13F-HR 1 d13fhr.txt HOLDINGS REPORT 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, 2008 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: Windward Investment Management, Inc. Address: 60 State Street Suite 3600 Boston, MA 02109 13F File Number: 28-11068 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: Denise Kampf Title: Director of Ops & Client Service Phone: 617-241-2207 Signature, Place, and Date of Signing: DENISE KAMPF BOSTON, MA January 12, 2009 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: 0 Form 13F Information Table Entry Total: 65 Form 13F Information Table Value Total: 2112220 List of Other Included Managers: NONE Form 13F Information Table

Wal Mart Stores Inc COM 931142103 3141 56036 SH Sole 56036 Exxon Mobil Corp COM 30231G102 3988 49962 SH Sole 49962 Ishares Tr MSCI EAFE IDX 464287465 2175 48491 SH Sole 48491 Ishares S&P GSCI Commodity I UNIT BEN INIT 46428R107 38194 1334977 SH Sole 1334977 Ishares Tr 7-10 YR TRS BD 464287440 39078 396610 SH Sole 396610 VANGUARD INDEX FDS REIT ETF 922908553 39928 1095410 SH Sole 1095410 VANGUARD INDEX FDS STK MRK ETF 922908769 254018 5677653 SH Sole 5677653 Vanguard Intl Equity Index F EMR MKT ETF 922042858 566 24009 SH Sole 24009 SPDR GOLD TRUST GOLD SHS 78463V107 216181 2498625 SH Sole 2498625 ISHARES TR FTSE XNHUA IDX 464287184 111215 3823151 SH Sole 3823151 SPDR TR UNIT SER 1 78462F103 143079 1585534 SH Sole 1585534 SPDR SERIES TRUST DB INT GVT ETF 78464A490 2432 50616 SH Sole 50616 ISHARES TR BARCLYS 20+ YR 464287432 89890 853160 SH Sole 853160 ISHARES TR BARCLYS TIPS BD 464287176 260161 2621543 SH Sole 2621543 CURRENCYSHS JAPANESE YEN TR JAPANESE YEN 23130A102 98864 898027 SH Sole 898027 ISHARES TR BARCLYS SH TREA 464288679 7968 72180 SH Sole 72180 ISHARES TR BARCLYS 1-3 YR 464287457 116509 1376226 SH Sole 1376226 SPDR SERIES TRUST SPDR SR TR 78464A680 10498 229259 SH Sole 229259 VANGUARD INTL EQUITY INDEX F ALLWRLD EX US 922042775 148587 4597359 SH Sole 4597359 CURRENCYSHARES EURO TR EURO SHS 23130C108 1258 8993 SH Sole 8993 VANGUARD INDEX FDS EXTEND MKT ETF 922908652 248 7865 SH Sole 7865 VANGUARD BD INDEX FD INC TOTAL BND MRKT 921937835 98900 1252377 SH Sole 1252377 ISHARES TR RUSSELL 2000 464287655 144804 2940779 SH Sole 2940779 ISHARES TR IBOXX INV CPBD 464287242 105172 1034652 SH Sole 1034652 ISHARES TR HIGH YLD CORP 464288513 28282 372089 SH Sole 372089 ISHARES INC MSCI HONG KONG 464286871 18034 1739065 SH Sole 1739065

BARCLAYS BK PLC DJAIG CMDT ETN 06738C778 8596 244276 SH Sole 244276 PROSHARES TR PSHS ULTSH 20YRS 74347R297 1073 28450 SH Sole 28450 POWERSHARES QQQ TRUST UNIT SER 1 73935A104 743 24971 SH Sole 24971 ANADARKO PETE CORP COM 032511107 1130 29316 SH Sole 29316 E M C CORP MASS COM 268648102 280 26790 SH Sole 26790 MANULIFE FINL CORP COM 56501R106 542 31850 SH Sole 31850 PFIZER INC COM 717081103 248 13976 SH Sole 13976 GENWORTH FINL INC COM CL A 37247D106 30 10575 SH Sole 10575 LIVEWIRE MOBILE INC COM 53837P102 1 15000 SH Sole 15000 PALATIN TECHNOLOGIES INC COM NEW 696077304 1 12530 SH Sole 12530 AMAG PHARMACEUTICALS INC COM 00163U106 0 10000 SH Sole 10000

Windward Investment Management Inc 13F-HR