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, 2002
                               ----------------------------------

                               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                 0-14934
                        -----------------------------------------

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

Pennsylvania                                        23-2312037
--------------                                  -----------------
(State or other jurisdiction of                 (I.R.S. Employer
incorporation or organization)                 Identification No.)

           1521 Locust Street, Philadelphia, PA   19102
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     (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, 2002 (unaudited)
        and December 31, 2001
        Consolidated Statements of Operations - Three Months
        Ended March 31, 2002 and 2001 (unaudited)
        Consolidated Statements of Cash Flows - Three Months
        Ended March 31, 2002 and 2001 (unaudited)
        Notes to Consolidated Financial Statements (unaudited)

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

(1)       Liquidity

               At   March  31,  2002,  Registrant  had  cash   of
approximately  $3,528.  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 with the various lenders in order to remain current  on
all  obligations.  The Registrant is not aware of any  additional
sources of liquidity.

                As  of  March 31, 2002, Registrant had restricted
cash  of  $55,107 consisting primarily of funds held as  security
deposits,  replacement  reserves and escrows  for  taxes.   As  a
consequence of these restrictions as to use, Registrant does  not
deem these funds to be a source of liquidity.

                In  recent  years,  the Registrant  has  realized
significant losses, including the foreclosure of five  properties
and  a  portion  of  a  sixth property, due  to  the  properties'
inability to generate sufficient cash flow to pay their operating
expenses and debt service.  The Registrant has first mortgages in
place  in  each of its remaining three properties that are  cash-
flow  mortgages,  requiring all available cash after  payment  of
operating  expenses  to  be paid to the  first  mortgage  holder.
Therefore, it is unlikely that any cash will be available to  the
Registrant  to  pay its general and administrative  expenses  and
debt  service  to  pay  debt service on the past-due  subordinate
mortgage  with respect to the Third Quarter or to  pay  any  debt
service  on  the  two accrual mortgages with  respect  to  Wistar
Alley.

                It  is the Registrant's intention to continue  to
hold  the  properties  until they can no  longer  meet  the  debt
service  requirements (or with respect to the Third  Quarter  and
Wistar  Alley, the lender seeks payment on the past due mortgage)
and  the  properties are foreclosed, or the market value  of  the
properties increases to a point where they can be sold at a price
which is sufficient to repay the underlying indebtedness.

                Since  the lenders have agreed either to forebear
from  taking any foreclosure action as long as cash flow payments
are  made, to accrue all debt service in lieu of payment, or have
(in the case of Third Quarter) not moved to declare a default for
a  substantial  period of time after the mortgage due  date,  the
Registrant believes it is appropriate to continue presenting  its
financial statements on a going concern basis.


(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  believes  that
historical  capital expenditure levels are 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.  If the need for capital expenditures
does  arise, the first mortgage holder for Third Quarter,  Wistar
Alley  and  Smythe Stores has agreed to fund capital expenditures
at terms similar to the first mortgage.


(3)  Results of Operations

               During  the  first  quarter  of  2002,  Registrant
incurred  a  net loss of $140,682 ($12.00 per limited partnership
unit)  compared  to  a net loss of $147,019 ($12.53  per  limited
partnership unit) for the same period in 2001.

              Rental income increased $7,136 from $132,676 in the
first quarter of 2001 to $139,812 in the same period in 2002. The
increase  in  rental  income occurred at the  Smythe  Stores  and
Wistar Alley, partially offset by a decrease in rental income  at
the  Third  Quarter Apartments. The increase in rental income  at
the Smythe Stores and Wistar Alley is due to increases in average
rental  rates. The decrease in rental income at Third Quarter  is
due to a decrease in average occupancy (95% to 93%).

              Rental  operations  expense  increased   $404  from
$98,099  in  the  first quarter of 2001 to $98,503  in  the  same
period  in 2002.  Rental operations expense increased due  to  an
increase in insurance expense, partially offset by a decrease  in
maintenance expense and tax and license expense. The increase  in
insurance  expense  occurred at all three properties  due  to  an
increase in monthly premiums. The decrease in maintenance expense
occurred  at  Third  Quarter due to a decrease  in  plumbing  and
electrical  expense.  The  decrease in tax  and  license  expense
occurred   at   all  three  properties  due  to  a  decrease   in
miscellaneous fees.

              Interest expense increased $1,230 from $132,375  in
the first quarter of 2001 to $133,605 in the same period in 2002.
The  increase in interest expense occurred at Third  Quarter  and
Wistar  Alley due to an increase in principal balance upon  which
the  interest  is calculated, partially offset by a  decrease  in
interest  expense at the Smythe Stores. The decrease in  interest
expense  at  the Smythe Stores is due to a decrease in  principal
balance due to the extinguishment of debt as a result of the sale
of a condominium unit during 2001.

              Losses  incurred during the first  quarter  at  the
Registrant's   three   properties  were  approximately   $132,000
compared to a loss of approximately $138,000 for the same  period
in 2001.

              In the first quarter of 2002, Registrant incurred a
loss   of  $51,000  at  the  Smythe  Stores  Condominium  complex
including $7,000 of depreciation expense, compared to a  loss  of
$62,000  in  the  first  quarter of  2001,  including  $9,000  of
depreciation expense.  The decrease in loss is due to an increase
in  rental income and a decrease in interest expense, real estate
taxes, and depreciation expense. The increase in rental income is
due  to  an  increase in monthly rental rates.  The  decrease  in
interest  expense,  depreciation  expense  and  real  estate  tax
expense  are due to the sale of a condominium unit which occurred
during 2001.

              In the first quarter of 2002, Registrant incurred a
loss  of  $47,000  at  the  Third Quarter  Apartments,  including
$19,000  of  depreciation expense, compared to a loss of  $41,000
including $18,000 of depreciation expense in the first quarter of
2001.  The increase in loss is due to a decrease in rental income
combined  with an increase in interest expense, partially  offset
by  a  decrease  in maintenance expense. The decrease  in  rental
income  is due to a decrease in average occupancy (95%  to  93%).
The  increase  in interest expense is due to an increase  in  the
principal balance upon which the interest in calculated  combined
with  a  decrease  in monthly payment amounts  during  the  first
quarter of 2002. The decrease in maintenance expense is due to  a
decrease in plumbing and electrical expense due to a decrease  in
average occupancy (95% to 93%).

              In the first quarter of 2002, Registrant incurred a
loss   of   $34,000  at  Wistar  Alley,  including   $23,000   of
depreciation  expense, compared to a loss  of  $34,000  including
$22,000 of depreciation expense in the first quarter of 2001. The
reported net loss of the property remained the same in the  first
quarter  of 2001 and 2002.  During the first quarter of  2002  an
increase  in  rental  income, offset by an increase  in  interest
expense  occurred at the property. The increase in rental  income
is  due  to an increase in average rental rates. The increase  in
interest expense is due to the increase in principal balance upon
which the interest is calculated.

<PAGE>


                 DIVERSIFIED HISTORIC INVESTORS
              (a Pennsylvania limited partnership)

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

                              March 31, 2002   December 31, 2001
                              --------------   -----------------
                               (Unaudited)
Rental properties, at cost:
 Land                           $  299,612         $  299,612
 Buildings and improvements      4,506,943          4,506,943
 Furniture and fixtures            174,029            174,029
                                ----------         ----------
                                 4,980,584          4,980,584
Less - accumulated depreciation (3,162,125)        (3,113,769)
                                ----------         ----------
                                 1,818,459          1,866,815
Cash and cash equivalents            3,528             12,266
Restricted cash                     55,107             81,478
Accounts receivable                 14,563             12,230
Other assets                         7,778              3,007
                                ----------         ----------
     Total                      $1,899,435         $1,975,796
                                ==========         ==========

                Liabilities and Partners' Equity

Liabilities:
 Debt obligations               $5,146,354         $5,146,354
 Accounts payable:
  Trade                            391,754            394,991
  Related parties                  519,051            509,975
Interest payable                 1,234,270          1,181,241
Accrued liabilities                  3,422              2,863
Tenant security deposits            49,635             44,740
                                ----------         ----------
     Total liabilities           7,344,486          7,280,164
Partners' deficit               (5,445,051)        (5,304,368)
                                ----------         ----------
     Total                      $1,899,435         $1,975,796
                                ==========         ==========

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

<PAGE>

                 DIVERSIFIED HISTORIC INVESTORS
              (a Pennsylvania limited partnership)

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

                                     Three months ended
                                          March 31,
                                    2002            2001
                                    ----            ----
Revenues:
 Rental income                    $139,812       $132,676
 Interest income                       282            333
                                  --------       --------
     Total revenues                140,094        133,009
                                  --------       --------
Costs and expenses:
 Rental operations                  98,503         98,099
 Interest                          133,605        132,375
 Depreciation and amortization      48,667         49,554
                                  --------       --------
      Total costs and expenses     280,775        280,028
                                  --------       --------
Net income (loss)                ($140,681)     ($147,019)
                                  ========       ========

Net loss per limited
 partnership unit                ($  12.00)     ($  12.53)
                                  ========       ========

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

<PAGE>

                 DIVERSIFIED HISTORIC INVESTORS
              (a Pennsylvania limited partnership)

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


                                          Three months ended
                                               March 31,
                                            2002       2001
                                            ----       ----
Cash flows from operating activities:
 Net (loss) income                      ($140,833)  ($147,019)
 Adjustments to reconcile net income
  (loss) to net cash used in
  operating activities:
  Depreciation and amortization            48,666      49,554
  Changes in assets and liabilities:
  Decrease in restricted cash              26,372      38,924
  Increase in accounts receivable          (2,333)     (4,883)
  Increase in other assets                 (5,082)          0
  Decrease in accounts payable - trade     (3,237)    (15,224)
  Increase in accounts payable -
   related parties                          9,227       9,076
  Increase in interest payable             53,029      68,398
  Increase (decrease) in accrued
   liabilities                                558      (3,224)
  Increase in tenant security deposits      4,895       1,275
                                         --------   ---------
Net cash used in operating activities      (8,738)     (3,123)
                                         --------   ---------
Net cash provided by investing
 activities                                     0           0
                                         --------   ---------
Net cash used in financing activities           0           0
                                         --------   ---------
Decrease in cash and cash equivalents      (8,738)     (3,123)
Cash and cash equivalents at
 beginning of period                       12,266       8,872
                                         --------   ---------
Cash and cash equivalents at end of
 period                                  $  3,528   $   5,749
                                         ========   =========

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

<PAGE>


                 DIVERSIFIED HISTORIC INVESTORS
              (a Pennsylvania limited partnership)

           NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                           (Unaudited)


NOTE 1 - BASIS OF PRESENTATION

The  unaudited  consolidated financial statements of  Diversified
Historic Investors (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  on  Form 10-K and  notes  thereto  of  the
Registrant for the year ended December 31, 2001.

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.

<PAGE>

                   PART II - OTHER INFORMATION

Item 1.   Legal Proceedings

              To  the best of its knowledge, Registrant is not  a
party  to, nor is any of 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.

            21                  Subsidiaries of the  Registrant
                                are    listed   in   Item    2.
                                Properties   on   Form    10-K,
                                previously      filed       and
                                incorporated     herein      by
                                reference.

         (b) Reports on Form 8-K:

            No  reports were filed on Form 8-K during the quarter
            ended March 31, 2002.

<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:  June 2, 2003        DIVERSIFIED HISTORIC INVESTORS
       ------------
                           By: Diversified Historic Advisors,
                           General Partner

                                By: EPK, Inc., Partner


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

<PAGE>