Volumetric Fund Inc - Form N-CSRS SEC filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSRS

Certified Semi-annual Shareholder Report of Registered Management Investment Companies

Investment Company Act file number: 811-04643

Volumetric Fund Inc

87 Violet Drive, Pearl River, NY 10965

Jeffrey Gibs

87 Violet Drive, Pearl River, NY 10965

(Name and address of agent for service)

Registrant's telephone number: 845-623-7637

Date of fiscal year end: December 31, 2026

Date of reporting period: June 30, 2026

Item 1. Reports to Stockholders.

Volumetric Fund, Inc.

Semi-Annual Report

VOLMX June 30, 2026

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

WHAT WERE THE FUND COSTS FOR THE PERIOD?

(based on a hypothetical $10,000 investment)

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

FUND STATISTICS

Net Assets	$ 37,533,705
Number of Portfolio Holdings	51
Total Advisory Fees	$ 341,674
Portfolio Turnover	26%

WHAT DID THE FUND INVEST IN?

(as of 6/30/26)

SECTOR ALLOCATION INVESTMENT ALLOCATION

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

Semi-Annual Report - June 30, 2026

WHAT DID THE FUND INVEST IN? (Continued)

(% of net assets)

TOP EQUITY / ETF HOLDINGS	HOLDINGS %
SPDR S&P 500 ETF Trust	8.4 %
Applied Materials Inc	3.7 %
Marvell Technology Inc	3.4 %
Alphabet Inc	3.2 %
Bank of New York Mellon Corp	2.5 %
Applied Industrial Tech Inc	2.4 %
Emerson Electric Co	2.3 %
Apple Inc	2.3 %
Wabtec Corp	2.3 %
PNC Financial Svcs Group Inc	2.3 %

TOP PERFORMING HOLDINGS	UNREALIZED GAIN %
Applied Materials Inc	1,745.5
Apple Inc	565.5
Microsoft Corp	549.4
Amazon.com Inc	397.2
SPDR S&P 500 ETF Trust	372.4
Meta Platforms Inc	329.9
Marvell Technology Inc	252.8
Alphabet Inc	235.2
Wabtec Corp	225.5
Raymond James Financial	179.9

CHANGES IN OR DISAGREEMENTS WITH ACCOUNTANTS

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

ADDITIONAL INFORMATION

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

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

Volumetric Fund, Inc.

87 Violet Drive, Pearl River, New York 10965

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

Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrant.

Not applicable for semi-annual report.

Item 6. Investments.

(a)Schedule of investments in securities of unaffiliated issuers

	STATEMENT OF NET ASSETS
	June 30, 2026
	(unaudited)

Shares	Company	Value
EQUITIES - UNITED STATES: 84.1%
	Asset Management -- 1.2%
3,000	Raymond James Financial	$ 456,090
		456,090
	Banking -- 6.0%
13,600	Bank of America Corp	774,928
1,900	JPMorgan Chase and Co	621,927
3,500	PNC Financial Services Group	861,770
		2,258,625
	Biotech & Pharma -- 1.9%
5,400	Merck & Co	693,900
		693,900
	Chemicals -- 1.3%
1,800	Ecolab Inc	501,498
		501,498
	Containers & Packaging -- 1.5%
2,300	Packaging Corp of America	548,044
		548,044
	Diversified Industrials -- 7.1%
6,100	Emerson Electric Co	873,215
1,500	GE Aerospace	560,595
3,700	ITT Inc	731,712
505	Parker Hannifin Corp	493,950
		2,659,472
	E-Commerce Discretionary -- 1.9%
3,000	Amazon.com Inc*	715,020
		715,020

	Statement of Net Assets (continued)

Shares	Company	Value
	Electric Utilities -- 1.6%
9,000	Dominion Energy Inc	$ 614,610
		614,610
	Electrical Equipment -- 3.2%
2,900	AMETEK Inc	701,626
2,900	Amphenol Corp - Class A	511,328
		1,212,954
	Engineering & Construction -- 1.4%
4,100	Jacobs Solutions Inc	516,600
		516,600
	Health Care Facilities & Services -- 1.5%
2,700	Quest Diagnostics	572,265
		572,265
	Industrial Intermediate Prod -- 1.3%
4,000	Mueller Industries Inc	491,720
		491,720
	Industrial Support Services -- 2.4%
2,700	Applied Industrial Tech	913,005
		913,005
	Institutional Financial Services -- 4.8%
6,600	Bank of New York Mellon Corp	954,426
3,600	StoneX Group Inc*	426,600
7,300	Virtu Financial Inc – Class A	434,861
		1,815,887
	Insurance -- 4.2%
5,300	Aflac Inc	621,425
4,400	Loews Corp	498,124
1,400	Travelers Companies Inc	462,168
		1,581,717
	Internet Media & Services -- 4.9%
3,400	Alphabet Inc – Class C	1,201,322
1,100	Meta Platforms – Class A	619,619
		1,820,941
	Leisure Facilities & Services -- 1.4%
2,700	Hyatt Hotels - Class A	523,368
		523,368
	Machinery -- 1.1%
3,400	Xylem Inc	401,914
		401,914
	Renewable Energy -- 1.4%
2,200	Enersys	514,404
		514,404
	Retail - Consumer Staples -- 3.6%
1,000	Casey's General Stores	794,790
575	Costco Wholesale Corp	537,895
		1,332,685
	Semiconductors -- 9.9%
1,600	Analog Devices Inc	635,472
1,900	Applied Material Inc	1,373,700
4,300	Marvell Technology Inc	1,280,927
2,200	NVIDIA Corp	440,198
		3,730,297

	Statement of Net Assets (continued)

Shares	Company	Value
	Software -- 3.4%
1,300	Microsoft Corp	$ 484,926
2,300	Oracle Corp	337,065
1,000	Synopsys Inc*	446,070
		1,268,061
	Specialty Finance -- 1.6%
3,000	Capital One Financial Corp	601,860
		601,860
	Steel -- 1.4%
2,300	Nucor Corp	512,325
		512,325
	Technology Hardware -- 6.0%
3,000	Apple Inc	868,080
5,900	Cisco Systems Inc	693,014
15,600	Hewlett Packard Enterprise Co	703,716
		2,264,810
	Transportation & Logistics -- 1.3%
3,000	Expeditors Intl of Washington Inc	488,940
		488,940
	Transportation Equipment -- 3.6%
700	Cummins Inc	499,247
3,200	Wabtec Corp	862,720
		1,361,967
	Wholesale - Consumer Staples -- 3.2%
6,000	Archer-Daniels Midland	458,400
7,300	US Foods Holding Corp*	746,425
		1,204,825
TOTAL EQUITIES (Cost: $ 18,932,369)		31,577,804
EXCHANGE TRADED FUND ("ETF") 8.4%
	Exchange Traded Fund -- 8.4%
4,200	SPDR S&P 500 ETF Trust (Cost: $663,912)	3,136,434
INVESTMENT COMPANY 7.6%
2,845,870 Shares -- Fidelity Investment Money Market
Gov Portfolio - Class I, 3.53%** (Cost: $2,845,870)		2,845,870
TOTAL INVESTMENTS (Cost: $22,442,151): 100.1%		37,560,108
CASH EQUIVALENTS/RECEIVABLE: 0.1%
Dividends and Interest Receivable		31,366
TOTAL RECEIVABLES		31,366
TOTAL ASSETS		37,591,474
LIABILITIES: -0.2%
Accrued Management Fees		(57,769)
TOTAL LIABILITIES		(57,769)
NET ASSETS 100.0%		$ 37,533,705

COMPOSITION OF NET ASSETS
Net Capital Paid on Shares of Stock		$ 21,065,742
Distributable Earnings		16,467,963
NET ASSETS		$ 37,533,705

SHARES OUTSTANDING		1,425,810

NET ASSET VALUE, OFFERING & REDEMPTION PRICE PER SHARE		$ 26.32

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

See notes to financial statements

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

STATEMENT OF OPERATIONS

For the Six Months Ended June 30, 2026

(Unaudited)

INVESTMENT INCOME (LOSS)
INCOME
		Dividend				$ 173,740
		Interest				70,539
			TOTAL INCOME				$ 244,279
	EXPENSE
		Management Fee (Note 2)				(341,674)
			TOTAL EXPENSE				(341,674)
				NET INVESTMENT LOSS			(97,395)

REALIZED AND UNREALIZED GAIN ON INVESTMENTS
	REALIZED GAIN ON INVESTMENTS:
	Net Realized Gain on Investments						1,447,401

	UNREALIZED APPRECIATION OF INVESTMENTS:
		Beginning of Year				12,798,956
		End of Period				15,117,957
			CHANGE IN UNREALIZED APPRECIATION				2,319,001
					NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		3,766,402

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS							$ 3,669,007

See Notes to Financial Statements

			STATEMENTS OF CHANGES IN NET ASSETS

				For the 6 Months Ended 6/30/2026 (Unaudited)									For the Year Ended 12/31/2025
OPERATIONS
	Net Investment Loss					$ (97,395)			$ (25,802)
	Net Realized Gain on Investments					1,447,401			692,441
	Net Increase (Decrease) in Unrealized Appreciation of Investments					2,319,001		(145,134)
		NET INCREASE IN NET ASSETS FROM OPERATIONS			3,669,007				521,505

DISTRIBUTIONS
		TOTAL DISTRIBUTIONS FROM EARNINGS					-					(694,773)

CHANGE DUE TO CAPITAL SHARE TRANSACTIONS
	Issued						220,401			603,492
	Issued - In Lieu of Cash Distributions						-							688,612
	Redeemed						(3,703,370)							(4,541,874)
		DECREASE IN NET ASSETS DUE TO CAPITAL SHARE TRANS(Note 3)					(3,482,969)					(3,249,770)
TOTAL INCREASE (DECREASE) IN NET ASSETS							186,038					(3,423,038)
NET ASSETS BEGINNING OF YEAR/PERIOD							37,347,667				40,770,705

NET ASSETS END OF YEAR/PERIOD				$ 37,533,705							$ 37,347,667

See Notes to Financial Statements

FINANCIAL HIGHLIGHTS

(For one share outstanding throughout each period)

			Six Months Ended 6/30/26		Years ended December 31
			(unaudited)		2025	2024	2023	2022	2021

Net asset value, beginning of year/period				$23.75	$23.83	$22.53	$20.67	$25.43	$23.32
Income (loss) from investment operations
	Net investment income (loss)			(0.07)	(0.02)	(0.11)	0.00*	(0.07)	(0.17)
	Net realized and change in unrealized
		gain (loss) on investments		2.64	0.39	3.02	2.60	(3.56)	4.32
	Total from investment operations			2.57	0.37	2.91	2.60	(3.63)	4.15
Less distributions from:
	Net investment income			0.00	0.00	0.00	0.00*	0.00	0.00
	Net realized gains			0.00	(0.45)	(1.61)	(0.74)	(1.13)	(2.04)
Total distributions				0.00	(0.45)	(1.61)	(0.74)	(1.13)	(2.04)
Net asset value, end of year/period				$26.32	$23.75	$23.83	$22.53	$20.67	$25.43
Total return				10.82%	1.53%	12.85%	12.56%	(14.25%)		17.78%

Ratios and Supplemental Data:
Net assets, end of year/period (in thousands)				$37,534	$37,348	$40,771	$37,266	$36,316	$43,330
Ratio of expenses to average net assets				1.89%**	1.89%	1.89%	1.90%	1.89%	1.89%
Ratio of net investment income (loss) to average net assets				(0.27%)**	(0.06%)	(0.45%)	0.00%***	(0.31%)	(0.67%)
Portfolio turnover rate				26%	62%	46%	62%	67%	34%

*Amount represents less than $0.01

** Annualized

*** Amount represents less than 0.01%

See Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS (Unaudited)

For the six months ended June 30, 2026

1. Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

The Fund recognizes the tax benefits or expenses of uncertain tax positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has reviewed the Fund’s tax positions taken on Federal and state income tax returns for all open tax years (2022-2025) and during the six months ended June 30, 2026, and concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements.

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

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

Record Date	December 26, 2025
Ex-Dividend Date	December 29, 2025
Payment Date	December 30, 2025
Distribution	$0.45 per share

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

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

2. Management Fee and Other Transactions with Affiliates

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

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

3. Capital Stock Transactions

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

	Six Months Ended June 30, 2026 (unaudited)			Six Months Ended June 30, 2026 (unaudited)		Year Ended December 31, 2025		Year Ended December 31, 2025
	Shares			Amount		Shares		Amount
Shares Sold		9,051	$ 220,401		25,776		$ 603,492
Distributions Reinvested		0	0		28,644		688,612
		9,051	220,401		54,420		1,292,104
Shares Redeemed		(155,672)	(3,703,370)		(192,921)		(4,541,874)
Net Decrease		(146,621)	$ (3,482,969)		(138,501)		$ (3,249,770)

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

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

5. Federal Income Tax

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

Unrealized appreciation	$ 12,798,956
Distributable earnings	$ 12,798,956

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

6. Commitments and Contingencies

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

7. Market and Geopolitical Risks

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

8. Subsequent Events

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

9. Operations and Oversight

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

Availability of Proxy Voting Record (Unaudited)

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

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

None.

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

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

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

9.3 The following proposals were voted upon by shareholders:

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

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

Proposal	For		Against	Abstain	Total
1. To elect nine (9) directors to hold office until the next annual meeting of shareholders and until their successors are elected to qualify;
1.01 Jeffrey M. Gibs		829,235.19	0	0	829,235.19
1.02 Irene J. Zawitkowski		828,861.02	0	374.17	829,235.19
1.03 Josef Haupl		822,125.89	0	7,109.30	829,235.19
1.04 Alexandre M. Olbrecht, PhD.		824,607.31	0	4,627.88	829,235.19
1.05 Cornelius O’Sullivan		824,981.48	0	4,253.71	829,235.19
1.06 Stephen J. Samitt		822,500.06	0	6,735.13	829,235.19
1.07 Allan A. Samuels		821,859.45	0	7,375.74	829,235.19
1.08 Raymond W. Sheridan		824,340.87	0	4,894.32	829,235.19
1.09 Stacey S. Yanosy		824,981.48	0	4,253.71	829,235.19

2. To ratify the Board of Director’s selection of Cohen & Company, Ltd. as the independent registered accounting firm of the Fund for the fiscal year ending December 31, 2026;		824,981.48	0	4,253.71	829,235.19