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

                                  FORM 13F

                            FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: March 31, 2013

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:     CarVal Investors, LLC
Address:  9320 Excelsior Boulevard, 7th Floor, Hopkins, MN 55343

13F File Number: 28-12737

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:      Matthew Bogart
Title:     CHIEF LEGAL OFFICER/CHIEF COMPLIANCE OFFICER
Phone:     952-984-3967
Signature, Place and Date of Signing:

      9320 Excelsior Boulevard, 7th Floor
      Hopkins, MN 55343
      May 7, 2013

Additional Information:

Report Type (Check only one.):
[X]        13F HOLDINGS REPORT.
[ ]        13F NOTICE.
[ ]        13F COMBINATION REPORT.


I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE
ACT OF 1934

                           FORM 13F SUMMARY PAGE


Report Summary:

Number of Other Included Managers:         0

Form 13F Information Table Entry Total:    8

Form 13F Information Table Value Total:    $40,227 (thousands)




               
                                                                FORM 13F INFORMATION TABLE
                                                              VALUE   SHARES/ SH/ PUT/ INVSTMT   OTHER        VOTING AUTHORITY
           NAME OF ISSUER        TITLE OF CLASS     CUSIP   x($1000) PRN AMT  PRN CALL DISCRETN MANAGERS   SOLE    SHARED  NONE
  ------------------------------ ---------------- --------- -------- -------- --- ---- -------- --------- -------- -------- --
  AMERICAN INTL GROUP INC        W EXP 01/19/202  026874156  14320   942137   SH          SOLE            942137    0       0

  AMERICAN INTL GROUP INC	 COM NEW	  026874784  4464    115000   SH	  SOLE		  115000    0       0

  BANK OF AMERICA CORPORATION    COM		  060505104  8124    667000   SH	  SOLE		  667000    0       0

  CITIGROUP INC                  COM NEW          172967424  1067    24120    SH          SOLE            24120     0       0

  DYNEGY INC NEW DEL	         COM		  26817R108  6895    287431   SH	  SOLE		  287431    0       0

  JPMORGAN CHASE & CO		 COM		  46625H100  1709    36000    SH	  SOLE		  36000     0       0

  PORTLAND GEN ELEC CO           COM NEW          736508847  674     22223    SH          SOLE            22223     0       0

  TRANSPORTADORA DE GAS SUR      SPON ADR B       893870204  2973    1780492  SH   	  SOLE            1780492   0       0