UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 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: Heritage Investors Management Corp.
Address: 7101 Wisconsin Avenue
Suite 1112
Bethesda, MD 20814
13F File Number: 28-4650
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: Michael S. Cornfeld
Title: President
Phone: 301-951-0440
Signature, Place, and Date of Signing:
Michael S. Cornfeld Bethesda, Maryland May 14, 1999
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 REQUIRED BY THE SECURITIES EXCHANGE
ACT OF 1934
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FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 139
Form 13F Information Table Value Total: $318,696
List of Other Included Managers:
No. 13F File Number Name
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FORM 13F INFORMATION TABLE
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5
ITEM 6 ITEM 7 ITEM 8
VALUE SHARES/
SH/ PUT/ INVSTMT ---VOTINGAUTHORITY---
NAME OF ISSUER TITLE OF CLASS CUSIP X$1000 PRN AMT
PR CALL DSCRET MGRS SOLE SHARED NONE
AT&T CORP COM 001957109 2,960 37,085
SH SOLE 37,085 0 0
ABBOTT LABORATORIES COM 002824100 2,313 49,410
SH SOLE 49,410 0 0
AIR PRODUCTS & CHEMICALS INC COM 009158106 1,486 43,400
SH SOLE 43,400 0 0 0
ALEXANDER & BALDWIN INC COM 014482103 142 7,250
SH SOLE 7,250 0 0
ALLIEDSIGNAL INC COM 019512102 2,689 54,668
SH SOLE 54,668 0 0
AMERICAN EXPRESS CO COM 025816109 4,546 38,610
SH SOLE 38,610 0 0
AMERICAN HOME PRODUCTS CORP COM 026609107 6,038 92,535
SH SOLE 92,535 0 0
AMERICAN INTL GROUP COM 026874107 236 1,956
SH SOLE 1,956 0 0
AMGEN INC COM 031162100 6,042 80,700
SH SOLE 80,700 0 0
AMP INC COM 031897101 497 9,287
SH SOLE 9,287 0 0
ANHEUSER BUSCH COS INC COM 035229103 4,400 57,800
SH SOLE 57,800 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 2,372 161,529
SH SOLE 161,529 0 0
ASSOCIATES FIRST CAPITAL COM 046008108 797 17,700
SH SOLE 17,700 0 0
ATLANTIC RICHFIELD CO COM 048825103 986 13,489
SH SOLE 13,489 0 0
BP AMOCO PLC ADR SPONSORED ADR 055622104 395 3,913
SH SOLE 3,913 0 0
BANKAMERICA CORP COM 06605F102 199 2,816
SH SOLE 2,816 0 0
BELL ATLANTIC CORP COM 077853109 197 3,816
SH SOLE 3,816 0 0
BERKSHIRE HATHAWAY CLASS A COM 084670108 71 1
SH SOLE 1 0 0
BERKSHIRE HATHAWAY CLASS B COM 084670207 3,536 1,504
SH SOLE 1,504 0 0
BESTFOODS COM 08658V101 2,356 50,130
SH SOLE 50,130 0 0
BLOCK H & R INC COM 093671105 1,215 25,639
SH SOLE 25,639 0 0
BOEING CO COM 097023105 2,669 78,495
SH SOLE 78,495 0 0
BRISTOL-MYERS SQUIBB CO COM 110122108 5,764 89,880
SH SOLE 89,880 0 0
CSX CORP COM 126408103 715 18,356
SH SOLE 18,356 0 0
CABOT CORP COM 127055101 219 10,300
SH SOLE 10,300 0 0
CALLAWAY GOLF CO COM 131193104 697 68,405
SH SOLE 68,405 0 0
CANANDAIGUA BRANDS INC CL A COM 137219200 846 16,800
SH SOLE 16,800 0 0
CAPITAL ONE FINANCIAL CORP COM 14040H105 121 800
SH SOLE 800 0 0
CATERPILLAR INC COM 149123101 216 4,705
SH SOLE 4,705 0 0
CHOICE HOTELS HOLDINGS INC COM 170380109 1,176 83,625
SH SOLE 83,625 0 0
CHUBB CORP COM 171232101 152 2,600
SH SOLE 2,600 0 0
CITIGROUP INC COM 172967101 2,928 45,842
SH SOLE 45,842 0 0
COCA COLA CO COM 191216100 795 12,954
SH SOLE 12,954 0 0
COMPAQ COMPUTER COM 204493100 455 14,344
SH SOLE 14,344 0 0
CONAGRA INC COM 205887102 1,709 66,676
SH SOLE 66,676 0 0
COOPER INDUSTRIES INC COM 216669101 1,028 24,109
SH SOLE 24,109 0 0
CORN PRODUCTS INTL INC COM 219023108 898 37,526
SH SOLE 37,526 0 0
DISNEY WALT CO COM 254687106 2,362 75,901
SH SOLE 75,901 0 0
DONALDSON INC COM 257651109 1,984 110,242
SH SOLE 110,242 0 0
DU PONT E I DE NEMOURS COM 263534109 6,115 105,324
SH SOLE 105,324 0 0
EASTMAN CHEMICAL CO COM 277432100 1,946 46,256
SH SOLE 46,256 0 0
EASTMAN KODAK CO COM 277461109 3,352 52,480
SH SOLE 52,480 0 0
EQUITY RESIDENTIAL PROP TRUST COM 29476L107 215 5,202
SH SOLE 5,202 0 0
EXXON CORP COM 302290101 2,960 41,952
SH SOLE 41,952 0 0
FANNIE MAE COM 313586109 4,232 61,113
SH SOLE 61,113 0 0
FEDERAL REALTY INVESTMENT TR COM 313747206 873 41,185
SH SOLE 41,185 0 0
FINOVA GROUP INC COM 317928109 4,434 85,480
SH SOLE 85,480 0 0
FIRST UNION CORP COM 337358105 359 6,712
SH SOLE 6,712 0 0
FLUOR CORP COM 343861100 1,788 66,230
SH SOLE 66,230 0 0
FORD MOTOR CO COM 345370100 1,993 35,149
SH SOLE 35,149 0 0
GANNETT INC COM 364730101 2,700 42,852
SH SOLE 42,852 0 0
GAP INC COM 364760108 5,998 89,104
SH SOLE 89,104 0 0
GENERAL ELECTRIC CO COM 369604103 17,357 156,901
SH SOLE 156,901 0 0
GENERAL MILLS INC COM 370334104 193 2,557
SH SOLE 2,557 0 0
GENERAL MOTORS CORP COM 370442105 2,743 31,527
SH SOLE 31,527 0 0
GEORGIA PACIFIC--GA PAC GROUP COM 373298108 1,101 14,833
SH SOLE 14,833 0 0
GEORGIA PACIFIC--TIMBER GROUP COM 373298702 322 14,333
SH SOLE 14,333 0 0
GILLETTE CO COM 375766102 1,587 26,700
SH SOLE 26,700 0 0
GUIDANT CORP COM 401698105 8,214 135,774
SH SOLE 135,774 0 0
HCR MANOR CARE INC COM 404134108 2,441 106,982
SH SOLE 106,982 0 0
HARCOURT GENERAL INC COM 41163G101 1,254 28,300
SH SOLE 28,300 0 0
HERSHEY FOODS CORP COM 427866108 1,182 21,085
SH SOLE 21,085 0 0
HEWLETT PACKARD CO COM 428236103 4,106 60,542
SH SOLE 60,542 0 0
HOME DEPOT INC COM 437076102 1,404 22,552
SH SOLE 22,552 0 0
HONEYWELL INC COM 438506107 243 3,200
SH SOLE 3,200 0 0
INDEPENDENCE FED SVGS BANK COM 453432106 594 44,000
SH SOLE 44,000 0 0
ING GROEP NV ADR SPONSORED ADR 456837103 824 15,000
SH SOLE 15,000 0 0
INTEL CORP COM 458140100 4,134 34,775
SH SOLE 34,775 0 0
INTERMEDIA COMMUNICATIONS COM 458801107 213 8,000
SH SOLE 8,000 0 0
INTERNATIONAL BUSINESS MACHINE COM 459200101 4,683 26,420
SH SOLE 26,420 0 0
INTERNATIONAL PAPER CO COM 460146103 1,660 39,340
SH SOLE 39,340 0 0
JOHNSON & JOHNSON COM 478160104 8,158 87,250
SH SOLE 87,250 0 0
JOSTENS INC COM 481088102 1,047 49,264
SH SOLE 49,264 0 0
KELLOGG CO COM 487836108 634 18,750
SH SOLE 18,750 0 0
KIMBERLY CLARK CORP COM 494368103 3,056 63,753
SH SOLE 63,753 0 0
LEE ENTERPRISES INC COM 523768109 345 11,900
SH SOLE 11,900 0 0
LIBERTY CORP COM 530370105 1,783 34,000
SH SOLE 34,000 0 0
LILLY ELI & CO COM 532457108 3,572 42,081
SH SOLE 42,081 0 0
LIZ CLAIBORNE INC COM 539320101 859 26,333
SH SOLE 26,333 0 0
LOCKHEED MARTIN CORP COM 539830109 130 3,442
SH SOLE 3,442 0 0
LOEWS CORP COM 540424108 1,294 17,340
SH SOLE 17,340 0 0
LUCENT TECHNOLOGIES INC COM 546463107 2,016 18,663
SH SOLE 18,663 0 0
MBIA INC COM 55262C100 3,002 51,765
SH SOLE 51,765 0 0
MBNA CORP COM 55262L100 635 26,580
SH SOLE 26,580 0 0
MCI WORLDCOM INC COM 55268B106 890 10,049
SH SOLE 10,049 0 0
MALLINCKRODT GROUP INC COM 561226101 1,627 61,125
SH SOLE 61,125 0 0
MARK IV INDS INC COM 570387100 914 70,334
SH SOLE 70,334 0 0
MARTIN MARIETTA MATERIALS INC COM 573284106 2,853 49,990
SH SOLE 49,990 0 0
MAY DEPT STORES CO COM 577778103 8,289 211,852
SH SOLE 211,852 0 0
MCDONALDS CORP COM 580135101 6,422 141,736
SH SOLE 141,736 0 0
MCKESSON CORP COM 581557105 1,099 16,655
SH SOLE 16,655 0 0
MERCK & CO INC COM 589331107 8,088 100,944
SH SOLE 100,944 0 0
MICROSOFT CORP COM 594918104 2,776 30,976
SH SOLE 30,976 0 0
MILLIPORE COM 601073109 1,163 48,200
SH SOLE 48,200 0 0
MINNESOTA MINING & MANUF CO COM 604059105 2,651 37,468
SH SOLE 37,468 0 0
MOBIL CORP COM 607059102 2,687 30,530
SH SOLE 30,530 0 0
MONSANTO CO COM 611662107 151 3,280
SH SOLE 3,280 0 0
MORGAN STANLEY DEAN WITTER COM 617446448 2,223 22,248
SH SOLE 22,248 0 0
MOTOROLA INC COM 620076109 4,619 63,062
SH SOLE 63,062 0 0
NEW YORK TIMES CO CL A COM 650111107 496 17,400
SH SOLE 17,400 0 0
NIKE INC CLASS B COM 654106103 3,003 52,065
SH SOLE 52,065 0 0
NORFOLK SOUTHERN CORP COM 655844108 2,347 89,001
SH SOLE 89,001 0 0
OWENS CORNING COM 69072F103 124 3,900
SH SOLE 3,900 0 0
PMI GROUP INC COM 69344M101 1,736 37,425
SH SOLE 37,425 0 0
PACCAR INC COM 693718108 2,474 60,062
SH SOLE 60,062 0 0
PALL CORP COM 696429307 1,312 79,200
SH SOLE 79,200 0 0
PAYLESS SHOESOURCE INC COM 704379106 2,176 46,800
SH SOLE 46,800 0 0
PEPSICO INC COM 713448108 5,371 137,061
SH SOLE 137,061 0 0
PFIZER INC COM 717081103 4,325 31,173
SH SOLE 31,173 0 0
PHILIP MORRIS COS INC COM 718154107 2,879 81,812
SH SOLE 81,812 0 0
POTOMAC ELECTRIC POWER CO COM 737679100 253 10,893
SH SOLE 10,893 0 0
PRAXAIR INC COM 74005P104 1,426 39,550
SH SOLE 39,550 0 0
PROCTER & GAMBLE CO COM 742718109 5,966 60,913
SH SOLE 60,913 0 0
RAYTHEON CO CLASS A COM 755111309 1,835 31,774
SH SOLE 31,774 0 0
RAYTHEON CO CLASS B COM 755111408 53 900
SH SOLE 900 0 0
ROYAL DUTCH PETROLEUM COM 780257705 173 3,332
SH SOLE 3,332 0 0
SBC COMMUNICATIONS INC COM 78387G103 257 5,452
SH SOLE 5,452 0 0
SLM HOLDING CORP COM 78442A109 5,436 130,206
SH SOLE 130,206 0 0
ST JOHN KNITS INC COM 790289102 327 12,400
SH SOLE 12,400 0 0
ST PAUL COS INC COM 792860108 263 8,464
SH SOLE 8,464 0 0
SCHERING PLOUGH CORP COM 806605101 6,619 119,802
SH SOLE 119,802 0 0
SCHLUMBERGER LTD COM 806857108 3,978 66,086
SH SOLE 66,086 0 0
SCRIPPS E W CO CL A COM 811039106 1,395 31,520
SH SOLE 31,520 0 0
SERVICE CORP INTERNATIONAL COM 817565104 1,553 108,988
SH SOLE 108,988 0 0
STUDENT LOAN CORP COM 863902102 872 23,333
SH SOLE 23,333 0 0
SUNBURST HOSPITALITY CORP COM 866948102 107 28,590
SH SOLE 28,590 0 0
SUNTRUST BANKS INC COM 867914103 1,354 21,743
SH SOLE 21,743 0 0
SYLVAN LEARNING SYSTEMS INC COM 871399101 301 11,000
SH SOLE 11,000 0 0
TOSCO CORP COM 891490302 195 7,842
SH SOLE 7,842 0 0
TOYS R US COM 892335100 1,898 100,875
SH SOLE 100,875 0 0
TRICON GLOBAL RESTAURANTS COM 895953107 4,123 58,693
SH SOLE 58,693 0 0
UNION PACIFIC CORP COM 907818108 2,801 52,416
SH SOLE 52,416 0 0
UNION PACIFIC RESOURCES GROUP COM 907834105 1,270 106,963
SH SOLE 106,963 0 0
WAL MART STORES INC COM 931142103 5,402 58,600
SH SOLE 58,600 0 0
WARNER LAMBERT CO COM 934488107 3,497 52,790
SH SOLE 52,790 0 0
WASHINGTON GAS LIGHT CO COM 938837101 316 13,957
SH SOLE 13,957 0 0
WASHINGTON POST CO CL B COM 939640108 4,665 8,945
SH SOLE 8,945 0 0
WEST INC COM 953348109 1,727 54,171
SH SOLE 54,171 0 0
XEROX CORP COM 984121103 1,981 38,000
SH SOLE 38,000 0 0
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