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: December 31, 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:
San Francisco, California February 11, 2000
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[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
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Form 13F Information Table Entry Total: 15
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Form 13F Information Table Value Total: $368,710
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(thousands)
List of Other Included Managers:
No. Form 13F File Number Name
1 28-6420 Soros Fund Management, LLC
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CAMBRIDGE 13F INFORMATION TABLE 12/31/99
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<CAPTION>
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
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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
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Atlantic Richfield Co. COM 048825103 1,168 13,500 SH SOLE 130 13,500
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BJ Services Co. COM 055482103 42,570 1,018,108 SH SOLE 130 1,018,108
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Cooper Cameron Corp. COM 216640102 15,693 320,665 SH SOLE 130 320,665
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Conoco Inc. CL B 208251405 25,220 1,013,850 SH SOLE 130 1,013,850
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Ensco International Inc. COM 26874Q100 52,971 2,315,656 SH SOLE 130 2,315,656
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R&B Falcon Corp. COM 74912E101 15,138 1,142,520 SH SOLE 130 1,142,520
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Halliburton Co. COM 406216101 43,502 1,080,791 SH SOLE 130 1,080,791
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Philip Morris Companies COM 718154107 200 8,700 SH SOLE 130 8,700
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USX-Marathon Group COM 902905827 13,416 543,441 SH SOLE 130 543,441
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Nabors Industries Inc. COM 629568106 48,271 1,560,276 SH SOLE 130 1,560,276
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Noble Drilling Corp. COM 655042109 34,361 1,049,201 SH SOLE 130 1,049,201
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Rowan Companies Inc. COM 779382100 28,379 1,308,530 SH SOLE 130 1,308,530
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Santa Fe Intl. Corp. ORD G7805C108 5,613 216,928 SH SOLE 130 216,928
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Smith International Inc. COM 832110100 7,809 157,154 SH SOLE 130 157,154
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Schlumberger Ltd. COM 806857108 34,399 612,906 SH SOLE 130 612,906
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