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, 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
-----------------------------------------------------------------
     (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, 2002 (unaudited)
        and December 31, 2001
        Consolidated Statements of Operations - Three Months and
        Six Months Ended June 30, 2002 and 2001 (unaudited)
        Consolidated Statements of Cash Flows - Six Months Ended
        June 30, 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

              As  of  June  30,  2002,  Registrant  had  cash  of
approximately  $4,633.  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 June 30, 2002, Registrant had restricted cash
of  $78,760  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, 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 is not aware of  any
factors which would cause historical capital expenditures  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.   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  second  quarter  of  2002,  Registrant
incurred  a  net loss of $101,770 ($8.67 per limited  partnership
unit)  compared  to a net income of $116,357 ($9.92  per  limited
partnership unit) for the same period in 2001.  For the first six
months  of  2002, the Registrant incurred a net loss of  $242,452
($20.67  per limited partnership unit) compared to a net loss  of
$30,662 ($2.61 per limited partnership unit) for the same  period
in 2001.

             Rental income increased $13,467 from $131,849 in the
second  quarter of 2001 to $145,316 in the same period  in  2002.
The  increase in rental income is due to an increase  in  average
occupancy  the  Third  Quarter  Apartments  (95%  to  100%).  The
increase  in rental income at the Smythe Stores and Wistar  Alley
is due to an increase in average rental rates.

              Rental  income increased $20,604 from $264,524  for
the  first six months of 2001 to $285,128 for the same period  in
2002.   The  increase in rental income is due to an  increase  in
average  occupancy at the Third Quarter Apartments (95% to  97%).
The  increase  in rental income at the Smythe Stores  Condos  and
Wistar Alley is due to an increase in average rental rates.

              Rental  operations  expense decreased  $2,620  from
$68,028  in  the second quarter of 2001 to $65,408  in  the  same
period in 2002 and for the first six months decreased $2,215 from
$166,126 during the first six months of 2001 to $163,911 for  the
same  period  in 2002. The decrease in rental operations  expense
from  the second quarter and the first six month of 2001  to  the
same  period in 2002 is due to a decrease in maintenance expense,
partially offset by a bad debt expense incurred during the  year.
The decrease in maintenance expense at Wistar Alley and the Third
Quarter  Apartments is due to a decrease in apartment preparation
expenses  due  to a decrease in the turnover of apartment  units.
The  decrease in maintenance expense at the Smythe Stores is  due
to  the  sale  of a condominium unit during 2001.  The  bad  debt
expense  incurred  at  both Wistar Alley and  the  Third  Quarter
Apartments  and  is due to uncollectible tenant debts  that  were
written off during the year.

              Interest expense increased $2,384 from $130,822  in
the second quarter of 2001 to $133,206 in the same period in 2002
and increased by $3,614 from $263,197 for the first six months of
2001  to  $266,811 for the same period in 2002. The  increase  in
interest  expense  occurred at both Wistar Alley  and  the  Third
Quarter  Apartments and is due to an increase  in  the  principal
amount upon which the interest is calculated, partially offset by
a decrease at the Smythe Stores due to the extinguishment of debt
related  to  the  sale of a condominium unit  during  the  second
quarter of 2001.

              A  loss incurred during the second quarter  at  the
Registrant's  properties was approximately $93,000,  compared  to
income of approximately $126,000 for the same period in 2001. For
the  first  six  months  of  2002,  the  Registrant's  properties
incurred a net loss of approximately $224,000 compared to  a  net
income of approximately $12,000 for the same period in 2001.

             In the second quarter of 2002, Registrant incurred a
loss   of  $51,000  at  the  Smythe  Stores  Condominium  complex
including  $7,000 of depreciation expense, compared to income  of
$176,000  in  the  second quarter of 2001, including  $19,000  of
depreciation  expense.   Included in  income  during  the  second
quarter  of 2001 is a gain of $27,811 related to the  sale  of  a
condominium  unit.   An extraordinary gain of  $214,985  for  the
second  quarter of 2001 was recognized for the extinguishment  of
debt  related  to those sales. The extraordinary gain  represents
the   excess  of  the  debt  extinguished  by  the  sale  of  the
condominium  units  over  the fair market  value  of  the  units.
Overall,  exclusive of the gain, the property would have incurred
a loss of $69,000 for the second quarter of 2001. The decrease in
loss  from the second quarter of 2001 to the same period in  2002
is  due  to  a  decrease  in  interest expense  and  depreciation
expense.  The  decrease in interest expense is a  result  of  the
extinguishment  of  debt due to the sale of  a  condominium  unit
during  the  second quarter of 2001. The decrease in depreciation
expense  is  due  to the sale of a condominium  unit  during  the
second  quarter of 2001 which decreased the depreciable basis  of
the fixed assets.


             In the first six months of 2002, Registrant incurred
a  loss  of  $101,000 including $13,000 of depreciation  expense,
compared  to income of $114,000 including $27,000 of depreciation
expense  for the same period in 2001.  Included in income  during
the  first six months of 2001 is a gain of $27,811 related to the
sale of a condominium unit. An extraordinary gain of $214,985 was
recognized  for  the first six months of 2001. The  extraordinary
gain  represents the excess of the debt extinguished by the sales
of the condominium units over the fair market value of the units.
Overall,  exclusive of the gain, the property would have incurred
a  loss of $129,000 for the first six months of 2001. As with the
second quarter, the decrease in loss from the first six months of
2001  to the same period in 2002 is due to a decrease in interest
expense  and  depreciation  expense.  The  decrease  in  interest
expense is a result of the extinguishment of debt due to the sale
of  a  condominium unit during the second quarter  of  2001.  The
decrease  in  depreciation expense  is  due  to  the  sale  of  a
condominium  unit  during  the first six  months  of  2001  which
decreased the depreciable basis of the fixed assets.

             In the second quarter of 2002, Registrant incurred a
loss  of  $29,000  at  the  Third Quarter  Apartments,  including
$19,000  of  depreciation expense, compared to a loss of  $36,000
including  $18,000 of depreciation expense in the second  quarter
of 2001. For the first six months of 2002, Registrant incurred  a
loss  of  $76,000,  including  $38,000  of  depreciation  expense
compared  to  a loss of $77,000 including $37,000 of depreciation
expense  for the first six months of 2001. The decrease  in  loss
from  the second quarter and the first six months of 2001 to  the
same period in 2002 is due to an increase in rental income and  a
decrease  in maintenance expense, partially offset by an increase
in  interest expense and a bad debt expense incurred  during  the
year.  The  increase in rental income is due to  an  increase  in
average  occupancy for the first six months (95% to 97%) and  for
the  second  quarter (95% to 100%). The decrease  in  maintenance
expense  is  due to a decrease in apartment preparation  expenses
due  to  a  decrease  in  the turnover of  apartment  units.  The
increase  in interest expense is due to an increase in  principal
balance  upon  which  the interest is calculated.  The  bad  debt
expense  incurred  at  the Third Quarter  Apartments  is  due  to
uncollectible tenant debts that were written off during the year.

             In the second quarter of 2002, Registrant incurred a
loss   of   $13,000  at  Wistar  Alley,  including   $23,000   of
depreciation  expense, compared to a loss of  $15,000,  including
$22,000  of depreciation expense, in the second quarter of  2001.
For  the first six months of 2002, Registrant incurred a loss  of
$47,000, including $45,000 of depreciation expense, compared to a
loss  of $49,000, including $45,000 of depreciation expense,  for
the  same  period in 2001. The decrease in loss from  the  second
quarter  and the first six months of 2001 to the same  period  in
2002  is  due  to an increase in rental income and a decrease  in
maintenance expense, partially offset by an increase in  interest
expense  and  a  bad debt expense incurred during the  year.  The
increase in rental income is due to an increase in average rental
rates.  The decrease in maintenance expense is due to a  decrease
in  apartment  preparation expenses due  to  a  decrease  in  the
turnover of apartment units. The increase in interest expense  is
due  to  an increase in principal balance upon which the interest
is  calculated. The bad debt expense incurred at Wistar Alley  is
due  to  uncollectible tenant debts that were written off  during
the year.


                 DIVERSIFIED HISTORIC INVESTORS
              (a Pennsylvania limited partnership)

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

                             Assets

                                June 30, 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  (3,210,480)         (3,113,769)
                                 ----------          ----------
                                  1,770,104           1,866,815
Cash and cash equivalents             4,633              12,266
Restricted cash                      78,760              81,478
Accounts receivable                   7,804              12,230
Other assets (net of
 amortization of
 $34,158 and $33,536)                 7,467               3,007
                                 ----------          ----------
     Total                       $1,868,768          $1,975,796
                                 ==========          ==========


                Liabilities and Partners' Equity

Liabilities:
 Debt obligations               $5,146,354          $5,146,354
 Accounts payable:
  Trade                            394,768             394,991
  Related parties                  528,228             509,975
  Interest payable               1,288,198           1,181,241
  Tenant security deposits          53,745              44,740
  Other liabilities                  4,295               2,863
                                ----------          ----------
     Total liabilities           7,415,588           7,280,164
Partners' deficit               (5,546,820)         (5,304,368)
                                ----------          ----------
     Total                      $1,868,768          $1,975,796
                                ==========          ==========

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

<PAGE>

                 DIVERSIFIED HISTORIC INVESTORS
              (a Pennsylvania limited partnership)

              CONSOLIDATED STATEMENTS OF OPERATIONS
              -------------------------------------
                           (Unaudited)
                         Three months            Six months
                        ended June 30,         ended June 30,
                        2002      2001         2002      2001
                        ----      ----         ----      ----

Revenues:
 Rental income      $145,316   $131,849     $285,128   $264,524
 Gain on sale of
  units                    0     27,811            0     27,811
 Other income              0         90            0         90
 Interest income         194        231          475        564
                    --------  ---------     --------  ---------
  Total revenues     145,510    159,981      285,603    292,989

Costs and expenses:
 Rental operations    65,408     68,028      163,911    166,126
 Interest            133,206    130,822      266,811    263,197
 Depreciation and
  amortization        48,666     59,759       97,333    109,313
                    --------   --------     --------   --------
  Total costs and
   expenses          247,280    258,609      528,055    538,636
                    --------   --------     --------   --------
Loss before
 extraordinary
 item              ($101,770) ($ 98,628)   ($242,452) ($245,647)
Extraordinary gain
 from extinguish-
 ment of debt              0    214,985            0    214,985
                    --------   --------     --------  ---------
Net income/loss    ($101,770)  $116,357    ($242,452) ($ 30,662)
                    ========   ========     ========   ========

Net income (loss)
 per limited
 partnership unit: ($  8.67) ($   8.41)   ($  20.67) ($  20.94)
Loss before
 extraordinary
 item                     0      18.33            0      18.33
                    -------  ---------     --------   --------
Extraordinary gain ($  8.67) $    9.92    ($  20.67) ($   2.61)
                    =======  =========     ========   ========

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

<PAGE>


                 DIVERSIFIED HISTORIC INVESTORS
              (a Pennsylvania limited partnership)

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


                                          Six months ended
                                              June 30,
                                          2002        2001
                                          ----        ----
Cash flows from operating activities:
 Net (loss) income                     ($242,452)   $212,134
 Adjustments to reconcile net income
  to net cash (used in) provided by
  operating activities:
  Gain on sale of units                        0     (27,811)
  Extraordinary gain on extinguishment
   on debt                                     0    (214,985)
  Depreciation and amortization           97,333     109,313
  Changes in assets and liabilities:
   Decrease in restricted cash             2,719      20,595
   Decrease (increase) in accounts
    receivable                             4,427      (2,803)
   (Increase) in other assets             (5,082)          0
   (Decrease) in accounts payable -
    trade                                   (224)    (19,450)
   Increase in accounts payable -
    related parties                       18,253      18,253
   Increase (decrease) in interest
    payable                              106,956     (41,063)
   Increase (decrease) in accrued
    liabilities                            1,432      (6,173)
   Increase in tenant security deposits    9,005       7,565
                                        --------    --------
Net cash (used in) provided by
 operating activities                     (7,633)     55,575
                                        --------    --------
Cash flows from investing activities:
 Proceeds from sale of units                   0      82,163
                                        --------    --------
Net cash provided by investing
 activites                                     0      82,163
                                        --------    --------
Cash flows from financing activities:
 Repayment of debt                             0    (145,752)
 Borrowings under debt obligations             0           0
                                        --------    --------
Net cash used in financing activities          0    (145,752)
                                        --------    --------
(Decrease) increase in cash and cash
 equivalents                              (7,633)     (8,014)
Cash and cash equivalents at
 beginning of period                      12,266       8,872
                                        --------    --------
Cash and cash equivalents at end of
 period                                 $  4,633    $    858
                                        ========    ========

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  in  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.

                   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 June 30, 2002.

<PAGE>

                           SIGNATURES

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

Date: June 23, 2003     DIVERSIFIED HISTORIC INVESTORS
      -------------
                           By: Diversified Historic Advisors,
                               General Partner

                                By: EPK, Inc., Partner

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

<PAGE>