Varde Management 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

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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
ALLY FINL INC	COM	02005N100	15,488	690,527	SH		SOLE		690,527	0	0
COMMUNITYONE BANCORP	COM	20416Q108	5,013	465,503	SH		SOLE		465,503	0	0
JONES ENERGY INC	COM CL A	48019R108	9,050	1,000,000	SH		SOLE		1,000,000	0	0
ROYAL BK SCOTLAND GROUP PLC	SP ADR L RP PF	780097788	23,525	970,919	SH		SOLE		970,919	0	0