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: March 31, 2010 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 April 9, 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: 81 Form 13F Information Table Value Total: 3641498 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 Voting Authority 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 --------------~~---------------~~ ---------------- --------- -------- -------- ----~~----~~ ----- ---------- -------- -------- ------ --- 3M CO COM 88579Y101 225 2688 SH Sole 2688 AMAG PHARMACEUTICALS INC COM 00163U106 ~~380~~349 10000 SH Sole 10000 AMGEN INC COM 031162100 ~~236~~230 ~~4177~~3842 SH Sole ~~4177~~3842 ANADARKO PETE CORP COM 032511107 ~~2540~~2967 ~~40685~~40736 SH Sole ~~40685~~40736 BANK OF AMERICA CORPORATION COM 060505104 ~~294~~351 ~~19491~~19640 SH Sole ~~19491~~19640 BERKSHIRE HATHAWAY INC DEL CL B 084670207 ~~536~~398 ~~163~~4900 SH Sole ~~163~~4900 CITIGROUP INC COM 172967101 6660 ~~19882~~14882 SH Sole ~~19882~~14882 CLAYMORE EXCHANGE TRADED FD BNY BRI&C PTF 18383M100 ~~115623~~110173 ~~2723103~~2580159 SH Sole ~~2723103~~2580159 Coca Cola Co COM 191216100 ~~601~~579 10536 SH Sole 10536 ~~CURRENCYSHS JAPANESE YEN TR JAPANESE YEN 23130A102 8255 77434 SH Sole 77434~~ Disney Walt Co COM DISNEY 254687106 ~~436~~469 ~~13523~~13423 SH Sole ~~13523~~13423 E M C CORP MASS COM 268648102 ~~467~~489 ~~26730~~27130 SH Sole ~~26730~~27130 Eaton Vance Corp COM NON VTG 278265103 ~~730~~805 24000 SH Sole 24000 Evergreen Solar Inc COM 30033R108 2318 ~~15532~~15682 SH Sole ~~15532~~15682 Exxon Mobil Corp COM 30231G102 ~~2618~~2815 ~~38388~~42022 SH Sole ~~38388~~42022 FORD MTR CO DEL COM PAR $0.01 345370860 141 11250 SH Sole 11250 FX ENERGY INC COM 302695101 ~~275~~331 96367 SH Sole 96367 General Electric Co COM 369604103 ~~709~~924 ~~46880~~50744 SH Sole ~~46880~~50744 General Mls Inc COM 370334104 354 5000 SH Sole 5000 GOOGLE INC CL A 38259P508 5019 8850 SH Sole 8850 HEINZ H J CO COM 423074103 ~~224~~239 5250 SH Sole 5250 Home Depot Inc COM 437076102 ~~350~~392 12110 SH Sole 12110 Intel Corp COM 458140100 ~~963~~1059 ~~47202~~47511 SH Sole ~~47202~~47511 International Business Machs COM 459200101 ~~377~~434 ~~2911~~3381 SH Sole ~~2911~~3381 Inverness Medical Innovations In COM 46126P106 ~~1143~~1063 ~~27535~~27285 SH Sole ~~27535~~27285

ISHARES INC MSCI JAPAN 464286848 45792 4386164 SH Sole 4386164 ISHARES INC MSCI GERMAN 464286806 1850 84568 SH Sole 84568 Ishares S&P GSCI Commodity I UNIT BEN INIT 46428R107 42799 1373516 SH Sole 1373516 Ishares Tr BARCLYS 7-10 YR 464287440 167628 1872937 SH Sole 1872937 ISHARES TR FTSE XNHUA IDX 464287184 223228 5302334 SH Sole 5302334 ISHARES TR BARCLYS SH TREA 464288679 68758 623941 SH Sole 623941 ISHARES TR BARCLYS 1-3 YR 464287457 104720 1256088 SH Sole 1256088 ISHARES TR IBOXX INV CPBD 464287242 548 5178 SH Sole 5178 ISHARES TR JPMORGAN USD 464288281 136964 1313805 SH Sole 1313805 ISHARES TR HIGH YLD CORP 464288513 107827 1220181 SH Sole 1220181 ISHARES TR INDEX RUSSELL 2000 464287655 2934 43275 SH Sole 43275 ISHARES TR INDEX MSCI EAFE IDX 464287465 361 6449 SH Sole 6449 ISHARES TR INDEX BARCLYS TIPS BD 464287176 215596 2075034 SH Sole 2075034 ISHARES INC MSCI UTD KINGD 464286699 442 27169 SH Sole 27169 ISHARES INC MSCI S KOREA 464286772 91208 1824153 SH Sole 1824153 ISHARES INC MSCI HONG KONG 464286871 114413 7023483 SH Sole 7023483 Johnson & Johnson COM 478160104 784 12626 SH Sole 12626 KINDER MORGAN ENERGY PARTNER UT LTD PARTNER 494550106 200 3061 SH Sole 3061 MANULIFE FINL CORP COM 56501R106 603 30650 SH Sole 30650 Medco Health Solutions Inc COM 58405U102 592 9168 SH Sole 9168 Merck & Co Inc COM 589331107 235 7279 SH Sole 7279 Microsoft Corp COM 594918104 1610 54987 SH Sole 54987 NAVIOS MARITIME HOLDINGS INC COM Y62196103 66 10000 SH Sole 10000 NOVELL INC COM 670006105 620 103275 SH Sole 103275 ORACLE CORP COM 68389X105 221 8582 SH Sole 8582 PALATIN TECHNOLOGIES INC COM NEW 696077304 3 12530 SH Sole 12530 PFIZER INC COM 717081103 186 10862 SH Sole 10862 PRECISION CASTPARTS CORP COM 740189105 697 5500 SH Sole 5500 POWERSHARES QQQ TRUST UNIT SER 1 73935A104 118879 2468408 SH Sole 2468408

PNC FINL SVCS GROUP INC COM 693475105 207 3471 SH Sole 3471 POWERSHARES DB CMDTY IDX TRA UNIT BEN INT 73935S105 289453 12306676 SH Sole 12306676 POWERSHS DB MULTI SECT COMM DB AGRICULT FD 73936B408 103912 4290346 SH Sole 4290346 POWERSHARES ETF TRUST INTL DIV ACHV 73935X716 1113 77845 SH Sole 77845 Procter & Gamble Co COM 742718109 3549 56101 SH Sole 56101 Royal Dutch Shell PLC SPONS ADR A 780259206 392 6779 SH Sole 6779 Sigma Aldrich Corp COM 826552101 558 10400 SH Sole 10400 Sonus Networks Inc COM 835916107 87 33084 SH Sole 33084 SPDR GOLD TRUST GOLD SHS 78463V107 183279 1682233 SH Sole 1682233 SPDR SERIES TRUST DB INT GVT ETF 78464A490 81091 1463743 SH Sole 1463743 SPDR SERIES TRUST BRCLYS 1-3MT ETF 78464A680 12489 272326 SH Sole 272326 SPDR TR UNIT SER 1 78462F103 537 4590 SH Sole 4590 SPECTRANETICS CORP COM 84760C107 346 50000 SH Sole 50000 St Jude Med Inc COM 790849103 522 12720 SH Sole 12720 State Str Corp COM 857477103 492 10907 SH Sole 10907 Sysco Corp COM 871829107 1404 48462 SH Sole 48462 TEVA PHARMACEUTICAL INDS LTD ADR 881624209 596 9450 SH Sole 9450 TIBCO SOFTWARE INC COM 88632Q103 151 14016 SH Sole 14016 VANGUARD BD INDEX FD INC TOTAL BND MRKT 921937835 191918 2423207 SH Sole 2423207 VANGUARD INDEX FDS STK MRK ETF 922908769 496706 8335399 SH Sole 8335399 VANGUARD INDEX FDS EXTEND MKT ETF 922908652 414 8817 SH Sole 8817 VANGUARD INTL EQUITY INDEX F ALLWRLD EX US 922042775 122963 2766947 SH Sole 2766947 VANGUARD SPECIALIZED PORTFOL DIV APP ETF 921908844 320239 6558238 SH Sole 6558238

VERTEX PHARMACEUTICALS INC COM 92532F100 1832 44815 SH Sole 44815 Wal Mart Stores Inc COM 931142103 3116 56049 SH Sole 56049 WISDOMTREE TRUST BRAZILN RL ETF 97717W240 1719 65181 SH Sole 65181 WISDOMTREE TRUST DRYFS CURR ETF 97717W133 240611 10823711 SH Sole 10823711 WISDOMTREE TRUST INDIA ERNGS FD 97717W422 2154 92331 SH Sole 92331

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