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         March 31, 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.

          Consolidated Balance Sheets - March 31, 2003 (unaudited) and
          December 31, 2002

          Consolidated Statements of Operations - Three Months Ended
          March 31, 2003 and 2002 (unaudited)

          Consolidated Statements of Cash Flows - Three Months Ended
          March 31, 2003 and 2002 (unaudited)

          Notes to Consolidated Financial Statements  (unaudited)

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

          (1)  Liquidity

             As of March 31, 2003, Registrant had cash of $4,091. Such
funds  are  expected  to be used to pay liabilities  and  general  and
administrative  expenses of Registrant, and to fund cash  deficits  of
the  property.   Cash generated from operations is used  primarily  to
fund  operating expenses and debt service.  If cash flow proves to  be
insufficient,   the   Registrant  will  attempt  to   negotiate   loan
modifications  with  the  lender in order to  remain  current  on  all
obligations.  The Registrant is not aware of any additional sources of
liquidity.

              As of March 31, 2003, Registrant had restricted cash  of
$125,705, consisting primarily of funds held as security deposits  and
escrows  for taxes. As a consequence of the restrictions  as  to  use,
Registrant does not deem these funds to be a source of liquidity.

              On  October  1, 2002, the mortgage note secured  by  the
Lofts at Red Hill matured and was declared in default by the lender.

              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)  Capital Resources

             Any capital expenditures needed are generally replacement
items  and  are  funded  out  of cash from operations  or  replacement
reserves,  if  any.  The Registrant is not aware of any factors  which
would cause historical capital expenditure levels not to be indicative
of  capital  requirements  in the future and,  accordingly,  does  not
believe  that  it  will have to commit material resources  to  capital
investment for the foreseeable future.

          (3)  Results of Operations

              During the first quarter of 2003, Registrant incurred  a
net  loss of $22,019 ($1.96 per limited partnership unit) compared  to
net  loss of $34,913 ($3.10 per limited partnership unit) for the same
period in 2002.

              Rental income decreased $2,957 from $32,491 in the first
quarter of 2002 to $29,534 in the same period in 2003. The decrease in
rental  income from the first quarter of 2002, compared  to  the  same
period  in  2003,  is due to a decrease in average occupancy  (87%  to
76%).

              Rental operations expense decreased $955 from $20,810 in
the  first quarter of 2002 to $19,855 in the same period in 2003.  The
decrease in rental operations expense from the first quarter of  2002,
compared  to  the  same  period in 2003,  is  due  to  a  decrease  in
maintenance  expense  partially offset by  an  increase  in  utilities
expense.  The decrease in maintenance expense is due to a decrease  in
apartment preparation and contract cleaning services.  The increase in
utilities expense is due to an increase in water and electric charges.

              Interest expense increased $801 from $16,137 during  the
first  quarter  of  2002 to $16,938 in the same period  in  2003.  The
increase  in  interest expense is due to an increase in the  principal
balance of the mortgage upon which the interest is calculated.

              Depreciation  and amortization expense decrease  $15,964
from  $30,895  in  the first quarter of 2002 to $14,931  in  the  same
period  in  2003. The decrease from the first quarter of 2002  to  the
same  period in 2003 is due to a decrease in amortization  expense.  A
deferred  expense  incurred  in a prior year  became  fully  amortized
during 2002.

             During the first quarter of 2003, the Registrant incurred
a  loss  of  approximately $22,000 at the Lofts at Red Hill, including
$15,000 of depreciation and amortization expense, compared to  a  loss
of  $20,000, including $15,000 of depreciation expense, in  the  first
quarter of 2002.  The increase in loss from the first quarter of 2002,
compared  to the same period in 2003, is due to a decrease  in  rental
income  and  an increase in utilities expense, partially offset  by  a
decrease in maintenance expense. The decrease in rental income is  due
to  a  decrease  in average occupancy (87% to 76%).  The  increase  in
utilities expense is due to an increase in water and electric charges.
The  decrease in maintenance expense is due to a decrease in apartment
preparation  and  contract cleaning service due to a decrease  in  the
turnover of apartment units.

              On  October  1, 2002, the mortgage note secured  by  the
Lofts at Red Hill matured and was declared in default by the lender.

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

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>



                   DIVERSIFIED HISTORIC INVESTORS V
                 (a Pennsylvania limited partnership)

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

                                Assets

                              March 31, 2003   December 31, 2002
                              --------------   -----------------
                               (Unaudited)

Rental properties, at cost:
 Land                           $   61,046         $   61,046
 Buildings and improvements      1,445,431          1,445,431
 Furniture and fixtures             94,974             94,974
                                ----------         ----------
                                 1,601,451          1,601,451
Less - accumulated depreciaton    (903,371)          (888,440)
                                ----------         ----------
                                   698,080            713,011
Cash and cash equivalents            4,092              4,623
Restricted cash                    125,705            124,401
Accounts and notes receivable       10,056             10,754
                                ----------         ----------
     Total                      $  837,933         $  852,789
                                ==========         ==========

                   Liabilities and Partners' Equity

Liabilities:
 Debt obligations               $  487,267        $   482,328
 Accounts payable:
  Trade                            135,435            135,358
  Related parties                   33,656             33,656
  Taxes                              3,178                  0
Accrued liabilities                 12,648             13,714
Tenant security deposits             9,015              8,980
                                ----------         ----------
     Total liabilities             681,199            674,036
Partners' equity                   156,734            178,753
                                ----------         ----------
     Total                      $  837,933         $  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 ended
                                          March 31,
                                    2003            2002
                                    ----            ----
Revenues:
 Rental income                     $29,534        $32,491
 Interest income                       171            438
                                   -------        -------
     Total revenues                 29,705         32,929
                                   -------        -------

Costs and expenses:
 Rental operations                  19,855         20,810
 Interest                           16,938         16,137
 Depreciation and amortization      14,931         30,895
                                   -------        -------
        Total costs and expenses    51,724         67,842
                                   -------        -------
Net loss                          ($22,019)      ($34,913)
                                   =======        =======

Net loss per limited
 partnership unit:
 Net loss                         ($  1.96)      ($  3.10)
                                   =======        =======


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)


                                         Three months ended
                                              March 31,
                                         2003          2002
                                         ----          ----

Cash flows from operating activities:
  Net loss                            ($22,019)     ($34,913)
 Adjustments to reconcile net loss to
  net cash used in operating
  activities:
  Depreciation and amortization         14,931        30,895
 Changes in assets and liabilities:
  Increase in restricted cash           (1,304)       (4,154)
  Decrease in accounts receivable          698           776
  Increase in accounts payable - trade      78         1,631
  Increase in accounts payable - taxes   3,178         3,178
  (Decrease) increase in accrued
   liabilities                          (1,067)          889
  Increase in tenant security deposits      35         1,280
                                       -------       -------
Net cash used in operating activities   (5,470)         (418)
                                       -------       -------
Cash flows from financing activities:
 Proceeds from debt financings           4,938         4,137
                                       -------       -------
Net cash provided by financing
 activities                              4,938         4,137
                                       -------       -------
(Decrease) increase in cash
 and cash equivalents                     (532)        3,719
Cash and cash equivalents at
 beginning of period                     4,623         4,974
                                       -------       -------
Cash and cash equivalents at
 end of period                         $ 4,091       $ 8,693
                                       =======       =======

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") and related notes  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 on
Form 10-K of the Registrant 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 - SUBSEQUENT EVENTS

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 accrued expenses of the Registrant.

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

<PAGE>

                      PART II - OTHER INFORMATION


Item 1.   Legal Proceedings

             To the best of its knowledge, Registrant is not 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.

        (b)  Reports on Form 8-K:

             No  reports  were  filed on Form 8-K  during  the  quarter
             ended March 31, 2003.

<PAGE>


                              SIGNATURES

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

Date: January 20, 2004     DIVERSIFIED HISTORIC INVESTORS V
      ----------------
                           By: Dover Historic Advisors V,
                               General Partner

                               By: EPK, Inc., Partner

                                   By: /s/ Spencer Wertheimer
                                       ----------------------
                                       SPENCER WERTHEIMER
                                       President and Treasurer

<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  March  31,  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:  January 20, 2004                       /s/ Spencer Wertheimer
       ----------------                       ----------------------
                                        Name: Spencer Wertheimer
                                       Title: President (principal
                                              executive officer) of the
                                              registrant's managing
                                              partner, EPK, Inc.

Date:  January 20, 2004                       /s/ Spencer Wertheimer
       ----------------                       ----------------------
                                        Name: Spencer Wertheimer
                                       Title: Treasurer (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 March 31, 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:  January 20, 2004                       /s/ Spencer Wertheimer
       ----------------                       ----------------------
                                        Name: Spencer Wertheimer
                                       Title: President (principal
                                              executive officer) of the
                                              registrant's managing
                                              partner, EPK, Inc.

Date:  January 20, 2004                       /s/ Spencer Wertheimer
       ----------------                       ----------------------
                                        Name: Spencer Wertheimer
                                       Title: Treasurer (principal
                                              financial officer) of the
                                              registrant's managing
                                              partner, EPK, Inc.

<PAGE>