BEGIN COVER PAGE
13F-HR FOR PERIOD ENDING MAR 31 1999
TALON ASSET MANAGEMENT
ONE NORTH FRANKLIN SUITE 450
CHICAGO IL 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 ARE BEING REPORTED
ENTRY TOTAL 118
VALUE TOTAL 308677
END SUMMARY PAGE
<TABLE>
VALUE SHARES/
SH/ PUT/ INVSTMT -----VOTING AUTHORITY-----
NAME OF ISSUER -TITLE OF CLASS- --CUSIP-- (x$1000) PRN AMT
PRN CALL DSCRETN -MANAGERS- SOLE SHARED NONE
<C>
<C>
D A.M. Castle COM 148411101 613 50000.00
SH
DEFINED 01 50000.00
D AFLAC, Inc. COM 001055102 312 5726.00
SH
DEFINED 01 5726.00
D Abbott Labs COM 002824100 2892 61779.00
SH
DEFINED 01 61779.00
D Accuhealth, Inc. COM 004380101 8 12000.00
SH
DEFINED 01 12000.00
D Alberto Culver Cls A COM 013068200 866 40740.00
SH
DEFINED 01 40740.00
D Ambac Financial Group COM 023139108 1946 36034.00
SH
DEFINED 01 36034.00
D American Int'l Group COM 026874107 4011 33250.00
SH
DEFINED 01 33250.00
D American Power Conversion Corp COM 029066107 6496
240600.00SH
DEFINED 01 240600.00
D Ameritech Corporation COM 030954101 917 15910.00
SH
DEFINED 01 15910.00
D Amli Residential Properties Tr COM 001735109 3080
149338.00SH
DEFINED 01 149338.00
D Aon Corp COM 037389103 911 14398.00
SH
DEFINED 01 14398.00
D BPA Amoco PLC - Sponsored ADR COM 055622104 281 2783.00
SH
DEFINED 01 2783.00
D Baldwin & Lyons - Class A COM 057755100 738 35550.00
SH
DEFINED 01 35550.00
D Baldwin & Lyons - Class B COM 057755209 251 12050.00
SH
DEFINED 01 12050.00
D BankAmerica COM 06605f102 1209 17112.00
SH
DEFINED 01 17112.00
D Baxter International COM 071813109 1370 20757.00
SH
DEFINED 01 20757.00
D Berkshire Hathaway - Class A COM 084670108 357 5.00
SH
DEFINED 01 5.00
D Bristol-Myers Squibb COM 110122108 359 5600.00
SH
DEFINED 01 5600.00
D CVS Corp COM 585745102 311 6540.00
SH
DEFINED 01 6540.00
D Capital Southwest COM 140501107 567 7772.00
SH
DEFINED 01 7772.00
D Capital Trust - MD Class A COM 14052H100 948
194460.00SH
DEFINED 01 194460.00
D Carnival Corp. COM 143658102 4564 93972.00
SH
DEFINED 01 93972.00
D Catalina Marketing COM 148867104 1915 22300.00
SH
DEFINED 01 22300.00
D Cerner Corp COM 156782104 7629
474964.00SH
DEFINED 01 474964.00
D Circus Circus COM 172909103 205 11700.00
SH
DEFINED 01 11700.00
D Coca Cola COM 191216100 276 4499.00
SH
DEFINED 01 4499.00
D Columbia/HCA Healthcare COM 197677107 7117
375809.00SH
DEFINED 01 375809.00
D Comdisco, Inc. COM 200336105 1126 63000.00
SH
DEFINED 01 63000.00
D Commercial Metals Company COM 201723103 281 14059.00
SH
DEFINED 01 14059.00
D Compaq Computer Corp COM 204493100 7374
232716.00SH
DEFINED 01 232716.00
D Consolidated Delivery & Logist COM 209029107 239 73500.00
SH
DEFINED 01 73500.00
D Consolidated Edison Co. of New COM 209115104 227 5000.00
SH
DEFINED 01 5000.00
D Corning, Inc. COM 219350105 9684
161396.00SH
DEFINED 01 161396.00
D Danielson Holding COM 236274106 1172
407700.00SH
DEFINED 01 407700.00
D Dean Foods Company COM 242361103 2494 70000.00
SH
DEFINED 01 70000.00
D Diamond Home Services, Inc. COM 252648100 2963
740800.00SH
DEFINED 01 740800.00
D Diebold Inc. COM 253651103 648 27000.00
SH
DEFINED 01 27000.00
D Disney, Walt COM 254687106 1394 44795.00
SH
DEFINED 01 44795.00
D Donnelley, R.R., & Sons COM 257867101 10426
323904.00SH
DEFINED 01 323904.00
D Dynamex COM 26784F103 1321
556300.00SH
DEFINED 01 556300.00
D EIS International COM 268539103 1375
550000.00SH
DEFINED 01 550000.00
D Elan Corp COM 284131208 11000
157710.00SH
DEFINED 01 157710.00
D Electro Scientific Industries COM 285229100 4325 93000.00
SH
DEFINED 01 93000.00
D Enron Corp COM 293561106 206 3200.00
SH
DEFINED 01 3200.00
D Equity Office Properties COM 294741103 584 23000.00
SH
DEFINED 01 23000.00
D Exxon COM 302290101 1055 14948.00
SH
DEFINED 01 14948.00
D FPL Group COM 302571104 213 4000.00
SH
DEFINED 01 4000.00
D Federal National Mortgage Corp COM 313586109 688 9936.00
SH
DEFINED 01 9936.00
D Ford Motor COM 345370100 227 4000.00
SH
DEFINED 01 4000.00
D Fruit of the Loom COM g3682l105 237 22000.00
SH
DEFINED 01 22000.00
D General Electric COM 369604103 6007 54305.00
SH
DEFINED 01 54305.00
D Gillette Company COM 375766102 501 8426.00
SH
DEFINED 01 8426.00
D HCR Manor Care, Inc. COM 421937103 7952
348562.00SH
DEFINED 01 348562.00
D Health Care Property Investors COM 421915109 1072 37276.00
SH
DEFINED 01 37276.00
D Helmerich & Payne COM 423452101 10467
461337.00SH
DEFINED 01 461337.00
D Home Depot, Inc. COM 437076102 373 6000.00
SH
DEFINED 01 6000.00
D IMS Health, Inc. COM 449934108 298 9000.00
SH
DEFINED 01 9000.00
D Illinois Tool Works COM 452308109 610 9854.00
SH
DEFINED 01 9854.00
D Int'l Business Machines COM 459200101 5470 30860.00
SH
DEFINED 01 30860.00
D Jefferson Pilot Corp COM 475070108 224 3300.00
SH
DEFINED 01 3300.00
D Liberty Media Group - Class A COM 87924v507 11075
210600.00SH
DEFINED 01 210600.00
D Loral Space Communications COM g56462107 650 45000.00
SH
DEFINED 01 45000.00
D MCI WorldCom, Inc. COM 55268b106 9723
109782.00SH
DEFINED 01 109782.00
D Mallon Resources COM 561240201 1200
160000.00SH
DEFINED 01 160000.00
D Manpower, Inc. COM 56418h100 351 15000.00
SH
DEFINED 01 15000.00
D Mellon Bank Corp COM 585509102 5727 81377.00
SH
DEFINED 01 81377.00
D Mentor Graphics COM 587200106 540 40000.00
SH
DEFINED 01 40000.00
D Merck & Co. COM 589331107 980 12230.00
SH
DEFINED 01 12230.00
D Microsoft COM 594918104 1831 20434.00
SH
DEFINED 01 20434.00
D Miller Industries COM 600551105 390 82000.00
SH
DEFINED 01 82000.00
D Minnesota Mining & Manufacturi COM 604059105 559 7902.00
SH
DEFINED 01 7902.00
D Molex, Inc. COM 608554101 237 8074.00
SH
DEFINED 01 8074.00
D Molex, Inc. - Class A COM 608554200 1857 71961.00
SH
DEFINED 01 71961.00
D Morgan Stanley Dean Witter & C COM 617446448 218 2180.00
SH
DEFINED 01 2180.00
D Motorola COM 620076109 983 13416.00
SH
DEFINED 01 13416.00
D Mylan Labs, Inc. COM 628530107 14675
534853.00SH
DEFINED 01 534853.00
D NCR Corp. COM 62886E108 7825
156500.00SH
DEFINED 01 156500.00
D North American Vaccine COM 657201109 2300
375500.00SH
DEFINED 01 375500.00
D Northern Trust Corp COM 665859104 375 4220.00
SH
DEFINED 01 4220.00
D Nutraceutical Int'l COM 67060Y101 1337
310000.00SH
DEFINED 01 310000.00
D Pfizer, Inc. COM 717081103 849 6119.00
SH
DEFINED 01 6119.00
D ProLogis COM 743410102 1813 88461.00
SH
DEFINED 01 88461.00
D Protocol Systems, Inc. COM 74371r106 1800
300000.00SH
DEFINED 01 300000.00
D Robotic Vision Systems, Inc. COM 771074101 2361
1020958.00SH DEFINED 01 1020958.00
D Roche Group - Dividend Right C COM 047457726 244 20.00
SH
DEFINED 01 20.00
D Rocky Mountain Chocolate Facto COM 774678403 263 78000.00
SH
DEFINED 01 78000.00
D Rural Metro COM 781748108 2342
295000.00SH
DEFINED 01 295000.00
D Ryerson Tull, Inc. COM 78375p107 4975
338750.00SH
DEFINED 01 338750.00
D SBC Communications, Inc. COM 78387G103 4641 98348.00
SH
DEFINED 01 98348.00
D Saks Holdings, Inc. COM 79377w108 5624
216300.00SH
DEFINED 01 216300.00
D Sara Lee COM 803111103 2094 84600.00
SH
DEFINED 01 84600.00
D Sigma Aldrich COM 826552101 468 16000.00
SH
DEFINED 01 16000.00
D Solectron Corp COM 834182107 3846 79200.00
SH
DEFINED 01 79200.00
D Southernera Resources Ltd COM 843901109 88 15000.00
SH
DEFINED 01 15000.00
D Sprint Corp - FON Group COM 852061100 202 2058.00
SH
DEFINED 01 2058.00
D St. Paul Bancorp COM 792848103 6334
292468.00SH
DEFINED 01 292468.00
D Starbucks Corp COM 855244109 8586
305966.00SH
DEFINED 01 305966.00
D Sterling Commerce COM 859205106 5974
194263.00SH
DEFINED 01 194263.00
D Sybron International Corp COM 87114F106 2188 87534.00
SH
DEFINED 01 87534.00
D Tellabs, Inc. COM 879664100 244 2500.00
SH
DEFINED 01 2500.00
D Tenet Healthcare COM 88033G100 4267
225313.00SH
DEFINED 01 225313.00
D Teva Pharmaceutical COM 881624209 11287
238251.00SH
DEFINED 01 238251.00
D Thomas & Betts COM 884315102 9134
243157.00SH
DEFINED 01 243157.00
D Times Mirror Company COM 887364107 225 4162.00
SH
DEFINED 01 4162.00
D Travelers Prop Casualty A COM 893939108 644 18000.00
SH
DEFINED 01 18000.00
D Tyler Corp COM 902184100 438
100000.00SH
DEFINED 01 100000.00
D Viacom - Class B COM 925524308 9154
109063.00SH
DEFINED 01 109063.00
D Wal-Mart Stores COM 931142103 3311 35915.00
SH
DEFINED 01 35915.00
D Walgreen COM 931422109 1294 45803.00
SH
DEFINED 01 45803.00
D Wang Labs COM 93369n109 6156
313700.00SH
DEFINED 01 313700.00
D Warner Lambert COM 934488107 239 3600.00
SH
DEFINED 01 3600.00
D Zale Corporation COM 988858106 513 15000.00
SH
DEFINED 01 15000.00
D Banc One Corp RET EQ 06423a103 876 15916.00
SH
DEFINED 01 15916.00
D Dynamex, Inc. RET EQ 26784F103 107 44960.00
SH
DEFINED 01 44960.00
D McKesson HBOC, Inc. RET EQ 58155q103 264 4004.00
SH
DEFINED 01 4004.00
D Microsoft RET EQ 594918104 251 2800.00
SH
DEFINED 01 2800.00
D Tomahawk Corporation RET EQ 88978c106 16 85080.00
SH
DEFINED 01 85080.00
D U.S. Realtel {RESTRICTED} RET EQ 902979103 358 32500.00
SH
DEFINED 01 32500.00
S REPORT SUMMARY 118 DATA RECORDS 308677
1 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
</TABLE>
