UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
"Washinton, D.C. 20549"
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: "DECEMBER 31, " 1999
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: PALLEY-NEEDELMAN ASSET "MANAGEMENT, INC."
"Address: 800 NEWPORT CENTER DRIVE, " SUITE 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 Manager:
I AM SIGNING THIS REPORT AS REQ UIRED BY THE SECU RITIES EXCHAN GE
ACT OF 1934.
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FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers:
Form 13F Information Table Entry Total: 109
Form 13F Information Table Value Total: "$1,764,354 "
List of Other Included Managers:
No. 13F File Number Name
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FOR M 13F I NFORMATI ON TABLE
VA LUE S HARES/ SH/ PUT/ INVSTMT OTHER VO TING AUTO R ITY
NAME TITLE OF CLASS CUSIP (x1000) P RN AMT PRN CAL DSCRETN MGRS SOLESHR NONE
OF ISSUER
- --------------------- ---------------- --------- --- ----- - ------- --- ---- ------- ----------- ------
AT&T CORP COM 001957109 "52,211" "1,027,515" SH DEFINED 0 0 "1,027,515"
ELECTROLUX AB-SPON ADR COM 010198208 254 "5,055" SH DEFINED 0 0 "5,055"
ALBEMARLE CORP COM 012653101 423 " 22,063 " SH DEFINED 0 0 "22,063"
ALBERTSONS INC COM 013104104 " 40,247 " " 1,247,967 " SH DEFINED 0 0 "1,247,967"
ALCATEL SPNSORD ADRS 013904305 260 " 5,780 " SH DEFINED 0 0 "5,780"
AMERICA ONLINE INC COM 02364J104 " 1,729 " " 22,785 " SH DEFINED 0 0 "22,785"
AMERICAN GEN COR COM 026351106 " 29,220 " " 385,101 " SH DEFINED 0 0 "385,101"
AMERICAN HM PROD COR CO 026609107 " 23,312 " " 593,926 " SHDEFINED 0 0 "593,926"
AMGEN INC COM 031162100 595 " 9,900 " SH DEFINED 0 0 "9,900"
ANHEUSER BUSCH COS CO 03522910 " 1,847 " " 26,065 " SH DEFINED 0 0 "26,065"
APARTMENT INVT & MGMT CO CLA COM03748R101 279 " 7,000 " SH DEFINED 0 0 "7,000"
ATLANTIC RICHFIELD CO COM 048825103 "2,120" "24,505" SH DEFINED 0 0 "24,505"
BP AMOCO PLC - SPNS AD CO 055622104 "57,813" "974,725" SH DEFINED 0 0 "974,725"
BANCO BRADESCO - SPON ADR COM 059460105 243 " 30,735 " SH DEFINED 0 0 "30,735"
BK OF AMERICA COR CO 060505104 " 34,183 " " 681,104 " SH DEFINED 0 0 "681,104"
BAXTER INTL INC COM 071813109 " 36,829 " " 586,336 " SH DEFINED 0 0 "586,336"
BESTFOODS COM 08658U101 " 39,159 " " 744,997 " SH DEFINED 0 0 "744,997"
BRISTOL-MYERS SQUIBB CO COM 110122108 619 " 9,650 " SH DEFINED 0 0 "9,650"
BUCKEYE PTNR LP UNIT LTD PRTR118230101 208 " 8,000 " SH DEFINED 0 0 "8,000"
BURLINGTON RESOURCES INC COM 122014103 455 " 13,750 " SH DEFINED 0 0 "13,750"
CANON INC -SPONSORED ADR COM 138006309 304 " 7,660 " SH DEFINED 0 0 "7,660"
CARDINAL HLTH INC COM 14149Y108 " 35,007 " " 731,213 " SH DEFINED 0 0 "731,213"
CATERPILLAR INC COM 149123101 " 30,385 " " 645,625 " SH DEFINED 0 0 "645,625"
CHEVRON CORP COM 166751107 281 " 3,248 " SH DEFINED 0 0 "3,248"
CISCO SYSTEMS INC COM 17275R102 " 2,373 " " 22,151 " SH DEFINED 0 0 "22,151"
CITIGROUP INC COM 172967101 " 58,566 " " 1,051,693 " SH DEFINED 0 0 "1,051,693"
COLGATE PALMOLIVE CO COM 194162103 634 " 9,750 " SH DEFINED 0 0 "9,750"
COMERICA INC COM 200340107 257 " 5,500 " SH DEFINED 0 0 "5,500"
COMPAQ CMPTR CO 204493100 " 33,827 " " 1,249,950 " SH DEFINED 0 0 "1,249,950"
COMPUTER SCI CORP. COM 205363104 " 53,176 " " 561,961 " SH DEFINED 0 0 "561,961"
COMPUWARE CORP COM 205638109 " 1,490 " " 39,990 " SH DEFINED 0 0 "39,990"
CONAGRA INC COM 205887102 225 " 9,900 " SH DEFINED 0 0 "9,900"
COX COMM INC CL A COM 224044107 " 1,825 " " 35,440 " SH DEFINED 0 0 "35,440"
DAIWA SEC GR-UNSP ADR COM 234064202 261 " 1,670 " SH DEFINED 0 0 "1,670"
DANA CORPORATION COM 235811106 323 " 10,800 " SH DEFINED 0 0 "10,800"
DAYTON-HUDSON CORP COM 239753106 " 60,446 " " 823,098 " SH DEFINED 0 0 "823,098"
DEUTSCHE BANK-SPSD ADR COM 251525309 298 " 3,540 " SH DEFINED 0 0 "3,540"
DIAGEO PLC SPONADR COM25243Q205 " 20,684 " " 646,369 " SH DEFINED 0 0 "646,369"
DUKE ENERGY CORP COM 264399106 206 " 4,100 " SH DEFINED 0 0 "4,100"
EATON CORPORATION COM 278058102 272 " 3,743 " SH DEFINED 0 0 "3,743"
ELPASO ENRGY COR COM 283905107 " 36,793 " " 947,969 " SH DEFINED 0 0 "947,969"
ELF AQUITAINE SPONSORED ADR COM 286269105 428 " 5,591 " SH DEFINED 0 0 "5,591"
EMERSON ELEC CO COM 291011104 " 31,326 " " 545,980 " SH DEFINED 0 0 "545,980"
ETHYL CORP COM 297659104 268 " 76,667 " SH DEFINED 0 0 "76,667"
EXXON MOBIL CORP COM 30231G102 " 51,339 " " 637,257 " SH DEFINED 0 0 "637,257"
FEDL NATL MTG ASSN COM 313586109 " 44,978 " " 720,366 " SH DEFINED 0 0 "720,366"
FLEET BOSTON FINL COM 339030108 " 41,311 " " 1,186,658 " SH DEF 0 0 "1,186,658"
FORD MOTOR COMPANY COM 345370100 " 26,206 " " 491,556 " SH DEFINED 0 0 "491,556"
FORT JAMES COM 347471104 " 34,864 " " 1,273,570 " SH DEFINED 0 0 "1,273,570"
GTE CORP COM 362320103 "52,334" "741,666" SH DEFINED 0 0 "741,666"
GANNETT COMPANY INC COM 364730101 " 60,851 " " 746,062 " SH DEF 0 0 "746,062"
GENERAL ELECTRIC COMPANY COM 369604103 863 " 5,578 " SH DEFINED 0 0 "5,578"
HANG LUNG DEV-SPONS ADR COM 410430300 159 " 28,020 " SH DEFINED 0 0 "28,020"
HEWLETT-PACKARD CO COM 428236103 " 40,484 " " 355,904 " SH DEF 0 0 "355,904"
HONEYWELL INTL INC COM 438516106 " 37,525 " " 650,479 " SH DEF 0 0 "650,479"
HUANENG PWR 1.75% 05-21-2 443304AA8 " 21,344 " " 209,000 " SH DEF 0 0 "209,000"
HUNTWAY REFINING COMPANY COM 447309105 95 " 79,601 " SH DEFINED 0 0 "79,601"
INTEL CORPORATION COM 458140100 " 3,120 " " 37,910 " SH DEFINED 0 0 "37,910"
INTL BUSINESS MACH COM 459200101 " 57,603 " " 533,977 " SH DEFINED 0 0 "533,977"
INVENSYS PLC ADR COM 461204109 263 " 24,320 " SH DEFINED 0 0 "24,320"
KIMBERLY CLARK COM 494368103 " 1,119 " " 17,100 " SH DEFINED 0 0 "17,100"
KONINKLIJKE PHILIPS ELEC NV 500472204 378 " 2,800 " SH DEF 0 0 "2,800"
LOWES CO INC COM 548661107 " 2,550 " " 42,680 " SH DEFINED 0 0 "42,680"
LUCENT TECH INC COM 549463107 " 1,273 " " 16,978 " SH DEFINED 0 0 "16,978"
MARSH & MCLENNAN COS INC COM 571748102 " 1,311 " " 13,701 " SH DEF 0 0 "13,701"
MCI WORLDCOM COM 55268B106 "40,120" "756,081" SH DEFINED 0 0 "756,081"
MASCO CORP COM 574599106 " 55,255 " " 2,177,520 " SH DEFINED 0 0 "2,177,520"
MATSUSHITA ELEC SPON ADR COM 576879209 643 " 2,325 " SH DEFINED 0 0 "2,325"
MEDIAONE GROUP INC. COM 58440J104 " 1,000 " " 13,025 " SH DEFINED 0 0 "13,025"
MELLON FINANCIAL CORP COM 58551A108 324 " 9,500 " SH DEFINED 0 0 "9,500"
MERCK & COMPANY INC COM 589331107 " 1,520 " " 22,616 " SH DEFINED 0 0 "22,616"
MERRILL LYNCH & CO COM 590188108 " 2,681 " " 32,175 " SH DEFINED 0 0 "32,175"
MICROSOFT CORP COM 594918104 " 2,378 " " 20,365 " SH DEFINED 0 0 "20,365"
"MORGAN STANLEY, DW, & CO" COM 617446448 214 " 1,500 " SH DEFINED 0 0 "1,500"
MOTOROLA INC COM 620076109 850 " 5,770 " SH DEFINED 0 0 "5,770"
NORDSTROM INC COM 655664100 " 34,643 " " 1,316,597 " SH DEFINED 0 0 "1,316,597"
"PITNEY-BOWES, INC" COM 724479100 " 1,337 " " 27,675 " SH DEFINED 0 0 "27,675"
PRAXAIR INC COM 74005P104 " 51,599 " " 1,025,561 " SH DEFINED 0 0 "1,025,561"
PROVIDIAN FINL COM 74406A102 " 52,660 " " 578,285 " SH DEFINED 0 0 "578,285"
ROYAL DUTCH PETROL CO PV1.25 780257804 220 "3,632" SH DEFINED 0 0 "3,632"
SBC COMM INC COM 78387G103 " 37,303 " " 765,194 " SH DEFINED 0 0 "765,194"
SCHERING PLOUGH CORP COM 806605101 " 2,564 " " 60,500 " SH DEFINED 0 0 "60,500"
SCHLUMBERGER LTD COM 806857108 " 58,684 " " 1,045,596 " SH DEF 0 0 "1,045,596"
SUN MICROSYSTEMS INC COM 866810104 621 " 8,020 " SH DEFINED 0 0 "8,020"
TJX COMPANIES INC COM 872540109 "28,698" "1,404,205" SH DEFINED 0 0 "1,404,205"
TELECOM ITALIA SVGS ADR COM 87927W205 236 " 3,905 " SH DEF 0 0 "3,905"
TELEFONICA DE ARGNTNA ADR COM 879378206 238 " 7,700 " SH DEFINED 0 0 "7,700"
TELEFONICA S A SPONSORED ADR 879382208 280 " 3,549 " SH DEFINED 0 0 "3,549"
TELEFONOS DE MEXICO SA SPNSRD ADR 879403780 281 " 2,515 " SH DEF 0 0 "2,515"
TELLABS INC. COM 879664100 " 1,903 " " 29,645 " SH DEFINED 0 0 "29,645"
TEXAS INSTRUMENTS INC COM 882508104 " 1,019 " " 10,550 " SH DEF 0 0 "10,550"
TEXAS UTILITIES COMPANY COM 882848104 391 " 11,000 " SH DEFINED 0 0 "11,000"
TOKIO MARINE & FIRE - SP ADR COM 889090403 208 " 3,520 " SH DEF 0 0 "3,520"
TOTAL FINA SA ADR COM 89151E109 " 43,724 " " 631,393 " SH DEFINED 0 0 "631,393"
TREDEGAR CORP COM 894650100 533 "25,761" SH DEFINED 0 0 "25,761"
USX MARATHON GROUP COM 902905827 "24,963" "1,011,179" SH DEFINED 0 0 "1,011,179"
U S BANCORP DEL COM 902973106 441 "18,500" SH DEFINED 0 0 "18,500"
UNIGATE PLC-UNSPONSORED ADR COM 904750403 359 "64,500" SH DEFINED 0 0 "64,500"
UNITED PARCEL SERVICE COM 911312106 518 "7,500" SH DEFINED 0 0 "7,500"
U S WEST INC (NEW) COM 91273H101 "1,022" "14,200" SH DEFINED 0 0 "14,200"
WARNER LAMBERT CO COM 934488107 442 " 5,400 " SH DEFINED 0 0 "5,400"
WASHINGTON MUT COM 939322103 " 32,562 " " 1,258,452 " SH DEF 0 0 "1,258,452"
WELLS FARGO &CO COM 949746101 " 39,026 " " 965,085 " SH DEF 0 0 "965,085"
WILLIAMS COS INC COM 969457100 " 52,456 " " 1,716,345 " SH DEF 0 0 "1,716,345"
XEROX CORP COM 984121103 " 12,605 " " 555,576 " SH DEFINED 0 0 "555,576"
REXAM PLC COM G1274K113 86 "21,200" SH DEFINED 0 0 "21,200"
NORTHERN FOODS PLC COM G66304109 69 "41,800" SH DEFINED 0 0 "41,800"
SAINSBURY J. PLC COM G77732108 178 "31,500" SH DEFINED 0 0 "31,500"
TRANSOCEAN SEDCO FOREX INC COM G90078109 "5,876" "174,423" SH DEF 0 0 "174,423"
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