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, 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 June  30,
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
                                ------

                               June 30, 2004    December 31, 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                   (3,146,951)         (3,061,970)
                                ----------          ----------
                                 1,248,588           1,333,569
Cash and cash equivalents            4,388               6,474
Restricted cash                     51,611              78,679
Accounts receivable                 14,762               2,559
Other assets (net of
 accumulated amortization of
 $36,554 and $38,305)               45,377              21,451
                                ----------          ----------
     Total                      $1,364,726          $1,442,732
                                ==========          ==========

                   Liabilities and Partners' Equity
                   --------------------------------
Liabilities:
 Debt obligations               $3,403,354          $3,403,354
 Accounts payable:
  Trade                            439,010             388,662
  Related parties                  577,356             565,254
 Interest payable                1,183,707           1,157,368
 Tenant security deposits           52,995              39,950
 Advances                           96,689              96,689
 Other liabilities                  10,989               9,618
                                ----------          ----------

     Total liabilities           5,764,100           5,660,895

Partners' deficit               (4,399,374)         (4,218,163)
                                ----------          ----------
     Total                      $1,364,726          $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             Six months
                          ended June 30,          ended June 30,
                         2004        2003        2004        2003
                         ----        ----        ----        ----

Revenues:
 Rental income        $126,104    $143,208    $244,277     $287,370
 Interest income           192         194         864          477
                      --------    --------    --------     --------
  Total revenues       126,296     143,402     245,141      287,847
                      --------    --------    --------     --------
Costs and expenses:
 Rental operations     101,199      60,511     193,482      185,583
 Interest               64,925     132,276     146,941      265,760
 Depreciation
  and  amortization     42,965      49,378      85,930       98,755
                      --------    --------    --------     --------
  Total costs and
   expenses            209,089     242,165     426,353      550,098
                      --------    --------    --------     --------
Net loss             ($ 82,793)  ($ 98,763)  ($181,212)   ($262,251)
                      ========    ========    ========     ========

Net loss per
 limited
 partnership unit    ($   7.06)  ($   8.42)  ($  15.45)   ($  22.36)
                      ========    ========    ========     ========


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,
                                              2004        2003
                                              ----        ----

Cash flows from operating activities:
 Net loss                                 ($181,212)  ($262,251)
 Adjustments to reconcile net income
  to net cash provided by (used in)
  operating activities:
  Depreciation and amortization              85,930      98,755
  Changes in assets and liabilities:
  Decrease in restricted cash                27,068      21,731
  (Increase) decrease in accounts
   receivable                               (12,203)      1,737
 Increase in other assets                   (24,875)    (18,092)
 Increase in accounts payable - trade        50,348      35,328
 Increase in accounts payable -
  related parties                            12,102      18,253
 Increase in interest payable                26,339     110,007
 Increase (decrease) in accrued
  liabilities                                 1,372        (240)
 Increase in tenant security deposits        13,045       1,705
                                           --------    --------
Net cash (used in) provided by
 operating activities                        (2,086)      6,933
                                           --------    --------
Net cash used in investing activities:
 Capital expenditures                             0     (10,095)
                                           --------    --------
Net cash used in investing activities             0     (10,095)
                                           --------    --------
Decrease in cash and cash equivalents        (2,086)     (3,162)
Cash and cash equivalents at
 beginning of period                          6,474      13,077
                                           --------    --------
Cash and cash equivalents at
 end of period                             $  4,388    $  9,915
                                           ========    ========


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.


NOTE 3 - OTHER
--------------

The  consolidated financial statements contained herein for the period
ending  December  31,  2003  and  March  31,  2004  are  reported   as
"unaudited".

<PAGE>


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

     (1)     Liquidity

             As of June 30, 2004, Registrant had cash of approximately
$4,388.  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, 2004, Registrant had restricted cash  of
$51,611  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 second quarter of 2004, Registrant incurred a
net loss of $82,793 ($7.06 per limited partnership unit) compared to a
net  loss of $98,763 ($8.42 per limited partnership unit) for the same
period  in  2003.   For the first six months of 2004,  the  Registrant
incurred a net loss of $181,212 ($15.45 per limited partnership  unit)
compared  to  a  net loss of $262,251 ($22.36 per limited  partnership
unit) for the same period in 2003.

              Rental  income  decreased $17,104 from $143,208  in  the
second  quarter  of 2003 to $126,104 in the same period  in  2004  and
decreased  $43,093 from $287,370 for the first six months of  2003  to
$244,277  for  the same period in 2004.  Rental income decreased  from
the second quarter and first six months of 2003 to the same periods in
2004  due to a decrease in average occupancy at Wistar Alley  (94%  to
90%) and the foreclosure of the Smythe Store units on October 2, 2003.

              Rental operations expense increased $40,688 from $60,511
during  the second quarter of 2003 to $101,199 in the same  period  of
2004  and  for  the  first six months increased $7,899  from  $185,583
during the first six months of 2003 to $193,482 for the same period of
2004.   The  increase  in rental operations expense  from  the  second
quarter  and first six months of 2003 to the same periods in  2004  is
due  to  an  increase in maintenance expense and legal fees, partially
offset  by  a decrease in miscellaneous operating expense and  leasing
commissions.   The  increase  in maintenance  expense  is  due  to  an
increase in plumbing and electrical expense and roof repairs at  Third
Quarter   and  an  increase  in  maintenance  service  and   apartment
preparations  at Wistar Alley.  The increase in legal  fees  at  Third
Quarter  is  due to the eviction of a tenant. The decrease in  leasing
commissions  is  due  to  a decrease in apartment  turnover  at  Third
Quarter.  The  decrease in miscellaneous operating expenses  at  Third
Quarter  is  due  to  a  decrease in office  expense  and  Visa/MC/MAC
charges.   The decrease in rental operations at the Smythe  Stores  is
due to the foreclosure of the building on October 2, 2003.

              Interest expense decreased $67,350 from $132,275 in  the
second  quarter  of  2003 to $64,925 in the same period  in  2004  and
decreased $118,819 from $265,760 for the first six months of  2003  to
$146,941  for the same period in 2004. Interest expense decreased  due
to the foreclosure of Smythe Stores.

              The  loss  incurred  during the second  quarter  at  the
Registrant's properties was approximately $80,000, compared to  a  net
loss  of  approximately $90,000 for the same period in 2003.  For  the
first  six months of 2004, the Registrant's properties incurred a  net
loss of approximately $155,000 compared to a net loss of approximately
$230,000 for the same period in 2003.

              In  the  second quarter of 2004, Registrant incurred  no
loss  at the Smythe Stores Condominium complex, compared to a loss  of
$48,000   in  the  second  quarter  of  2003,  including   $6,000   of
depreciation  expense.  In the first six months  of  2004,  Registrant
incurred no loss, compared to a loss of $100,000 including $13,000  of
depreciation expense for the same period in 2003. The decrease in loss
from  the second quarter and the first six months of 2003 compared  to
the  same  periods in 2004 is due 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 second quarter of 2004, Registrant incurred a loss
of  $39,000  at  the  Third Quarter Apartments, including  $20,000  of
depreciation expense, compared a loss of $29,000 including $20,000  of
depreciation expense in the second quarter of 2003.  The  increase  in
loss from the second quarter of 2003 to the same period in 2004 is due
to an increase in maintenance expense and legal fees.  The increase in
maintenance  expense is due to an increase in plumbing and  electrical
expense  and roof repairs.  The increase in legal fees is due  to  the
eviction of a tenant.

              For the first six months of 2004, Registrant incurred  a
loss of $65,000 at the Third Quarter Apartments, including $40,000  of
depreciation  expense compared to a loss of $76,000 including  $39,000
of depreciation expense for the first six months of 2003. The decrease
in  loss from the first six months of 2003 to the same period in  2004
is  due  to  a  decrease  in  leasing  commissions  and  miscellaneous
operating expenses. The decrease in leasing commissions is  due  to  a
decrease   in   apartment  turnover.  The  decrease  in  miscellaneous
operating  expenses  is  due  to  a decrease  in  office  expense  and
Visa/MC/MAC charges.

             In the second quarter of 2004, Registrant incurred a loss
of $41,000 at Wistar Alley, including $23,000 of depreciation expense,
compared  to  a  loss  of $13,000, including $23,000  of  depreciation
expense,  in the second quarter of 2003. For the first six  months  of
2004,  Registrant  incurred a loss of $90,000,  including  $46,000  of
depreciation  expense compared to a loss of $54,000 including  $46,000
of depreciation expense for the first six months of 2003. The increase
in  loss  for both the second quarter and first six months of 2003  to
the  same  periods  in  2004 is a decrease in  rental  income  and  an
increase in maintenance expense. The decrease in rental income is  due
to  a  decrease  in average occupancy (95% to 84%).  The  increase  in
maintenance expense is due to the 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 reported 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, General
                               Partner

                               By: EPK, Inc., Partner


Date: August 31, 2005             By: /s/ Spencer Wertheimer
      ---------------                 ----------------------
                                      SPENCER WERTHEIMER
                                      President (principal
                                       executive officer,
                                       principal financial
                                       officer) of the
                                       registrant's managing
                                       partner, EPK, Inc.


<PAGE>