# EDGAR Filing Document

**Accession Number:** 0001427263
**File Stem:** 0001427263-26-000004
**Filing Date:** 2026-5
**Character Count:** 21655
**Document Hash:** 574351019bee3c21b33e3138d3e6d0d9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001427263-26-000004.hdr.sgml**: 20260511

**ACCESSION NUMBER**: 0001427263-26-000004

**CONFORMED SUBMISSION TYPE**: 13F-HR/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260511

**DATE AS OF CHANGE**: 20260511

**EFFECTIVENESS DATE**: 20260511

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GFS Advisors, LLC
- **CENTRAL INDEX KEY:** 0001427263

**ORGANIZATION NAME:**
- **EIN:** 208293410

**FILING VALUES:**
- **FORM TYPE:** 13F-HR/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-13054
- **FILM NUMBER:** 26961564

**BUSINESS ADDRESS:**
- **STREET 1:** 1330 POST OAK BLVD, SUITE 2100
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77056
- **BUSINESS PHONE:** 713-968-0400

**MAIL ADDRESS:**
- **STREET 1:** 1330 POST OAK BLVD, SUITE 2100
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77056

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 03-31-2026

**Check here if Amendment** [x] **Amendment Number:** 1

**This Amendment (Check only one.):** [ ] is a restatement.

[x] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** GFS Advisors LLC<br>**Address:** 1330 POST OAK BLVD SUITE 2100<br>HOUSTON, TX 77056

**Form 13F File Number:** 028-13054

**CRD Number (if applicable):** 000143110

**SEC File Number (if applicable):** 801-67899

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:** William Cathriner<br>**Title:** CCO<br>**Phone:** 713-968-0429

**Signature, Place, and Date of Signing:**

William Cathriner  Houston, TX  05-11-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 160

**Form 13F Information Table Value Total:** $784681342

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ADOBE INC | COM | 00724F101 | BBG001S5NCQ5 | 2173864 | 8943 | SH |  | SOLE |  | 0 | 0 | 8943 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 | BBG006G2JWB1 | 21515261 | 171491 | SH |  | SOLE |  | 0 | 0 | 171491 |
| ALLY FINL INC | COM | 02005N100 | BBG001S5RLN4 | 258918 | 6600 | SH |  | SOLE |  | 0 | 0 | 6600 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JY5 | 35099684 | 122060 | SH |  | SOLE |  | 0 | 0 | 122060 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S3NB21 | 10104644 | 35225 | SH |  | SOLE |  | 0 | 0 | 35225 |
| ALTRIA GROUP INC | COM | 02209S103 | BBG001S5T8T5 | 420026 | 6365 | SH |  | SOLE |  | 0 | 0 | 6365 |
| AMERICAN AIRLINES GROUP INC | COM | 02376R102 | BBG005P7Q907 | 341532 | 31800 | SH |  | SOLE |  | 0 | 0 | 31800 |
| ANHEUSER BUSCH INBEV SA NV | SPONSORED ADR | 03524A108 | BBG001T53FW2 | 876143 | 12630 | SH |  | SOLE |  | 0 | 0 | 12630 |
| ARRAY TECHNOLOGIES INC | COM SHS | 04271T100 | BBG002MX7TQ9 | 578400 | 80000 | SH |  | SOLE |  | 0 | 0 | 80000 |
| ASML HLDG NV | N Y REGISTRY SHS | N07059210 | BBG001SCG0R3 | 336812 | 255 | SH |  | SOLE |  | 0 | 0 | 255 |
| AT INC | COM | 00206R102 | BBG001S5VWH2 | 480625 | 16579 | SH |  | SOLE |  | 0 | 0 | 16579 |
| BANCO BILBAO VIZCAYA ARGENTA | SPONSORED ADR | 05946K101 | BBG001S5XP76 | 6877050 | 317500 | SH |  | SOLE |  | 0 | 0 | 317500 |
| BANCO SANTANDER SA | ADR | 05964H105 | BBG001S5WCX7 | 293281 | 26000 | SH |  | SOLE |  | 0 | 0 | 26000 |
| BLACKSTONE MORTGAGE TRUST IN | COM CL A | 09257W100 | BBG001S5Q7V7 | 7736409 | 403990 | SH |  | SOLE |  | 0 | 0 | 403990 |
| BLACKSTONE SECD LENDING FD | COMMON STOCK | 09261X102 | BBG00MS80PP0 | 1695020 | 71550 | SH |  | SOLE |  | 0 | 0 | 71550 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 | BBG001S8N8J6 | 1636034 | 26975 | SH |  | SOLE |  | 0 | 0 | 26975 |
| BROADCOM INC | COM | 11135F101 | BBG00KHY5SY8 | 467051 | 1509 | SH |  | SOLE |  | 0 | 0 | 1509 |
| CEMEX SA EURO MTN BE 144A | SPON ADR NEW | 151290889 | BBG001SD8F15 | 702725 | 61427 | SH |  | SOLE |  | 0 | 0 | 61427 |
| CHEVRON CORPORATION | COM | 166764100 | BBG001S67ZC5 | 11827885 | 57167 | SH |  | SOLE |  | 0 | 0 | 57167 |
| CISCO SYS INC | COM | 17275R102 | BBG001S6HC62 | 1855565 | 23915 | SH |  | SOLE |  | 0 | 0 | 23915 |
| CITIGROUP INC | COM NEW | 172967424 | BBG001S72ZG4 | 2590851 | 22845 | SH |  | SOLE |  | 0 | 0 | 22845 |
| COINBASE GLOBAL INC | COM CL A | 19260Q107 | BBG00ZGF7799 | 261915 | 1500 | SH |  | SOLE |  | 0 | 0 | 1500 |
| CONOCOPHILLIPS | COM | 20825C104 | BBG001S5TZM2 | 203940 | 1545 | SH |  | SOLE |  | 0 | 0 | 1545 |
| CONSTELLATION BRANDS INC | CL A | 21036P108 | BBG001SD31G5 | 349200 | 2328 | SH |  | SOLE |  | 0 | 0 | 2328 |
| COSTCO WHOLESALE CORPORATION | COM | 22160K105 | BBG001S9KRQ7 | 915951 | 919 | SH |  | SOLE |  | 0 | 0 | 919 |
| COUPANG INC | CL A | 22266T109 | BBG00XMJRPR7 | 1520501 | 80535 | SH |  | SOLE |  | 0 | 0 | 80535 |
| CRACKER BARREL OLD CTRY STOR | COM | 22410J106 | BBG001S5PK03 | 562200 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| CUMMINS INC | COM | 231021106 | BBG001S5Q9M3 | 217898 | 405 | SH |  | SOLE |  | 0 | 0 | 405 |
| CURTISS WRIGHT CORP | COM | 231561101 | BBG001S5QBK0 | 222726 | 327 | SH |  | SOLE |  | 0 | 0 | 327 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 | BBG00DW3SZT0 | 902715 | 5500 | SH |  | SOLE |  | 0 | 0 | 5500 |
| DILLARDS INC | CL A | 254067101 | BBG001S5VNW5 | 686532 | 1200 | SH |  | SOLE |  | 0 | 0 | 1200 |
| DISNEY WALT CO | COM | 254687106 | BBG001S5QHF3 | 26573757 | 275719 | SH |  | SOLE |  | 0 | 0 | 275719 |
| DOW HLDGS INC | COM | 260557103 | BBG00BN96931 | 20864151 | 500940 | SH |  | SOLE |  | 0 | 0 | 500940 |
| ELI LILLY  CO | COM | 532457108 | BBG001S5STL8 | 386303 | 420 | SH |  | SOLE |  | 0 | 0 | 420 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 | BBG001SDHNW4 | 2211780 | 114600 | SH |  | SOLE |  | 0 | 0 | 114600 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 | BBG001S9P0Z1 | 1986600 | 52500 | SH |  | SOLE |  | 0 | 0 | 52500 |
| EXXON MOBIL CORP | COM | 30231G102 | BBG001S69V32 | 7796556 | 45954 | SH |  | SOLE |  | 0 | 0 | 45954 |
| FAIR ISAAC CORP | COM | 303250104 | BBG001S8ZT61 | 213508 | 200 | SH |  | SOLE |  | 0 | 0 | 200 |
| FEDEX CORP | COM | 31428X106 | BBG001S5R3M5 | 31045313 | 87162 | SH |  | SOLE |  | 0 | 0 | 87162 |
| FIRST TR EXCHANGE-TRADED FD | NASDAQ CYB ETF | 33734X846 | BBG009K1H2W7 | 424281 | 6769 | SH |  | SOLE |  | 0 | 0 | 6769 |
| GLOBAL X FDS | RBTCS ARTFL INTE | 37954Y715 | BBG00DSB42H9 | 1375474 | 41405 | SH |  | SOLE |  | 0 | 0 | 41405 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 | BBG001SC07Z6 | 459373 | 543 | SH |  | SOLE |  | 0 | 0 | 543 |
| INTEL CORP | COM | 458140100 | BBG001S5SF65 | 8573806 | 194285 | SH |  | SOLE |  | 0 | 0 | 194285 |
| INVESCO DB US DLR INDEX TR | BEARISH FD | 46141D104 | BBG001SSYVX3 | 4359600 | 242200 | SH |  | SOLE |  | 0 | 0 | 242200 |
| INVESCO EXCHANGE TRADED FD T | AEROSPACE DEFN | 46137V100 | BBG001S8JG85 | 1491300 | 9000 | SH |  | SOLE |  | 0 | 0 | 9000 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 | BBG00KJR2NN7 | 15358014 | 80023 | SH |  | SOLE |  | 0 | 0 | 80023 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 | BBG01KYQ6QS5 | 2344926 | 61034 | SH |  | SOLE |  | 0 | 0 | 61034 |
| ISHARES ETHEREUM TR | SHS | 46438R105 | BBG01NXX8HZ5 | 175476 | 11085 | SH |  | SOLE |  | 0 | 0 | 11085 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 | BBG001SJK6D5 | 7917209 | 89805 | SH |  | SOLE |  | 0 | 0 | 89805 |
| ISHARES INC | MSCI GERMANY ETF | 464286806 | BBG001S8SJC4 | 991750 | 25000 | SH |  | SOLE |  | 0 | 0 | 25000 |
| ISHARES INC | MSCI JAPAN ETF | 46434G822 | BBG001S8SYN9 | 22455974 | 265940 | SH |  | SOLE |  | 0 | 0 | 265940 |
| ISHARES INC | MSCI PAC JP ETF | 464286665 | BBG001S89L03 | 1328500 | 25000 | SH |  | SOLE |  | 0 | 0 | 25000 |
| ISHARES INC | MSCI SPAIN ETF | 464286764 | BBG001S8SYT3 | 1357750 | 25000 | SH |  | SOLE |  | 0 | 0 | 25000 |
| ISHARES SILVER TR | ISHARES | 46428Q109 | BBG001SQLN69 | 3615236 | 53056 | SH |  | SOLE |  | 0 | 0 | 53056 |
| ISHARES TR | 1 3 YR TREAS BD | 464287457 | BBG001SKXPR1 | 389235 | 4714 | SH |  | SOLE |  | 0 | 0 | 4714 |
| ISHARES TR | CORE S MCP ETF | 464287507 | BBG001SFC7V0 | 12615212 | 186809 | SH |  | SOLE |  | 0 | 0 | 186809 |
| ISHARES TR | CORE S SCP ETF | 464287804 | BBG001SFC7W9 | 18527411 | 149042 | SH |  | SOLE |  | 0 | 0 | 149042 |
| ISHARES TR | CORE S ETF | 464287200 | BBG001SFB7R6 | 14135464 | 21640 | SH |  | SOLE |  | 0 | 0 | 21640 |
| ISHARES TR | CORE US AGGBD ET | 464287226 | BBG001SM1QT8 | 516204 | 5200 | SH |  | SOLE |  | 0 | 0 | 5200 |
| ISHARES TR | EAFE SML CP ETF | 464288273 | BBG001SYVWS7 | 735878 | 9385 | SH |  | SOLE |  | 0 | 0 | 9385 |
| ISHARES TR | EAFE VALUE ETF | 464288877 | BBG001SNYBH6 | 526101 | 7076 | SH |  | SOLE |  | 0 | 0 | 7076 |
| ISHARES TR | ESG AWR MSCI USA | 46435G425 | BBG00FFPFTS4 | 1909170 | 13500 | SH |  | SOLE |  | 0 | 0 | 13500 |
| ISHARES TR | GLB INFRASTR ETF | 464288372 | BBG001SYVWT6 | 281400 | 4200 | SH |  | SOLE |  | 0 | 0 | 4200 |
| ISHARES TR | GLOB HLTHCRE ETF | 464287325 | BBG001SJX8Q3 | 271453 | 2902 | SH |  | SOLE |  | 0 | 0 | 2902 |
| ISHARES TR | MSCI AC ASIA ETF | 464288182 | BBG001T2V2D8 | 9732993 | 101080 | SH |  | SOLE |  | 0 | 0 | 101080 |
| ISHARES TR | MSCI ACWI ETF | 464288257 | BBG001S56QV7 | 26445274 | 191120 | SH |  | SOLE |  | 0 | 0 | 191120 |
| ISHARES TR | MSCI EAFE ETF | 464287465 | BBG001SG09V7 | 1055803 | 10870 | SH |  | SOLE |  | 0 | 0 | 10870 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 | BBG001SK77D5 | 789381 | 13900 | SH |  | SOLE |  | 0 | 0 | 13900 |
| ISHARES TR | MSCI INDIA ETF | 46429B598 | BBG002DMN4B6 | 478049 | 10206 | SH |  | SOLE |  | 0 | 0 | 10206 |
| ISHARES TR | MSCI POLAND ETF | 46429B606 | BBG001S56L11 | 728200 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| ISHARES TR | NATIONAL MUN ETF | 464288414 | BBG001SZV978 | 3184500 | 30000 | SH |  | SOLE |  | 0 | 0 | 30000 |
| ISHARES TR | NORTH AMERN NAT | 464287374 | BBG001SJKDG7 | 547452 | 8698 | SH |  | SOLE |  | 0 | 0 | 8698 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 | BBG001S562P7 | 2017045 | 9440 | SH |  | SOLE |  | 0 | 0 | 9440 |
| ISHARES TR | RUS MD CP GR ETF | 464287481 | BBG001S561Z8 | 1024960 | 8000 | SH |  | SOLE |  | 0 | 0 | 8000 |
| ISHARES TR | SP SMCP600VL ETF | 464287879 | BBG001SFQL26 | 1132856 | 9564 | SH |  | SOLE |  | 0 | 0 | 9564 |
| ISHARES TR | TRUST ISHARE 0-1 | 464288679 | BBG001SSD803 | 12048075 | 109141 | SH |  | SOLE |  | 0 | 0 | 109141 |
| ISHARES TR | U.S. TECH ETF | 464287721 | BBG001SFB7Z7 | 351048 | 1935 | SH |  | SOLE |  | 0 | 0 | 1935 |
| J P MORGAN EXCHANGE TRADED F | EQUITY PREMIUM | 46641Q332 | BBG00TSG0SK6 | 2589142 | 45680 | SH |  | SOLE |  | 0 | 0 | 45680 |
| J P MORGAN EXCHANGE TRADED F | MUNICIPAL ETF | 46641Q647 | BBG00M8D48L9 | 2029594 | 40600 | SH |  | SOLE |  | 0 | 0 | 40600 |
| JOHNSON  JOHNSON | COM | 478160104 | BBG001S5SHQ9 | 11288728 | 46182 | SH |  | SOLE |  | 0 | 0 | 46182 |
| JPMORGAN CHASE  CO | COM | 46625H100 | BBG001S8CRC3 | 7097787 | 24129 | SH |  | SOLE |  | 0 | 0 | 24129 |
| KKR REAL ESTATE FIN TR INC | COM | 48251K100 | BBG00GD4KVR1 | 1048478 | 171320 | SH |  | SOLE |  | 0 | 0 | 171320 |
| LOCKHEED MARTIN CORP | COM | 539830109 | BBG001S7PS57 | 1161638 | 1922 | SH |  | SOLE |  | 0 | 0 | 1922 |
| MAGNUM ICE CREAM CO NV | ORD SHS | N5505D105 | BBG01TQ4TF76 | 395198 | 26933 | SH |  | SOLE |  | 0 | 0 | 26933 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | BBG001SKNNS6 | 274813 | 550 | SH |  | SOLE |  | 0 | 0 | 550 |
| MERCADOLIBRE INC | COM | 58733R102 | BBG001SM32G3 | 395946 | 229 | SH |  | SOLE |  | 0 | 0 | 229 |
| MERCK  CO INC | COM | 58933Y105 | BBG001S5TC52 | 9504594 | 79014 | SH |  | SOLE |  | 0 | 0 | 79014 |
| META PLATFORMS INC | CL A | 30303M102 | BBG001SQCQC5 | 6592082 | 11522 | SH |  | SOLE |  | 0 | 0 | 11522 |
| MICRON TECHNOLOGY INC | COM | 595112103 | BBG001S6P675 | 1864877 | 5520 | SH |  | SOLE |  | 0 | 0 | 5520 |
| MICROSOFT CORP | COM | 594918104 | BBG001S5TD05 | 26742636 | 72244 | SH |  | SOLE |  | 0 | 0 | 72244 |
| NETFLIX INC. | COM | 64110L106 | BBG001SF6L46 | 15970996 | 166105 | SH |  | SOLE |  | 0 | 0 | 166105 |
| NEWMONT CORP | COM | 651639106 | BBG001S5TKX3 | 628824 | 5809 | SH |  | SOLE |  | 0 | 0 | 5809 |
| NIKE INC | CL B | 654106103 | BBG001S6NTK2 | 7243629 | 137138 | SH |  | SOLE |  | 0 | 0 | 137138 |
| NOVO-NORDISK A S | ADR | 670100205 | BBG001S5TSK0 | 288120 | 7840 | SH |  | SOLE |  | 0 | 0 | 7840 |
| NU HLDGS LTD | ORD SHS CL A | G6683N103 | BBG0136WM2Y9 | 8267636 | 575340 | SH |  | SOLE |  | 0 | 0 | 575340 |
| NUVEEN QUALITY MUNCP INCOME | COM | 67066V101 | BBG001SCTFM1 | 5551280 | 482720 | SH |  | SOLE |  | 0 | 0 | 482720 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG001S5TZJ6 | 10573349 | 60627 | SH |  | SOLE |  | 0 | 0 | 60627 |
| ON HLDG AG | NAMEN AKT A | H5919C104 | BBG00LQK89G5 | 427271 | 12500 | SH |  | SOLE |  | 0 | 0 | 12500 |
| ORACLE CORP | COM | 68389X105 | BBG001S5SJG6 | 745406 | 5067 | SH |  | SOLE |  | 0 | 0 | 5067 |
| OSCAR HEALTH INC | CL A | 687793109 | BBG00YMWFVT4 | 130185 | 11350 | SH |  | SOLE |  | 0 | 0 | 11350 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 | BBG001T53796 | 1698457 | 11611 | SH |  | SOLE |  | 0 | 0 | 11611 |
| PALO ALTO NETWORKS INC | COM | 697435105 | BBG001T9NWN5 | 1184925 | 7391 | SH |  | SOLE |  | 0 | 0 | 7391 |
| PEPSICO INC | COM | 713448108 | BBG001S695T1 | 10039809 | 64652 | SH |  | SOLE |  | 0 | 0 | 64652 |
| PFIZER INC | COM | 717081103 | BBG001S5V466 | 8416025 | 299716 | SH |  | SOLE |  | 0 | 0 | 299716 |
| PROCTER  GAMBLE CO | COM | 742718109 | BBG001S5V4L9 | 4791647 | 33174 | SH |  | SOLE |  | 0 | 0 | 33174 |
| QUALCOMM INC | COM | 747525103 | BBG001S6VS70 | 1007060 | 7820 | SH |  | SOLE |  | 0 | 0 | 7820 |
| QUANTA SVCS INC | COM | 74762E102 | BBG001S5VH85 | 242118 | 441 | SH |  | SOLE |  | 0 | 0 | 441 |
| SANOFI SA | SPONSORED ADR | 80105N105 | BBG001S5W768 | 322806 | 6700 | SH |  | SOLE |  | 0 | 0 | 6700 |
| SELECT SECTOR SPDR TR | STATE STREET CON | 81369Y308 | BBG001S7T107 | 300047 | 3660 | SH |  | SOLE |  | 0 | 0 | 3660 |
| SELECT SECTOR SPDR TR | STATE STREET ENE | 81369Y506 | BBG001S7T1S7 | 4037340 | 65905 | SH |  | SOLE |  | 0 | 0 | 65905 |
| SELECT SECTOR SPDR TR | STATE STREET FIN | 81369Y605 | BBG001S7T223 | 1670582 | 33838 | SH |  | SOLE |  | 0 | 0 | 33838 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 | BBG004DW5NC7 | 274368 | 2313 | SH |  | SOLE |  | 0 | 0 | 2313 |
| SIMPLIFY EXCHANGE TRADED FUN | HEALTH CARE ETF | 82889N772 | BBG012VCQ2K8 | 461479 | 13710 | SH |  | SOLE |  | 0 | 0 | 13710 |
| SIMPLIFY EXCHANGE TRADED FUN | HIGH YIELD ETF | 82889N830 | BBG015BCL3G1 | 258748 | 12125 | SH |  | SOLE |  | 0 | 0 | 12125 |
| SIMPLIFY EXCHANGE TRADED FUN | MBS ETF | 82889N525 | BBG01JXBTX20 | 450581 | 9110 | SH |  | SOLE |  | 0 | 0 | 9110 |
| SIMPLIFY EXCHANGE TRADED FUN | TREASURY OPT INC | 82889N640 | BBG01B77MVT7 | 210840 | 8970 | SH |  | SOLE |  | 0 | 0 | 8970 |
| SONOS INC | COM | 83570H108 | BBG001SRR9R9 | 1340000 | 100000 | SH |  | SOLE |  | 0 | 0 | 100000 |
| SPDR GOLD TR | GOLD SHS | 78463V107 | BBG001SCPX28 | 2747402 | 6385 | SH |  | SOLE |  | 0 | 0 | 6385 |
| SPDR INDEX SHS FDS | STATE STREET SPD | 78463X871 | BBG001SRXRK9 | 308110 | 7296 | SH |  | SOLE |  | 0 | 0 | 7296 |
| SPDR INDEX SHS FDS | STATE STREET SPD | 78463X202 | BBG001SLBK12 | 9701676 | 156277 | SH |  | SOLE |  | 0 | 0 | 156277 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A300 | BBG001SG3JV2 | 780474 | 8252 | SH |  | SOLE |  | 0 | 0 | 8252 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A870 | BBG001SQDKG3 | 1771998 | 13873 | SH |  | SOLE |  | 0 | 0 | 13873 |
| STARWOOD PPTY TR INC | COM | 85571B105 | BBG001T4JCN5 | 3244162 | 188395 | SH |  | SOLE |  | 0 | 0 | 188395 |
| STATE STR SPDR DOW JONES IND | UT SER 1 | 78467X109 | BBG001S8LH99 | 3749060 | 8094 | SH |  | SOLE |  | 0 | 0 | 8094 |
| STATE STR SPDR S 500 ETF T | TR UNIT | 78462F103 | BBG001S72SM3 | 30592644 | 47041 | SH |  | SOLE |  | 0 | 0 | 47041 |
| STATE STR SPDR S MIDCAP 40 | UTSER1 S | 78467Y107 | BBG001S63NQ1 | 9421626 | 15276 | SH |  | SOLE |  | 0 | 0 | 15276 |
| TAIWAN SEMICONDUCTOR MANUFAC | SPONSORED ADS | 874039100 | BBG001S5WWW4 | 718482 | 2126 | SH |  | SOLE |  | 0 | 0 | 2126 |
| TESLA INC | COM | 88160R101 | BBG001SQKGD7 | 30789822 | 82824 | SH |  | SOLE |  | 0 | 0 | 82824 |
| TOYOTA MOTOR CORP | ADS | 892331307 | BBG001SDB327 | 1686847 | 8185 | SH |  | SOLE |  | 0 | 0 | 8185 |
| UBER TECHNOLOGIES INC | COM | 90353T100 | BBG002B04MW4 | 467545 | 6500 | SH |  | SOLE |  | 0 | 0 | 6500 |
| UNILEVER PLC | SPON ADR NEW | 904767803 | BBG001S5X1K4 | 6819081 | 119696 | SH |  | SOLE |  | 0 | 0 | 119696 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 | BBG001S6WCJ1 | 15720197 | 58096 | SH |  | SOLE |  | 0 | 0 | 58096 |
| VANECK ETF TRUST | BDC INCOME ETF | 92189F411 | BBG00440GL84 | 1676800 | 131000 | SH |  | SOLE |  | 0 | 0 | 131000 |
| VANECK ETF TRUST | FALLEN ANGEL HG | 92189F437 | BBG002VZY7Y3 | 701687 | 24432 | SH |  | SOLE |  | 0 | 0 | 24432 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 | BBG001SR42Z0 | 1867611 | 20351 | SH |  | SOLE |  | 0 | 0 | 20351 |
| VANGUARD INDEX FDS | EXTEND MKT ETF | 922908652 | BBG001SK3J43 | 1513659 | 7355 | SH |  | SOLE |  | 0 | 0 | 7355 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 | BBG001SHTTS4 | 5581303 | 12778 | SH |  | SOLE |  | 0 | 0 | 12778 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 | BBG001SHVTS1 | 9412325 | 32775 | SH |  | SOLE |  | 0 | 0 | 32775 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 | BBG001SMD2X3 | 351075 | 3958 | SH |  | SOLE |  | 0 | 0 | 3958 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 | BBG001TC6MC1 | 812668 | 1360 | SH |  | SOLE |  | 0 | 0 | 1360 |
| VANGUARD INDEX FDS | SM CP VAL ETF | 922908611 | BBG001SHVTR2 | 1076039 | 4953 | SH |  | SOLE |  | 0 | 0 | 4953 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 | BBG001SHTTV0 | 5585444 | 21325 | SH |  | SOLE |  | 0 | 0 | 21325 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 | BBG001SHTB03 | 15313224 | 47733 | SH |  | SOLE |  | 0 | 0 | 47733 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 | BBG001SHVR78 | 4003461 | 20405 | SH |  | SOLE |  | 0 | 0 | 20405 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 | BBG001SP7T00 | 4773506 | 63562 | SH |  | SOLE |  | 0 | 0 | 63562 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 | BBG001SHTTZ6 | 24820733 | 459218 | SH |  | SOLE |  | 0 | 0 | 459218 |
| VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 | BBG001SHTV18 | 11630873 | 141100 | SH |  | SOLE |  | 0 | 0 | 141100 |
| VANGUARD INTL EQUITY INDEX F | FTSE PACIFIC ETF | 922042866 | BBG001SHTV36 | 821421 | 8405 | SH |  | SOLE |  | 0 | 0 | 8405 |
| VANGUARD INTL EQUITY INDEX F | FTSE SMCAP ETF | 922042718 | BBG001T0SKD6 | 3755259 | 25758 | SH |  | SOLE |  | 0 | 0 | 25758 |
| VANGUARD STAR FDS | VG TL INTL STK F | 921909768 | BBG001TJR1D8 | 7566881 | 98131 | SH |  | SOLE |  | 0 | 0 | 98131 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 | BBG001SSPWL4 | 506809 | 7909 | SH |  | SOLE |  | 0 | 0 | 7909 |
| VANGUARD WORLD FD | ENERGY ETF | 92204A306 | BBG001SHTV45 | 311472 | 1800 | SH |  | SOLE |  | 0 | 0 | 1800 |
| VANGUARD WORLD FD | INDUSTRIAL ETF | 92204A603 | BBG001SHVTX5 | 200133 | 641 | SH |  | SOLE |  | 0 | 0 | 641 |
| VISA INC | COM CL A | 92826C839 | BBG001SRCFY3 | 1640861 | 5429 | SH |  | SOLE |  | 0 | 0 | 5429 |
| WALMART INC | COM | 931142103 | BBG001S5XH92 | 12577005 | 101199 | SH |  | SOLE |  | 0 | 0 | 101199 |
| WASTE MGMT INC DEL | COM | 94106L109 | BBG001S5XH47 | 2355348 | 10250 | SH |  | SOLE |  | 0 | 0 | 10250 |
| WELLS FARGO  CO | COM | 949746101 | BBG001S5XF23 | 330382 | 4150 | SH |  | SOLE |  | 0 | 0 | 4150 |
| WISDOMTREE TR | EMER MKT HIGH FD | 97717W315 | BBG001SV1SY8 | 1404239 | 28260 | SH |  | SOLE |  | 0 | 0 | 28260 |
| WISDOMTREE TR | FLOATNG RAT TREA | 97717Y527 | BBG005YHYNG8 | 767182 | 15240 | SH |  | SOLE |  | 0 | 0 | 15240 |
| WISDOMTREE TR | JAPN HEDGE EQT | 97717W851 | BBG001SHL470 | 824616 | 5200 | SH |  | SOLE |  | 0 | 0 | 5200 |

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