13F-HR 1 pco123111.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: December 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 February 14, 2012 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: 84 Form 13F Information Table Value Total: $13,879,521 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 68323 4688259 SH DEFINED 01 4688259 AGNICO EAGLE MINES LTD COM 008474108 37327 1025900 SH DEFINED 01 1025900 AMC NETWORKS INC CL A 00164V103 216085 5750000 SH DEFINED 01 5750000 AMERICAN CAP LTD COM 02503Y103 214577 31883700 SH DEFINED 01 31883700 ANADARKO PETE CORP COM 032511107 731207 9579548 SH DEFINED 01 9579548 ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 1455640 34290702 SH DEFINED 01 34290702 ANGLOGOLD ASHANTI HLDG MAND BD CV 13 03512Q206 145242 3043000 SH DEFINED 01 3043000 BANK OF AMERICA CORP W Exp 01/16/19 060505146 63849 31608500 SH DEFINED 01 31608500 BANK OF AMERICA CORP W Exp 10/28/18 060505153 3847 13041600 SH DEFINED 01 13041600 BAXTER INTL INC COM 071813109 141718 2864152 SH DEFINED 01 2864152 BEAZER HOMES USA INC COM 07556Q105 12028 4850000 SH DEFINED 01 4850000 BEAZER HOMES USA INC NT SUB 7.5% 13 07556Q402 1980 150000 SH DEFINED 01 150000 BEAZER HOMES USA INC UNIT 99/99/99 07556Q501 1089 90000 SH DEFINED 01 90000 BARRICK GOLD CORP COM 067901108 41779 923300 SH DEFINED 01 923300 BOISE INC COM 09746Y105 50155 7044300 SH DEFINED 01 7044300 CAPITAL ONE FINL CORP COM 14040H105 401417 9492000 SH DEFINED 01 9492000 CAPITAL ONE FINL CORP W EXP 11/14/18 14040H139 58291 3992520 SH DEFINED 01 3992520 CBRE GROUP INC CL A ADDED 12504L109 45993 3021900 SH DEFINED 01 3021900 CHEMTURA CORP COM NEW 163893209 2515 221769 SH DEFINED 01 221769 CNO FINL GROUP INC DBCV 7% 12/16 12621EAC7 166249120470000 SH DEFINED 01 120470000 CNO FINL GROUP INC DBCV 7% 12/16 12621EAE3 60300 43696000 SH DEFINED 01 43696000 CNO FINL GROUP INC DBCV 7% 12/16 12621EAF0 49418 35810000 SH DEFINED 01 35810000 CNO FINL GROUP INC COM 12621E103 148276 23498496 SH DEFINED 01 23498496 DELPHI AUTOMOTIVE PLC SHS G27823106 1114367 51734758 SH DEFINED 01 51734758 DEX ONE CORP COM 25212W100 6103 3676394 SH DEFINED 01 3676394 EL PASO CORP COM 28336L109 106280 4000000 SH DEFINED 01 4000000 FAIRPOINT COMMUNICATIONS COM NEW 305560302 9889 2283789 SH DEFINED 01 2283789 FAMILY DLR STORES INC COM 307000109 86490 1500000 SH DEFINED 01 1500000 FELCOR LODGING TR INC COM 31430F101 17385 5700000 SH DEFINED 01 5700000 FELCOR LODGING TR INC PFD CV A $1.95 31430F200 11484 518486 SH DEFINED 01 518486 GENON ENERGY INC COM 37244E107 12398 4750000 SH DEFINED 01 4750000 GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 358462 23505693 SH DEFINED 01 23505693 GOODRICH CORP COM 382388106 176600 1427649 SH DEFINED 01 1427649 GRIFOLS S A SPONSORED ADR 398438309 62655 11329997 SH DEFINED 01 11329997 HARTFORD FINL SVCS GRP COM 416515104 608561 37449923 SH DEFINED 01 37449923 HARTFORD FINL SVCS GRP W EXP 6/26/19 416515120 640 70000 SH DEFINED 01 70000 HOWARD HUGHES CORP COM 44267D107 69727 1578600 SH DEFINED 01 1578600 INTERDIGITAL INC COM 45867G101 128514 2949600 SH DEFINED 01 2949600 INTERNATIONAL TOWER HILL COM 46050R102 22315 5129500 SH DEFINED 01 5129500 IAMGOLD CORP COM 450913108 43903 2769900 SH DEFINED 01 2769900 JPMORGAN CHASE & CO W EXP 10/28/18 46634E114 157418 18519800 SH DEFINED 01 18519800 LIFE TECHNOLOGIES CORP COM 53217V109 189316 4865492 SH DEFINED 01 4865492 MEDCO HEALTH SOLUTIONS COM 58405U102 111800 2000000 SH DEFINED 01 2000000 MEDICIS PHARMACEUTICAL CL A NEW 584690309 22657 681400 SH DEFINED 01 681400 METLIFE INC UNIT 99/99/99 59156R116 143841 2329782 SH DEFINED 01 2329782 MGM RESORTS INTL COM 552953101 390266 37417600 SH DEFINED 01 37417600 MOSAIC CO NEW COM 61945C103 111455 2210100 SH DEFINED 01 2210100 MOTOROLAL MOBILITY HLDGS COM NEW 620097105 426800 11000000 SH DEFINED 01 11000000 MYLAN INC COM 628530107 452879 21103400 SH DEFINED 01 21103400 NEWS CORP CL B 65248E203 89262 4909900 SH DEFINED 01 4909900 NOVAGOLD RES INC COM NEW 66987E206 194657 22954818 SH DEFINED 01 22954818 PHARMASSET INC COM 71715N106 192300 1500000 SH DEFINED 01 1500000 PMI GROUP INC COM DELETED 69344M101 136 5000000 SH DEFINED 01 5000000 POPULAR INC COM 733174106 91421 65770600 SH DEFINED 01 65770600 QUAD / GRAPHICS INC COM CL A 747301109 15444 1077000 SH DEFINED 01 1077000 RALCORP HLDGS INC NEW COM 751028101 128250 1500000 SH DEFINED 01 1500000 RANDGOLD RES LTD ADR 752344309 95841 938700 SH DEFINED 01 938700 ROCK-TENN CO CL A 772739207 183537 3180885 SH DEFINED 01 3180885 ROYAL BK SCOTLAND GRP SP ADR PREF M 780097796 9511 835051 SH DEFINED 01 835051 ROYAL BK SCOTLAND GRP ADR PFD SER P 780097762 6783 602433 SH DEFINED 01 602433 ROYAL BK SCOTLAND GRP ADR PREF SHS Q 780097754 7473 617578 SH DEFINED 01 617578 ROYAL BK SCOTLAND GRP ADR PREF SHS R 780097747 6988 623968 SH DEFINED 01 623968 ROYAL BK SCOTLAND GRP SP ADR PREF S 780097739 5891 510524 SH DEFINED 01 510524 ROYAL BK SCOTLAND GRP SP ADR PREF T 780097713 5187 406180 SH DEFINED 01 406180 ROYAL BK SCOTLAND GRP ADR PREF SER N 780097770 8349 745490 SH DEFINED 01 745490 SCRIPPS NETWORKS INTER CL A COM 811065101 166180 3917500 SH DEFINED 01 3917500 SOUTHERN UN CO NEW COM 844030106 244 5800 SH DEFINED 01 5800 SPDR GOLD TRUST GOLD SHS 78463V107 2631092 17310952 SH DEFINED 01 17310952 STATE BK FINL CORP COM ADDED 856190103 29117 1928300 SH DEFINED 01 1928300 STRATEGIC HOTELS & RESRT COM 86272T106 30342 5650200 SH DEFINED 01 5650200 SUNSTONE HOTEL INVS INC COM NEW 867892101 16010 1964461 SH DEFINED 01 1964461 SUNTRUST BKS INC COM 867914103 209745 11850000 SH DEFINED 01 11850000 SUPERMEDIA INC COM 868447103 6884 2607504 SH DEFINED 01 2607504 TEVA PHARMACEUTICAL INDS ADR 881624209 5699 141193 SH DEFINED 01 141193 TENET HEALTHCARE CORP COM 88033G100 51300 10000000 SH DEFINED 01 10000000 TRANSOCEAN LTD REG SHS H8817H100 100079 2606900 SH DEFINED 01 2606900 TRANSATLANTIC HLDGS INC COM 893521104 63897 1167500 SH DEFINED 01 1167500 UNITED RENTALS INC COM 911363109 24671 834900 SH DEFINED 01 834900 VAIL RESORTS INC COM 91879Q109 8832 208500 SH DEFINED 01 208500 VEECO INSTRS INC DEL COM 922417100 61293 2946800 SH DEFINED 01 2946800 WALTER ENERGY INC COM 93317Q105 30280 500000 SH DEFINED 01 500000 WELLS FARGO & CO COM NEW 949746101 96212 3491000 SH DEFINED 01 3491000 WHIRPOOL CORP COM 963320106 9590 202111 SH DEFINED 01 202111 XL GROUP PLC SHS G98290102 337511 17071900 SH DEFINED 01 17071900 13879521