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, 2004
                               ---------------------------------------

                                  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        No   X
             -----     -----

Indicate by check mark whether the registrant is an accelerated filer
(as defined in Rule 12b-2 of the Exchange Act).  Yes       No   X
                                                     -----    -----
This   Form  10-Q  contains  "unreviewed"  and  "unaudited"  financial
statements. Refer to the Explanatory Note on page 2.

<PAGE>


                           EXPLANATORY NOTE
                           ----------------

Diversified  Historic  Investors  (the  "Registrant")  is  filing  the
following Quarterly Report on Form 10-Q for the period ended March 31,
2004  containing  "unreviewed" and "unaudited" consolidated  financial
statements.

On  July  11th,  2005  the Securities and Exchange Commission  ("SEC")
notified  the  Registrant of its non-compliance in  meeting  reporting
requirements  under  Section  13(a) or 15(d)  of  the  Securities  and
Exchange Act of 1934. The Registrant's inability to meet its reporting
requirements  is due to the dissolution of its former  auditor,  Gross
Kreger  &  Passio, LLC. This event was discussed in Item 4.01  of  the
Registrant's Form 8-K filed on June 27th, 2005.

The  Registrant recently engaged a new firm, Russell Bedford  Stefanou
Mirchandani,  LLP  to  audit and review the  Registrants'  outstanding
consolidated financial statements. The audit fieldwork began  in  July
2005;  however, because of the time expected to be involved in  having
the  new  auditor  perform the audit and review  of  the  consolidated
financial statements, the Registrant cannot advise as to the  date  of
completion of the audit and the filing date of the amendment  to  this
quarterly  report. The Registrant will endeavor to proceed  with  this
audit as expeditiously as possible.

In  the  interim, the Registrant is filing the consolidated  financial
statements  contained throughout this quarterly report as "unreviewed"
and  "unaudited."  The  Registrant intends to make  its  report  fully
compliant  with  SEC  rules  and  promptly  thereafter  will  file  an
amendment to this report with the SEC.


<PAGE>


                    PART I - FINANCIAL INFORMATION
                    ------------------------------


Item 1.   Financial Statements
          ---------------------

          The financial statements presented have not been reviewed or
          audited by an independent auditor.


                    DIVERSIFIED HISTORIC INVESTORS
                    ------------------------------
                 (a Pennsylvania limited partnership)

                      CONSOLIDATED BALANCE SHEETS
                      ---------------------------
                              (Unaudited)
                               ----------


                                Assets
                                ------


                                     March 31,       December 31,
                                       2004              2003
                                       ----              ----
Rental properties, at cost:
 Land                              $  294,000       $  294,000
 Buildings and improvements         3,899,165        3,899,165
 Furniture and fixtures               202,374          202,374
                                   ----------       ----------
                                    4,395,539        4,395,539
Less - accumulated depreciation    (3,104,460)      (3,061,970)
                                   ----------       ----------
                                    1,291,079        1,333,569
Cash and cash equivalents               3,258            6,474
Restricted cash                        45,299           78,679
Accounts receivable                     7,786            2,559
Other assets (net of accumulated
 amortization of $38,780  and
 $38,305)                              56,095           21,451
                                   ----------       ----------
     Total                         $1,403,517       $1,442,732
                                   ==========       ==========


                   Liabilities and Partners' Equity
                   --------------------------------
Liabilities:
 Debt obligations                  $3,403,354       $3,403,354
Accounts payable:
 Trade                                418,667          388,662
 Related parties                      574,330          565,254
Interest payable                    1,171,807        1,157,368
Advances                               98,689           96,689
Accrued liabilities                     9,560            9,618
Tenant security deposits               45,691           39,950
                                   ----------       ----------
     Total liabilities              5,720,098        5,660,895
Partners' deficit                  (4,316,581)      (4,218,163)
                                   ----------       ----------
     Total                         $1,403,517       $1,442,732
                                   ==========       ==========

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,
                                     2004                2003
                                     ----                ----
Revenues:
 Rental income                    $118,172            $144,162
 Interest income                       672                 284
                                  --------            --------
     Total revenues                118,844             144,446
                                  --------            --------
Costs and expenses:
 Rental operations                  92,283             125,072
 Interest                           82,015             133,484
 Depreciation and amortization      42,965              49,378
                                  --------            --------
        Total costs and expenses   217,263             307,934
                                  --------            --------
Net loss                         ($ 98,419)          ($163,488)
                                  ========            ========

Net loss per limited
 partnership unit                ($   8.39)          ($  13.94)
                                  ========            ========


The accompanying notese 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,
                                                  2004        2003
                                                  ----        ----

Cash flows from operating activities:
 Net loss                                      ($98,419)   ($163,488)
 Adjustments  to  reconcile  net loss
   cash used in operating activities:
   Depreciation and amortization                 42,965       49,378
   Changes  in assets and liabilities:
    Decrease in restricted cash                  33,380       34,310
    (Increase) decrease in accounts receivable   (5,227)         181
    Increase in other assets                    (35,119)           0
    Increase in accounts payable - trade         30,006       17,212
    Increase in accounts payable -
     related parties                              9,076        9,076
    Increase in interest payable                 14,439       53,083
    (Decrease) increase in  accrued liabilities     (57)       2,408
    Increase  in  tenant  security deposits       5,740        1,620
                                                -------     --------
Net cash (used in) provided by
 operating activities                            (3,216)       3,780
                                                -------     --------
Net cash used in investing activities:
  Capital expenditures                                0       (4,961)
                                                -------     --------
Net cash used in investing activities                 0       (4,961)
                                                -------     --------
Decrease in cash and cash equivalents            (3,216)      (1,181)
Cash and cash equivalents at
 beginning of period                              6,474       13,077
                                                -------     --------
Cash and cash equivalents at end of period      $ 3,258     $ 11,896
                                                =======     ========


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
------------------------------

We  have  prepared  the  consolidated financial statements  without  a
review or audit by an independent auditor. The new independent auditor
will  review the consolidated financial statements and the  Registrant
will endeavor to proceed with this audit as expeditiously as possible.
No   auditor   has  opined  that  the  "unreviewed"  and   "unaudited"
consolidated  financial  statements present fairly,  in  all  material
respects,  the financial position, the results of operations  or  cash
flows  of  the Registrant for the periods reported in accordance  with
generally accepted accounting principles.

The "unreviewed" and "unaudited" consolidated financial statements  of
Diversified Historic Investors and related notes have been prepared in
accordance with accounting principles generally accepted in the United
States.  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  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 - EXTRAORDINARY GAIN
---------------------------

During  2003, the remaining Smythe Store units were foreclosed by  the
mortgage   holder   resulting  in  an  extraordinary   gain   on   the
extinguishment of debt of $1,929,755.


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

     (1)     Liquidity

              At  March 31, 2004, Registrant had cash of approximately
$3,258.  Cash  generated  from operations is used  primarily  to  fund
operating expenses and debt service.  The Registrant is not  aware  of
any additional sources of liquidity.

              As of March 31, 2004, Registrant had restricted cash  of
$45,299  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 six  properties,  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 two 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.  Notice of default has  been  received
from  the  first  mortgage  lender on the Registrant's  remaining  two
properties.

           It  is  the Registrant's intention to continue to hold  the
properties until 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.

             On October 2, 2003, the remaining Smythe Stores
condominium units were foreclosed by the mortgage holder.  As a result
the Registrant recognized an extraordinary gain on the extinguishment
of debt in the amount of $1,929,755, which is the excess of debt on
the property over the net book value of the asset.


  (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 2004, Registrant incurred  a
net loss of $98,419 ($8.39 per limited partnership unit) compared to a
net  loss  of $163,488 ($13.94 per limited partnership unit)  for  the
same period in 2003.

              Rental  income  decreased $25,990 from $144,162  in  the
first  quarter  of 2003 to $118,172 in the same period  in  2004.  The
decrease in rental income at Wistar Alley is due a decrease in average
occupancy  (97% to 78%). The decrease in rental income at  the  Smythe
Stores is due to the foreclosure of the property.

             Rental operations expense decreased $32,789 from $125,072
in  the  first quarter of 2003 to $92,283 in the same period in  2004.
Rental  operations  expense decreased due to the  foreclosure  of  the
Smythe  Stores  and  a  decrease in maintenance  expense  and  leasing
commissions  at  Third Quarter, partially offset  by  an  increase  in
maintenance  expense  at  Wistar Alley. The  decrease  in  maintenance
expense  at Third Quarter is due to a decrease in maintenance  service
and  exterminating  expense.  The decrease in leasing  commissions  at
Third  Quarter  is  due  to  a decrease in  apartment  turnover.   The
increase  in maintenance expense at Wistar Alley is due to an increase
in maintenance service and apartment preparations.

              Interest expense decreased $51,469 from $133,484 in  the
first quarter of 2003 to $82,015 in the same period in 2004.  Interest
expense decreased due to the foreclosure of Smythe Stores.

                 Losses  incurred  during the  first  quarter  at  the
Registrant's three properties were approximately $75,000 compared to a
loss of approximately $141,000 for the same period in 2003.

                In the first quarter of 2004, Registrant recognized no
loss  at the Smythe Stores Condominium complex, compared to a loss  of
$52,000 in the first quarter of 2003, including $6,000 of depreciation
expense.   The  decrease  in loss is due to  the  foreclosure  of  the
property on October 2, 2003.

               On   October  2,  2003,  the  remaining  Smythe  Stores
condominium units were foreclosed by the mortgage holder.  As a result
the  Registrant recognized an extraordinary gain on the extinguishment
of  debt  in the amount of $1,929,755, which is the excess of debt  on
the property over the net book value of the asset.

              In the first quarter of 2004, Registrant incurred a loss
of  $26,000  at  the  Third Quarter Apartments, including  $20,000  of
depreciation expense, compared to a loss of $47,000 including  $20,000
of depreciation expense in the first quarter of 2003.  The decrease in
loss  is  due  to  a  decrease  in  maintenance  expense  and  leasing
commissions.  The decrease in maintenance expense is due to a decrease
in  maintenance  service and exterminating expense.  The  decrease  in
leasing commissions is due to a decrease in apartment turnover.

              In the first quarter of 2004, Registrant incurred a loss
of $49,000 at Wistar Alley, including $23,000 of depreciation expense,
compared  to  a  loss  of  $42,000 including $23,000  of  depreciation
expense in the first quarter of 2003.  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 (97% to 78%). The increase in maintenance expense is due  to
an increase in maintenance service and apartment preparations.


Item 3.   Quantitative and Qualitative Disclosures About Market Risk
          ----------------------------------------------------------

             All of our assets and liabilities are denominated in U.S.
dollars, and as a result, we do not have exposure to currency exchange
risks.

              We  do not engage in any interest rate, foreign currency
exchange  rate  or  commodity price-hedging  transactions,  and  as  a
result, we do not have exposure to derivatives risk.


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 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>


                      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 5.   Other Information
          -----------------

             None.


Item 6.   Exhibits
          --------

      (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.

            31 (not attached)   General     Partners    Opinion
                                Certification
                                (To   be   filed  with  amended
                                10Q/A)

            32 (not attached)   Certification  Pursuant  to  18
                                U.S.C. Section 1350, As Adopted
                                Pursuant to Section 906 of  the
                                Sarbanes-Oxley Act of 2002
                                (To   be   filed  with  amended
                                10Q/A)


<PAGE>


                              SIGNATURES
                              ----------

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

                           DIVERSIFIED HISTORIC INVESTORS

                           By: Dover Historic Advisors, its general
                               partner

                               By: EPK, Inc., managing partner


Date: August 31, 2005             By: /s/ Spencer Wertheimer
      ---------------                 ----------------------
                                      SPENCER WERTHEIMER
                                      President (principal
                                       executive officer,
                                       principal financial
                                       officer)


<PAGE>