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         June 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.

        Consolidated Balance Sheets - June 30, 2003 (unaudited) and
        December 31, 2002
        Consolidated Statements of Operations - For the Three Months
        and Six Months Ended June 30, 2003 and 2002 (unaudited)
        Consolidated Statements of Cash Flows - For the Six Months
        Ended June 30, 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  June 30, 2003, Registrant had cash of  $7,983.
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 June 30, 2003, Registrant had restricted cash of
$125,980  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  second  quarter of 2003,  the  Registrant
incurred  a  net loss of $22,010 ($1.96 per limited partnership  unit)
compared to a net loss of $38,445 ($3.42 per limited partnership unit)
for  the  same period in 2002.  For the first six months of 2003,  the
Registrant  incurred a loss of $44,029 ($3.91 per limited  partnership
unit)  compared to net loss of $73,359 ($6.52 per limited  partnership
unit) for the same period in 2002.

                Rental  income  increased $1,488 from $33,205  in  the
second  quarter  of  2002 to $34,693 in the same period  of  2003  and
decreased  $1,469  from $65,697 in the first six  months  of  2002  to
$64,228 in the same period of 2003. The increase in rental income from
the  second quarter of 2002, compared to the same period in  2003,  is
due  to  an  increase in average rental rates. The decrease in  rental
income  from the first six months of 2002, compared to the same period
in 2003 is due to a decrease in average occupancy (83% to 78%).

               Rental operations expense decreased $1,844 from $21,560
in  the  second quarter of 2002 to $19,716 in the same period of  2003
and  decreased $2,798 from $42,369 in the first six months of 2002  to
$39,571  in the same period of 2003. The decrease in rental operations
expense from both the second quarter and the first six months of 2002,
compared  to  the  same  periods in 2003, is  due  to  a  decrease  in
miscellaneous operating expense and professional fees. The decrease in
miscellaneous operating expense is due to a decrease in  bank  service
charges,  office expense, travel expense, and telephone and  answering
service expense. The decrease in professional fees is due to one  time
appraisal fees incurred in 2002.

                Interest expense increased $5,628 from $16,558 in  the
second  quarter  of 2002 to $22,186 in the same period  of  2003,  and
increased  $6,430  from $32,695 for the first six months  of  2002  to
$39,125 for the same period of 2003. The increase from both the second
quarter and the first six months of 2002, compared to the same periods
in  2003, is due an increase in principal balance on the mortgage upon
which the interest is calculated.

                Depreciation and amortization expense decrease $15,721
from  $30,651  in the second quarter of 2002 to $14,930  in  the  same
period  of 2003 and decrease $789 from $30,651 in the first six months
of  2002 to $29,862 in the same period of 2003. The decrease from both
the second quarter and the first six months 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.

                In  the second quarter of 2003, 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  $23,000  including $15,000 of depreciation expense in  the  second
quarter  of  2002.   The decrease in loss from the second  quarter  of
2002,  compared  to the same period in 2003 is due to an  increase  in
rental  income and a decrease in rental operations expense,  partially
offset  by  an  increase in interest expense. The increase  in  rental
income is due to an increase in average rental rates.  The decrease in
rental  operations  expense  is due to  a  decrease  in  miscellaneous
operating expense and professional fees. The decrease in miscellaneous
operating  expense  is due to a decrease in bank service  charges  and
office  expense. The decrease in professional fees is due to one  time
appraisal  fees incurred in 2002. The increase in interest expense  is
due to an increase in principal balance on the mortgage upon which the
interest is calculated.

               For the first six months of 2003, Registrant incurred a
loss  of  approximately $44,000 at the Lofts at  Red  Hill,  including
$30,000 of depreciation and amortization expense, compared to  a  loss
of  $43,000  including $30,000 of depreciation  expense  in  the  same
period  in  2002.  The increase in loss from the first six  months  of
2002,  compared  to the same period in 2003 is due to  a  decrease  in
rental  income, and an increase in interest expense, partially  offset
by  a  decrease in rental operations expense. The decrease  in  rental
income  for  the  first six months of 2003 is due  to  a  decrease  in
average  occupancy (83% to 78%). The increase in interest  expense  is
due to an increase in principal balance on the mortgage upon which the
interest is calculated.  The decrease in rental operations expense  is
due  to a decrease in miscellaneous operating expense and professional
fees.   The decrease in miscellaneous operating expense is  due  to  a
decrease  in  bank service charges, travel expense and  telephone  and
answering service expense.  The decrease in professional fees  is  due
to one time appraisal fees incurred in 2002.

                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.

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.



                   DIVERSIFIED HISTORIC INVESTORS V
                 (a Pennsylvania limited partnership)

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

                                Assets

                              June 30, 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            94,975              94,975
                               ----------          ----------
                                1,601,452           1,601,452
Less - accumulated depreciation  (918,302)           (888,440)
                               ----------          ----------
                                  683,150             713,012
Cash and cash equivalents           7,983               4,623
Restricted cash                   125,980             124,401
Accounts and notes receivable      12,557              10,753
                               ----------          ----------
     Total                     $  829,670          $  852,789
                               ==========          ==========

                   Liabilities and Partners' Equity
Liabilities:
 Debt obligations              $  497,453          $  482,329
 Accounts payable:
  Trade                           137,567             135,357
  Related parties                  33,656              33,656
 Accrued liabilities               16,799              13,714
 Tenant security deposits           9,470               8,980
                               ----------          ----------
     Total liabilities            694,945             674,036
Partners' equity                  134,725             178,753
                               ----------          ----------
     Total                     $  829,670          $  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           Six months
                       ended June 30,        ended June 30,
                       2003      2002        2003      2002
                       ----      ----        ----      ----
 Revenues:
   Rental income     $34,694   $33,205    $ 64,227  $ 65,697
   Interest income       129       320         301       755
                     -------   -------    --------  --------
  Total revenues      34,823    33,525      64,528    66,452
                     -------   -------    --------  --------

Costs and expenses:
 Rental operations    19,716    21,560      39,571    42,368
 Bad debt                  0     3,202           0     3,202
 Interest             22,186    16,557      39,124    32,695
 Depreciation and
  amortization        14,931    30,651      29,862    61,546
                     -------   -------    --------  --------
  Total costs and
   expenses           56,833    71,970     108,557   139,811
                     -------   -------    --------  --------
Net loss            ($22,010) ($38,445)  ($ 44,029)($ 73,359)
                     =======   =======    ========  ========

Net loss per limited
 partnership unit   ($  1.96) ($  3.42)  ($   3.91)($   6.52)
                     =======   =======    ========  ========

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)

                                           Six months ended
                                               June 30,
                                           2003        2002
                                           ----        ----

Cash flows from operating activities:
 Net loss                               ($44,029)   ($73,359)
Adjustments to reconcile net loss to
  net cash used in operating
  activities:
  Depreciation and amortization           29,862      61,546
 Changes in assets and liabilities:
  Increase in restricted cash             (1,579)     (6,247)
  (Increase) decrease in accounts
   receivable                             (1,803)      2,817

  Increase in accounts payable - trade     2,210       3,986
  Increase (decrease) in accrued
   liabilities                             3,085      (1,570)
  Increase (decrease) in tenant
   security deposits                         490        (130)
                                         -------     -------
Net cash used in operating
 activities:                             (11,764)    (12,957)
                                         -------     -------
Cash flows from financing activities:
 Proceeds from debt financings            15,124      12,495
                                         -------     -------
Net cash provided by financing
 activities:                              15,124      12,495
                                         -------     -------
Increase (decrease) in cash and cash
 equivalents                               3,360        (462)
Cash and cash equivalents at
 beginning of period                       4,623       4,974
                                         -------     -------
Cash and cash equivalents at end of
 period                                  $ 7,983     $ 4,512
                                         =======     =======

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 - 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 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.


    (b)     Reports on Form 8-K:

            No  reports  were  filed on Form 8-K  during  the  quarter
            ended June 30, 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 21, 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  June  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:  January 21, 2004                       /s/ Spencer Wertheimer
       ----------------                       ----------------------
                                        Name: Spencer Wertheimer
                                       Title: President (principal
                                              executive officer) of the
                                              registrant's managing
                                              partner, EPK, Inc.

Date:  January 21, 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 June 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:  January 21, 2004                       /s/ Spencer Wertheimer
       ----------------                       ----------------------
                                        Name: Spencer Wertheimer
                                       Title: President (principal
                                              executive officer) of the
                                              registrant's managing
                                              partner, EPK, Inc.

Date:  January 21, 2004                       /s/ Spencer Wertheimer
       ----------------                       ----------------------
                                        Name: Spencer Wertheimer
                                       Title: Treasurer (principal
                                              financial officer) of the
                                              registrant's managing
                                              partner, EPK, Inc.

<PAGE>