13F-HR 1 gfs13f4q08.txt Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: December 31, 2008 Check here if Amendment [ ]; Amendment Number: This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: GFS Advisors, LLC Address: 1330 Post Oak Blvd., Suite 2100 Houston, TX 77056 13F File Number: The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Jane Bates Title: Chief Compliance Officer Phone: 713-968-0449 Signature, Place, and Date of Signing: /s/ Jane Bates, Houston, TX, February 11, 2009 Report Type (Check only one.): [ X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form13F Information Table Entry Total: 63 Form13F Information Table Value Total: $ 101,235(thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all Institutional managers with respect to which this report is filed, other than the manager filing this report. FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- VANGUARD ALL WORLD INDX COM 922042775 734 22700 SH Sole 22700 ALCOA INC. COM 013817101 632 56100 SH Sole 56100 AMER EXPRESS COM 025816109 3057 164800 SH Sole 164800 AT & T CORP COM 00206R102 1476 51800 SH Sole 51800 BANKAMERICA COM 060505104 950 67500 SH Sole 67500 CISCO SYSTEMS COM 17275R102 407 25000 SH Sole 25000 CITIGROUP COM 172967101 265 39500 SH Sole 39500 COCA COLA COM 191216100 2003 44250 SH Sole 44250 CRANE CO COM 224399105 595 34500 SH Sole 34500 EXXON MOBIL CORP COM 30231G102 1421 17800 SH Sole 17800 GENERAL ELECTRIC COM 369604103 4103 253250 SH Sole 253250 GERDAU SA ADR COM 373737105 224 34000 SH Sole 34000 HEWLETT PACKARD COM 428236103 428 11800 SH Sole 11800 HOME DEPOT COM 437076102 5440 236300 SH Sole 236300 ILLINOIS TOOLS WORKS COM 452308109 876 25000 SH Sole 25000 INTEL COM 458140100 148 10100 SH Sole 10100 JOHNSON & JOHNSON COM 478160104 3291 55000 SH Sole 55000 JOHNSON CONTROLS INC COM 478366107 2689 148050 SH Sole 148050 LOWE'S COM 548661107 1434 66650 SH Sole 66650 MERCK COM 589331107 2703 88900 SH Sole 88900 MICROSOFT COM 594918104 3454 177650 SH Sole 177650 NUCOR COM 670346105 647 14000 SH Sole 14000 OFFICE DEPOT COM 676220106 74 25000 SH Sole 25000 PEPSICO COM 713448108 3281 59900 SH Sole 59900 PROCTER & GAMBLE COM 742718109 2550 41250 SH Sole 41250 US STEEL COM 912909108 837 22500 SH Sole 22500 74 2000 SH PUT Sole 2000 WAL MART STORES COM 931142103 561 10000 SH Sole 10000 WASTE MGT COM 94106L109 1674 50500 SH Sole 50500 BARCLAYS BK IPATH DOW JONES COM 06739H321 217 9100 SH Sole 9100 DOW JONES INDEX COM 252787106 4730 54050 SH Sole 54050 ENERGY INDEX COM 81369Y506 1839 38500 SH Sole 38500 ISHARES S&P 100 INDEX COM 464287101 3037 70300 SH Sole 70300 QQQQ INDEX COM 73935A104 461 15500 SH Sole 15500 S&P 500 INDEX COM 78462F103 11785 130600 SH Sole 130600 S&P MIDCAP 400 INDEX COM 595635103 350 3600 SH Sole 3600 TECHNOLOGY SECTOR INDEX COM 81369Y803 2097 136100 SH Sole 136100 VANGUARD LARGE CAP COM 922908637 1267 31100 SH Sole 31100 VANGUARD MCSI GROWTH COM 922908736 2201 55700 SH Sole 55700 GERDAU AMERISTEEL ADR ADR 37373P105 956 157800 SH Sole 157800 BP AMOCO ADR 055622104 444 9500 SH Sole 9500 NOKIA ADR ADR 654902204 2646 169600 SH Sole 169600 TELECOM ITALIA SPA ADR 87927Y102 983 60500 SH Sole 60500 UNILEVER NV ADR 904784709 1100 44800 SH Sole 44800 VODAFONE GROUP PLC ADR ADR 92857W209 959 46900 SH Sole 46900 DJ STOXX 50 FUND COM 78463X103 1788 61450 SH Sole 61450 ISHARES MSCI AUSTRIA INDEX COM 464286202 432 33200 SH Sole 33200 ISHARES MSCI INDEX COM 464287465 399 8900 SH Sole 8900 ISHARES RUSSIA COM 57060U506 265 20250 SH Sole 20250 ISHARES S&P 350 EUROPE COM 464287861 670 21500 SH Sole 21500 CEMEX ADR ADR 151290889 2850 311797 SH Sole 311797 EMPRESAS ICA ADR ADR 292448206 67 10000 SH Sole 10000 FEMSA ADR ADR 344419106 780 25900 SH Sole 25900 GRUMA ADR ADR 400131306 29 14600 SH Sole 14600 TELMEX INTERNACIONAL ADR ADR 879690105 133 11700 SH Sole 11700 BANCOLOMBIA SA ADR 05968L102 675 28900 SH Sole 28900 HONDA MOTOR ADR ADR 438128308 1726 80900 SH Sole 80900 TOYOTA ADR ADR 892331307 1603 24500 SH Sole 24500 BARCLAYS MSCI INDIA COM 06739F291 1501 47450 SH Sole 47450 ISHARES HK CHINA 25 INDEX COM 464287184 2525 86800 SH Sole 86800 ISHARES JAPAN INDEX COM 464286848 680 71000 SH Sole 71000 ISHARES SINGAPORE INDEX COM 464286673 1321 187425 SH Sole 187425 ISHARES SOUTH KOREA INDEX COM 464286772 2691 96200 SH Sole 96200