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: September 30, 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 October 25, 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 {XE "FORM 13F SUMMARY PAGE"} Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 84 Form 13F Information Table Value Total: 4,128,506 List of Other Included Managers: NONE Form 13F Information Table

ISHARES INC MSCI GERMAN 464286806 384 17468 SH Sole 17468 ISHARES COMEX GOLD TR ISHARES 464285105 8732 682149 SH Sole 682149 ISHARES TR BARCLYS 7-10 YR 464287440 208011 2100905 SH Sole 2100905 ISHARES TR FTSE XNHUA IDX 464287184 253930 5930173 SH Sole 5930173 ISHARES TR BARCLYS SH TREA 464288679 72315 655982 SH Sole 655982 ISHARES TR BARCLYS 1-3 YR 464287457 110639 1311354 SH Sole 1311354 ISHARES TR IBOXX INV CPBD 464287242 465 4114 SH Sole 4114 ISHARES TR JPMORGAN USD 464288281 2916 26200 SH Sole 26200 ISHARES TR HIGH YLD CORP 464288513 129245 1441020 SH Sole 1441020 ISHARES TR INDEX RUSSELL 2000 464287655 112235 1662745 SH Sole 1662745 ISHARES TR INDEX BARCLYS TIPS BD 464287176 208644 1913111 SH Sole 1913111 ISHARES INC MSCI S KOREA 464286772 2347 43884 SH Sole 43884 ISHARES TR US PFD STK IDX 464288687 204 5139 SH Sole 5139 JOHNSON & JOHNSON COM 478160104 765 12355 SH Sole 12355 MANULIFE FINL CORP COM 56501R106 387 30650 SH Sole 30650 MEDCO HEALTH SOLUTIONS INC COM 58405U102 480 9218 SH Sole 9218 MERCK & CO INC COM 589331107 231 6279 SH Sole 6279 MICROSOFT CORP COM 594918104 1253 51159 SH Sole 51159 NOVELL INC COM 670006105 617 103275 SH Sole 103275 ORACLE CORP COM 68389X105 228 8507 SH Sole 8507 PIMCO ETF TR ENHAN SHRT MAT 72201R833 36705 363701 SH Sole 363701 PIMCO ETF TR 15+ YR US TIPS 72201R304 343 6102 SH Sole 6102 POWERSHARES QQQ TRUST UNIT SER 1 73935A104 141811 2889975 SH Sole 2889975 POWERSHARES DB CMDTY IDX TRA UNIT BEN INT 73935S105 127536 5289760 SH Sole 5289760 POWERSHARES ETF TRUST INTL DIV ACHV 73935X716 1815 123990 SH Sole 123990 POWERSHARES ETF TRUST DIV ACHV PRTF 73935X732 208 15800 SH Sole 15800 PRECISION CASTPARTS CORP COM 740189105 732 5750 SH Sole 5750 PROCTER & GAMBLE CO COM 742718109 3186 53122 SH Sole 53122 ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 376 6234 SH Sole 6234

SAPIENT CORP COM 803062108 239 20000 SH Sole 20000 Sigma Aldrich Corp COM 826552101 628 10400 SH Sole 10400 SIRIUS XM RADIO INC COM 82967N108 21 17500 SH Sole 17500 Sonus Networks Inc COM 835916107 117 33084 SH Sole 33084 SPDR GOLD TRUST GOLD SHS 78463V107 332984 2603265 SH Sole 2603265 SPDR SERIES TRUST DB INT GVT ETF 78464A490 4763 81056 SH Sole 81056 SPDR INDEX SHS FDS S&P EMKTSC ETF 78463X756 259919 4746513 SH Sole 4746513 SPDR SERIES TRUST BRCLYS 1-3MT ETF 78464A680 9426 205594 SH Sole 205594 SPDR TR UNIT SER 1 78462F103 210 1903 SH Sole 1903 SPECTRANETICS CORP COM 84760C107 271 50000 SH Sole 50000 St Jude Med Inc COM 790849103 500 12720 SH Sole 12720 Sysco Corp COM 871829107 1357 47592 SH Sole 47592 TEVA PHARMACEUTICAL INDS LTD ADR 881624209 515 9770 SH Sole 9770 TIBCO SOFTWARE INC COM 88632Q103 249 14016 SH Sole 14016 US BANCORP DEL COM NEW 902973304 344 15928 SH Sole 15928 VANGUARD BD INDEX FD INC TOTAL BND MRKT 921937835 335734 4061621 SH Sole 4061621 VANGUARD INDEX FDS REIT ETF 922908553 116905 2244713 SH Sole 2244713 VANGUARD INTL EQUITY INDEX F TT WRLD ST ETF 922042742 672 15007 SH Sole 15007 VANGUARD INDEX FDS STK MRK ETF 922908769 527169 9031498 SH Sole 9031498 VANGUARD INDEX FDS EXTEND MKT ETF 922908652 419 8817 SH Sole 8817 VANGUARD INTL EQUITY INDEX F ALLWRLD EX US 922042775 138654 3054052 SH Sole 3054052 VANGUARD SPECIALIZED PORTFOL DIV APP ETF 921908844 388639 7976988 SH Sole 7976988 VERTEX PHARMACEUTICALS INC COM 92532F100 1549 44815 SH Sole 44815

WAL MART STORES INC COM 931142103 3000 56057 SH Sole 56057 WISDOMTREE TRUST BRAZILN RL ETF 97717W240 3961 137026 SH Sole 137026 WISDOMTREE TRUST DRYFS CURR ETF 97717W133 103506 4515979 SH Sole 4515979 WISDOMTREE TR EM LCL DEBT FD 97717X867 127865 2433209 SH Sole 2433209 WISDOMTREE TRUST EMG MKTS SMCAP 97717W281 230 4574 SH Sole 4574 WISDOMTREE TRUST INDIA ERNGS FD 97717W422 148940 5648097 SH Sole 5648097 WISDOMTREE TRUST INDIAN RUP ETF 97717W166 345 13054 SH Sole 13054

Windward Investment Management Inc 13F-HR