VOLUMETRIC FUND INC - Form 485BPOS SEC filing

During the period shown in the bar chart, the highest return for a quarter was 12.72% (quarter ended June 30, 2020) and the lowest return for a quarter was -17.00% (quarter ended March 31, 2020).

Average Annual Total Returns (for the periods ended December 31, 2023)

	1 Year	5 Years	10 Years
Return before taxes	12.56%	8.49%	6.05%
Return after taxes on distributions	11.71%	7.46%	4.69%
Return after taxes on distributions and sale of Fund shares	8.05%	6.66%	4.59%
S&P 500 Index: (reflects no deductions for fees, expenses or taxes)	26.29%	15.69%	12.03%
FTSE 3-Month Treasury Bill Index: (reflects no deductions for fees, expenses, or taxes)	5.26%	1.91%	1.26%

After tax returns are calculated using the historical highest individual Federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax deferred arrangements, such as 401(k) plans or individual retirement accounts (IRAs). The Fund's past performance, before and after taxes, is not necessarily an indication of how the fund will perform in the future.

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

INVESTMENT ADVISER

Volumetric Advisers, Inc. (the “Adviser”), 87 Violet Drive, Pearl River, New York 10965, is the Fund’s investment adviser.

PORTFOLIO MANAGERS

·Jeffrey Gibs is Chief Executive Officer (“CEO”), Treasurer (since 2022), President (since 2016), Portfolio Manager (since 2016), and Chief Compliance Officer (“CCO”) (since 2005) of the Fund. Mr. Gibs was Executive Vice President of the Fund from 2015 to 2016 and Vice President of the Fund from 1997 to 2015. Mr. Gibs had worked as a consultant to the Fund since 1989 when he was not fully employed by the Adviser. Mr. Gibs also serves as President and Chief Compliance Officer of the Adviser.

·Vincent Arscott is the Vice President, Secretary (since 2022) and Portfolio Manager (since 2023) of the Fund. Additionally, he is Vice President of the Adviser (since 2022). Mr. Arscott is a Chartered Financial Analyst (“CFA”). His previous employment includes Kroll Bond Rating Agency, Inc., as a Senior Analyst (2016 to 2020) and the Federal Deposit Insurance Corporation (FDIC) as a Senior Complex Financial Institutions Specialist (2014 to 2016).

The SAI provides additional information about the portfolio managers’ compensation, other accounts managed by the portfolio managers, and the portfolio managers’ ownership of securities in the Fund.

PURCHASE AND SALE OF SHARES

You may purchase or sell shares of the Fund at the net asset value (“NAV”) per share next determined after your order is received in proper form. This may be done via mail, email, or telephone, on any business day when the New York Stock Exchange is open for trading. The Fund is not available for purchase in all states and is not available in any state where the offer or sale is prohibited. Please inquire with the Fund if it is currently available for purchase in a particular state. Volumetric can be contacted by calling 800-541-3863.

All shareholder forms, documents and checks should be sent to:

Volumetric Fund Inc.,

c/o Ultimus Fund Solutions, LLC

PO Box 541150

Omaha, NE 68154

Via Overnight Delivery:

Volumetric Fund, Inc.

c/o Ultimus Fund Solutions, LLC

4221 N. 203rd Street, Suite 100

Elkhorn, NE 68022

Fax: 402-963-9094

The minimum initial investment in the Fund is $500 and the minimum for each subsequent investment is $200. When making regular investments through Volumetric’s automatic investment plan the minimum investment is $100. These minimums may be waived at managements discretion.

Purchase of Fund shares will be made in full and fractional shares, computed to three decimal places.

Ultimus, the Fund’s transfer agent, will charge a $25 fee against a shareholder’s account, in addition to any loss sustained by the Fund, for any check or ACH returned to the transfer agent for insufficient funds.

If you recently purchased shares, there is a 15-day delay from the date of the purchase to when redemption proceed will be sent out.

If you establish an IRA account, there is an annual pass-through IRA maintenance fee of $15.00 that is charged by the IRA custodian on a per-account basis. This fee will not be paid by the Fund but, may be paid by the Adviser.

TAX INFORMATION

The Fund’s distributions will be generally taxable to you as capital gains or ordinary income, unless you are investing through a tax deferred arrangement, such as a 401(k) plan or an individual retirement account (“IRA”).

PAYMENTS TO BROKER-DEALERS AND FINANCIAL INTERMEDIATES

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser, but not the Fund, and its related companies may pay the intermediary for sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

INVESTMENT OBJECTIVE, STRATGIES AND RELATED RISKS

Investment Objective:

The Fund’s primary investment objective is capital appreciation. Its secondary objective is downside protection. The Fund’s primary objective may not be changed without shareholder approval.

Principal Investment Strategies:

The Fund is using the unique and proprietary “Volumetric Trading System” to make investment decisions. This disciplined stock trading system has been derived from “Volumetrics”, a proprietary method of technical analysis which measures the flow of money into and out of stocks by their volume activity. “Volumetrics” was developed in the early 1970’s by the Fund’s founder Gabriel J. Gibs. Its basic concepts are described in Mr. Gibs’ M.B.A. thesis entitled “Forecasting Stock Trends by Volume Analysis” (Pace University, 1974).

Volumetric Fund developed the “Volume and Range” trade and allocation system. This system uses a methodology to manage the Fund’s portfolio. The system’s aim is to carefully balance risk versus return by using advanced mathematical formulas. Its approach includes: 1) daily cash management; 2) superior stock selection; and 3) disciplined selling of stocks, when necessary, as follows: Every day after the market closes the portfolio managers do the following: 1) Calculate optimum cash position, based on a mathematical formula; 2) Determine, by using volume and range analysis, which stocks should be sold the next day, if any; 3) After volume screening of all stocks, create a list of stocks to purchase, whenever the formula calls for increasing stock investments.

The stock selection strategy of the Fund involves the identification of those stocks, for which a sudden and substantial new demand is developing and are in their early or middle stages of an upside move. As volume typically precedes price, the Fund’s timing system aims to identify stocks under accumulation, takeover and restructuring candidates, and stocks that “smart money” buys. A stock screening process to achieve this is outlined below

1)Using a proprietary screening method, stocks are identified whose price advanced during the previous day or week on unusually heavy volume, relative to their normal volume.

2)From this group of stocks, primary consideration is given to those stocks that exhibit positive chart patterns, are in a strong industry group, have improved earnings prospects, low debt and are not over-appreciated in price. This group may also include turnaround situations and stocks with some other positive investment characteristics.

3)Stocks with the most positive overall characteristics are then further analyzed by a proprietary model. Stocks with the highest accumulation/distribution volume ratio (demand/supply ratio) may be bought.

The Fund is designed to protect the portfolio against declines during unfavorable market conditions. Therefore, all stocks in the Fund’s portfolio are under continuous daily volume/price surveillance. Generally, a stock will be sold when volume and range analysis indicates that there is a distinct reversal in its demand/supply ratio and the ratio becomes clearly negative. This type of reversal usually forecasts a decline in the price of the stock. Once a stock is sold, it may be replaced by a new, stronger stock, or under negative stock market conditions, proceeds from the sale will be invested in cash equivalents.

The Fund allocates its assets between stocks, cash and cash equivalent positions (money market) using a proprietary asset allocation formula. Under positive market conditions, the total cash and money market positions are typically between 3% and 15%. However, under negative stock market conditions the Fund’s total cash and money market position may increase up to 40%, and under extremely negative conditions to over 40%.

Management does not take portfolio turnover into account in making investment decisions. It is estimated that most stocks in the Fund’s portfolio will be held from 3 to 24 months and the typical portfolio turnover rate of the Fund will be between 35% - 120%. Generally, holding periods in bull markets may be longer than in bear markets.

Principal Investment Risks:

·Equity Securities Risk: Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The equity securities held by the Fund may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors affecting securities markets generally, the equity securities of a particular sector, or a particular company.

·Growth Stock Risk: "Growth" stocks can react differently to issuer, political, market, and economic developments than the market as a whole and other types of stocks. "Growth" stocks also tend to be more expensive relative to their earnings or assets compared to other types of stocks. As a result, "growth" stocks tend to be sensitive to changes in their earnings and more volatile in price than the stock market as a whole.

·Large Cap Risk: Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities markets.

·Management Risk: The Adviser's reliance on its strategy and its judgments about the value and potential appreciation securities in which the Fund invests may prove to be incorrect, including the Adviser’s allocation of the Fund’s portfolio among its investments. The ability of the Fund to meet its investment objective is directly related to the Adviser's proprietary investment process. The Adviser's assessment of the relative value of securities, their attractiveness and potential appreciation of particular investments in which the Fund invests may prove to be incorrect and there is no guarantee that the Adviser's investment strategy will produce the desired results.

·Market and Geopolitical Risk: The value of your investment in the Fund is based on the market prices of the securities the Fund holds. These prices change daily due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. The market’s daily movements, sometimes called volatility, may be greater or less depending on the types of securities the Fund owns and the markets in which the securities trade. 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, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets.

·Mid-Cap Risk: The earnings and prospects of medium sized companies are more volatile than larger companies and may experience higher failure rates than larger companies. Medium sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures and may have limited markets, product lines, or financial resources and lack management experience.

·Money Market Fund Risk: The risk that money market securities will decline in value, due to changes of interest rates. Although each underlying money market fund in which the Fund may invest seeks to maintain the value of the investments at $1.00 per share, there is no assurance that the underlying fund will be able to do so. In addition, shareholders bear both their proportionate share of the Fund’s expenses and similar expenses of the underlying investment company when the Fund invests in shares of another investment company.

·Underlying Fund Risk: Other investment companies including ETFs (“Underlying Funds”) in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the Underlying Funds and may be higher than other mutual funds that invest directly in stocks and bonds. Each of the Underlying Funds is subject to its own specific risks, but the Adviser expects the principal investments risks of such Underlying Funds will be similar to the risks of investing in the Fund.

·Value Investing Risk: Value investing attempts to identify companies selling at a discount to their intrinsic value. Value investing is subject to the risk that a company's intrinsic value may never be fully realized by the market or that a company judged by the advisor to be undervalued may actually be appropriately priced.

Temporary Defensive Positions:

In response to adverse market, economic, political, or other conditions, the Fund may take temporary defensive positions that are inconsistent with the Fund’s principal investment strategies, such as investing some or all of the Fund’s assets in cash or cash equivalents. The Fund may also choose not to use these temporary defensive strategies for a variety of reasons, even in volatile market conditions. Engaging in these temporary defensive measures may cause the Fund to miss out on investment opportunities and may prevent the Fund from achieving its investment objective. While temporary defensive positions are designed to limit losses, these strategies may not work as intended.

PORTFOLIO HOLDINGS

A description of the Fund’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the SAI, which may be obtained free of charge by calling the Fund at 800-541-3863 or on the Fund’s website www.volumetric.com.

MANAGEMENT OF THE FUND

The Fund’s investments and other activities are managed by Volumetric Advisers, Inc., 87 Violet Drive, Pearl River, New York 10965 (the “Adviser”).

The Adviser provides investment advisory services to the Fund, including obtaining and evaluating economic, statistical and financial information to formulate and implement investment decisions for the Fund. The Adviser has acted in an investment advisory capacity since the inception of the Fund and its predecessor partnership in August of 1978. The Fund’s Adviser is subject to the supervision of the Fund’s Board of Directors. Information regarding the approval of the Agreement is also available in the Fund’s Annual Report covering its fiscal year ended December 31, 2023.

Pursuant to the unitary fee structure in the Agreement approved by the Board of Directors, the Adviser in addition to providing investment advice, pays most expenses of the Fund. These include: salaries of Fund personnel, services of specific third parties, research, data processing, printing and postage, clerical, administrative, bank fees, advertising and marketing expenses and fidelity bonding for officers, as required by the Investment Company Act of 1940, as amended (the "1940 Act"). Furthermore, the Adviser also pays the Fund's Chief Compliance Officer, all fees or costs associated with its Board of Directors and Board meetings, custodian fees, federal registration fees, state registration fees, franchise taxes, legal and auditing fees, and all other operating expenses, such as shareholder reports and proxy statements. The Adviser does not pay the Fund's brokerage commissions and SEC transaction fees. The Adviser shall not pay those expenses of the Fund which are related to litigation against the Fund, if any; or if the Fund is required to pay income taxes or penalties associated with such income taxes.

As compensation for all the above services, the Adviser receives from the Fund a fee, payable monthly, at the annual rate of 2% of the average daily net assets of the Fund on the first $10 million; 1.90% of such net assets from $10 million to $25 million; 1.80% of such net assets from $25 to $50 million; 1.50% of such net assets from $50 to $100 million; and 1.25% of such net assets over $100 million. For the fiscal year ended December 31, 2023, the management fee was equal to 1.90% of daily average net assets.

The Fund’s 2023 Annual Report to shareholders for the period ended December 31, 2023, advises of the Board’s determination to continue the Agreement with Volumetric Advisers, Inc. The Agnes Gibs Revocable Trust dated 11/15/17 is considered a “controlling person” of the Adviser, as defined by the Investment Company Act of 1940.

Neither, the Adviser nor the Fund, benefit from any soft dollar arrangements with a broker.

Portfolio Managers and Officers:

Jeffrey Gibs and Vincent Arscott are responsible for the day-to-day management of the Fund and are the portfolio managers of the Fund.

Information about Directors and additional information about the officers are available in the “Statement of Additional Information” and also in the Fund’s Annual Report. The SAI provides additional information about the portfolio managers’ compensation, other accounts managed by the portfolio managers, and the portfolio managers’ ownership of securities in the Fund.

PRICING OF FUND SHARES

The Fund’s NAV per share is calculated every business day at the close of trading on the New York Stock Exchange (normally 4:00 p.m. EST). The Fund determines the net asset value per share by subtracting the Fund’s liabilities from the Fund’s total assets, dividing the remainder by the total number of shares outstanding and adjusting the result to the nearest full cent. The Fund uses the closing quotations in valuing its portfolio securities. Shares will not be priced on those days when the New York Stock Exchange is closed for trading.

All the Fund’s securities are traded on the New York Stock Exchange, American Stock Exchange or the NASDAQ. Consequently, “fair value” pricing of the Fund’s securities is not applicable. If under extremely rare circumstances 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., and approved by the Board of Directors.

PURCHASING FUND SHARES

To open a new account, after reading the Prospectus or Summary Prospectus, complete a new account application form(s). Complete and mail it with your signature and personal or business check payable to “Volumetric Fund, Inc.” Mail or fax to:

Volumetric Fund Inc.,

c/o Ultimus Fund Solutions, LLC

PO Box 541150

Omaha, NE 68154

Via Overnight Delivery:

Volumetric Fund, Inc.

c/o Ultimus Fund Solutions, LLC

4221 N. 203rd Street, Suite 100

Elkhorn, NE 68022

Fax: 402-963-9094

You have the option to send applications and forms by mail or fax (if approved). Investments may be sent as a check or an ACH transaction. Initial purchases via ACH may not be accepted for new accounts. All purchases must be made in U.S. dollars drawn on a U.S. bank. No third-party check, treasury check, cashier check, travelers

check, starter check, teller check, bank check or cash are accepted; however, management has the right to make an exception.

Eligibility to participate in Volumetric Fund varies from state to state, and is prohibited in some jurisdictions, as the Fund is not registered in all states.

Shares are purchased at the NAV price next computed after it (or an authorized financial intermediary) receives your purchase request and any other required documents, in “good order”. To be in good order, a purchase request must include a check or the processing of an ACH initiated by stated cut-off times, and for new accounts, a properly completed Account Application Form.

Shares will be priced at the NAV per share next determined after the investor’s purchase order is received. The Fund must receive an investment order and any other necessary documents prior to the close of the New York Stock Exchange (“NYSE”) (typically 4:00 p.m. Eastern Standard Time). If received after the close or cutoff time, the purchase will be effective and priced at the next trading day’s closing price. The following table indicates the minimum investments:

Minimum Investments

Initial Investment	$ 500
Additional Investment	$ 200
Automatic Investment Plan	$ 100

All checks and documents should be mailed to:

Volumetric Fund Inc.,

c/o Ultimus Fund Solutions, LLC

PO Box 541150

Omaha, NE 68154

Via Overnight Delivery:

Volumetric Fund, Inc.

c/o Ultimus Fund Solutions, LLC

4221 N. 203rd Street, Suite 100

Elkhorn, NE 68022

Volumetric Fund does not permit market timing or short trading practices. These practices may disrupt portfolio management strategies and consequently, may harm the Fund’s performance. To discourage market timing, the Fund charges a 2% fee, if shares are redeemed within 7 calendar days after their purchase. Management reserves the right to waive this fee.

Purchase of Fund shares will be made in full and fractional shares, computed to three decimal places.

The Fund reserves the right to (a) reject purchase orders for any reason when, in the judgment of management, such rejection is in the best interest of the Fund; (b) suspend the offering of its shares for any period of time; (c) waive the Fund’s minimum purchase requirement.

Within three business days after receipt, the Fund will issue a transaction statement acknowledging the amount invested and the number of shares purchased. This may be delivered electronically or via the US postal service, as per the shareholders election.

Investors may also arrange to purchase shares of the Fund through financial planners or broker-dealers. Such financial planners or broker-dealers may charge investors a service fee for the service provided; bearing in mind that the investor could have acquired the Fund’s shares directly without payment of any fee. No part of any service fee will be received by the Fund.

To help the government fight the funding of terrorism and money laundering activities, the USA PATRIOT ACT of 2001 requires all financial institutions to obtain, verify, and record information that identifies each person or entity

that opens an account. Therefore, when you open an account, you will be asked for your name, address, date of birth, tax identification number and other information that will allow Volumetric Fund to identify you.

“No IRA Service Fee” Retirement Accounts:

Volumetric Fund offers various “no IRA service fee” retirement accounts for individuals, corporations (pension plans) and the self-employed.

Application forms of Traditional IRA, Roth IRA, and Simplified Employee Pension Plans (“SEP”) and other retirement plans are available from Volumetric Fund. First National Bank of Omaha (“FNBO”) acts as the “custodian” of the IRA and various other retirement accounts. To obtain application forms or receive information about retirement accounts, please contact the Fund or visit our website www.volumetric.com.

If you transfer in or invest in a Traditional, Roth or SEP IRA account, the setup and annual fees charged by the custodian will be fully waived and paid for you by Volumetric Advisers, Inc. If you close a retirement account, FNBO will charge an account maintenance and closing fee, currently $15.00; Volumetric Advisers may choose to pay this fee on behalf of a shareholder.

REDEEMING FUND SHARES

The Fund redeems its shares at the NAV next determined after the Fund receives your redemption request. Redemption requests will be processed after verification of ownership. Redemption requests to close an account may be required in writing; the Adviser has the right to determine this requirement in its sole discretion. Redemption proceeds will be sent to the account owner’s address or bank account on record.

You can redeem shares of the Fund on any business day without a redemption fee. However, to discourage market timing and frequent trading of the Fund’s shares, the Board of Directors has adopted the following policy. The Fund will assess a 2% fee if an investor redeems his/her shares within seven calendar days after a purchase. This fee will be paid directly to the Fund. Please note the management of the Fund reserves its right not to charge an investor the fee.

If the value of your account remains below the Fund’s $500 initial minimum investment for more than 90 consecutive days, you may be required to bring your account value above this minimum or be required to close your account.

You may receive redemption payments by check, ACH or federal wire transfer. The proceeds may be more or less than the purchase price of your shares, depending on the market value of the Fund’s securities at the time of your redemption. A $25 fee will be charged against a shareholder’s account for overnight check processing. A wire transfer fee of $15 is charged to defray custodial charges for redemptions paid by wire transfer. This fee is subject to change. Any charges for wire redemptions will be deducted from your account by redemption of shares.

To redeem shares from a retirement account, you may be required to complete an IRA distribution form. A $15 IRA closing fee may be imposed. This fee may be paid by the Adviser. IRA accounts are also redeemable by telephone by contacting the Fund’s transfer agent.

The Fund reserves the right to suspend redemption privileges with respect to your account if the name(s) or the address on the account has been changed within the previous 30 days. Neither the Fund, transfer agent, or their respective affiliates will be liable for complying with telephone instructions they reasonably believe to be genuine or for any loss, damage, cost or expenses in acting on such telephone instructions and you will be required to bear the risk of any such loss. The Fund or the transfer agent, or both, will employ reasonable procedures to determine that telephone instructions are genuine. If the Fund and/or the transfer agent do not employ these procedures, they may be liable to you for losses due to unauthorized or fraudulent instructions. These procedures may include, among others, requiring forms of personal identification prior to acting upon telephone instructions, providing written confirmation of the transactions and/or tape-recording telephone instructions.

Redemption payments are made no later than the third business day after the effective date of the redemption. The Fund may suspend the right of redemption or postpone the date of payment for more than three days when: (a) the New York Stock Exchange is closed, (b) trading on the New York Stock Exchange is restricted, (c) an emergency exists which makes it impractical for the Fund to either dispose of securities or make a fair determination of net asset value. There is no assurance that the net asset value received upon redemption will be greater than that paid by a shareholder upon purchase.

The Fund expects to make all redemptions in cash. However, the Fund reserves the right to pay redemption proceeds wholly or partially in portfolio securities. Payments would be made in portfolio securities only in the rare instance when the Fund's Board of Directors believes that it would be in the Fund's best interest not to pay redemption proceeds in cash. These redemption payment methods may be used in regular and stressed market conditions.

Telephone and Internet Transactions:

Telephone and internet transactions are extremely convenient but are not free from risk. Volumetric Fund, Inc. and Volumetric Advisers, Inc. will not be responsible for any losses resulting from unauthorized telephone or internet transactions, if reasonable security procedures are followed. Telephone conversations may be recorded or monitored for verification and recordkeeping purposes. You should verify the accuracy of your account statement immediately upon receipt.

DIVIDENDS AND DISTRIBUTIONS

The Fund intends to qualify annually as a “Regulated Investment Company” (“RIC”) under the Internal Revenue Code. Qualified investment companies, such as most mutual funds, are exempt from Federal income taxes. In order to qualify as a RIC, the Fund will distribute annually to its shareholders substantially all of its net investment income and net capital gains in the form of dividends and capital gain distributions.

When you open an account, you will make an election to receive dividends and distributions in cash or to reinvest them in additional shares of the Fund. You may change this election by notifying the Fund at any time prior to the record date for a dividend or distribution. The Fund declares dividends and capital gain distributions to shareholders of record annually, typically in December.

The Fund may be required to withhold and remit to the U.S. Treasury a portion of any dividends, capital gains distributions and redemption proceeds paid to any individual or certain other non-corporate shareholder (i) who has failed to provide a correct taxpayer identification number on the Account Application; (ii) who is subject to backup withholding as notified by the IRS; or (iii) who has not certified to the Fund that such shareholder is not subject to backup withholding.

TAX CONSEQUENCES

The Fund intends to make distributions that may be taxed as ordinary income and capital gains. The Fund’s distributions, whether received in cash or reinvested in additional shares of the Fund, may be subject to tax. Dividends paid by the Fund from net investment income or distributions from short-term net capital gains are taxable to shareholders as ordinary income. Distributions of long-term capital gains are taxable as long-term capital gains. Distributions of capital gains are taxable to shareholders, regardless of the length of time Fund shares have been owned by the shareholder. A shareholder will be treated for tax purposes as having received the dividend when it is declared and not when it is paid. Dividends and capital gain distributions may be subject to state and local taxes.

Additional information concerning the taxation of the Fund and its shareholders is contained in the SAI. Shareholders are urged to consult with their own tax advisors for further information.

FINANCIAL HIGHLIGHTS

The Financial Highlights are intended to help you understand the Fund’s financial performance for the past five years. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). The Financial Highlights have been audited by Cohen & Company, Ltd., independent registered public accounting firm, whose report, along with Fund’s financial statements, are included in the Annual Report. The years prior to 2023 were audited by BBD, LLP, the Fund's prior independent registered public accounting firm. Annual reports are available for free upon request by contacting Volumetric Fund at 800-541-FUND or visiting our website: www.volumetric.com.

FINANCIAL HIGHLIGHTS (Audited)

(for a share outstanding throughout each year)

*Years ended December 31*	2023	2022	2021	2020	2019
Net asset value, beginning of year	$20.67	$25.43	$23.32	$21.41	$18.42
Income (loss) from investment operations:
Net investment gain (loss)	0.00*	(0.07)	(0.17)	(0.12)	(0.03)
Net realized and change in unrealized
gain (loss) on investments	2.60	(3.56)	4.32	2.27	3.74
Total from investment operations	2.60	(3.63)	4.15	2.15	3.71
Less distributions from:
Net investment income	0.00*	0.00	0.00	0.00	0.00
Net realized gains	(0.74)	(1.13)	(2.04)	(0.24)	(0.72)
Total distribution	(0.74)	(1.13)	(2.04)	(0.24)	(0.72)
Net asset value, end of year	$22.53	$20.67	$25.43	$23.32	$21.41
Total return	12.56%	(14.25%)	17.78%	10.05%	20.13%

Ratios and Supplemental Data:
Net assets, end of year (in thousands)	$37,266	$36,316	$43,330	$37,866	$35,178
Ratio of expenses to average net assets	1.90%	1.89%	1.89%	1.91%	1.90%
Ratio of net investment income (loss) to average net assets	0.00%**	(0.31%)	(0.67%)	(0.58%)	(0.17%)
Portfolio turnover rate	62%	67%	34%	36%	60%

*Amount represents less than $0.01;**Amount represents less than 0.01%

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.

Investment Adviser

Volumetric Advisers, Inc.

87 Violet Drive

Pearl River, New York 10965

845-623-7637 / 800-541-FUND

www.volumetric.com

info@volumetric.com

Transfer Agent

Ultimus Fund Solutions, LLC

Cincinnati, Ohio 45246

Distributor

Ultimus Fund Distributors, LLC

Cincinnati, OH 45246

Custodian

US Bank

Milwaukee, WI 53212

Independent Registered Public Accounting Firm

Cohen & Company, Ltd.

Philadelphia, Pennsylvania 19103

Board of Directors

Jeffrey 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 Gibs – Chief Executive Officer, President, Portfolio Manager, CCO

Vincent Arscott – Vice President, Portfolio Manager

For more information about the Fund, the

following documents are available free

upon request.

Statement of Additional Information (“SAI”)

The SAI provides more detailed information about the Fund, including its operations and investments' policies. It is incorporated by reference and is legally considered a part of this prospectus.

Annual/Semi Annual Reports

The Fund’s Annual and Semi-Annual Reports to shareholders contain additional information on the Fund’s investments. In the Fund’s Annual Report, you will find management’s discussion of investment strategies that significantly affected the Fund’s performance during its last fiscal year.

You can obtain free copies of these documents of Volumetric Fund or request other information about the Fund by contacting:

Volumetric Fund, Inc.

87 Violet Drive, Pearl River, NY 10965

Telephone: 800-541-FUND (800-541-3863)

Website: www.volumetric.com

E-mail: info@volumetric.com

Ticker symbol: VOLMX

The Fund will send the requested document within 3 business days of receipt of the request.

Reports and other information about the Fund are available for free on the SEC’s website: www.sec.gov. Copies of this information may be obtained, upon payment of a duplicating fee, by email at: publicinfo@sec.gov.

Investment Company Act File No. 811-04643

April 22, 2024

STATEMENT OF ADDITIONAL INFORMATION

VOLUMETRIC FUND, INC.

Ticker: VOLMX

This Statement of Additional Information (“SAI”) is not a prospectus. It should be read in conjunction with the Fund’s Prospectus dated April 22, 2024. This SAI is incorporated by reference into the Fund’s Prospectus. Portions of the Fund’s Annual Report to shareholders are incorporated by reference into this SAI. A free copy of the Prospectus and Annual Report may be obtained by contacting the Fund at:

Volumetric Fund, Inc.

87 Violet Drive

Pearl River, New York 10965

Phone: 800-541-3863 or 845-623-7637

Email: info@volumetric.com

Website: www.volumetric.com

TABLE OF CONTENTS

*CONTENT*	*PAGE*
*Fund History*	2
*Description of the Fund and its Investments and Risks*	2
Fund Policies	4
Disclosure of Portfolio Holdings	5
Management of the Fund	5
Code of Ethics	10
Proxy Voting Policy	10
Control Persons and Principal Holders of Securities	11
Investment Advisory and Other Services	11
Portfolio Managers	13
Brokerage Allocation	13
Capital Stock	14
Purchase, Redemption and Pricing of Securities	14
Taxation of the Fund	14
Underwriters	14
Financial Statements	14

FUND HISTORY

Volumetric Fund, Inc. (the “Fund”) -- formerly named The Volumetric Investment Society -- was founded in August of 1978 by Mr. Gabriel J. Gibs, as a private investment partnership for his friends, relatives, and associates. At that time, he had worked as a chemist for Lonza, Inc., a large multinational chemical firm, where some of his co-workers encouraged him to start the Fund. The Fund started its operations on September 1, 1978, with 19 charter shareholders and with net assets of $17,712, and an initial offering price of $10.00 per share.

The Fund’s name was changed from the Volumetric Investment Society to Volumetric Fund, Inc. on June 15, 1986. It was incorporated under the laws of the State of New York on July 25, 1986, after, at the Annual Meeting the shareholders approved the reorganization. The Fund has been open to the general public since September 3, 1987.

DESCRIPTION OF THE FUND AND ITS INVESTMENTS AND RISKS

The Fund is an open-end diversified mutual fund. The Fund’s investment objective is capital growth. Its secondary objective is downside protection.

The principal investment strategies and the principal risks are described in the Prospectus.

The Fund’s share price will fluctuate. You could lose money on your investment in the Fund and the Fund could also return less than other investments. The Fund is subject to principal risks, which are outlined in the Prospectus. This section contains information regarding some of the additional investments, and related risks, the Fund may make and some of the investment techniques it may use.

Foreign Securities. The Fund may invest in foreign securities, either directly or indirectly through depositary receipts, including American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and other similar instruments. Generally, ADRs, in registered form, are denominated in U.S. dollars and are designed for use in the U.S. securities markets, while GDRs, in bearer form, may be denominated in other currencies and are designed for use in multiple foreign securities markets. ADRs are receipts typically issued by a U.S. bank or trust company evidencing ownership of the underlying securities. GDRs are foreign receipts evidencing a similar arrangement. For purposes of the Fund’s investment policies, ADRs and GDRs are deemed to have the same classification as the underlying securities they represent, except that ADRs and GDRs shall be treated as indirect foreign investments. For example, an ADR or GDR representing ownership of common stock will be treated as common stock. Depositary receipts do not eliminate all of the risks associated with direct investment in the securities of foreign issuers.

ADRs are denominated in U.S. dollars and represent an interest in the right to receive securities of foreign issuers deposited in a U.S. bank or correspondent bank. ADRs do not eliminate all risk inherent in investing in the securities of foreign issuers. However, by investing in ADRs rather than directly in equity securities of foreign issuers, the Fund will avoid currency risks during the settlement period for either purchases or sales. GDRs are not necessarily denominated in the same currency as the underlying securities which they represent.

Depositary receipt facilities may be established as either “unsponsored” or “sponsored.” While depositary receipts issued under these two types of facilities are in some respects similar, there are distinctions between them relating to the rights and obligations of depositary receipt holders and the practices of market participants.

A depositary may establish an unsponsored facility without participation by (or even necessarily the permission of) the issuer of the deposited securities, although typically the depositary requests a letter of non-objection from such issuer prior to the establishment of the facility. Holders of unsponsored depositary receipts generally bear all the costs of such facility. The depositary usually charges fees upon the deposit and withdrawal of the deposited securities, the conversion of dividends into U.S. dollars, the disposition of non-cash distributions, and the performance of other services. The depositary of an unsponsored facility frequently is under no obligation to pass through voting rights to depositary receipt holders in respect of the deposited securities. In addition, an unsponsored facility is generally not obligated to distribute communications received from the issuer of the deposited securities

or to disclose material information about such issuer in the U.S. and there may not be a correlation between such information and the market value of the depositary receipts.

Sponsored depositary receipt facilities are created in generally the same manner as unsponsored facilities, except that the issuer of the deposited securities enters into a deposit agreement with the depositary. The deposit agreement sets out the rights and responsibilities of the issuer, the depositary, and the depositary receipt holders. With sponsored facilities, the issuer of the deposited securities generally will bear some of the costs relating to the facility (such as dividend payment fees of the depositary), although depositary receipt holders continue to bear certain other costs (such as deposit and withdrawal fees). Under the terms of most sponsored arrangements, depositaries agree to distribute notices of shareholder meetings and voting instructions, and to provide shareholder communications and other information to the depositary receipt holders at the request of the issuer of the deposited securities.

Other foreign securities may be denominated in U.S. dollars and trade on domestic stock exchanges. Foreign investments can involve significant risks in addition to the risks inherent in U.S. investments. Securities of foreign companies may experience more rapid and extreme changes in value than securities of U.S. companies because a limited number of companies represent a small number of industries. Many foreign countries lack uniform accounting and disclosure standards comparable to those applicable to U.S. companies, and it may be more difficult to obtain reliable information regarding an issuer’s financial condition and operations. When the Fund invests in ADRs or other U.S. dollar-denominated foreign securities, it generally will not be subject to currency risk.

Investing abroad also involves different political and economic risks. Foreign investments may be affected by actions of foreign governments adverse to the interests of U.S. investors, including the possibility of expropriation or nationalization of assets, confiscatory taxation, restrictions on U.S. investment or on the ability to repatriate assets or convert currency into U.S. dollars, or other government intervention. There may be a greater possibility of default by foreign governments or foreign government-sponsored enterprises. Investments in foreign countries also involve a risk of local political, economic or social instability, military action or unrest, or adverse diplomatic developments. There is no assurance that the Adviser will be able to anticipate or counter these potential events and their impacts on the Fund’s share price.

Small Cap Companies. The Fund may invest in small-cap stocks with annual revenues over $1 billion. There is a risk that stocks of smaller companies may be subject to more volatility than stocks of larger more established companies. Small companies may have limited product lines or financial resources, or may be dependent upon a small or inexperienced management group. In addition, small cap stocks are typically less liquid, trade in lower volumes, and more sensitive to changes in the issuer’s earnings and prospects.

U.S. Government Obligations. The Fund may invest in U.S. Government obligations, which include securities which are issued or guaranteed by the United States Treasury, by various agencies of the United States Government, and by various instrumentalities which have been established or sponsored by the United States Government. U.S. Treasury obligations are backed by the “full faith and credit” of the United States Government. U.S. Treasury obligations include Treasury bills, Treasury notes, and Treasury bonds. U.S. Treasury obligations also include the separate principal and interest components of U.S. Treasury obligations which are traded under the Separate Trading of Registered Interest and Principal of Securities (“STRIPS”) program. Agencies or instrumentalities established by the United States Government include the Federal Home Loan Banks, the Federal Land Bank, the Government National Mortgage Association, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Student Loan Marketing Association, the Small Business Administration, the Bank for Cooperatives, the Federal Intermediate Credit Bank, the Federal Financing Bank, the Federal Farm Credit Banks, the Federal Agricultural Mortgage Corporation, the Resolution Funding Corporation, the Financing Corporation of America and the Tennessee Valley Authority. Some of these securities are supported by the full faith and credit of the United States Government while others are supported only by the credit of the agency or instrumentality, which may include the right of the issuer to borrow from the United States Treasury. In the case of securities not backed by the full faith and credit of the United States, the investor must look principally to the agency issuing or guaranteeing the obligation for ultimate repayment, and may not be able to assert a claim against the United States in the event the agency or instrumentality does not meet its commitments. Shares of the Funds are not guaranteed or backed by the United States Government.

STRIPS are U.S. Treasury bills, notes and bonds that have been issued without interest coupons or stripped of their unmatured interest coupons, interest coupons that have been stripped from such U.S. Treasury securities, and receipts or certificates

representing interests in such stripped U.S. Treasury securities and coupons. A STRIP security pays no interest in cash to its holder during its life although interest is accrued for federal income tax purposes. Its value to an investor consists of the difference between its face value at the time of maturity and the price for which it was acquired, which is generally an amount significantly less than its face value. Investing in STRIPS may help to preserve capital during periods of declining interest rates.

STRIPS do not entitle the holder to any periodic payments of interest prior to maturity. Accordingly, such securities usually trade at a deep discount from their face or par value and will be subject to greater fluctuations of market value in response to changing interest rates than debt obligations of comparable maturities which make periodic distributions of interest. On the other hand, because there are no periodic interest payments to be reinvested prior to maturity, STRIPS eliminate the reinvestment risk and lock in a rate of return to maturity. Current federal tax law requires that a holder of a STRIP security accrue a portion of the discount at which the security was purchased as income each year even though the Fund received no interest payment in cash on the security during the year.

FUND POLICIES

A.Fundamental. The investment limitations described below have been adopted by the Board of Directors with respect to the Fund and are fundamental (i.e., they may not be changed without the affirmative vote of a majority of the outstanding shares of the Fund). As used in the Prospectus and this SAI, the term “majority of the outstanding shares” of the Fund means the lesser of (1) 67% or more of the outstanding shares of the Fund present at a meeting, if the holders of more than 50% of the outstanding shares of the Fund are present or represented at such meeting; or (2) more than 50% of the outstanding shares of the Fund.

(1)The Fund will not issue debt securities.

(2)The Fund cannot borrow money except as a temporary emergency measure and not exceeding 10% of its total assets. The Fund may not purchase additional securities while borrowings exceed 5% of the value of its total assets.

(3)The Fund will not underwrite securities of other issuers, except when purchasing or selling portfolio securities.

(4)The Fund will not purchase or sell commodities, real estate or non-financial assets.

(5)The Fund will not make loans.

(6)The Fund will not invest more than 5% of its assets in the securities of any one issuer. However, United States government securities, index related securities, such as S&P 500 Index Trust, NASDAQ 100 Trust and various exchange-traded funds (ETFs) are excluded from this requirement.

(7)The Fund will not invest more than 20% of its assets in any single industry.

(8)The Fund will not purchase more than 5% of any class of securities of any one issuer or invest for the purpose of exercising control of the issuer’s management.

(9)The Fund will not invest more than 5% of its total assets in the securities of other investment companies. This does not include anything that is deemed a money market fund or equivalent.

(10)The Fund will not invest in securities for which there exists no readily available market or for which there are legal or contractual restrictions on resale.

(11)The Fund typically invests in a broadly diversified portfolio of large and mid-cap domestic stocks; although its portfolio may also contain small-cap stocks with annual revenues over $1 billion.

(12)The Fund will not purchase securities on margin.

(13)The Fund will not invest more than 15% of its net assets, in S&P 500 based ETFs or equivalents.

B.Non-Fundamental. The following limitations have been adopted by the Board of Directors with respect to the Fund and are non-fundamental (i.e., they are other investment practices that may be changed by the Board without the approval of shareholders to the extent permitted by applicable law, regulation or regulatory policy).

(1)The Fund will not sell any security short or engage in the purchase of call, put or other options.

DISCLOSURE OF PORTFOLIO HOLDINGS

The Fund intends to publicly disclose all of its portfolio holdings quarterly within 60 days after each quarter-end. The Fund’s management intends to publicly disclose all portfolio holdings with a delay of at least 15 days after each quarter-end to facilitate timely release of information to rating agencies such as Lipper, Inc., Morningstar, Inc., Bloomberg L.P. and others. The Fund does not make selective non-public disclosures of portfolio holdings to third parties. Furthermore, the Fund may publicly disclose its top ten holdings along with their percentages, on a monthly basis, after a minimum of a 3-day delay, on the Fund's website www.volumetric.com, “Fact Sheet” report, and other reports.

The policy and procedures generally prohibit the disclosure of the Fund's portfolio schedule until it has been made available to the public through regulatory filing with the Securities and Exchange Commission ("SEC") or posted to the Fund's website. The Fund's complete portfolio holdings are made available to the public on a quarterly basis generally no later than 60 days after the end of each calendar quarter end. A detailed portfolio is reported in the annual, semi-annual, and quarterly N-PORT-P filings to the SEC. These reports can be found on the Fund's website at www.volumetric.com or by visiting www.sec.gov.

The Fund also may disclose its complete portfolio holdings, on a daily basis and without a time lag to the Fund’s custodian, independent registered public accountant, transfer agent, brokers, and any other necessary service providers who require such information to perform their contractual duties and responsibilities to the Fund. The Fund may also disclose its complete holdings to Directors and to the Chief Compliance Officer (“CCO”) of the Fund at the Board of Directors (“Board”) meetings for discussing the Fund’s performance and portfolio. In addition, complete portfolio holdings information may be provided to the Fund's independent registered public accounting firm (the "Auditor"), for purposes of preparing the annual audit of the Fund and related shareholder reports. The service providers and the Auditor are subject to duties of confidentiality, including a duty not to trade on non-public information, whether by contract, applicable law, or relevant accounting standards. The Fund's Chief Compliance Officer periodically may request that the service providers confirm their compliance with these restrictions.

Neither the Fund nor the Adviser receives any compensation or other consideration for the disclosure of the Fund's portfolio holdings.

Only executive officers of the Fund, subject to the Board's oversight, may authorize disclosure of the Fund's portfolio securities. The Fund has adopted policies and procedures that are designed to ensure that disclosure of the information regarding portfolio holdings is in the best interest of the Fund's shareholders, including addressing any conflicts of interest between the interest of the Fund's shareholders and that of the Adviser, and any affiliated persons thereof. The Fund's Chief Compliance Officer, at least annually, reports to the Board regarding these policies and procedures and their application.

MANAGEMENT OF THE FUND

The Fund’s every day operations are managed by the Fund’s adviser and the Fund’s officers. Major policy decisions must be approved by the Board of Directors. The number of directors is currently set at nine. The Board must approve any change in the number of directors.

The Fund’s Interested and Independent Directors and their occupations in the past five years are shown in the following table:

Name, Address and Age**	Position(s) Held with Fund	Term of Office and Length of Time Served	Principal Occupations During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Director	Other Director- ships Held by Director during Past Five Years
Interested Directors and Officers
Jeffrey Gibs Age: 57	CEO, President, Portfolio Manager, Chief Compliance Officer and Director (7)	Annually since 2018	Chief Executive Officer since 2022, President and Portfolio Manager since 2016 (Titled Co-Portfolio Manager 2016 to 2021) and CCO since 2005. Jeffrey was Executive Vice President from 2015 to 2016 and Vice President from 1997 to 2015. He had worked as a consultant to the Fund since 1989. Additionally, since 1988, Mr. Gibs has been employed in the financial services industry which included roles as Vice President and other management positions for several financial institutions. Jeffrey is President of Volumetric Advisers, Inc.	1	None
Irene J. Zawitkowski Age: 71	Chair, Director (6)	Annually since 1978	Chair since 2018. CEO and Portfolio Manager from 2016 to 2022. Ms. Zawitkowski was President and Portfolio Co-Manager from 2003 to 2016 and Executive Vice President of the Fund from inception of the Fund to 2003. Ms. Zawitkowski was also Executive Vice President of Volumetric Advisers, Inc. until 2022.	1	None
Independent Directors
Josef Haupl Age: 79	Director (1)	Annually since 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	None
Alexandre M. Olbrecht, PhD. Age 45	Director (3)	Annually since 2012	Professor of Economics, Anisfield School of Business at Ramapo College of New Jersey, since 2005. Executive Director of the Eastern Economic Association. He was elected by the Board as the Fund’s Vice Financial Expert.	1	None
Cornelius O’Sullivan Age 55	Director (3)	Annually since 2017	Proprietor of Neil T. O’Sullivan, CPA since 2009. Previously Partner, Cherian, O’Sullivan & Tatapudy, LLP, certified public accountants (“CPA”), since 2003. Mr. O’Sullivan started his accounting career with Ernst & Young, LLP certified public accountants.	1	None
Stephen J. Samitt Age: 82	Director (1)(4)	Annually since 1996	Principal at Stephen Samitt - Tax Preparation, since 2024; Previously a Principal at Stephen Samitt, CPA, LLC from 2008-2023, and 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	None
Allan A. Samuels Age: 86	Director (2) (5)	Annually since 2007	CEO and President of Rockland Business Association (RBA) since 2001. He is also Board member of several non-profit and business organizations.	1	None
Raymond W. Sheridan Age: 73	Director (2)	Annually since 1995	President, Raymond Sheridan Financial, Inc., insurance and financial services since 2002. Mr. Sheridan was Vice President and Treasurer of the Fund between 1997 and 2005.	1	None
Stacey S. Yanosy Age: 55	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	None

Name, Address** and Age

Position(s)

Held with

Fund

Term of

Office and

Length of

Time

Served

Principal Occupations During Past 5 Years

Number of

Portfolios in

Fund

Complex

Overseen

by Director

Other

Director-

ships Held

by Director

during Past

Five Years

Officers

Vincent D. Arscott

Age: 59

Vice President, Portfolio Manager, and Secretary

Since 2022

Portfolio Manager since 2023 and Vice President since 2022 for Volumetric Fund, Inc. His previous employment includes Kroll Bond Rating Agency, Inc., as a Senior Analyst (2016 to 2020) and the Federal Deposit Insurance Corporation (FDIC) as a Senior Complex Financial Institutions Specialist (2014 to 2016). He is a Chartered Financial Analyst (“CFA”) and Vice President of Volumetric Advisers, Inc.

None

(1) Member of the Governance & Nominating Committee.; (2) Co-Chair of the Governance & Nominating Committee.; (3) Member of the Audit Committee.; (4) Chairman of the Audit Committee. (5) Lead Independent Director. (6) Interested Director, former employee and former owner of Volumetric Advisers Inc; (7) Interested Director, employee and owner of Volumetric Advisers Inc.

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

LEADERSHIP STRUCTURE AND DIRECTOR QUALIFICATIONS

Board Committees

The Board has an Audit Committee and a Governance & Nominating Committee, each consisting entirely of Independent Directors.

The Audit Committee includes four Independent Directors: (i) Stephen Samitt (Chair and the Audit Committee’s Financial Expert), (ii) Alexandre Olbrecht, (Audit Committee’ Vice-Financial Expert), (iii) Cornelius O’Sullivan and (iv) Stacey Yanosy. The Audit Committee is primarily responsible for recommending the selection of the independent registered public accounting firm to the Board; receiving, reviewing, and keeping the Board informed about the shareholder reports, including the annual shareholder report; and such other matters that may warrant attention.

The Governance & Nominating Committee includes four Independent Directors: (i) Allan Samuels (Co-Chair), (ii) Raymond Sheridan (Co-Chair), (iii) Stephen Samitt and (iv) Josef Haupl. The Governance & Nominating Committee is primarily responsible for the oversight of the Board of Directors and making Director nominations to the Board.

Allan Samuels is the Fund’s Lead Independent Director.

The risk oversight of the Fund is addressed at Board meetings. The full Board of Directors and Independent Directors met in executive session four times in the last fiscal year. In addition, the Audit Committee met twice, and the Governance & Nominating Committee met once during the last fiscal year.

Shareholders may nominate a director for the Board. Any recommendation may be made to either Governance & Nominating Committee or any other member of the Board.

Director Qualifications

The Governance & Nominating Committee reviews the experience, qualifications, attributes and skills of potential candidates for nomination or election by the Board. In evaluating a candidate for nomination or election as a Director, the Committee takes into account the contribution that the candidate would be expected to make to the diverse mix of experience, qualifications, attributes and skills that the Committee believes contribute to good governance for the Fund. The Board has concluded, based on each Director’s experience, qualifications, attributes or skills on an individual basis and in combination with the other Directors, that each Director is qualified to serve on the Board. The Board believes that the Directors’ ability to review critically, evaluate, question and discuss information provided to them, to interact effectively with the Advisor, other service providers, legal counsel and the independent registered public accounting firm, and to exercise effective business judgment in the performance of their duties as Directors support this conclusion. In determining that a particular Director is and will continue to be qualified to serve as a Director, the Board considers a variety of criteria, none of which, in isolation, is controlling.

Jeffrey Gibs - Mr. Gibs has served as Director of the Fund since 2018. Mr. Gibs also serves as Chief Executive Officer, President, Treasurer, Portfolio Manager and Chief Compliance Officer of the Fund and is President and a control person of the Adviser. Mr. Gibs has also previously served in a variety of other roles for the Fund, including as Executive Vice President, Vice President, and as a consultant. Mr. Gibs began his investment industry career in 1988 with Chase Manhattan Bank in the global custody area of the U.S. Private Banking Division. Mr. Gibs also worked at various investment firms, and most recently at US Bank as a Vice President of Hedge Fund Accounting and Operations. He attended Monmouth University, where he earned a B.S. degree in Business with concentration in Computer Systems. Mr. Gibs’ extensive experience in the investment industry, including as an employee of the Adviser, adds depth and understanding to the Board’s consideration of the Director's obligations to the Fund and shareholders.

Irene J. Zawitkowski - Ms. Zawitkowski has served as a Director of the Fund since 1978 and has been the Chair of the Board, since 2018. She was the Chief Executive Officer (2016 to 2022) and Portfolio Manager (2003 to 2022) for the Fund. Ms. Zawitkowski has served in other various capacities since the Fund’s inception, including as President, Co-Portfolio Manager and Executive Vice President. Ms. Zawitkowski was Executive Vice President and a control person of the Adviser until 2022. Prior to her tenure with the Adviser and the Fund, Ms. Zawitkowski was an accounting supervisor for Lonza, Inc. She has a B.S. in Accounting and an MBA in Finance from Fairleigh Dickinson University. Ms. Zawitkowski’s experience in finance and portfolio management, including as an original employee of the Adviser, adds depth and understanding to the Board’s consideration of the Director's obligations to the Fund and shareholders.

Josef Haupl - Mr. Haupl has served as a Director of the Fund since 2004. He has worked as an Engineering Consultant in the chemical industry since 2002. Previously, Mr. Haupl was the Director of Technology for Lurgi PSI, an engineering and construction services company for the chemical industry. Mr. Haupl has participated on the Board since 2004 and

has significant knowledge of the Fund and Adviser. He holds an MBA from Fairleigh Dickinson University (1997), and an Engineering Diploma (FH) at Ingenieur Schule in Aalen, Germany (1988).

Alexandre M. Olbrecht - Dr. Olbrecht has served as a Director of the Fund since 2012 and is the Audit Committee Vice-Financial Expert. He is a Professor of Economics at Ramapo College of New Jersey, a position he has held since 2005. He is also the Executive Director of the Eastern Economic Association, a not-for-profit corporation whose objective is to promote educational and scholarly exchange on economic affairs. Dr. Olbrecht holds a B.S. from Lehigh University and a M.A. and Ph.D., from the State University of New York at Binghamton. Dr. Olbrecht’s experience in finance and economics adds depth and understanding to the Board’s consideration of the Director's obligations to the Fund and shareholders.

Cornelius O’Sullivan - Mr. O’Sullivan has served as a Director of the Fund since 2017. He is the proprietor for the public accounting firm of Neil T. O’Sullivan, a position he has held since 2009. Previously, Mr. O’Sullivan was a partner at the public accounting firm of Cherian, O’Sullivan & Tatapudy, LLP, and began his career as an accountant for Ernst & Young, LLP.. Mr. O’Sullivan received his B.S. in accounting from Manhattan College in 1990 and has been a licensed CPA since 1996. Mr. O’Sullivan’s knowledge and experience as a certified public accountant (“CPA”) brings unique tax and financial expertise to the Board.

Stephen J. Samitt - Mr. Samitt has served as a Director of the Fund since 1996 and is Chair of the Audit Committee. Mr. Samitt is a principal at the firm Stephen Samitt - Tax Preparation, since 2024; Previously he was a principal at Stephen Samitt, CPA, LLC, from 2008 to 2023; additionally, he was a principal at the public accounting firm of Briggs Bunting & Dougherty, LLP and a Partner at the accounting firm of Tait, Weller & Baker. His knowledge and experience as a CPA brings unique tax and financial expertise to the Board and is designated the Fund's financial expert.

Allan A. Samuels - Mr. Samuels has served as a Director of the Fund since 2007 and is Co-Chair of the Governance & Nominating Committee. He is the President and CEO of Rockland Business Association, a non-profit organization. He has significant board member experience as a director for several non-profit and business organizations. Mr. Samuels’s experience in growing businesses and as a community leader, adds depth and understanding to the Board’s consideration of the Director's obligations to the Fund and shareholders.

Raymond W. Sheridan - Mr. Sheridan has served as a Director of the Fund since 1995 and is Co-Chair of the Governance & Nominating Committee. He is the President of Raymond Sheridan Financial, Inc., an insurance and financial services firm since 2002. Previously, Mr. Sheridan was Vice President and Treasurer of the Fund between 1997 and 2005. Mr. Sheridan's experience in financial services and his knowledge and understanding about the Fund and the Adviser, adds depth and understanding to the Board's consideration of the Director's obligations to the Fund and shareholders. He graduated with a Business Administration Degree from Pace University in 1973.

Stacey S. Yanosy - Ms. Yanosy has served as a Director of the Fund since 2022. Ms. Yanosy is the Member Development Officer at Affinity Federal Credit Union, a position she has held since 2019, Previously, she was a Banker at People’s United Bank (2017 to 2019) and the Branch Manager at Palisades Federal Credit Union (2009 to 2017). Ms. Yanosy brings over 20 years of finance and banking industry experience to the Funds Board. She received her B.A. in economics from Penn State University. Ms. Yanosy’s experience in financial services and banking, adds depth and understanding to the Board’s consideration of the Director's obligations to the Fund and shareholders.

The table below sets forth the aggregate dollar range of shares owned beneficially by each Director of the Fund as of the most recent fiscal year end, December 31, 2023. The dollar ranges are: $1 - $10,000; $10,001 - $50,000; $50,001 - $100,000; or over $100,000.

Name of Director	Dollar Range of Equity Securities in the Fund	Aggregate Dollar Range of Equity Securities in All Registered Investment Companies Overseen by Director in Family of Investment Companies
Jeffrey Gibs	Over $100,000	Over $100,000
Irene J. Zawitkowski	Over $100,000	Over $100,000
Josef Haupl	Over $100,000	Over $100,000
Alexandre M Olbrecht, PhD.	$10,001 to $50,000	$10,001 to $50,000
Cornelius T. O’Sullivan	$10,001 to $50,000	$10,001 to $50,000
Stephen J. Samitt	Over $100,000	Over $100,000
Allan A. Samuels	$50,001 to $100,000	$50,001 to $100,000
Raymond W. Sheridan	Over $100,000	Over $100,000
Stacey S. Yanosy	$1 to $10,000	$1 to $10,000

No officers or directors of the Fund received any compensation from the Fund, but are compensated by the Adviser for serving on the Board. The amount of such fees is subject to increase or decrease at any time.

Directors receive a meeting fee of $250 for each board and committee meeting they attend. However, Directors receive an additional $160 for attending the Annual Meeting. The Chair of each Committee receives $375 per meeting. The Financial Expert receives an annual fee of $1,200. Total fees paid to Independent Directors were $16,570 during the fiscal year ended December 31, 2023. Director fees and compensation of all officers are paid by the Adviser.

CODE OF ETHICS

The Fund, the Adviser and the Distributor have each adopted codes of ethics (each a “Code”) under Rule 17j-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) which governs the personal trading activities of all “Access Persons”. Access Persons generally include all officers and interested directors of the Fund and those of the Adviser. The Code is based upon the principle that the Access Persons have the fiduciary duty to place the interest of Fund’s shareholders above their own. Under each Code, the Directors are permitted to invest in securities that may also be purchased by the Fund.

The Code permits Access Persons to buy and sell securities for their own accounts, including securities that may be purchased or held by the Fund, subject to certain exceptions. The Code requires all Access Persons to report personal security holdings and personal securities transactions regularly. The Code requires Access Persons, who are investment personnel, to pre-clear most of their personal securities transactions.

PROXY VOTING POLICY

The Board of Directors of Volumetric Fund, Inc. has adopted a proxy voting policy and procedure that delegates the authority to vote proxies to the Chair of the Board and President of the Fund, subject to the supervision of the Board of Directors. The proxy voting policy generally provides that proxy voting will be decided on by a case-by-case basis, with the intention being to vote all proxies in the best interest of the Fund’s shareholders.

The following guidelines summarize the policy in routine issues of proxies. Accordingly, the voting generally will support the management’s slate of directors of the company being voted upon. Regarding the selection of independent auditors of the company being voted upon, the voting as a general rule, will support the management’s choice of auditors. All other non-routine issues will be voted on a case-by-case basis in the best interest of Fund shareholders.

In situations where there is a conflict of interest, or apparent conflict with the Fund, the vote will be based upon the recommendation of the majority of the Fund’s Independent Directors.

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. This filing is available without charge, upon request, by calling the Fund toll-free (800) 541-3863 and on the SEC’s website at www.sec.gov. The Fund will provide the Form N-PX information within three business days of the request.

CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES

A principal shareholder is any person who owns (either of record or beneficially) 5% or more of the outstanding shares of a fund. A person who beneficially owns, either directly or indirectly, more than 25% of the voting securities of a fund is presumed to be a control person of the fund.

There are no controlling person as of March 31, 2024, that own or control more than 25% of the shares outstanding of the Fund.

The following table shows the only persons known to own beneficially (as determined in accordance with Rule 13d-3 under the 1934 Act) 5% or more of the outstanding shares of the Fund as of March 31, 2024.

Name and Address

% Ownership

Type of Ownership

Interactive Brokers LLC

2 Pickwick Plaza

Greenwich, CT 06830

7.56%

Record

M. Moshier

87 Violet Drive

Pearl River, NY 10965

8.33%

Record

Management ownership, as of March 31, 2024, includes directors and their immediate family members, such as their spouses and minors, beneficially owned 167,287.776 shares or 10.20% of the outstanding shares of the Fund.

INVESTMENT ADVISORY AND OTHER SERVICES

Volumetric Advisers, Inc. is the investment adviser of Volumetric Fund, Inc., 87 Violet Drive, Pearl River, New York, 10965, pursuant to the Investment Advisory Agreement (the “Agreement”) between the Fund and the Adviser, dated February 1, 2024 (the “Effective Date”). The Board at its December 6, 2023, meeting, approved the Agreement, the terms of which were identical to the prior investment advisory agreement, with only the term updated. The Adviser is registered with the Securities and Exchange Commission pursuant to the Investment Advisers Act of 1940, as amended. The Adviser was incorporated in New York in 1983.

The Agnes Gibs Revocable Trust dated 11/15/17 is considered a controlling person of the Adviser. Agnes Gibs is the trustee of The Agnes Gibs Revocable Trust dated 11/15/17 and surviving wife of Founder Gabriel Gibs.

The following are affiliated persons with both the Adviser and the Fund, in their respective capacity: Irene Zawitkowski is Chair of the Fund, former CEO and former Portfolio Manager of Volumetric Fund and former Executive Vice President and former partial owner of the Adviser; Jeffrey Gibs is Chief Executive Officer, President, Portfolio Manager and Chief Compliance Officer of the Fund and President and partial owner of the Adviser. Jeffrey Gibs is the son of Agnes and Gabriel Gibs. Agnes Gibs, the wife of Gabriel Gibs, is strictly an owner of the Adviser and is not involved with the day to day activity of the Fund.

The fee received by the Adviser is detailed in the Prospectus. The Adviser’s fee is a unitary fee such that it includes most Fund expenses, exclusive of interest, taxes, brokerage commissions and extraordinary expenses, and does not exceed 2.0%. The daily management fee is calculated each day and deducted from total assets, as an accrued expense, to obtain net assets. The management fee is paid to the Adviser monthly. The daily management fee is determined by multiplying the Fund’s net assets by the appropriate rate, currently 1.90%, and dividing the resulting number by the number of calendar days of the year. Performance of the Fund does not affect the fee paid to the Adviser.

Management fees paid by the Fund to the Adviser for the past three years were as follows:

2023

$ 687,306

2022	$ 732,751
2021	$ 771,533

The Agreement was approved by the Board of Directors (including the affirmative vote of all Directors who were not parties to the Agreement or interested persons of any such party) on December 6, 2023. The Agreement may be terminated without penalty within 60 days upon written notice by a vote of the majority of the Fund’s Board of Directors, or by the Adviser or by Holders of a majority of the Fund’s outstanding shares. The Agreement remained in effect for two years from it’s last approval of shareholders on April 22, 2022 and must now be renewable by the Board at least annually, or in the manner stipulated in the 1940 Act. This requires that the Agreement and any renewal be approved by a vote of the majority of the Fund’s directors who are not parties to or interested persons of any such party, cast in person at a meeting specifically called for the purpose of voting on such approval.

The Adviser, in addition to providing investment advice, pays most expenses of the Fund. This includes: salaries of personnel, research, data processing, printing and postage, clerical, administrative, bank fees, advertising and marketing expenses and fidelity bonding for officers, as required by the 1940 Act. Furthermore, the Adviser also pays the Fund’s custodian fees, state registration fees and franchise taxes, legal and auditing fees, and all other operating expenses, such as shareholder reports and proxy statements. However, the Adviser does not pay the Fund’s brokerage commissions and SEC transaction fees. The Adviser shall not pay those expenses of the Fund which are related to litigation against the Fund, if any; or if the Fund is required to pay income taxes or penalties associated with those taxes.

The Fund does not receive any 12b-1 fees.

The Agreement may not be assigned or transferred to another investment adviser without the consent of Board of Directors, and a majority of the Fund’s shareholders.

TRANSFER AGENT, FUND ACCOUNTANT AND DIVIDEND PAYING AGENT

Ultimus Fund Solutions, LLC (“Ultimus”), 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246, serves as the Fund’s transfer agent, fund accountant and dividend paying agent. As transfer agent, Ultimus performs all shareholder servicing functions, including transferring and recording ownership, processing purchase and redemption transactions, answering inquiries, mailing shareholder communications, and acting as the dividend disbursing agent. The Adviser, not the Fund, pays Ultimus.

CUSTODIAN

The Custodian of the Fund’s securities is US Bank, N.A., 1555 North Rivercenter Drive, Milwaukee, WI 53212. The Custodian does not have any part in determining the investment policies of the Fund or which securities are to be purchased or sold. The Adviser, not the Fund, pays the Custodian’s fee.

IRA AND PENSION ACCOUNT CUSTODIAN

First National Bank of Omaha (“FNBO”) acts as the custodian of the IRA and various other retirement accounts that invest in the Fund. The Adviser, not the Fund, has paid the custodian’s fees on behalf of existing shareholder. Closing account and other possible fees charged by the custodian are generally the responsibility of the shareholder.

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The firm Cohen & Company, Ltd. (“Cohen”), 1835 Market Street, Suite 310, Philadelphia, PA 19103, has served as the Fund’s Independent Registered Public Accountant during calendar year 2023. In March 2023, Cohen had acquired the investment management division of BBD, LLP, that had previously serviced the Fund as its Independent Registered Public Accountant.

The firm of BBD, LLP, 1835 Market Street, Suite 300, Philadelphia, PA 19103, served as the Fund’s Independent Registered Public Accountant during calendar years ending 2012 through 2022.

The Adviser, not the Fund, paid BBD, LLP. The Adviser, not the Fund, pays Cohen.

PORTFOLIO MANAGERS

The Fund is managed by Co-Portfolio Managers, Jeffrey Gibs and Vincent Arscott (collectively, the “Portfolio Managers”). As of December 31, 2023, the Portfolio Managers were responsible for the management of the following other accounts in addition to the Fund:

Jeffrey Gibs
Type of Account	Number of Other Accounts Managed	Total Assets in Other Accounts Managed (millions)	Number of Accounts Managed with Performance-Based Advisory Fee	Total Assets with Performance-Based Advisory Fee (millions)
Registered Investment Companies:	0	$0	0	$0
Other Pooled Investment Vehicles:	0	$0	0	$0
Other Accounts:	0	$0	0	$0

Vincent Arscott
Type of Account	Number of Other Accounts Managed	Total Assets in Other Accounts Managed (millions)	Number of Accounts Managed with Performance-Based Advisory Fee	Total Assets with Performance-Based Advisory Fee (millions)
Registered Investment Companies:	0	$0	0	$0
Other Pooled Investment Vehicles:	0	$0	0	$0
Other Accounts:	0	$0	0	$0

Portfolio Managers are employed and compensated by the Adviser, not the Fund. The Portfolio Managers are salaried employees with a potential bonus. The size of the assets under management and the performance of the fund do not determine compensation.

Portfolio Manager		Dollar Range of Fund Shares
Jeffrey Gibs		$100,001 to $500,000
Vincent Arscott		$1 to $10,000

BROKERAGE ALLOCATION

To minimize brokerage commissions the Fund predominantly utilizes the services of discount brokers and full-service brokers whose negotiated rates are competitive. Brokers are selected based on their fees, services and execution capability. The Fund does not obtain research services (“soft-dollar” services) from these brokers. There are no affiliated brokers.

The aggregate commissions paid by the Fund for the three previous calendar years are indicated below.

CAPITAL STOCK

The Fund is authorized to issue up to 4,000,000 shares of common stock with a par value of $.01 per share. Each share has one vote, and all shares participate equally in dividends and other distributions by the Fund. Fractional shares have the same rights proportionately as do full shares.

PURCHASE, REDEMPTION AND PRICING OF SECURITIES

Shares of the Fund may be purchased and redeemed as outlined in the Prospectus and Summary Prospectus.

The Fund redeems its shares at net asset value next determined after the Fund receives your redemption request. Redemption requests will be processed after verification of ownership. Requests to close an account may be required to be made in writing; however, the Adviser has the right to waive this requirement in its sole discretion. Redemption proceeds will be sent to the account owner’s address or bank account on record.

An Automatic Investment Plan (“AIP”) is available to shareholders to purchase shares. Periodic investments may be made at regular time intervals (e.g.: monthly, quarterly). A Systematic Withdrawal Plan (“SWP”) is also available for shareholder that wish to redeem shares on periodic basis (e.g.: monthly, quarterly). Both transaction types are processed electronically from the shareholder’s bank account.

TAXATION OF THE FUND

The Fund is qualified or intends to qualify annually as a “Regulated Investment Company” (“RIC”) under Subchapter M of the Internal Revenue Code. Qualified investment companies, such as most mutual funds, are exempt from Federal income taxes. In order to qualify as a RIC, the Fund must distribute annually to its shareholders, substantially all of its net investment income and net capital gains in the form of dividends or capital gain distributions.

UNDERWRITER

Ultimus Fund Distributors, LLC, (the “Distributor”) located at 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246 is the principal distributor and underwriter for the Fund. The Adviser, not the Fund, pays the Distributor.

FINANCIAL STATEMENTS

The Fund’s 2023 Annual Report, containing the audited financial statements for year ended December 31, 2023, notes to financial statements, and the opinion of the Fund’s Independent Registered Public Accountant, Cohen & Company, Ltd., has been filed with the Securities and Exchange Commission and is hereby incorporated by reference into this Statement of Additional Information. A copy of the Annual Report is available, free of charge, by calling the Fund’s toll-free number at 800-541-3863, visiting the Fund's website: www.volumetric.com and the SEC’s website www.sec.gov.

PART C

OTHER INFORMATION

Item 28. Exhibits

(a) Articles of Incorporation of Volumetric Fund, Inc. – Filed with Registrant’s registration statement on Form N-1A dated May 17, 2021, and incorporated herein by reference.

i. Certificate of Amendment of the Certificate of Incorporation was filed with Registrant’s registration statement on Form N-1A dated May 17, 2021, and is incorporated herein by reference.

(b) Amended and Restated By-Laws of Volumetric Fund, Inc. is filed herewith.

(d) Investment Advisory Agreement between Registrant and Volumetric Advisers, Inc. dated effective as of February 1, 2024, is filed herewith.

(e) Underwriting Contracts.

i. Distribution Agreement between the Registrant and Ultimus Fund Distributors, LLC was filed with Registrant’s registration statement on Form N-1A dated April 30, 2021 and is incorporated herein by reference.

(f) Bonus or Profit-Sharing Contracts. None

(g) Custody

i. Custody Agreement between the Registrant and US Bank N.A. was filed with Registrant’s registration statement on Form N-1A dated April 27, 2015, and is incorporated herein by reference.

ii. First Amendment to the Custody Agreement between the Registrant and US Bank N.A. was filed with Registrant’s registration statement on Form N-1A dated April 19, 2019, and is incorporated herein by reference.

(h) Other Material Contracts.

i. Master Services Agreement between the Registrant and Ultimus Fund Solutions, LLC, Cincinnati, Ohio was filed with Registrant’s registration statement on Form N-1A dated April 30, 2021, and is incorporated herein by reference.

(i) Legal Opinion

(i) Thompson Hine LLP Legal Opinion was filed with Registrant’s registration statement on Form N-1A dated May 17, 2021 and is incorporated herein by reference.

(ii) Consent of Thompson Hine LLP is filed herewith.

(j) Consent of Independent Registered Public Accounting Firm for the Fund is filed herewith. For years prior to 2023, Consent of Independent Registered Public Accounting Firm BBD, LLP is filed herewith.

(k) Omitted Financial Statements. None

(l) Initial Capital Agreements. None

(m) Rule 12b-1 Plan. None

(n) Rule 18f-3 Plan. None

(o) Reserved. None

(p) Code of Ethics

(i) Combined Code of Ethics for the Registrant’s and Volumetric Advisers, Inc. is filed herewith.

Item 29 Persons Controlled by or Under Common Control with Registrant

None

Item 30 Indemnification

To the extent permitted by law, the Fund shall indemnify each Director and Officer of the Fund, against all expenses and liabilities reasonably incurred by their connection with or arising out of any action, suit, or proceeding in which they may be involved by reason of their being or having been a Director or Officer of the Fund, whether or not they continued to be a Director or Officer at the time of incurring such expenses and liabilities; such expenses and liabilities to include, but not limited to, judgments, court costs, attorneys’ fees and the cost of settlements. The Fund shall not, however, indemnify such Director or Officer with respect to matters as to which they shall be finally adjudged in any such action, suit, or proceeding to have been liable because of willful misconduct in the performance of their duties as such Director or Officer. In the event a settlement or compromise is effected, indemnification may be had only if the Board of Directors shall have been furnished with an opinion of counsel for the Fund to the effect that such settlement or compromise is in the best interest of the Fund, and that such Director or Officer is not liable for willful misconduct in the performance of their duties with respect to such matters, and if the Board shall have adopted a resolution approving such settlement or compromise. The foregoing right of indemnification shall not be exclusive of other rights to which any Director or Officer may be entitled as a matter of law.

Pursuant to the Distribution Agreement between the Registrant and Ultimus Fund Distributors, LLC, the Registrant agrees to indemnify, defend, and protect Ultimus Fund Distributors, LLC, including its trustees or directors, officers, employees, and other agents (collectively, the “Indemnitees”), and shall hold the Indemnitees harmless from and against any actions, suits, claims, losses, damages, liabilities, and reasonable costs, charges, expenses (including attorney fees and investigation expenses) (collectively, “Losses”) arising directly or indirectly out of (1) the Registrant’s failure to exercise the standard of care set forth above unless such Losses were caused in part by the Indemnitees own willful misfeasance, bad faith or gross negligence; (2) any violation of applicable law by the Registrant or its affiliated persons or agents relating to the Distribution Agreement and the activities thereunder; and (3) any material breach by the Registrant or its affiliated persons or agents of the Distribution Agreement.

Pursuant to the Distribution Agreement between the Registrant and Ultimus Fund Distributors, LLC, Ultimus Fund Distributors, LLC agrees to indemnify, defend, and protect the Registrant, including its trustees or directors, officers, employees, and other agents (collectively, the “Indemnitees”), and shall hold the Indemnitees harmless from and against any actions, suits, claims, losses, damages, liabilities, and reasonable costs, charges, expenses (including attorney fees and investigation expenses) (collectively, “Losses”) arising directly or indirectly out of (1) Ultimus Fund Distributors, LLC’s failure to exercise the standard of care set forth above unless such Losses were caused in part by the Indemnitees own willful misfeasance, bad faith or gross negligence; (2) any violation of applicable law by Ultimus Fund Distributors, LLC or its affiliated persons or agents relating to the Distribution Agreement and the activities thereunder; and (3) any material breach by Ultimus Fund Distributors, LLC or its affiliated persons or agents of the Distribution Agreement.

Pursuant to the Master Services Agreement between the Registrant and Ultimus Fund Solutions, LLC (“UFS”), the Registrant agrees to indemnify, defend, and protect UFS, including its trustees or directors, officers, employees, and other agents (collectively, the “Indemnitees”), and shall hold the Indemnitees harmless from and against any actions, suits, claims, losses, damages, liabilities, and reasonable costs, charges, expenses (including attorney fees and investigation expenses) (collectively, “Losses”) arising directly or indirectly out of (1) the Registrant’s failure to exercise the standard of care set forth above unless such Losses were caused in part by the Indemnitees own willful misfeasance, bad faith or gross negligence; (2) any violation of applicable law by the Registrant or its affiliated persons or agents relating to the Master Services Agreement and the activities thereunder; and (3) any material breach by the Registrant or its affiliated persons or agents of the Master Services Agreement.

Pursuant to the Master Services Agreement between the Registrant and UFS, UFS agrees to indemnify, defend, and protect the Registrant, including its trustees or directors, officers, employees, and other agents (collectively, the “Indemnitees”), and shall hold the Indemnitees harmless from and against any actions, suits, claims, losses, damages, liabilities, and reasonable costs, charges, expenses (including attorney fees and investigation expenses) (collectively, “Losses”) arising directly or indirectly out of (1) UFS’ failure to exercise the standard of care set forth above unless such

Losses were caused in part by the Indemnitees own willful misfeasance, bad faith or gross negligence; (2) any violation of applicable law by UFS or its affiliated persons or agents relating to the Master Services Agreement and the activities thereunder; and (3) any material breach by UFS or its affiliated persons or agents of the Master Services Agreement.

Item 31 Business and Other Connection of Investment Adviser

None

Item 32 Principal Underwriters

a)Ultimus Fund Distributors, LLC is the principal underwriter for the Fund. Ultimus Fund Distributors, LLC serves as a principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended:

Open-End Investment Companies

Hussman Investment Trust

Hussman Strategic Growth Fund

Hussman Strategic Total Return Fund

Hussman Strategic Allocation Fund

Schwartz Investment Trust

Schwartz Value Focused Fund

Ave Maria Value Fund

Ave Maria Growth Fund

Ave Maria Rising Dividend Fund

Ave Maria Focused Fund

Ave Maria Bond Fund

Ave Maria World Equity Fund

Williamsburg Investment Trust

The Jamestown Equity Fund

The Davenport Core Leaders Fund

The Davenport Equity Opportunities Fund

The Davenport Value & Income Fund

The Davenport Small Cap Focus Fund

The Davenport Balanced Income Fund

The Government Street Equity Fund

The Government Street Opportunities Fund

Davenport Insider Buying Fund

The Investment House Funds

The Investment House Growth Fund

Chesapeake Investment Trust

The Chesapeake Growth Fund

The Cutler Trust

Cutler Equity Fund

CM Advisors Family of Funds

CM Advisors Fixed Income Fund

Papp Investment Trust

Papp Small and Mid-Cap Growth Fund

Eubel Brady & Suttman Mutual Fund Trust

Eubel Brady & Suttman Income and Appreciation Fund

Eubel Brady & Suttman Income Fund

Conestoga Funds

Conestoga Small Cap Fund

Conestoga SMID Cap Fund

Conestoga Mid Cap Fund

Conestoga Discovery Fund

Centaur Mutual Funds Trust

DCM/INNOVA High Equity Income Innovation Fund

Lebenthal Ultra Short Tax-Free Income Fund

Copley Fund, Inc.

Caldwell & Orkin Funds, Inc.

Caldwell & Orkin – Gator Capital Long/Short Fund

Ultimus Managers Trust

Lyrical U.S. Value Equity Fund

Lyrical International Value Equity Fund

Wavelength Fund

Blue Current Global Dividend Fund

Marshfield Concentrated Opportunity Fund

HVIA Equity Fund

Kempner Multi-Cap Deep Value Fund

Meehan Focus Fund

Adler Value Fund

Q3 All-Season Systematic Opportunities Fund

Q3 All-Season Tactical Fund

Blueprint Adaptive Growth Allocation Fund

Evolutionary Tree Innovators Fund

Westwood Alternative Income Fund

Westwood Multi-Asset Income Fund

Westwood Income Opportunity Fund

Westwood Quality AllCap Fund

Westwood Quality MidCap Fund

Westwood Quality SmallCap Fund

Westwood Quality SMidCap Fund

Westwood Quality Value Fund

Westwood Capital Appreciation Fund

Westwood Global Real Estate Income Fund

Westwood Select Income Fund

Westwood Broadmark Tactical Growth

Westwood Salient MLP & Energy Infrastructure Fund

Westwood Broadmark Tactical Plus Fund

The Nia Impact Solutions Fund

Oak Associates Funds

White Oak Select Growth Fund

Pin Oak Equity Fund

Rock Oak Core Growth Fund

River Oak Discovery Fund

Red Oak Technology Select Fund

Black Oak Emerging Technology Fund

Live Oak Health Sciences Fund

Segall Bryant & Hamill Trust

Segall Bryant & Hamill Small Cap Growth Fund

Segall Bryant & Hamill International Small Cap Fund

Segall Bryant & Hamill Global All Cap Fund

Segall Bryant & Hamill Plus Bond Fund

Segall Bryant & Hamill Quality High Yield Fund

Segall Bryant & Hamill Municipal Opportunities Fund

Segall Bryant & Hamill Colorado Tax Free Fund

Segall Bryant & Hamill Short Term Plus Fund

Segall Bryant & Hamill Small Cap Value Fund

Segall Bryant & Hamill All Cap Fund

Segall Bryant & Hamill Emerging Markets Fund

Segall Bryant & Hamill Small Cap Core Fund

Barrett Opportunity Fund

Barrett Growth Fund

Segall Bryant & Hamill International Equity Fund

American Pension Investors Trust (d/b/a Yorktown Funds)

Yorktown Short Term Bond Fund

Yorktown Growth Fund

Yorktown Multi-Sector Bond Fund

Yorktown Small-Cap Fund

Yorktown Treasury Advanced Total Return Fund

Bruce Fund, Inc.

Bruce Fund

Commonwealth International Series Trust

Commonwealth Australia/New Zealand Fund

Africa Fund

Commonwealth Japan Fund

Commonwealth Global Fund

Commonwealth Real Estate Securities Fund

Capitol Series Trust

Canterbury Portfolio Thermostat Fund

FullerThaler Behavioral Small-Cap Equity Fund

FullerThaler Behavioral Small-Cap Growth Fund

FullerThaler Behavioral Mid-Cap Value Fund

FullerThaler Behavioral Unconstrained Equity Fund

FullerThaler Behavioral Micro-Cap Equity Fund

FullerThaler Behavioral Small-Mid Core Equity Fund

FullerThaler Behavioral Mid-Cap Equity Fund

Alta Quality Growth Fund

Reynders, McVeigh Core Equity Fund

Guardian Capital Dividend Growth Fund

Guardian Capital Fundamental Global Equity Fund

Oak Harvest Long/Short Hedged Equity Fund

Unified Series Trust

Absolute Capital Opportunities Fund

Absolute Convertible Arbitrage Fund

Absolute Flexible Fund

Absolute Strategies Fund

Appleseed Fund

Auer Growth Fund

Crawford Small Cap Dividend Fund

Crawford Large Cap Dividend Fund

Crawford Multi-Asset Income Fund

Dean Mid Cap Value Fund

Dean Small Cap Value Fund

Dean Equity Income Fund

Channel Short Duration Income Fund

Tactical Multi-Purpose Fund

Silk Invest New Horizons Frontier Fund

Standpoint Multi-Asset Fund

Fisher Investments Institutional Group All Foreign Equity Environmental and Social Values Fund

Fisher Investments Institutional Group U.S. Small Cap Equity Fund

Fisher Investments Institutional Group U.S. Large Cap Equity Environmental and Social Values Fund

Fisher Investments Institutional Group Stock Fund for Retirement Plans

Fisher Investments Institutional Group ESG Stock Fund for Retirement Plans

Fisher Investments Institutional Group Fixed Income Fund for Retirement Plans

Fisher Investments Institutional Group ESG Fixed Income Fund for Retirement Plans

Valued Advisers Trust

BFS Equity Fund

Dana Large Cap Equity Fund

Dana ESG Small Cap Equity Fund

Foundry Partners Small Cap Value Fund

Summitry Equity Fund

LS Opportunity Fund

SMI Multi-Strategy Fund

SMI Dynamic Allocation Fund

Sound Mind Investing Fund

Dana ESG Equity Fund

Belmont Theta Income Fund

Channing Intrinsic Value Small-Cap Fund

MDP Low Volatility Fund

HC Capital Trust

The Intermediate Term Municipal Bond Portfolio

The Value Equity Portfolio

The Growth Equity Portfolio

The Small Capitalization-Mid Capitalization Equity Portfolio

The International Equity Portfolio

The Core Fixed Income Portfolio

The Fixed Income Opportunity Portfolio

The Short-Term Municipal Bond Portfolio

The Institutional Value Equity Portfolio

The Institutional Growth Equity Portfolio

The Institutional Small Capitalization-Mid Capitalization Equity Portfolio

The Institutional International Equity Portfolio

The Emerging Markets Portfolio

The Real Estate Securities Portfolio

The Intermediate Term Municipal Bond II Portfolio

The Commodity Returns Strategy Portfolio

The U.S. Government Fixed Income Securities Portfolio

The U.S. Corporate Fixed Income Securities Portfolio

The U.S. Mortgage/Asset Backed Fixed Income Securities Portfolio

The Inflation Protected Securities Portfolio

The ESG Growth Portfolio

The Catholic SRI Growth Portfolio

ONEFUND TRUST

ONEFUND S&P 500®

VELA Funds

VELA International Fund

VELA Large Cap Plus Fund

VELA Small Cap Fund

VELA Income Opportunities Fund

VELA Short Duration Fund

Waycross Independent Trust

Waycross Managed Risk Equity Fund

Waycross Focused Core Equity Fund

Volumetric Fund

Volumetric Fund, Inc.

MSS Series Trust

Towpath Focused Fund

Towpath Technology Fund

Connors Funds

Connors Hedged Equity Fund

Cantor Select Portfolios Trust

Cantor Growth Equity Fund

Cantor FBP Equity & Dividend Plus Fund

James Alpha Funds Trust

Easterly Global Real Estate Fund

Easterly Hedged Equity Fund

Easterly Snow Small Cap Value Fund

Easterly Snow Long/Short Opportunity Fund

Easterly Income Opportunities Fund

James Advantage Funds

James Balanced: Golden Rainbow Fund

James Small Cap Fund

James Micro Cap Fund

James Aggressive Allocation Fund

Rocky Mountain Opportunity Trust

RM Greyhawk Fund

Manager Directed Portfolios.

Sphere 500 Climate Fund

XD Fund Trust

XD Treasury Money Market Fund

Closed-End Investment Companies

Peachtree Alternative Strategies Fund

Cross Shore Discovery Fund

Lind Capital Partners Municipal Credit Income Fund

Fairway Private Equity & Venture Capital Opportunities Fund

Dynamic Alternatives Fund

Cantor Fitzgerald Infrastructure Fund

Flat Rock Enhanced Income Fund

b)The officers of Ultimus Fund Distributors, LLC are as follows:

Name	Position with Distributor	Position with Registrant
Kevin M. Guerette	President	None
Douglas K. Jones	Vice President	None
Stephen L. Preston	Vice President, Chief Compliance Officer, and AML Compliance Officer	AML Officer
Gregory Evans	Financial Operations Principal	None
Melvin Van Cleave	Chief Information Security Officer	None

c)None.

Item 33 Location of Accounts and Records

Volumetric Advisers, Inc., maintains records at the office of the Registrant: 87 Violet Drive, Pearl River, NY 10965.

Ultimus Fund Solutions, LLC, as transfer agent, fund accountant and dividend paying agent, maintains records at: 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246,

Item 34 Management Services

None

Item 35 Undertakings

None

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Fund certifies that it meets all of the requirement for effectiveness of this registration statement under rule 485(b) under the Securities Act and has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the Town of Orangetown, and State of New York on the 22nd day of April 2024.

Volumetric Fund, Inc.

/s/ Irene Zawitkowski

__________________________________

By: Irene J. Zawitkowski, Chair

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities and dates indicated.

/s/ Irene ZawitkowskiApril 22, 2024

___________________________________________________________

Irene J. Zawitkowski, Chair, and DirectorDate

/s/Jeffrey GibsApril 22, 2024

___________________________________________________________

Jeffrey Gibs, CEO, President, and DirectorDate

/s/ Josef HauplApril 22, 2024

__________________________________________________________

Josef Haupl, Independent DirectorDate

/s/ Neil O’SullivanApril 22, 2024

__________________________________________________________

Neil O’Sullivan, Independent DirectorDate

/s/ Alexandre M. OlbrechtApril 22, 2024

__________________________________________________________

Alexandre M. Olbrecht, PhD, Independent DirectorDate

/s/ Stephen SamittApril 22, 2024

__________________________________________________________

Stephen Samitt, Independent DirectorDate

/s/ Allan SamuelsApril 22, 2024

__________________________________________________________

Allan Samuels, Independent DirectorDate

/s/ Raymond SheridanApril 22, 2024

__________________________________________________________

Raymond Sheridan, Independent DirectorDate

/s/ Stacey S. YanosyApril 22, 2024

__________________________________________________________

Stacey S. Yanosy, Independent DirectorDate

Exhibit Index:

Fund Summary
Investment Objectives / Goals ..........................….…….......	2
Fees and Expenses……………………………...….…….…...	2
Portfolio Turnover………………………………………….…...	2
Principal Investment Strategies............................................	3
Principal Investment Risks....................................................	3
Performance..........................................................….…....…	4
Investment Adviser.…….…………………………...….………	5
Portfolio Managers…………………………………….….…….	5
Purchase and Sale of Shares……………………….………...	6
Tax Information………………………….…………….…….….	6
Payments to Brokers-Dealers and Financial Intermediaries.	6
Investment Objective, Strategies and Related Risks...............	7
Portfolio Holdings……………….…………………………..........	9
Management of the Fund.........................................................	9
Pricing of Fund Shares............................................................	10
Purchasing Fund Shares……………………….…….................	10
Redeeming Fund Shares.........................................................	12
Dividends and Distributions ……………..............................….	13
Tax Consequences.............................................…..................	13
Financial Highlights...................................................…............	14
Privacy Policy…………………………..……………….………....	14


Maximum Sales Charge (Load) on Purchases:	None
Maximum Deferred Sales Charge (Load):	None
Maximum Sales Charge (Load) on Reinvested Dividends:	None
Redemption Fee (as a % of amount redeemed on shares redeemed within 7 calendar days of initial purchase):	2.00%

	1 Year	3 Years	5 Years	10 Years
	$193	$597	$1,027	$2,224

2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
6.96%	-4.69%	11.29%	17.50%	-10.26%	20.13%	10.05%	17.78%	-14.25%	12.56%

Exhibit Number	Description
EX.99.b	By-Laws of Volumetric Fund, Inc
EX.99.d	Investment Advisory Agreement
EX 99.g.(i)	Custody Agreement
EX.99.i(ii)	Legal Consent
EX.99.j EX.99.j EX.99.p(i)	Consent of Independent Registered Public Accounting Firm Consent of Independent Registered Public Accounting Firm Combined Code of Ethics for the Registrant’s and Volumetric Advisers, Inc.


Management Fee*	1.90%
Distribution and Service (12b-1) Fees	0.00%
Other Expenses**	0.00%
Total Annual Fund Operating Expenses	1.90%

2023	$ 4,666
2022	$ 4,470
2021	$ 2,678