[DESCRIPTION] Form 13F Holdi ngs Repor t
[TEXT] UN ITED STATES
SECURITIES A ND EXCHANGE COMMI SSION
Washin "gton, D.C. 20549"
FORM 13F
FORM 1 3F COVER PAGE
Report for the Calendar Year or Quarter Ended: J "UNE 30, 2" 0
Check here if Amendment [ ]; Amendment Number:
This Amendment (Check only one. ): [ ] is a rest atement.
[ ] adds new holdings entries.
Institutional Investment Manage r Filing this Rep ort:
Name: PALLEY-NEEDELMAN ASSET "MANAGEMENT, INC."
Address: 800 NEWPORT CENTER DRI "VE, SUITE 450"
"NEWPORT BEACH, CA 926" 60-6316
13F File Number: 28-______
The institutional investment ma nager filing this report a nd the
person by whom it is signed her eby represent tha t the per son
signing the report is authorize "d to submit it, t" hat all
information contained herein is "true, correct an" d complet "e, and"
that it is understood that all "required items, s" tatements ","
"schedules, lists, and tables, a" re considered int egral par ts of
this form.
Person Signing this Report on B ehalf of Reportin g Manager :
Name: B. MASIELLO
Title: DIRECTOR OF OPERATIONS
Phone: 949-760-6644_
"Signature, Place, and Date of S" igning:
_______________ _____________ ___ ___________ _____
Report Type (Check only one.):
[X ] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[ ] 13F COMBINATION REPORT.
List of Other Managers Reportin g for this Manage r:
I AM SIGNING THIS REPORT AS REQ UIRED BY THE SECU RITIES EX CHANGE
ACT OF 1934.
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FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Manage rs:
Form 13F Information Table Entr y Total: 114
Form 13F Information Table Valu e Total: "$591,460"
List of Other Included Managers :
No. 13F File Number Na me
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FORM 13F INFORMATI ON TABLE
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VO TING AUTO R
NAME OF ISSUER TITLE OF CLASS CUSIP NO (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ----------- ------- - ------- -
AT&T CORP COM 001957109 10171 " 321,626 " SH DEFINED 0 0
AKTIEBOLAGET ELECTROLUX COM 010198208 396 " 12,560 " SH DEFINED 0 0
ALBERTSONS INC COM 013104104 13671 " 411,168 " SH DEFINED 0 0
ALCOA INC COM 013817101 10462 " 360,745 " SH DEFINED 0 0
ALLIED ZURICH PLC ADR REPRESENTING 2 OR 01959Q101 441 " 18,702 " SH DEFINED 0 0
ALLTEL CORP COM 020039103 12725 " 205,457 " SH DEFINED 0 0
AMERICA ONLINE INC COM 02364J104 1735 " 32,930 " SH DEFINED 0 0
AMERICAN GEN CORP COM 026351106 16700 " 273,766 " SH DEFINED 0 0
AMERICAN HOME PRODS COM 026609107 12480 " 212,426 " SH DEFINED 0 0
AMGEN INC COM 031162100 2253 " 32,070 " SH DEFINED 0 0
ANHEUSER BUSCH COS INC COM 035229103 14544 " 194,734 " SH DEFINED 0 0
APARTMENT INVT & MGMT CO CL A COM 03748R101 303 " 7,000 " SH DEFINED 0 0
ASSOCIATED BRIT COM 045519402 233 " 33,850 " SH DEFINED 0 0
BP AMOCO ADS COM 055622104 16935 " 299,408 " SH DEFINED 0 0
BANCO BRADESCO S A COM 059460105 377 " 43,370 " SH DEFINED 0 0
BANK OF AMERICA COM 060505104 10611 " 246,766 " SH DEFINED 0 0
BANK AUSTRIA AKTIENG-SP ADR COM 060593100 654 " 66,900 " SH DEFINED 0 0
BAXTER INTL INC COM 071813109 11712 " 166,570 " SH DEFINED 0 0
BRISTOL-MYERS SQUIBB CO COM 110122108 514 " 8,830 " SH DEFINED 0 0
BUCKEYE PARTNERS LP UNIT LTD PARTNERS 118230101 215 " 8,000 " SH DEFINED 0 0
CANADIAN NATL RAILWAY CO COM 136375102 212 " 7,265 " SH DEFINED 0 0
CARDINAL HEALTH INC COM 14149Y108 18140 " 245,134 " SH DEFINED 0 0
CATERPILLAR INC COM 149123101 3160 " 93,290 " SH DEFINED 0 0
CHASE MANHATTAN CORP COM 16161A108 10978 " 238,326 " SH DEFINED 0 0
CISCO SYSTEMS INC COM 17275R102 1934 " 30,430 " SH DEFINED 0 0
CITIGROUP INC COM 172967101 17824 " 295,834 " SH DEFINED 0 0
CLEAR CHANNEL COMMUNICATIONS COM 184502102 1163 " 15,500 " SH DEFINED 0 0
COLGATE PALMOLIVE CO COM 194162103 216 " 3,600 " SH DEFINED 0 0
COMCAST SPL A COM 200300200 9057 " 223,625 " SH DEFINED 0 0
COMERICA INC COM 200340107 247 " 5,500 " SH DEFINED 0 0
COMPAQ COMPUTER CORP COM 204493100 10965 " 428,936 " SH DEFINED 0 0
COX COMMUNICATIONS INC CL A COM 224044107 1202 " 26,380 " SH DEFINED 0 0
DAI NIPPON PRTG LTD JAPAN COM 233806207 506 " 2,867 " SH DEFINED 0 0
DAIWA HOUSE IND LTD ADR COM 234062206 310 " 4,235 " SH DEFINED 0 0
DAIWA SECS LTD JAPAN ADR COM 234064202 459 " 3,470 " SH DEFINED 0 0
DEUTSCHE BK A G COM 251525309 607 " 7,330 " SH DEFINED 0 0
DIAGEO PLC SPONSORED ADR COM 25243Q205 407 " 11,434 " SH DEFINED 0 0
ENI SPA-SPOSORED ADR COM 26874R108 582 " 9,995 " SH DEFINED 0 0
EATON CORPORATION COM 278058102 251 " 3,743 " SH DEFINED 0 0
EL PASO ENERGY CORP COM 283905107 16829 " 330,394 " SH DEFINED 0 0
ELECTRONIC DATA SYS COM 285661104 6683 " 162,004 " SH DEFINED 0 0
ELSEVIER NV COM 290259100 237 " 9,850 " SH DEFINED 0 0
EMERSON ELEC CO COM 291011104 11376 " 188,426 " SH DEFINED 0 0
EXXON MOBIL CORP COM 30231G102 14769 " 188,142 " SH DEFINED 0 0
FEDERAL NAT MORTGAGE ASSN COM 313586109 11867 " 227,387 " SH DEFINED 0 0
FLEET BOSTON FINL CORP COM 339030108 13032 " 383,289 " SH DEFINED 0 0
FORD MOTOR COM 345370100 6364 " 148,000 " SH DEFINED 0 0
FREEPORT MCMORAN CORP PFD COM 35671D600 506 " 25,625 " SH DEFINED 0 0
GTE CORP COM 362320103 14294 " 229,621 " SH DEFINED 0 0
GANNETT COMPANY INC COM 364730101 12010 " 200,792 " SH DEFINED 0 0
GENERAL ELECTRIC COMPANY COM 369604103 718 " 13,550 " SH DEFINED 0 0
GOLDMAN SACHS COM 38141G104 4164 " 43,885 " SH DEFINED 0 0
HANG LUNG DEV-SPONS ADR COM 410430300 227 " 58,395 " SH DEFINED 0 0
HENKEL KGAA - SPONS ADR COM 42550U109 341 " 6,775 " SH DEFINED 0 0
HEWLETT PACKARD COM 428236103 10200 " 81,685 " SH DEFINED 0 0
HITACHI LTD COM 433578507 474 " 3,291 " SH DEFINED 0 0
HONEYWELL INTERNATIONAL INC COM 438516106 6936 " 205,900 " SH DEFINED 0 0
HUANENG PWR INTL INC SP ADR N COM 443304100 570 " 42,845 " SH DEFINED 0 0
IMPERIAL CHEM INDS PLC ADR COM 452704505 326 " 10,300 " SH DEFINED 0 0
INTEL CORP COM 458140100 1805 " 13,500 " SH DEFINED 0 0
I B M COM 459200101 18662 " 170,335 " SH DEFINED 0 0
INVENSYS PLC ADR COM 461204109 604 " 80,535 " SH DEFINED 0 0
J SAINSBURY PLC SPON ADRS COM 466249109 386 " 20,430 " SH DEFINED 0 0
JOHNSON & JOHNSON COM 478160104 777 " 7,625 " SH DEFINED 0 0
KIMBERLY CLARK COM 494368103 1602 " 27,925 " SH DEFINED 0 0
KROGER CO COM 501044101 12076 " 547,333 " SH DEFINED 0 0
LOWES CO INC COM 548661107 1834 " 44,675 " SH DEFINED 0 0
LUCENT TECHNOLOGIES COM 549463107 10500 " 177,212 " SH DEFINED 0 0
MARSH & MCLENNAN COS INC COM 571748102 2195 " 21,015 " SH DEFINED 0 0
MASCO CORP COM 574599106 13236 " 732,782 " SH DEFINED 0 0
MATSUSHITA ELEC CO COM 576879209 510 " 1,985 " SH DEFINED 0 0
MEDIAONE GROUP INC COM 58440J104 513 " 7,761 " SH DEFINED 0 0
MELLON FINANCIAL CORP COM 58551A108 346 " 9,500 " SH DEFINED 0 0
MERCK & COMPANY INC COM 589331107 795 " 10,375 " SH DEFINED 0 0
MERRILL LYNCH & CO INC COM 590188108 10261 " 89,223 " SH DEFINED 0 0
METSO CORP-SPON ADR COM 592671101 233 " 19,790 " SH DEFINED 0 0
MICROSOFT CORP COM 594918104 2955 " 36,935 " SH DEFINED 0 0
MINNESOTA MNG & MFG COM 604059105 10123 " 122,705 " SH DEFINED 0 0
MOTOROLA INC COM 620076109 977 " 33,625 " SH DEFINED 0 0
NORDSTROM INC COM 655664100 10207 " 423,092 " SH DEFINED 0 0
PFIZER INC COM 717081103 713 " 14,850 " SH DEFINED 0 0
"PITNEY-BOWES, INC " COM 724479100 1510 " 37,750 " SH DEFINED 0 0
PRAXAIR INC COM 74005P104 10655 " 284,601 " SH DEFINED 0 0
PROVIDIAN FINCL CORP COM 74406A102 14915 " 165,722 " SH DEFINED 0 0
REXAM PLC ADR SPON NEW COM 761655307 325 " 88,000 " SH DEFINED 0 0
ROYAL & SUN ALLIANCE INS-ADR COM 78004V202 309 " 9,540 " SH DEFINED 0 0
ROYAL DUTCH PETROLEUM CO PAR VALUE 1.25 780257804 984 " 15,982 " SH DEFINED 0 0
SBC COMMUNICATIONS COM 78387G103 11410 " 263,815 " SH DEFINED 0 0
SCHERING PLOUGH CORP COM 806605101 2762 " 54,690 " SH DEFINED 0 0
SUN MICROSYSTEMS INC COM 866810104 657 " 7,225 " SH DEFINED 0 0
TJX COMPANIES INC COM 872540109 9265 " 494,149 " SH DEFINED 0 0
TARGET CORP COM 87612E106 14157 " 244,086 " SH DEFINED 0 0
TELECOM CORP NEW ZEALAND COM 879278208 344 " 11,060 " SH DEFINED 0 0
TELECOM ITALIA SPA ADR COM 87927W205 601 " 8,260 " SH DEFINED 0 0
TELEFONICA DE ARGENTINA COM 879378206 291 " 9,170 " SH DEFINED 0 0
TELEFONICA S A SPONSORED ADR 879382208 1398 " 21,819 " SH DEFINED 0 0
TELEFONOS DE MEXICO SPONSORED ADR REP 879403780 318 " 5,575 " SH DEFINED 0 0
TELLABS INC. COM 879664100 2144 " 31,330 " SH DEFINED 0 0
TEXAS INSTRUMENTS COM 882508104 1347 " 19,610 " SH DEFINED 0 0
TIME WARNER INC COM 887315109 437 " 5,750 " SH DEFINED 0 0
TOKIO MARINE & FIRE INS COM 889090403 475 " 7,985 " SH DEFINED 0 0
TOMKINS F H P L C COM 890030208 491 " 38,325 " SH DEFINED 0 0
TOTAL FINA ELF SA COM 89151E109 14576 " 189,762 " SH DEFINED 0 0
UNIGATE LTD COM 904750403 589 " 133,305 " SH DEFINED 0 0
UNITED PARCEL SERVICE COM 911312106 1243 " 21,075 " SH DEFINED 0 0
U S WEST INC (NEW) COM 91273H101 223 " 2,600 " SH DEFINED 0 0
UPM KYMMENE ADR COM 915436109 234 " 9,150 " SH DEFINED 0 0
VISTEON CORP COM 92839U107 184 " 15,192 " SH DEFINED 0 0
WELLS FARGO NEW COM 949746101 12727 " 328,449 " SH DEFINED 0 0
WILLIAMS CO INC COM 969457100 20891 " 501,125 " SH DEFINED 0 0
WORLDCOM INC COM 98157D106 17186 " 374,623 " SH DEFINED 0 0
REXAM PLC COM G1274K113 146 " 37,400 " SH DEFINED 0 0
NORTHERN FOODS PLC COM G66304109 57 " 31,400 " SH DEFINED 0 0
SAINSBURY J. PLC COM G77732108 115 " 25,200 " SH DEFINED 0 0
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