UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F-HR
Form 13F COVER PAGE
Report for the Calendar Year of Quarter Ended: September 30, 1999
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: Cambridge Investments, Ltd.
Address: 600 Montgomery Street
San Francisco, California 94111
Form 13F File Number: 28-06432
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 form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Courtney Tozzi
Title: Vice President
Phone: (415) 781-0866
Signature, Place, and Date of Signing:
/s/ Courtney Tozzi San Francisco, California 11/15/99
[Signature] [City, State] [Date]
Report Type (Check only one.):
[X ] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting
manager are reported in this report.)
[ ] 13F NOTICE. (Check here if no holdings reported are in this report,
and all holdings are reported by other reporting manager(s).)
[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for
this reporting manager are reported in this report and a portion are
reported by other reporting manager(s).)
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Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 1
Form 13F Information Table Entry Total: 18
Form 13F Information Table Value Total: $ 702604
(thousands)
List of Other Included Managers:
No. Form 13F File Number Name
1 28-6420 Soros Fund Management, LLC
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Item 2: Item 3: Item 4: Item 5: Item 6: Item 7:
Item 1: Title of CUSIP Value Shares or Investment Other Item 8:
Name of Issuer Class Number (x $1000) Prn Amt SH/PRN Discretion Managers Voting Authority
(a) Sole (b) (c) None
Shared
Apache Corp Common Stock 037411105 20255 469000 SH SOLE 469000
Atlantic Richfield Co. Common Stock 048825103 12319 139000 SH SOLE 139000
Baker Hughes Inc. Common Stock 057224107 47784 1647713 SH SOLE 1647713
BJ Services Co. Common Stock 055482103 33620 1056816 SH SOLE 1056816
Burlington Res. Inc. Common Stock 122014103 18449 502000 SH SOLE 502000
Cooper Cameron Corp. Common Stock 216640102 10648 282053 SH SOLE 282053
Conoco Inc. Common Stock 208251306 6768 243880 SH SOLE 243880
Ensco International Inc. Common Stock 26874Q100 36967 2046639 SH SOLE 2046639
Halliburton Common Stock 406216101 46492 1133956 SH SOLE 1133956
Philip Morris Cos. Common Stock 718154107 297431 8700 SH SOLE 8700
R & B Falcon Corp Common Stock 74912E101 12653 964000 SH SOLE 964000
USX Marathon Group Common Stock 902905827 20487 700400 SH SOLE 700400
Nabors Industries Inc. Common Stock 629568106 31630 1265212 SH SOLE 1265212
Noble Drilling Corp. Common Stock 655042109 18751 857178 SH SOLE 857178
Rowan Companies Common Stock 779382100 16751 1030830 SH SOLE 1030830
Smith International Inc. Common Stock 832110100 4755 117412 SH SOLE 117412
Schlumberger Ltd. Common Stock 806857108 49630 796462 SH SOLE 796462
Texaco Common Stock 881694103 17214 272700 SH SOLE 272700
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