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: June 30, 2009 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 July 2, 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: 2535833 List of Other Included Managers: NONE

Form 13F Information Table Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8 -------------------------- ---------------- --------- -------- ------------------- ---------- -------- ----------------------~~-----------~~ ~~Name~~Voting ofAuthority ~~Title of~~ Value SHRS or SH/ PUT/ Investment Other ~~Voting~~---------------------- ~~Authority~~Name of Issuer Title of Class CUSIP (x$1000) PRN Amt PRN CALL Discretion Managers Sole Shared None -------------------------- ---------------- --------- -------- -------- --- ---- ---------- -------- -------- ------ ----~~-------------------~~ Cintas Corp COM 172908105 ~~332~~307 13422 SH Sole 13422 Disney Walt Co COM DISNEY 254687106 ~~253~~325 13948 SH Sole 13948 Eaton Vance Corp COM NON VTG 278265103 ~~548~~642 24000 SH Sole 24000 Evergreen Solar Inc COM 30033R108 3534 ~~16332~~15532 SH Sole ~~16332~~15532 General Electric Co COM 369604103 ~~642~~559 ~~63500~~47736 SH Sole ~~63500~~47736 General Mls Inc COM 370334104 ~~270~~280 ~~5410~~5000 SH Sole ~~5410~~5000 Home Depot Inc COM 437076102 ~~288~~289 12223 SH Sole 12223 International Business Machs COM 459200101 ~~371~~213 ~~3828~~2038 SH Sole ~~3828~~2038 ~~Machs~~ Inverness Medical Innovations In COM 46126P106 ~~733~~980 27535 SH Sole 27535 ~~Innovations In~~ Intel Corp COM 458140100 ~~762~~823 ~~50707~~49754 SH Sole ~~50707~~49754 Johnson & Johnson COM 478160104 ~~648~~599 ~~12312~~10546 SH Sole ~~12312~~10546 Coca Cola Co COM 191216100 ~~463~~506 10536 SH Sole 10536 Medco Health Solutions Inc COM 58405U102 ~~344~~380 8332 SH Sole 8332 ~~Inc~~ Merck & Co Inc COM 589331107 ~~963~~991 ~~35994~~35452 SH Sole ~~35994~~35452 Microsoft Corp COM 594918104 ~~971~~1242 ~~52850~~52238 SH Sole ~~52850~~52238 NOVELL INC COM 670006105 ~~440~~468 103275 SH Sole 103275 ~~Pepsico Inc COM 713448108 489 9490 SH Sole 9490~~ Procter & Gamble Co COM 742718109 ~~1233~~1170 ~~26187~~22911 SH Sole ~~26187~~22911 Royal Dutch Shell PLC SPONS ADR A 780259206 ~~259~~246 ~~5835~~4900 SH Sole ~~5835~~4900 Sigma Aldrich Corp COM 826552101 ~~393~~515 10400 SH Sole 10400 St Jude Med Inc COM 790849103 ~~469~~577 ~~12905~~14040 SH Sole ~~12905~~14040 SPDR Series Trust LEHMN INTL ETF 78464A516 ~~96551~~111285 ~~1887599~~2035956 SH Sole ~~1887599~~2035956 State Str Corp COM 857477103 ~~333~~510 10807 SH Sole 10807 Sonus Networks Inc COM 835916107 5253 33084 SH Sole 33084 Sysco Corp COM 871829107 ~~1105~~1091 ~~48470~~48532 SH Sole ~~48470~~48532 VERTEX PHARMACEUTICALS INC COM 92532F100 ~~1288~~1612 44815 SH Sole 44815 ~~INC~~ Wal Mart Stores Inc COM 931142103 ~~2920~~2719 ~~56036~~56123 SH Sole ~~56036~~56123 Exxon Mobil Corp COM 30231G102 ~~3024~~2444 ~~44400~~34958 SH Sole ~~44400~~34958 Ishares S&P GSCI UNIT BEN INIT 46428R107 226616 7541287 SH Sole 7541287

Commodity I Ishares Tr BARCLYS 7-10 YR 464287440 133110 1468070 SH Sole 1468070 VANGUARD INDEX FDS REIT ETF 922908553 54914 1770855 SH Sole 1770855 VANGUARD INDEX FDS STK MRK ETF 922908769 379791 8208144 SH Sole 8208144 SPDR GOLD TRUST GOLD SHS 78463V107 227753 2497838 SH Sole 2497838 ISHARES TR FTSE XNHUA IDX 464287184 170918 4454481 SH Sole 4454481 SPDR TR UNIT SER 1 78462F103 349 3793 SH Sole 3793 SPDR SERIES TRUST DB INT GVT ETF 78464A490 1965 37502 SH Sole 37502 ISHARES TR BARCLYS TIPS BD 464287176 142568 1402672 SH Sole 1402672 CURRENCYSHS JAPANESE YEN TR JAPANESE YEN 23130A102 99255 961126 SH Sole 961126 ISHARES TR BARCLYS SH TREA 464288679 1344 12197 SH Sole 12197 ISHARES TR BARCLYS 1-3 YR 464287457 92790 1108468 SH Sole 1108468 SPDR SERIES TRUST BRCLYS 1-3MT ETF 78464A680 14200 309577 SH Sole 309577 VANGUARD INTL EQUITY INDEX F ALLWRLD EX US 922042775 128154 3568752 SH Sole 3568752 VANGUARD INDEX FDS EXTEND MKT ETF 922908652 292 8470 SH Sole 8470 VANGUARD BD INDEX FD INC TOTAL BND MRKT 921937835 112102 1442942 SH Sole 1442942 ISHARES TR IBOXX INV CPBD 464287242 294690 2938673 SH Sole 2938673 ISHARES TR HIGH YLD CORP 464288513 27561 345761 SH Sole 345761 ISHARES INC MSCI JAPAN 464286848 104990 11133581 SH Sole 11133581 ANADARKO PETE CORP COM 032511107 1177 25929 SH Sole 25929 E M C CORP MASS COM 268648102 351 26790 SH Sole 26790 MANULIFE FINL CORP COM 56501R106 553 31850 SH Sole 31850 PFIZER INC COM 717081103 197 13162 SH Sole 13162 LIVEWIRE MOBILE INC COM 53837P102 3 15000 SH Sole 15000 PALATIN TECHNOLOGIES INC COM NEW 696077304 3 12530 SH Sole 12530

MCDONALDS CORP COM 580135101 216 3764 SH Sole 3764 CITIGROUP INC COM 172967101 30 10029 SH Sole 10029 AMAG PHARMACEUTICALS INC COM 00163U106 547 10000 SH Sole 10000 CLAYMORE EXCHANGE TRADED FD BNY BRI&C PTF 18383M100 75605 2354548 SH Sole 2354548 ISHARES TR S&P LTN AM 40 464287390 417 12000 SH Sole 12000 ISHARES INC MSCI HONG KONG 464286871 110450 8038570 SH Sole 8038570 CHEVRON CORP NEW COM 166764100 293 4418 SH Sole 4418 POWERSHARES ETF TRUST WNDRHLL CLN EN 73935X500 353 35018 SH Sole 35018 UNITED STATES NATL GAS FUND UNIT 912318102 187 13475 SH Sole 13475 BANK OF AMERICA CORPORATION COM 060505104 160 12113 SH Sole 12113 ISHARES TR MSCI EAFE IDX 464287465 463 10116 SH Sole 10116 HEINZ H J CO COM 423074103 205 5750 SH Sole 5750 PRECISION CASTPARTS CORP COM 740189105 402 5500 SH Sole 5500

Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8 --------------------------------------------------------------------------------------------------------------------------------- Name of Title of Value SHRS or SH/ PUT/ Investment Other Voting Authority Issuer Class CUSIP (x$1000) PRN Amt PRN CALL Discretion Managers Sole Shared None --------------------------------------------------------------------------------------------------------------------------------- Ishares S&P GSCI UNIT BEN INIT 46428R107 43857 1741727 SH Sole 1741727 Commodity I Ishares Tr BARCLYS 7-10 YR 464287440 36167 374441 SH Sole 374441 VANGUARD INDEX FDS REIT ETF 922908553 36504 1503465 SH Sole 1503465 VANGUARD INDEX FDS STK MRK ETF 922908769 325682 8228452 SH Sole 8228452 SPDR GOLD TRUST GOLD SHS 78463V107 205381 2274936 SH Sole 2274936 ISHARES TR FTSE XNHUA IDX 464287184 158280 5547853 SH Sole 5547853 SPDR TR UNIT SER 1 78462F103 382 4804 SH Sole 4804 SPDR SERIES TRUST DB INT GVT ETF 78464A490 2611 56246 SH Sole 56246 ISHARES TR BARCLYS 20+ YR 464287432 83792 792654 SH Sole 792654 ISHARES TR BARCLYS TIPS BD 464287176 279519 2720379 SH Sole 2720379 CURRENCYSHS JAPANESE JAPANESE YEN 23130A102 88304 878474 SH Sole 878474 YEN TR ISHARES TR BARCLYS SH TREA 464288679 3090 28016 SH Sole 28016 ISHARES TR BARCLYS 1-3 YR 464287457 91511 1085277 SH Sole 1085277 SPDR SERIES TRUST BRCLYS 1-3MT ETF 78464A680 13178 287349 SH Sole 287349 VANGUARD INTL EQUITY ALLWRLD EX US 922042775 143281 5095322 SH Sole 5095322 INDEX F CURRENCYSHARES EURO TR EURO SHS 23130C108 1049 7892 SH Sole 7892 VANGUARD INDEX FDS EXTEND MKT ETF 922908652 222 7870 SH Sole 7870 VANGUARD BD INDEX FD TOTAL BND MRKT 921937835 103408 1340354 SH Sole 1340354 INC ISHARES TR IBOXX INV CPBD 464287242 230754 2451695 SH Sole 2451695 ISHARES TR HIGH YLD CORP 464288513 22257 328271 SH Sole 328271 ISHARES INC MSCI JAPAN 464286848 81041 10258317 SH Sole 10258317 ANADARKO PETE CORP COM 032511107 1143 29379 SH Sole 29379 E M C CORP MASS COM 268648102 323 28290 SH Sole 28290 MANULIFE FINL CORP COM 56501R106 357 31850 SH Sole 31850

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