13F-HR 1 gfs13f1q09.txt Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 2009 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, April 30, 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: $ 89,691(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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- ISHARES MSCI INDEX COM 464287465 335 8900 SH Sole 8900 VANGUARD ALL WORLD INDX COM 922042775 638 22700 SH Sole 22700 ALCOA INC. COM 013817101 327 44500 SH Sole 44500 AMER EXPRESS COM 025816109 2275 166900 SH Sole 166900 AT & T CORP COM 00206R102 1305 51800 SH Sole 51800 BANKAMERICA COM 060505104 636 93200 SH Sole 93200 CISCO SYSTEMS COM 17275R102 419 25000 SH Sole 25000 COCA COLA COM 191216100 1945 44250 SH Sole 44250 CONOCO PHILLIPS COM 20825C104 364 9300 SH Sole 9300 CRANE CO COM 224399105 582 34500 SH Sole 34500 EXXON MOBIL CORP COM 30231G102 1212 17800 SH Sole 17800 GENERAL ELECTRIC COM 369604103 2669 264000 SH Sole 264000 GERDAU SA ADR COM 373737105 186 34000 SH Sole 34000 HEWLETT PACKARD COM 428236103 378 11800 SH Sole 11800 HOME DEPOT COM 437076102 5598 237600 SH Sole 237600 ILLINOIS TOOLS WORKS COM 452308109 771 25000 SH Sole 25000 INTEL COM 458140100 152 10100 SH Sole 10100 JOHNSON & JOHNSON COM 478160104 2893 55000 SH Sole 55000 JOHNSON CONTROLS INC COM 478366107 1777 148050 SH Sole 148050 KELLOGG COM 487836108 366 10000 SH Sole 10000 LOWE'S COM 548661107 1216 66650 SH Sole 66650 MERCK COM 589331107 2378 88900 SH Sole 88900 MICROSOFT COM 594918104 3263 177650 SH Sole 177650 OFFICE DEPOT COM 676220106 45 34000 SH Sole 34000 PEPSICO COM 713448108 3084 59900 SH Sole 59900 PROCTER & GAMBLE COM 742718109 1942 41250 SH Sole 41250 SAKS COM 79377W108 28 15200 SH Sole 15200 UNITED STATES OIL FUND LP COM 91232N108 1888 65000 SH Sole 65000 US STEEL COM 912909108 497 23500 SH Sole 23500 WAL MART STORES COM 931142103 521 10000 SH Sole 10000 WASTE MGT COM 94106L109 1293 50500 SH Sole 50500 DOW JONES INDEX COM 252787106 4190 55250 SH Sole 55250 ENERGY INDEX COM 81369Y506 1677 39500 SH Sole 39500 ISHARES S&P 100 INDEX COM 464287101 2652 70300 SH Sole 70300 PROSHARES ULTRA FINANCIALS COM 74347R743 37 14000 SH Sole 14000 QQQQ INDEX COM 73935A104 531 17500 SH Sole 17500 S&P 500 INDEX COM 78462F103 10481 131800 SH Sole 131800 S&P MIDCAP 400 INDEX COM 595635103 319 3600 SH Sole 3600 TECHNOLOGY SECTOR INDEX COM 81369Y803 2126 136100 SH Sole 136100 VANGUARD LARGE CAP COM 922908637 1120 31100 SH Sole 31100 VANGUARD MCSI GROWTH COM 922908736 2081 55700 SH Sole 55700 PROSHARES ULTRASHORT TREASURY COM 74347R297 393 9000 SH Sole 9000 GERDAU AMERISTEEL ADR ADR 37373P105 484 157800 SH Sole 157800 BP AMOCO ADR 055622104 381 9500 SH Sole 9500 NOKIA ADR ADR 654902204 1979 169600 SH Sole 169600 TELECOM ITALIA SPA ADR 87927Y102 192 15000 SH Sole 15000 UNILEVER NV ADR 904784709 878 44800 SH Sole 44800 VODAFONE GROUP PLC ADR ADR 92857W209 523 30000 SH Sole 30000 DJ STOXX 50 FUND COM 78463X103 1473 61450 SH Sole 61450 ISHARES MSCI AUSTRIA INDEX COM 464286202 408 33200 SH Sole 33200 ISHARES S&P 350 EUROPE COM 464287861 550 21500 SH Sole 21500 CEMEX ADR ADR 151290889 1949 311797 SH Sole 311797 EMPRESAS ICA ADR ADR 292448206 67 10000 SH Sole 10000 FEMSA ADR ADR 344419106 653 25900 SH Sole 25900 GRUMA ADR ADR 400131306 21 14600 SH Sole 14600 TELMEX INTERNACIONAL ADR ADR 879690105 107 11700 SH Sole 11700 BANCOLOMBIA SA ADR 05968L102 563 28900 SH Sole 28900 CHINA MOBILE ADR ADR 16941M109 899 20650 SH Sole 20650 HONDA MOTOR ADR ADR 438128308 1917 80900 SH Sole 80900 TOYOTA ADR ADR 892331307 1551 24500 SH Sole 24500 ISHARES HK CHINA 25 INDEX COM 464287184 6764 237075 SH Sole 237075 ISHARES JAPAN INDEX COM 464286848 561 71000 SH Sole 71000 ISHARES SINGAPORE INDEX COM 464286673 1181 187425 SH Sole 187425