UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: September 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 November 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: 151
Form 13F Information Table Value Total: $313,546
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 2,434 55,956
SH SOLE 55,956 0 0
AT&T CORP-LIBERTY MEDIA GROUP COM 001957208 55 1,475
SH SOLE 1,475 0 0
ABBOTT LABORATORIES COM 002824100 1,763 48,060
SH SOLE 48,060 0 0
AEGON N.V. SPONSORED ADR 007924103 262 3,026
SH SOLE 3,026 0 0
AIR PRODUCTS & CHEMICALS INC COM 009158106 1,185 40,500
SH SOLE 40,500 0 0
ALEXANDER & BALDWIN INC COM 014482103 137 5,750
SH SOLE 5,750 0 0
ALLIEDSIGNAL INC COM 019512102 3,025 50,468
SH SOLE 50,468 0 0
ALLSTATE CORP COM 020002101 124 4,958
SH SOLE 4,958 0 0
AMERICA ONLINE INC COM 02364J104 155 1,485
SH SOLE 1,485 0 0
AMERICAN EXPRESS CO COM 025816109 4,993 36,985
SH SOLE 36,985 0 0
AMERICAN HOME PRODUCTS CORP COM 026609107 3,819 92,035
SH SOLE 92,035 0 0
AMERICAN INTL GROUP COM 026874107 233 2,683
SH SOLE 2,683 0 0
AMGEN INC COM 031162100 6,439 79,000
SH SOLE 79,000 0 0
ANHEUSER BUSCH COS INC COM 035229103 3,790 54,100
SH SOLE 54,100 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 2,013 166,045
SH SOLE 166,045 0 0
ASSOCIATES FIRST CAPITAL COM 046008108 611 16,964
SH SOLE 16,964 0 0
ATLANTIC RICHFIELD CO COM 048825103 1,192 13,447
SH SOLE 13,447 0 0
BP AMOCO PLC ADR SPONSORED ADR 055622104 407 3,671
SH SOLE 3,671 0 0
BANK OF AMERICA CORP COM 060505104 157 2,816
SH SOLE 2,816 0 0
BELL ATLANTIC CORP COM 077853109 292 4,341
SH SOLE 4,341 0 0
BERKSHIRE HATHAWAY CLASS A COM 084670108 55 1
SH SOLE 1 0 0
BERKSHIRE HATHAWAY CLASS B COM 084670207 2,725 1,468
SH SOLE 1,468 0 0
BESTFOODS COM 08658U101 2,328 47,930
SH SOLE 47,930 0 0
BLOCK H & R INC COM 093671105 1,053 24,239
SH SOLE 24,239 0 0
BOEING CO COM 097023105 3,230 75,785
SH SOLE 75,785 0 0
BRISTOL-MYERS SQUIBB CO COM 110122108 6,228 92,261
SH SOLE 92,261 0 0
CSX CORP COM 126408103 752 17,756
SH SOLE 17,756 0 0
CABOT CORP COM 127055101 249 10,500
SH SOLE 10,500 0 0
CALLAWAY GOLF CO COM 131193104 741 60,805
SH SOLE 60,805 0 0
CANANDAIGUA BRANDS INC CL A COM 137219200 908 15,200
SH SOLE 15,200 0 0
CAPITAL ONE FINANCIAL CORP COM 14040H105 211 5,400
SH SOLE 5,400 0 0
CATERPILLAR INC COM 149123101 255 4,654
SH SOLE 4,654 0 0
CHOICE HOTELS INTL INC COM 169905106 1,432 83,625
SH SOLE 83,625 0 0
CHUBB CORP COM 171232101 129 2,600
SH SOLE 2,600 0 0
CISCO SYSTEMS INC COM 17275R102 206 2,998
SH SOLE 2,998 0 0
CITIGROUP INC COM 172967101 3,074 69,859
SH SOLE 69,859 0 0
COCA COLA CO COM 191216100 862 17,870
SH SOLE 17,870 0 0
COMPAQ COMPUTER COM 204493100 1,582 69,169
SH SOLE 69,169 0 0
CONAGRA INC COM 205887102 1,439 63,776
SH SOLE 63,776 0 0
CONOCO INC CLASS B COM 208251405 3,446 125,892
SH SOLE 125,892 0 0
COOPER INDUSTRIES INC COM 216669101 1,087 23,241
SH SOLE 23,241 0 0
CORN PRODUCTS INTL INC COM 219023108 1,082 35,551
SH SOLE 35,551 0 0
DELL COMPUTER CORP COM 247025109 125 3,000
SH SOLE 3,000 0 0
DELPHI AUTOMOTIVE SYSTEMS COM 247126105 459 28,556
SH SOLE 28,556 0 0
DELTA AIR LINES INC COM 247361108 267 5,500
SH SOLE 5,500 0 0
DISNEY WALT CO COM 254687106 2,151 82,727
SH SOLE 82,727 0 0
DONALDSON INC COM 257651109 2,426 104,642
SH SOLE 104,642 0 0
DU PONT E I DE NEMOURS COM 263534109 3,566 58,944
SH SOLE 58,944 0 0
EASTMAN CHEMICAL CO COM 277432100 1,735 43,506
SH SOLE 43,506 0 0
EASTMAN KODAK CO COM 277461109 3,822 50,535
SH SOLE 50,535 0 0
EQUITY INCOME FUND - AT & T COM 294700703 197 1,000
SH SOLE 1,000 0 0
EXXON CORP COM 302290101 3,090 40,652
SH SOLE 40,652 0 0
FANNIE MAE COM 313586109 4,678 74,622
SH SOLE 74,622 0 0
FEDERAL REALTY INVESTMENT TR COM 313747206 864 41,285
SH SOLE 41,285 0 0
FINOVA GROUP INC COM 317928109 3,304 90,530
SH SOLE 90,530 0 0
FIRST UNION CORP COM 337358105 239 6,712
SH SOLE 6,712 0 0
FLUOR CORP COM 343861100 2,678 66,530
SH SOLE 66,530 0 0
FORD MOTOR CO COM 345370100 1,727 34,363
SH SOLE 34,363 0 0
GANNETT INC COM 364730101 2,951 42,652
SH SOLE 42,652 0 0
GAP INC COM 364760108 4,449 139,017
SH SOLE 139,017 0 0
GENERAL ELECTRIC CO COM 369604103 19,011 160,344
SH SOLE 160,344 0 0
GENERAL MILLS INC COM 370334104 149 1,836
SH SOLE 1,836 0 0
GENERAL MOTORS CORP COM 370442105 1,947 30,935
SH SOLE 30,935 0 0
GEORGIA PACIFIC--GA PAC GROUP COM 373298108 953 23,566
SH SOLE 23,566 0 0
GEORGIA PACIFIC--TIMBER GROUP COM 373298702 258 11,283
SH SOLE 11,283 0 0
GILLETTE CO COM 375766102 1,012 29,830
SH SOLE 29,830 0 0
GUIDANT CORP COM 401698105 7,361 137,273
SH SOLE 137,273 0 0
HARCOURT GENERAL INC COM 41163G101 1,107 26,600
SH SOLE 26,600 0 0
HERSHEY FOODS CORP COM 427866108 1,260 25,885
SH SOLE 25,885 0 0
HEWLETT PACKARD CO COM 428236103 5,086 56,042
SH SOLE 56,042 0 0
HOME DEPOT INC COM 437076102 1,595 23,242
SH SOLE 23,242 0 0
INDEPENDENCE FED SVGS BANK COM 453432106 572 44,000
SH SOLE 44,000 0 0
INTEL CORP COM 458140100 5,128 69,001
SH SOLE 69,001 0 0
INTERNATIONAL BUSINESS MACHINE COM 459200101 6,270 51,818
SH SOLE 51,818 0 0
INTERNATIONAL PAPER CO COM 460146103 1,871 38,925
SH SOLE 38,925 0 0
ISPAT INTL N V SPONSORED ADR 464899103 116 11,100
SH SOLE 11,100 0 0
JDS UNIPHASE CORP COM 46612J101 182 1,600
SH SOLE 1,600 0 0
JOHNSON & JOHNSON COM 478160104 8,111 88,281
SH SOLE 88,281 0 0
KELLOGG CO COM 487836108 717 19,150
SH SOLE 19,150 0 0
KIMBERLY CLARK CORP COM 494368103 3,223 61,103
SH SOLE 61,103 0 0
LEE ENTERPRISES INC COM 523768109 287 10,500
SH SOLE 10,500 0 0
LEGGETT & PLATT INC COM 524660107 106 5,400
SH SOLE 5,400 0 0
LEXMARK INTL GROUP INC CL A COM 529771107 129 1,600
SH SOLE 1,600 0 0
LIBERTY CORP COM 530370105 1,461 31,500
SH SOLE 31,500 0 0
LILLY ELI & CO COM 532457108 2,687 41,857
SH SOLE 41,857 0 0
LIZ CLAIBORNE INC COM 539320101 788 25,433
SH SOLE 25,433 0 0
LOCKHEED MARTIN CORP COM 539830109 138 4,230
SH SOLE 4,230 0 0
LOEWS CORP COM 540424108 1,217 17,340
SH SOLE 17,340 0 0
LUCENT TECHNOLOGIES INC COM 546463107 2,521 38,858
SH SOLE 38,858 0 0
MBIA INC COM 55262C100 2,271 48,715
SH SOLE 48,715 0 0
MBNA CORP COM 55262L100 1,052 46,130
SH SOLE 46,130 0 0
MCI WORLDCOM INC COM 55268B106 964 13,409
SH SOLE 13,409 0 0
MALLINCKRODT INC COM 561232109 1,673 55,425
SH SOLE 55,425 0 0
MANOR CARE INC COM 564055101 2,402 138,732
SH SOLE 138,732 0 0
MARK IV INDS INC COM 570387100 1,232 62,399
SH SOLE 62,399 0 0
MARRIOTT INTL CLASS A COM 571903202 165 5,058
SH SOLE 5,058 0 0
MARTIN MARIETTA MATERIALS INC COM 573284106 1,909 47,790
SH SOLE 47,790 0 0
MAY DEPT STORES CO COM 577778103 6,931 190,226
SH SOLE 190,226 0 0
MCDONALDS CORP COM 580135101 6,307 145,836
SH SOLE 145,836 0 0
MCKESSON HBOC INC COM 58155Q105 740 25,500
SH SOLE 25,500 0 0
MERCK & CO INC COM 589331107 7,116 109,799
SH SOLE 109,799 0 0
MICROSOFT CORP COM 594918104 2,992 33,036
SH SOLE 33,036 0 0
MILLIPORE COM 601073109 1,711 45,550
SH SOLE 45,550 0 0
MINNESOTA MINING & MANUF CO COM 604059105 3,387 35,261
SH SOLE 35,261 0 0
MOBIL CORP COM 607059102 3,111 30,880
SH SOLE 30,880 0 0
MONSANTO CO COM 611662107 133 3,720
SH SOLE 3,720 0 0
MORGAN STANLEY DEAN WITTER COM 617446448 1,913 21,448
SH SOLE 21,448 0 0
MOTOROLA INC COM 620076109 5,285 60,062
SH SOLE 60,062 0 0
NEW YORK TIMES CO CL A COM 650111107 653 17,400
SH SOLE 17,400 0 0
NIKE INC CLASS B COM 654106103 2,805 49,315
SH SOLE 49,315 0 0
NORFOLK SOUTHERN CORP COM 655844108 2,239 91,404
SH SOLE 91,404 0 0
OWENS CORNING COM 69073F103 85 3,900
SH SOLE 3,900 0 0
PMI GROUP INC COM 69344M101 2,160 52,837
SH SOLE 52,837 0 0
PACCAR INC COM 693718108 3,000 58,962
SH SOLE 58,962 0 0
PALL CORP COM 696429307 1,709 73,700
SH SOLE 73,700 0 0
PAYLESS SHOESOURCE INC COM 704379106 2,338 46,300
SH SOLE 46,300 0 0
PEPSICO INC COM 713448108 4,240 139,011
SH SOLE 139,011 0 0
PFIZER INC COM 717081103 3,510 97,839
SH SOLE 97,839 0 0
PHILIP MORRIS COS INC COM 718154107 2,755 80,589
SH SOLE 80,589 0 0
POTOMAC ELECTRIC POWER CO COM 737679100 262 10,306
SH SOLE 10,306 0 0
PRAXAIR INC COM 74005P104 1,723 37,450
SH SOLE 37,450 0 0
T ROWE PRICE & ASSOCIATES COM 741477103 368 13,400
SH SOLE 13,400 0 0
PROCTER & GAMBLE CO COM 742718109 5,694 60,739
SH SOLE 60,739 0 0
QUALCOMM INC COM 747525103 359 1,900
SH SOLE 1,900 0 0
RAYTHEON CO CLASS A COM 755111309 1,571 32,391
SH SOLE 32,391 0 0
RAYTHEON CO CLASS B COM 755111408 45 900
SH SOLE 900 0 0
ROYAL DUTCH PETROLEUM COM 780257804 203 3,432
SH SOLE 3,432 0 0
SBC COMMUNICATIONS INC COM 78387G103 349 6,835
SH SOLE 6,835 0 0
SLM HOLDING CORP COM 78442A109 5,484 127,546
SH SOLE 127,546 0 0
ST PAUL COS INC COM 792860108 244 8,882
SH SOLE 8,882 0 0
SCHERING PLOUGH CORP COM 806605101 5,256 120,492
SH SOLE 120,492 0 0
SCHLUMBERGER LTD COM 806857108 4,101 65,811
SH SOLE 65,811 0 0
SCRIPPS E W CO CL A COM 811054204 1,548 31,520
SH SOLE 31,520 0 0
SERVICE CORP INTERNATIONAL COM 817565104 1,115 105,538
SH SOLE 105,538 0 0
STUDENT LOAN CORP COM 863902102 794 19,400
SH SOLE 19,400 0 0
SUNBURST HOSPITALITY CORP COM 866948102 177 28,590
SH SOLE 28,590 0 0
SUNTRUST BANKS INC COM 867914103 1,232 18,743
SH SOLE 18,743 0 0
SYLVAN LEARNING SYSTEMS INC COM 871399101 213 11,000
SH SOLE 11,000 0 0
TOYS R US COM 892335100 1,461 97,375
SH SOLE 97,375 0 0
TRICON GLOBAL RESTAURANTS COM 895953107 2,625 64,118
SH SOLE 64,118 0 0
TYCO INTL LTD COM 902124106 785 7,605
SH SOLE 7,605 0 0
UNION PACIFIC CORP COM 907818108 2,356 49,029
SH SOLE 49,029 0 0
UNION PACIFIC RESOURCES GROUP COM 907834105 1,558 95,894
SH SOLE 95,894 0 0
UNITED BANKSHARES INC COM 909907107 134 5,500
SH SOLE 5,500 0 0
UNITED TECHNOLOGIES CORP COM 913017109 363 6,125
SH SOLE 6,125 0 0
WAL MART STORES INC COM 931142103 5,441 114,390
SH SOLE 114,390 0 0
WARNER LAMBERT CO COM 934488107 3,731 56,216
SH SOLE 56,216 0 0
WASHINGTON GAS LIGHT CO COM 938837101 330 12,157
SH SOLE 12,157 0 0
WASHINGTON POST CO CL B COM 939640108 4,279 8,390
SH SOLE 8,390 0 0
WEST PHARMACEUTICAL SERVICES COM 955306105 1,858 48,971
SH SOLE 48,971 0 0
XEROX CORP COM 984121103 948 22,600
SH SOLE 22,600 0 0
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