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                 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 - 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

              At  March 31, 2003, Registrant had cash of approximately
$11,896.  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, 2003, Registrant had restricted cash  of
$65,866  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.

              On  October  2, 2003, the three remaining Smythe  Stores
condominium  units  owned by the Registrant  were  foreclosed  by  the
mortgage holder.


(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 and Wistar Alley has agreed to fund  capital
expenditures at terms similar to the first mortgage.


(3)  Results of Operations

              During the first quarter of 2003, Registrant incurred  a
net loss of $163,488 ($13.94 per limited partnership unit) compared to
a  net loss of $140,681 ($12.00 per limited partnership unit) for  the
same period in 2002.

             Rental income increased $4,350 from $139,812 in the first
quarter  of 2002 to $144,162 in the same period in 2003. The  increase
in  rental  income  occurred at the Third Quarter Apartments  and  the
Smythe  Stores,  partially offset by a decrease in  rental  income  at
Wistar  Alley.  The  increase in rental income at  the  Third  Quarter
Apartments  is due to an increase in average occupancy (93%  to  97%).
The  increase  in  rental income at the Smythe Stores  is  due  to  an
increase  in  average rental rates. The decrease in rental  income  at
Wistar Alley is due to a decrease in average occupancy (98% to 97%).

              Rental operations expense increased $26,569 from $98,503
in  the first quarter of 2002 to $125,072 in the same period in  2003.
Rental  operations expense increased due to an increase in maintenance
expense, real estate tax expense and leasing commissions. The increase
in maintenance expense occurred at Wistar Alley and the Third Quarter.
The  increase  in maintenance expense at Wistar Alley  is  due  to  an
increase  in snow removal, non-contracted cleaning service,  and  roof
repairs.  The increase in maintenance expense at the Third Quarter  is
due  to  an  increase  in  snow removal and maintenance  service.  The
increase in real estate tax expense occurred at the Smythe Stores  and
is  due to an increase in the property's assessed value.  The increase
in  leasing  commissions  is due to an increase  in  the  turnover  of
apartment units at the Third Quarter Apartments.

              Interest  expense decreased $121 from  $133,605  in  the
first quarter of 2002 to $133,484 in the same period in 2003.

               Losses  incurred  during  the  first  quarter  at   the
Registrant's three properties were approximately $141,000 compared  to
a loss of approximately $132,000 for the same period in 2002.

              In the first quarter of 2003, Registrant incurred a loss
of  $52,000  at  the  the Smythe Stores Condominium complex  including
$6,000  of depreciation expense, compared to a loss of $51,000 in  the
first quarter of 2002, including $7,000 of depreciation expense.   The
increase  in  loss is due to an increase in real estate  tax  expense,
partially offset by an increase in rental income. The increase in real
estate  tax  expense is due to an increase in the property's  assessed
value.  The increase in rental income is due to an increase in average
rental rates.

              On  October 2, 2003, the three Smythe Stores condominium
units were foreclosed by the mortgage holder.

              In the first quarter of 2003, Registrant incurred a loss
of  $47,000  at  the  Third Quarter Apartments, including  $20,000  of
depreciation expense, compared to a loss of $47,000 including  $19,000
of  depreciation expense in the first quarter of 2002.  In  the  first
quarter   of   2003,  maintenance  expense  and  leasing   commissions
increased,  partially  offset by an increase in  rental  income.   The
increase  in  maintenance is due to an increase in  snow  removal  and
maintenance service. The increase in the leasing commissions is due to
an  increase  in  the turnover of apartment units.   The  increase  in
rental income is due to an increase in average occupancy (93% to 97%).

              In the first quarter of 2003, Registrant incurred a loss
of $42,000 at Wistar Alley, including $23,000 of depreciation expense,
compared  to  a  loss  of  $34,000 including $23,000  of  depreciation
expense in the first quarter of 2002.  The increase in loss is due  to
a  decrease  in rental income and an increase in maintenance  expense.
The  decrease  in  rental  income is due  to  a  decrease  in  average
occupancy (98% to 97%). The increase in maintenance expense is due  to
an  increase in snow removal, non contract cleaning service  and  roof
repairs.



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
                (a Pennsylvania limited partnership)

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

                              March 31, 2003   December 31, 2002
                              --------------   -----------------
                               (Unaudited)
Rental properties, at cost:
 Land                           $  299,612         $  299,612
 Buildings and improvements      4,506,943          4,506,943
 Furniture and fixtures            189,951            184,990
                                ----------         ----------
                                 4,996,506          4,991,545
Less - accumulated depreciation (3,359,342)        (3,310,439)
                                ----------         ----------
                                 1,637,164          1,681,106
Cash and cash equivalents           11,896             13,077
Restricted cash                     65,866            100,176
Accounts receivable                  8,815              8,995
Other assets (net of accumulated
 amortization of $35,372 and
 $33,847)                            5,779              6,253
                                ----------         ----------
     Total                      $1,729,520         $1,809,607
                                ==========         ==========

                   Liabilities and Partners' Equity

Liabilities:
 Debt obligations               $5,146,354         $5,146,354
Accounts payable:
 Trade                             424,685            407,473
 Related parties                   555,860            546,784
Interest payable                 1,445,595          1,392,512
Accrued liabilities                 10,471              8,063
Tenant security deposits            51,715             50,095
                                ----------         ----------
     Total liabilities           7,634,680          7,551,281
Partners' deficit               (5,905,160)        (5,741,672)
                                ----------         ----------
      Total                     $1,729,520         $1,809,609
                                ==========         ==========

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,
                                    2003            2002
                                    ----            ----
Revenues:
 Rental income                    $144,162       $139,812
 Interest income                       284            282
                                  --------       --------
     Total revenues                144,446        140,094
                                  --------       --------

Costs and expenses:
 Rental operations                 125,072         98,503
 Interest                          133,484        133,605
 Depreciation and amortization      49,378         48,667
                                  --------       --------
     Total costs and expenses      307,934        280,775
                                  --------       --------
Net income (loss)                ($163,488)     ($140,681)
                                  ========       ========

Net loss per limited
 partnership unit                ($  13.94)     ($  12.00)
                                  ========       ========

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,
                                            2003       2002
                                            ----       ----
Cash flows from operating activities:
 Net loss                               ($163,488)  ($140,681)
 Adjustments to reconcile net loss
   cash used in operating activities:
    Depreciation and amortization          49,378      48,666
    Changes in assets and liabilities:
     Decrease in restricted cash           34,310      26,372
     Decrease (increase) in accounts
      receivable                              181      (2,333)
     Increase in other assets                   0      (5,082)
     Increase (decrease) in accounts
      payable -  trade                     17,212      (3,237)
     Increase in accounts payable  -
      related parties                       9,076       9,075
     Increase in interest payable          53,083      53,029
     Increase in accrued liabilities        2,408         558
     Increase  in  tenant  security
        deposits                            1,620       4,895
                                         --------    --------
Net cash  provided by (used in)
 operating activities                       3,780      (8,738)
                                         --------    --------
Net cash used in investing activities:
 Capital expenditures                      (4,961)          0
                                         --------    --------
Net cash used in investing activities      (4,961)          0
                                         --------    --------
Decrease in cash and cash equivalents      (1,181)     (8,738)
Cash and cash equivalents at
 beginning of period                       13,077      12,266
                                         --------    --------
Cash  and cash equivalents at end  of
 period                                  $ 11,896    $  3,528
                                         ========    ========

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, 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 EVENT

The three Smythe Stores condominium units were foreclosed on October
2, 2003 by the mortgage holder.

<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, 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 12, 2004        DIVERSIFIED HISTORIC INVESTORS
       ----------------
                               By: Diversified Historic Advisors,
                                   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 I;

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 12, 2004                        /s/ Spencer Wertheimer
       ----------------                       -----------------------
                                       Name:  Spencer Wertheimer
                                      Title:  President (principal
                                               executive officer) of the
                                               registrant's managing
                                               partner, EPK, Inc.


Date:  January 12, 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 I 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 12, 2004                        /s/ Spencer Wertheimer
       ----------------                       -----------------------
                                       Name:  Spencer Wertheimer
                                      Title:  President (principal
                                               executive officer) of the
                                               registrant's managing
                                               partner, EPK, Inc.


Date:  January 12, 2004                        /s/ Spencer Wertheimer
       ----------------                       -----------------------
                                       Name:  Spencer Wertheimer
                                      Title:  Treasurer (principal
                                               financial officer) of the
                                               registrant's managing
                                               partner, EPK, Inc.