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         September 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                 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 - September 30, 2003 (unaudited)
        and December 31, 2002
        Consolidated Statements of Operations - Three Months and Nine
        Months Ended September 30, 2003 and 2002 (unaudited)
        Consolidated Statements of Cash Flows - Nine Months Ended
        September 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  September  30,  2003,  Registrant  had  cash  of
approximately  $8,955.   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 September 30, 2003, Registrant had restricted cash
of  $87,506  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 lenders on
the  past  due subordinate mortgages seek payment) 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 third quarter of 2003, Registrant incurred  a
net loss of $100,999 ($8.61 per limited partnership unit) compared  to
a  net  loss of $103,554 ($8.83 per limited partnership unit) for  the
same  period  in  2002.   For  the first  nine  months  of  2003,  the
Registrant  incurred  a  net  loss of  $363,250  ($30.98  per  limited
partnership  unit)  compared to a net loss  of  $346,006  ($29.51  per
limited partnership unit) for the same period in 2002.

             Rental income increased $1,591 from $140,910 in the third
quarter  of  2002 to $142,501 in the same period in 2003 and  for  the
first nine months of 2002 increased $3,834 from $426,037 for the first
nine  months  of  2002 to $429,871 for the same period  in  2003.  The
increase  in rental income from both the third quarter and  the  first
nine  months of 2002 to the same periods in 2003 is due to an increase
in  average  rental  rates at the Smythe Stores  and  an  increase  in
average  occupancy  at  the  Third Quarter Apartments  (96%  to  98%),
partially  offset by a decrease in average occupancy at  Wistar  Alley
(97% to 96%).

               Rental operations expense increased $5,385 from $57,001
in the third quarter of 2002 to $62,386 in the same period in 2003 and
for  the first nine months increased $27,057 from $220,912 during  the
first nine months of 2002 to $247,969 for the same period in 2003. The
increase in rental operations expense from both the third quarter  and
the first nine months of 2002 to the same periods in 2003 is due to an
increase  in  maintenance  expense and  utilities  expense,  partially
offset  by a decrease in condominium fees. The increase in maintenance
expense  is  due to an increase in maintenance service and maintenance
supplies   at  the  Third  Quarter  Apartments  and  an  increase   in
maintenance  services and roof repairs at Wistar Alley.  The  increase
in  utilities expense is due to an increase in water and sewer charges
at  the  Third Quarter Apartments and an increase in electric,  water,
and sewer charges at Wistar Alley. The decrease in condominium fees is
due to the write off of unpaid fees from prior years.

              Interest  expense decreased $801 from  $132,844  in  the
third  quarter  of  2002 to $132,043 in the same period  in  2003  and
decreased  $1,853 from $399,655 for the first nine months of  2002  to
$397,802 for the same period in 2003.

               Losses  incurred  during  the  third  quarter  at   the
Registrant's three properties were approximately $92,000, compared  to
a  loss of approximately $93,000 for the same period in 2002. For  the
first nine months of 2003 the Registrant's three properties incurred a
net  loss  of  approximately  $322,000  compared  to  a  net  loss  of
approximately $318,000 for the same period in 2002.

           In the third quarter of 2003, Registrant incurred a loss of
$44,000  at the Smythe Stores condominium complex including $6,000  of
depreciation expense, compared to a loss of $48,000, including  $7,000
of  depreciation expense, in the third quarter of 2002.  In the  first
nine months of 2003, Registrant incurred a loss of $144,000, including
$19,000  of  depreciation expense, compared to  a  loss  of  $150,000,
including  $20,000  of depreciation expense, for the  same  period  in
2002.  The decrease in loss from both the third quarter and the  first
nine  months of 2002 to the same periods in 2003 is due to an increase
in  rental income and a decrease in condominium fees, partially offset
by an increase in accounting expense. The increase in rental income is
due  to  an  increase  in  average  rental  rates.  The  decrease   in
condominium  fees is due to the write off of unpaid  fees  from  prior
years.   Accounting  fees increased due to fees paid  in  advance  for
accounting services.

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

              In the third quarter of 2003, Registrant incurred a loss
of  $29,000  at  the  Third Quarter Apartments, including  $20,000  of
depreciation and amortization expense, compared to a loss of  $26,000,
including  $21,000 of depreciation and amortization  expense,  in  the
third  quarter of 2002. For the first nine months of 2003,  Registrant
incurred  a  loss  of $105,000 including $59,000 of  depreciation  and
amortization expense, compared to a loss of $102,000 including $59,000
in  depreciation and amortization expense for the same period in 2002.
The  increase in loss from both the third quarter and the  first  nine
months  of  2002 to the same periods in 2003 is due to an increase  in
maintenance  expense  and utilities expense, partially  offset  by  an
increase  in  rental  income and a decrease in interest  expense.  The
increase  in  maintenance expense is due to an increase in maintenance
service and supplies.  The increase in utilities expense is due to  an
increase in water and sewer charges. The increase in rental income  is
due to an increase in average occupancy (96% to 98%).

              In the third quarter of 2003, Registrant incurred a loss
of  $18,000  at  Wistar Alley, including $23,000 of  depreciation  and
amortization expense, compared to a loss of $19,000, including $23,000
of depreciation and amortization expense in the third quarter of 2002.
The decrease in loss from the third quarter of 2002 to the same period
in  2003 is due to a decrease in leasing commissions.  The decrease in
leasing  commissions  is due to a decrease in  turnover  of  apartment
units.

              For the first nine months of 2003, Registrant incurred a
loss of $73,000 at Wistar Alley, including $70,000 of depreciation and
amortization expense, compared to a loss of $66,000, including $68,000
of  depreciation and amortization expense for the same period in 2002.
The  increase in loss from the first nine months of 2002 to  the  same
period in 2003 is due to decrease in rental income and an increase  in
maintenance  expense  and utilities expense. The  decrease  in  rental
income  is  due to a decrease in average occupancy (97% to 96%).   The
increase  in  maintenance expense is due to an increase in maintenance
service and roof repairs.  The increase in utilities expense is due to
an increase in electric, water, and sewer charges.


Item 4.    Control 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

                          September 30, 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            200,367            184,990
                                ----------         ----------
                                 5,006,922          4,991,545
Less - accumulated depreciation (3,457,148)        (3,310,439)
                                ----------         ----------
                                 1,549,774          1,681,106
Cash and cash equivalents            8,955             13,078
Restricted cash                     87,506            100,176
Accounts receivable                  6,499              8,996
Other assets (net of
 amortization of
 $36,796 and $35,372)               22,922              6,253
                                ----------         ----------
     Total                      $1,675,656         $1,809,609
                                ==========         ==========

                   Liabilities and Partners' Equity

Liabilities:
 Debt obligations               $5,146,354         $5,146,354
 Accounts payable:
  Trade                            442,847            407,473
  Related parties                  574,315            546,784
Interest payable                 1,556,983          1,392,512
Tenant security deposits            51,195             50,095
Other liabilities                    8,884              8,063
                                ----------         ----------
     Total liabilities           7,780,578          7,551,281
Partners' deficit               (6,104,922)        (5,741,672)
                                ----------         ----------
     Total                      $1,675,656         $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             Nine months
                         ended September 30,     ended September 30,
                          2003        2002         2003        2002
                          ----        ----         ----        ----
Revenues:
 Rental income        $142,501   $140,910       $429,871    $426,037
 Interest income           426        485            903         961
                      --------   --------       --------    --------
  Total revenues       142,927    141,395        430,774     426,998
                      --------   --------       --------    --------
Costs and expenses:
 Rental operations      62,386     57,001        247,969     220,912
 Interest              132,043    132,844        397,802     399,655
 Bad debt expense          120      4,825            120       4,825
 Depreciation and
  amortization          49,377     50,279        148,133     147,612
                      --------   --------       --------    --------
 Total costs and
  expenses             243,926    244,949        794,024     773,004
                      --------   --------       --------    --------
  Net loss           ($100,999) ($103,554)     ($363,250)  ($346,006)
                      ========   ========       ========    ========

Net loss per limited
 partnership unit    ($   8.61) ($   8.83)     ($  30.98)  ($  29.51)
                      ========   ========       ========    ========

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)

                                            Nine months ended
                                              September 30,
                                           2003           2002
                                           ----           ----
Cash flows from operating activities:
  Net loss                              ($363,250)     ($346,006)
Adjustments to reconcile net loss to
 net cash provided by (used in)
 operating activities:
 Depreciation and amortization            148,133        147,612
 Changes in assets and liabilities:
  Decrease (increase) in restricted cash   12,671         (5,415)
  Decrease in accounts receivable           2,497          2,125
  Increase in other assets                (18,093)        (5,082)
  Increase in accounts payable - trade     35,374         47,288
  Increase (decrease) in accounts
   payable - related parties               27,531        (16,293)
  Increase in interest payable            164,471        160,073
  Increase in accrued liabilities             821          3,033
  Increase in tenant security deposits      1,100          4,585
                                         --------       --------
Net cash provided by (used in)
 operating activities                      11,255         (8,080)
                                         --------       --------
Net cash used in investing activities:
 Capital expenditures                     (15,377)             0
                                         --------       --------
Net cash used in investing activities     (15,377)             0
                                         --------       --------
Decrease in cash and cash equivalents      (4,122)        (8,080)
Cash and cash equivalents at beginning
 of period                                 13,077         12,266
                                         --------       --------
Cash and cash equivalents at end of
period                                   $  8,955       $  4,186
                                         ========       ========

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, 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 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 a not 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 September 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 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 September 30, 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 September  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 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>