[TYPE] 13F-HR
[PERIOD] 6/30/99
[FILER]
[CIK] 783827
[CCC] zj2b@avt
[FILER]
[SROS] NONE
[DOCUMENT-COUNT] 1
[SUBMISSION-CONTACT]
[NAME] B. Masiello
[PHONE] 949-760-6644
[/SUBMISSION-CONTACT]
[TYPE] 13F-HR
[DESCRIPTION] Form 13F Holdings Report
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: 30-Jun-99
Check here if Amendment [ ] Amendment Number:
This Amendment (Check only one) [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing Report:
Name: Palley-Needelman Asset Mgmt, Inc.
Address: 800 Newport Center Dr, Ste 450
Newport Beach, CA 92660-6316
13F File Number: 28-___ ___
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: B. Masiello
Title: Director of Operations
Phone: 949-760-6644
Signature, Place, and Date of Signing:
_______________ _____ _____ ______ _________ _______
Report Type (Check only one):
[X ] 13F HOLDINGS REPORT
[ ] 13F NOTICE .
[ ] 13F COMBINATION REPORT
List of Other Managers Reporting for this Mgr:
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE
ACT OF 1934.
<PAGE>
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers:
Form 13F Information Table Entry Total: 76
Form 13F Information Table Value Total: 2,741,703
List of Other Included Managers:
No. 13F File Number Name
<PAGE>
<TABLE> <C> <C> <C> <C> <C> <C>
FORM 13F INFORMATION TABLE
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTORITY
NAME OF ISSUER TITLE OF CLASS CUSIP NO (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
- -------------- ----- ---------- ------ --------- --- ---- -------- -------- ----- ------ ------
AT&T CORP COM 001957109 80872 1448999 SH SOLE 1448999 0 0
ABBOTT LABS COM 002824100 240 5300 SH SOLE 5300 0 0
ALBEMARLE CORP COM 012653101 874 37788 SH SOLE 37788 0 0
ALBERTSONS INC COM 013104104 56151 1088988 SH SOLE 1088988 0 0
ALLIED SGNL INC COM 019512102 52982 840983 SH SOLE 840983 0 0
AMERICAN EXPRESS CO COM 025816109 221 1700 SH SOLE 1700 0 0
AMERICAN HOME PRODUCTS COM 026609107 42978 749076 SH SOLE 749076 0 0
APT INVT & MGMT CO CL A COM 03748R101 299 7000 SH SOLE 7000 0 0
ATLANTIC RICHFIELD CO COM 048825103 1242 14860 SH SOLE 14860 0 0
BP AMOCO PLC SPN ADRS COM 055622104 76533 705371 SH SOLE 705371 0 0
BANK OF AMERICA CORP COM 060505104 69694 950640 SH SOLE 950640 0 0
BAXTER INTRL INC COM 071813109 40703 671382 SH SOLE 671382 0 0
BEST FOODS COM 08658U101 52626 1063144 SH SOLE 1063144 0 0
BRISTOL-MYERS SQUIBB CO COM 110122108 476 6760 SH SOLE 6760 0 0
BUCKEYE PTNR LP COM 118230101 220 8000 SH SOLE 8000 0 0
BURLINGTON NRTH SF COM 12189T104 60120 1939370 SH SOLE 1939370 0 0
CANADIAN NATL RLWY CO COM 136375102 223 3335 SH SOLE 3335 0 0
CANON INC -SPN ADR COM 138006309 208 7230 SH SOLE 7230 0 0
CAPITAL ONE FINL CORP COM 14040H105 223 4000 SH SOLE 4000 0 0
CHEVRON CORP COM 166751107 288 3028 SH SOLE 3028 0 0
CITIGROUP INC COM 172967101 69655 1466416 SH SOLE 1466416 0 0
COMERICA INC COM 200340107 327 5500 SH SOLE 5500 0 0
DIAGEO PLC SPN ADR COM 25243Q205 37825 879646 SH SOLE 879646 0 0
DUKE ENERGY CORP COM 264399106 293 5375 SH SOLE 5375 0 0
EATON CORPORATION COM 278058102 344 3743 SH SOLE 3743 0 0
ELF AQUITAINE SPN ADR COM 286269105 47272 642616 SH SOLE 642616 0 0
EMERSON ELECTRIC CO COM 291011104 43689 694167 SH SOLE 694167 0 0
ENTERGY CORP COM 29364G103 65444 2094206 SH SOLE 2094206 0 0
ETHYL CORP COM 297659104 871 145167 SH SOLE 145167 0 0
EXXON CORPORATION COM 302290101 989 12818 SH SOLE 12818 0 0
FEDERAL NATL MTG ASSN COM 313586109 36680 537432 SH SOLE 537432 0 0
FIRST UNION CORP COM 337358105 297 6295 SH SOLE 6295 0 0
FLEET FINL GROUP INC NE COM 338915101 72304 1629396 SH SOLE 1629396 0 0
FORD MOTOR COMPANY COM 345370100 36342 643926 SH SOLE 643926 0 0
FORT JAMES CORP COM 347471104 74372 1963615 SH SOLE 1963615 0 0
GTE CORP COM 362320103 77585 1027610 SH SOLE 1027610 0 0
GANNETT COMPANY INC COM 364730101 73816 1034194 SH SOLE 1034194 0 0
GENERAL ELECTRIC CO COM 369604103 726 6428 SH SOLE 6428 0 0
GOODYEAR TIRE & RBR CO COM 382550101 44062 749189 SH SOLE 749189 0 0
HEWLETT-PACKARD CO COM 428236103 47956 477179 SH SOLE 477179 0 0
HOUSEHOLD INTL INC COM 441815107 75981 1603811 SH SOLE 1603811 0 0
HUANENG PWR CVT 1.75% 5/21/04 443304AA8 202 209000 SH SOLE 209000 0 0
IBM COM 459200101 94475 730946 SH SOLE 730946 0 0
INVENSYS PLC ADR COM 461204109 187 19785 SH SOLE 19785 0 0
MCI WORLDCOM INC COM 55268B106 59498 691330 SH SOLE 691330 0 0
MASCO CORPORATION COM 574599106 67233 2328410 SH SOLE 2328410 0 0
MATTEL INC COM 577081102 32331 1237569 SH SOLE 1237569 0 0
MELLON BANK CORP COM 585509102 400 11000 SH SOLE 11000 0 0
MOBIL CORP COM 607059102 64097 649081 SH SOLE 649081 0 0
NATL CITY CORP CLVLND COM 635405103 65013 992566 SH SOLE 992566 0 0
NORDSTROM INC COM 655664100 57154 1706080 SH SOLE 1706080 0 0
PACIFICORP COM 695114108 43293 2356081 SH SOLE 2356081 0 0
PHILIP MORRIS COS INC COM 718154107 71358 1775627 SH SOLE 1775627 0 0
PRAXAIR INC COM 74005P104 74685 1526131 SH SOLE 1526131 0 0
PROVIDIAN FINL CO RP COM 74406A102 72842 781146 SH SOLE 781146 0 0
QMG HOLDINGS COM 747257103 10 10066 SH SOLE 10066 0 0
RAYTHEON CO CL A COM 755111309 16583 240771 SH SOLE 240771 0 0
RAYTHEON CO CL B COM 755111408 93148 1321255 SH SOLE 1321255 0 0
ROYAL DUTCH PTROLM CO COM 780257804 264 4382 SH SOLE 4382 0 0
SBC COMMUNICATIONS INC COM 78387G103 60006 1034594 SH SOLE 1034594 0 0
SCHERING PLOUGH CORP COM 806605101 394 7500 SH SOLE 7500 0 0
SCHLUMBERGER LIMITED COM 806857108 59692 937259 SH SOLE 937259 0 0
SHERWIN WILLIAMS CO COM 824348106 70624 2544995 SH SOLE 2544995 0 0
TORCHMARK CORP COM 891027104 32154 942234 SH SOLE 942234 0 0
TREDEGAR IND, INC. COM 894650100 771 34278 SH SOLE 34278 0 0
USX MARATHON GROUP COM 902905827 78629 2414700 SH SOLE 2414700 0 0
U.S. BANCORP NEW COM 902973106 907 27180 SH SOLE 27180 0 0
UNUMPROVIDENT CORP COM 91529Y106 67710 1236704 SH SOLE 1236704 0 0
WARNER LAMBERT CO COM 934488107 442 6400 SH SOLE 6400 0 0
WASHINGTON MUTUAL INC COM 939322103 60050 1688571 SH SOLE 1688571 0 0
WILLIAMS COS INC COM 969457100 73038 1716009 SH SOLE 1716009 0 0
XEROX CORP COM 984121103 79653 1348620 SH SOLE 1348620 0 0
DAIMLER-CHRYSLER AG COM D1668R123 472 5301 SH SOLE 5301 0 0
REXAM PLC ADR SPN NEW COM G1274K113 85 21200 SH SOLE 21200 0 0
NORTHERN FOODS PLC COM G66304109 88 41800 SH SOLE 41800 0 0
SAINSBURY J. PLC COM G77732108 216 35000 SH SOLE 35000 0 0
</TABLE>
