13F-HR 1 mlstern13f111402.txt TOWER ASSET MANAGEMENT FORM 13F-HR UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 09/30/2002 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: Tower Asset Management Address: 8350 Wilshire Blvd. Beverly Hills, CA 90211 Form 13F File Number: 28-06373 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: James Portman Title: Legal Counsel Phone: 323-658-4400 Signature, Place, and Date of Signing: s/James Portman Beverly Hills, California 10/01/02 [Signature] [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).) 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: $ 55,114 (thousands) List of Other Included Managers: NONE provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

FORM 13F INFORMATION TABLE TITLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ---------------------------- -------- -------- -------- ------- --- ---- ------- -------- ---- ------ ---- ABBOTT LABS COM ~~COM~~ 002824100 ~~1357~~958 ~~25800~~23720.0000 SH SOLE ~~25800~~23720.0000 ALCOA INC COM ~~COM~~ 013817101 ~~2538~~1186 ~~67249~~61448.0000 SH SOLE ~~67249~~61448.0000 ALTERA CORP COM ~~COM~~ 021441100 ~~761~~265 ~~34800~~30600.0000 SH SOLE ~~34800~~30600.0000 AMERICAN EXPRESS CO COM ~~COM~~ 025816109 ~~815~~508 ~~19889~~16289.0000 SH SOLE ~~19889~~16289.0000 AMERICAN INTL GROUP COM ~~COM~~ 026874107 ~~3973~~2819 ~~55077~~51542.0000 SH SOLE ~~55077~~51542.0000 ~~AMERICAN JEWELRY CORP COM NEW COM 027073204 0 100000.0000 SH SOLE 100000.0000~~ AOL TIME WARNER INC COM 00184A105 ~~1561~~968 ~~65989~~82727.0000 SH SOLE ~~65989~~82727.0000 AUTOMATIC DATA PROCESS COM ~~COM~~ 053015103 959 ~~16454~~27578.0000 SH SOLE ~~16454~~27578.0000 AVON PRODS INC COM ~~COM~~ 054303102 ~~1765~~747 ~~32486~~16197.0000 SH SOLE ~~32486~~16197.0000 BANK NEW YORK INC COM ~~COM~~ 064057102 ~~781~~677 ~~18589~~23566.0000 SH SOLE ~~18589~~23566.0000 BANK OF AMERICA CORP COM 060505104 ~~470~~447 ~~6906~~7007.~~0000~~0640 SH SOLE ~~6906~~7007.~~0000~~0640 ~~BELLSOUTH~~BAXTER ~~CORP~~INTL ~~COM~~INC COM ~~079860102~~071813109 ~~773~~869 ~~20966~~28430.0000 SH SOLE ~~20966~~28430.0000 ~~BERKSHIRE~~BELLSOUTH ~~HATHAWAY~~CORP ~~CL B~~ COM ~~084670207~~079860102 ~~1379~~328 ~~582~~17859.0000 SH SOLE ~~582~~17859.0000 BJBERKSHIRE ~~SVCS~~HATHAWAY COCL ~~COM~~B COM ~~055482103~~084670207 ~~214~~1144 ~~6195~~464.0000 SH SOLE ~~6195~~464.0000 BJS WHOLESALE CLUB INC COM ~~COM~~ 05548J106 ~~1018~~443 ~~22783~~23291.0000 SH SOLE ~~22783~~23291.0000 BP AMOCO P L C SPONSORED ADR COM 055622104 ~~1048~~711 ~~19734~~17809.0000 SH SOLE ~~19734~~17809.0000 ~~BRISTOL~~BURST ~~MYERS~~COM ~~SQUIBB~~INC COM ~~COM~~12284P106 ~~110122108~~3 ~~1305 32233~~15000.0000 SH SOLE ~~32233~~15000.0000 ~~BURST~~CARDINAL ~~COM~~HEALTH INC COM 14149Y108 733 11787.0000 SH SOLE 11787.0000 CARNIVAL CORP COM ~~12284P106~~143658102 0465 ~~10000~~18515.0000 SH SOLE ~~10000~~18515.0000 ~~CARDINAL~~CATERPILLAR ~~HEALTH~~ INC ~~COM~~DEL COM ~~14149Y108~~149123101 ~~956~~406 ~~13492~~10920.0000 SH SOLE ~~13492~~10920.0000 CHEVRONTEXACO CORP COM ~~COM~~ 166764100 ~~865~~691 ~~9577~~9971.3788 SH SOLE ~~9577~~9971.3788 CISCO ~~SYS~~SYSTEMS INC COM ~~COM~~ 17275R102 ~~1234~~692 ~~72869~~65984.0000 SH SOLE ~~72869~~65984.0000 CITIGROUP INC COM 172967101 ~~2273~~1159 ~~45892~~39084.0000 SH SOLE ~~45892~~39084.0000 COMCAST CORP SPL CL A NON VOTI COM 200300200 ~~1362~~738 ~~42823~~35381.0000 SH SOLE ~~42823~~35381.0000 ~~COMPAQ COMPUTER CORP COM COM 204493100 555 53122.4152 SH SOLE 53122.4152~~ CONEXANT SYSTEMS INC COM ~~COM~~ 207142100 ~~237~~22 19680.0000 SH SOLE 19680.0000 ~~DUKE~~CYBERTEL ~~ENERGY~~COMM CORP COM ~~COM~~23251W107 ~~264399106~~0 ~~888 23494~~10000.0000 SH SOLE ~~23494~~10000.0000 E M C CORP MASS COM ~~COM~~ 268648102 ~~708~~236 ~~59410~~51592.0000 SH SOLE ~~59410~~51592.0000 ECOLAB INC COM ~~COM~~ 278865100 ~~867~~650 ~~18972~~15573.0000 SH SOLE ~~18972~~15573.0000 ELELECTRONIC ~~PASO~~DATA ~~CORP~~SYS ~~COM~~NW COM ~~28336L109~~285661104 ~~1102~~223 ~~25034~~15951.0000 SH SOLE ~~25034~~15951.0000 ~~ELAN~~ERICSSON ~~PLC~~(LM) TEL-SP ADR COM ~~284131208~~294821400 ~~274~~4 ~~19723~~10400.0000 SH SOLE ~~19723~~10400.0000 EXXON MOBIL CORP COM ~~COM~~ 30231G102 ~~1030~~804 ~~23509~~25189.0000 SH SOLE ~~23509~~25189.0000 FANNIE MAE COM 313586109 ~~1870~~1136 ~~23409~~19075.0000 SH SOLE ~~23409~~19075.0000 FLEXTRONICS INTL LTD ORD COM Y2573F102 ~~697~~299 ~~38190~~42930.0000 SH SOLE ~~38190~~42930.0000 FREDDIE MAC VOTING SHS COM 313400301 ~~1607~~1109 ~~25352~~19835.0000 SH SOLE ~~25352~~19835.0000 ~~GENERAL~~GENENTECH ~~ELEC~~INC CO COM COM ~~369604103~~368710406 ~~3740~~683 ~~99878~~20935.~~8961~~0000 SH SOLE ~~99878~~20935.~~8961~~0000 ~~GEOTEK~~GENERAL ~~COMMUNICATIONS~~DYNAMICS ~~COM~~CORP COM ~~373654102~~369550108 0435 ~~10000~~5350.0000 SH SOLE ~~10000~~5350.0000 ~~HEALTH~~GENERAL ~~NET~~ELEC ~~INC~~CO COM ~~COM~~369604103 ~~42222G108~~2297 ~~226 8240~~93182.~~0000~~1272 SH SOLE ~~8240~~93182.~~0000~~1272 ~~HOME~~GEOTEK ~~DEPOT~~COMMUNICATIONS- ~~INC~~DECLARE COM ~~COM~~373654102 ~~437076102~~0 ~~230 4740~~10000.~~7162~~0000 SH SOLE ~~4740~~10000.~~7162~~0000 ~~HOUSEHOLD~~HEWLETT ~~INTL~~PACKARD ~~INC~~CO COM ~~COM~~428236103 ~~441815107~~348 ~~873 15364~~29845.~~0000~~8909 SH SOLE ~~15364~~29845.~~0000~~8909 INTEL CORP COM ~~COM~~ 458140100 ~~1630~~677 ~~53593~~48739.~~0426~~7771 SH SOLE ~~53593~~48739.~~0426~~7771 INTERNAP NETWORK SVCS COM ~~COM~~ 45885A102 92 11750.0000 SH SOLE 11750.0000 INTERNATIONAL BUS MACH COM ~~COM~~ 459200101 ~~1333~~568 ~~12816~~9735.~~2399~~3861 SH SOLE ~~12816~~9735.~~2399~~3861 ~~IXIA~~INTL ~~COM~~PAPER CO COM ~~45071R109~~460146103 ~~331~~542 ~~38975~~16225.0000 SH SOLE ~~38975~~16225.0000 ~~J P MORGAN CHASE & CO COM COM 46625H100 348 9765.0346 SH SOLE 9765.0346~~ JOHNSON & JOHNSON COM ~~COM~~ 478160104 ~~1818~~1214 ~~27995~~22449.0440 SH SOLE ~~27995~~22449.0440 KIMBERLY CLARK CORP COM ~~COM~~ 494368103 ~~1645~~1108 ~~25439~~19564.0000 SH SOLE ~~25439~~19564.0000 ~~LAUDER~~KONINKLIJKE ~~ESTEE~~PHILIPS ~~COS~~EL ~~INC~~SPON CLAD A COM ~~518439104~~500472303 ~~1229~~362 ~~35987~~24906.0000 SH SOLE ~~35987~~24906.0000 LIBERTY MEDIA CORP ~~NEW COM~~ SER A COM 530718105 ~~239~~1532 ~~18875~~1325.0000 SH SOLE ~~18875~~21325.0000 LINEAR TECHNOLOGY CORP COM ~~COM~~ 535678106 ~~1028~~406 ~~23238~~19578.0000 SH SOLE ~~23238~~19578.0000 LOWES COS INC COM ~~COM~~ 548661107 ~~1829~~1067 ~~42067~~25773.0000 SH SOLE ~~42067~~25773.0000 MEDGROUP INC CALIF ~~NEW~~ COM 584364202 0 40000.0000 SH SOLE 40000.0000 MEDTRONIC INC COM ~~COM~~ 585055106 ~~1318~~1024 ~~29162~~24316.0000 SH SOLE ~~29162~~24316.0000 ~~MERCK~~MICROSOFT &CORP COCOM 594918104 1566 35801.0000 SH SOLE 35801.0000 MOHAWK INDS INC COM ~~COM~~608190104 ~~589331107~~492 ~~1231 21381~~9910.~~6212~~0000 SH SOLE ~~21381~~9910.~~6212~~0000 ~~MICROSOFT~~MONACO COACH CORP COM 60886R103 450 22475.0000 SH SOLE 22475.0000 NATIONSRENT INC COM ~~594918104~~638588103 ~~2448~~20 ~~40582~~550472.0000 SH SOLE ~~40582~~550472.0000 ~~MORGAN~~NATIONWIDE ~~STAN~~FINL ~~DEAN~~SVCS ~~WITTR~~CL ~~COM~~A ~~NEW~~ COM ~~617446448~~638612101 ~~1219~~358 ~~21265~~13425.0000 SH SOLE ~~21265~~13425.0000 ~~NATIONSRENT~~NEWELL RUBBERMAID INC COM ~~638588103~~651229106 66584 ~~550472~~18925.0000 SH SOLE ~~550472~~18925.0000 NOKIA CORP ADR COM 654902204 ~~1165~~1125 ~~56184~~84937.0000 SH SOLE ~~56184~~84937.0000 ORACLE CORP COM ~~COM~~ 68389X105 ~~889~~774 ~~69424~~98473.0000 SH SOLE ~~69424~~98473.0000 PEPSICO INC COM ~~COM~~ 713448108 ~~1542~~1362 ~~29949~~36852.~~0000~~9298 SH SOLE ~~29949~~36852.~~0000~~9298 PFIZER INC COM ~~COM~~ 717081103 ~~3263~~1987 ~~82104~~68454.0000 SH SOLE ~~82104~~68454.0000 PHARMACIA CORP COM ~~COM~~ 71713U102 ~~1900~~1357 ~~42142~~34900.0000 SH SOLE ~~42142~~34900.0000 PRINCIPAL FINANCIAL GP COM COM 74251V102 ~~849~~491 ~~33550~~18750.0000 SH SOLE ~~33550~~18750.0000 ROCKWELL COLLINS INC COM 159566108 ~~411~~358 ~~16300~~16332.0000 SH SOLE ~~16300~~16332.0000 ROCKWELL INTL CORP ~~NEW~~ COM ~~COM~~ 773903109 ~~344~~280 ~~17168~~17200.0000 SH SOLE ~~17168~~17200.0000 SAFEWAY INC COM 786514208 ~~1365~~689 ~~30309~~30890.0000 SH SOLE ~~30309~~30890.0000 SBC COMMUNICATIONS INC COM ~~COM~~ 78387G103 ~~1272~~651 ~~33979~~32371.~~6850~~1953 SH SOLE ~~33979~~32371.~~6850~~1953 SCHLUMBERGER LTD COM ~~COM~~ 806857108 ~~932~~459 ~~15843~~11944.~~0000~~3534 SH SOLE ~~15843~~11944.~~0000~~3534 SIEBEL SYS INC COM ~~COM~~ 826170102 ~~958~~256 ~~29366~~44515.0000 SH SOLE ~~29366~~44515.0000 SPEEDLANE ~~COM~~ INC COM ~~COM~~ 847708104 19 ~~50000~~45000.0000 SH SOLE ~~50000~~45000.0000 SPORTS ENTMT & LRNG NTWK COM 84917R106 0 25000.0000 SH SOLE 25000.0000 STMICROELECTRONICS N V COM ~~COM~~ 861012102 ~~1210~~440 ~~35665~~32492.0000 SH SOLE ~~35665~~32492.0000 SUN MICROSYSTEMS INC COM ~~COM~~ 866810104 ~~1288~~340 ~~146050~~131374.0000 SH SOLE ~~146050~~131374.0000 TENET HEALTHCARE CORP COM ~~COM~~ 88033G100 ~~2077~~891 ~~30986~~17992.0000 SH SOLE ~~30986~~17992.0000 ~~TYCO INTL LTD NEW COM COM 902124106 2054 63567.2425 SH SOLE 63567.2425~~ UNITED PARCEL SERVICE CL B COM 911312106 ~~1075~~844 ~~17676~~13493.0000 SH SOLE ~~17676~~13493.0000 UNITED TECHNOLOGIES CP COM ~~COM~~ 913017109 ~~929~~733 ~~12515~~12973.0000 SH SOLE ~~12515~~12973.0000 VERIZON COMMUNICATIONS COM ~~COM~~ 92343V104 ~~1330~~709 ~~29136~~25827.0000 SH SOLE ~~29136~~25827.0000 VIACOM INC CL B COM 925524308 ~~1646~~734 ~~34033~~18097.0000 SH SOLE ~~34033~~18097.0000 VIASYSTEMS GP INC COM ~~COM~~ 92553H100 70 21820.0000 SH SOLE 21820.0000 VODAFONE GROUP PLC NEW SPONSOR COM 92857W100 ~~1408~~864 ~~76418~~67312.0000 SH SOLE ~~76418~~67312.0000 WAL MART STORES INC COM ~~COM~~ 931142103 ~~1583~~1054 ~~25826~~21413.~~0698~~5777 SH SOLE ~~25826~~21413.~~0698~~5777 WASTE ~~MGMT~~MANAGEMENT INC DEL COM ~~COM~~ 94106L109 ~~816~~567 ~~29948~~24313.0000 SH SOLE ~~29948~~24313.0000 WELLS FARGO ~~COMPANY~~& CO COM 949746101 ~~1488~~898 ~~30121~~18636.0000 SH SOLE ~~30121~~18636.0000 WIND RIVER SYSTEMS INC COM 973149107 100 30943.0000 SH SOLE 30943.0000 WYETH COM 983024100 387 12155.0000 SH SOLE 12155.0000

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