UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                     WASHINGTON, DC.  20549

                            FORM 10-Q

(Mark One)

[X]  QUARTERLY  REPORT PURSUANT TO SECTION 13  OR  15(d)  OF  THE
SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended         September 30, 2003
                               ----------------------------------

                               or

[   ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)  OF  THE
SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to _______________

Commission file number                33-15597
                        -----------------------------------------

                DIVERSIFIED HISTORIC INVESTORS V
-----------------------------------------------------------------
    (Exact name of registrant as specified in its charter)

Pennsylvania                                        23-2479468
--------------                                  -----------------
(State or other jurisdiction of                 (I.R.S. Employer
incorporation or organization)                 Identification No.)

           1521 Locust Street, Philadelphia, PA   19102
-----------------------------------------------------------------
     (Address of principal executive offices)    (Zip Code)

Registrant's telephone number, including area code (215) 557-9800
                                                   --------------

                              N/A
-----------------------------------------------------------------
(Former name, former address and former fiscal year, if changed
since last report)

Indicate  by check mark whether the Registrant (1) has filed  all
reports  required  to be filed by Section  13  or  15(d)  of  the
Securities  Exchange Act of 1934 during the preceding  12  months
(or  for such shorter period that the Registrant was required  to
file  such  reports),  and (2) has been subject  to  such  filing
requirements for the past 90 days.      Yes    X    No
                                            ------     ------


<PAGE>


                    PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

                    DIVERSIFIED HISTORIC INVESTORS V
                 (a Pennsylvania limited partnership)

                      CONSOLIDATED BALANCE SHEETS
                      ---------------------------

                                Assets

                               September 30, 2003  December 31, 2002
                               ------------------  -----------------
                                  (Unaudited)
Rental properties, at cost:
 Land                                     $0            $   61,046
 Buildings and improvements                0             1,445,431
 Furniture and fixtures                    0                94,975
                                          --            ----------
                                           0             1,601,452
Less - accumulated depreciation            0              (888,440)
                                          --            ----------
                                           0               713,012
Cash and cash equivalents                  0                 4,623
Restricted cash                            0               124,401
Accounts and notes receivable              0                10,753
                                          --            ----------
     Total                                $0            $  852,789
                                          ==            ==========

                   Liabilities and Partners' Equity
Liabilities:
 Debt obligations                         $0            $  482,329
 Accounts payable:
  Trade                                    0               135,357
  Related parties                          0                33,656
 Accrued liabilities                       0                13,714
 Tenant security deposits                  0                 8,980
                                          --            ----------
     Total liabilities                     0               674,036
Partners' equity                           0               178,753
                                          --            ----------
     Total                                $0            $  852,789
                                          ==            ==========



The accompanying notes are an integral part of these financial statements.

<PAGE>




                   DIVERSIFIED HISTORIC INVESTORS V
                 (a Pennsylvania limited partnership)

                 CONSOLIDATED STATEMENTS OF OPERATIONS
                 -------------------------------------
                              (Unaudited)

                            Three months               Nine months
                         ended September 30,       ended September 30,
                           2003       2002          2003         2002
                           ----       ----          ----         ----
Revenues:
 Rental income          $ 24,986     $30,574      $ 89,214     $ 96,271
 Interest income             280         320           581        1,076
  Other income            46,547       7,299        46,547        7,299
  Gain on sale of assets (15,464)          0       (15,464)           0
                        --------     -------      --------     --------
  Total revenues          56,349      38,193       120,878      104,646
                        --------     -------      --------     --------
Costs and expenses:
 Rental operations        69,863      29,694       109,434       72,062
 Interest                 35,947      17,139        75,072       49,834
 Bad debt                 12,196           0        12,196        3,202
 Administrative fees      62,958           0        62,958            0
 Depreciation and
  amortization            10,110      30,773        39,971       92,320
                        --------     -------      --------     --------
  Total costs and
   expenses              191,074      77,606       299,631      217,418
                        --------     -------      --------     --------
Net loss               ($134,725)   ($39,413)    ($178,753)   ($112,772)
                        ========     =======      ========     ========

Net loss per limited
 partnership unit:     ($  11.97)   ($  3.50)    ($  15.88)   ($  10.02)
                        ========     =======      ========     ========


The accompanying notes are an integral part of these financial statements.

<PAGE>


                   DIVERSIFIED HISTORIC INVESTORS V
                 (a Pennsylvania limited partnership)

                 CONSOLIDATED STATEMENTS OF CASH FLOWS
                 -------------------------------------
                              (Unaudited)

                                              Nine months ended
                                                September 30,
                                              2003         2002
                                              ----         ----

Cash flows from operating activities:
 Net loss                                 ($178,753)    ($112,772)
 Adjustments to reconcile net loss to
  net cash used in operating activities:
  Loss on liquidation of St. Mary's          67,312             0
  Gain on sale of Lofts at Red Hill         (51,848)            0
  Depreciation and amortization              39,971        92,320
 Changes in assets and liabilities:
  Decrease (increase) in restricted cash    124,401        (3,530)
  Decrease in accounts receivable            10,753         4,528
  (Decrease) increase in accounts
   payable - trade                         (135,357)        1,947
  Decrease in accounts payable - related    (33,656)            0
  (Decrease) increase in tenant
   security deposits                         (8,980)          270
   Decrease in note payable                 (10,309)            0
   Decrease in other liabilities             (3,405)       (1,008)
                                           --------      --------
Net cash used in operating activities:     (179,871)      (18,245)
                                           --------      --------
Cash flows from investing activities:
 Proceeds from the sale of fixed assets     661,170             0
 Purchase of fixed assets                    (3,593)            0
                                           --------      --------
Net cash provided by investing activities   657,577             0
                                           --------      --------
Cash flows from financing activities:
 Proceeds from debt obligations              43,072        17,634
 Principal payments                        (525,400)            0
                                           --------      --------
Net cash (used in) provided by
 financing activities                      (482,328)       17,634
                                           --------      --------
Decrease in cash and cash equivalents        (4,622)         (611)
Cash and cash equivalents at
 beginning of period                          4,622         4,974
                                           --------      --------
Cash and cash equivalents at end of
 period                                    $      0      $  4,363
                                           ========      ========


The accompanying notes are an integral part of these financial statements.

<PAGE>

                   DIVERSIFIED HISTORIC INVESTORS V
                 (a Pennsylvania limited partnership)

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
              ------------------------------------------
                              (Unaudited)


NOTE 1 - BASIS OF PRESENTATION

The   unaudited  consolidated  financial  statements  of   Diversified
Historic Investors V (the "Registrant") have been prepared pursuant to
the  rules  and regulations of the Securities and Exchange Commission.
Accordingly,  certain  information and footnote  disclosures  normally
included in financial statements prepared in accordance with generally
accepted  accounting  principles have been omitted  pursuant  to  such
rules   and  regulations.   The  accompanying  consolidated  financial
statements  and related notes should be read in conjunction  with  the
audited  financial  statements and notes thereto in  the  Registrant's
Annual Report on Form 10-K for the year ended December 31, 2002.

The  information furnished reflects, in the opinion of management, all
adjustments, consisting of normal recurring accruals, necessary for  a
fair presentation of the results of the interim periods presented.


NOTE 2 - LIQUIDATION OF REGISTRANT

The  personal property in New Orleans, Louisiana was conveyed  to  the
owners  of  the  building in which it is located in exchange  for  the
release  of an escrow account, which was used to pay accrued  expenses
of the partnership.

On  September  10,  2003,  the Lofts at Red Hill  was  sold.  The  net
proceeds of the sale were used to pay the mortgage note secured by the
property and expenses of the Registrant.

No  funds  remained for distribution to unit holders.  The  Registrant
liquidated thereafter.

Item 2.     Management's Discussion and Analysis of
               Financial Condition and Results of Operations.

            (1)     Liquidity

               As of September 30, 2003, Registrant had cash of $0.

                As  of  September 30, 2003, Registrant had  restricted
cash of $0.

                On September 10, 2003, the Lofts at Red Hill was sold.
The  net  proceeds  of  the sale were used to pay  the  mortgage  note
secured  by  the  property and accrued expenses of the Registrant.  No
funds  remained  for  distribution to  unit  holders.  The  Registrant
liquidated thereafter.


            (2)     Results of Operations

               During the third quarter of 2003, Registrant incurred a
net loss of $134,725 ($11.97 per limited partnership unit) compared to
a  net  loss of $39,413 ($3.50 per limited partnership unit)  for  the
same  period  in 2002.  For the first nine months of 2003,  Registrant
incurred  a  loss  of $178,753 ($15.88 per limited  partnership  unit)
compared  to  a  net loss of $112,772 ($10.02 per limited  partnership
unit) for the same period in 2002.

             Rental income decreased $5,588 from $30,574 in the  third
quarter  of  2002 to $24,986 in the same period of 2003 and  decreased
$7,057  from $96,271 for the first nine months of 2002 to $89,214  for
the  same period in 2003. The decrease in rental income from both  the
third  quarter  and first nine months of 2002, compared  to  the  same
periods in 2003, is due to a decrease in average occupancy (81% to 68%
and  82%  to  74%,  respectively) and the  sale  of  the  property  on
September 10, 2003.

             Rental  operations expense increased $40,169 from $29,694
in the third quarter of 2002 to $69,863 in the same period in 2003 and
increased  $37,372 from $72,062 in the first nine months  of  2002  to
$109,434  for  the  same  period  in  2003.  The  increase  in  rental
operations expense for the third quarter and the first nine months  of
2002  to  the same period in 2003 is due to an increase in  accounting
fees,  partially  offset  by a decrease in  real  estate  taxes.   The
increase  in  accounting  fees is due to  the  payment  of  previously
unaccrued accounting fees.  These fees were paid from the net proceeds
from  the sale of the Lofts at Red Hill.  The decrease in real  estate
taxes is due to the sale of the Lofts of Red Hill.

            General and administrative expenses increased $62,958 from
$0  in  the third quarter and the first nine months of 2002 to $62,958
in  same  periods  of 2003.  The increase is due  to  the  payment  of
previously  unaccrued  administrative  fees.   The  Registrant  ceased
accruing  administrative fees in 2000 because its  lack  of  liquidity
made payment of these fees unlikely.  However, the Registrant remained
liable  for these fees. The fees were paid from the net proceeds  from
the sale of the Lofts at Red Hill.

             Interest  expense increased $18,808 from $17,139  in  the
third  quarter  of  2002 to $35,947 in the same  period  in  2003  and
increased  $25,238 from $49,834 for the first nine months of  2002  to
$75,072 for the same period in 2003. The increase from both the  third
quarter  and  the  first nine months of 2002,  compared  to  the  same
periods  in 2003, is due to additional interest payments to the  first
mortgage made at the time of the sale of the Lofts at Red Hill.

            In the third quarter of 2003, Registrant recognized income
of approximately $7,000 at the Lofts at Red Hill, including $10,000 of
depreciation  and  amortization  expense,  compared  to  a   loss   of
approximately $24,000 including $15,000 of depreciation expense in the
third  quarter of 2002. The increase in income from the third  quarter
of  2002, compared to the same period in 2003, is due the gain on  the
sale  of  the  building and a decrease in real estate  tax,  partially
offset  by  a decrease in rental income and an increase in  accounting
fees.  The  decrease  in real estate tax is due to  the  sale  of  the
building,  partially offset by a decrease in rental income  due  to  a
decrease  in  average  occupancy (81% to 68%)  and  the  sale  of  the
property  on September 10, 2003.  The increase in accounting  fees  is
due to the payment of previously unaccrued accounting fees.

             In  the first nine months of 2003, Registrant incurred  a
loss  of  approximately $38,000 at the Lofts at  Red  Hill,  including
$40,000  of  depreciation expense compared to a loss of  approximately
$67,000  including depreciation expense of $46,000 for the first  nine
months  of  2002. The decrease in loss from the first nine  months  of
2002,  compared to the same period in 2003, is due to the gain on  the
sale  of  the  building and a decrease in real estate  tax,  partially
offset  by  a decrease in rental income and the increase in accounting
fees.  The  decrease  in real estate tax is due to  the  sale  of  the
building.  The  decrease in rental income is  due  to  a  decrease  in
average  occupancy  (82%  to 74%) and the  sale  of  the  property  on
September  10,  2003.  The increase in accounting  fees  is  from  the
payment of previously unaccrued accounting fees.

             The  personal  property  in New  Orleans,  Louisiana  was
conveyed  to  the  owners of the building in which it  is  located  in
exchange for the release of an escrow account, which was used  to  pay
accrued  expenses of the partnership.  A loss of $67,312 was  incurred
on the transaction.

           On  September 10, 2003, the Lofts at Red Hill was  sold.  A
gain  of  $51,848 was realized on the sale.  The net proceeds  of  the
sale  were  used to pay the mortgage note secured by the property  and
accrued expenses of the Registrant. No funds remained for distribution
to unit holders. The Registrant liquidated thereafter.

Item 3.    Quantitative and Qualitative Disclosures
           About Market Risk

          All of our assets and liabilities are denominated in U.S.
dollars, and as a result, we do not have exposure to currency exchange
risks.

          We do not engage in any interest rate, foreign currency
exchange rate or commodity price-hedging transactions, and as a
result, we do not have exposure to derivatives risk.

Item 4.    Controls and Procedures

             We  maintain disclosure controls and procedures that  are
designed  to ensure that information required to be disclosed  in  our
Securities  Exchange  Act  of  1934 reports  is  recorded,  processed,
summarized and reported within the time periods specified in the SEC's
rules  and  forms,  and  that  such  information  is  accumulated  and
communicated  to  our  management, including  our  managing  partner's
principal  executive  officer  and  principal  financial  officer,  as
appropriate, to allow timely decisions regarding required  disclosure.
In  designing  and evaluating the disclosure controls and  procedures,
our  management recognized that any controls and procedures, no matter
how  well designed and operated, can provide only reasonable assurance
of  achieving  the  desired  control objectives,  and  our  management
necessarily was required to apply its judgment in evaluating the cost-
benefit relationship of possible controls and procedures.

             Under the supervision of our managing partner's principal
executive officer and principal financial officer we have carried  out
an  evaluation of the effectiveness of our adopted disclosure controls
and  procedures  as of the end of the period covered by  this  report.
Based  upon  that  evaluation, our managing  partner's  president  and
treasurer  concluded that our disclosure controls and  procedures  are
effective.

             There  have  been no significant changes in our  internal
controls over financial reporting that has materially affected, or  is
reasonably  likely  to  materially affect, our internal  control  over
financial   reporting   during  our  most   recent   fiscal   quarter.

<PAGE>

                      PART II - OTHER INFORMATION

Item 1.     Legal Proceedings

              To  the best of its knowledge, Registrant is not a party
to,  nor  is  its property the subject of, any pending material  legal
proceedings.

Item 4.     Submission of Matters to a Vote of Security Holders

                No matter was submitted during the quarter covered  by
this report to a vote of security holders.

Item 6.     Exhibits and Reports on Form 8-K

          (a) Exhibit Number    Document
              --------------    --------

               3                Registrant's    Amended     and
                                Restated Certificate of Limited
                                Partnership  and  Agreement  of
                                Limited Partnership, previously
                                filed as part of Amendment  No.
                                2  of Registrant's Registration
                                Statement  on  Form  S-11,  are
                                incorporated     herein      by
                                reference.

              31                General     Partners    Opinion
                                Certification

              32                Certification  Pursuant  to  18
                                U.S.C. Section 1350, As Adopted
                                Pursuant to Section 906 of  the
                                Sarbanes-Oxley Act of 2002

      (b)  Reports on Form 8-K:

            No  reports  were  filed on Form 8-K  during  the  quarter
            ended September 30, 2003.


<PAGE>
                              SIGNATURES

        Pursuant to the requirements of the Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.

                      DIVERSIFIED HISTORIC INVESTORS V

                      By: Dover Historic Advisors V, its general
                          partner

                          By: EPK, Inc., managing partner


Date: August 11, 2004         By: /s/ Spencer Wertheimer
      ---------------             ----------------------
                                  SPENCER WERTHEIMER
                                  President (principal executive
                                  officer, principal financial
                                  officer)

<PAGE>

                                                         Exhibit 31

                           CERTIFICATION

  I, Spencer Wertheimer, certify that:

1.  I  have  reviewed this quarterly report on Form  10-Q  for  the
 quarterly period ended September 30, 2003 of Diversified  Historic
 Investors V;

2.      Based  on  my knowledge, this report does not  contain  any
 untrue  statement of a material fact or omit to state  a  material
 fact  necessary  to  make the statements made,  in  light  of  the
 circumstances   under  which  such  statements  were   made,   not
 misleading with respect to the period covered by this report;

3.      Based on my knowledge, the financial statements, and  other
 financial  information included in this report, fairly present  in
 all   material  respects  the  financial  condition,  results   of
 operations  and cash flows of the registrant as of, and  for,  the
 periods presented in this report;

4.  I  am  responsible for establishing and maintaining  disclosure
 controls  and  procedures (as defined in Exchange Act  Rules  13a-
 15(e)  and  15d-15(e)) [Omission in accordance  with  SEC  Release
 Nos.  33-8238,  34-47986  and IC-26068 (June  5,  2003)]  for  the
 registrant and have:

  (a)     Designed  such  disclosure controls  and  procedures,  or
    caused  such disclosure controls and procedures to be  designed
    under  my  supervision,  to  ensure that  material  information
    relating   to   the  registrant,  including  its   consolidated
    subsidiaries,  is  made  known to me  by  others  within  those
    entities,  particularly during the period in which this  report
    is being prepared;

  (b)     [Omitted in accordance with SEC Release Nos. 33-8238, 34-
    47986 and IC-26068 (June 5, 2003)];

  (c)      Evaluated   the   effectiveness  of   the   registrant's
    disclosure  controls  and  procedures  and  presented  in  this
    report   my   conclusions  about  the  effectiveness   of   the
    disclosure  controls  and procedures, as  of  the  end  of  the
    period covered by this report based on such evaluation; and

  (d)     Disclosed  in this report any change in the  registrant's
    internal control over financial reporting that occurred  during
    the  registrant's most recent fiscal quarter (the  registrant's
    fourth  fiscal  quarter in the case of an annual  report)  that
    has  materially affected, or is reasonably likely to materially
    affect,   the  registrant's  internal  control  over  financial
    reporting; and

5.      I  have  disclosed, based on my most recent  evaluation  of
 internal  control  over financial reporting, to  the  registrant's
 auditors  and  the  audit committee of the registrant's  board  of
 directors (or persons performing the equivalent functions):

  (a)     All  significant deficiencies and material weaknesses  in
    the  design  or  operation of internal control  over  financial
    reporting  which are reasonably likely to adversely affect  the
    registrant's ability to record, process, summarize  and  report
    financial information; and

  (b)      Any  fraud,  whether  or  not  material,  that  involves
    management  or other employees who have a significant  role  in
    the registrant's internal control over financial reporting.



Date: August 11, 2004                          /s/ Spencer Wertheimer
      ---------------                          ----------------------
                                        Name:  Spencer Wertheimer
                                       Title:  President
                                              (principal executive
                                               officer, principal
                                               financial officer) of
                                               the registrant's
                                               managing partner, EPK,
                                               Inc.

<PAGE>


                                                            Exhibit 32

                       CERTIFICATION PURSUANT TO
                        18 U.S.C. SECTION 1350,
                        AS ADOPTED PURSUANT TO
             SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

  In  connection  with  the Quarterly Report of  Diversified  Historic
Investors V on Form 10-Q for the quarterly period ended September  30,
2003  as filed with the Securities and Exchange Commission on the date
hereof  (the "Report"), I, Spencer Wertheimer, President and Treasurer
of  the Company's managing partner, EPK, Inc., certify, pursuant to 18
U.S.C.  Section  1350,  as adopted pursuant  to  Section  906  of  the
Sarbanes-Oxley Act of 2002, that:

  (1) The Report fully complies with the requirements of section 13(a)
or 15(d) of the Securities Exchange Act of 1934, and

  (2)  The information contained in the Report fairly presents, in all
material  respects, the financial condition and results of  operations
of the Company.


Date: August 11, 2004                          /s/ Spencer Wertheimer
      ---------------                          ----------------------
                                        Name:  Spencer Wertheimer
                                       Title:  President
                                              (principal executive
                                               officer, principal
                                               financial officer) of
                                               the registrant's
                                               managing partner, EPK,
                                               Inc.


<PAGE>