U NITED STATES
SECURITIES AND EXCHANGE COMMI SSION
Washi "ngton, D.C. 20549"
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year o r Quarter Ended: M "ARCH 31, 2" 0
Check here if Amendment [ ]; Amendment Number:
This Amendment (Check only one .): [ ] is a rest atement.
[ ] adds new holdings e ntries.
Institutional Investment Manag er Filing this Rep ort:
Name: PALLEY-NEEDELMAN ASSE "T MANAGEMENT, INC."
Address: 800 NEWPORT CENTER DR "IVE, SUITE 450"
"NEWPORT BEACH, CA 92" 660-6316
13F File Number: 28-______
The institutional investment m anager filing this report an d the
person by whom it is signed he reby represent tha t the pers on
signing the report is authoriz "ed to submit it, t" hat all
information contained herein i "s true, correct an" d complete ", and"
that it is understood that all "required items, s" "tatements,"
"schedules, lists, and tables," are considered int egral part s of
this form.
Person Signing this Report on Behalf of Reportin g Manager:
Name: B. MASIELLO
Title: DIRECTOR OF OPERATION S
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 Reporti ng for this Manage r:
I AM SIGNING THIS REPORT AS RE QUIRED BY THE SECU RITIES EXC HANGE
ACT OF 1934.
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FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Manag ers:
Form 13F Information Table Ent ry Total: 113
Form 13F Information Table Val ue Total: "1,023,370"
List of Other Included Manager s:
No. 13F File Number N ame
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FORM 13F INFORMATI ON TABLE
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VO TING AUTO RIT Y
ISSUER CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MGRS SLE SHRD NONE
- ------------------------------ ---------------- --------- -------- -----------
- -- ----
AT&T CORP COM 1957109 31349 556700 SH DEFINED 0 0 556700
ELECTROLUX AB-SPON ADR COM 10198208 403 10530 SH DEFINED 0 0 10530
ALBERTSONS INC COM 13104104 22935 742850 SH DEFINED 0 0 742850
ALCATEL SP ADRS SP ADR 13904305 411 9535 SH DEFINED 0 0 9535
ALLIED ZURICH PLC ADRS ADR 01959Q101 346 15804 SH DEFINED 0 0 15804
ALLTEL CORP COM 20039103 22090 349253 SH DEFINED 0 0 349253
AMERICA ONLINE INC COM 02364J104 2150 31875 SH DEFINED 0 0 31875
AMERICAN GENERAL CORP COM 26351106 26127 465513 SH DEFINED 0 0 465513
AMERICAN HM PROD CORP COM 26609107 18950 352559 SH DEFINED 0 0 352559
AMGEN INC COM 31162100 1902 30995 SH DEFINED 0 0 30995
ANHEUSER BUSCH COS INC COM 35229103 20219 324802 SH DEFINED 0 0 324802
APT INVT & MGMT CO CL A COM 03748R101 267 7000 SH DEFINED 0 0 7000
ASSOCIATED BRIT UNSP ADR 45519402 155 24365 SH DEFINED 0 0 24365
ATLANTIC RICHFIELD CO COM 48825103 1433 16860 SH DEFINED 0 0 16860
BP AMOCO PLC - SP ADR COM 55622104 26802 503332 SH DEFINED 0 0 503332
BANCO BRADESCO SP ADR COM 59460105 306 36920 SH DEFINED 0 0 36920
BANK OF AMERICA CORP COM 60505104 22629 431546 SH DEFINED 0 0 431546
BANK AUST AKTIENG-SP ADR COM 60593100 555 57025 SH DEFINED 0 0 57025
BAXTER INTERNATIONAL INC COM 71813109 20365 324862 SH DEFINED 0 0 324862
BESTFOODS COM 08658U101 19756 422017 SH DEFINED 0 0 422017
BRISTOL-MYERS SQUIBB CO COM 110122108 503 8680 SH DEFINED 0 0 8680
BUCKEYE PARTNERS LP UNIT LTD PT 118230101 208 8000 SH DEFINED 0 0 8000
CANADIAN NATL RAILWAY CO COM 136375102 220 8235 SH DEFINED 0 0 8235
CANON INC -SP ADR COM 138006309 420 9745 SH DEFINED 0 0 9745
CARDINAL HEALTH INC COM 14149Y108 19843 432549 SH DEFINED 0 0 432549
CATERPILLAR INC COM 149123101 15794 400481 SH DEFINED 0 0 400481
CHASE MANHATTAN CORP COM 16161A108 23575 270394 SH DEFINED 0 0 270394
CISCO SYSTEMS INC COM 17275R102 3509 45392 SH DEFINED 0 0 45392
CITIGROUP INC COM 172967101 31570 527273 SH DEFINED 0 0 527273
CLEAR CHANNEL COMM COM 184502102 1048 15175 SH DEFINED 0 0 15175
COLGATE PALMOLIVE CO COM 194162103 214 3800 SH DEFINED 0 0 3800
COMERICA INC COM 200340107 230 5500 SH DEFINED 0 0 5500
COMPAQ COMPUTER CORP COM 204493100 19263 713440 SH DEFINED 0 0 713440
COMPUWARE CORP COM 205638109 1708 81085 SH DEFINED 0 0 81085
COX COMM INC CL A COM 224044107 1334 27505 SH DEFINED 0 0 27505
DAI NIPPON PRINT-UNSP ADR COM 233806207 404 2487 SH DEFINED 0 0 2487
DAIWA HSE INDUS-UNSP ADR COM 234062206 253 3690 SH DEFINED 0 0 3690
DAIWA SEC GROUP INC ADR COM 234064202 549 2920 SH DEFINED 0 0 2920
DEUTSCHE BANK-SP ADR COM 251525309 446 6705 SH DEFINED 0 0 6705
DIAGEO PLC - SP ADR COM 25243Q205 1041 34549 SH DEFINED 0 0 34549
ENI SPA-SP ADR COM 26874R108 435 8575 SH DEFINED 0 0 8575
EATON CORPORATION COM 278058102 292 3743 SH DEFINED 0 0 3743
EL PASO ENERGY CORP COM 283905107 23877 591387 SH DEFINED 0 0 591387
ELECTRONIC DATA SYS CORP COM 285661104 17418 271357 SH DEFINED 0 0 271357
ELF AQUITAINE SP ADR COM 286269105 436 5019 SH DEFINED 0 0 5019
EMERSON ELECTRIC CO COM 291011104 18148 341615 SH DEFINED 0 0 341615
EXXON MOBIL CORP COM 30231G102 25661 329248 SH DEFINED 0 0 329248
FEDERAL NATL MTG ASSN COM 313586109 22694 401220 SH DEFINED 0 0 401220
FLEET BOSTON FINL CORP COM 339030108 24920 682727 SH DEFINED 0 0 682727
FORD MOTOR CO COM 345370100 12797 278574 SH DEFINED 0 0 278574
FREEPT MCMORAN CORP PFD COM 35671D600 446 21900 SH DEFINED 0 0 21900
GTE CORP COM 362320103 28829 406036 SH DEFINED 0 0 406036
GANNETT CO INC COM 364730101 24900 353822 SH DEFINED 0 0 353822
GENERAL ELECTRIC CO COM 369604103 777 4993 SH DEFINED 0 0 4993
GOLDMAN SACHS GRP INC. COM 38141G104 6682 63483 SH DEFINED 0 0 63483
HANG LUNG DEV-SP ADR COM 410430300 222 53955 SH DEFINED 0 0 53955
HENKEL KGAA - SP ADR COM 42550U109 269 4935 SH DEFINED 0 0 4935
HEWLETT-PACKARD CO COM 428236103 25617 192787 SH DEFINED 0 0 192787
HONEYWELL INTL INC COM 438516106 20070 380924 SH DEFINED 0 0 380924
HUANENG PWR INTL SP ADR COM 443304100 384 48035 SH DEFINED 0 0 48035
HUANENG POWER CVRTBL 1.750% 05-21-2 443304AA8 225 209 SH DEFINED 0 0 209
INTEL CORP COM 458140100 2966 22481 SH DEFINED 0 0 22481
IBM COM 459200101 35415 300130 SH DEFINED 0 0 300130
INVENSYS PLC ADR COM 461204109 466 52280 SH DEFINED 0 0 52280
J SAINSBURY PLC SP ADRS SP ADR 466249109 261 14680 SH DEFINED 0 0 14680
JOHNSON & JOHNSON COM 478160104 821 11690 SH DEFINED 0 0 11690
KIMBERLY CLARK COM 494368103 1856 33105 SH DEFINED 0 0 33105
LOWES CO INC COM 548661107 2263 38765 SH DEFINED 0 0 38765
LUCENT TECHNOLOGIES INC COM 549463107 18319 299083 SH DEFINED 0 0 299083
MCI WORLDCOM INC COM 55268B106 27411 604924 SH DEFINED 0 0 604924
MARSH & MCLENNAN COS INC COM 571748102 4034 36565 SH DEFINED 0 0 36565
MASCO CORPORATION COM 574599106 25891 1262977 SH DEFINED 0 0 1262977
MATSUSHITA ELEC SP ADR COM 576879209 1200 3960 SH DEFINED 0 0 3960
MEDIAONE GROUP INC. COM 58440J104 932 11501 SH DEFINED 0 0 11501
MELLON FINANCIAL CORP COM 58551A108 283 9500 SH DEFINED 0 0 9500
MERCK & COMPANY INC COM 589331107 947 15236 SH DEFINED 0 0 15236
MERRILL LYNCH & CO INC COM 590188108 14360 136763 SH DEFINED 0 0 136763
METSO CORP-SP ADR COM 592671101 196 14535 SH DEFINED 0 0 14535
MICROSOFT CORP COM 594918104 3894 36645 SH DEFINED 0 0 36645
MOTOROLA INC COM 620076109 1789 12250 SH DEFINED 0 0 12250
NORDSTROM INC COM 655664100 21631 733258 SH DEFINED 0 0 733258
ORACLE SYSTEMS CORP COM 68389X105 1696 21720 SH DEFINED 0 0 21720
PFIZER INC COM 717081103 523 14316 SH DEFINED 0 0 14316
"PITNEY-BOWES, INC" COM 724479100 2518 56350 SH DEFINED 0 0 56350
PRAXAIR INC COM 74005P104 21778 523207 SH DEFINED 0 0 523207
PROVIDIAN FINL CORP COM 74406A102 26274 303312 SH DEFINED 0 0 303312
REXAM PLC COM 761655307 131 34823 SH DEFINED 0 0 34823
ROYAL & SUN ALLNCE INS-ADR COM 78004V202 256 8195 SH DEFINED 0 0 8195
SBC COMMUNICATIONS INC COM 78387G103 18756 445917 SH DEFINED 0 0 445917
SCHERING PLOUGH CORP COM 806605101 1993 53685 SH DEFINED 0 0 53685
SUN MICROSYSTEMS INC COM 866810104 1520 16220 SH DEFINED 0 0 16220
TJX COMPANIES INC COM 872540109 19664 886271 SH DEFINED 0 0 886271
TARGET CORP COM 87612E106 32185 430564 SH DEFINED 0 0 430564
TELECOM ITALIA SVGS ADR COM 87927W205 484 7020 SH DEFINED 0 0 7020
TELEFON DE ARGENTINA ADR COM 879378206 298 7605 SH DEFINED 0 0 7605
TELEFONICA S A SP ADR 879382208 1471 19783 SH DEFINED 0 0 19783
TELEFONOS DE MEXICO S A SP ADR 879403780 325 4875 SH DEFINED 0 0 4875
TELLABS INC. COM 879664100 2490 39530 SH DEFINED 0 0 39530
TEXAS INSTRUMENTS INC COM 882508104 2246 14035 SH DEFINED 0 0 14035
TIME WARNER INC COM 887315109 810 8100 SH DEFINED 0 0 8100
TOKIO MARINE & FIRE SP ADR COM 889090403 367 6990 SH DEFINED 0 0 6990
TOMKINS PLC - SP ADR COM 890030208 444 33540 SH DEFINED 0 0 33540
TOTAL FINA SA ADR COM 89151E109 23694 321821 SH DEFINED 0 0 321821
UNIGATE PLC-UNSPD ADR COM 904750403 626 122130 SH DEFINED 0 0 122130
UNITED PARCEL SERVICE COM 911312106 794 12600 SH DEFINED 0 0 12600
U S WEST INC (NEW) COM 91273H101 1017 14000 SH DEFINED 0 0 14000
UPM KYMMENE ADR COM 915436109 240 8575 SH DEFINED 0 0 8575
WARNER LAMBERT CO COM 934488107 18669 191114 SH DEFINED 0 0 191114
WELLS FARGO & CO COM 949746101 22996 564318 SH DEFINED 0 0 564318
WILLIAMS COS INC COM 969457100 37466 852703 SH DEFINED 0 0 852703
REXAM PLC COM G1274K113 83 24200 SH DEFINED 0 0 24200
NORTHERN FOODS PLC COM G66304109 80 48900 SH DEFINED 0 0 48900
SAINSBURY J. PLC COM G77732108 160 35400 SH DEFINED 0 0 35400
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