13F-HR 1 mlstern13f_081204.txt TOWER ASSET MANAGEMENT FORM 13F-HR 08-12-04 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 06/30/2004 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 07/06/04 [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: 105 Form 13F Information Table Value Total: $ 135,079 (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 637 14970.00000 SH SOLE 14970.00000 ADVNCD OPTICS ELECTRNC COM 00754V109 0 10000.00000 SH SOLE 10000.00000 AFFILIATED COMPUTER CL A COM 008190100 448 9205.00000 SH SOLE 9205.00000 ALCOA INC COM 013817101 ~~444~~401 ~~16960~~12153.~~00000~~03390 SH SOLE ~~16960~~12153.~~00000~~03390 ~~ALTRIA GRP COM 718154107 220 5034.09620 SH SOLE 5034.09620~~ AMERICAN EXPRESS COM 025816109 ~~499~~638 ~~11065~~12422.~~00000~~33580 SH SOLE ~~11065~~12422.~~00000~~33580 AMERICAN INTL GRP COM 026874107 ~~2041~~2379 ~~35365~~33380.~~00000~~47520 SH SOLE ~~35365~~33380.~~00000~~47520 AMGEN INC COM 031162100 ~~805~~2309 ~~12468~~42320.00000 SH SOLE ~~12468~~42320.00000 ANHEUSER BUSCH COM 035229103 ~~471~~492 ~~9555~~9102.~~00000~~82030 SH SOLE ~~9555~~9102.~~00000~~82030 ~~AOL~~ARCHER ~~TIME~~DANIELS ~~WARNER~~MIDLAND COM ~~00184A105~~039483102 ~~172~~219 ~~11382~~13034.00000 SH SOLE ~~11382~~13034.00000 ~~ARTISAN~~AVANT ~~COMPONENTS~~IMMUNOTHERAPETCS COM ~~042923102~~053491106 ~~1375~~151 ~~81800~~56900.00000 SH SOLE ~~81800~~56900.00000 ~~AVANT~~BANK ~~IMMUNOTHERAPETCS~~OF AMERICA COM ~~053491106~~060505104 ~~137~~1011 ~~56900~~11953.00000 SH SOLE ~~56900~~11953.00000 ~~AVON~~BANK ~~PRODS~~ONE CORP COM ~~054303102~~06423A103 ~~484~~292 ~~7493~~5716.~~00000~~54110 SH SOLE ~~7493~~5716.~~00000~~54110 ~~BANK~~BED OFBATH ~~AMERICA~~& BEYND COM ~~060505104~~075896100 ~~1639~~214 ~~21008~~5567.00000 SH SOLE ~~21008~~5567.00000 ~~BERKSHIRE~~BERKSRE ~~HATHAWAY~~HATH CL B COM 084670207 ~~819~~721 ~~328~~244.00000 SH SOLE ~~328~~244.00000 BESTNET COMMUNICATIONS COM COM 08659K102 74 15000.00000 SH SOLE 15000.00000 BP AMOCO PLC COM 055622104 ~~922~~830 ~~21905~~15487.00000 SH SOLE ~~21905~~15487.00000 ~~BURST~~BROADCOM ~~INC COM 12284P106 20 15000.00000 SH SOLE 15000.00000 CACI INTL INC~~ CL A COM ~~127190304~~111320107 ~~368~~495 ~~8590~~10622.00000 SH SOLE ~~8590~~10622.00000 ~~CADBURY~~BURST ~~SCHWEPPES~~INC COM ~~127209302~~12284P106 ~~348~~16 ~~13875~~16000.00000 SH SOLE ~~13875~~16000.00000 CARDINAL HEALTH COM 14149Y108 ~~701~~540 ~~12011~~7712.00000 SH SOLE ~~12011~~7712.00000 CATERPILLAR INC COM 149123101 ~~408~~4550 ~~5930~~57274.~~85610~~42200 SH SOLE ~~5930~~57274.~~85610~~42200 CDW CORP COM 12512N105 ~~1760~~392 ~~30485~~6150.00000 SH SOLE ~~30485~~6150.00000 CHOICEPOINT INC COM 170388102 ~~615~~707 ~~18350~~15485.00000 SH SOLE ~~18350~~15485.00000 CINTAS CORP COM 172908105 ~~412~~573 ~~11175~~12025.00000 SH SOLE ~~11175~~12025.00000 CISCO SYSTEMS COM 17275R102 ~~2392~~798 ~~122432~~33683.00000 SH SOLE ~~122432~~33683.00000 CITIGROUP INC COM 172967101 ~~1759~~5004 ~~38641~~107617.~~61100~~84680 SH SOLE ~~38641~~107617.~~61100~~84680 ~~COMCAST~~CNOOC CLLTD A COM ~~20030N101~~126132109 ~~538~~226 ~~17435~~5275.00000 SH SOLE ~~17435~~5275.00000 ~~CONAGRA~~COMCAST ~~INC~~CL A COM ~~205887102~~20030N101 ~~332~~484 ~~15651~~17228.~~44610~~00000 SH SOLE ~~15651~~17228.~~44610~~00000 ~~CONEXANT~~COMPUSONICS ~~SYSTEMS~~CORP COM ~~207142100~~COM ~~116~~204918106 ~~20480~~0 27000.00000 SH SOLE ~~20480~~27000.00000 CVB FINL CORP COM 126600105 ~~640~~820 ~~33678~~37704.~~08560~~28450 SH SOLE ~~33678~~37704.~~08560~~28450 DICKS ~~SPORTING~~SPORT GOODS COM 253393102 ~~419~~302 ~~11225~~9050.00000 SH SOLE ~~11225~~9050.00000 E TRADE GROUP COM 269246104 2901 260175.00000 SH SOLE 260175.00000 EBAY INC COM 278642103 272 2956.00000 SH SOLE 2956.00000 EXXON MOBIL CORP COM 30231G102 ~~689~~465 ~~18830~~10460.~~99420~~67140 SH SOLE ~~18830~~10460.~~99420~~67140 FEDERATED INVS ~~PA CL B~~ COM 314211103 ~~625~~498 ~~22570~~16425.00000 SH SOLE ~~22570~~16425.00000 FIRST ~~HEALTH~~DATA ~~GRP~~CORP COM ~~320960107~~319963104 ~~558~~442 ~~21325~~9925.00000 SH SOLE ~~21325~~9925.00000 ~~FLEXTRONICS~~FLORIDA ~~INTL~~ROCK INDS COM ~~Y2573F102~~341140101 ~~1836~~406 ~~129455~~9625.00000 SH SOLE ~~129455~~9625.00000 FOX ENTMT GROUP CL A COM 35138T107 ~~1338~~3141 ~~47802~~117652.00000 SH SOLE ~~47802~~117652.00000 GENERAL ELEC CO COM 369604103 ~~1996~~4919 ~~66958~~151816.~~00650~~99700 SH SOLE ~~66958~~151816.~~00650~~99700 ~~HELMERICH~~GREAT &QUEST ~~PAYNE~~METALS COM ~~423452101~~390912103 ~~460~~5 ~~17615~~12000.00000 SH SOLE ~~17615~~12000.00000 HERSHEY FOODS COM 427866108 437 9450.00000 SH SOLE 9450.00000 HEWLETT PACKARD COM 428236103 272 12881.98020 SH SOLE 12881.98020 HONEYWELL INTL COM 438516106 262 7164.00000 SH SOLE 7164.00000 INGRAM MICRO INC CL A COM 457153104 152 10500.00000 SH SOLE 10500.00000 INTEL CORP COM 458140100 ~~401~~593 ~~14579~~21473.~~20950~~86820 SH SOLE ~~14579~~21473.~~20950~~86820 ~~INTERNAP~~INTERNATIONAL ~~NETWORK~~GAME ~~SVCS~~TEC COM ~~45885A102~~459902102 14978 ~~11750~~25340.00000 SH SOLE ~~11750~~25340.00000 INTERNET HOLDRS TR DEPOSIT RCP COM 46059W102 644 10000.00000 SH SOLE 10000.00000 INTL BUS MACH COM 459200101 ~~613~~858 ~~6942~~9737.~~10550~~24640 SH SOLE ~~6942~~9737.~~10550~~24640 ISHARES S&P SMALLCAP 600 INDEX COM 464287804 ~~446~~622 ~~3800~~4225.00000 SH SOLE ~~3800~~4225.00000 ISHARES SEMI COM 464287523 880 14850.00000 SH SOLE 14850.00000 ISHARES SOFTWARE COM 464287515 628 16480.00000 SH SOLE 16480.00000 ISHARES TR ~~NASDQ~~DJ ~~BIO~~US ~~INDX~~CON CYCL COM ~~464287556~~464287580 ~~230~~587 ~~3200~~10550.00000 SH SOLE ~~3200~~10550.00000 ~~JDS~~ISHARES ~~UNIPHASE~~TR ~~CORP~~NASDQ BIO INDX COM ~~46612J101~~464287556 511168 ~~14050~~15550.00000 SH SOLE ~~14050~~15550.00000 ~~JOHN~~ISHARES ~~HANCOCK~~TR ~~PFD~~UTILS EQSECTOR FDINDEX COM ~~41013W108~~464287697 ~~474~~470 ~~19000~~8000.00000 SH SOLE ~~19000~~8000.00000 JOHNSON & ~~JOHNSON~~JOHN COM 478160104 ~~1173~~5146 ~~23697~~92383.~~15070~~92110 SH SOLE ~~23697~~92383.~~15070~~92110 ~~LILLY~~KEYCORP ~~ELI~~COM &493267108 CO321 10728.00000 SH SOLE 10728.00000 KINDER MORGAN INC KANS COM ~~532457108~~49455P101 ~~2308~~4166 ~~38852~~70260.~~82010~~00000 SH SOLE ~~38852~~70260.~~82010~~00000 ~~LINEAR~~KNIGHT ~~TECHNOLOGY~~TRANSN ~~CORP~~ COM ~~535678106~~499064103 ~~374~~424 ~~10435~~14775.00000 SH SOLE ~~10435~~14775.00000 LENNAR CORP COM 526057104 206 4606.94860 SH SOLE 4606.94860 LOCKHEED MARTIN COM 539830109 ~~495~~443 ~~10719~~8515.00000 SH SOLE ~~10719~~8515.00000 LOWES COM 548661107 ~~737~~553 ~~14199~~10530.00000 SH SOLE ~~14199~~10530.00000 LUCENT TECH COM 549463107 2948 ~~13535~~12665.~~48880~~49250 SH SOLE ~~13535~~12665.~~48880~~49250 ~~MATTHEWS~~MARSH ~~INTL~~& ~~CORP~~MCLEN CLCOM A571748102 540 11910.00000 SH SOLE 11910.00000 MATTHEWS INTL COM 577128101 ~~435~~432 ~~16475~~13100.00000 SH SOLE ~~16475~~13100.00000 MCGRAW HILL COS COM 580645109 ~~554~~521 ~~8910~~6810.00000 SH SOLE ~~8910~~6810.00000 MEDGROUP CA COM 584364202 0 40000.00000 SH SOLE 40000.00000 MEDTRONIC INC COM 585055106 ~~841~~556 ~~17927~~11413.05390 SH SOLE 11413.05390 MICHAELS STORES COM 594087108 5493 99875.00000 SH SOLE ~~17927~~99875.00000 MICROSOFT CORP COM 594918104 ~~2901~~5899 ~~104383~~206532.~~99840~~78860 SH SOLE ~~104383~~206532.~~99840~~78860 ~~NEXTEL~~NASDAQ ~~COMMUNICATIONS~~- ~~INC~~100 SHS UNIT SER 1 COM 631100104 219 5808.46290 SH SOLE 5808.46290 NATIONAL-AOIL WELL INC COM ~~65332V103~~637071101 ~~975~~3817 ~~49520~~121225.00000 SH SOLE ~~49520~~121225.00000 ~~NOKIA~~NESTLE ~~CORP~~SA REG B COM ~~654902204~~641069406 ~~1470~~716 ~~94223~~10740.00000 SH SOLE ~~94223~~10740.00000 OIL SVC HOLDRS TR COM 678002106 ~~472~~311 ~~8200~~4300.00000 SH SOLE ~~8200~~4300.00000 OMNICOM GROUP COM 681919106 ~~1529~~5792 ~~21275~~76326.00000 SH SOLE ~~21275~~76326.00000 ~~OPENWAVE~~PEPSICO ~~SYS~~ INC COM ~~683718100~~713448108 434953 ~~10125~~91918.~~00000~~27090 SH SOLE ~~10125~~91918.~~00000~~27090 ~~ORACLE~~PFIZER ~~CORP~~INC COM ~~68389X105~~717081103 ~~114~~1597 ~~10186~~46599.~~00000~~63580 SH SOLE ~~10186~~46599.~~00000~~63580 ~~PEPSICO~~PINNACLE ~~INC~~ENTMT COM ~~713448108~~723456109 ~~2432~~164 ~~53067~~13000.~~27090~~00000 SH SOLE ~~53067~~13000.~~27090~~00000 ~~PER-SE~~PROCTER ~~TECHNOLOGIES~~& GAMBLE COM ~~713569309~~742718109 ~~290~~4680 ~~18117~~85970.~~00000~~00140 SH SOLE ~~18117~~85970.~~00000~~00140 ~~PFIZER~~RITE ~~INC~~AID CORP COM ~~717081103~~767754104 ~~2158~~177 ~~71021~~33950.~~83000~~00000 SH SOLE ~~71021~~33950.~~83000~~00000 ~~PLANAR~~ROCKWELL ~~SYS~~AUTOMA ~~INC~~ COM ~~726900103~~773903109 ~~1227~~201 ~~57200~~5350.00000 SH SOLE ~~57200~~5350.00000 ~~PROCTER~~ROPER &INDS ~~GAMBLE~~ COM ~~742718109~~776696106 ~~793~~492 ~~8543~~8655.~~75120~~00000 SH SOLE ~~8543~~8655.~~75120~~00000 ~~REGIS~~SCHWAB ~~CORP~~CHARLES ~~MINN~~CP COM ~~758932107~~808513105 ~~2247~~106 ~~70000~~11026.~~00000~~75810 SH SOLE ~~70000~~11026.~~00000~~75810 ~~ROCKWELL~~SCOTTS ~~AUTOMATION~~CO CL A COM ~~773903109~~810186106 ~~501~~672 ~~19100~~10520.00000 SH SOLE ~~19100~~10520.00000 ~~ROCKWELL~~SEMICONDUCTOR ~~COLLINS~~HLDRS TR COM ~~159566108~~816636203 ~~417~~853 ~~16500~~22550.00000 SH SOLE ~~16500~~22550.00000 ~~SCOTTS~~SLM COHLDG CLCORP A COM ~~810186106~~90390U102 ~~733~~225 ~~13405~~5570.00000 SH SOLE ~~13405~~5570.00000 SOFTWARE HOLDRS TR ~~DEP RCPT~~ COM 83404B103 ~~244~~535 ~~7200~~14300.00000 SH SOLE ~~7200~~14300.00000 SPDR TRUST UNIT SR1 EXPIRING 0 COM 78462F103 ~~1343~~12082 ~~13439~~105494.~~08270~~55800 SH SOLE ~~13439~~105494.~~08270~~55800 SPORTS ENTMT & LRNG NTWK COM 84917R106 0 25000.00000 SH SOLE 25000.00000 ~~STERICYCLE~~SUNCOR ~~INC~~ENERGY COM ~~858912108~~867229106 ~~2205~~507 ~~46747~~19800.00000 SH SOLE ~~46747~~19800.00000 ~~SUN~~SYSCO ~~MICROSYSTEMS~~CORP COM ~~866810104~~871829107 34497 ~~10418~~13850.00000 SH SOLE ~~10418~~13850.00000 ~~SUREBEAM~~TCF FINL CORP COM ~~86866R102~~872275102 17456 ~~11777~~7849.00000 SH SOLE ~~11777~~7849.00000 ~~TCF~~TELECOM ~~FINL~~HLDRS ~~CORP~~TR DEP RCPT COM ~~872275102~~87927P200 ~~608~~538 ~~12675~~19900.00000 SH SOLE ~~12675~~19900.00000 TEVA PHARMA IND COM 881624209 ~~564~~4922 ~~9865~~73265.00000 SH SOLE ~~9865~~73265.00000 ~~TIFFANY~~TEXAS &INSTRUM COCOM 882508104 3681 152215.71080 SH SOLE 152215.71080 TYCO INTL LTD COM ~~886547108~~902124106 ~~1427~~407 ~~38230~~12269.~~26730~~57370 SH SOLE ~~38230~~12269.~~26730~~57370 ~~UAL~~UNITED ~~CORP~~PANAM FINCL COM ~~902549500~~911301109 271153 ~~25400~~67608.00000 SH SOLE ~~25400~~67608.00000 ~~UNITED~~UNITEDHEALTH ~~PARCEL~~COM ~~SERVICE~~91324P102 CL541 B8685.00000 SH SOLE 8685.00000 UNITRIN INC COM ~~911312106~~913275103 ~~1754~~1784 ~~27500~~41880.00000 SH SOLE ~~27500~~41880.00000 ~~UNITED~~UNIVISION ~~TECH~~COMMUN CP COM ~~913017109~~914906102 ~~1316~~3736 ~~17031~~117000.~~14690~~00000 SH SOLE ~~17031~~117000.~~14690~~00000 USUNTD ~~BANCORP~~PARCEL SERV COM ~~902973304~~911312106 ~~1981~~1868 ~~82590~~24850.00000 SH SOLE ~~82590~~24850.00000 ~~VERIZON~~US ~~COMM~~BANCORP COM ~~92343V104~~902973304 ~~594~~2324 ~~18308~~84329.~~15410~~00000 SH SOLE ~~18308~~84329.~~15410~~00000 VIACOM INC CL B COM 925524308 ~~926~~209 ~~24188~~5852.00000 SH SOLE ~~24188~~5852.00000 VODAFONE GRP COM 92857W100 ~~2352~~475 ~~116169~~21475.00000 SH SOLE ~~116169~~21475.00000 WAL MART STORES COM 931142103 ~~760~~535 ~~13603~~10139.~~34200~~36470 SH SOLE ~~13603~~10139.~~34200~~36470 WALGREEN CO COM 931422109 ~~537~~695 ~~17520~~19205.00000 SH SOLE ~~17520~~19205.00000 ~~WELLS~~WASHINGTON ~~FARGO~~MUT ~~& CO~~ COM ~~949746101~~939322103 ~~1006~~840 ~~19532~~21730.~~00000~~96970 SH SOLE ~~19532~~21730.~~00000~~96970 ~~WIND~~WELLS ~~RIVER~~FARGO ~~SYSTEMS~~& CO COM ~~973149107~~949746101 ~~171~~782 ~~30000~~13656.00000 SH SOLE ~~30000~~13656.00000 ~~WORLDCOM~~WESTERN ~~INC~~DIGITAL ~~WORLDCOM~~CORP ~~GRP~~ COM ~~98157D106~~958102105 2173 ~~35767~~20000.00000 SH SOLE ~~35767~~20000.00000 ZIMMER HOLDINGS COM 98956P102 ~~503~~448 ~~9124~~5085.00000 SH SOLE ~~9124~~5085.00000

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