GFS Advisors 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
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hours per response:		23.8

COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
ALCOA INC	COM	013817101	137	12,900	SH		SOLE		0	0	12,900
AMERICA MOVIL SAB DE CV	SPON ADR L SHS	02364w105	2,853	122,075	SH		SOLE		0	0	122,075
AMERICAN EXPRESS CO	COM	025816109	2,109	23,250	SH		SOLE		0	0	23,250
APPLE INC	COM	037833100	7,866	14,020	SH		SOLE		0	0	14,020
AT&T INC	COM	00206R102	2,311	65,732	SH		SOLE		0	0	65,732
BANCO BILBAO VIZCAYA ARGENTA	SPONSORED ADR	05946K101	3,569	288,050	SH		SOLE		0	0	288,050
BANCO SANTANDER SA	ADR	05964H105	4,401	485,184	SH		SOLE		0	0	485,184
BANK OF AMERICA CORPORATION	COM	060505104	12,287	789,131	SH		SOLE		0	0	789,131
BERKSHIRE HATHAWAY INC DEL	CL B NEW	084670702	5,827	49,150	SH		SOLE		0	0	49,150
CATERPILLAR INC DEL	COM	149123101	6,455	71,080	SH		SOLE		0	0	71,080
CEMEX SAB DE CV	SPON ADR NEW	151290889	14,391	1,216,483	SH		SOLE		0	0	1,216,483
CHINA MOBILE LIMITED	SPONSORED ADR	16941m109	2,489	47,600	SH		SOLE		0	0	47,600
CITIGROUP INC	COM NEW	172967424	1,521	29,189	SH		SOLE		0	0	29,189
COCA COLA CO	COM	191216100	480	11,630	SH		SOLE		0	0	11,630
COMPANHIA SIDERURGICA NACION	SPONSORED ADR	20440W105	902	145,500	SH		SOLE		0	0	145,500
CRANE CO	COM	224399105	847	12,600	SH		SOLE		0	0	12,600
DEERE & CO	COM	244199105	3,818	41,800	SH		SOLE		0	0	41,800
DIAGEO P L C	SPON ADR NEW	25243Q205	411	3,100	SH		SOLE		0	0	3,100
EMPRESAS ICA S A DE CV	SPONS ADR NEW	292448206	634	75,000	SH		SOLE		0	0	75,000
EXXON MOBIL CORP	COM	30231g102	3,486	34,450	SH		SOLE		0	0	34,450
FREEPORT-MCMORAN COPPER & GO	COM	35671D857	713	18,900	SH		SOLE		0	0	18,900
GENERAL ELECTRIC CO	COM	369604103	11,054	394,376	SH		SOLE		0	0	394,376
GERDAU S A	SPON ADR REP PFD	373737105	1,395	177,900	SH		SOLE		0	0	177,900
GOOGLE INC	CL A	38259P508	1,402	1,251	SH		SOLE		0	0	1,251
HEWLETT PACKARD CO	COM	428236103	2,513	89,820	SH		SOLE		0	0	89,820
HONDA MOTOR LTD	AMERN SHS	438128308	271	6,550	SH		SOLE		0	0	6,550
INTEL CORP	COM	458140100	624	24,057	SH		SOLE		0	0	24,057
INTERNATIONAL BUSINESS MACHS	COM	459200101	2,335	12,450	SH		SOLE		0	0	12,450
INVESCO ADVANTAGE MUNICIPAL	SH BEN INT	46132E103	642	61,000	SH		SOLE		0	0	61,000
ISHARES	CHINA LG-CAP ETF	464287184	207	5,400	SH		SOLE		0	0	5,400
ISHARES	CORE S&P MCP ETF	464287507	1,738	12,989	SH		SOLE		0	0	12,989
ISHARES	EAFE SML CP ETF	464288273	1,157	22,700	SH		SOLE		0	0	22,700
ISHARES	EAFE VALUE ETF	464288877	1,324	23,154	SH		SOLE		0	0	23,154
ISHARES	EUROPE ETF	464287861	711	14,990	SH		SOLE		0	0	14,990
ISHARES	MSCI AC ASIA ETF	464288182	282	4,675	SH		SOLE		0	0	4,675
ISHARES	MSCI EAFE ETF	464287465	1,841	27,435	SH		SOLE		0	0	27,435
ISHARES	MSCI EMG MKT ETF	464287234	820	19,613	SH		SOLE		0	0	19,613
ISHARES	MSCI PAC JP ETF	464286665	630	13,475	SH		SOLE		0	0	13,475
ISHARES	NA NAT RES	464287374	1,035	23,847	SH		SOLE		0	0	23,847
ISHARES	RUS 1000 GRW ETF	464287614	281	3,271	SH		SOLE		0	0	3,271
ISHARES	RUS 1000 VAL ETF	464287598	2,927	31,084	SH		SOLE		0	0	31,084
ISHARES	RUSSELL 2000 ETF	464287655	1,072	9,290	SH		SOLE		0	0	9,290
ISHARES	S&P 100 ETF	464287101	478	5,800	SH		SOLE		0	0	5,800
ISHARES	SP SMCP600VL ETF	464287879	1,461	13,132	SH		SOLE		0	0	13,132
JOHNSON & JOHNSON	COM	478160104	1,433	15,650	SH		SOLE		0	0	15,650
JPMORGAN CHASE & CO	COM	46625H100	1,026	17,552	SH		SOLE		0	0	17,552
MACYS INC	COM	55616P104	214	4,000	SH		SOLE		0	0	4,000
MCDONALDS CORP	COM	580135101	865	8,911	SH		SOLE		0	0	8,911
MERCK & CO INC NEW	COM	58933Y105	2,219	44,328	SH		SOLE		0	0	44,328
MICROSOFT CORP	COM	594918104	2,524	67,481	SH		SOLE		0	0	67,481
NOVARTIS A G	SPONSORED ADR	66987v109	1,423	17,700	SH		SOLE		0	0	17,700
PEABODY ENERGY CORP	COM	704549104	386	19,780	SH		SOLE		0	0	19,780
PEPSICO INC	COM	713448108	2,370	28,575	SH		SOLE		0	0	28,575
PETROLEO BRASILEIRO SA PETRO	SPONSORED ADR	71654v408	2,550	185,050	SH		SOLE		0	0	185,050
PFIZER INC	COM	717081103	400	13,073	SH		SOLE		0	0	13,073
POTASH CORP SASK INC	COM	73755l107	239	7,250	SH		SOLE		0	0	7,250
POWERSHARES DB CMDTY IDX TRA	UNIT BEN INT	73935S105	1,306	50,903	SH		SOLE		0	0	50,903
POWERSHARES QQQ TRUST	UNIT SER 1	73935A104	1,343	15,270	SH		SOLE		0	0	15,270
PROCTER & GAMBLE CO	COM	742718109	2,937	36,082	SH		SOLE		0	0	36,082
ROYAL DUTCH SHELL PLC	SPON ADR B	780259107	605	8,050	SH		SOLE		0	0	8,050
ROYAL DUTCH SHELL PLC	SPONS ADR A	780259206	5,621	78,870	SH		SOLE		0	0	78,870
SANOFI	SPONSORED ADR	80105N105	563	10,500	SH		SOLE		0	0	10,500
SELECT SECTOR SPDR TR	SBI CONS DISCR	81369Y407	2,032	30,400	SH		SOLE		0	0	30,400
SELECT SECTOR SPDR TR	SBI INT-FINL	81369Y605	1,137	51,993	SH		SOLE		0	0	51,993
SONY CORP	ADR NEW	835699307	346	20,000	SH		SOLE		0	0	20,000
SPDR DOW JONES INDL AVRG ETF	UT SER 1	78467X109	6,384	38,584	SH		SOLE		0	0	38,584
SPDR GOLD TRUST	GOLD SHS	78463V107	2,989	25,740	SH		SOLE		0	0	25,740
SPDR INDEX SHS FDS	S&P INTL SMLCP	78463X871	578	17,211	SH		SOLE		0	0	17,211
SPDR INDEX SHS FDS	STOXX EUR 50 ETF	78463X103	1,809	46,000	SH		SOLE		0	0	46,000
SPDR S&P 500 ETF TR	TR UNIT	78462F103	7,067	38,265	SH		SOLE		0	0	38,265
SPDR S&P MIDCAP 400 ETF TR	UTSER1 S&PDCRP	78467Y107	653	2,675	SH		SOLE		0	0	2,675
TELEFONICA S A	SPONSORED ADR	879382208	6,729	411,836	SH		SOLE		0	0	411,836
TEVA PHARMACEUTICAL INDS LTD	ADR	881624209	715	17,850	SH		SOLE		0	0	17,850
TOYOTA MOTOR CORP	SP ADR REP2COM	892331307	1,975	16,200	SH		SOLE		0	0	16,200
UNILEVER N V	N Y SHS NEW	904784709	2,186	54,330	SH		SOLE		0	0	54,330
VALE S A	ADR	91912E105	2,045	134,100	SH		SOLE		0	0	134,100
VANGUARD INDEX FDS	EXTEND MKT ETF	922908652	1,548	18,714	SH		SOLE		0	0	18,714
VANGUARD INDEX FDS	GROWTH ETF	922908736	3,088	33,188	SH		SOLE		0	0	33,188
VANGUARD INDEX FDS	LARGE CAP ETF	922908637	1,314	15,500	SH		SOLE		0	0	15,500
VANGUARD INDEX FDS	REIT ETF	922908553	680	10,539	SH		SOLE		0	0	10,539
VANGUARD INDEX FDS	SM CP VAL ETF	922908611	1,405	14,429	SH		SOLE		0	0	14,429
VANGUARD INDEX FDS	TOTAL STK MKT	922908769	4,295	44,776	SH		SOLE		0	0	44,776
VANGUARD INTL EQUITY INDEX F	ALLWRLD EX US	922042775	1,825	35,984	SH		SOLE		0	0	35,984
VANGUARD INTL EQUITY INDEX F	FTSE EMR MKT ETF	922042858	3,528	85,747	SH		SOLE		0	0	85,747
VANGUARD INTL EQUITY INDEX F	GLB EX US ETF	922042676	283	5,199	SH		SOLE		0	0	5,199
VANGUARD INTL EQUITY INDEX F	MEGA CAP GRO ETF	922042866	1,445	23,580	SH		SOLE		0	0	23,580
VODAFONE GROUP PLC NEW	SPONS ADR NEW	92857w209	1,620	41,200	SH		SOLE		0	0	41,200
WALGREEN CO	COM	931422109	517	9,000	SH		SOLE		0	0	9,000
WAL-MART STORES INC	COM	931142103	1,920	24,400	SH		SOLE		0	0	24,400
WASTE MGMT INC DEL	COM	94106l109	285	6,350	SH		SOLE		0	0	6,350