GFS Advisors

GFS Advisors as of March 31, 2011

Portfolio Holdings for GFS Advisors

GFS Advisors holds 73 positions in its portfolio as reported in the March 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Spdr S&p 500 Etf (SPY) 7.6 $9.0M 68k 132.60
General Electric Company 6.3 $7.5M 373k 20.05
Bank of America Corporation (BAC) 4.5 $5.3M 400k 13.33
American Express Company (AXP) 4.0 $4.7M 104k 45.20
Diamonds Trust Series I 3.8 $4.5M 37k 123.03
Merck & Co 3.3 $4.0M 121k 33.01
Procter & Gamble Company (PG) 3.3 $3.9M 64k 61.59
Wal-Mart Stores (WMT) 3.3 $3.9M 75k 52.05
China Mobile 3.2 $3.9M 84k 46.24
Petroleo Brasileiro SA (PBR) 2.8 $3.3M 81k 40.43
Pepsi (PEP) 2.6 $3.1M 48k 64.42
Intel Corporation (INTC) 2.4 $2.8M 139k 20.18
Johnson & Johnson (JNJ) 2.3 $2.8M 47k 59.25
Toyota Motor Corporation (TM) 2.2 $2.6M 32k 80.25
Hewlett-Packard Company 2.1 $2.5M 62k 40.98
ProShares UltraShort 20+ Year Trea 2.0 $2.4M 65k 37.44
Kraft Foods 2.0 $2.4M 76k 31.36
Microsoft Corporation (MSFT) 2.0 $2.4M 93k 25.39
Energy Select Sector SPDR (XLE) 1.8 $2.1M 27k 79.74
iShares FTSE/Xinhua China 25 Index (FXI) 1.7 $2.1M 46k 44.91
Kellogg Company (K) 1.5 $1.8M 34k 53.99
At&t (T) 1.5 $1.8M 58k 30.62
Spdr Index Shs Fds stoxx eur 50 etf (SPEU) 1.4 $1.7M 48k 35.87
Cisco Systems (CSCO) 1.4 $1.7M 99k 17.15
Unilever 1.4 $1.7M 53k 31.35
Telefonica 1.4 $1.6M 64k 25.22
Lowe's Companies (LOW) 1.4 $1.6M 61k 26.43
Waste Management (WM) 1.3 $1.6M 42k 37.34
Vodafone 1.2 $1.5M 51k 28.75
Vanguard Growth ETF (VUG) 1.2 $1.4M 23k 64.31
Cemex SAB de CV (CX) 1.2 $1.4M 158k 8.93
iShares S&P 100 Index (OEF) 1.2 $1.4M 24k 59.36
Ternium (TX) 1.1 $1.3M 37k 35.93
Manpower (MAN) 1.1 $1.3M 21k 62.87
Financial Select Sector SPDR (XLF) 1.0 $1.2M 73k 16.39
Illinois Tool Works (ITW) 0.9 $1.1M 21k 53.72
iShares S&P GSCI Commodity-Indexed (GSG) 0.9 $1.1M 30k 37.33
Vanguard FTSE All-World ex-US ETF (VEU) 0.9 $1.1M 23k 49.34
PowerShares QQQ Trust, Series 1 0.8 $964k 17k 57.43
United States Natural Gas Fund 0.8 $943k 82k 11.50
Vanguard Large-Cap ETF (VV) 0.8 $942k 16k 60.77
Crane 0.7 $833k 17k 48.43
iShares MSCI Austria Investable Mkt (EWO) 0.7 $814k 35k 23.39
Banco Santander (SAN) 0.6 $717k 61k 11.73
iShares S&P Europe 350 Index (IEV) 0.6 $707k 17k 41.83
Pfizer (PFE) 0.5 $643k 32k 20.30
Midcap Spdr Trust Series 1 untsr1 0.5 $637k 3.6k 179.44
Exxon Mobil Corporation (XOM) 0.5 $618k 7.4k 84.08
Home Depot (HD) 0.5 $593k 16k 37.06
Johnson Controls 0.5 $555k 13k 41.57
Starbucks Corporation (SBUX) 0.5 $554k 15k 36.93
Honda Motor (HMC) 0.4 $506k 14k 37.48
iShares MSCI Japan Index 0.4 $516k 50k 10.32
iShares MSCI Germany Index Fund (EWG) 0.4 $506k 20k 25.95
Novartis (NVS) 0.4 $484k 8.9k 54.38
iShares Silver Trust (SLV) 0.4 $478k 13k 36.77
iShares MSCI Singapore Index Fund 0.4 $474k 35k 13.68
Oil Service HOLDRs 0.4 $468k 2.9k 164.21
Alcoa 0.4 $456k 26k 17.67
Total 0.4 $433k 7.1k 60.99
Citi 0.3 $376k 85k 4.42
PowerShares DB Com Indx Trckng Fund 0.3 $373k 12k 30.49
SPDR Gold Trust (GLD) 0.3 $347k 2.5k 139.98
Barclays Bank Plc etn djubsalumi38 (JJUFF) 0.3 $320k 9.1k 35.16
iShares MSCI Emerging Markets Indx (EEM) 0.2 $260k 5.4k 48.60
iShares MSCI Brazil Index (EWZ) 0.2 $264k 3.4k 77.65
Goldman Sachs (GS) 0.2 $254k 1.6k 158.75
America Movil Sab De Cv spon adr l 0.2 $238k 4.1k 58.05
Comcast Corporation (CMCSA) 0.2 $237k 9.6k 24.69
iShares MSCI EAFE Index Fund (EFA) 0.2 $228k 3.8k 60.00
ArcelorMittal 0.2 $215k 6.0k 36.13
Sap (SAP) 0.2 $202k 3.3k 61.21
Gruma S.A.B. de C.V. 0.1 $164k 20k 8.37