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According to Alpha Magazine, hedge fund manager John Paulson earned $3.7 billion last year after reaping profits from bearish subprime bets in his Paulson & Co. fund. Paulson was followed by George Soros and James Simons, who reportedly earned $2.9 billion and $2.8 billion respectively.

While they aren't required to report the stocks that they are short (something we think should be reported), they are required to report stocks they are long in their 13Fs. From their year-end filings, below we highlight the top ten holdings in each of the funds run by the top 3 hedge fund earners in '07. While Paulson's fund has less than 50 equity holdings, Soros Fund Management and Renaissance Technologies have an extremely large number of stock holdings, so the top ten make up a smaller portion of their overall portfolios.

For each stock, we also include its sector, price and year-to-date percent change. Remember, these were their top holdings at the end of '07, so things could have changed significantly since then. And Paulson made his money on his shorts and not his longs.

Source: Top Holdings of the Top Hedge Fund Earners Last Year