp;&nbsp;&nbsp;AMETEK Inc | 524784  |
|  |  | 524784  |
|  | **Engineering & Construction &nbsp;&nbsp;&nbsp;&nbsp; -- 1.4%** |  |
| &nbsp;&nbsp;4100  | &nbsp;&nbsp;&nbsp;&nbsp;Jacobs Solutions Inc | $538945  |
|  |  | 538945  |
|  | **Entertainment Content &nbsp;&nbsp;&nbsp;&nbsp; -- 1.5%** |  |
| &nbsp;&nbsp;450  | &nbsp;&nbsp;&nbsp;&nbsp;Netflix Inc\* | 602609  |
|  |  | 602609  |
|  | **Food &nbsp;&nbsp;&nbsp;&nbsp; -- 2.1%** |  |
| &nbsp;&nbsp;18200  | &nbsp;&nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp | 818636  |
|  |  | 818636  |
|  | **Health Care Facilities & Services &nbsp;&nbsp;&nbsp;&nbsp; -- 1.2%** |  |
| &nbsp;&nbsp;2700  | &nbsp;&nbsp;&nbsp;&nbsp;Quest Diagnostics | 485001  |
|  |  | 485001  |
|  | **Industrial Support Services &nbsp;&nbsp;&nbsp;&nbsp; -- 1.2%** |  |
| &nbsp;&nbsp;450  | &nbsp;&nbsp;&nbsp;&nbsp;W.W. Grainger Inc | 468108  |
|  |  | 468108  |
|  | **Institutional Financial Services &nbsp;&nbsp;&nbsp;&nbsp; -- 2.9%** |  |
| &nbsp;&nbsp;6600  | &nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon | 601326  |
| &nbsp;&nbsp;6200  | &nbsp;&nbsp;&nbsp;&nbsp;Nasdaq Inc | 554404  |
|  |  | 1155730  |
|  | **Insurance &nbsp;&nbsp;&nbsp;&nbsp; -- 5.5%** |  |
| &nbsp;&nbsp;5300  | &nbsp;&nbsp;&nbsp;&nbsp;Aflac Inc | 558938  |
| &nbsp;&nbsp;1900  | &nbsp;&nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co | 608228  |
| &nbsp;&nbsp;2000  | &nbsp;&nbsp;&nbsp;&nbsp;Progressive Corp | 533720  |
| &nbsp;&nbsp;5900  | &nbsp;&nbsp;&nbsp;&nbsp;Unum Group | 476484  |
|  |  | 2177370  |
|  | **Internet Media & Services &nbsp;&nbsp;&nbsp;&nbsp; -- 4.6%** |  |
| &nbsp;&nbsp;4300  | &nbsp;&nbsp;&nbsp;&nbsp;Alphabet Inc - Class C | 762777  |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1400  | &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms Inc - Class A | 1033326  |
|  |  | 1796103  |
|  | **Leisure Facilities & Services &nbsp;&nbsp;&nbsp;&nbsp; -- 3.9%** |  |
| &nbsp;&nbsp;9000  | &nbsp;&nbsp;&nbsp;&nbsp;Chipotle Mexican Grill\* | 505350  |
| &nbsp;&nbsp;3800  | &nbsp;&nbsp;&nbsp;&nbsp;Hyatt Hotels Corp - Class A | 530670  |
| &nbsp;&nbsp;2600  | &nbsp;&nbsp;&nbsp;&nbsp;Texas Roadhouse | 487266  |
|  |  | 1523286  |
|  | **Machinery &nbsp;&nbsp;&nbsp;&nbsp; -- 2.7%** |  |
| &nbsp;&nbsp;10000  | &nbsp;&nbsp;&nbsp;&nbsp;Flowserve Corp | 523500  |
| &nbsp;&nbsp;775  | &nbsp;&nbsp;&nbsp;&nbsp;Parker Hannifin Corp | 541314  |
|  |  | 1064814  |
|  | **Medical Equipment & Devices &nbsp;&nbsp;&nbsp;&nbsp; -- 2.3%** |  |
| &nbsp;&nbsp;4700  | &nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp\* | 504827  |
| &nbsp;&nbsp;5400  | &nbsp;&nbsp;&nbsp;&nbsp;Edwards Lifesciences\* | 422334  |
|  |  | 927161  |
|  | **Metals & Mining &nbsp;&nbsp;&nbsp;&nbsp; -- 1.3%** |  |
| &nbsp;&nbsp;13000  | &nbsp;&nbsp;&nbsp;&nbsp;Freeport McMoran, Inc | 563550  |
|  |  | 563550  |
|  | **Oil & Gas Producers &nbsp;&nbsp;&nbsp;&nbsp; -- 1.6%** |  |
| &nbsp;&nbsp;15500  | &nbsp;&nbsp;&nbsp;&nbsp;Range Resources Corp | 630385  |
|  |  | 630385  |
|  | **Oil & Gas Services & Equipment &nbsp;&nbsp;&nbsp;&nbsp; -- 1.1%** |  |
| &nbsp;&nbsp;11300  | &nbsp;&nbsp;&nbsp;&nbsp;Baker Hughes Company | 433242  |
|  |  | 433242  |
|  | **Real Estate Services &nbsp;&nbsp;&nbsp;&nbsp; -- 1.4%** |  |
| &nbsp;&nbsp;3800  | &nbsp;&nbsp;&nbsp;&nbsp;CBRE Group Inc\* | 532456  |
|  |  | 532456  |
|  | **Retail - Consumer Staples &nbsp;&nbsp;&nbsp;&nbsp; -- 3.8%** |  |
| &nbsp;&nbsp;1300  | &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Store | 663351  |
| &nbsp;&nbsp;825  | &nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp | 816700  |
|  |  | 1480051  |
|  | **Retail - Discretionary &nbsp;&nbsp;&nbsp;&nbsp; -- 1.2%** |  |
| &nbsp;&nbsp;3800  | &nbsp;&nbsp;&nbsp;&nbsp;Genuine Parts Co | $460978  |
|  |  | 460978  |
|  | **Semiconductors &nbsp;&nbsp;&nbsp;&nbsp; -- 1.5%** |  |
| &nbsp;&nbsp;3200  | &nbsp;&nbsp;&nbsp;&nbsp;Applied Materials Inc | 585824  |
|  |  | 585824  |
|  | **Software &nbsp;&nbsp;&nbsp;&nbsp; -- 7.3%** |  |
| &nbsp;&nbsp;920  | &nbsp;&nbsp;&nbsp;&nbsp;Intuit Inc | 724620  |
| &nbsp;&nbsp;1300  | &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp | 646633  |
| &nbsp;&nbsp;2000  | &nbsp;&nbsp;&nbsp;&nbsp;Salesforce Inc | 545380  |
| &nbsp;&nbsp;950  | &nbsp;&nbsp;&nbsp;&nbsp;ServiceNow Inc\* | 976676  |
|  |  | 2893309  |
|  | **Specialty Finance &nbsp;&nbsp;&nbsp;&nbsp; -- 1.6%** |  |
| &nbsp;&nbsp;3000  | &nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp | 638280  |
|  |  | 638280  |
|  | **Technology Hardware &nbsp;&nbsp;&nbsp;&nbsp; -- 2.9%** |  |
| &nbsp;&nbsp;3000  | &nbsp;&nbsp;&nbsp;&nbsp;Apple Inc. | 615510  |
| &nbsp;&nbsp;5000  | &nbsp;&nbsp;&nbsp;&nbsp;NetApp Inc | 532750  |
|  |  | 1148260  |
|  | **Technology Services &nbsp;&nbsp;&nbsp;&nbsp; -- 1.1%** |  |
| &nbsp;&nbsp;0+  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amentum Holdings Inc\* | 10  |
| &nbsp;&nbsp;2500  | &nbsp;&nbsp;&nbsp;&nbsp;Fiserv Inc\* | 431025  |
|  |  | 431035  |
|  | **Trading Companies & Distributors &nbsp;&nbsp;&nbsp;&nbsp; -- 1.6%** |  |
| &nbsp;&nbsp;2700  | &nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Tech | 627615  |
|  |  | 627615  |
|  | **Transportation & Logistics &nbsp;&nbsp;&nbsp;&nbsp; -- 2.6%** |  |
| &nbsp;&nbsp;4800  | &nbsp;&nbsp;&nbsp;&nbsp;Expeditors Intl of Washington Inc | 548400  |
| &nbsp;&nbsp;11000  | &nbsp;&nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holding Inc | 486530  |
|  |  | 1034930  |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Transportation Equipment &nbsp;&nbsp;&nbsp;&nbsp; -- 1.7%** | **Transportation Equipment &nbsp;&nbsp;&nbsp;&nbsp; -- 1.7%** |  |
| &nbsp;&nbsp;3200  | &nbsp;&nbsp;&nbsp;&nbsp;Wabtec Corp | &nbsp;&nbsp;&nbsp;&nbsp;Wabtec Corp | 669920  |
|  |  |  | 669920  |
|  | **Wholesale - Consumer Staples &nbsp;&nbsp;&nbsp;&nbsp; -- 1.5%** | **Wholesale - Consumer Staples &nbsp;&nbsp;&nbsp;&nbsp; -- 1.5%** |  |
| &nbsp;&nbsp;7300  | &nbsp;&nbsp;&nbsp;&nbsp;US Foods Holding Corp\* | &nbsp;&nbsp;&nbsp;&nbsp;US Foods Holding Corp\* | 562173  |
|  |  |  | 562173  |
| **Equity - Canada: 3.1%**  | **Equity - Canada: 3.1%**  |  |  |
|  | **Commercial Support Services &nbsp;&nbsp;&nbsp;&nbsp; -- 3.1%** | **Commercial Support Services &nbsp;&nbsp;&nbsp;&nbsp; -- 3.1%** |  |
| 6600&nbsp;&nbsp;&nbsp;&nbsp;  | &nbsp;&nbsp;&nbsp;&nbsp;Waste Connections Inc | &nbsp;&nbsp;&nbsp;&nbsp;Waste Connections Inc | 1232352  |
|  |  |  | 1232352  |
| **TOTAL EQUITIES (Cost: $22,605,805)**  | **TOTAL EQUITIES (Cost: $22,605,805)**  | **TOTAL EQUITIES (Cost: $22,605,805)**  | 33097368  |
| **EXCHANGE TRADED FUND ("ETF") 7.8%**  | **EXCHANGE TRADED FUND ("ETF") 7.8%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,000&nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust (Cost: $831,920) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,000&nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust (Cost: $831,920) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,000&nbsp;&nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust (Cost: $831,920) | 3089250  |
| **SHORT-TERM INVESTMENT 8.5%** | **SHORT-TERM INVESTMENT 8.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,351,576&nbsp;&nbsp;&nbsp;&nbsp; Fidelity Investment Money Market Gov Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,351,576&nbsp;&nbsp;&nbsp;&nbsp; Fidelity Investment Money Market Gov Portfolio |  |  |
| &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; Class I, 4.23%\*\* **(Cost: $3,351,576)** | &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; Class I, 4.23%\*\* **(Cost: $3,351,576)** | 3351576  | 3351576  |
| **TOTAL INVESTMENTS (Cost: $26,789,301): 100.1%** | **TOTAL INVESTMENTS (Cost: $26,789,301): 100.1%** | 39538194  | 39538194  |
| **RECEIVABLES: 0.1%** | **RECEIVABLES: 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and Interest Receivable | &nbsp;&nbsp;&nbsp;&nbsp;Dividends and Interest Receivable | 34154  | 34154  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital Shares Receivable | &nbsp;&nbsp;&nbsp;&nbsp;Capital Shares Receivable | 1750  | 1750  |
| **TOTAL RECEIVABLES** | **TOTAL RECEIVABLES** | 35904  | 35904  |
| **TOTAL ASSETS** | **TOTAL ASSETS** | 39574098  | 39574098  |
| **LIABILITIES: -0.2%** | **LIABILITIES: -0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Accrued Management Fees | &nbsp;&nbsp;&nbsp;Accrued Management Fees | (60020)  | (60020)  |
| **TOTAL LIABILITIES** | **TOTAL LIABILITIES** | (60020)  | (60020)  |
| **NET ASSETS 100.0%** | **NET ASSETS 100.0%** | $39514078  | $39514078  |
| COMPOSTION OF NET ASSETS | COMPOSTION OF NET ASSETS | COMPOSTION OF NET ASSETS |  |
| Net capital paid on shares of stock | Net capital paid on shares of stock | Net capital paid on shares of stock | $26488086  |
| Distributable Earnings | Distributable Earnings | Distributable Earnings | 13025992  |
| NET ASSETS | NET ASSETS | NET ASSETS | $39514078  |
| **SHARES OUTSTANDING**  | **SHARES OUTSTANDING**  | 1652566  | 1652566  |
| **NET ASSET VALUE, OFFERING & REDEMPTION PRICE PER SHARE** | **NET ASSET VALUE, OFFERING & REDEMPTION PRICE PER SHARE** | $23.91  | $23.91  |

---

*+Fractional share of 0.42 held*

*\*Non-income producing security*

*\*\*Variable Rate Security. The rate presented is as of June 30, 2025.*

*See Notes to Financial Statements*

------

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

**STATEMENT OF OPERATIONS**

**For the Six Months Ended June 30, 2025**

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| INVESTMENT INCOME | INVESTMENT INCOME |  |  |
| Dividend (Net of foreign withholding tax of $1,027) | Dividend (Net of foreign withholding tax of $1,027) | $287671  |  |
| Interest |  | 120443  |  |
| TOTAL INVESTMENT INCOME | TOTAL INVESTMENT INCOME |  | $408114  |
| EXPENSE |  |  |  |
| Management Fee (Note 2) | Management Fee (Note 2) | (368490)  |  |
| TOTAL EXPENSE | TOTAL EXPENSE |  | (368490)  |
|  | NET INVESTMENT INCOME |  | 39624  |
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS |  |  |
| REALIZED GAIN ON INVESTMENTS: | REALIZED GAIN ON INVESTMENTS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments |  | 237475  |
| UNREALIZED APPRECIATION OF INVESTMENTS: | UNREALIZED APPRECIATION OF INVESTMENTS: |  |  |
| Beginning of Year | Beginning of Year | $12944090  |  |
| End of Period | End of Period | 12748893  |  |
| CHANGE IN UNREALIZED APPRECIATION | CHANGE IN UNREALIZED APPRECIATION |  | (195197)  |
|  | NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS | NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS | 42278  |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |  | $81902  |

---

*See Notes to Financial Statements*

------

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the 6 Months Ended 6/30/2025 (Unaudited)** | **For the 6 Months Ended 6/30/2025 (Unaudited)** | **For the Year Ended 12/31/2024** |
| OPERATIONS |  |  |  |
| Net Investment Income (Loss) |  | $39624  | $(178462)  |
| Net Realized Gain on Investments |  | 237475  | 2572927  |
| Net (Decrease) Increase in Unrealized Appreciation of Investments  |  | (195197)  | 2283734  |
| NET INCREASE IN NET ASSETS FROM OPERATIONS | 81902  | 81902  | 4678199  |
| DISTRIBUTIONS |  |  |  |
| TOTAL DISTRIBUTIONS FROM EARNINGS |  | - | (2586133)  |
| CHANGE DUE TO CAPITAL SHARE TRANSACTIONS |  |  |  |
| Issued |  | 382452  | 1406308  |
| Issued - In Lieu of Cash Distributions |  | - | 2520284  |
| Redeemed |  | (1720981)  | (2514125)  |
| (DECREASE) INCREASE IN NET ASSETS DUE TO CAPITAL SHARE TRANS. (Note 3) | (DECREASE) INCREASE IN NET ASSETS DUE TO CAPITAL SHARE TRANS. (Note 3) | (1338529)  | 1412467  |
| TOTAL (DECREASE) INCREASE IN NET ASSETS |  | (1256627)  | 3504533  |
| NET ASSETS BEGINNING OF YEAR/PERIOD |  | 40770705  | 37266172  |
| NET ASSETS END OF YEAR/PERIOD | $39514078  | $39514078  | $40770705  |

---

*See Notes to Financial Statements*

------

**FINANCIAL HIGHLIGHTS**

(For one share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Six Months Ended 6/30/25** | **Six Months Ended 6/30/25** | **Years ended December 31** | **Years ended December 31** | **Years ended December 31** | **Years ended December 31** | **Years ended December 31** |
| **(unaudited)** | **(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of year/period | $23.83  | $22.53  | $20.67  | $25.43  | $23.32  | $21.41  |
| Income (loss) from investment operations |  |  |  |  |  |  |
| Net investment income (loss) | 0.02  | (0.11)  | 0.00\*  | (0.07)  | (0.17)  | (0.12)  |
| Net realized and change in unrealized |  |  |  |  |  |  |
| gain (loss) on investments | 0.06  | 3.02  | 2.60  | (3.56)  | 4.32  | 2.27  |
| Total from investment operations | 0.08  | 2.91  | 2.60  | (3.63)  | 4.15  | 2.15  |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income | 0.00  | 0.00  | 0.00\*  | 0.00  | 0.00  | 0.00  |
| Net realized gains | 0.00  | (1.61)  | (0.74)  | (1.13)  | (2.04)  | (0.24)  |
| Total distributions | 0.00  | (1.61)  | (0.74)  | (1.13)  | (2.04)  | (0.24)  |
| Net asset value, end of year/period | $23.91  | $23.83  | $22.53  | $20.67  | $25.43  | $23.32  |
| Total return | 0.34% | 12.85% | 12.56% | (14.25%)  | 17.78% | 10.05% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of year/period (in thousands) | $39514  | $40771  | $37266  | $36316  | $43330  | $37866  |
| Ratio of expenses to average net assets | 1.89%\*\*  | 1.89% | 1.90% | 1.89% | 1.89% | 1.91% |
| Ratio of net investment income (loss) to<br> &nbsp;&nbsp;&nbsp;&nbsp;average net assets | 0.10%\*\*  | (0.45%)  | 0.00%\*\*\*  | (0.31%)  | (0.67%)  | (0.58%)  |
| Portfolio turnover rate | 33% | 46% | 62% | 67% | 34% | 36% |

---

*\*Amount represents less than $0.01* 

 *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*\* Annualized* 

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

*See Notes to Financial Statements*

------

***NOTES TO FINANCIAL STATEMENTS (Unaudited)***

For the six months ended June 30, 2025

**1. Significant Accounting Policies**

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

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

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

As of June 30, 2025, all the securities held by the Fund were valued using Level 1 inputs. See "**Item 6 Investments"** for a listing of securities valued using Level 1 inputs by security type and industry type, as required by GAAP.

&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 the accrual basis.

&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 of the Fund's taxable income to its shareholders. Therefore, no federal income tax provision is required.

The Fund recognizes the tax benefits or expenses of uncertain tax positions only when the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has reviewed the Fund's tax positions taken on Federal and state income tax returns for all open tax years (2021-2024) and during the six months ended June 30, 2025, and concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements.

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expenses on the Statement of Operations. During the six months ended June 30, 2025, the Fund did not incur any interest or penalties.

&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 Board declared the following distribution for the year ended December 31, 2024.

---

| | |
|:---|:---|
| Record Date | December 26, 2024 |
| Ex-Dividend Date | December 27, 2024 |
| Payment Date | December 30, 2024 |
| Distribution | $1.61 per share |

---

------

Long term capital gains and ordinary income recorded and paid during the year ended December 31, 2024, and the six months ended June 30, 2025, were as follows: Long Term Capital Gains December 31, 2024, was $2,586,133 and Ordinary Income was $0. For the six months ended June 30, 2025, Long Term Capital Gains and Ordinary Income were $0.

&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.

**2. Management Fee and Other Transactions with Affiliates** 

The Fund receives investment management and advisory services pursuant to an Investment Advisory Agreement, renewed with an effective date of February 1, 2025, between the Fund and the Adviser, that provides for fees to be paid at an annual rate of: (i) 2.0% of the first $10,000,000 of average daily net assets, (ii) 1.90% of such net assets from $10 million to $25 million; (iii) 1.80% of such net assets from $25 million to $50 million; (iv) 1.50% of such net assets from $50 million to $100 million; and (v) 1.25% of such net assets over $100 million. The Adviser pays the cost of all management, supervisory and administrative services required in the operation of the Fund. This includes investment management, fees of the custodian, independent public accountants and legal counsel, remuneration of officers and directors, state registration fees and franchise taxes, shareholder services, including maintenance of the shareholder accounting system, insurance, marketing expenses, shareholder reports, proxy related expenses and transfer agency. Certain officers and directors of the Fund are also officers and directors of the Adviser.

For the six months ended June 30, 2025, the Fund paid $368,490 in management fees to the Adviser.

**3. Capital Stock Transactions**

On June 30, 2025, there were 4,000,000 shares of $0.01 par value capital stock authorized. Transactions in capital stock were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Six Months Ended**<br> **June 30, 2025**<br> **(unaudited)** | **Six Months Ended**<br> **June 30, 2025**<br> **(unaudited)** | **Six Months Ended**<br> **June 30, 2025**<br> **(unaudited)** | **Six Months Ended**<br> **June 30, 2025 (unaudited)** | **Six Months Ended**<br> **June 30, 2025 (unaudited)** | **Year Ended**<br> **December 31, 2024** | **Year Ended**<br> **December 31, 2024** | **Year Ended**<br> **December 31, 2024** |
| **Shares** | **Shares** | **Shares** | **Amount** | **Amount** | **Shares** | **Shares** | **Amount** |
| Shares Sold | 16622  | $382452  | $382452  | 55742  | 55742  | $1406308  | $1406308  |
| Distributions Reinvested | 0  | 0  | 0  | 104706  | 104706  | 2520284  | 2520284  |
|  | 16622  | 382452  | 382452  | 160448  | 160448  | 3926592  | 3926592  |
| Shares Redeemed | (74988)  | (1720981)  | (1720981)  | (103407)  | (103407)  | (2514125)  | (2514125)  |
| Net Decrease | (58366)  | $(1338529)  | $(1338529)  | 57041  | 57041  | $1412467  | $1412467  |

---

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

For the six months ended June 30, 2025, purchases and proceeds from sales of securities were $11,859,002 and $11,140,783, respectively. On June 30, 2025, the cost of investments for Federal income tax purposes was $26,789,301. Accumulated net unrealized appreciation on investments was $12,748,893 consisting of $13,100,665 gross unrealized appreciation and $351,772 gross unrealized depreciation.

**5. Federal Income Tax**

As of December 31, 2024, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| Unrealized appreciation | $12944090  |
| Distributable earnings | $12944090 |

---

------

For the year ended December 31, 2024, the Fund recorded the following reclassification: the distributable earnings were increased by $191,667 and net capital paid in on shares of stock was decreased by $191,667. Such reclassifications are the result of permanent differences between the financial statements and income tax reporting requirements, and have no effect on the Fund's net assets.

**6. Commitments and Contingencies**

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

**7. Market and Geopolitical Risks**

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

**8. Subsequent Events**

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

**9. Operations and Oversight**

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

**Availability of Proxy Voting Record (Unaudited)**

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

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

None.

------

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

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

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

**9.3** The following proposals were voted upon by shareholders:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·To ratify the Board of Director's selection of the firm Cohen & Company, Ltd. as the independent registered accounting firm of the Fund for the fiscal year ending December 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Proposal** | **For** | **For** | **Against** | **Abstain** | **Total** |
| 1. To elect nine (9) directors to hold office until the next annual meeting of shareholders and until their successors are elected to qualify; | 1. To elect nine (9) directors to hold office until the next annual meeting of shareholders and until their successors are elected to qualify; |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.01 Jeffrey M. Gibs | &nbsp;&nbsp;&nbsp;&nbsp;1.01 Jeffrey M. Gibs | 955069.42 | 0 | 0 | 955069.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.02 Irene J. Zawitkowski | &nbsp;&nbsp;&nbsp;&nbsp;1.02 Irene J. Zawitkowski | 955069.42 | 0 | 0 | 955069.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.03 Josef Haupl | &nbsp;&nbsp;&nbsp;&nbsp;1.03 Josef Haupl | 955069.42 | 0 | 0 | 955069.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.04 Alexander M. Olbrecht, PhD. | &nbsp;&nbsp;&nbsp;&nbsp;1.04 Alexander M. Olbrecht, PhD. | 955069.42 | 0 | 0 | 955069.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.05 Cornelius O'Sullivan | &nbsp;&nbsp;&nbsp;&nbsp;1.05 Cornelius O'Sullivan | 954395.64 | 0 | 673.78 | 955069.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.06 Stephen J. Samitt | &nbsp;&nbsp;&nbsp;&nbsp;1.06 Stephen J. Samitt | 955069.42 | 0 | 0 | 955069.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.07 Allan A. Samuels | &nbsp;&nbsp;&nbsp;&nbsp;1.07 Allan A. Samuels | 955069.42 | 0 | 0 | 955069.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.08 Raymond W. Sheridan | &nbsp;&nbsp;&nbsp;&nbsp;1.08 Raymond W. Sheridan | 955069.42 | 0 | 0 | 955069.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.09 Stacey S. Yanosy | &nbsp;&nbsp;&nbsp;&nbsp;1.09 Stacey S. Yanosy | 955069.42 | 0 | 0 | 955069.42 |
| 2. To ratify the Board of Director's selection of Cohen & Company, Ltd. as the independent registered accounting firm of the Fund for the fiscal year ending December 31, 2025; | 2. To ratify the Board of Director's selection of Cohen & Company, Ltd. as the independent registered accounting firm of the Fund for the fiscal year ending December 31, 2025; | 952733.37 | 0 | 2336.05 | 955069.42 |

---

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

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

**10.1** All directors and all members of any advisory board for regular compensation were paid in total $9,192.

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

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

**10.4** There are no affiliated persons.

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

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

------

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

&nbsp;&nbsp;&nbsp;&nbsp;Not applicable to open-end investment companies.

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

&nbsp;&nbsp;&nbsp;&nbsp;Not applicable to open-end investment companies.

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

&nbsp;&nbsp;&nbsp;&nbsp;Not applicable to open-end investment companies.

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

&nbsp;&nbsp;&nbsp;&nbsp;There were no material changes to the procedure.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;Not applicable to open-end investment companies.

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

&nbsp;&nbsp;&nbsp;&nbsp;None.

**Item 19. Exhibits.**

Code of Ethics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable for semi-annual report.

Policies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable for semi-annual report.

------

Certifications:

[(a)(2)(a) Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.](vol_ex99302cert.htm)

[(a)(2)(b) Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) are filed herewith.](vol_ex99906cert.htm)

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By

/s/ Jeffrey GIbs

Jeffrey Gibs

President

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 28, 2025

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

(Registrant) Volumetric Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Alex Aleman

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alex Aleman

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 28, 2025

------

## Exhibit 99.302

**CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT**

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 covered by this report;

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

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

July 28, 2025/s/ Jeffrey Gibs

Jeffrey Gibs

Chief Executive Officer and President

------

**CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT**

I, Alex Aleman, certify that:

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

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

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

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

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

July 28, 2025/s/ Alex Aleman

Alex Aleman

Vice President

## Exhibit 99.906

**Certification under Section 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 during the period covered by this report of Volumetric Fund, Inc. (the "Fund").

I, Jeffrey Gibs, the CEO 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.

July 28, 2025

/s/ Jeffrey Gibs&nbsp;&nbsp;&nbsp;&nbsp;

Jeffrey Gibs

Chief Executive Officer and President

------

**Certification under Section 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 during the period covered by this report of Volumetric Fund, Inc. (the "Fund").

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

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

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

July 28, 2025

/s/ Alex Aleman&nbsp;&nbsp;&nbsp;&nbsp;

Alex Aleman

Vice President