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, 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: Managing Director of Ops & Client Service Phone: 617-241-2207 Signature, Place, and Date of Signing: DENISE KAMPF BOSTON, MA February 5, 2010 ------------------------ -------------------------- ------------------------ 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: 69 Form 13F Information Table Value Total: 3127724 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 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 Non ----------------------------- ---------------- --------- -------- -------- -------- ----- ---------- -------- -------- ------ --- AMAG PHARMACEUTICALS INC~~.........~~ COM 00163U106 ~~437~~380 10000 SH Sole 10000 ~~ANADARKO~~AMGEN ~~PETE~~INC ~~CORP...............~~ COM ~~032511107~~031162100 ~~1629~~236 ~~26057~~4177 SH Sole ~~26057~~4177 ~~BANK~~ANADARKO OFPETE ~~AMERICA~~CORP ~~CORPORATION......~~ COM ~~060505104~~032511107 ~~311~~2540 ~~18810~~40685 SH Sole ~~18810~~40685 ~~BARCLAYS~~BANK BKOF ~~PLC..................~~AMERICA ~~IPSPGS~~CORPORATION ~~TTL~~COM ~~ETN~~060505104 ~~06738C794~~294 ~~245~~19491 ~~8450~~ SH Sole ~~8450~~19491 ~~CISCO~~BERKSHIRE ~~SYS~~HATHAWAY INC~~....................~~ ~~COM~~DEL ~~17275R102~~CL ~~202~~B ~~8854~~084670207 536 163 SH Sole ~~8854~~163 CITIGROUP INC~~....................~~ COM 172967101 6966 ~~14264~~19882 SH Sole ~~14264~~19882 CLAYMORE EXCHANGE TRADED FD~~......~~ BNY BRI&C PTF 18383M100 ~~98667~~115623 ~~2535015~~2723103 SH Sole ~~2535015~~2723103 Coca Cola Co~~.....................~~ COM 191216100 ~~566~~601 10536 SH Sole 10536 CURRENCYSHS JAPANESE YEN TR~~......~~ JAPANESE YEN 23130A102 ~~112731~~8255 ~~1019162~~77434 SH Sole ~~1019162~~77434 Disney Walt Co~~...................~~ COM DISNEY 254687106 ~~371~~436 ~~14115~~13523 SH Sole ~~14115~~13523 E M C CORP MASS~~..................~~ COM 268648102 ~~457~~467 ~~26790~~26730 SH Sole ~~26790~~26730 Eaton Vance Corp~~.................~~ COM NON VTG 278265103 ~~672~~730 24000 SH Sole 24000 Evergreen Solar Inc~~..............~~ COM 30033R108 3023 15532 SH Sole 15532 Exxon Mobil Corp~~.................~~ COM 30231G102 ~~2363~~2618 ~~34833~~38388 SH Sole ~~34833~~38388 FX ENERGY INC COM 302695101 275 96367 SH Sole 96367 General Electric Co~~..............~~ COM 369604103 ~~794~~709 ~~48474~~46880 SH Sole ~~48474~~46880 General Mls Inc~~..................~~ COM 370334104 ~~322~~354 ~~5038~~5000 SH Sole ~~5038~~5000 HEINZ H J CO~~.....................~~ COM 423074103 ~~209~~224 5250 SH Sole 5250 Home Depot Inc~~...................~~ COM 437076102 ~~326~~350 ~~12223~~12110 SH Sole ~~12223~~12110 Intel Corp~~.......................~~ COM 458140100 ~~959~~963 ~~49416~~47202 SH Sole ~~49416~~47202 International Business Machs~~.....~~ COM 459200101 ~~256~~377 ~~2452~~2911 SH Sole ~~2452~~2911 Inverness Medical Innovations In. COM 46126P106 ~~1066~~1143 27535 SH Sole 27535 ISHARES INC...................... MSCI JAPAN 464286848 113889 11459984 SH Sole 11459984 ISHARES INC...................... MSCI HONG KONG 464286871 127252 8200902 SH Sole 8200902 ISHARES INC...................... MSCI GERMAN 464286806 2061 92861 SH Sole 92861 Ishares S&P GSCI Commodity I..... UNIT BEN INIT 46428R107 238958 8053939 SH Sole 8053939 Ishares Tr....................... BARCLYS 7-10 YR 464287440 143471 1553267 SH Sole 1553267 ISHARES TR....................... FTSE XNHUA IDX 464287184 186464 4560843 SH Sole 4560843 ISHARES TR....................... BARCLYS TIPS BD 464287176 148834 1446805 SH Sole 1446805 ISHARES TR....................... BARCLYS SH TREA 464288679 548 4971 SH Sole 4971 ISHARES TR....................... BARCLYS 1-3 YR 464287457 91049 1083910 SH Sole 1083910 ISHARES TR....................... IBOXX INV CPBD 464287242 330740 3100628 SH Sole 3100628 ISHARES TR....................... HIGH YLD CORP 464288513 32250 373804 SH Sole 373804 ISHARES TR....................... S&P LTN AM 40 464287390 515 12000 SH Sole 12000 ISHARES TR....................... JPMORGAN USD 464288281 30480 295893 SH Sole 295893 ISHARES TR INDEX................. RUSSELL 2000 464287655 1834 30721 SH Sole 30721 Johnson & Johnson................ COM 478160104 622 10720 SH Sole 10720 LIVEWIRE MOBILE INC.............. COM 53837P102 6 15000 SH Sole 15000 MANULIFE FINL CORP............... COM 56501R106 642 30650 SH Sole 30650 MCDONALDS CORP................... COM 580135101 209 3715 SH Sole 3715 Medco Health Solutions Inc....... COM 58405U102 461 8404 SH Sole 8404 Merck & Co Inc................... COM 589331107 267 8596 SH Sole 8596 Microsoft Corp................... COM 594918104 1306 51437 SH Sole 51437 NOVELL INC....................... COM 670006105 466 103275 SH Sole 103275 PALATIN TECHNOLOGIES INC......... COM NEW 696077304 4 12530 SH Sole 12530 PFIZER INC....................... COM 717081103 215 14000 SH Sole 14000 POWERSHARES QQQ TRUST............ UNIT SER 1 73935A104 1929 45659 SH Sole 45659 PRECISION CASTPARTS CORP......... COM 740189105 560 5500 SH Sole 5500 Procter & Gamble Co.............. COM 742718109 1470 25548 SH Sole 25548 Royal Dutch Shell PLC............ SPONS ADR A 780259206 280 4959 SH Sole 4959 Sigma Aldrich Corp............... COM 826552101 561 10400 SH Sole 10400 Sonus Networks Inc............... COM 835916107 70 33084 SH Sole 33084 SPDR GOLD TRUST.................. GOLD SHS 78463V107 256677 2598882 SH Sole 2598882 SPDR Series Trust................ BRCLYS INTL ETF 78464A516 123742 2118950 SH Sole 2118950 SPDR SERIES TRUST................ DB INT GVT ETF 78464A490 2490 45193 SH Sole 45193 SPDR SERIES TRUST................ BRCLYS 1-3MT ETF 78464A680 16552 361650 SH Sole 361650 St Jude Med Inc.................. COM 790849103 543 13920 SH Sole 13920 State Str Corp................... COM 857477103 568 10807 SH Sole 10807 Sysco Corp....................... COM 871829107 1207 49029 SH Sole 49029 TIBCO SOFTWARE INC............... COM 88632Q103 133 14016 SH Sole 14016 VANGUARD BD INDEX FD INC......... TOTAL BND MRKT 921937835 156897 1973683 SH Sole 1973683 VANGUARD INDEX FDS............... STK MRK ETF 922908769 466558 8711654 SH Sole 8711654 VANGUARD INDEX FDS............... EXTEND MKT ETF 922908652 351 8470 SH Sole 8470 VANGUARD INTL EQUITY INDEX F..... ALLWRLD EX US 922042775 165563 3838672 SH Sole 3838672 VERTEX PHARMACEUTICALS INC....... COM 92532F100 1698 44815 SH Sole 44815 Wal Mart Stores Inc.............. COM 931142103 2751 56142 SH Sole 56142

ISHARES INC MSCI JAPAN 464286848 124835 12816751 SH Sole 12816751 ISHARES INC MSCI GERMAN 464286806 133663 5956475 SH Sole 5956475 Ishares S&P GSCI Commodity I UNIT BEN INIT 46428R107 45276 1422884 SH Sole 1422884 Ishares Tr BARCLYS 7-10 YR 464287440 153642 1734113 SH Sole 1734113 ISHARES TR FTSE XNHUA IDX 464287184 213425 5050291 SH Sole 5050291 ISHARES TR BARCLYS SH TREA 464288679 71462 648536 SH Sole 648536 ISHARES TR BARCLYS 1-3 YR 464287457 107199 1292678 SH Sole 1292678 ISHARES TR IBOXX INV CPBD 464287242 150150 1441559 SH Sole 1441559 ISHARES TR HIGH YLD CORP 464288513 35883 408502 SH Sole 408502 ISHARES TR S&P LTN AM 40 464287390 573 12000 SH Sole 12000 ISHARES TR JPMORGAN USD 464288281 262244 2576252 SH Sole 2576252 ISHARES TR INDEX MSCI EMERG MKT 464287234 210 5057 SH Sole 5057 ISHARES TR INDEX RUSSELL 2000 464287655 220431 3530279 SH Sole 3530279 Johnson & Johnson COM 478160104 828 12849 SH Sole 12849 MANULIFE FINL CORP COM 56501R106 562 30650 SH Sole 30650 Medco Health Solutions Inc COM 58405U102 586 9168 SH Sole 9168 Merck & Co Inc COM 589331107 372 10171 SH Sole 10171 Microsoft Corp COM 594918104 1547 50758 SH Sole 50758 NOVELL INC COM 670006105 429 103275 SH Sole 103275 ORACLE CORP COM 68389X105 208 8469 SH Sole 8469 PALATIN TECHNOLOGIES INC COM NEW 696077304 5 12530 SH Sole 12530 PFIZER INC COM 717081103 205 11243 SH Sole 11243 POWERSHARES QQQ TRUST UNIT SER 1 73935A104 124924 2730579 SH Sole 2730579 POWERSHARES DB CMDTY IDX TRA UNIT BEN INT 73935S105 43748 1776932 SH Sole 1776932 PRECISION CASTPARTS CORP COM 740189105 607 5500 SH Sole 5500 Procter & Gamble Co COM 742718109 3200 52784 SH Sole 52784 Royal Dutch Shell PLC SPONS ADR A 780259206 390 6492 SH Sole 6492 Sigma Aldrich Corp COM 826552101 526 10400 SH Sole 10400 Sonus Networks Inc COM 835916107 70 33084 SH Sole 33084 SPDR GOLD TRUST GOLD SHS 78463V107 173790 1619518 SH Sole 1619518

SPDR Series Trust BRCLYS INTL ETF 78464A516 6587 115903 SH Sole 115903 SPDR SERIES TRUST DB INT GVT ETF 78464A490 118415 2119859 SH Sole 2119859 SPDR SERIES TRUST BRCLYS 1-3MT ETF 78464A680 13190 287557 SH Sole 287557 SPDR TR UNIT SER 1 78462F103 381 3423 SH Sole 3423 SPECTRANETICS CORP COM 84760C107 348 50000 SH Sole 50000 St Jude Med Inc COM 790849103 468 12720 SH Sole 12720 State Str Corp COM 857477103 475 10907 SH Sole 10907 Sysco Corp COM 871829107 1359 48641 SH Sole 48641 TEVA PHARMACEUTICAL INDS LTD ADR 881624209 531 9450 SH Sole 9450 TIBCO SOFTWARE INC COM 88632Q103 135 14016 SH Sole 14016 VANGUARD BD INDEX FD INC TOTAL BND MRKT 921937835 174241 2217397 SH Sole 2217397 VANGUARD INDEX FDS STK MRK ETF 922908769 503161 8926045 SH Sole 8926045 VANGUARD INDEX FDS EXTEND MKT ETF 922908652 380 8815 SH Sole 8815 VANGUARD INTL EQUITY INDEX F ALLWRLD EX US 922042775 178822 4099654 SH Sole 4099654 VERTEX PHARMACEUTICALS INC COM 92532F100 1920 44815 SH Sole 44815 Wal Mart Stores Inc COM 931142103 2996 56046 SH Sole 56046 WISDOMTREE TRUST DRYFS CURR ETF 97717W133 116127 5278482 SH Sole 5278482

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