BEGIN COVER PAGE
13F-HR FOR PERIOD ENDING SEP 30 1999
TALON ASSET MANAGEMENT
ONE NORTH FRANKLIN SUITE 450
CHICAGO ILL 60606
ALAN R WILSON
SIGNATURE
ALAN R WILSON
PRESIDENT
312-422-5410
13F FILE NUMBER 28-5548
END COVER PAGE
BEGIN SUMMARY PAGE
NO OTHER MANAGERS BEING REPORTED
ENTRY TOTAL 126 VALUE TOTAL 305319
END SUMMARY PAGE
<TABLE>
FORM 13F
INFORMATION TABLE
VALUE SHARES/ SH/
PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN
CALL DSCRETN MANAGERS SOLE SHARED NONE
- ------------------------------ ---------------- --------- -------- -------- ---
- ---- ------- ------------ -------- -------- --------
<S> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C> <C>
A.M. Castle COM 148411101 631 50000.00 SH
DEFINED 01 50000.00
ACNielsen Corp. COM 004833109 2096 92400.00 SH
DEFINED 01 92400.00
AFLAC, Inc. COM 001055102 761 18178.92 SH
DEFINED 01 18178.92
AT&T COM 001957109 222 5098.03 SH
DEFINED 01 5098.03
Abbott Labs COM 002824100 2172 59191.00 SH
DEFINED 01 59191.00
Alberto Culver Cls A COM 013068200 1538 78640.00 SH
DEFINED 01 78640.00
Ambac Financial Group COM 023139108 1707 36034.00 SH
DEFINED 01 36034.00
American Int'l Group COM 026874107 3612 41550.00 SH
DEFINED 01 41550.00
American Power Conversion Corp COM 029066107 9653 508040.00SH
DEFINED 01 508040.00
Ameritech Corporation COM 030954101 485 7263.00 SH
DEFINED 01 7263.00
Amli Residential Properties Tr COM 001735109 1127 53688.00 SH
DEFINED 01 53688.00
Andrew Corp COM 034425108 617 35500.00 SH
DEFINED 01 35500.00
Aon Corp COM 037389103 205 6925.00 SH
DEFINED 01 6925.00
BPA Amoco PLC - Sponsored ADR COM 055622104 256 2309.00 SH
DEFINED 01 2309.00
Baldwin & Lyons - Class A COM 057755100 727 35550.00 SH
DEFINED 01 35550.00
Bank Amer Corp COM 060505104 1012 18166.66 SH
DEFINED 01 18166.66
Baxter International COM 071813109 996 16526.00 SH
DEFINED 01 16526.00
Berkshire Hathaway - Class A COM 084670108 275 5.00 SH
DEFINED 01 5.00
Boise Office Products COM 097403109 169 15500.00 SH
DEFINED 01 15500.00
Bristol-Myers Squibb COM 110122108 344 5100.00 SH
DEFINED 01 5100.00
CNF Transportation COM 12612w104 4653 124900.00SH
DEFINED 01 124900.00
CVS Corp COM 585745102 267 6540.00 SH
DEFINED 01 6540.00
Capital Southwest COM 140501107 571 7772.00 SH
DEFINED 01 7772.00
Capital Trust - MD Class A COM 14052H100 1399 283260.00SH
DEFINED 01 283260.00
Carnival Corp. COM 143658102 4009 92172.00 SH
DEFINED 01 92172.00
Catalina Marketing COM 148867104 1005 11855.00 SH
DEFINED 01 11855.00
Celestica COM 15101q108 247 5000.00 SH
DEFINED 01 5000.00
Champion Enterprises COM 158496109 2033 225900.00SH
DEFINED 01 225900.00
Coca Cola COM 191216100 343 7100.32 SH
DEFINED 01 7100.32
Comdisco, Inc. COM 200336105 881 45600.00 SH
DEFINED 01 45600.00
Commercial Metals Company COM 201723103 404 14059.00 SH
DEFINED 01 14059.00
Compaq Computer Corp COM 204493100 3545 154956.00SH
DEFINED 01 154956.00
Consolidated Delivery & Logist COM 209029107 216 73500.00 SH
DEFINED 01 73500.00
Consolidated Edison Co. of New COM 209115104 208 5000.00 SH
DEFINED 01 5000.00
Corning, Inc. COM 219350105 8820 128646.00SH
DEFINED 01 128646.00
Danielson Holding COM 236274106 1046 174300.00SH
DEFINED 01 174300.00
Diamond Home Services, Inc. COM 252648100 933 933300.00SH
DEFINED 01 933300.00
Diebold Inc. COM 253651103 578 25000.00 SH
DEFINED 01 25000.00
Disney, Walt COM 254687106 1193 45895.00 SH
DEFINED 01 45895.00
Donnelley, R.R., & Sons COM 257867101 5033 174314.00SH
DEFINED 01 174314.00
Dynamex COM 26784F103 1217 556300.00SH
DEFINED 01 556300.00
EIS International COM 268539103 1581 550000.00SH
DEFINED 01 550000.00
EMC Corp COM 268648102 1527 21400.00 SH
DEFINED 01 21400.00
Elan Corp COM 284131208 10531 313758.00SH
DEFINED 01 313758.00
Electro Scientific Industries COM 285229100 2398 45000.00 SH
DEFINED 01 45000.00
Exxon COM 302290101 742 9761.17 SH
DEFINED 01 9761.17
FPL Group COM 302571104 202 4000.00 SH
DEFINED 01 4000.00
Federal National Mortgage Corp COM 313586109 564 9000.00 SH
DEFINED 01 9000.00
Ford Motor COM 345370100 201 4000.00 SH
DEFINED 01 4000.00
General Electric COM 369604103 5822 49105.00 SH
DEFINED 01 49105.00
Gillette Company COM 375766102 255 7522.00 SH
DEFINED 01 7522.00
Guidant Corporation COM 401698105 6054 112900.00SH
DEFINED 01 112900.00
Health Care Property Investors COM 421915109 559 21300.00 SH
DEFINED 01 21300.00
Helmerich & Payne COM 423452101 9120 360316.00SH
DEFINED 01 360316.00
Home Depot, Inc. COM 437076102 412 6000.00 SH
DEFINED 01 6000.00
IMS Health, Inc. COM 449934108 342 15000.00 SH
DEFINED 01 15000.00
Illinois Tool Works COM 452308109 517 6940.00 SH
DEFINED 01 6940.00
Information Resources COM 456905108 321 29000.00 SH
DEFINED 01 29000.00
Int'l Business Machines COM 459200101 6845 56570.00 SH
DEFINED 01 56570.00
Intel Corp COM 458140100 236 3180.00 SH
DEFINED 01 3180.00
Lexmark Int'l Group - Class A COM 529771107 225 2800.00 SH
DEFINED 01 2800.00
Liberty Media Group - Class A COM 87924v507 12545 336206.00SH
DEFINED 01 336206.00
Loral Space Communications COM g56462107 430 25000.00 SH
DEFINED 01 25000.00
MCI WorldCom, Inc. COM 55268b106 6456 89818.00 SH
DEFINED 01 89818.00
Magna International COM 559222401 248 5000.00 SH
DEFINED 01 5000.00
Mallon Resources COM 561240201 1272 147500.00SH
DEFINED 01 147500.00
Manpower, Inc. COM 56418h100 10750 369100.00SH
DEFINED 01 369100.00
McKesson HBOC COM 581557105 4667 160914.33SH
DEFINED 01 160914.33
MediaOne Group, Inc. COM 58440j104 205 3000.00 SH
DEFINED 01 3000.00
Mellon Financial Corp COM 58551a108 4475 133100.00SH
DEFINED 01 133100.00
Mentor Graphics COM 587200106 3506 409500.00SH
DEFINED 01 409500.00
Merck & Co. COM 589331107 680 10490.00 SH
DEFINED 01 10490.00
Microsoft COM 594918104 1455 16070.00 SH
DEFINED 01 16070.00
Miller Industries COM 600551105 73 25900.00 SH
DEFINED 01 25900.00
Minnesota Mining & Manufacturi COM 604059105 616 6410.00 SH
DEFINED 01 6410.00
Molex, Inc. COM 608554101 294 8074.00 SH
DEFINED 01 8074.00
Molex, Inc. - Class A COM 608554200 2375 73361.00 SH
DEFINED 01 73361.00
Motorola COM 620076109 836 9500.00 SH
DEFINED 01 9500.00
Mylan Labs, Inc. COM 628530107 7945 432369.00SH
DEFINED 01 432369.00
Newbridge Networks COM 650901101 12475 478650.00SH
DEFINED 01 478650.00
North American Vaccine COM 657201109 1659 221200.00SH
DEFINED 01 221200.00
Northern Trust Corp COM 665859104 352 4220.00 SH
DEFINED 01 4220.00
Nutraceutical Int'l COM 67060Y101 1201 310000.00SH
DEFINED 01 310000.00
Pe Corp Pe Biosystems Group COM 69332s102 260 3600.00 SH
DEFINED 01 3600.00
Pfizer, Inc. COM 717081103 494 13770.00 SH
DEFINED 01 13770.00
ProLogis COM 743410102 1181 62561.00 SH
DEFINED 01 62561.00
Protocol Systems, Inc. COM 74371r106 2100 300000.00SH
DEFINED 01 300000.00
Robotic Vision Systems, Inc. COM 771074101 3213 842743.00SH
DEFINED 01 842743.00
Rocky Mountain Chocolate Facto COM 774678403 458 78000.00 SH
DEFINED 01 78000.00
Royal Caribbean Cruises COM v7780t103 5306 117900.00SH
DEFINED 01 117900.00
Rural Metro COM 781748108 1954 295000.00SH
DEFINED 01 295000.00
Ryerson Tull, Inc. COM 78375p107 6535 282608.00SH
DEFINED 01 282608.00
SBC Communications, Inc. COM 78387g103 4343 85054.00 SH
DEFINED 01 85054.00
Saks, Inc. COM 79377w108 7415 488200.00SH
DEFINED 01 488200.00
Sara Lee COM 803111103 1629 69700.00 SH
DEFINED 01 69700.00
Scholastic International COM 807066105 625 12500.00 SH
DEFINED 01 12500.00
Scientific Atlanta COM 808655104 248 5000.00 SH
DEFINED 01 5000.00
Sealed Air Corp COM 81211k100 257 5000.00 SH
DEFINED 01 5000.00
Sensormatic Electronics COM 817265101 8569 675400.00SH
DEFINED 01 675400.00
Sigma Aldrich COM 826552101 318 10000.00 SH
DEFINED 01 10000.00
Solectron Corp COM 834182107 4776 66500.00 SH
DEFINED 01 66500.00
Southernera Resources Ltd COM 843901109 40 15000.00 SH
DEFINED 01 15000.00
Starbucks Corp COM 855244109 322 13000.00 SH
DEFINED 01 13000.00
Sybron International Corp COM 87114F106 2046 76134.00 SH
DEFINED 01 76134.00
Sylvan Learning Systems COM 871399101 4571 235900.00SH
DEFINED 01 235900.00
Symbol Technologies COM 871508107 4879 145105.00SH
DEFINED 01 145105.00
Tech Data Corp. COM 878237106 442 19000.00 SH
DEFINED 01 19000.00
Tellabs, Inc. COM 879664100 228 4000.00 SH
DEFINED 01 4000.00
Tenet Healthcare COM 88033g100 7509 427563.00SH
DEFINED 01 427563.00
Teva Pharmaceutical COM 881624209 6921 137559.00SH
DEFINED 01 137559.00
Thomas & Betts COM 884315102 9607 188379.00SH
DEFINED 01 188379.00
Total Systems Services Inc. COM 891906109 535 32925.34 SH
DEFINED 01 32925.34
Travelers Prop Casualty A COM 893939108 266 9000.00 SH
DEFINED 01 9000.00
True North Communications COM 897844106 13168 362000.00SH
DEFINED 01 362000.00
Tyler Technologies Inc. COM 902252105 998 225000.00SH
DEFINED 01 225000.00
Viacom - Class B COM 925524308 8276 195893.00SH
DEFINED 01 195893.00
Wal-Mart Stores COM 931142103 2941 61830.00 SH
DEFINED 01 61830.00
Walgreen COM 931422109 497 19600.00 SH
DEFINED 01 19600.00
Wallace Computer Services COM 932270101 628 31000.00 SH
DEFINED 01 31000.00
Accuhealth, Inc. RET EQ 004380101 2 12000.00 SH
DEFINED 01 12000.00
Acorn Investment Trust - Commo RET EQ 004851101 282 15460.26 SH
DEFINED 01 15460.26
Banc One Corp RET EQ 06423a103 554 15916.00 SH
DEFINED 01 15916.00
Dynamex, Inc. RET EQ 26784F103 98 44960.00 SH
DEFINED 01 44960.00
Microsoft RET EQ 594918104 398 4400.00 SH
DEFINED 01 4400.00
Odwalla, Inc. RET EQ 676111107 64 10300.00 SH
DEFINED 01 10300.00
U.S. Realtel {RESTRICTED} RET EQ 902979103 191 32500.00 SH
DEFINED 01 32500.00
45000
S REPORT SUMMARY 126 DATA RECORDS 305319 1 OTHER MANAGERS ON
WHOSE BEHALF REPORT IS FILED
</TABLE>
