13F-HR 1 pco033111.txt 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, 2011 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: Paulson & Co. Inc. Address: 1251 Avenue of the Americas New York, NY 10020 13F File Number: 028-10010 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 submission. Person Signing this Report on Behalf of Reporting Manager: Name: Stuart Merzer Title: General Counsel Phone: 212-956-2221 Signature: Place: Date of Signing: Stuart Merzer New York, NY May 16, 2011 Report Type (Check only one): [X] 13F HOLDINGS REPORT [ ] 13F NOTICE [ ] 13F COMBINATION REPORT List of Other Managers Reporting for this Manager: FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 1 Form 13F Information Table Entry Total: 108 Form 13F Information Table Value Total: $34,272,318 List of Other Included Managers: No. Form 13F File Number Name 01 028-10011 Paulson Management LLC FORM 13F INFORMATION TABLE
VALUE SHRS OR SH/ PUT/ INVEST OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) PRN AMT PRN CALL DSCRETN MGRS SOLE SHARED NONE ABITIBIBOWATER INC COM NEW 003687209 133264 4959580 SH DEFINED 01 4959580 ALCOA INC NOTE 5.250% 3/1 013817AT8 477563169800000 SH DEFINED 01 169800000 ALCON INC COM SHS H01301102 413775 2500000 SH DEFINED 01 2500000 ALBERTO CULVER CO COM NEW 013078100 18635 500000 SH DEFINED 01 500000 ALPHA NATURAL RESOURCE COM 02076X102 712440 12000000 SH DEFINED 01 12000000 AMERICAN CAP LTD COMMON 02503Y103 432878 43725000 SH DEFINED 01 43725000 ANADARKO PETE CORP COMMON 032511107 1739480 21233885 SH DEFINED 01 21233885 ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 1968202 41046974 SH DEFINED 01 41046974 ANGLOGOLD ASHANTI HLDGS MAND BD CV 13 03512Q206 161520 3000000 SH DEFINED 01 3000000 ASHFORD HOSPITALITY TR COM SHS 044103109 33060 3000000 SH DEFINED 01 3000000 ATHEROS COMMUNICATIONS COM 04743P108 44650 1000000 SH DEFINED 01 1000000 BANK OF AMERICA CORP COMMON 060505104 1648047123634429 SH DEFINED 01 123634429 BANK OF AMERICA CORP W Exp 01/16/19 060505146 230100 30000000 SH DEFINED 01 30000000 BANK OF AMERICA CORP W Exp 10/28/18 060505153 25200 10000000 SH DEFINED 01 10000000 BAXTER INTL INC COM 071813109 430160 8000000 SH DEFINED 01 8000000 BEAZER HOMES USA INC COMMON 07556Q105 26506 5800000 SH DEFINED 01 5800000 BEAZER HOMES USA INC NT SUB 7.5% 13 07556Q402 3614 150000 SH DEFINED 01 150000 BEAZER HOMES USA INC UNIT 99/99/99 07556Q501 1885 90000 SH DEFINED 01 90000 BARRICK GOLD CORP COMMON 067901108 46719 900000 SH DEFINED 01 900000 BLACKROCK INC COM 09247X101 402020 2000000 SH DEFINED 01 2000000 BMC SOFTWARE INC COMMON 055921100 79584 1600000 SH DEFINED 01 1600000 BOISE INC COM 09746Y105 73280 8000000 SH DEFINED 01 8000000 BOSTON SCIENTIFIC CORP COMMON 101137107 107850 15000000 SH DEFINED 01 15000000 BUCYRUS INTL INC NEW COM 118759109 91450 1000000 SH DEFINED 01 1000000 COMCAST CORP CL A 20030N101 988800 40000000 SH DEFINED 01 40000000 CAPITAL ONE FINL CORP COMMON 14040H105 935280 18000000 SH DEFINED 01 18000000 CAPITAL ONE FINL CORP W EXP 11/14/18 14040H139 86358 3992520 SH DEFINED 01 3992520 CB RICHARD ELLIS GROUP CL A 12497T101 360450 13500000 SH DEFINED 01 13500000 CHEMTURA CORP COM NEW 163893209 3123 181549 SH DEFINED 01 181549 CIT GROUP INC COM NEW 125581801 55469 1303627 SH DEFINED 01 1303627 CITIGROUP INC COMMON 172967101 1824232412722200 SH DEFINED 01 412722200 CITIGROUP INC UNIT 99/99/99 172967416 28463 225000 SH DEFINED 01 225000 CNO FINL GROUP INC COM 12621E103 183657 24455000 SH DEFINED 01 24455000 COOPER COS INC COM NEW 216648402 17404 250600 SH DEFINED 01 250600 DEX ONE CORP COMMON 25212W100 17794 3676394 SH DEFINED 01 3676394 EMERGENCY MEDICAL SVCS CL A 29100P102 31795 500000 SH DEFINED 01 500000 FAIRPOINT COMMUNICATIONS COM NEW 305560302 39322 2330889 SH DEFINED 01 2330889 FAMILY DLR STORES INC COM 307000109 177311 3455000 SH DEFINED 01 3455000 FELCOR LODGING TR INC COMMON 31430F101 34941 5700000 SH DEFINED 01 5700000 FELCOR LODGING TR INC PFD CV A $1.95 31430F200 14187 524100 SH DEFINED 01 524100 FIRST HORIZON NATL CORP COMMON 320517105 86057 7676827 SH DEFINED 01 7676827 GENON ENERGY INC COM 37244E107 196620 51606409 SH DEFINED 01 51606409 GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 454833 26050000 SH DEFINED 01 26050000 HARTFORD FINL SVCS GRP COMMON 416515104 1182784 43920700 SH DEFINED 01 43920700 HEWLETT PACKARD CO COM 428236103 1024250 25000000 SH DEFINED 01 25000000 HOWARD HUGHES CORP COM 44267D107 154998 2194201 SH DEFINED 01 2194201 INTL PAPER CO COM 460146103 301800 10000000 SH DEFINED 01 10000000 INTERNATIONAL TOWER HILL COM ADD 46050R102 50150 5000000 SH DEFINED 01 5000000 IAMGOLD CORP COMMON 450913108 59454 2700000 SH DEFINED 01 2700000 PENNEY J C INC COM 708160106 81912 2281035 SH DEFINED 01 2281035 JPMORGAN CHASE & CO COMMON 46625H100 230500 5000000 SH DEFINED 01 5000000 JPMORGAN CHASE & CO W EXP 10/28/18 46634E114 314256 18727997 SH DEFINED 01 18727997 KINROSS GOLD CORP COM NO PAR 496902404 299250 19000000 SH DEFINED 01 19000000 LEAR CORP COM NEW 521865204 205272 4200376 SH DEFINED 01 4200376 LIBERTY MEDIA CORP INT COM SER A 53071M104 160400 10000000 SH DEFINED 01 10000000 LORILLARD INC COM 544147101 55106 580000 SH DEFINED 01 580000 LUBRIZOL CORP COM 549271104 803760 6000000 SH DEFINED 01 6000000 MARSHALL & ILSLEY CORP COM NEW 571837103 111860 14000000 SH DEFINED 01 14000000 MCCLATCHY CO CL A 579489105 20060 5900000 SH DEFINED 01 5900000 MEDICIS PHARMACEUTICAL CL A NEW 584690309 9649 301161 SH DEFINED 01 301161 MEDTRONIC INC COM 585055106 365955 9300000 SH DEFINED 01 9300000 METLIFE INC UNIT 99/99/99 59156R116 195080 2299115 SH DEFINED 01 2299115 MGM RESORTS INTL COMMON 552953101 575970 43800000 SH DEFINED 01 43800000 MYLAN INC COMMON 628530107 609823 26900000 SH DEFINED 01 26900000 NETAPP INC COMMON 64110D104 46703 970000 SH DEFINED 01 970000 NORTHERN TR CORP COMMON 665859104 50750 1000000 SH DEFINED 01 1000000 NOVAGOLD RES INC COM NEW 66987E206 261881 20181818 SH DEFINED 01 20181818 NOVELL INC COMMON 670006105 118600 20000000 SH DEFINED 01 20000000 PMI GROUP INC COMMON 69344M101 13500 5000000 SH DEFINED 01 5000000 POPULAR INC COMMON 733174106 194970 67000000 SH DEFINED 01 67000000 PRIDE INTL INC DEL COM 74153Q102 32213 750000 SH DEFINED 01 750000 QUAD / GRAPHICS INC COM CL A 747301109 45816 1077000 SH DEFINED 01 1077000 QUEST SOFTWARE INC COMMON 74834T103 33007 1300000 SH DEFINED 01 1300000 RC2 CORP COM 749388104 34215 1217600 SH DEFINED 01 1217600 RALCORP HLDGS INC NEW COM 751028101 27372 400000 SH DEFINED 01 400000 RANDGOLD RES LTD ADR 752344309 57078 700000 SH DEFINED 01 700000 REGIONS FINANCIAL CORP COM NEW 7591EP100 140435 19343700 SH DEFINED 01 19343700 ROCK-TENN CO CL A 772739207 69350 1000000 SH DEFINED 01 1000000 ROYAL BK SCOTLAND GRP SP ADR PREF M 780097796 14199 825051 SH DEFINED 01 825051 ROYAL BK SCOTLAND GRP ADR PFD SER P 780097762 9929 592433 SH DEFINED 01 592433 ROYAL BK SCOTLAND GRP ADR PREF SHS Q 780097754 10990 612578 SH DEFINED 01 612578 ROYAL BK SCOTLAND GRP ADR PREF SHS R 780097747 10130 613968 SH DEFINED 01 613968 ROYAL BK SCOTLAND GRP SP ADR PREF S 780097739 8677 495524 SH DEFINED 01 495524 ROYAL BK SCOTLAND GRP SP ADR PREF T 780097713 7990 406180 SH DEFINED 01 406180 ROYAL BK SCOTLAND GRP ADR PREF SER N 780097770 12511 735490 SH DEFINED 01 735490 SALIX PHARMACEUTICALS COM 795435106 4904 140000 SH DEFINED 01 140000 SCRIPPS NETWORKS INTER CL A COM 811065101 150270 3000000 SH DEFINED 01 3000000 SEAGATE TECHNOLOGY PLC SHS G7945M107 7200 500000 SH DEFINED 01 500000 SL GREEN RLTY CORP COM 78440X101 105280 1400000 SH DEFINED 01 1400000 SMURFIT-STONE CONTAINER COM 83272A104 353648 9150000 SH DEFINED 01 9150000 SPDR GOLD TRUST GOLD SHS 78463V107 4405590 31500000 SH DEFINED 01 31500000 ST JUDE MED INC COM 790849103 8714 170000 SH DEFINED 01 170000 STATE STR CORP COMMON 857477103 89880 2000000 SH DEFINED 01 2000000 STRATEGIC HOTELS & RESRT COMMON 86272T106 51600 8000000 SH DEFINED 01 8000000 SUNSTONE HOTEL INVS INC COM NEW 867892101 50950 5000000 SH DEFINED 01 5000000 SUNTRUST BKS INC COMMON 867914103 988942 34290642 SH DEFINED 01 34290642 SUPERMEDIA INC COMMON 868447103 16271 2607504 SH DEFINED 01 2607504 TALECRIS BIOTHERAPEUTICS COMMON 874227101 294800 11000000 SH DEFINED 01 11000000 TERADATA CORP DEL COMMON 88076W103 73515 1450000 SH DEFINED 01 1450000 TEVA PHARMACEUTICAL INDS ADR 881624209 223257 4450000 SH DEFINED 01 4450000 TRANSOCEAN LTD REG SHS H8817H100 1907242 24467500 SH DEFINED 01 24467500 VAIL RESORTS INC COMMON 91879Q109 109219 2239924 SH DEFINED 01 2239924 VEECO INSTRS INC DEL COM 922417100 152520 3000000 SH DEFINED 01 3000000 WELLS FARGO & CO COM NEW 949746101 649850 20500000 SH DEFINED 01 20500000 WEYERHAEUSER CO COM 962166104 779825 31700200 SH DEFINED 01 31700200 WHIRPOOL CORP COM 963320106 251812 2950000 SH DEFINED 01 2950000 WILMINGTON TRUST COPR COM 971807102 23210 5135000 SH DEFINED 01 5135000 XL GROUP PLC SHS G98290102 723240 29400000 SH DEFINED 01 29400000 34272318