# EDGAR Filing Document

**Accession Number:** 0001427263
**File Stem:** 0001427263-23-000003
**Filing Date:** 2023-1
**Character Count:** 18625
**Document Hash:** de8fd87701d788a7bc03e462bb717fa8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001427263-23-000003.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0001427263-23-000003

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**EFFECTIVENESS DATE**: 20230126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GFS Advisors, LLC
- **CENTRAL INDEX KEY:** 0001427263
- **IRS NUMBER:** 208293410

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-13054
- **FILM NUMBER:** 23557521

**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:** 12-31-2022

**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<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:** Jack Repa<br>**Title:** CCO<br>**Phone:** 713-968-0429

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

Jack Repa  Houston, TX  01-26-2023<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:** 134

**Form 13F Information Table Value Total:** $444761000

      (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 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 | BBG001S5NN36 | 298000 | 4603 | SH |  | SOLE |  | 0 | 0 | 4603 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 | BBG006G2JWB1 | 7877000 | 89418 | SH |  | SOLE |  | 0 | 0 | 89418 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JY5 | 10970000 | 124336 | SH |  | SOLE |  | 0 | 0 | 124336 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S3NB21 | 3169000 | 35710 | SH |  | SOLE |  | 0 | 0 | 35710 |
| AMAZON COM INC | COM | 023135106 | BBG001S5PQL7 | 12699000 | 151175 | SH |  | SOLE |  | 0 | 0 | 151175 |
| AMERICAN EXPRESS CO | COM | 025816109 | BBG001S5P034 | 3841000 | 25995 | SH |  | SOLE |  | 0 | 0 | 25995 |
| ANHEUSER BUSCH INBEV SA/NV | SPONSORED ADR | 03524A108 | BBG001T53FW2 | 8522000 | 141935 | SH |  | SOLE |  | 0 | 0 | 141935 |
| APPLE INC | COM | 037833100 | BBG001S5N8V8 | 23968000 | 184469 | SH |  | SOLE |  | 0 | 0 | 184469 |
| ARES CAPITAL CORP | COM | 04010L103 | BBG001SL96Z9 | 595000 | 32210 | SH |  | SOLE |  | 0 | 0 | 32210 |
| AT INC | COM | 00206R102 | BBG001S5VWH2 | 1874000 | 101790 | SH |  | SOLE |  | 0 | 0 | 101790 |
| BANCO SANTANDER S.A. | ADR | 05964H105 | BBG001S5WCX7 | 44000 | 14750 | SH |  | SOLE |  | 0 | 0 | 14750 |
| BANK AMERICA CORP | COM | 060505104 | BBG001S5P0Y0 | 12482000 | 376869 | SH |  | SOLE |  | 0 | 0 | 376869 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | BBG001S90346 | 5771000 | 18684 | SH |  | SOLE |  | 0 | 0 | 18684 |
| BK OF AMERICA CORP | 7.25%CNV PFD L | 060505682 |  | 1504000 | 1290 | SH |  | SOLE |  | 0 | 0 | 1290 |
| BLACKROCK MUNIYIELD QUALITY | COM | 09254E103 | BBG001S71893 | 729000 | 65000 | SH |  | SOLE |  | 0 | 0 | 65000 |
| BLACKSTONE MTG TR INC | COM CL A | 09257W100 | BBG001S5Q7V7 | 5907000 | 279010 | SH |  | SOLE |  | 0 | 0 | 279010 |
| BOEING CO | COM | 097023105 | BBG001S5P0V3 | 700000 | 3675 | SH |  | SOLE |  | 0 | 0 | 3675 |
| CARNIVAL CORP | COMMON STOCK | 143658300 | BBG001S5PL01 | 506000 | 62760 | SH |  | SOLE |  | 0 | 0 | 62760 |
| CEMEX SAB DE CV | SPON ADR NEW | 151290889 | BBG001SD8F15 | 3904000 | 964000 | SH |  | SOLE |  | 0 | 0 | 964000 |
| CHARTER COMMUNICATIONS INC N | CL A | 16119P108 | BBG001T3TDG2 | 543000 | 1600 | SH |  | SOLE |  | 0 | 0 | 1600 |
| CHEVRON CORP NEW | COM | 166764100 | BBG001S67ZC5 | 3245000 | 18078 | SH |  | SOLE |  | 0 | 0 | 18078 |
| CISCO SYS INC | COM | 17275R102 | BBG001S6HC62 | 7248000 | 152139 | SH |  | SOLE |  | 0 | 0 | 152139 |
| COMCAST CORP NEW | CL A | 20030N101 | BBG001S5PXL2 | 360000 | 10300 | SH |  | SOLE |  | 0 | 0 | 10300 |
| COMPASS DIVERSIFIED | SH BEN INT | 20451Q104 | BBG001SPY7K6 | 182000 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| COSTCO WHSL CORP NEW | COM | 22160K105 | BBG001S9KRQ7 | 310000 | 680 | SH |  | SOLE |  | 0 | 0 | 680 |
| COUPANG INC | CL A | 22266T109 | BBG00XMJRPR7 | 1442000 | 98035 | SH |  | SOLE |  | 0 | 0 | 98035 |
| DISNEY WALT CO | COM | 254687106 | BBG001S5QHF3 | 11236000 | 129333 | SH |  | SOLE |  | 0 | 0 | 129333 |
| EXXON MOBIL CORP | COM | 30231G102 | BBG001S69V32 | 2900000 | 26295 | SH |  | SOLE |  | 0 | 0 | 26295 |
| FEDEX CORP | COM | 31428X106 | BBG001S5R3M5 | 12999000 | 75053 | SH |  | SOLE |  | 0 | 0 | 75053 |
| FOMENTO ECONOMICO MEXICANO S | SPON ADR UNITS | 344419106 | BBG001S5W9K8 | 1781000 | 22800 | SH |  | SOLE |  | 0 | 0 | 22800 |
| GLOBAL X FDS | RBTCS ARTFL INTE | 37954Y715 | BBG00DSB42H9 | 834000 | 40604 | SH |  | SOLE |  | 0 | 0 | 40604 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 | BBG001SC07Z6 | 303000 | 883 | SH |  | SOLE |  | 0 | 0 | 883 |
| HALEON PLC | SPON ADS | 405552100 | BBG018GZNDB0 | 80000 | 10025 | SH |  | SOLE |  | 0 | 0 | 10025 |
| HASBRO INC | COM | 418056107 | BBG001S5RSQ6 | 241000 | 3950 | SH |  | SOLE |  | 0 | 0 | 3950 |
| INTEL CORP | COM | 458140100 | BBG001S5SF65 | 6017000 | 227658 | SH |  | SOLE |  | 0 | 0 | 227658 |
| INVESCO ADVANTAGE MUN INCOME | SH BEN INT | 46132E103 | BBG001S7GY72 | 618000 | 71900 | SH |  | SOLE |  | 0 | 0 | 71900 |
| INVESCO CURRENCYSHARES EURO | EURO SHS | 46138K103 | BBG001SP5TS2 | 247000 | 2500 | SH |  | SOLE |  | 0 | 0 | 2500 |
| INVESCO EXCHANGE TRADED FD T | S 500 TOP 50 | 46137V233 | BBG00KJR2B26 | 726000 | 2630 | SH |  | SOLE |  | 0 | 0 | 2630 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 | BBG00KJR2NN7 | 444000 | 3145 | SH |  | SOLE |  | 0 | 0 | 3145 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 | BBG001S9GN63 | 7215000 | 27095 | SH |  | SOLE |  | 0 | 0 | 27095 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 | BBG001SJK6D5 | 5189000 | 150023 | SH |  | SOLE |  | 0 | 0 | 150023 |
| ISHARES INC | MSCI JPN ETF NEW | 46434G822 | BBG001S8SYN9 | 11201000 | 205752 | SH |  | SOLE |  | 0 | 0 | 205752 |
| ISHARES SILVER TR | ISHARES | 46428Q109 | BBG001SQLN69 | 1826000 | 82940 | SH |  | SOLE |  | 0 | 0 | 82940 |
| ISHARES TR | 1 3 YR TREAS BD | 464287457 | BBG001SKXPR1 | 284000 | 3500 | SH |  | SOLE |  | 0 | 0 | 3500 |
| ISHARES TR | CORE S MCP ETF | 464287507 | BBG001SFC7V0 | 8489000 | 35094 | SH |  | SOLE |  | 0 | 0 | 35094 |
| ISHARES TR | CORE S SCP ETF | 464287804 | BBG001SFC7W9 | 6084000 | 64282 | SH |  | SOLE |  | 0 | 0 | 64282 |
| ISHARES TR | CORE S ETF | 464287200 | BBG001SFB7R6 | 2751000 | 7160 | SH |  | SOLE |  | 0 | 0 | 7160 |
| ISHARES TR | CORE US AGGBD ET | 464287226 | BBG001SM1QT8 | 1858000 | 19156 | SH |  | SOLE |  | 0 | 0 | 19156 |
| ISHARES TR | EAFE SML CP ETF | 464288273 | BBG001SYVWS7 | 750000 | 13274 | SH |  | SOLE |  | 0 | 0 | 13274 |
| ISHARES TR | EAFE VALUE ETF | 464288877 | BBG001SNYBH6 | 696000 | 15180 | SH |  | SOLE |  | 0 | 0 | 15180 |
| ISHARES TR | EUROPE ETF | 464287861 | BBG001SFGXD9 | 454000 | 10018 | SH |  | SOLE |  | 0 | 0 | 10018 |
| ISHARES TR | FLTG RATE NT ETF | 46429B655 | BBG001V1QYX1 | 330000 | 6550 | SH |  | SOLE |  | 0 | 0 | 6550 |
| ISHARES TR | GL CLEAN ENE ETF | 464288224 | BBG001S7XDQ8 | 1483000 | 74699 | SH |  | SOLE |  | 0 | 0 | 74699 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 | BBG001ST0ZQ7 | 309000 | 4198 | SH |  | SOLE |  | 0 | 0 | 4198 |
| ISHARES TR | JPMORGAN USD EMG | 464288281 | BBG001SQS9Y2 | 221000 | 2610 | SH |  | SOLE |  | 0 | 0 | 2610 |
| ISHARES TR | MSCI AC ASIA ETF | 464288182 | BBG001T2V2D8 | 6323000 | 97585 | SH |  | SOLE |  | 0 | 0 | 97585 |
| ISHARES TR | MSCI ACWI ETF | 464288257 | BBG001S56QV7 | 12552000 | 147875 | SH |  | SOLE |  | 0 | 0 | 147875 |
| ISHARES TR | MSCI EAFE ETF | 464287465 | BBG001SG09V7 | 814000 | 12407 | SH |  | SOLE |  | 0 | 0 | 12407 |
| ISHARES TR | MSCI POLAND ETF | 46429B606 | BBG001S56L11 | 824000 | 53300 | SH |  | SOLE |  | 0 | 0 | 53300 |
| ISHARES TR | NORTH AMERN NAT | 464287374 | BBG001SJKDG7 | 451000 | 11089 | SH |  | SOLE |  | 0 | 0 | 11089 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 | BBG001S562P7 | 1998000 | 13176 | SH |  | SOLE |  | 0 | 0 | 13176 |
| ISHARES TR | SELECT DIVID ETF | 464287168 | BBG001SDJVG2 | 269000 | 2227 | SH |  | SOLE |  | 0 | 0 | 2227 |
| ISHARES TR | SHORT TREAS BD | 464288679 | BBG001SSD803 | 2950000 | 26837 | SH |  | SOLE |  | 0 | 0 | 26837 |
| ISHARES TR | SP SMCP600VL ETF | 464287879 | BBG001SFQL26 | 1054000 | 11542 | SH |  | SOLE |  | 0 | 0 | 11542 |
| JOHNSON  JOHNSON | COM | 478160104 | BBG001S5SHQ9 | 4350000 | 24623 | SH |  | SOLE |  | 0 | 0 | 24623 |
| JPMORGAN CHASE  CO | COM | 46625H100 | BBG001S8CRC3 | 5567000 | 41511 | SH |  | SOLE |  | 0 | 0 | 41511 |
| KKR REAL ESTATE FIN TR INC | COM | 48251K100 | BBG00GD4KVR1 | 2924000 | 209475 | SH |  | SOLE |  | 0 | 0 | 209475 |
| KRAFT HEINZ CO | COM | 500754106 | BBG005CPNTR1 | 2651000 | 65125 | SH |  | SOLE |  | 0 | 0 | 65125 |
| MERCK  CO INC | COM | 58933Y105 | BBG001S5TC52 | 6797000 | 61261 | SH |  | SOLE |  | 0 | 0 | 61261 |
| META PLATFORMS INC | CL A | 30303M102 | BBG001SQCQC5 | 9026000 | 75006 | SH |  | SOLE |  | 0 | 0 | 75006 |
| MICROSOFT CORP | COM | 594918104 | BBG001S5TD05 | 11835000 | 49350 | SH |  | SOLE |  | 0 | 0 | 49350 |
| NETFLIX INC | COM | 64110L106 | BBG001SF6L46 | 511000 | 1732 | SH |  | SOLE |  | 0 | 0 | 1732 |
| NIKE INC | CL B | 654106103 | BBG001S6NTK2 | 9410000 | 80418 | SH |  | SOLE |  | 0 | 0 | 80418 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 | BBG001SF5LW6 | 249000 | 2750 | SH |  | SOLE |  | 0 | 0 | 2750 |
| NU HLDGS LTD | ORD SHS CL A | G6683N103 | BBG0136WM2Y9 | 54000 | 13215 | SH |  | SOLE |  | 0 | 0 | 13215 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG001S5TZJ6 | 2600000 | 17793 | SH |  | SOLE |  | 0 | 0 | 17793 |
| OWL ROCK CAPITAL CORPORATION | COM | 69121K104 | BBG00DB0XYD3 | 541000 | 46820 | SH |  | SOLE |  | 0 | 0 | 46820 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 | BBG001T53796 | 504000 | 78520 | SH |  | SOLE |  | 0 | 0 | 78520 |
| PAYPAL HLDGS INC | COM | 70450Y103 | BBG0077VNXW5 | 322000 | 4526 | SH |  | SOLE |  | 0 | 0 | 4526 |
| PEPSICO INC | COM | 713448108 | BBG001S695T1 | 10049000 | 55625 | SH |  | SOLE |  | 0 | 0 | 55625 |
| PFIZER INC | COM | 717081103 | BBG001S5V466 | 7722000 | 150698 | SH |  | SOLE |  | 0 | 0 | 150698 |
| PROCTER AND GAMBLE CO | COM | 742718109 | BBG001S5V4L9 | 4872000 | 32146 | SH |  | SOLE |  | 0 | 0 | 32146 |
| QUALCOMM INC | COM | 747525103 | BBG001S6VS70 | 1446000 | 13155 | SH |  | SOLE |  | 0 | 0 | 13155 |
| SANOFI | SPONSORED ADR | 80105N105 | BBG001S5W768 | 840000 | 17350 | SH |  | SOLE |  | 0 | 0 | 17350 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 | BBG001S7T1S7 | 364000 | 4160 | SH |  | SOLE |  | 0 | 0 | 4160 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369Y605 | BBG001S7T223 | 1844000 | 53924 | SH |  | SOLE |  | 0 | 0 | 53924 |
| SELECT SECTOR SPDR TR | SBI INT-UTILS | 81369Y886 | BBG001S7TD56 | 324000 | 4589 | SH |  | SOLE |  | 0 | 0 | 4589 |
| SIMPLIFY EXCHANGE TRADED FUN | TAIL RISK STRAT | 82889N780 | BBG012J36JD5 | 789000 | 67500 | SH |  | SOLE |  | 0 | 0 | 67500 |
| SPDR DOW JONES INDL AVERAGE | UT SER 1 | 78467X109 | BBG001S8LH99 | 3450000 | 10412 | SH |  | SOLE |  | 0 | 0 | 10412 |
| SPDR GOLD TR | GOLD SHS | 78463V107 | BBG001SCPX28 | 700000 | 4127 | SH |  | SOLE |  | 0 | 0 | 4127 |
| SPDR INDEX SHS FDS | EURO STOXX 50 | 78463X202 | BBG001SLBK12 | 5307000 | 137139 | SH |  | SOLE |  | 0 | 0 | 137139 |
| SPDR INDEX SHS FDS | S INTL SMLCP | 78463X871 | BBG001SRXRK9 | 469000 | 15952 | SH |  | SOLE |  | 0 | 0 | 15952 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 | BBG001S72SM3 | 15735000 | 41145 | SH |  | SOLE |  | 0 | 0 | 41145 |
| SPDR S MIDCAP 400 ETF TR | UTSER1 S | 78467Y107 | BBG001S63NQ1 | 2922000 | 6600 | SH |  | SOLE |  | 0 | 0 | 6600 |
| SPDR SER TR | S 600 SMCP VAL | 78464A300 | BBG001SG3JV2 | 776000 | 10459 | SH |  | SOLE |  | 0 | 0 | 10459 |
| SPDR SER TR | S BIOTECH | 78464A870 | BBG001SQDKG3 | 1073000 | 12926 | SH |  | SOLE |  | 0 | 0 | 12926 |
| SPDR SER TR | S REGL BKG | 78464A698 | BBG001SMH2R6 | 473000 | 8050 | SH |  | SOLE |  | 0 | 0 | 8050 |
| STARBUCKS CORP | COM | 855244109 | BBG001S72KH6 | 8580000 | 86495 | SH |  | SOLE |  | 0 | 0 | 86495 |
| STARWOOD PPTY TR INC | COM | 85571B105 | BBG001T4JCN5 | 202000 | 11035 | SH |  | SOLE |  | 0 | 0 | 11035 |
| TARGET CORP | COM | 87612E106 | BBG001SC0K41 | 209000 | 1399 | SH |  | SOLE |  | 0 | 0 | 1399 |
| TELEFONICA S A | SPONSORED ADR | 879382208 | BBG001S5WMH3 | 45000 | 12666 | SH |  | SOLE |  | 0 | 0 | 12666 |
| TOYOTA MOTOR CORP | ADS | 892331307 | BBG001SDB327 | 1414000 | 10350 | SH |  | SOLE |  | 0 | 0 | 10350 |
| UNILEVER PLC | SPON ADR NEW | 904767704 | BBG001S5X1K4 | 11245000 | 223333 | SH |  | SOLE |  | 0 | 0 | 223333 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 | BBG001SR42Z0 | 965000 | 33654 | SH |  | SOLE |  | 0 | 0 | 33654 |
| VANGUARD INDEX FDS | EXTEND MKT ETF | 922908652 | BBG001SK3J43 | 1074000 | 8081 | SH |  | SOLE |  | 0 | 0 | 8081 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 | BBG001SHTTS4 | 2522000 | 11835 | SH |  | SOLE |  | 0 | 0 | 11835 |
| VANGUARD INDEX FDS | LARGE CAP ETF | 922908637 | BBG001SHTTQ6 | 679000 | 3900 | SH |  | SOLE |  | 0 | 0 | 3900 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 | BBG001SHVTS1 | 2022000 | 9920 | SH |  | SOLE |  | 0 | 0 | 9920 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 | BBG001SMD2X3 | 203000 | 2460 | SH |  | SOLE |  | 0 | 0 | 2460 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 | BBG001TC6MC1 | 646000 | 1840 | SH |  | SOLE |  | 0 | 0 | 1840 |
| VANGUARD INDEX FDS | SM CP VAL ETF | 922908611 | BBG001SHVTR2 | 1050000 | 6615 | SH |  | SOLE |  | 0 | 0 | 6615 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 | BBG001SHTTV0 | 1302000 | 7095 | SH |  | SOLE |  | 0 | 0 | 7095 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 | BBG001SHTB03 | 10209000 | 53398 | SH |  | SOLE |  | 0 | 0 | 53398 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 | BBG001SHVR78 | 3161000 | 22519 | SH |  | SOLE |  | 0 | 0 | 22519 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 | BBG001SP7T00 | 3579000 | 71377 | SH |  | SOLE |  | 0 | 0 | 71377 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 | BBG001SHTTZ6 | 14829000 | 380421 | SH |  | SOLE |  | 0 | 0 | 380421 |
| VANGUARD INTL EQUITY INDEX F | FTSE EUROPE ETF | 922042874 | BBG001SHTV18 | 7735000 | 139517 | SH |  | SOLE |  | 0 | 0 | 139517 |
| VANGUARD INTL EQUITY INDEX F | FTSE PACIFIC ETF | 922042866 | BBG001SHTV36 | 1009000 | 15684 | SH |  | SOLE |  | 0 | 0 | 15684 |
| VANGUARD INTL EQUITY INDEX F | FTSE SMCAP ETF | 922042718 | BBG001T0SKD6 | 2239000 | 21781 | SH |  | SOLE |  | 0 | 0 | 21781 |
| VANGUARD INTL EQUITY INDEX F | GLB EX US ETF | 922042676 | BBG001TCVT65 | 202000 | 4894 | SH |  | SOLE |  | 0 | 0 | 4894 |
| VANGUARD SCOTTSDALE FDS | TOTAL WLD BD ETF | 92206C565 | BBG00LWSF8K0 | 252000 | 3755 | SH |  | SOLE |  | 0 | 0 | 3755 |
| VANGUARD STAR FDS | VG TL INTL STK F | 921909768 | BBG001TJR1D8 | 4650000 | 89899 | SH |  | SOLE |  | 0 | 0 | 89899 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 | BBG001SSPWL4 | 1376000 | 32779 | SH |  | SOLE |  | 0 | 0 | 32779 |
| VANGUARD WORLD FDS | ENERGY ETF | 92204A306 | BBG001SHTV45 | 249000 | 2050 | SH |  | SOLE |  | 0 | 0 | 2050 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 | BBG001S67QY1 | 248000 | 6295 | SH |  | SOLE |  | 0 | 0 | 6295 |
| VISA INC | COM CL A | 92826C839 | BBG001SRCFY3 | 721000 | 3468 | SH |  | SOLE |  | 0 | 0 | 3468 |
| VODAFONE GROUP PLC NEW | SPONSORED ADR | 92857W308 | BBG001S6MDB8 | 205000 | 20250 | SH |  | SOLE |  | 0 | 0 | 20250 |
| WALMART INC | COM | 931142103 | BBG001S5XH92 | 5214000 | 36773 | SH |  | SOLE |  | 0 | 0 | 36773 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 | BBG011386VG3 | 593000 | 62563 | SH |  | SOLE |  | 0 | 0 | 62563 |
| WASTE MGMT INC DEL | COM | 94106L109 | BBG001S5XH47 | 1639000 | 10450 | SH |  | SOLE |  | 0 | 0 | 10450 |
| WELLS FARGO CO NEW | COM | 949746101 | BBG001S5XF23 | 898000 | 21750 | SH |  | SOLE |  | 0 | 0 | 21750 |
| WISDOMTREE TR | EMER MKT HIGH FD | 97717W315 | BBG001SV1SY8 | 2053000 | 57608 | SH |  | SOLE |  | 0 | 0 | 57608 |
| WISDOMTREE TR | EUROPE HEDGED EQ | 97717X701 | BBG001T6DPF6 | 440000 | 6295 | SH |  | SOLE |  | 0 | 0 | 6295 |
| WISDOMTREE TR | JAPN HEDGE EQT | 97717W851 | BBG001SHL470 | 1115000 | 17350 | SH |  | SOLE |  | 0 | 0 | 17350 |

---