13F-HR 1 mlstern13f_0803.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 06/30/2003 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 D. Portman Beverly Hills, California 7/23/03 [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: 86 Form 13F Information Table Value Total: $ 61,366 (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 002824100 ~~904~~640 ~~22610~~14630.0000 SH SOLE ~~22610~~14630.0000 ~~ALCOA~~ADVANCE ~~INC~~PCS COM ~~013817101~~00790K109 ~~1217~~1133 ~~53418~~29625.0000 SH SOLE ~~53418~~29625.0000 ~~ALLIANC~~ADVANCED ~~CAP~~NEUROMOD ~~MGMT~~SYS ~~HLDG~~COM LP00757T101 ~~UNIT~~852 16550.0000 SH SOLE 16550.0000 AFFILIATED COMPUTER CL A COM ~~01855A101~~008190100 ~~237~~430 ~~7650~~9410.0000 SH SOLE ~~7650~~9410.0000 ~~ALTERA~~ALCOA ~~CORP~~INC COM ~~021441100~~013817101 ~~322~~455 ~~26125~~17835.0000 SH SOLE ~~26125~~17835.0000 AMERICAN EXPRESS COM 025816109 ~~485~~496 ~~13719~~11875.0000 SH SOLE ~~13719~~11875.0000 AMERICAN INTL ~~GROUP~~GRP COM 026874107 ~~2840~~1884 ~~49086~~34144.0000 SH SOLE ~~49086~~34144.0000 ANHEUSER BUSCH COM 035229103 491 9625.0000 SH SOLE 9625.0000 AOL TIME WARNER COM 00184A105 ~~952~~195 ~~72695~~12121.0000 SH SOLE ~~72695~~12121.0000 ~~AUTOMATIC~~ARTISAN ~~DATA~~COMPONENTS ~~PROCESS~~INC COM ~~053015103~~042923102 ~~524~~1068 ~~13353~~47575.0000 SH SOLE ~~13353~~47575.0000 AVON PRODS INC COM 054303102 ~~683~~618 ~~12687~~9943.0000 SH SOLE ~~12687~~9943.0000 BANK OF AMERICA ~~CORP~~ COM 060505104 ~~487~~1219 ~~7006~~15421.0000 SH SOLE ~~7006~~15421.0000 BERKSHIRE HATHAWAY CL B COM 084670207 ~~1049~~763 ~~433~~314.0000 SH SOLE ~~433~~314.0000 ~~BJS WHOLESALE CLUB INC COM 05548J106 370 20206.0000 SH SOLE 20206.0000~~ BP AMOCO PLC ~~SPONSORED ADR~~ COM 055622104 ~~644~~549 ~~15842~~13064.0000 SH SOLE ~~15842~~13064.0000 BURST ~~COM~~ INC COM 12284P106 43 15000.0000 SH SOLE 15000.0000 CADBURY SCHWEPPES ~~PLC ADR~~ COM 127209302 ~~508~~347 ~~19825~~14350.0000 SH SOLE ~~19825~~14350.0000 CARDINAL HEALTH COM 14149Y108 ~~653~~891 ~~11027~~13862.0000 SH SOLE ~~11027~~13862.0000 ~~CARNIVAL~~CATERPILLAR ~~CORP~~INC COM ~~143658102~~149123101 ~~395~~326 ~~15825~~5860.0000 SH SOLE ~~15825~~5860.0000 ~~CATERPILLAR~~CHEVRONTEXACO COM 166764100 508 7038.1910 SH SOLE 7038.1910 CHOICEPOINT INC COM ~~149123101~~170388102 ~~417~~465 ~~9110~~13475.0000 SH SOLE ~~9110~~13475.0000 ~~CHEVRONTEXACO~~CINTAS CORP COM ~~166764100~~172908105 ~~571~~417 ~~8594~~11775.~~3788~~0000 SH SOLE ~~8594~~11775.~~3788~~0000 CISCO SYSTEMS COM 17275R102 ~~816~~905 ~~62300~~53897.0000 SH SOLE ~~62300~~53897.0000 CITIGROUP INC COM 172967101 ~~1254~~1316 ~~35641~~30736.~~0000~~7052 SH SOLE ~~35641~~30736.~~0000~~7052 COMCAST ~~CORP SPL~~ CL K NON ~~VOTI~~VOTING SHS COM 200300200 ~~719~~398 ~~31831~~13721.0000 SH SOLE ~~31831~~13721.0000 CONAGRA INC COM 205887102 ~~534~~373 ~~21341~~15816.0000 SH SOLE ~~21341~~15816.0000 CONEXANT SYSTEMS COM 207142100 3283 ~~19680~~19880.0000 SH SOLE ~~19680~~19880.0000 ~~DELL~~CVB ~~COMPUTER~~FINANCIAL CORP COM ~~247025109~~126600105 ~~212~~648 ~~7938~~33477.~~0000~~7200 SH SOLE ~~7938~~33477.~~0000~~7200 EAST WEST BANCORP COM 27579R104 ~~201~~993 ~~5575~~27484.0000 SH SOLE ~~5575~~27484.0000 ~~ECOLAB INC COM 278865100 661 13348.0000 SH SOLE 13348.0000 ELECTRONIC DATA SYS NW COM 285661104 245 13271.0000 SH SOLE 13271.0000 EMC CORP MASS COM 268648102 277 45105.0000 SH SOLE 45105.0000~~ EXXON MOBIL CORP COM 30231G102 ~~822~~497 ~~23519~~13830.~~0000~~3228 SH SOLE ~~23519~~13830.~~0000~~3228 FEDERATED INVS PA CL B COM 314211103 ~~959~~655 ~~37805~~23870.0000 SH SOLE ~~37805~~23870.0000 FLEXTRONICS INTL ~~LTD ORD~~ COM Y2573F102 ~~295~~950 ~~36055~~91090.0000 SH SOLE ~~36055~~91090.0000 FOX ENTMT GROUP ~~INC~~ CL A COM 35138T107 ~~241~~1392 ~~9275~~48350.0000 SH SOLE ~~9275~~48350.0000 ~~FREDDIE MAC VOTING SHS COM 313400301 428 7240.0000 SH SOLE 7240.0000 GENENTECH INC COM COM 368710406 589 17760.0000 SH SOLE 17760.0000~~ GENERAL ~~DYNAMICS CORP COM 369550108 399 5025.0000 SH SOLE 5025.0000 GENERAL~~ ELEC CO COM 369604103 ~~2024~~1614 ~~83124~~56275.~~0000~~7862 SH SOLE ~~83124~~56275.~~0000~~7862 ~~HEWLETT PACKARD COM 428236103 425 24453.9739 SH SOLE 24453.9739~~ INTEL CORP COM 458140100 ~~683~~857 ~~43863~~41192.~~8764~~2515 SH SOLE ~~43863~~41192.~~8764~~2515 INTERNAP NETWORK SVCS COM 45885A102 412 11750.0000 SH SOLE 11750.0000 INTL BUS MACH COM 459200101 ~~686~~515 ~~8855~~6248.~~4331~~0000 SH SOLE ~~8855~~6248.~~4331~~0000 ~~INTL~~IXIA ~~PAPER CO~~ COM ~~460146103~~45071R109 ~~519~~97 ~~14850~~15000.0000 SH SOLE ~~14850~~15000.0000 ~~JOHNSON~~JOHN &HANCOCK ~~JOHNSON~~PFD EQ FD COM ~~478160104~~41013W108 ~~1139~~492 ~~21200~~19000.0000 SH SOLE ~~21200~~19000.0000 ~~KIMBERLY~~JOHNSON ~~CLARK~~& ~~CORP~~JOHNSON COM ~~494368103~~478160104 ~~786~~771 ~~16565~~14910.0000 SH SOLE ~~16565~~14910.0000 ~~KONINKLIJKE~~LILLY ~~PHILIPS~~ELI EL& ~~SPON~~CO AD COM ~~500472303~~532457108 ~~380~~1611 ~~21481~~23362.~~0000~~8201 SH SOLE ~~21481~~23362.~~0000~~8201 ~~LIBERTY~~LINEAR ~~MEDIA~~TECHNOLOGY CORP ~~SER A~~ COM ~~530718105~~535678106 ~~182~~406 ~~20375~~12529.0000 SH SOLE ~~20375~~12529.0000 ~~LILLY~~LOCKHEED ~~ELI~~MARTIN ~~& CO~~ COM ~~532457108~~539830109 ~~296~~382 ~~4657~~8023.0000 SH SOLE ~~4657~~8023.0000 ~~LINEAR~~LOWES ~~TECHNOLOGY CORP~~ COM ~~535678106~~548661107 ~~430~~599 ~~16716~~13955.0000 SH SOLE ~~16716~~13955.0000 ~~LOCKHEED~~MATTHEWS ~~MARTIN~~INTL CORP CL A COM ~~539830109~~577128101 ~~602~~429 ~~10431~~17325.0000 SH SOLE ~~10431~~17325.0000 ~~LOWES~~MCGRAW HILL COS ~~INC~~ COM ~~548661107~~580645109 ~~804~~531 ~~21443~~8560.0000 SH SOLE ~~21443~~8560.0000 MEDGROUP ~~INC~~CA ~~CALIF~~ COM 584364202 0 40000.0000 SH SOLE 40000.0000 MEDTRONIC INC COM 585055106 ~~953~~830 ~~20908~~17303.0000 SH SOLE ~~20908~~17303.0000 MICROSOFT CORP COM 594918104 ~~1724~~2784 ~~33348~~108590.~~0000~~1487 SH SOLE ~~33348~~108590.~~0000~~1487 ~~MONACO COACH CORP COM 60886R103 318 19225.0000 SH SOLE 19225.0000~~ NASDAQ - 100 SHARES UNIT SER 1 COM 631100104 ~~448~~2063 ~~18370~~68895.0000 SH SOLE ~~18370~~68895.0000 NATIONSRENT ~~INC~~ COM 638588103 140 550472.0000 SH SOLE 550472.0000 ~~NATIONWIDE~~NEWELL ~~FINL~~RUBBERMAID ~~SVCS CL A~~ COM ~~638612101~~651229106 ~~324~~465 ~~11300~~16625.0000 SH SOLE ~~11300~~16625.0000 ~~NEWELL~~NOKIA ~~RUBBERMAID~~CORP ~~INC~~ COM ~~651229106~~654902204 ~~524~~1593 ~~17275~~96951.0000 SH SOLE ~~17275~~96951.0000 ~~NOKIA~~OPENWAVE ~~CORP~~SYS INC COM ~~654902204~~683718100 ~~1087~~20 ~~70105~~10125.0000 SH SOLE ~~70105~~10125.0000 ORACLE CORP COM 68389X105 ~~885~~515 ~~81958~~42910.0000 SH SOLE ~~81958~~42910.0000 PEPSICO INC COM 713448108 ~~1372~~852 ~~32502~~19139.~~9298~~2529 SH SOLE ~~32502~~19139.~~9298~~2529 PFIZER INC COM 717081103 ~~1894~~2377 ~~61963~~69595.6192 SH SOLE 69595.6192 PHARMACEUTICAL PROD COM 717124101 809 28193.0000 SH SOLE ~~61963~~28193.0000 ~~PHARMACIA~~PROCTER ~~CORP~~& GAMBLE COM ~~71713U102~~742718109 ~~1268~~699 ~~30332~~7838.0880 SH SOLE 7838.0880 QUALCOMM INC COM 747525103 1406 39130.0000 SH SOLE ~~30332~~39130.0000 ~~PRINCIPAL~~REGIS ~~FINANCIAL~~CORP GPMINN COM ~~74251V102~~758932107 ~~491~~1144 ~~16300~~39375.0000 SH SOLE ~~16300~~39375.0000 ~~ROCKWELL~~RITE ~~COLLINS~~AID CORP COM ~~159566108~~767754104 ~~379~~49 ~~16300~~10950.0000 SH SOLE ~~16300~~10950.0000 ROCKWELL ~~INTL~~AUTOMATION ~~CORP~~ COM 773903109 ~~452~~451 ~~21818~~18900.0000 SH SOLE ~~21818~~18900.0000 ~~SAFEWAY~~ROCKWELL ~~INC~~COLLINS COM ~~786514208~~159566108 ~~636~~401 ~~27215~~16300.0000 SH SOLE ~~27215~~16300.0000 ~~SCHLUMBERGER~~SCOTTS ~~LTD~~CO CL A COM ~~806857108~~810186106 ~~409~~669 ~~9710~~13510.0000 SH SOLE ~~9710~~13510.0000 ~~SIEBEL~~SECURE ~~SYS~~COMPUTING ~~INC~~CORP COM ~~826170102~~813705100 ~~285~~98 ~~38090~~11270.0000 SH SOLE ~~38090~~11270.0000 SPDR TRUST UNIT SR1 EXPIRING 0 COM 78462F103 ~~301~~853 ~~3410~~8735.0000 SH SOLE ~~3410~~8735.0000 SPEEDLANE INC COM 847708104 0 ~~45000~~25000.0000 SH SOLE ~~45000~~25000.0000 SPORTS ENTMT & LRNG NTWK COM 84917R106 0 25000.0000 SH SOLE 25000.0000 ~~STMICROELECTRONICS~~STERICYCLE NVINC COM ~~861012102~~858912108 ~~559~~1854 ~~28669~~48342.0000 SH SOLE ~~28669~~48342.0000 ~~SUN~~TARO ~~MICROSYSTEMS~~PHARMA COM ~~866810104~~M8737E108 ~~355~~601 ~~114067~~10925.0000 SH SOLE ~~114067~~10925.0000 ~~TARO~~TCF ~~PHARMACEUT~~FINL ~~INDS~~CORP ~~ORD~~ COM ~~M8737E108~~872275102 ~~207~~548 ~~5500~~13750.0000 SH SOLE ~~5500~~13750.0000 ~~TELEDYNE~~TEVA ~~TECHNOLOGIES~~PHARMA IND COM ~~879360105~~881624209 ~~185~~595 ~~11775~~10465.0000 SH SOLE ~~11775~~10465.0000 ~~UNITED~~TIFFANY ~~PARCEL~~& ~~SERVICE~~CO ~~CL B~~ COM ~~911312106~~886547108 ~~768~~1007 ~~12168~~30820.~~0000~~2673 SH SOLE ~~12168~~30820.~~0000~~2673 ~~VERIZON~~TRACTOR ~~COMMUN~~SUPPLY CO COM ~~92343V104~~892356106 ~~880~~801 ~~22697~~16920.0000 SH SOLE ~~22697~~16920.0000 ~~VIACOM~~UAL ~~INC~~CORP ~~CL B~~ COM ~~925524308~~902549500 ~~716~~9 ~~17560~~11000.0000 SH SOLE ~~17560~~11000.0000 ~~VIASYSTEMS~~UNITED ~~GROUP~~PARCEL ~~COM~~SERVICE ~~92553H100~~CL 0B ~~21820.0000 SH SOLE 21820.0000 VODAFONE GROUP~~ COM ~~92857W100~~911312106 ~~1254~~595 ~~69197~~9343.0000 SH SOLE ~~69197~~9343.0000 ~~WAL~~US ~~MART~~BANCORP ~~STORES~~ COM ~~931142103~~902973304 ~~911~~1176 ~~18032~~47985.~~3911~~0000 SH SOLE ~~18032~~47985.~~3911~~0000 ~~WASTE~~VERIZON ~~MGMT~~COMM COM ~~94106L109~~92343V104 ~~464~~674 ~~20238~~17086.~~0000~~7069 SH SOLE ~~20238~~17086.~~0000~~7069 ~~WELLS~~VIACOM ~~FARGO~~INC &CL COB COM ~~949746101~~925524308 ~~1522~~786 ~~32476~~17995.0000 SH SOLE ~~32476~~17995.0000 ~~WIND~~VIASYSTEMS ~~RIVER~~GP ~~SYSTEMS INC~~ COM ~~973149107~~92553H100 ~~127~~0 ~~30943~~21820.0000 SH SOLE ~~30943~~21820.0000 ~~WYETH~~VODAFONE GRP COM ~~983024100~~92857W100 ~~398~~2019 ~~10655~~102736.0000 SH SOLE ~~10655~~102736.0000 ~~ABN/AMRO~~WAL ~~MONTAG~~MART &STORES ~~CALDWELL~~COM ~~GRO~~931142103 ~~126413889~~690 ~~2931 156385~~12865.~~701~~4002 SH SOLE ~~156385~~12865.~~701~~4002 ~~DODGE~~WALGREEN &CO ~~COX~~COM ~~STK~~931422109 FD521 ~~256219106 2558 29049~~17315.~~299~~0000 SH SOLE ~~29049~~17315.~~299~~0000 ~~HARBOR~~WELLS ~~CAP~~FARGO ~~APPR FD 411511504 2813 139164.966 SH SOLE 139164.966 ICAP EQUITY FUND 448926204 4070 126898.738 SH SOLE 126898.738 INVESCO DYNAMICS FD 46127G204 1248 117048.022 SH SOLE 117048.022 JANUS INVT FD GROWTH~~ & ~~INCOM~~CO ~~471023200~~COM ~~2426~~949746101 ~~103955.513~~1007 ~~SH SOLE 103955~~19982.~~513~~0000 ~~MANAGERS FDS INTL EQUITY 561717406 2542 81398.926~~ SH SOLE ~~81398~~19982.~~926~~0000 ~~MANAGERS~~WIND ~~FDS~~RIVER ~~SPL~~SYSTEMS ~~EQUITY~~COM FD973149107 ~~561717208~~118 ~~3325 60369~~30943.~~927~~0000 SH SOLE ~~60369~~30943.~~927~~0000 ~~RAINIER~~ZIMMER ~~CORE~~HOLDINGS ~~EQUITY~~COM ~~PORTFOLIO~~98956P102 ~~750869109~~393 ~~233 13603~~8725.~~997~~0000 SH SOLE ~~13603~~8725.~~997 WEITZ SER FD INC VALUE PTFL 949045108 2212 79243.093 SH SOLE 79243.093 VANGUARD INDEX TR 500 PTFL 922908108 259 3187.778 SH SOLE 3187.778~~0000

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