-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JZGWWArCmxWXD+eXsOf6+HNqnGPs1iiDHktEXZbKl1efHFp7tLwpSR6urTGngzgQ P/BsY/wG66hfmSbcparBtA== 0000792394-09-000017.txt : 20091105 0000792394-09-000017.hdr.sgml : 20091105 20091104212819 ACCESSION NUMBER: 0000792394-09-000017 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090930 FILED AS OF DATE: 20091105 DATE AS OF CHANGE: 20091104 EFFECTIVENESS DATE: 20091105 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VOLUMETRIC FUND INC CENTRAL INDEX KEY: 0000792394 IRS NUMBER: 133373223 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-04643 FILM NUMBER: 091159267 BUSINESS ADDRESS: STREET 1: 87 VIOLET DR CITY: PEARL RIVER STATE: NY ZIP: 10965 BUSINESS PHONE: 8456237637 MAIL ADDRESS: STREET 1: 87 VIOLET DR CITY: PEARL RIVER STATE: NY ZIP: 10965 0000792394 S000012023 Volumetric Fund C000032757 Volumetric Fund VOLMX N-Q 1 third09.txt 3RD QUARTER REPORT SEPTEMBER 30, 2009 Volumetric Fund, Inc. A No-Load Mutual Fund - ---------------------- 3 Third Quarter Report 2009 Volumetric Fund, Inc. (Logo) To our shareholders: We are delighted to report that Volumetric Fund's net asset value, NAV, advanced 13.1% in the third quarter, bringing our total return to 17.1% for the first nine months of 2009. This was our best third quarter since 1980. Our NAV closed out September at $14.45, up from $12.34 since the beginning of the year. As we indicated in our second quarter report, the market has entered into a new bull phase on June 1, 2009, when all the major indices closed above their 200-day moving average lines. The following table compares the Fund's performance to the major market indices since the introduction of the 'Volume and Range' system on 9/1/2000. As you know, one of our main objectives is to outperform the Standard & Poor 500 index. Based on our long term results, we remain enthusiastic about our mathematics based system. Year to Third Since Date Quarter 9/01/00 Volumetric Fund + 17.1% + 13.1% + 18.0% S&P 500 Index + 17.0 + 15.0 - 30.5 Dow Jones Ind. + 10.7 + 15.0 - 13.6 NYSE Index + 20.0 + 17.0 - 3.4 NASDAQ + 34.6 + 15.6 - 49.9 Since June 30th we have reduced our cash position from 20.1% to a more bullish 11.6%. Our relatively conservative cash position was responsible for the fact that we slightly under performed the indices in the third quarter. The NASDAQ, which is heavily loaded with tech stocks, has done very well year to date. However, it is still down about 50% from its value on September 1, 2000. Meanwhile, Volumetric Fund is up 18% during the same period and outperformed sharply all of the above indices. The Volumetric Index, which indicates the value of a hypothetical investment of $10,000 in the Fund on January 1, 1979, with all distributions reinvested, stood at $158,468, as of September 30, 2009. This is equivalent to a 9.4% compounded growth rate since the Fund's first year of operation in 1979. The Comparative Index table in the adjacent column indicates the long term performance of this index, as compared to the S&P 500 and the Dow-Jones indices. COMPARATIVE INDEX TABLE The following table shows the change in value of a $10,000 investment in Volumetric Fund since its inception, January 1, 1979, as measured by the Volumetric Index, in comparison with the Standard & Poor 500 Index and the Dow-Jones Industrials. Volumetric S&P 500 Dow-Jones 12/31 Index Index Industrials 9/30/09 158,468 109,958 113,094 2008 135,347 93,981 102,163 2007 193,237 152,779 154,412 2006 187,400 138,992 145,080 2005 176,228 129,881 133,135 2004 172,799 126,097 133,949 2003 152,246 115,692 129,861 2002 116,682 91,543 103,621 2001 133,167 119,486 124,489 2000 139,355 137,372 133,986 1999 141,866 152,872 148,410 1998 134,918 127,898 114,054 1997 121,987 100,971 98,238 1996 103,189 77,072 80,102 1995 89,336 64,086 63,566 1994 76,104 47,786 47,632 1993 77,839 48,533 46,634 1992 76,311 45,335 41,007 1991 68,902 43,397 39,364 1990 50,963 34,539 32,716 1989 53,743 36,770 34,201 1988 46,349 28,896 26,938 1987 38,637 25,708 24,085 1986 39,225 25,197 23,552 1985 36,524 21,983 19,213 1984 27,696 17,401 15,050 1983 25,963 17,161 15,635 1982 21,876 14,633 13,000 1981 18,712 12,751 10,869 1980 15,991 14,125 11,975 1979 11,630 11,231 10,419 1978 10,000 10,000 10,000 The Volumetric Index indicates the Fund's total return after expenses were deducted and dividend distributions were reinvested. Unlike the Fund, the S&P 500 and Dow indices are unmanaged. They have no expenses and brokerage costs to affect the results. The market indices do not include reinvested dividends. The table does not reflect the deduction of taxes that a shareholder would pay on distributions. PORTFOLIO REVIEW During the third quarter, we purchased 26 new securities and sold 17. Currently we have 73 securities. We have 65 gainers and 8 losers. Our average security is up 23.9%. Our best performing one is U.S. Steel, up 112%. The worst is Hess Corp., down 5%. The following table shows our ten top performing equities, as of September 30, 2009. % of Total % Gain Net Assets 1. U.S. Steel 111.8% 1.93% 2. Dress Barn 99.9 2.27 3. SPDR Financial ETF 77.0 3.07 4. Tiffany 74.1 1.54 5. Lancaster Colony 69.2 1.85 6. Citrix Systems 68.7 1.41 7. McKesson 67.1 1.46 8. Mack-Cali Realty 61.6 1.39 9. Polycom 53.8 1.41 10. Carlisle 50.0 1.05 Purchases: Altera, AT&T, Autodesk, Baxter International, BJ Wholesale, Boston Scientific, Cisco Systems, ConocoPhillips, Costco, C.R. Bard, DeVry Inc., Exelon, Harris Corp., Hess Corp., L-3 Communications, Lexmark, Lincare Holdings, Mueller Industries, Olin, Panera Bread, Pentair, Procter & Gamble, Ruddick, Stanley Works, Verisign and WW Grainger. Sales: Abbott Laboratories, A.O. Smith, Caterpillar, EOG Resources, Entergy, Hanover Insurance Group, ITT Industries, McGraw Hill, Powershares QQQ Trust, Safeway, Sara Lee, Sigma Aldrich, SPDR Homebuilders ETF, SPDR S&P 500 Trust, Steelcase, Teledyne and XTO Energy. Our two most profitable sales were A.O. Smith and SPDR Homebuilders ETF with 46% and 43% gains, respectively. PROXY VOTING INFORMATION Information is available to shareholders who are interested in the Fund's proxy voting record regarding its securities. This information is available without charge upon request. It may be obtained either by calling the Fund's toll-free number, 800-541-3863, or by visiting the SEC's website at www.sec.org. DIVIDEND NEWS Volumetric Fund will declare its annual dividend and capital gain distributions, if any, in late December. The exact date of record, ex- dividend and payment dates will be determined by the Board of Directors. For information regarding projected dividends and distributions please give us a call around mid-December. OUTLOOK As we indicated in our first quarter report, the market bottomed out on March 9, 2009. Also, as noted in our second quarter report, the new bull market was confirmed on June 1, when the major indices closed above their 200-day moving average lines. The outlook for Volumetric and the market for the fourth quarter are positive. Barring an outbreak of hostilities in the Middle East, we expect stocks to continue moving higher, although probably at a more moderate pace. Extremely low interest rates in money market funds make stocks more attractive. From the current 9,712, we expect the Dow will reach 10,000 during the fourth quarter and stabilize around that level for a while. Of course, this is still far away from its all time record high of 14,118 which was established on October 15, 2007. With our proven 'Volume and Range' system, we expect similar gains for Volumetric during the rest of the year. Thank you for your trust and confidence. Please call us, if you have any questions. October 9, 2009 Sincerely, /s/Gabriel J. Gibs /s/ Irene J. Zawitkowski Gabriel J. Gibs Irene J. Zawitkowski Chairman and CEO President VOLUMETRIC FUND, INC. STATEMENT OF NET ASSETS September 30, 2009 (Unaudited) Equities: 88.4% MARKET SHARES COMPANY VALUE Aerospace/Defense: 3.2% 2,200 L-3 Communications $176,704 3,800 Raytheon 182,286 3,300 United Technologies 201,069 --------- 560,059 --------- Chemicals: 2.2% 13,500 Olin 235,440 5,000 Pentair 147,600 --------- 383,040 --------- Communications: 4.6% 6,500 AT&T 175,565 25,000 Earthlink** 210,250 4,700 Harris 176,720 9,200 Polycom** 246,100 --------- 808,635 --------- Computers/Hardware: 2.3% 8,000 Cisco Systems** 188,320 1,800 IBM 215,298 --------- 403,618 --------- Computers/Software: 2.3% 6,700 Autodesk 159,460 6,300 Citrix Systems** 247,149 --------- 406,609 --------- Consumer Products: 5.4% 6,600 Hasbro 183,150 6,300 Lancaster Colony 323,001 14,500 Nu-Skin 268,685 3,000 Procter & Gamble 173,760 --------- 948,596 --------- Drugs: 3.3% 10,000 Bristol-Myers Squibb 225,200 3,100 Johnson & Johnson 188,759 10,300 Pfizer 170,465 --------- 584,424 --------- Educational Services: 1.0% 3,300 DeVry 182,556 --------- Electrical/Semiconductor: 5.2% 9,000 Altera 184,590 10,000 Intel 195,700 13,000 Maxim Integated Products 235,820 8,000 Texas Instruments 189,520 1,100 W.W, Grainger 98,296 --------- 903,926 --------- Financial Services/Banks: 3.9% 9,000 Bank of America 152,280 36,000 SPDR Financial ETF 537,840 --------- 690,120 --------- ` Foods/Beverage: 4.4% 3,400 Coca Cola 182,580 9,100 Conagra 197,288 7,000 Flower Foods 184,030 4,100 Molson-Coors Brewing 199,588 --------- 763,486 --------- Indexes: 3.5% 29,400 SPDR Technology ETF 613,578 --------- Internet Services: 2.2% 8,000 Verisign** 189,520 11,000 Yahoo** 195,910 --------- 385,430 --------- Machinery: 4.5% 3,700 Parker-Hannifin 191,808 3,600 Roper 183,528 4,600 Stanley Works 196,374 5,600 Toro 222,712 --------- 794,422 --------- MARKET SHARES COMPANY VALUE Materials/Metals: 3.7% 10,000 SPDR Materials ETF $309,400 7,600 US Steel 337,212 --------- 646,612 --------- Medical /Health : 6.8% 2,000 Bard C.R. 157,220 3,100 Baxter International 176,731 16,500 Boston Scientific** 174,735 7,100 Lincare Holdings** 221,875 4,300 McKesson 256,065 4,400 Owens & Minor 199,100 --------- 1,185,726 --------- Misc./Diversified: 3.8% 5,400 Carlisle 183,114 2,800 Danaher** 188,496 5,600 Mueller Industries 133,672 3,200 Teleflex 154,592 --------- 659,874 --------- Office Equipment: 2.1% 8,600 Lexmark** 185,244 23,000 Xerox 178,020 --------- 363,264 --------- Oil/Energy: 4.5% 3,700 ConocoPhillips 167,092 2,500 Diamond Offshore 238,800 3,000 Hess 160,380 5,000 National Fuel Gas 229,050 --------- 795,322 --------- Precision Instruments: 2.6% 8,000 Agilent Technologies** 222,640 3,300 Becton Coulter 227,502 --------- 450,142 --------- Railroads: 1.0% 4,000 Norfolk Southern 172,440 --------- Real Estate: 1.4% 7,500 Mack-Cali Realty 242,475 --------- Retail: 7.9% 4,900 BJ Wholesale** 177,478 3,700 Costco 208,606 22,100 Dress Barn** 396,253 3,000 Panera Bread 165,000 6,400 Ruddick 170,368 7,000 Tiffany 269,710 --------- 1,387,415 --------- Transportation: 3.6% 4,000 C.H. Robinson Worldwide 231,000 10,000 Knight Transportation 167,800 6,100 Overseas Shipholding 227,957 --------- 626,757 Utilities: 2.9% 5,500 Edison International 184,690 3,400 Exelon 168,708 5,000 Public Service Enterprise Group 157,200 --------- 510,598 --------- TOTAL EQUITIES: (COST: $12,452,527) 15,469,124 --------- CASH EQUIVALENTS & RECEIVABLES: 11.6% Cash 165,761 JP Morgan Interest Bearing Deposit Acct. 1,928,262 Dividends and interest receivable 12,429 --------- TOTAL CASH EQUIVALENTS/ RECEIVABLES 2,106,452 --------- TOTAL ASSETS 17,575,576 Less liabilities: Payable to broker (81,678) ------------ NET ASSETS: 100.0% $17,493,898 =========== VOLUMETRIC SHARES OUTSTANDING 1,210,863 --------- NET ASSET VALUE PER SHARE $14.45 ========= * Based on quoted prices in active markets * * Non-income producing security Volumetric Fund, Inc. - ------------------- 87 Violet Drive Pearl River, New York 10965 Tel: 845-623-7637 800-541-FUND www.volumetric.com Investment Adviser and Transfer Agent - ------------------- Volumetric Advisers, Inc. Pearl River, New York Custodian - ---------- J.P. Morgan Chase New York, New York Independent Auditors - ------------------- Briggs, Bunting & Dougherty, LLP Philadelphia, PA Board of Directors - ------------------- William P. Behrens Gabriel J. Gibs, Chairman Joseph Haupl Raymond T. Mundy Stephen Samitt Allan A. Samuels David L. Seidenberg Raymond W. Sheridan Irene J. Zawitkowski Officers - ---------- Gabriel J. Gibs Chief Executive Officer, Portfolio Co-Manager Irene J. Zawitkowski President, Portfolio Co-Manager Jeffrey M. Gibs Vice President, Chief Compliance Officer Our prospectus is available on the Fund's website or by calling the Fund. EX-99.CERT 2 cert30a0909nq.txt CERTIFICATION Certification under Rule 30a-2(a) of Form N-Q I, Gabriel J. Gibs, certify that: 1. I have reviewed this report on Form N-Q of Volumetric Fund, Inc; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposed in accordance with generally acceptable accounting practices. (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation ; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: Oct 21, 2009 /s/ Gabriel Gibs Gabriel J. Gibs Chairman and Chief Executive Officer Certification under Rule 30a-2(a) of Form N-Q I, Irene J. Zawitkowski certify that: 1. I have reviewed this report on Form N-Q of Volumetric Fund, Inc; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a- 3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposed in accordance with generally acceptable accounting practices. (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation ; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: Oct 21, 2009 /s/ Irene J Zawitkowski Irene J. Zawitkowski President and Chief Operating Officer -----END PRIVACY-ENHANCED MESSAGE-----