UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                     WASHINGTON, DC.  20549

                            FORM 10-Q

(Mark One)

[X]  QUARTERLY  REPORT PURSUANT TO SECTION 13  OR  15(d)  OF  THE
SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended         June 30, 2003
                               ----------------------------------

                               or

[   ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)  OF  THE
SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to _______________

Commission file number                 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, 2003 (unaudited) and
        December 31, 2002
        Consolidated Statements of Operations - Three Months and Six
        Months Ended June 30, 2003 and 2002 (unaudited)
        Consolidated Statements of Cash Flows - Six Months Ended June
        30, 2003 and 2002 (unaudited)
        Notes to Consolidated Financial Statements (unaudited)

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

(1)  Liquidity

             As of June 30, 2003, Registrant had cash of approximately
$9,915.  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, 2003, Registrant had restricted cash  of
$78,444  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.

           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 second quarter of 2003, Registrant incurred a
net loss of $98,763 ($8.42 per limited partnership unit) compared to a
net loss of $101,770 ($8.68 per limited partnership unit) for the same
period  in  2002.   For the first six months of 2003,  the  Registrant
incurred a net loss of $262,251 ($22.36 per limited partnership  unit)
compared  to  a  net loss of $242,452 ($20.67 per limited  partnership
unit) for the same period in 2002.

              Rental  income  decreased $2,108 from  $145,316  in  the
second  quarter of 2002 to $143,208 in the same period  in  2003.  The
decrease in rental income is due to a decrease in average occupancy at
Wistar Alley (98% to 95%).

              Rental  income  increased $2,242 from $285,128  for  the
first six months of 2002 to $287,370 for the same period in 2003.  The
increase  in  rental income is due to an increase  in  average  rental
rates  at  the  Third Quarter Apartments and Smythe Stores,  partially
offset  by  a  decrease  in rental income at Wistar  Alley  due  to  a
decrease in average occupancy (98% to 96%).

              Rental  operations expense decreased $4,897 from $65,408
during  the  second quarter of 2002 to $60,511 in the same  period  of
2003.  The  decrease  in  rental operations expense  from  the  second
quarter  2002  to  the same period in 2003 is due  to  a  decrease  in
miscellaneous operating expense and leasing commissions. The  decrease
in  miscellaneous  operating expense is due  to  a  decrease  in  bank
service  charges  and  Visa/MC/  MAC  charges  at  the  Third  Quarter
Apartments  combined  with  a decrease in  bank  service  charges  and
telephone and answering service charges at Wistar Alley. The  decrease
in  leasing commissions is due to a decrease in turnover of  apartment
units at Smythe Stores.

             Rental operations expense increased $21,672 from $163,911
during the first six months of 2002 to $185,583 in the same period  of
2003.  The  increase in rental operations expense from the  first  six
months  of  2002 to the same period in 2003 is due to an  increase  in
maintenance  expense, partially offset by a decrease in  miscellaneous
operating  expense. The increase in maintenance expense is due  to  an
increase in snow removal and maintenance service at the Third  Quarter
Apartments  and Wistar Alley. The decrease in miscellaneous  operating
expense is due to a decrease in bank service charges and Visa/MC/  MAC
charges  at  the Third Quarter Apartments combined with a decrease  in
bank  service charges and telephone and answering service  charges  at
Wistar Alley.

              Interest  expense decreased $931 from  $133,206  in  the
second  quarter  of 2002 to $132,275 in the same period  in  2003  and
decreased  $1,051 from $266,811 for the first six months  of  2002  to
$265,760 for the same period in 2003.

              The  loss  incurred  during the second  quarter  at  the
Registrant's properties was approximately $90,000, compared to  a  net
loss  of  approximately $93,000 for the same period in 2002.  For  the
first  six months of 2003, the Registrant's properties incurred a  net
loss of approximately $230,000 compared to a net loss of approximately
$224,000 for the same period in 2002.

             In the second quarter of 2003, Registrant incurred a loss
of  $48,000 at the Smythe Stores Condominium complex including  $6,000
of  depreciation expense, compared to a loss of $51,000 in the  second
quarter  of  2002, including $7,000 of depreciation expense.   In  the
first  six  months  of 2003, Registrant incurred a  loss  of  $100,000
including  $13,000  of depreciation expense, compared  to  a  loss  of
$101,000 including $13,000 of depreciation expense for the same period
in  2002.  The decrease in loss from the second quarter and the  first
six  months of 2002 compared to the same periods in 2003 is due to  an
increase  in  rental  income,  combined with  a  decrease  in  leasing
commissions.  The increase in rental income is due to an  increase  in
average  rental rates. The decrease in leasing commissions is  due  to
the decrease in turnover of apartment units.

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

             In the second quarter of 2003, Registrant incurred a loss
of  $29,000  at  the  Third Quarter Apartments, including  $20,000  of
depreciation expense, compared a loss of $29,000 including $19,000  of
depreciation expense in the second quarter of 2002. For the first  six
months  of  2003,  Registrant incurred a loss  of  $76,000,  including
$39,000  of  depreciation  expense  compared  to  a  loss  of  $76,000
including $38,000 of depreciation expense for the first six months  of
2002.  In the second quarter and the first six months of 2002 compared
to  the same periods in 2003 is an increase in maintenance expense and
utilities expense, partially offset by an increase rental income.  The
increase in maintenance expense is due to an increase in snow  removal
and maintenance service.  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 monthly rental rates.

             In the second quarter of 2003, Registrant incurred a loss
of $13,000 at Wistar Alley, including $23,000 of depreciation expense,
compared   to  the  same  loss  of  $13,000,  including   $23,000   of
depreciation  expense, in the second quarter of 2002.  In  the  second
quarter  of 2002 compared to the same period in 2003 is a decrease  in
rental  income  combined  with a decrease in  miscellaneous  operating
expense. The decrease in rental income is due to a decrease in average
occupancy  (98%  to  95%).  The decrease  in  miscellaneous  operating
expense is due to a decrease in bank service charges and telephone and
answering service charges.
               For the first six months of 2003, Registrant incurred a
loss  of  $54,000  at Wistar Alley, including $46,000 of  depreciation
expense,  compared  to  a  loss  of  $47,000,  including  $45,000   of
depreciation  expense, for the same period in 2002.  The  increase  in
loss  from the first six months of 2002 to the same period in 2003  is
due  to  a  decrease in rental income and an increase  in  maintenance
expense  and  utilities expense, partially offset  by  a  decrease  in
miscellaneous  operating expense. Rental income  decreased  due  to  a
decrease   in  average  occupancy  (98%  to  96%).  The  increase   in
maintenance  expense is due to an increase in snow  removal  and  roof
repairs.  The increase in utilities expense is due to an  increase  in
electricity,  water and sewer charges. The decrease  in  miscellaneous
operating  expense  is due to a decrease in bank service  charges  and
telephone and answering service charges.


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

                               June 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            195,085            184,990
                                ----------         ----------
                                 5,001,640          4,991,545

Less - accumulated depreciation (3,408,245)        (3,310,439)
                                ----------         ----------
                                 1,593,395          1,681,106
Cash and cash equivalents            9,915             13,078
Restricted cash                     78,444            100,176
Accounts receivable                  7,259              8,996
Other assets (net of
 accumulated amortization of
 $36,321 and $34,158)               23,397              6,253
                                ----------         ----------
     Total                      $1,712,410         $1,809,609
                                ==========         ==========

                   Liabilities and Partners' Equity

Liabilities:
 Debt obligations               $5,146,354         $5,146,354
 Accounts payable:
  Trade                            442,801            407,473
  Related parties                  565,037            546,784
Interest payable                 1,502,518          1,392,512
Tenant security deposits            51,800             50,095
Other liabilities                    7,823              8,063
                                ----------         ----------
     Total liabilities           7,716,333          7,551,281
Partners' deficit               (6,003,923)        (5,741,672)
                                ----------         ----------
     Total                      $1,712,410         $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              Six months
                         ended June 30,           ended June 30,
                        2003        2002         2003       2002
                        ----        ----         ----       ----
Revenues:
 Rental income       $143,208    $145,316     $287,370    $285,128
 Interest income          194         194          477         475
                     --------    --------     --------    --------
  Total revenues      143,402     145,510      287,847     285,603
                     --------    --------     --------    --------
Costs and expenses:
 Rental operations     60,511      65,408      185,583     163,911
  Interest            132,276     133,206      265,760     266,811
  Depreciation and
   amortization        49,378      48,666       98,755      97,333
                     --------    --------     --------    --------
  Total costs and
   expenses           242,165     247,280      550,098     528,055
                     --------    --------     --------    --------
Net loss            ($ 98,763)  ($101,770)   ($262,251)  ($242,452)
                     ========    ========     ========    ========
Net loss per
 limited
 partnership unit:  ($   8.42)  ($   8.68)   ($  22.36)  ($  20.67)
                     ========    ========     ========    ========

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)


                                            Six months ended
                                                June 30,
                                            2003       2002
                                            ----       ----
Cash flows from operating activities:
 Net loss                               ($262,251)  ($242,452)
 Adjustments to reconcile net income
  to net cash provided by (used in)
  operating activities:
  Depreciation and amortization            98,755      97,333
  Changes in assets and liabilities:
  Decrease in restricted cash              21,731       2,719
  Decrease in accounts receivable           1,737       4,427
  Increase in other assets                (18,092)     (5,082)
  Increase (decrease) in accounts
   payable - trade                         35,328        (224)
  Increase in accounts payable -
   related parties                         18,253       18,253
  Increase in interest payable            110,007      106,956
  (Decrease) increase in accrued
   liabilities                               (240)       1,432
  Increase in tenant security deposits      1,705        9,005
                                         --------     --------
Net cash provided by (used in)
 operating activities                       6,933       (7,633)
                                         --------     --------
Net cash used in investing activities:
 Capital expenditures                     (10,095)           0
                                         --------     --------
Net cash used in investing activities     (10,095)           0
                                         --------     --------
Decrease in cash and cash equivalents      (3,162)      (7,633)
Cash and cash equivalents at
 beginning of period                       13,077       12,266
                                         --------     --------
Cash and cash equivalents at end of
 period                                  $  9,915     $  4,633
                                         ========     ========

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, 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 June 30, 2003.


<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:  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  June  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 June 30,  2003
as  filed  with  the Securities and Exchange Commission  on  the  date
hereof  (the "Report"), I, Spencer Wertheimer, President and Treasurer
of  the Company's managing partner, EPK, Inc., certify, pursuant to 18
U.S.C.  Section  1350,  as adopted pursuant  to  Section  906  of  the
Sarbanes-Oxley Act of 2002, that:

  (1) The Report fully complies with the requirements of section 13(a)
or 15(d) of the Securities Exchange Act of 1934, and

  (2)  The information contained in the Report fairly presents, in all
material respects, the , financial condition and results of operations
of the Company.


Date:  January 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>