13F-HR 1 pco033112.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, 2012 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 15, 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: $15,017,371 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 47124 3300000 SH DEFINED 01 3300000 ABOVENET INC COM 00374N107 82800 1000000 SH DEFINED 01 1000000 AGNICO EAGLE MINES LTD COM 008474108 33934 1016600 SH DEFINED 01 1016600 ALLIED NEVADA GOLD CORP COM 019344100 32807 1008521 SH DEFINED 01 1008521 AMC NETWORKS INC CL A 00164V103 256623 5750000 SH DEFINED 01 5750000 AMERICAN CAP LTD COM 02503Y103 157790 18199543 SH DEFINED 01 18199543 ANADARKO PETE CORP COM 032511107 468657 5982345 SH DEFINED 01 5982345 ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 1224358 33162460 SH DEFINED 01 33162460 ANGLOGOLD ASHANTI HLDG MAND BD CV 13 03512Q206 131092 3043000 SH DEFINED 01 3043000 BANK OF AMERICA CORP W Exp 01/16/19 060505146 147085 31631200 SH DEFINED 01 31631200 BANK OF AMERICA CORP W Exp 10/28/18 060505153 13694 13041600 SH DEFINED 01 13041600 BAXTER INTL INC COM 071813109 322812 5400000 SH DEFINED 01 5400000 BEAZER HOMES USA INC COM 07556Q105 7480 2301483 SH DEFINED 01 2301483 BARRICK GOLD CORP COM 067901108 39784 915000 SH DEFINED 01 915000 BOISE INC COM 09746Y105 57604 7016300 SH DEFINED 01 7016300 CAPITAL ONE FINL CORP COM 14040H105 457068 8200000 SH DEFINED 01 8200000 CAPITAL ONE FINL CORP W EXP 11/14/18 14040H139 91109 3992520 SH DEFINED 01 3992520 CAESARS ENTMT CORP COM 127686103 182376 12372835 SH DEFINED 01 12372835 CHEMTURA CORP COM NEW 163893209 4964 292325 SH DEFINED 01 292325 CNO FINL GROUP INC DBCV 7% 12/16 12621EAC7 188234120470000 SH DEFINED 01 120470000 CNO FINL GROUP INC DBCV 7% 12/16 12621EAE3 68275 43696000 SH DEFINED 01 43696000 CNO FINL GROUP INC DBCV 7% 12/16 12621EAF0 55953 35810000 SH DEFINED 01 35810000 CNO FINL GROUP INC COM 12621E103 181129 23281369 SH DEFINED 01 23281369 COVIDIEN PLC SHS G2554F113 98424 1800000 SH DEFINED 01 1800000 DELPHI AUTOMOTIVE PLC SHS G27823106 1438898 45534758 SH DEFINED 01 45534758 DEX ONE CORP COM 25212W100 5220 3676394 SH DEFINED 01 3676394 EL PASO CORP COM 28336L109 236400 8000000 SH DEFINED 01 8000000 FAIRPOINT COMMUNICATIONS COM NEW 305560302 4136 1100000 SH DEFINED 01 1100000 FAMILY DLR STORES INC COM 307000109 94920 1500000 SH DEFINED 01 1500000 FELCOR LODGING TR INC COM 31430F101 20520 5700000 SH DEFINED 01 5700000 GAYLORD ENTMT CO NEW COM 367905106 41888 1360000 SH DEFINED 01 1360000 GENON ENERGY INC COM 37244E107 65670 31571989 SH DEFINED 01 31571989 GOLD FIELDS LTD NEW SPONSORED ADR 38059T106 262121 18857600 SH DEFINED 01 18857600 GOODRICH CORP COM 382388106 179084 1427649 SH DEFINED 01 1427649 GRIFOLS S A SPONSORED ADR 398438309 86396 11205745 SH DEFINED 01 11205745 HARTFORD FINL SVCS GRP COM 416515104 789882 37470676 SH DEFINED 01 37470676 HARTFORD FINL SVCS GRP W EXP 6/26/19 416515120 928 70000 SH DEFINED 01 70000 HCA HOLDINGS INC COM 40412C101 39584 1600000 SH DEFINED 01 1600000 HOWARD HUGHES CORP COM 44267D107 75367 1180000 SH DEFINED 01 1180000 INTERDIGITAL INC COM 45867G101 139440 4000000 SH DEFINED 01 4000000 INTERNATIONAL TOWER HILL COM 46050R102 21894 5103500 SH DEFINED 01 5103500 IAMGOLD CORP COM 450913108 51590 3881900 SH DEFINED 01 3881900 JPMORGAN CHASE & CO W EXP 10/28/18 46634E114 247042 18463500 SH DEFINED 01 18463500 LIFE TECHNOLOGIES CORP COM 53217V109 243016 4977792 SH DEFINED 01 4977792 MEDCO HEALTH SOLUTIONS COM 58405U102 281200 4000000 SH DEFINED 01 4000000 MEDICIS PHARMACEUTICAL CL A NEW 584690309 25614 681400 SH DEFINED 01 681400 METLIFE INC UNIT 99/99/99 59156R116 129402 1829782 SH DEFINED 01 1829782 MGM RESORTS INTL COM 552953101 512782 37649200 SH DEFINED 01 37649200 MOTOROLAL MOBILITY HLDGS COM NEW 620097105 431640 11000000 SH DEFINED 01 11000000 MYLAN INC COM 628530107 574605 24503400 SH DEFINED 01 24503400 NEWS CORP CL B 65248E203 5994 300000 SH DEFINED 01 300000 NOVAGOLD RES INC COM NEW 66987E206 229292 31937018 SH DEFINED 01 31937018 NOVELLUS SYS INC COM 670008101 99820 2000000 SH DEFINED 01 2000000 POPULAR INC COM 733174106 134830 65770600 SH DEFINED 01 65770600 POST HLDGS INC COM 737446104 27342 830300 SH DEFINED 01 830300 PRESTIGE BRANDS HLDGS COM 74112D101 17480 1000000 SH DEFINED 01 1000000 QUEST SOFTWARE INC COM 74834T103 46540 2000000 SH DEFINED 01 2000000 QUAD / GRAPHICS INC COM CL A 747301109 2085 150000 SH DEFINED 01 150000 RALCORP HLDGS INC NEW COM 751028101 111135 1500000 SH DEFINED 01 1500000 RANDGOLD RES LTD ADR 752344309 81866 930502 SH DEFINED 01 930502 ROCK-TENN CO CL A 772739207 135120 2000000 SH DEFINED 01 2000000 ROYAL BK SCOTLAND GRP SP ADR PREF M 780097796 13728 835051 SH DEFINED 01 835051 ROYAL BK SCOTLAND GRP ADR PFD SER P 780097762 9820 602433 SH DEFINED 01 602433 ROYAL BK SCOTLAND GRP ADR PREF SHS Q 780097754 10493 617578 SH DEFINED 01 617578 ROYAL BK SCOTLAND GRP ADR PREF SHS R 780097747 10171 623968 SH DEFINED 01 623968 ROYAL BK SCOTLAND GRP SP ADR PREF S 780097739 8526 510524 SH DEFINED 01 510524 ROYAL BK SCOTLAND GRP SP ADR PREF T 780097713 7717 406180 SH DEFINED 01 406180 ROYAL BK SCOTLAND GRP ADR PREF SER N 780097770 13259 820490 SH DEFINED 01 820490 SARA LEE CORP COM 803111103 1507 70000 SH DEFINED 01 70000 SCRIPPS NETWORKS INTER CL A COM 811065101 146070 3000000 SH DEFINED 01 3000000 SPDR GOLD TRUST GOLD SHS 78463V107 2806452 17310952 SH DEFINED 01 17310952 STATE BK FINL CORP COM ADDED 856190103 22101 1262200 SH DEFINED 01 1262200 STRATEGIC HOTELS & RESRT COM 86272T106 10791 1640000 SH DEFINED 01 1640000 SUNSTONE HOTEL INVS INC COM NEW 867892101 2401 246458 SH DEFINED 01 246458 SUNTRUST BKS INC COM 867914103 136606 5651894 SH DEFINED 01 5651894 SUPERMEDIA INC COM 868447103 6232 2607504 SH DEFINED 01 2607504 TEVA PHARMACEUTICAL INDS ADR 881624209 6362 141193 SH DEFINED 01 141193 TENET HEALTHCARE CORP COM 88033G100 14337 2700000 SH DEFINED 01 2700000 THOMAS & BETTS CORP COM 884315102 71910 1000000 SH DEFINED 01 1000000 UNITED RENTALS INC COM 911363109 35809 834900 SH DEFINED 01 834900 VIACOM INC NEW CL B 92553P201 47460 1000000 SH DEFINED 01 1000000 WALTER ENERGY INC COM 93317Q105 29605 500000 SH DEFINED 01 500000 WELLS FARGO & CO COM NEW 949746101 119183 3491000 SH DEFINED 01 3491000 XL GROUP PLC SHS G98290102 244915 11291600 SH DEFINED 01 11291600 15017371