UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: December 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 February 9, 2000
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: 160
Form 13F Information Table Value Total: $344,766
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 2,824 55,581
SH SOLE 55,581 0 0
AT&T CORP-LIBERTY MEDIA GROUP COM 001957208 84 1,475
SH SOLE 1,475 0 0
ABBOTT LABORATORIES COM 002824100 1,745 48,060
SH SOLE 48,060 0 0
AEGON N.V. SPONSORED ADR 007924103 427 4,466
SH SOLE 4,466 0 0
AIR PRODUCTS & CHEMICALS INC COM 009158106 1,353 40,300
SH SOLE 40,300 0 0
ALEXANDER & BALDWIN INC COM 014482103 38 1,650
SH SOLE 1,650 0 0
ALLSTATE CORP COM 020002101 119 4,958
SH SOLE 4,958 0 0
AMERICA ONLINE INC COM 02364J104 225 2,970
SH SOLE 2,970 0 0
AMERICAN EXPRESS CO COM 025816109 5,595 33,655
SH SOLE 33,655 0 0
AMERICAN HOME PRODUCTS CORP COM 026609107 3,553 90,535
SH SOLE 90,535 0 0
AMERICAN INTL GROUP COM 026874107 290 2,681
SH SOLE 2,681 0 0
AMERICAN MORTGAGE ACCEPTANCE COM 027568104 150 16,929
SH SOLE 16,929 0 0
AMGEN INC COM 031162100 8,265 137,600
SH SOLE 137,600 0 0
ANHEUSER BUSCH COS INC COM 035229103 3,707 52,300
SH SOLE 52,300 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 1,934 159,529
SH SOLE 159,529 0 0
ASSOCIATES FIRST CAPITAL COM 046008108 469 17,108
SH SOLE 17,108 0 0
ATLANTIC RICHFIELD CO COM 048825103 1,042 12,049
SH SOLE 12,049 0 0
BP AMOCO PLC ADR SPONSORED ADR 055622104 424 7,148
SH SOLE 7,148 0 0
BANK OF AMERICA CORP COM 060505104 141 2,816
SH SOLE 2,816 0 0
BELL ATLANTIC CORP COM 077853109 267 4,341
SH SOLE 4,341 0 0
BERKSHIRE HATHAWAY CLASS A COM 084670108 56 1
SH SOLE 1 0 0
BERKSHIRE HATHAWAY CLASS B COM 084670207 2,683 1,466
SH SOLE 1,466 0 0
BESTFOODS COM 08658U101 2,411 45,868
SH SOLE 45,868 0 0
BLOCK H & R INC COM 093671105 1,060 24,239
SH SOLE 24,239 0 0
BOEING CO COM 097023105 3,148 75,960
SH SOLE 75,960 0 0
BRISTOL-MYERS SQUIBB CO COM 110122108 5,757 89,687
SH SOLE 89,687 0 0
BROADCOM CORP CL A COM 111320107 150 550
SH SOLE 550 0 0
CSX CORP COM 126408103 547 17,432
SH SOLE 17,432 0 0
CABOT CORP COM 127055101 204 10,000
SH SOLE 10,000 0 0
CALLAWAY GOLF CO COM 131193104 1,008 56,975
SH SOLE 56,975 0 0
CANANDAIGUA BRANDS INC CL B COM 137219101 50 900
SH SOLE 900 0 0
CANANDAIGUA BRANDS INC CL A COM 137219200 747 14,650
SH SOLE 14,650 0 0
CAPITAL ONE FINANCIAL CORP COM 14040H105 260 5,400
SH SOLE 5,400 0 0
CATERPILLAR INC COM 149123101 213 4,527
SH SOLE 4,527 0 0
CHOICE HOTELS INTL INC COM 169905106 1,304 76,125
SH SOLE 76,125 0 0
CHUBB CORP COM 171232101 146 2,600
SH SOLE 2,600 0 0
CISCO SYSTEMS INC COM 17275R102 305 2,848
SH SOLE 2,848 0 0
CITIGROUP INC COM 172967101 3,758 67,484
SH SOLE 67,484 0 0
COCA COLA CO COM 191216100 1,651 28,340
SH SOLE 28,340 0 0
COMPAQ COMPUTER COM 204493100 2,014 74,425
SH SOLE 74,425 0 0
CONAGRA INC COM 205887102 1,421 62,626
SH SOLE 62,626 0 0
CONEXANT SYSTEMS INC COM 207142100 133 2,000
SH SOLE 2,000 0 0
CONOCO INC CLASS B COM 208251405 3,114 125,197
SH SOLE 125,197 0 0
COOPER INDUSTRIES INC COM 216669101 878 21,709
SH SOLE 21,709 0 0
CORN PRODUCTS INTL INC COM 219023108 1,037 31,672
SH SOLE 31,672 0 0
DELL COMPUTER CORP COM 247025109 107 2,100
SH SOLE 2,100 0 0
DELPHI AUTOMOTIVE SYSTEMS COM 247126105 1,706 108,322
SH SOLE 108,322 0 0
DELTA AIR LINES INC COM 247361108 2,664 53,480
SH SOLE 53,480 0 0
DISNEY WALT CO COM 254687106 2,379 81,347
SH SOLE 81,347 0 0
DONALDSON INC COM 257651109 2,184 90,742
SH SOLE 90,742 0 0
DU PONT E I DE NEMOURS COM 263534109 3,861 58,617
SH SOLE 58,617 0 0
EASTMAN CHEMICAL CO COM 277432100 2,234 46,856
SH SOLE 46,856 0 0
EASTMAN KODAK CO COM 277461109 3,212 48,488
SH SOLE 48,488 0 0
EQUITY INCOME FUND - AT & T COM 294700703 183 900
SH SOLE 900 0 0
ERICSSON L M TEL CO SPONSORED ADR 294821400 197 3,000
SH SOLE 3,000 0 0
EXXON MOBIL CORP COM 30231G102 6,041 74,986
SH SOLE 74,986 0 0
FANNIE MAE COM 313586109 4,774 76,457
SH SOLE 76,457 0 0
FEDERAL REALTY INVESTMENT TR COM 313747206 777 41,285
SH SOLE 41,285 0 0
FINOVA GROUP INC COM 317928109 3,361 94,690
SH SOLE 94,690 0 0
FIRST UNION CORP COM 337358105 221 6,712
SH SOLE 6,712 0 0
FLUOR CORP COM 343861100 2,969 64,730
SH SOLE 64,730 0 0
FORD MOTOR CO COM 345370100 1,832 34,363
SH SOLE 34,363 0 0
GANNETT INC COM 364730101 3,381 41,452
SH SOLE 41,452 0 0
GAP INC COM 364760108 7,466 162,300
SH SOLE 162,300 0 0
GENERAL ELECTRIC CO COM 369604103 23,903 154,459
SH SOLE 154,459 0 0
GENERAL MILLS INC COM 370334104 117 3,272
SH SOLE 3,272 0 0
GENERAL MOTORS CORP COM 370442105 2,242 30,848
SH SOLE 30,848 0 0
GEORGIA PACIFIC--GA PAC GROUP COM 373298108 1,196 23,566
SH SOLE 23,566 0 0
GEORGIA PACIFIC--TIMBER GROUP COM 373298702 198 8,033
SH SOLE 8,033 0 0
GILLETTE CO COM 375766102 2,517 61,105
SH SOLE 61,105 0 0
GUIDANT CORP COM 401698105 6,278 133,565
SH SOLE 133,565 0 0
HARCOURT GENERAL INC COM 41163G101 1,079 26,800
SH SOLE 26,800 0 0
HERSHEY FOODS CORP COM 427866108 1,161 24,475
SH SOLE 24,475 0 0
HEWLETT PACKARD CO COM 428236103 6,172 54,262
SH SOLE 54,262 0 0
HOME DEPOT INC COM 437076102 2,298 33,430
SH SOLE 33,430 0 0
HONEYWELL INTL INC COM 438516106 2,819 48,868
SH SOLE 48,868 0 0
INDEPENDENCE FED SVGS BANK COM 453432106 528 44,000
SH SOLE 44,000 0 0
INTEL CORP COM 458140100 5,441 66,100
SH SOLE 66,100 0 0
INTERNATIONAL BUSINESS MACHINE COM 459200101 7,765 71,984
SH SOLE 71,984 0 0
INTERNATIONAL PAPER CO COM 460146103 2,149 38,070
SH SOLE 38,070 0 0
ISPAT INTL N V SPONSORED ADR 464899103 179 11,100
SH SOLE 11,100 0 0
JDS UNIPHASE CORP COM 46612J101 516 3,200
SH SOLE 3,200 0 0
JOHNSON & JOHNSON COM 478160104 7,968 85,451
SH SOLE 85,451 0 0
KELLOGG CO COM 487836108 578 18,750
SH SOLE 18,750 0 0
KIMBERLY CLARK CORP COM 494368103 3,859 58,978
SH SOLE 58,978 0 0
LEE ENTERPRISES INC COM 523768109 332 10,400
SH SOLE 10,400 0 0
LEGGETT & PLATT INC COM 524660107 116 5,400
SH SOLE 5,400 0 0
LEXMARK INTL GROUP INC CL A COM 529771107 145 1,600
SH SOLE 1,600 0 0
LIBERTY CORP COM 530370105 1,329 31,500
SH SOLE 31,500 0 0
LILLY ELI & CO COM 532457108 2,718 40,879
SH SOLE 40,879 0 0
LIZ CLAIBORNE INC COM 539320101 951 25,283
SH SOLE 25,283 0 0
LOCKHEED MARTIN CORP COM 539830109 110 5,029
SH SOLE 5,029 0 0
LOEWS CORP COM 540424108 995 16,400
SH SOLE 16,400 0 0
LUCENT TECHNOLOGIES INC COM 546463107 2,827 37,696
SH SOLE 37,696 0 0
MBIA INC COM 55262C100 2,589 49,018
SH SOLE 49,018 0 0
MBNA CORP COM 55262L100 1,711 62,780
SH SOLE 62,780 0 0
MCI WORLDCOM INC COM 55268B106 972 18,316
SH SOLE 18,316 0 0
MALLINCKRODT INC COM 561232109 1,648 51,815
SH SOLE 51,815 0 0
MANOR CARE INC COM 564055101 2,201 137,582
SH SOLE 137,582 0 0
MARK IV INDS INC COM 570387100 986 55,753
SH SOLE 55,753 0 0
MARRIOTT INTL CLASS A COM 571903202 160 5,058
SH SOLE 5,058 0 0
MARTIN MARIETTA MATERIALS INC COM 573284106 2,397 58,470
SH SOLE 58,470 0 0
MAY DEPT STORES CO COM 577778103 7,582 235,114
SH SOLE 235,114 0 0
MCDONALDS CORP COM 580135101 5,512 136,736
SH SOLE 136,736 0 0
MCKESSON HBOC INC COM 58155Q105 637 28,325
SH SOLE 28,325 0 0
MERCK & CO INC COM 589331107 7,184 106,929
SH SOLE 106,929 0 0
MICROSOFT CORP COM 594918104 3,701 31,696
SH SOLE 31,696 0 0
MILLIPORE COM 601073109 1,682 43,550
SH SOLE 43,550 0 0
MINNESOTA MINING & MANUF CO COM 604059105 3,360 34,329
SH SOLE 34,329 0 0
MONSANTO CO COM 611662107 132 3,720
SH SOLE 3,720 0 0
MORGAN STANLEY DEAN WITTER COM 617446448 2,952 20,678
SH SOLE 20,678 0 0
MOTOROLA INC COM 620076109 8,479 57,580
SH SOLE 57,580 0 0
NEIMAN MARCUS GROUP CLASS A COM 640204301 217 8,051
SH SOLE 8,051 0 0
NEW YORK TIMES CO CL A COM 650111107 840 17,100
SH SOLE 17,100 0 0
NIKE INC CLASS B COM 654106103 2,333 47,065
SH SOLE 47,065 0 0
NORFOLK SOUTHERN CORP COM 655844108 1,971 96,154
SH SOLE 96,154 0 0
ORACLE CORP COM 68389X105 135 1,205
SH SOLE 1,205 0 0
OWENS CORNING COM 69073F103 66 3,400
SH SOLE 3,400 0 0
PMC-SIERRA INC COM 69344F106 224 1,400
SH SOLE 1,400 0 0
PMI GROUP INC COM 69344M101 2,462 50,436
SH SOLE 50,436 0 0
PACCAR INC COM 693718108 3,145 70,962
SH SOLE 70,962 0 0
PALL CORP COM 696429307 1,503 69,700
SH SOLE 69,700 0 0
PAYLESS SHOESOURCE INC COM 704379106 2,134 45,400
SH SOLE 45,400 0 0
PEPSICO INC COM 713448108 4,987 141,461
SH SOLE 141,461 0 0
PFIZER INC COM 717081103 3,216 99,129
SH SOLE 99,129 0 0
PHILIP MORRIS COS INC COM 718154107 1,768 76,887
SH SOLE 76,887 0 0
POTOMAC ELECTRIC POWER CO COM 737679100 225 9,823
SH SOLE 9,823 0 0
PRAXAIR INC COM 74005P104 1,829 36,350
SH SOLE 36,350 0 0
T ROWE PRICE & ASSOCIATES COM 741477103 1,149 31,100
SH SOLE 31,100 0 0
PROCTER & GAMBLE CO COM 742718109 6,343 57,892
SH SOLE 57,892 0 0
QUALCOMM INC COM 747525103 1,367 7,760
SH SOLE 7,760 0 0
RAYTHEON CO CLASS A COM 755111309 1,689 68,076
SH SOLE 68,076 0 0
RAYTHEON CO CLASS B COM 755111408 48 1,800
SH SOLE 1,800 0 0
ROYAL DUTCH PETROLEUM COM 780257804 151 2,500
SH SOLE 2,500 0 0
SBC COMMUNICATIONS INC COM 78387G103 284 5,826
SH SOLE 5,826 0 0
SLM HOLDING CORP COM 78442A109 5,300 125,442
SH SOLE 125,442 0 0
ST PAUL COS INC COM 792860108 284 8,418
SH SOLE 8,418 0 0
SCHERING PLOUGH CORP COM 806605101 5,042 118,992
SH SOLE 118,992 0 0
SCHLUMBERGER LTD COM 806857108 3,633 64,725
SH SOLE 64,725 0 0
SCRIPPS E W CO CL A COM 811054204 1,368 30,520
SH SOLE 30,520 0 0
SERVICE CORP INTERNATIONAL COM 817565104 685 98,713
SH SOLE 98,713 0 0
STUDENT LOAN CORP COM 863902102 743 14,900
SH SOLE 14,900 0 0
SUNBURST HOSPITALITY CORP COM 866948102 161 28,590
SH SOLE 28,590 0 0
SUNTRUST BANKS INC COM 867914103 1,133 16,463
SH SOLE 16,463 0 0
SYLVAN LEARNING SYSTEMS INC COM 871399101 143 11,000
SH SOLE 11,000 0 0
TEXAS INSTRUMENTS INC COM 882508104 135 1,400
SH SOLE 1,400 0 0
TOYS R US COM 892335100 1,329 92,825
SH SOLE 92,825 0 0
TRICON GLOBAL RESTAURANTS COM 895953107 2,897 74,997
SH SOLE 74,997 0 0
UNION PACIFIC CORP COM 907818108 2,057 47,079
SH SOLE 47,079 0 0
UNION PACIFIC RESOURCES GROUP COM 907834105 1,064 83,489
SH SOLE 83,489 0 0
UNITED BANKSHARES INC COM 909907107 131 5,500
SH SOLE 5,500 0 0
UNITED TECHNOLOGIES CORP COM 913017109 1,754 26,980
SH SOLE 26,980 0 0
VERITAS SOFTWARE CO COM 923436109 301 2,100
SH SOLE 2,100 0 0
WAL MART STORES INC COM 931142103 7,461 107,930
SH SOLE 107,930 0 0
WARNER LAMBERT CO COM 934488107 4,588 55,996
SH SOLE 55,996 0 0
WASHINGTON GAS LIGHT CO COM 938837101 306 11,121
SH SOLE 11,121 0 0
WASHINGTON POST CO CL B COM 939640108 4,618 8,307
SH SOLE 8,307 0 0
WEST PHARMACEUTICAL SERVICES COM 955306105 1,460 47,196
SH SOLE 47,196 0 0
XEROX CORP COM 984121103 1,041 45,880
SH SOLE 45,880 0 0
TRANSOCEAN SEDCO FOREX COM G90078109 419 12,441
SH SOLE 12,441 0 0
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