UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G
(Rule 13d-102)

ý

Rule 13d-1(b)

o

Rule 13d-1(c)

o

Rule 13d-1(d)

CUSIP No.  422806208

1.

Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only)
Susquehanna Investment Group

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

o

(b)

ý

3.

SEC Use Only

4.

Citizenship or Place of Organization
Pennsylvania

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

5.

Sole Voting Power
590,000

6.

Shared Voting Power
760,435

7.

Sole Dispositive Power
590,000

8.

Shared Dispositive Power
760,435

9.

Aggregate Amount Beneficially Owned by Each Reporting Person
760,345

10.

Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  o

11.

Percent of Class Represented by Amount in Row (9)
5.4%

12.

Type of Reporting Person (See Instructions)
BD, PN

1.

Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only)
SIG Specialists, Inc.

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

o

(b)

ý

3.

SEC Use Only

4.

Citizenship or Place of Organization
Pennsylvania

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

5.

Sole Voting Power
170,435

6.

Shared Voting Power
760,435

7.

Sole Dispositive Power
170,435

8.

Shared Dispositive Power
760,435

9.

Aggregate Amount Beneficially Owned by Each Reporting Person
760,435

10.

Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  o

11.

Percent of Class Represented by Amount in Row (9)
5.4%

12.

Type of Reporting Person (See Instructions)
BD, CO

Item 1.

(a)

Name of Issuer
HEICO Corp.  (the “Company”)

(b)

Address of Issuer’s Principal Executive Offices
3000 Taft Street
Hollywood, FL 33021

Item 2.

(a)

Name of Person Filing
(1) Susquehanna Investment Group (a “Reporting Person”)
(2) SIG Specialists, Inc. (a “Reporting Person”)

(b)

Address of Principal Business Office or, if none, Residence
(1) 401 City Avenue, Suite 220, Bala Cynwyd, PA 19004
(2) 401 City Avenue, Suite 220, Bala Cynwyd, PA 19004

(c)

Citizenship
(1) Pennsylvania
(2) Pennsylvania

(d)

Title of Class of Securities
Class A Common Stock, $.01 par value per share, of the Company (“Common Stock”)

(e)

CUSIP Number

Item 3.

If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

(a)

o

Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b)

o

Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c)

o

Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d)

o

Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8).

(e)

o

An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E);

(f)

o

An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F);

(g)

o

A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h)

o

A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i)

o

A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j)

ý

Group, in accordance with §240.13d-1(b)(1)(ii)(J).

Item 4.

Ownership

Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.

(1)

Susquehanna Investment Group

(a)

Amount beneficially owned:

760,435

(b)

Percent of class:   

5.4%

(c)

Number of shares as to which the person has:

(i)

Sole power to vote or to direct the vote   

590,000

(ii)

Shared power to vote or to direct the vote    

760,435

(iii)

Sole power to dispose or to direct the disposition of   

590,000

(iv)

Shared power to dispose or to direct the disposition of   

760,435

(2)

SIG Specialists, Inc.

(a)

Amount beneficially owned:

760,435

(b)

Percent of class:   

5.4%

(c)

Number of shares as to which the person has:

(i)

Sole power to vote or to direct the vote   

170,435

(ii)

Shared power to vote or to direct the vote    

760,435

(iii)

Sole power to dispose or to direct the disposition of   

170,435

(iv)

Shared power to dispose or to direct the disposition of   

760,435

Item 5.

Ownership of Five Percent or Less of a Class

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following   o.

Item 6.

Ownership of More than Five Percent on Behalf of Another Person

Not applicable

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person

Not applicable

Item 8.

Identification and Classification of Members of the Group

See Exhibit B

Item 9.

Notice of Dissolution of Group

Not applicable

Item 10.

Certification

By signing below, I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

Date:  February 5, 2004

Susquehanna Investment Group

By:

   /s/ Todd Silverberg

Todd Silverberg, General Counsel

SIG Specialists, Inc.

By:

   /s/ Todd Silverberg

Todd Silverberg, General Counsel

EXHIBIT

DESCRIPTION

99.1

Joint Filing Agreement, dated February 5, 2004, pursuant to Rule 13d-1(k) between Susquehanna Investment Group and SIG Specialists, Inc.

99.2

Item 8 Information