13F-HR 1 t306006.txt 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: June 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: Cambridge Investments, Ltd. Address: 5237 HHR Ranch Road, Suite A Wilson, Wyoming 83014 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: John R. Tozzi Title: President Phone: (307) 733-8229 Signature, Place, and Date of Signing: /s/ John R. Tozzi Wilson, Wyoming August 10, 2010 -------------------------------------------------------------------------------- [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).) List of Other Managers Reporting for this Manager: 1. Cambridge Investment Partners, LLC Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 1 ----------- Form 13F Information Table Entry Total: 9 ----------- Form 13F Information Table Value Total: $88,340 (thousands) List of Other Included Managers: 1. Cambridge Investment Partners, LLC

Market ~~Market~~ Value Shrs or SH/ Put/ Investment Other Voting Authority ~~NAME~~Name OFof Issuer Title of Class Cusip ~~Value~~ (*1000) Prn Amt PRN Call Discretion Managers Sole Shared None ------------------------------------------------------------------------------------------------------------------------------------ BAKER HUGHES INC COM 057224107 3,~~924,161.52~~483 ~~3,924~~ 83,778 SH Defined 1 83,778 CAMERON INTERNATIONAL ~~CORPORATION~~CORP COM 13342B105 134,~~145,247.72~~987 13153,~~145~~352 ~~306,702~~ SH Defined 1 ~~306~~153,~~702~~352 DIAMOND OFFSHORE DRILLING INC COM 25271C102 53,~~076,290.79~~555 ~~5,076~~ 57,159 SH Defined 1 57,159 ENSCO ~~INTL~~ PLC SPONSORED ADR 29358Q109 98,~~872,243.58~~660 ~~9,872~~ 220,461 SH Defined 1 220,461 ~~HALLIBURTON~~NATIONAL COOILWELL ~~W/RTS~~VARCO TOINC ~~PUR CERT STK UNDR CERTN~~ COM ~~406216101~~637071101 168,~~728,447.17~~072 16244,~~728~~100 ~~555,209~~ SH Defined 1 ~~555~~244,~~209~~100 ~~NATIONAL-OILWELL~~STREETTRACKS ~~INC~~SER TR SPDR OILGAS EX COM ~~637071101~~78464A730 9,~~905,578.00~~915 9254,~~906~~300 ~~244,100~~ SH Defined 1 ~~244~~254,~~100~~300 SCHLUMBERGER LTD COM 806857108 1410,~~623,151.26~~538 14190,~~623 230,~~431 SH Defined 1 ~~230~~190,431 SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 2231,~~333,865.60~~317 22630,~~334~~380 ~~388,280~~ SH Defined 1 ~~388~~630,~~280~~380 NOBLE ~~CORPORATION~~DRILLING ~~BAAR~~CORP NAMEN -AKT H5833N103 217,~~137,500.80~~812 21252,~~138~~740 ~~505,440~~ SH Defined 1 ~~505~~252,~~440~~740 ~~TRANSOCEAN LTD REG SHS H8817H100 15~~88,~~945,748.00 15,946 184,600 SH Defined 1 184,600 132,692~~340

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