UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: June 30, 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 August 10, 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: 143
Form 13F Information Table Value Total: $339,787
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 3,079 55,173
SH SOLE 55,173 0 0
ABBOTT LABORATORIES COM 002824100 2,181 48,060
SH SOLE 48,060 0 0
AIR PRODUCTS & CHEMICALS INC COM 009158106 1,666 41,400
SH SOLE 41,400 0 0 0
ALEXANDER & BALDWIN INC COM 014482103 141 6,350
SH SOLE 6,350 0 0
ALLIEDSIGNAL INC COM 019512102 3,268 51,868
SH SOLE 51,868 0 0
ALLSTATE CORP COM 020002101 178 4,958
SH SOLE 4,958 0 0
AMERICAN EXPRESS CO COM 025816109 4,923 37,835
SH SOLE 37,835 0 0
AMERICAN HOME PRODUCTS CORP COM 026609107 5,206 90,735
SH SOLE 90,735 0 0
AMERICAN INTL GROUP COM 026874107 229 1,956
SH SOLE 1,956 0 0
AMGEN INC COM 031162100 4,967 81,600
SH SOLE 81,600 0 0
ANHEUSER BUSCH COS INC COM 035229103 3,937 55,500
SH SOLE 55,500 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 2,501 161,973
SH SOLE 161,973 0 0
ASSOCIATES FIRST CAPITAL COM 046008108 749 16,968
SH SOLE 16,968 0 0
ATLANTIC RICHFIELD CO COM 048825103 1,136 13,589
SH SOLE 13,589 0 0
BP AMOCO PLC ADR SPONSORED ADR 055622104 425 3,913
SH SOLE 3,913 0 0
BANK OF AMERICA CORP COM 060505104 206 2,816
SH SOLE 2,816 0 0
BELL ATLANTIC CORP COM 077853109 243 3,710
SH SOLE 3,710 0 0
BERKSHIRE HATHAWAY CLASS A COM 084670108 69 1
SH SOLE 1 0 0
BERKSHIRE HATHAWAY CLASS B COM 084670207 3,317 1,481
SH SOLE 1,481 0 0
BESTFOODS COM 08658U101 2,382 48,130
SH SOLE 48,130 0 0
BLOCK H & R INC COM 093671105 1,232 24,639
SH SOLE 24,639 0 0
BOEING CO COM 097023105 3,410 77,495
SH SOLE 77,495 0 0
BRISTOL-MYERS SQUIBB CO COM 110122108 6,415 91,080
SH SOLE 91,080 0 0
CSX CORP COM 126408103 833 18,356
SH SOLE 18,356 0 0
CABOT CORP COM 127055101 254 10,500
SH SOLE 10,500 0 0
CALLAWAY GOLF CO COM 131193104 933 63,805
SH SOLE 63,805 0 0
CANANDAIGUA BRANDS INC CL A COM 137219200 829 15,800
SH SOLE 15,800 0 0
CAPITAL ONE FINANCIAL CORP COM 14040H105 301 5,400
SH SOLE 5,400 0 0
CATERPILLAR INC COM 149123101 279 4,654
SH SOLE 4,654 0 0
CHOICE HOTELS INTL INC COM 169905106 1,652 83,625
SH SOLE 83,625 0 0
CHUBB CORP COM 171232101 181 2,600
SH SOLE 2,600 0 0
CISCO SYSTEMS INC COM 17275R102 155 2,398
SH SOLE 2,398 0 0
CITIGROUP INC COM 172967101 3,254 68,509
SH SOLE 68,509 0 0
COCA COLA CO COM 191216100 834 13,454
SH SOLE 13,454 0 0
COMPAQ COMPUTER COM 204493100 1,646 69,469
SH SOLE 69,469 0 0
COMSAT CORP COM 20564D107 156 4,800
SH SOLE 4,800 0 0
CONAGRA INC COM 205887102 1,775 66,676
SH SOLE 66,676 0 0
COOPER INDUSTRIES INC COM 216669101 1,250 24,041
SH SOLE 24,041 0 0
CORN PRODUCTS INTL INC COM 219023108 1,103 36,226
SH SOLE 36,226 0 0
DELPHI AUTOMOTIVE SYSTEMS COM 247126105 398 21,528
SH SOLE 21,528 0 0
DISNEY WALT CO COM 254687106 2,366 76,801
SH SOLE 76,801 0 0
DONALDSON INC COM 257651109 2,569 104,842
SH SOLE 104,842 0 0
DU PONT E I DE NEMOURS COM 263534109 7,011 102,624
SH SOLE 102,624 0 0
EASTMAN CHEMICAL CO COM 277432100 2,345 45,306
SH SOLE 45,306 0 0
EASTMAN KODAK CO COM 277461109 3,498 51,635
SH SOLE 51,635 0 0
EQUITY INCOME FUND - AT & T COM 294700703 207 1,000
SH SOLE 1,000 0 0
EXXON CORP COM 302290101 3,143 40,752
SH SOLE 40,752 0 0
FARO TECHNOLOGIES INC COM 311642102 116 23,150
SH SOLE 23,150 0 0
FANNIE MAE COM 313586109 4,886 71,593
SH SOLE 71,593 0 0
FEDERAL REALTY INVESTMENT TR COM 313747206 942 41,085
SH SOLE 41,085 0 0
FINOVA GROUP INC COM 317928109 4,754 90,330
SH SOLE 90,330 0 0
FIRST UNION CORP COM 337358105 316 6,712
SH SOLE 6,712 0 0
FLUOR CORP COM 343861100 2,759 68,130
SH SOLE 68,130 0 0
FORD MOTOR CO COM 345370100 1,939 34,349
SH SOLE 34,349 0 0
GANNETT INC COM 364730101 3,037 42,552
SH SOLE 42,552 0 0
GAP INC COM 364760108 6,642 131,859
SH SOLE 131,859 0 0
GENERAL ELECTRIC CO COM 369604103 18,416 162,971
SH SOLE 162,971 0 0
GENERAL MILLS INC COM 370334104 206 2,557
SH SOLE 2,557 0 0
GENERAL MOTORS CORP COM 370442105 2,040 30,907
SH SOLE 30,907 0 0
GEORGIA PACIFIC--GA PAC GROUP COM 373298108 1,192 25,166
SH SOLE 25,166 0 0
GEORGIA PACIFIC--TIMBER GROUP COM 373298702 305 12,083
SH SOLE 12,083 0 0
GILLETTE CO COM 375766102 1,204 29,375
SH SOLE 29,375 0 0
GUIDANT CORP COM 401698105 7,074 138,373
SH SOLE 138,373 0 0
HCR MANOR CARE INC COM 404134108 3,388 140,082
SH SOLE 140,082 0 0
HARCOURT GENERAL INC COM 41163G101 1,433 27,800
SH SOLE 27,800 0 0
HERSHEY FOODS CORP COM 427866108 1,558 26,235
SH SOLE 26,235 0 0
HEWLETT PACKARD CO COM 428236103 5,773 57,442
SH SOLE 57,442 0 0
HOME DEPOT INC COM 437076102 1,466 22,752
SH SOLE 22,752 0 0
INDEPENDENCE FED SVGS BANK COM 453432106 534 44,000
SH SOLE 44,000 0 0
INTEL CORP COM 458140100 4,231 71,110
SH SOLE 71,110 0 0
INTERNATIONAL BUSINESS MACHINE COM 459200101 6,623 51,240
SH SOLE 51,240 0 0
INTERNATIONAL PAPER CO COM 460146103 1,976 39,325
SH SOLE 39,325 0 0
ISPAT INTL N V SPONSORED ADR 464899103 123 11,100
SH SOLE 11,100 0 0
JOHNSON & JOHNSON COM 478160104 8,511 86,850
SH SOLE 86,850 0 0
KELLOGG CO COM 487836108 619 18,750
SH SOLE 18,750 0 0
KIMBERLY CLARK CORP COM 494368103 3,568 62,603
SH SOLE 62,603 0 0
LEE ENTERPRISES INC COM 523768109 363 11,900
SH SOLE 11,900 0 0
LEGGETT & PLATT INC COM 524660107 150 5,400
SH SOLE 5,400 0 0
LIBERTY CORP COM 530370105 1,766 32,400
SH SOLE 32,400 0 0
LILLY ELI & CO COM 532457108 3,021 42,181
SH SOLE 42,181 0 0
LIZ CLAIBORNE INC COM 539320101 947 25,933
SH SOLE 25,933 0 0
LOCKHEED MARTIN CORP COM 539830109 158 4,230
SH SOLE 4,230 0 0
LOEWS CORP COM 540424108 1,372 17,340
SH SOLE 17,340 0 0
LUCENT TECHNOLOGIES INC COM 546463107 2,579 38,242
SH SOLE 38,242 0 0
MBIA INC COM 55262C100 3,261 50,365
SH SOLE 50,365 0 0
MBNA CORP COM 55262L100 1,371 44,780
SH SOLE 44,780 0 0
MCI WORLDCOM INC COM 55268B106 865 10,049
SH SOLE 10,049 0 0
MALLINCKRODT INC COM 561232109 2,132 58,625
SH SOLE 58,625 0 0
MARK IV INDS INC COM 570387100 1,332 63,060
SH SOLE 63,060 0 0
MARRIOTT INTL CLASS A COM 571903202 181 4,838
SH SOLE 4,838 0 0
MARTIN MARIETTA MATERIALS INC COM 573284106 2,867 48,590
SH SOLE 48,590 0 0
MAY DEPT STORES CO COM 577778103 7,706 188,526
SH SOLE 188,526 0 0
MCDONALDS CORP COM 580135101 6,129 149,036
SH SOLE 149,036 0 0
MCKESSON HBOC INC COM 58155Q105 814 25,300
SH SOLE 25,300 0 0
MERCK & CO INC COM 589331107 8,010 108,794
SH SOLE 108,794 0 0
MICROSOFT CORP COM 594918104 3,039 33,696
SH SOLE 33,696 0 0
MILLIPORE COM 601073109 1,933 47,650
SH SOLE 47,650 0 0
MINNESOTA MINING & MANUF CO COM 604059105 3,175 36,518
SH SOLE 36,518 0 0
MOBIL CORP COM 607059102 3,059 30,980
SH SOLE 30,980 0 0
MONSANTO CO COM 611662107 130 3,280
SH SOLE 3,280 0 0
MORGAN STANLEY DEAN WITTER COM 617446448 2,283 22,248
SH SOLE 22,248 0 0
MOTOROLA INC COM 620076109 5,842 61,662
SH SOLE 61,662 0 0
NEW YORK TIMES CO CL A COM 650111107 642 17,450
SH SOLE 17,450 0 0
NIKE INC CLASS B COM 654106103 3,249 51,265
SH SOLE 51,265 0 0
NORFOLK SOUTHERN CORP COM 655844108 2,666 88,504
SH SOLE 88,504 0 0
OWENS CORNING COM 69073F103 134 3,900
SH SOLE 3,900 0 0
PMI GROUP INC COM 69344M101 2,319 36,925
SH SOLE 36,925 0 0
PACCAR INC COM 693718108 3,179 59,562
SH SOLE 59,562 0 0
PALL CORP COM 696429307 1,733 78,100
SH SOLE 78,100 0 0
PAYLESS SHOESOURCE INC COM 704379106 2,498 46,700
SH SOLE 46,700 0 0
PEPSICO INC COM 713448108 5,324 137,611
SH SOLE 137,611 0 0
PFIZER INC COM 717081103 3,529 32,373
SH SOLE 32,373 0 0
PHILIP MORRIS COS INC COM 718154107 3,298 82,062
SH SOLE 82,062 0 0
POTOMAC ELECTRIC POWER CO COM 737679100 303 10,292
SH SOLE 10,292 0 0
PRAXAIR INC COM 74005P104 1,911 39,050
SH SOLE 39,050 0 0
PROCTER & GAMBLE CO COM 742718109 5,445 61,013
SH SOLE 61,013 0 0
QUALCOMM INC COM 747525103 230 1,600
SH SOLE 1,600 0 0
RAYTHEON CO CLASS A COM 755111309 2,166 31,449
SH SOLE 31,449 0 0
RAYTHEON CO CLASS B COM 755111408 63 900
SH SOLE 900 0 0
ROYAL DUTCH PETROLEUM COM 780257804 183 3,032
SH SOLE 3,032 0 0
SBC COMMUNICATIONS INC COM 78387G103 263 4,538
SH SOLE 4,538 0 0
SLM HOLDING CORP COM 78442A109 5,901 128,796
SH SOLE 128,796 0 0
ST JOHN KNITS INC COM 790289102 363 12,400
SH SOLE 12,400 0 0
ST PAUL COS INC COM 792860108 296 9,292
SH SOLE 9,292 0 0
SCHERING PLOUGH CORP COM 806605101 6,374 121,402
SH SOLE 121,402 0 0
SCHLUMBERGER LTD COM 806857108 4,293 67,411
SH SOLE 67,411 0 0
SCRIPPS E W CO CL A COM 811054204 1,499 31,520
SH SOLE 31,520 0 0
SERVICE CORP INTERNATIONAL COM 817565104 2,113 109,788
SH SOLE 109,788 0 0
STUDENT LOAN CORP COM 863902102 908 20,400
SH SOLE 20,400 0 0
SUNBURST HOSPITALITY CORP COM 866948102 175 28,590
SH SOLE 28,590 0 0
SUNTRUST BANKS INC COM 867914103 1,301 18,743
SH SOLE 18,743 0 0
SYLVAN LEARNING SYSTEMS INC COM 871399101 299 11,000
SH SOLE 11,000 0 0
TOYS R US COM 892335100 2,021 97,675
SH SOLE 97,675 0 0
TRICON GLOBAL RESTAURANTS COM 895953107 3,150 58,193
SH SOLE 58,193 0 0
TYCO INTL LTD COM 902124106 736 7,773
SH SOLE 7,773 0 0
UNION PACIFIC CORP COM 907818108 2,958 50,728
SH SOLE 50,728 0 0
UNION PACIFIC RESOURCES GROUP COM 907834105 1,713 104,994
SH SOLE 104,994 0 0
WAL MART STORES INC COM 931142103 5,601 116,090
SH SOLE 116,090 0 0
WARNER LAMBERT CO COM 934488107 3,801 54,990
SH SOLE 54,990 0 0
WASHINGTON GAS LIGHT CO COM 938837101 337 12,957
SH SOLE 12,957 0 0
WASHINGTON POST CO CL B COM 939640108 4,635 8,620
SH SOLE 8,620 0 0
WEST PHARMACEUTICAL SERVICES COM 955306105 1,954 49,771
SH SOLE 49,771 0 0
XEROX CORP COM 984121103 1,276 21,600
SH SOLE 21,600 0 0
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