<PAGE>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-K

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

For the fiscal year ended                 December 31, 2000
                         -------------------------------------------------------

                                       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                         0-14695
                      ----------------------------------------------------------

                NTS-PROPERTIES VI, A MARYLAND LIMITED PARTNERSHIP
--------------------------------------------------------------------------------
             (Exact name of Registrant as specified in its charter)

            Maryland                                     61-1066060
------------------------------------        ------------------------------------
(State or other jurisdiction of                        (I.R.S. Employer
incorporation or organization)                      Identification Number)

   10172 Linn Station Road
    Louisville, Kentucky                                   40223
------------------------------------        ------------------------------------
(Address of principal executive offices)                (Zip Code)

                                 (502) 426-4800
--------------------------------------------------------------------------------
              (Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:        None
Securities registered pursuant to Section 12(g) of the Act:

                          Limited Partnership Interests
--------------------------------------------------------------------------------
                                (Title of Class)

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,  and (2) has been subject to such filing  requirements
for the past 90 days.                                 [X] Yes [ ] No

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation S-K (Section 229.405 of this chapter) is not contained herein, and
will not be contained,  to the best of the Registrant's knowledge, in definitive
proxy or information  statements  incorporated  by reference in Part III of this
Form 10-K or any amendment to this Form 10-K.         [ ]

<PAGE>

                                TABLE OF CONTENTS
                                -----------------

                                     PART I
                                     ------

                                                                          Pages
                                                                          -----
Items 1. and 2.  Business and Properties                                  3-12

Item 3.          Legal Proceedings                                        12-13

Item 4.          Submission of Matters to a Vote of Security Holders      13

                                     PART II
                                     -------

Item 5.          Market for the Registrant's Limited Partnership
                    Interests and Related Partner Matters                 14

Item 6.          Selected Financial Data                                  15

Item 7.          Management's Discussion and Analysis of Financial
                    Condition and Results of Operations                   16-25

Item 7A.         Quantitative and Qualitative Disclosures About
                    Market Risk                                           26

Item 8.          Financial Statements and Supplementary Data              27-45

Item 9.          Changes in and Disagreements with Accountants on
                    Accounting and Financial Disclosure                   46

                                    PART III
                                    --------

Item 10.         Directors and Executive Officers of the Registrant       47-48

Item 11.         Management Remuneration and Transactions                 48

Item 12.         Security Ownership of Certain Beneficial
                    Owners and Management                                 48-49

Item 13.         Certain Relationships and Related Transactions           49-50

                                     PART IV
                                     -------

Item 14.         Exhibits, Consolidated Financial Statement Schedules
                    and Reports on Form 8-K                               51-55

Signatures                                                                56

                                        2


<PAGE>


                                     PART I
                                     ------

Items 1. and 2.   Business and Properties
                  -----------------------


Development of Business
-----------------------

The  Registrant,   NTS-Properties  VI,  a  Maryland  Limited   Partnership  (the
"Partnership"),  is a limited partnership formed in December 1984 under the laws
of the state of Maryland.  The General Partner is NTS- Properties Associates VI,
a Kentucky limited  partnership.  As of December 31, 2000, the Partnership owned
the following properties and joint venture interests:

     *    Sabal Park Apartments,  a 162-unit luxury apartment complex located on
          a 13 acre tract in Orlando, Florida, constructed by the Partnership.

     *    Park Place  Apartments  Phase I, a 180-unit luxury  apartment  complex
          located on an 18 acre tract in Lexington, Kentucky, constructed by the
          Partnership.

     *    Park Place  Apartments Phase III,  152-unit luxury apartment  complex,
          located on a 15 acre tract in Lexington,  Kentucky.  Construction  was
          completed in May 2000.

     *    Willow Lake Apartments, a 207-unit luxury apartment complex located on
          an  18  acre  tract  in  Indianapolis,  Indiana,  constructed  by  the
          Partnership.

     *    A joint venture interest in Golf Brook  Apartments,  a 195-unit luxury
          apartment  complex  located  on a 16 acre tract in  Orlando,  Florida,
          constructed  by  the  joint  venture   between  the   Partnership  and
          NTS-Properties  IV, Ltd.  ("NTS-Properties  IV"),  an affiliate of the
          General  Partner  of the  Partnership.  The  Partnership's  percentage
          interest in the joint venture was 96.03% at December 31, 2000.

     *    A joint  venture  interest in Plainview  Point III Office  Center,  an
          office  center  with  approximately  62,000 net  rentable  square feet
          located in  Louisville,  Kentucky,  constructed  by the joint  venture
          between  the  Partnership  and  NTS-Properties  IV. The  Partnership's
          percentage  interest in the joint  venture was 95.04% at December  31,
          2000.

The Partnership or joint venture in which the Partnership is a partner has a fee
title  interest in the above  properties.  In the  opinion of the  Partnership's
management, the properties are adequately covered by insurance.










                                        3


<PAGE>

Development of Business - Continued
-----------------------------------

As of December 31, 2000,  the  Partnership's  properties and joint ventures were
encumbered by mortgages as shown in the table below:


                                   Interest     Maturity               Balance
 Property                            Rate         Date               at 12/31/00
 --------                            ----         ----               -----------

 Park Place Apartments
   Phase I and III                   7.74%     10/15/2012   (1)     $ 12,009,852
 Golf Brook Apartments               7.57%     05/15/2009   (2) (3) $  8,426,706
 Willow Lake Apartments              7.32%     10/15/2012   (3) (4) $  7,388,885
 Plainview Point III Office Center   8.38%     12/01/2010   (5)     $  3,200,000
 Sabal Park Apartments               7.38%     12/05/2012   (3) (4) $  2,474,360
 Sabal Park Apartments               7.38%     12/05/2012   (3) (4) $  1,649,573

(1)  Monthly principal payments are based upon a 19-year amortization  schedule.
     The outstanding balance at maturity will be $6,315,948.
(2)  Monthly principal payments are based upon a 12-year amortization schedule.
(3)  At maturity,  the mortgage  will have been repaid based on the current rate
     of amortization.
(4)  Monthly principal payments are based upon a 15-year amortization schedule.
(5)  Monthly principal payments are based upon a 20-year amortization  schedule.
     The outstanding balance at maturity will be $2,243,300.

Currently,  the  Partnership's  plans for  renovations  and other major  capital
expenditures include tenant finish improvements at the Partnership's  commercial
property  as  required  by  lease   negotiations.   Changes  to  current  tenant
improvements are a typical part of any lease negotiation. Improvements generally
include a revision to the current floor plan to  accommodate  a tenant's  needs,
new  carpeting  and  paint  and/or  wallcovering.  The  extent  and  cost of the
improvements  are  determined  by the size of the space being leased and whether
the  improvements  are for a new tenant or incurred  because of a lease renewal.
The  tenant  finish  improvements  will be funded  by cash flow from  operations
and/or cash  reserves.  The  Partnership  expects no additional  financing to be
necessary.

Financial Information About Industry Segments
---------------------------------------------

The  Partnership  is presently  engaged  solely in the  business of  developing,
constructing,  owning and operating  residential  apartments and commercial real
estate. See Part II, Item 8 - Note 9 for information regarding the Partnership's
operating segments.

Narrative Description of Business
---------------------------------

General
-------

The current  business of the Partnership is consistent with the original purpose
of the  Partnership  which was to purchase and develop  parcels of unimproved or
partially improved land, directly or by joint venture, in order to construct and
otherwise develop thereon apartment  complexes,  business parks,  and/or retail,
industrial  and  office  buildings,   and  to  own  and  operate  the  completed
properties.  The Partnership's  properties are in a condition suitable for their
intended use.




                                        4


<PAGE>

General - Continued
-------------------

The Partnership  intends to hold the properties until such time as sale or other
disposition   appears  to  be   advantageous   with  a  view  to  achieving  the
Partnership's investment objectives, or it appears that such objectives will not
be met. In deciding  whether to sell a property,  the Partnership  will consider
factors such as potential capital appreciation, cash flow and federal income tax
considerations,  including  possible  adverse federal income tax consequences to
the limited partners.

Description of Real Property
----------------------------

Sabal Park Apartments
---------------------

Units at Sabal Park Apartments  include two and  three-bedroom  units. All units
have   wall-to-wall   carpeting,   individually   controlled   heating  and  air
conditioning,  ovens, dishwashers, ranges, refrigerators,  garbage disposals and
washer/dryer  hook-ups.  Tenants  have  access  to and  use  of  the  clubhouse,
management offices, swimming pool and tennis courts.

Monthly  rental  rates at Sabal Park  Apartments  start at $969 for  two-bedroom
apartments and $1,309 for  three-bedroom  apartments,  with  additional  monthly
rental  amounts for special  features  and  locations.  Tenants pay all costs of
heating,  air conditioning and electricity.  Most leases are for a period of one
year. Units will be rented in some cases, however, on a shorter term basis at an
additional  charge. The occupancy levels at the apartment complex as of December
31 were 98% (2000), 99% (1999), 94% (1998), 97% (1997) and 90% (1996).

Park Place Apartments Phase I
-----------------------------

Units at Park Place  Apartments  Phase I include one and two-bedroom  apartments
and two-bedroom town homes. All units have wall-to-wall carpeting,  individually
controlled heating and air conditioning, dishwashers, ranges, refrigerators with
ice makers,  garbage  disposals  and microwave  ovens.  All units have access to
coin-operated  washers  and dryers and some units have a  washer/dryer  hook-up.
Amenities include the clubhouse with a party room, swimming pool, tennis courts,
racquetball courts,  exercise facility and management offices. The amenities are
shared  with  Phase  II and  III of  the  Park  Place  Development.  Park  Place
Apartments  Phase II is owned by  NTS-Properties  VII, Ltd., an affiliate of the
General Partner of the Partnership.  Park Place Apartments Phase III is owned by
the  Partnership,  see discussion  below.  The cost to construct and operate the
common amenities is shared proportionately by each phase.

Monthly  rental  rates  at Park  Place  Apartments  Phase I  start  at $739  for
one-bedroom   apartments,   $949  for  two-bedroom  apartments  and  $1,139  for
two-bedroom  town homes,  with  additional  monthly  rental  amounts for special
features and locations.  Tenants pay all costs of heating,  air conditioning and
electricity.  Most leases are for a period of one year.  Units will be rented in
some  cases,  however,  on a shorter  term basis at an  additional  charge.  The
occupancy levels at the apartment complex as of December 31 were 72% (2000), 89%
(1999), 80% (1998), 89% (1997) and 90% (1996).





                                        5


<PAGE>

Park Place Apartments Phase III
-------------------------------

Units at Park Place  Apartments  Phase III include  one,  two and  three-bedroom
apartments.  All units  have  wall-to-wall  carpeting,  individually  controlled
heating  and air  conditioning,  dishwashers,  ranges,  refrigerators  with  ice
makers,  garbage  disposals and microwave  ovens. All units have access to coin-
operated  washers  and  dryers  and  some  units  have a  washer/dryer  hook-up.
Amenities include the clubhouse with a party room, swimming pool, tennis courts,
racquetball courts,  exercise facility and management offices. The amenities are
shared  with  Phase I (see  discussion  above)  and  Phase II of the Park  Place
Development.  Park Place  Apartments  Phase II is owned by  NTS-Properties  VII,
Ltd.,  an  affiliate  of the  General  Partner of the  Partnership.  The cost to
construct  and operate the common  amenities is shared  proportionately  by each
phase.

Monthly  rental  rates at Park  Place  Apartments  Phase  III  start at $725 for
one-bedroom   apartments,   $950  for  two-bedroom  apartments  and  $1,375  for
three-bedroom  apartments,  with  additional  monthly rental amounts for special
features and locations.  Tenants pay all costs of heating,  air conditioning and
electricity.  Most leases are for a period of one year.  Units will be rented in
some cases,  however,  on a shorter term basis at an additional  charge.  In May
2000,  construction of Park Place Apartments Phase III was completed and all 152
apartments units were available for leasing. As of December 31, 2000,  occupancy
at Park Place Apartments Phase III was 52%.

Willow Lake Apartments
----------------------

Units at Willow Lake  Apartments  include  one and  two-bedroom  apartments  and
two-bedroom  town homes.  All units have  wall-to-wall  carpeting,  individually
controlled heating and air conditioning, dishwashers, ranges, refrigerators with
ice makers,  garbage  disposals  and microwave  ovens.  All units have access to
coin- operated  washers and dryers and some units have a  washer/dryer  hook-up.
Amenities include the clubhouse with a party room, swimming pool, tennis courts,
racquetball courts, exercise facility and management offices.

Monthly  rental rates at Willow Lake  Apartments  start at $810 for  one-bedroom
apartments,  $1,055 for two- bedroom  apartments and $1,270 for two-bedroom town
homes,  with  additional   monthly  rental  amounts  for  special  features  and
locations.  Tenants pay all costs of heating,  air conditioning and electricity.
Most  leases are for a period of one year.  Units will be rented in some  cases,
however,  on a shorter term basis at an additional  charge. The occupancy levels
at the  apartment  complex as of December 31 were 83%  (2000),  82% (1999),  81%
(1998), 88% (1997) and 91% (1996).

Golf Brook Apartments
---------------------

Units at Golf Brook Apartments  include two and  three-bedroom  apartments.  All
units have  wall-to-wall  carpeting,  individually  controlled  heating  and air
conditioning,   dishwashers,   ranges,  refrigerators,   garbage  disposals  and
washer/dryer  hook-ups.  Tenants  have  access  to and  use  of  the  clubhouse,
management offices, pool and tennis courts.





                                        6


<PAGE>

Golf Brook Apartments - Continued
---------------------------------

Monthly rental rates at Golf Brook  Apartments  start at $1,195 for  two-bedroom
apartments and $1,425 for  three-bedroom  apartments,  with  additional  monthly
rental  amounts for special  features  and  locations.  Tenants pay all costs of
heating,  air conditioning and electricity.  Most leases are for a period of one
year. Units will be rented in some cases, however, on a shorter term basis at an
additional  charge. The occupancy levels at the apartment complex as of December
31 were 87% (2000), 95% (1999), 96% (1998), 96% (1997) and 97% (1996).

Plainview Point III Office Center
---------------------------------

As of  December  31,  2000,  there  were 6  tenants  leasing  space  aggregating
approximately  45,900 square feet of rentable area at Plainview Point III Office
Center.  All leases  provide  for  tenants to  contribute  toward the payment of
increases in common area maintenance expenses,  insurance and real estate taxes.
The  tenants  who  occupy  Plainview  Point III Office  Center are  professional
service oriented organizations. The principal occupation/profession practiced is
insurance  claim  processing.  Two tenants  individually  lease more than 10% of
Plainview  Point III's rentable area. The occupancy  levels at the office center
as of December 31 were 73% (2000),  86% (1999),  81% (1998),  96% (1997) and 91%
(1996).

The following  table contains  approximate  data  concerning the major leases in
effect on December 31, 2000:

                                           Square Feet          Current Annual
                          Year of           and % of              Rental per
                        Expiration      Net Rentable Area        Square Foot
                        ----------      -----------------        -----------

 Major Tenant (1):
          1                2001          16,895 (27.10%)            $13.29
          2                2004          15,438 (24.70%)            $16.00

(1)  Major  tenants  are  those  that  individually  occupy  10% or  more of the
     rentable square footage.

Additional  operating  data  regarding the  Partnership's  properties  and joint
ventures is furnished in the following table:



                                        Federal Tax   Realty Tax   Annual Realty
                                           Basis        Rate          Taxes
                                           -----        ----          -----

 Wholly-Owned Properties
 -----------------------
 Sabal Park Apartments                  $ 11,692,306    .017680     $ 168,065
 Park Place Apartments Phase I          $ 11,667,315    .009685     $  97,381
 Park Place Apartments Phase III        $ 12,865,901    .009685     $  59,795
 Willow Lake Apartments                 $ 15,882,428    .098348     $ 305,930

 Properties Owned in Joint Venture
 ---------------------------------
 with NTS-Properties IV
 ----------------------
 Golf Brook Apartments                  $ 16,606,041    .017680     $ 284,097
 Plainview Point III Office Center      $  4,840,137    .010720     $  33,415






                                        7


<PAGE>

Description of Real Property - Continued
----------------------------------------

Depreciation for book purposes is computed using the  straight-line  method over
the  estimated  useful  lives  of the  assets  which  are  5-30  years  for land
improvements,  30 years for buildings,  5-30 years for building improvements and
3-30  years for  amenities.  The  estimated  realty  taxes on all other  planned
renovations,   primarily  tenant  improvements,   would  not  be  material.  See
Management's  Discussion  and  Analysis of  Financial  Condition  and Results of
Operations  (Part II, Item 7) for  explanations  regarding the  fluctuations  of
income and occupancy at the Partnership's properties and joint ventures.

Investment in Joint Ventures
----------------------------

The Emerging Issues Tasks Force ("EITF") of the Financial  Accounting  Standards
Board ("FASB") has reached a consensus on Issue No. 00-1,  "Applicability of the
Pro Rata Method of  Consolidation  to  Investments in Certain  Partnerships  and
Other  Unincorporated  Joint  Ventures."  The EITF  reached a  consensus  that a
proportionate   gross   financial   statement   presentation   (referred  to  as
"proportionate consolidation" in the Notes to Consolidated Financial Statements)
is not appropriate for an investment in an unincorporated legal entity accounted
for by the equity  method of  accounting,  unless the  investee is in either the
construction  industry or an extractive  industry  where there is a longstanding
practice of its use.

The consensus is applicable to financial  statements  for annual  periods ending
after June 15, 2000. The  Partnership  now uses the equity method to account for
its joint  venture  investments  for the year  ending  December  31,  2000.  The
Partnership has applied the consensus to all comparative  financial  statements,
restating  them to conform with the  consensus  for all periods  presented.  The
application  of this  consensus  did not result in a  restatement  of previously
reported  partners'  equity or net  results of  operations,  but did result in a
recharacterization or reclassification of certain financial statements' captions
and amounts.

NTS Sabal Golf Villas Joint Venture
-----------------------------------

On September 1, 1985,  the  Partnership  entered into a joint venture  agreement
with  NTS-Properties IV, an affiliate of the General Partner of the Partnership,
to develop,  construct, own and operate a 158-unit luxury apartment complex on a
13.15 acre site in Orlando,  Florida known as Golf Brook  Apartments Phase I. On
January 1, 1987,  the joint venture  agreement was amended to include Golf Brook
Apartments Phase II, a 37-unit luxury apartment  complex located on a 3.069 acre
site  adjacent to Golf Brook  Apartments  Phase I. The term of the joint venture
shall continue until  dissolved.  Dissolution  shall occur upon, but not before,
the first to occur of the following:

(a)  the withdrawal,  bankruptcy or dissolution of a Partner or the execution by
     a Partner of an assignment for the benefit of its creditors;

(b)  the sale,  condemnation or taking by eminent domain of all or substantially
     all  of  the   assets  of  the   Partnership,   other  than  its  cash  and
     cash-equivalent assets;

(c)  the vote or consent of each of the Partners to dissolve the Partnership; or

(d)  September 30, 2025.


                                        8


<PAGE>

Investment in Joint Ventures - Continued
----------------------------------------

NTS Sabal Golf Villas Joint Venture - Continued
-----------------------------------------------

The Partnership contributed land valued at $15,800,000, the cost of constructing
and  leasing  the  apartments.  NTS-Properties  IV  contributed  land  valued at
$1,900,000 with a related note payable to a bank of $1,200,000.  The Partnership
also  contributed  funds to retire the  $1,200,000  note  payable to a bank.  No
future contributions are anticipated as of December 31, 2000.

Golf  Brook  Apartments  is  encumbered  by a mortgage  payable to an  insurance
company.  The Partnership  had originally  obtained  financing,  secured by Golf
Brook  Apartments,  to fund a portion of its  contribution to the joint venture.
The  contribution  loan has subsequently  been refinanced.  The current mortgage
payable of  $8,426,706  is  recorded  as a  liability  by the  Partnership.  The
mortgage  payable bears  interest at a fixed rate of 7.57%,  is due May 15, 2009
and is  secured  by the  assets  of Golf  Brook  Apartments.  Monthly  principal
payments  are based  upon a 12-year  amortization  schedule.  At  maturity,  the
mortgage will have been repaid based on the current rate of amortization.

The net cash flow for each calendar  quarter is  distributed  to the Partners in
accordance with their respective  percentage  interests.  The term Net Cash Flow
means the excess,  if any, of (a) the sum of (i) the gross receipts of the joint
venture property, for such period, other than capital  contributions,  plus (ii)
any funds from previously  established  reserves (referred to in clause (b) (iv)
below),  over (b) the sum of (i) all cash  expenses  paid by the  joint  venture
property during such period,  (ii) all capital  expenditures paid in cash during
such period, (iii) payments during such period on account of amortization of the
principal of any debts or  liabilities of the joint venture  property,  and (iv)
reserves for  contingent  liabilities  and future  expenses of the joint venture
property,  as established by the Partners;  provided,  however, that the amounts
referred to in (i), (ii) and (iii) above shall be taken into account only to the
extent not funded by capital contributions or paid out of previously established
reserves.   Percentage   Interest  means  that  percentage   which  the  capital
contributions of a Partner bears to the aggregate  capital  contributions of all
the Partners.

Net income or net loss is  allocated  between the  Partners in  accordance  with
their respective  percentage  interests.  The Partnership's  ownership share was
96.03% at December 31, 2000, 1999 and 1998.

Plainview Point III Joint Venture
---------------------------------

On March 1, 1987, the  Partnership  entered into a joint venture  agreement with
NTS-Properties IV, an affiliate of the General Partner,  to develop,  construct,
own and operate an office  building in  Louisville,  Kentucky known as Plainview
Point III Office  Center.  The terms of the Joint Venture shall  continue  until
dissolved.  Dissolution shall occur upon, but not before,  the first to occur of
the following:

(a)  the withdrawal,  bankruptcy or dissolution of a Partner or the execution by
     a Partner of an assignment for the benefit of its creditors;

(b)  the sale,  condemnation or taking by eminent domain of all or substantially
     all of the assets of the Real  Property,  unless  such  disposition  is, in
     whole or in part, represented by a promissory note of the purchaser;

(c)  the vote or consent of each of the Partners to dissolve the Partnership; or

(d)  December 30, 2026.

                                        9


<PAGE>

Investment in Joint Ventures - Continued
----------------------------------------

Plainview Point III Joint Venture - Continued
---------------------------------------------

The Partnership contributed approximately $4,100,000,  the cost to construct and
lease the building.  NTS- Properties IV contributed land valued at $790,000 with
an outstanding note payable to a bank of $550,000 which was secured by the land.
The Partnership  also  contributed  funds to retire the $550,000 note payable to
the bank. No future contributions are anticipated as of December 31, 2000.

The net cash flow for each calendar  quarter is  distributed  to the Partners in
accordance with their respective  percentage  interests.  The term Net Cash Flow
means the excess,  if any, of (a) the sum of (i) the gross receipts of the joint
venture property, for such period, other than capital  contributions,  plus (ii)
any funds from previously  established  reserves (referred to in clause (b) (iv)
below),  over (b) the sum of (i) all cash  expenses  paid by the  joint  venture
property during such period,  (ii) all capital  expenditures paid in cash during
such period, (iii) payments during such period on account of amortization of the
principal of any debts or  liabilities of the joint venture  property,  and (iv)
reserves for  contingent  liabilities  and future  expenses of the joint venture
property,  as established by the Partners;  provided,  however, that the amounts
referred to in (i), (ii) and (iii) above shall be taken into account only to the
extent not funded by capital contributions or paid out of previously established
reserves.   Percentage   Interest  means  that  percentage   which  the  capital
contributions of a Partner bears to the aggregate  capital  contributions of all
the Partners.

Net income or net loss is  allocated  between the  Partners in  accordance  with
their respective  percentage  interests.  The Partnership's  ownership share was
95.04% at December 31, 2000.

Competition
-----------

The  Partnership's  properties are subject to competition  from similar types of
properties  (including,  in  certain  areas,  properties  owned  or  managed  by
affiliates of the General  Partner) in the  respective  vicinities in which they
are located. Such competition is generally for the retention of existing tenants
or  for  new  tenants  when  vacancies  occur.  The  Partnership  maintains  the
suitability  and  competitiveness  of its  properties  primarily on the basis of
effective  rents,  amenities  and service  provided to tenants.  Competition  is
expected to increase in the future as a result of the construction of additional
properties.  As of December 31, 2000, the properties  under  construction in the
respective  vicinities in which the  properties  are located are as follows:  In
close proximity to Sabal Park Apartments and Golf Brook Apartments, there is one
apartment  complex  under  construction.  At this time,  the number of apartment
units  to be  included  in the  community  is  unknown  as  well  as the  target
completion date. The apartment community is to include shops, grocery stores and
restaurants.  In the  vicinity  near the Park  Place  Apartments,  there are two
apartment  communities,  with 300+ apartment  units a piece,  scheduled to start
construction  in 2001. In the vicinity of Willow Lake  Apartments,  there is one
apartment community with 400 apartment units under  construction.  The scheduled
completion  date is unknown at this time.  At this time it is unknown the effect
these  new  apartment  units  will  have  on  occupancy  at  the   Partnership's
properties.  The  Partnership  has not  commissioned a formal market analysis of
competitive  conditions  in any market in which it owns  properties,  but relies
upon the market condition  knowledge of the employees of NTS Development Company
who manage and supervise leasing for each property.




                                       10


<PAGE>

Management of Properties
------------------------

NTS Development  Company, an affiliate of the NTS-Properties  Associates VI, the
General Partner of the Partnership,  directs the management of the Partnership's
properties  pursuant  to a  written  agreement.  NTS  Development  company  is a
wholly-owned subsidiary of NTS Corporation.  Mr. J. D. Nichols has a controlling
interest  in  NTS  Corporation  and  is  a  General  Partner  of  NTS-Properties
Associates VI. Under the agreement,  NTS Development  Company establishes rental
policies and rates and directs the marketing activity of leasing  personnel.  It
also  coordinates the purchase of equipment and supplies,  maintenance  activity
and the selection of all vendors,  suppliers  and  independent  contractors.  As
compensation  for its  services,  NTS  Development  Company  received a total of
$558,123 for the year ended  December 31, 2000.  $506,603 was received  from the
residential  properties and $51,520 was received from the  commercial  property.
The fee is equal to 6% of gross revenues from the commercial  property and 5% of
gross revenues from the residential properties.

In addition,  the agreement  requires the  Partnership to purchase all insurance
relating to the managed properties,  to pay the direct out-of-pocket expenses of
NTS  Development  Company in connection  with the  operation of the  properties,
including  the  cost of  goods  and  materials  used  for and on  behalf  of the
Partnership,  and  to  reimburse  NTS  Development  Company  for  the  salaries,
commissions,  fringe  benefits,  and  related  employment  expenses  of  on-site
personnel.

The term of the agreement  between NTS  Development  Company and the Partnership
was initially for five years,  and thereafter for succeeding  one-year  periods,
unless cancelled.  The agreement is subject to cancellation by either party upon
60-days  written  notice.  As of December  31, 2000,  the  agreement is still in
effect.

Working Capital Practices
-------------------------

Information  about the  Partnership's  working capital  practices is included in
Management  Discussion  and  Analysis  of  Financial  Condition  and  Results of
Operations in Part II, Item 7.

Seasonal Operations
-------------------

The Partnership  does not consider its operations to be seasonal to any material
degree.

Conflict of Interest
--------------------

Because the  principals of the General  Partner and/or its affiliates own and/or
operate real estate  properties  other than those owned by the Partnership  that
are, or could be in competition  with the  Partnership,  potential  conflicts of
interest exist.  Because the Partnership was organized by and is operated by the
General  Partner,   these  conflicts  are  not  resolved   through   arms-length
negotiations  but through the exercise of the General  Partner's  good judgement
consistent  with its fiduciary  responsibility  to the limited  partners and the
Partnership's  investment  objectives  and  policies.  The  General  Partner  is
accountable  to the  limited  partners  as a  fiduciary  and  consequently  must
exercise  good faith and  integrity in handling  the  Partnership's  affairs.  A
provision has been made in the  partnership  agreement that the General  Partner
will not be liable to the Partnership except for acts or omissions  performed or
omitted  fraudulently,  in bad  faith  or  with  negligence.  In  addition,  the
partnership agreement provides for indemnification by the General Partner of the
Partnership

                                       11


<PAGE>

Conflict of Interest - Continued
--------------------------------

for liability  resulting  from errors in judgement or certain acts or omissions.
The General  Partner and its affiliates  retain a free right to compete with the
Partnership's properties including the right to develop competing properties now
and in the future in addition  to those  existing  properties  which may compete
directly or indirectly.

NTS  Development  Company  (the  "Property  Manager"),  and an  affiliate of the
General Partner, acts in a similar capacity for other affiliated entities in the
same  geographic  region  where the  Partnership  has  property  interests.  The
agreement  with  the  Property  Manager  is on terms  no less  favorable  to the
Partnership  than those which  could be obtained  from a third party for similar
services in the same  geographical  region in which the  properties are located.
The contract is terminable by either party without  penalty upon 60-days written
notice.

There are no other  agreements or  relationships  between the  Partnership,  the
General Partner and its affiliates other than those previously described.

Employees
---------

The  Partnership  has no  employees;  however,  employees of an affiliate of the
General  Partner are  available  to perform  services for the  Partnership.  The
Partnership  reimburses  this  affiliate for the actual costs of providing  such
services.  See Part II, Item 8 - Note 7 for further  information  regarding  the
Partnership's related party transactions.

Governmental Contracts and Regulations
--------------------------------------

No portion of the Partnership's  business is subject to renegotiation of profits
or  termination  of  contracts  or  sub-contracts  at the election of the United
States Government.

Item 3.    Legal Proceedings
           -----------------

The  Partnership  has been sued by Elder  Construction  &  Associates,  Inc.  in
Jefferson  Circuit  Court,  Louisville,  Kentucky,  in a  lawsuit  styled  Elder
                                                                           -----
Construction & Associates,  Inc. V. NTS Development Company,  Frontier Insurance
--------------------------------------------------------------------------------
Company,  NTS-Properties  VI, a Maryland  Limited  Partnership,  NTS- Properties
--------------------------------------------------------------------------------
Associates  VI, and NTS Capital  Corporation.  All of the named NTS entities are
--------------------------------------------
represented by Middleton & Reutlinger, a local law firm.

Elder  Construction  was hired to be the framing  subcontractor  with respect to
certain  improvements  at  Phase  III of Park  Place  Apartments  in  Lexington,
Kentucky.  After  being  removed  from the job for its  failure to  provide  its
services in a  professional,  diligent and workmanlike  manner,  a complaint was
filed on behalf of Elder  Construction in November 1999,  alleging,  inter alia,
                                                                     ----------
breach of contract.  The Complaint requested judgement against the defendants in
the amount of $233,122 plus interest and other relief against the defendants.

                                       12

<PAGE>


Item 3.    Legal Proceedings - Continued
           -----------------------------

The  Partnership  and other  defendants  have answered the  complaint,  and have
asserted  counterclaims  against  the  plaintiff  for,  inter  alia,  breach  of
                                                        -----------
contract.  Discovery  is  proceeding,  but  because  the  case  is in the  early
discovery phase an outcome cannot be predicted at present. There is a trial date
set for November 6, 2001. The  principals of NTS defendants  have indicated that
the  lawsuit  brought  by  Elder  Construction  is  without  merit  and  will be
vigorously   defended,   including  the   prosecution   by  the   defendants  of
counterclaims  against Elder  Construction.  The  Partnership  believes that the
resolution  of these legal  proceedings  will not have a material  effect on its
consolidated financial statements.

Item 4.    Submission of Matters to a Vote of Security Holders
           ---------------------------------------------------

None.












































                                       13


<PAGE>

                                     PART II
                                     -------

Item 5.    Market  for  Registrant's  Limited Partnership  Interests and Related
           ---------------------------------------------------------------------
           Partner Matters
           ---------------

There is no established  trading market for the limited  partnership  interests,
nor is one likely to develop.  The Partnership had 2,863 limited  partners as of
February 28, 2001. Cash  distributions and allocations of income (loss) are made
as  described  in  Note  1D to the  Partnership's  2000  consolidated  financial
statements.

On March 21, 2000, the Partnership  notified its limited  partners that it would
be  suspending  distributions  starting  January  1,  2000.  The  suspension  is
necessary due to significant capital  improvements  essential to maintaining the
buildings and facilities  owned by the  Partnership  at Willow Lake  Apartments,
Park Place Apartments Phase I, Sabal Park Apartments and Golf Brook  Apartments.
The  Partnership's  cash  position  will be  evaluated  on an  ongoing  basis to
determine when resumption of distributions is appropriate.

Annual  distributions  totaling $10.00 and $12.50 per limited  partnership  unit
were paid  during the years  ended  December  31,  1999 and 1998,  respectively.
Quarterly distributions are determined based on current cash balances, cash flow
being generated by operations and cash reserves needed for future leasing costs,
tenant finish costs, and capital improvements. Distributions were paid quarterly
as follows:


                                       1999                  1998
                                       ----                  ----

        First quarter                $  2.50               $  5.00
        Second quarter                  2.50                  2.50
        Third quarter                   2.50                  2.50
        Fourth quarter                  2.50                  2.50
                                     -------               -------
                                     $ 10.00               $ 12.50
                                     =======               =======

The table below  presents  that portion of the  distributions  that  represent a
return of capital on a Generally  Accepted  Accounting  Principle  basis for the
years ended December 31, 2000, 1999 and 1998.


                           Net (Loss) Income   Cash Distributions     Return of
                               Allocated            Declared           Capital
                               ---------            --------           -------

        Limited partners:
              2000           $ (853,403)         $     -              $    -
              1999             (185,285)            396,514             396,514
              1998              453,154             515,339              62,185
        General Partners
              2000           $   (8,620)         $     -              $    -
              1999               (1,872)              4,005               4,005
              1998                4,577               5,206                 629










                                       14


<PAGE>


Item 6.    Selected Financial Data
           -----------------------
<TABLE>

Years ended December 31, 2000, 1999, 1998, 1997 and 1996.

                                     2000           1999          1998            1997           1996
                                     ----           ----          ----            ----           ----
<CAPTION>

<S>                             <C>            <C>            <C>            <C>            <C>
Total revenues                  $ 10,802,175   $  9,737,584   $  9,974,045   $  9,760,363   $  9,824,167

Total expenses                  $ 11,601,261   $  9,881,746   $  9,477,349   $  9,518,287   $  9,556,452
                                -------------  -------------  -------------  -------------  -------------
(Loss) income before
  minority interest and
  extraordinary item            $   (799,086)  $   (144,162)  $    496,696   $    242,076   $    267,715
Minority interest               $     42,216   $     42,995   $     38,965   $     36,419   $     40,661
                                -------------  -------------  -------------  -------------  -------------
(Loss) income after minority
  interest before
  extraordinary item            $   (841,302)  $   (187,157)  $    457,731   $    205,657   $    227,054
Extraordinary item              $     20,721   $       --     $       --     $     98,544   $       --
                                -------------  -------------  -------------  -------------  -------------
Net (loss) income               $   (862,023)  $   (187,157)  $    457,731   $    107,113   $    227,054
                                =============  =============  =============  =============  =============

Net (loss) income
  allocated to:
    General Partner             $     (8,620)  $     (1,872)  $      4,577   $      1,071   $      2,271
    Limited partners            $   (853,403)  $   (185,285)  $    453,154   $    106,042   $    224,783

Net (loss) income per
  limited partnership Units ..  $     (21.85)  $      (4.66)  $      10.96   $       2.48   $       4.97

Weighted average number
  of limited partnership Units        39,053         39,751         41,334         42,817         45,243

Cumulative net income
  (loss) allocated to:
    General Partner             $    (80,780)  $    (72,160)  $    (70,288)  $    (74,865)  $    (75,936)
    Limited partners            $(12,787,833)  $(11,934,430)  $(11,749,145)  $(12,202,299)  $(12,308,341)

Cumulative taxable income
  (loss) allocated to:
    General Partner             $    110,406   $    111,613   $    104,550   $    102,664   $  1,192,830
    Limited partners            $(16,097,799)  $(15,165,626)  $(14,759,062)  $(15,174,826)  $(16,357,888)

Distributions declared:
  General Partner               $       --     $      4,005   $      5,206   $      8,622   $      8,950
  Limited partners              $       --     $    396,514   $    515,339   $    853,625   $    886,000

Cumulative distributions
  declared to:
    General Partner             $    121,277   $    121,277   $    117,272   $    112,066   $    103,444
    Limited partners            $ 12,006,384   $ 12,006,384   $ 11,609,870   $ 11,094,531   $ 10,240,906

At year end:
  Cash and equivalents          $     47,683   $        909   $    362,682   $   277,209    $    690,558
  Investment securities         $       --     $       --     $       --     $ 1,562,813    $  1,085,267
  Land, buildings and
    amenities, net              $ 47,498,726   $ 47,739,483   $ 41,136,516   $ 39,834,586   $ 41,577,666
        Total assets            $ 48,425,373   $ 48,606,629   $ 42,577,985   $ 42,701,043   $ 44,211,623
  Mortgages  payable            $ 35,149,376   $ 33,312,443   $ 27,119,180   $ 26,872,563   $ 27,403,056

</TABLE>

The  above  selected  financial  data  should  be read in  conjunction  with the
consolidated  financial statements and related notes appearing elsewhere in this
Form 10-K report.

                                       15


<PAGE>


Item 7.      Management's  Discussion  and  Analysis  of Financial Condition and
             -------------------------------------------------------------------
             Results of Operations
             ---------------------

Management's  Discussion  and  Analysis of  Financial  Condition  and Results of
Operations  is  structured in four major  sections.  The first section  provides
information  related to occupancy  levels and information  related to rental and
other income generated by the Partnership's  properties and joint ventures.  The
second  analyzes  results  of  operations  on a  consolidated  basis.  The final
sections address consolidated cash flows and financial condition.  Discussion of
certain market risks and our  cautionary  statements  also follow.  Management's
analysis  should  be  read  in  conjunction  with  the  consolidated   financial
statements in Item 8 and the cautionary statements below.

Occupancy Levels
----------------

The occupancy  levels at the  Partnership's  properties and joint ventures as of
December 31 were as follows:


                                         Percentage
                                          Ownership
                                         at 12/31/00   2000 (2)  1999     1998
                                         -----------   --------  ----     ----

 Wholly-Owned Properties
 -----------------------
 Sabal Park Apartments (1)                  100%        98%       99%      94%
 Park Place Apartments Phase I (1)          100%        72%       89%      80%
 Willow Lake Apartments                     100%        83%       82%      81%
 Park Place Apartments Phase III            100%        52%       50% (3)  N/A

 Properties Owned in Joint Venture with
 --------------------------------------
 NTS-Properties IV
 -----------------
 (ownership % at December 31, 2000)
 ----------------------------------
 Golf Brook Apartments (1)                96.03%        87%       95%      96%
 Plainview Point III Office Center (1)    95.04%        73%       86%      81%

(1)  In the opinion of the General Partner of the  Partnership,  the decrease in
     year  ending  occupancy  is  only a  temporary  fluctuation  and  does  not
     represent a permanent downward occupancy trend.
(2)  With the exceptions of Park Place Apartments  Phase III, current  occupancy
     levels are considered  adequate to continue  operation of the Partnership's
     properties.
(3)  Park  Place  Apartments  Phase  III had 34  units  available  for  lease at
     December 31, 1999 of which 17 were leased.

The average occupancy levels at the Partnership's  properties and joint ventures
as of December 31 were as follows:

                                        Percentage
                                         Ownership
                                        at 12/31/00    2000      1999     1998
                                        -----------    ----      ----     ----

 Wholly-Owned Properties
 -----------------------
 Sabal Park Apartments                      100%        97%       96%      95%
 Park Place Apartments Phase I (1)          100%        82%       89%      85%
 Willow Lake Apartments                     100%        91%       78%      93%
 Park Place Apartments Phase III (2)        100%        N/A       N/A      N/A

 Properties Owned in Joint Venture with
 --------------------------------------
 NTS-Properties IV
 -----------------
 Golf Brook Apartments  (1)               96.03%        92%       94%      96%
 Plainview Point III Office Center  (1)   95.04%        88%       91%      92%

(1)  In the opinion of the General Partner of the  Partnership,  the decrease in
     average occupancy is only a temporary  fluctuation and does not represent a
     permanent downward occupancy trend.

(2)  Average occupancy is not applicable for Park Place Apartments Phase III due
     to the fact  that the units did not start  being  certified  for  occupancy
     until  September  1999 and were not  finished  until May 2000.  Because the
     units were being turned over to leasing at different  times,  the occupancy
     of one month is not comparable to the next month.

                                       16


<PAGE>

Rental and Other Income
-----------------------

Rental and other income  generated  by the  Partnership's  properties  and joint
ventures for the years ended December 31, 2000, 1999 and 1998 were as follows:


                                  Percentage
                                  Ownership
                                 at 12/31/00    2000        1999         1998
                                 -----------    ----        ----         ----

 Wholly-Owned Properties
 -----------------------
 Sabal Park Apartments               100%   $ 1,955,982 $ 1,911,772  $ 1,823,286
 Park Place Apartments Phase I       100%   $ 1,697,890 $ 1,830,936  $ 1,780,445
 Willow Lake Apartments              100%   $ 2,415,538 $ 2,105,852  $ 2,392,740
 Park Place Apartments Phase III     100%   $   589,562 $    37,077      N/A

 Properties Owned in Joint Venture
 ---------------------------------
 with NTS-Properties IV
 ----------------------
 Golf Brook Apartments             96.03%   $ 3,271,227 $ 2,980,021  $ 3,047,139
 Plainview Point III
  Office Center                    95.04%   $   848,522 $   852,836  $   822,168

The following is an analysis of material  changes in results of  operations  for
the periods ending December 31, 2000,  1999 and 1998.  Items that did not have a
material  impact on  operations  for the periods  listed above have been omitted
from this discussion.

Rental income increased  approximately  $740,000, or 8%, in 2000, primarily as a
result  of income  collected  at Park  Place  Apartments  Phase III (Park  Place
Apartments  Phase III was not in full  operation  at  December  31,  1999).  The
increase is also due to increased  average  occupancy at Willow Lake  Apartments
and Sabal Park Apartments. The increase is partially offset by decreased average
occupancy at Park Place  Apartments  Phase I, Plainview  Point III Office Center
and Golf Brook Apartments.

Year ending occupancy  percentage  represents occupancy only on a specific date;
therefore,  the above analysis  considers average occupancy  percentage which is
representative of the entire year's results.

Interest and other income increased approximately $319,000, or 88%, from 1999 to
2000,  primarily as a result of a settlement claim received for defective siding
at Golf Brook Apartments.

Interest and other income decreased  approximately $83,000, or 65%, from 1998 to
1999,  primarily as a result of the Partnership  holding no investments in 1999,
therefore earning no interest.

Operating expenses increased  approximately $341,000, or 14%, in 2000, primarily
due to the following:  1) expenses  incurred by Park Place  Apartments Phase III
(Park Place Apartments Phase III was not in full operation during the year ended
December  31,  1999),  2)  increased  repairs  and  maintenance  at  Golf  Brook
Apartments  (increased floor covering,  heating and air  conditioning  expenses,
plumbing and appliances net of decreased interior painting and interior/exterior
repairs)  and Park Place  Apartments  Phase I (wood  replacement),  3) increased
administrative costs at Golf Brook Apartments (increased temporary services), 4)
increased advertising costs at Golf Brook Apartments and Willow Lake Apartments,
and 5)  increased  landscaping  costs at Willow Lake  Apartments  and Park Place
Apartments Phase I. The increase is partially



                                       17


<PAGE>

Rental and Other Income - Continued
-----------------------------------

offset by 1) decreased employee education expenditures at Golf Brook Apartments,
Willow Lake Apartments and Sabal Park Apartments,  2) decreased utility expenses
at Golf Brook Apartments (water and sewer costs) and Park Place Apartments Phase
I (cable costs), 3) decreased landscaping costs at Sabal Park Apartments, and 4)
decreased repairs and maintenance  expenses at Plainview Point III Office Center
(interior repairs and painting).

Operating expenses - affiliated increased approximately $80,000, or 6%, in 2000,
primarily as a result of costs incurred for additional staff as a result of Park
Place  Apartments  Phase III becoming  fully  operational  in May 2000 (which is
netted against the decrease at Park Place Apartments Phase I which is due to the
reallocation  of salaries and overhead to include  Park Place  Apartments  Phase
III).  Operating  expenses - affiliated  are  expenses  incurred for services by
employees of NTS Development Company, as affiliate of the General Partner of the
Partnership.

Operating expenses - affiliated increased approximately $79,000, or 6%, in 1999,
primarily  as a result  of  increased  property  management  costs at all of the
Partnership's underlying properties.  The increase is also a result of increased
leasing salaries and commissions at Sabal Park Apartments, Golf Brook Apartments
and Park Place Apartments Phase I and increased  administrative  salary costs at
Sabal Park Apartments and Golf Brook  Apartments.  These increases are partially
offset by decreased leasing salaries and commissions at Willow Lake Apartments.

The 2000 loss on disposal of assets can be attributed to  retirements of assets,
that were not fully depreciated, as a result of clubhouse renovation projects at
Park Place Apartments, Golf Brook Apartments and Sabal Park Apartments.

The 1999 loss on disposal of assets can be attributed to Golf Brook  Apartments,
Sabal Park  Apartments,  Willow Lake  Apartments and Plainview  Point III Office
Center.  The loss is the  result  of  various  property  renovations,  including
painting and the  replacement of exterior wood at Sabal Park Apartments and Golf
Brook  Apartments,  roof  replacement  at  Willow  Lake  Apartments  and  carpet
replacement at Plainview Point III Office Center.  The loss represents the costs
of unamortized assets, which were replaced as a result of the renovations.

The 1998 loss on disposal of assets can be attributed  to Park Place  Apartments
Phase  I and  Willow  Lake  Apartments.  The  loss  is the  result  of  property
renovations at Park Place Apartments  Phase I for signage and deck  replacements
and Willow Lake Apartments for roof replacements.

Interest expense increased  approximately $695,000, or 34%, in 2000, as a result
of an increase in the  Partnership's  mortgage  debt.  The  increase in interest
expense is also due to interest  capitalized on the Park Place  Apartments Phase
III construction decreasing from approximately $250,000 in 1999 to approximately
$26,000  in  2000.  This  reduction  in  capitalized  interest  has  effectively
increased interest expense in 2000.






                                       18


<PAGE>

Rental and Other Income - Continued
-----------------------------------

Management  fees are  calculated as a percentage of cash  collections;  however,
revenue for reporting  purposes is recorded on the accrual  basis.  As a result,
the fluctuations in revenue between periods will differ from the fluctuations of
management fees expense.  Management fees increased  approximately  $52,000,  or
10%, in 2000, primarily as a result of increased revenue collected at Park Place
Apartments Phase III (Park Place Apartments Phase III was not fully  operational
during the year ended  December 31, 1999) and a  settlement  claim  received for
defective siding at Golf Brook Apartments.

Real estate taxes increased approximately $51,000, or 6%, in 2000, primarily due
to increased  real estate taxes for the Park Place  Apartments due to Park Place
Apartments Phase III not being fully operational in 1999.

Real estate taxes increased approximately $70,000, or 8%, in 1999, primarily due
to additional  accruals necessary related to estimated property taxes for Willow
Lake  Apartments.  The increase is also the result of increased  assessments for
Sabal Park Apartments and Golf Brook Apartments.

Professional and administrative  expenses decreased  approximately  $61,000,  or
24%, in 2000, primarily as a result of 1) decreased external processing fees, 2)
decreased  legal  and  professional  costs for the  tender  offers  and  general
services,  and 3) decreased  employee  recruiting and temporary  services due to
various vacant positions being filled.

Professional and administrative  expenses increased  approximately  $61,000,  or
31%, in 1999,  primarily as a result of legal costs incurred in connection  with
tender offers (see below for information regarding the tender offers), increased
legal  costs  for  general  services  and  increased  employee  search  fees and
temporary services due to various vacant positions.

Professional and administrative  expenses - affiliated  increased  approximately
$80,000,  or 33%,  in 2000,  primarily  as a result  of  increased  finance  and
accounting salary costs.  Professional and administrative  expenses - affiliated
are expenses  incurred for  services  performed by employees of NTS  Development
Company, an affiliate of the General Partner.

Depreciation and amortization expense increased  approximately $534,000, or 28%,
in 2000, primarily as a result of the following: 1) capitalization of Park Place
Apartments Phase III's construction costs (approximately $11,240,000), 2) tenant
finish and common area replacements at Plainview Point III Office Center, net of
retirements,  and 3) building  improvements and fitness center renovation costs,
net of  retirements,  at Golf Brook  Apartments and Sabal Park  Apartments.  The
increase is  partially  offset by a portion of the original  land  improvements,
building  improvements and amenities at the Partnership's  underlying properties
becoming fully depreciated.

Depreciation is computed using the straight-line method over the useful lives of
the assets which are 5-30 years for land  improvements,  30 years for buildings,
5-30 years for  building  and  improvements  and 3-30 years for  amenities.  The
aggregate  cost of the  Partnership's  properties  for federal  tax  purposes is
approximately $76,044,000.



                                       19


<PAGE>

Rental and Other Income - Continued
-----------------------------------

Extraordinary  item - early  extinguishment  of debt represents the write-off of
unamortized  loan costs associated with Plainview Point III Office Center's note
payable.  The unamortized loan costs were expensed due to the fact that the note
was  retired  in 2000  prior to its  maturity  (June  23,  2002) as a result  of
permanent financing obtained by the Partnership in November 2000.

Consolidated Cash Flows and Financial Condition
-----------------------------------------------

The majority of the Partnership's  cash flow is typically derived from operating
activities.  Cash  flows used in  investing  activities  are for  tenant  finish
improvements,  other capital  improvements at the  Partnership's  properties and
construction  of Park  Place  Apartments  Phase III.  Changes to current  tenant
improvements  at  commercial   properties  are  a  typical  part  of  any  lease
negotiation. Improvements generally include a revision to the current floor plan
to accommodate a tenant's  needs,  new carpeting and paint and/or  wallcovering.
The extent and cost of these improvements is determined by the size of the space
and whether the improvements are for a new tenant or incurred because of a lease
renewal.  The tenant finish  improvements and other capital  additions have been
funded  by  cash  flow  from   operations.   Park  Place  Apartments  Phase  III
construction  costs have been funded  primarily by debt  financing and also from
cash  flows  from  operations.  The  total  construction  costs  for Park  Place
Apartments Phase III at December 31, 2000 were approximately  $11,240,000.  Cash
flows used in  investing  activities  are also for the  purchase  of  investment
securities.  As part of its cash  management  activities,  the  Partnership  had
periodically  purchased certificates of deposit or securities issued by the U.S.
Government  with initial  maturities of greater than three months to improve the
return on its cash reserves. The Partnership held the securities until maturity.
Cash  flows  used in  financing  activities  also  include  cash  which has been
reserved by the  Partnership  for the  repurchase of limited  partnership  Units
through the Interest  Repurchase  Program  (through  October 1998) or the tender
offers  (October 1998 to present).  Cash flows provided by financing  activities
represent the utilization of cash which has been reserved by the Partnership for
the repurchase of limited partnership Units and proceeds from mortgage loans.

Cash flows provided by (used in):


                                   2000             1999              1998
                                   ----             ----              ----

 Operating activities         $   750,859       $ 3,035,567       $ 2,867,249
 Investing activities          (2,371,469)       (8,737,997)       (1,620,583)
 Financing activities           1,667,384         5,340,657        (1,161,193)
                              ------------      ------------      ------------
   Net increase (decrease)
    in cash and equivalents   $    46,774       $  (361,773)      $    85,473
                              ============      ============      ============

Net cash provided by operating activities decreased approximately $2,285,000, or
75%,  in 2000.  The  decrease  was  primarily  driven by 1)  decreased  accounts
payable,  2) increased net loss, and 3) increased other assets.  The decrease is
partially offset by an increased collection of accounts receivable.

Net cash provided by operating activities increased  approximately  $168,000, or
6%, in 1999,  primarily due to an increase in accounts payable  partially offset
by decreased net income.

The decrease in net cash used in investing  activities in 2000 was primarily due
to decreased capital  expenditures  (construction of Park Place Apartments Phase
III was completed in 2000).


                                       20


<PAGE>

Consolidated Cash Flows and Financial Condition - Continued
-----------------------------------------------------------

The increase in net cash used in investing  activities in 1999 was primarily due
to increased capital  expenditures  (construction of Park Place Apartments Phase
III not finished until 2000).

The decrease in net cash provided by financing  activities in 2000 was primarily
due to a decrease in proceeds from mortgage  loans (only one draw made in 2000 -
final draw on Park Place  Apartments  Phase III  construction  loan),  partially
offset by the decrease in cash distributions.

The increase in net cash provided by financing  activities in 1999 was primarily
due to increased proceeds from mortgage loans (draws on the Park Place Phase III
construction  loan, a new loan secured by Plainview  Point III Office Center and
refinancing of the Golf Brook Apartments loan) and decreased cash distributions.

On March 21, 2000, the Partnership  notified its limited  partners that it would
be  suspending  distributions  starting  January  1,  2000.  The  suspension  is
necessary due to significant capital  improvements  essential to maintaining the
buildings and facilities  owned by the  Partnership  at Willow Lake  Apartments,
Park Place Apartments Phase I, Sabal Park Apartments and Golf Brook Apartments.

The  Partnership's  cash  position  will be  evaluated  on an  ongoing  basis to
determine when resumption of distributions is appropriate.

During  the year  ended  December  31,  1999,  the  Partnership  declared  1.00%
(annualized)  distribution of $400,519. During the year ended December 31, 1998,
the  Partnership  declared 1.25%  (annualized)  distribution  of $520,545.  Cash
distributions  were reduced from 2% to 1% per quarter,  effective June 30, 1998,
as a result of capital  improvements at the Partnership's  properties  including
the construction of Park Place Apartments Phase III. The annualized distribution
rate is  calculated  as a percent  of the  original  capital  contribution.  The
limited  partners  received  99% and the  General  Partner  received 1% of these
distributions.  The primary  source of future  liquidity  and  distributions  is
expected to be derived from cash generated by the  Partnership's  properties and
joint ventures after the  construction  of Park Place  Apartments  Phase III and
other capital improvements are funded and adequate cash reserves are established
for future leasing and tenant finish costs. It is anticipated that the cash flow
from  operations  and cash  reserves will be sufficient to meet the needs of the
Partnership.  Cash reserves  (which are  unrestricted  cash and  equivalents and
investment securities as shown on the Partnership's balance sheet as of December
31) were  $47,683,  $909 and  $362,682  at  December  31,  2000,  1999 and 1998,
respectively.

The  Partnership  does not expect any  material  changes in the mix and relative
cost of capital  resources  from those in 2000 except for the completion of Park
Place Apartments Phase III, as discussed below.










                                       21


<PAGE>

Consolidated Cash Flows and Financial Conditions - Continued
------------------------------------------------------------

The table below  presents  that portion of the  distributions  that  represent a
return of capital on a Generally  Accepted  Accounting  Principle  basis for the
years ended December 31, 2000, 1999 and 1998.


                        Net (Loss) Income   Cash Distributions       Return of
                            Allocated           Declared              Capital
                            ---------           --------              -------

 Limited partners:
       2000             $ (853,403)            $    --              $     --
       1999               (185,285)              396,514               396,514
       1998                453,154               515,339                62,185
 General Partner:
       2000             $   (8,620)            $    --              $     --
       1999                 (1,872)                4,005                 4,005
       1998                  4,577                 5,206                   629

The demand on future  liquidity is  anticipated  to increase as the  Partnership
continues its efforts in the leasing of Plainview  Point III Office  Center.  At
this time,  the future leasing and tenant finish costs which will be required to
renew the  current  leases  that  expire  during  2001 or obtain new tenants are
unknown.

The demand on future liquidity will also increase as a result of the replacement
of the roofs at both the Willow Lake  Apartments  (26  buildings) and Park Place
Apartments  Phase I (24 buildings)  all of which were  installed  using shingles
produced by a single manufacturer.  The shingles appear to contain defects which
may cause  roofs to fail.  As the  manufacturer  has  declared  bankruptcy,  the
Partnership  does not expect to be able to recover  any of the costs of the roof
replacements.  As of December 31, 2000, four buildings at Willow Lake Apartments
have had roofs replaced.  The total cost of replacing all of the remaining roofs
is estimated to be $920,000  ($20,000 per building).  The  Partnership  does not
have sufficient working capital to make the remaining roof  replacements.  It is
anticipated  that the  Partnership  will  require at least 12 months to generate
sufficient reserves to begin the remaining roof replacements.

Such demand as discussed  above will be managed by the General Partner via funds
from  operations  or  additional   borrowings   secured  by  the   Partnership's
properties. There can be no guarantee that such funds will be available at which
time the General  Partner will manage the demand on  liquidity  according to the
best interest of the Partnership.

The  Partnership  had no other material  commitments  for renovations or capital
expenditures at December 31, 2000.

Pursuant to Section 16.4 of the Partnership's  Amended and Restated Agreement of
Limited Partnership,  the Partnership established an Interest Repurchase Reserve
in December 1995.  During the years ended December 31, 1998,  1997 and 1996, the
Partnership has funded  $400,000,  $300,000 and $705,380,  respectively,  to the
reserve.  Through October 25, 1998 (the commencement of the First Tender Offer),
the Partnership had repurchased a total of 6,846 Units for $1,861,200 at a price
ranging from $250 to $350 per unit.  Repurchased  Units have been retired by the
Partnership,  thus  increasing  the  percentage  of ownership of each  remaining
limited partner investor.  The Interest  Repurchase Reserve was funded from cash
reserves.  The  funds  remaining  in  the  Interest  Repurchase  Reserve  at the
commencement  of the First  Tender  Offer  (discussed  below)  were  returned to
unrestricted cash for utilization in the Partnership's operations.



                                       22


<PAGE>

Consolidated Cash Flows and Financial Conditions - Continued
------------------------------------------------------------

On October  20,  1998,  the  Partnership  and ORIG , LLC,  an  affiliate  of the
Partnership,  (the  "Offerors")  commenced  a tender  offer (the  "First  Tender
Offer") to purchase up to 1,250 of the Partnership's  limited  partnership Units
at a price of $350 per Unit.  The initial  expiration  date of the First  Tender
Offer was January 18, 1999, and this expiration date was  subsequently  extended
through  March 31, 1999.  A total of 2,103 Units were  tendered and the Offerors
accepted all Units tendered. The Partnership  repurchased 750 Units at a cost of
$262,500 and ORIG,  LLC Purchased  1,353 Units at a total cost of $473,550.  The
expenses  associated  with the First  Tender Offer were  approximately  $52,000.
Units  that were  acquired  by the  Partnership  were  retired.  Units that were
acquired  by ORIG,  LLC were held by it.  The  General  Partner,  NTS-Properties
Associates VI, did not participate in the First Tender Offer.

On  June  25,  1999,  the  Partnership  and  ORIG,  LLC,  an  affiliate  of  the
Partnership,  (the  "Offerors")  commenced a second  tender  offer (the  "Second
Tender Offer") to purchase up to 1,000 of the Partnership's  limited partnership
Units at a price of $350 per Unit as of the date of the Second Tender Offer. The
initial  expiration  date of the Second  Tender  offer was August 31,  1999.  On
August 23, 1999,  the price was  increased  to $370 per Unit and the  expiration
date was extended to September 30, 1999.

Under the terms of the Second Tender  Offer,  the Second Tender Offer expired on
September 30, 1999. As of that date, 2,801 Units were tendered,  pursuant to the
Second  Tender  Offer,  and  the  Offerors  accepted  all  Units  tendered.  The
Partnership  purchased  500 Units at a cost of $185,000 and ORIG,  LLC purchased
2,301 Units at a cost of $851,370.  The expenses  associated with  administering
the Second  Tender  Offer  were  approximately  $38,000.  The  General  Partner,
NTS-Properties Associates VI, did not participate in the Second Tender Offer.

On  November  9, 1999,  the  Partnership  and ORIG,  LLC,  an  affiliate  of the
Partnership,  (the "Offerors") commenced a third tender offer (the "Third Tender
Offer") to purchase up to 500 of the Partnership's  limited partnership Units at
a price of $380 per Unit as of the date of the  Third  Tender  Offer.  The Third
Tender  Offer  stated that the  Partnership  would  purchase the first 250 Units
tendered and would fund its purchases and its portions of the expenses from cash
flow from  operations.  If more than 250 Units were  tendered,  ORIG,  LLC would
purchase up to an additional  250 Units.  If more than 500 Units were  tendered,
the Offerors could choose to acquire the additional Units on a pro rata basis.

On December 23, 1999, the Third Tender Offer expired. As of that date a total of
1,085 Units were tendered,  pursuant to the Third Tender Offer, and the Offerors
accepted all Units Tendered.  The  Partnership  purchased 250 Units at a cost of
$95,000 and ORIG,  LLC purchased  835 Units at a cost of $317,300.  The expenses
associated with administering the Third Tender Offer were approximately $13,500.
Units that were acquired by the Partnership  have been retired.  Units that were
acquired by ORIG, LLC are being held by it. The General Partner,  NTS-Properties
Associates VI, did not participate in the Third Tender Offer.








                                       23


<PAGE>

Consolidated Cash Flows and Financial Conditions - Continued
------------------------------------------------------------

On  March  24,  2000,  the  Partnership  and  ORIG,  LLC,  an  affiliate  of the
Partnership (the  "Offerors"),  filed a tender offer (the "Fourth Tender Offer")
with the  Securities and Exchange  Commission,  commencing on March 27, 2000, to
purchase up to 200 of the Partnership's  limited partnership Units at a price of
$380 per Unit.  The  Fourth  Tender  Offer  stated  that the  Partnership  would
purchase  the first 100 Units  tendered  and  would  fund its  purchase  and its
portion of the expenses from cash flow from  operations.  If more than 100 Units
were tendered,  ORIG, LLC would purchase up to an additional 100 Units.  If more
than 200 Units  were  tendered,  the  Offerors  had the  option to  acquire  the
additional  Units on a pro rata basis.  The Fourth Tender Offer was scheduled to
expire on June 27, 2000. On June 23, 2000, the Partnership filed an amendment to
the Fourth Tender Offer which extended the expiration date to August 15, 2000.

On August 15, 2000, the Fourth Tender Offer expired. A total of 3,685 Units were
tendered  and  the  Offerors  accepted  all  Units  tendered.   The  Partnership
repurchased  100 Units at a cost of $38,000 and ORIG, LLC purchased  3,585 Units
at a cost of $1,362,300.  The expenses  associated  with the Fourth Tender Offer
were  approximately  $25,116 of which the  Partnership  incurred $1,355 and ORIG
incurred $23,761. Units acquired by the Partnership were retired. Units acquired
by  ORIG,  LLC  are  being  held  by it.  The  General  Partner,  NTS-Properties
Associates VI, did not participate in the Fourth Tender Offer.

The offering price per unit was  established by the General  Partner in its sole
discretion  and  does  not  purport  to  represent  the  fair  market  value  or
liquidation value of the units.

In an effort to continue to improve occupancy at the  Partnership's  residential
properties,  the  Partnership  has an on-site leasing staff who are employees of
NTS Development Company, at each of the apartment communities. The staff handles
all on-site visits from potential  tenants,  coordinates  local advertising with
NTS Development  Company's  marketing staff,  makes visits to local companies to
promote  fully  furnished  units and  negotiates  lease  renewals  with  current
residents.

The leasing and renewal  negotiations for the Partnership's  commercial property
are handled by leasing agents,  employees of NTS Development Company, located in
Louisville,  Kentucky.  The  leasing  agents are located in the same city as the
commercial property.  All advertising for the commercial property is coordinated
by NTS Development Company's marketing staff located in Louisville, Kentucky.

Leases at Plainview  Point III Office  Center  provide for tenants to contribute
toward the payment of increases in common area maintenance expenses,  insurance,
utilities and real estate  taxes.  These lease  provisions,  along with the fact
that residential  leases are generally for a period of one year,  should protect
the Partnership's operations from the impact of inflation and changing prices.










                                       24

<PAGE>

Cautionary Statements
---------------------

Some of the  statements  included in Items 1 and 2, Business and  Properties and
Item 7, Management's  Discussion and Analysis of Financial Condition and Results
of Operations,  may be considered to be "forward-looking  statements" since such
statements relate to matters which have not yet occurred.  For example,  phrases
such as "the Partnership anticipates",  "believes" or "expects" indicate that it
is possible  that the event  anticipated,  believed  or expected  may not occur.
Should such event not occur, then the result which the Partnership expected also
may  not  occur  or  occur  in a  different  manner,  which  may be more or less
favorable to the Partnership. The Partnership does not undertake any obligations
to  publicly  release  the  result  of any  revisions  to these  forward-looking
statements that may be made to reflect any future events or circumstances.

Any forward-looking  statements included in Management's Discussion and Analysis
of Financial  Condition and Results of Operations,  or elsewhere in this report,
which reflect  management's best judgement based on factors known, involve risks
and uncertainties. Actual results could differ materially from those anticipated
in any forward-looking  statements as a result of a number of factors, including
but not  limited  to those  discussed  below.  Any  forward-looking  information
provided by the  Partnership  pursuant to the safe harbor  established by recent
securities legislation should be evaluated in the context of these factors.

The  Partnership's  liquidity,  capital  resources and results of operations are
subject to a number of risks and uncertainties including, but not limited to the
following:  the ability of the  Partnership  to achieve  planned  revenues;  the
ability of the Partnership to make payments due under its debt  agreements;  the
ability of the  Partnership  to negotiate  and  maintain  terms with vendors and
service providers for operating expenses;  competitive pressures from other real
estate  companies,  including  large  commercial  and  residential  real  estate
companies,  which may  affect  the nature  and  viability  of the  Partnership's
business  strategy;  trends in the economy as a whole which may affect  consumer
confidence and demand for the types of rental property held by the  Partnership;
the  ability of the  Partnership  to predict  the  demand  for  specific  rental
properties;  the  ability  of the  Partnership  to attract  and retain  tenants;
availability  and costs of management and labor employed;  real estate occupancy
and  development  costs,   including  the  substantial  fixed  investment  costs
associated with renovations  necessary to obtain new tenants and retain existing
tenants;  and the risk of a major commercial  tenant defaulting on its lease due
to risks  generally  associated  with real estate,  many of which are beyond the
control of the  Partnership,  including  general or local  economic  conditions,
competition, interest rates, real estate tax rates, other operating expenses and
acts of God.

The  Partnership  plans to replace the roofs at both the Willow Lake  Apartments
(26  buildings)  and Park Place  Apartments  Phase I (24 buildings) all of which
were installed using shingles  produced by a single  manufacturer.  The shingles
appear to contain  defects which may cause roofs to fail before the end of their
expected  useful  lives.  As  the  manufacturer  has  declared  bankruptcy,  the
Partnership  does not expect to be able to recover  any of the costs of the roof
replacements  in the event of any such failures.  As of December 31, 2000,  four
buildings at Willow Lake Apartments  have had roofs replaced.  The total cost of
replacing all of the remaining roofs is estimated to be  approximately  $920,000
(an estimated  $20,000 per building).  The Partnership  does not have sufficient
working capital to make the remaining roof replacements.  It is anticipated that
the Partnership will require at least 12 months to generate  sufficient reserves
to begin the remaining roof replacements.



                                       25


<PAGE>

Item 7A.   Quantitative and Qualitative Disclosures About Market Risk
           ----------------------------------------------------------

Our primary  market risk  exposure  with  regards to  financial  instruments  is
changes in interest  rates.  All of the  Partnership's  debt bears interest at a
fixed rate.  At December 31, 2000, a  hypothetical  100 basis point  increase in
interest  rates would result in an approximate  $1,050,500  decrease in the fair
value of debt.










































                                       26


<PAGE>

Item 8.   Financial Statements and Supplementary Data
          -------------------------------------------

                    REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
                    ----------------------------------------

To NTS-Properties VI, a Maryland Limited Partnership:

We have audited the accompanying  consolidated  balance sheets of NTS-Properties
VI, a Maryland  Limited  Partnership,  as of December 31, 2000 and 1999, and the
related consolidated statements of operations, consolidated partners' equity and
consolidated cash flows for each of the three years in the period ended December
31, 2000. These consolidated  financial statements and the schedules referred to
below are the responsibility of the Partnership's management. Our responsibility
is to  express  an  opinion  on  these  consolidated  financial  statements  and
schedules based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to  obtain  reasonable  assurance  about  whether  the  consolidated   financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.

In our opinion, the consolidated  financial statements referred to above present
fairly, in all material respects, the financial position of NTS-Properties VI, a
Maryland Limited Partnership,  as of December 31, 2000 and 1999, and the results
of its  operations  and its cash flows for each of the three years in the period
ended  December 31, 2000 in  conformity  with  accounting  principles  generally
accepted in the United States.

Our audits were made for the  purpose of forming an opinion on the  consolidated
financial  statements  taken  as a whole.  The  schedules  included  on pages 52
through 55 are  presented  for purposes of  complying  with the  Securities  and
Exchange  Commission's  rules and regulations and are not a required part of the
consolidated  financial  statements.  These schedules have been subjected to the
auditing  procedures  applied  in  our  audits  of  the  consolidated  financial
statements  and, in our  opinion,  fairly  state in all  material  respects  the
financial data required to be set forth therein in relation to the  consolidated
financial statements taken as a whole.

                                               ARTHUR ANDERSEN LLP

Louisville, Kentucky
March 9, 2001









                                       27


<PAGE>

<TABLE>
                               NTS-PROPERTIES VI,
                               ------------------

                         A MARYLAND LIMITED PARTNERSHIP
                         ------------------------------

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

                        AS OF DECEMBER 31, 2000 AND 1999
                        --------------------------------

<CAPTION>

                                                  2000              1999
                                                  ----              ----


ASSETS
------
<S>                                          <C>               <C>
Cash and equivalents                         $    47,683       $       909
Cash and equivalents - restricted                231,751           209,680
Accounts receivable                               67,539           200,338
Land, buildings and amenities, net            47,498,726        47,739,483
Other assets                                   1,231,836         1,081,008
                                             -----------       -----------
     TOTAL ASSETS                            $49,077,535       $49,231,418
                                             ===========       ===========

LIABILITIES AND PARTNERS' EQUITY
--------------------------------
Mortgages and note payable                   $35,149,376       $33,312,443
Accounts payable                                 476,492         1,662,641
Security deposits                                260,683           219,076
Other liabilities                                279,595           225,846
                                             -----------       -----------
     TOTAL LIABILITIES                        36,166,146        35,420,006

COMMITMENTS AND CONTINGENCIES (Note 8)

PARTNERS' EQUITY                              12,911,389        13,811,412
                                             -----------       -----------
     TOTAL LIABILITIES AND PARTNERS'
        EQUITY                               $49,077,535       $49,231,418
                                             ===========       ===========
</TABLE>

The accompanying notes to consolidated financial statements are an integral part
of these statements.
















                                       28


<PAGE>
<TABLE>

                               NTS PROPERTIES VI,
                               ------------------

                         A MARYLAND LIMITED PARTNERSHIP
                         ------------------------------

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                      -------------------------------------

              FOR THE YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998
              ----------------------------------------------------

<CAPTION>

                                                              2000             1999             1998
                                                              ----             ----             ----

REVENUES
--------
<S>                                                      <C>              <C>              <C>
Rental income                                            $ 10,433,067     $  9,693,133     $  9,846,523
Interest and other income                                     363,920           44,451          127,522
Gain on sale of assets                                          5,188             --               --
                                                         -------------    -------------    -------------
     TOTAL REVENUES                                        10,802,175        9,737,584        9,974,045

EXPENSES
--------
Operating expenses                                          2,846,334        2,505,632        2,596,268
Operating expense - affiliated                              1,397,291        1,316,979        1,237,679
Loss on disposal of assets                                    208,709          260,883           65,828
Interest expense                                            2,713,539        2,018,575        1,986,162
Management fees                                               558,123          506,397          502,967
Real estate taxes                                             948,682          898,055          828,270
Professional and administrative expenses                      192,700          253,413          192,866
Professional and administrative expenses - affiliated         325,298          244,834          260,266
Depreciation and amortization                               2,410,585        1,876,978        1,807,043
                                                         -------------    -------------    -------------
    TOTAL EXPENSES                                         11,601,261        9,881,746        9,477,349

(Loss) income before minority interest and
   extraordinary item                                        (799,086)        (144,162)         496,696
Minority interest                                              42,216           42,995           38,965
                                                         -------------    -------------    -------------
(Loss) income after minority interest but before
   extraordinary item                                        (841,302)        (187,157)         457,731

Extraordinary item - early extinguishment of debt              20,721             --               --
                                                         -------------    -------------    -------------
Net (loss) income                                        $   (862,023)    $   (187,157)    $    457,731
                                                         =============    =============    =============
Net (loss) income allocated to the limited partners:
     (Loss) income before extraordinary item                 (832,889)        (185,285)         453,154
     Extraordinary item                                        20,514             --               --
                                                         -------------    -------------    -------------
     Net (loss) income                                   $   (853,403)    $   (185,285)    $    453,154
                                                         =============    =============    =============
Net (loss) income per limited partnership Unit:
     (Loss) income before extraordinary item                   (21.33)           (4.66)           10.96
     Extraordinary Item                                          0.52             --               --
                                                         -------------    -------------    -------------
Net (loss) income per  limited partnership Unit          $     (21.85)    $      (4.66)    $      10.96
                                                         =============    =============    =============

Weighted average number of limited partnership
  Units                                                        39,053           39,751           41,334
                                                         =============    =============    =============
</TABLE>


The accompanying notes to consolidated financial statements are an integral part
of these statements.

                                       29


<PAGE>
<TABLE>

                               NTS-PROPERTIES VI,
                               ------------------

                         A MARYLAND LIMITED PARTNERSHIP
                         ------------------------------

                 CONSOLIDATED STATEMENTS OF PARTNERS' EQUITY (1)
                 -----------------------------------------------

              FOR THE YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998
              ----------------------------------------------------


<CAPTION>
                                                  Limited          General
                                                  Partners         Partner            Total
                                                  --------         -------            -----

PARTNERS' EQUITY/(DEFICIT)
--------------------------
<S>                                            <C>              <C>              <C>
Balances at December 31, 1997                  $ 15,890,183     $   (186,831)    $ 15,703,352

   Net income                                       453,154            4,577          457,731

   Distributions declared                          (515,339)          (5,206)        (520,545)

   Repurchase of  limited partnership Units        (698,950)            --           (698,950)
                                               -------------    -------------    -------------
Balances at December 31, 1998                    15,129,048         (187,460)      14,941,588

   Net loss                                        (185,285)          (1,872)        (187,157)

   Distributions declared                          (396,514)          (4,005)        (400,519)

   Repurchase of  limited partnership Units        (542,500)            --           (542,500)
                                               -------------    -------------    -------------
Balances at December 31, 1999                    14,004,749         (193,337)      13,811,412

   Net loss                                        (853,403)          (8,620)        (862,023)

   Repurchase of  limited partnership Units         (38,000)            --            (38,000)
                                               -------------    -------------    -------------
Balances at December 31, 2000                  $ 13,113,346     $   (201,957)    $ 12,911,389
                                               =============    =============    =============

</TABLE>

(1)  For the periods  presented,  there are no  elements of other  comprehensive
     income as defined by the Financial Accounting Standards Board, Statement of
     Financial Accounting Standards Statement No. 130, "Reporting  Comprehensive
     Income."

The accompanying notes to consolidated financial statements are an integral part
of these statements.














                                       30


<PAGE>

<TABLE>
                               NTS-PROPERTIES VI,
                               ------------------

                         A MARYLAND LIMITED PARTNERSHIP
                         ------------------------------

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                      -------------------------------------

              FOR THE YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998
              ----------------------------------------------------

<CAPTION>

                                                                   2000           1999            1998
                                                                   ----           ----            ----

CASH FLOWS FROM OPERATING ACTIVITIES
------------------------------------
<S>                                                          <C>             <C>             <C>
Net (loss) income                                            $  (862,023)    $  (187,157)    $   457,731
Adjustments to reconcile net (loss) income to net cash
provided by operating activities:
   Accrued interest on investment securities                        --              --            11,426
   Loss on disposal of assets                                    208,709         260,883          65,828
   Gain on sale of assets                                         (5,188)           --              --
   Write-off of unamortized loan costs                            20,721            --              --
   Depreciation and amortization                               2,453,012       1,909,065       1,831,072
Changes in assets and liabilities:
  Cash and equivalents - restricted                              (22,071)        (23,842)          6,667
  Accounts receivable                                            132,799         (68,693)        (14,725)
  Other assets                                                  (126,523)         40,894         (51,756)
  Accounts payable                                            (1,186,149)        932,388         518,081
  Security deposits                                               41,607          (8,570)        (14,679)
  Other liabilities                                               53,749         137,604          18,639
  Minority interest                                               42,216          42,995          38,965
                                                             ------------    ------------    ------------
      Net cash provided by operating activities                  750,859       3,035,567       2,867,249
                                                             ------------    ------------    ------------
CASH FLOWS FROM INVESTING ACTIVITIES
------------------------------------
Additions to land, buildings and amenities                    (2,380,205)     (8,737,997)     (3,171,970)
Proceeds from sale of assets                                       8,736            --              --
Minority interest                                                (69,589)        (36,363)        (57,727)
Purchase of investment securities                                   --              --        (1,004,314)
Maturity of investment securities                                   --              --         2,555,701
                                                             ------------    ------------    ------------
       Net cash used in investing activities                  (2,441,058)     (8,774,360)     (1,678,310)
                                                             ------------    ------------    ------------
CASH FLOWS FROM FINANCING ACTIVITIES
------------------------------------
Principal payments on mortgages and note payable              (4,647,493)     (1,639,716)     (1,010,041)
Proceeds from mortgage loans and note payable                  6,484,426       7,832,979       1,256,658
Cash distributions                                                  --          (503,017)       (631,736)
Repurchase of limited partnership Units                          (38,000)       (542,500)       (698,950)
Additions to loan costs                                          (61,960)        (33,226)        (74,377)
Cash and equivalents - restricted                                   --           262,500          54,980
                                                             ------------    ------------    ------------
     Net cash provided by (used in) financing activities       1,736,973       5,377,020      (1,103,466)
                                                             ------------    ------------    ------------
     Net increase (decrease) in cash and equivalents              46,774        (361,773)         85,473

CASH AND EQUIVALENTS, beginning of year                              909         362,682         277,209
                                                             ------------    ------------    ------------
CASH AND EQUIVALENTS, end of year                            $    47,683     $       909     $   362,682

Interest paid on a cash basis, net of amounts capitalized    $ 2,730,050     $ 2,046,420     $ 1,989,632
                                                             ============    ============    ============

</TABLE>

The accompanying notes to consolidated financial statements are an integral part
of these statements.



                                       31


<PAGE>



                               NTS-PROPERTIES VI,
                               ------------------

                         A MARYLAND LIMITED PARTNERSHIP
                         ------------------------------

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------

              FOR THE YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998
              ----------------------------------------------------

1.        Significant Accounting Policies
          -------------------------------

          A)   Consolidation Policy and Joint Venture Accounting
               -------------------------------------------------

               The consolidated financial statements include the accounts of all
               wholly-owned   properties  and  majority-owned   joint  ventures.
               Intercompany  transactions and balances have been eliminated.  In
               conformity  with  Generally   Accepted   Accounting   Principles,
               management  has used  estimates and  assumptions  that affect the
               reported  amounts of assets,  liabilities,  revenues and expenses
               and the disclosure of contingent  assets and liabilities.  Actual
               results could differ from those estimates.

               From   inception,   the   Partnership   used  the   proportionate
               consolidation  method of accounting for joint venture properties.
               The Partnership's  proportionate  interest in the joint venture's
               assets,  liabilities,  revenues,  expenses  and cash  flows  were
               combined  on a  line-by-line  basis  with the  Partnership's  own
               assets,  liabilities,  revenues,  expenses  and cash  flows.  All
               intercompany   accounts  and  transactions   were  eliminated  in
               consolidation.

               Proportionate  consolidation  was utilized by the Partnership due
               to the fact that the  ownership of joint venture  properties,  in
               substance, was not subject to joint control. The managing General
               Partners of the sole  partner of the NTS  sponsored  partnerships
               which have formed joint ventures are  substantially  the same. As
               such,  decisions  regarding  financing,   development,   sale  or
               operations  did not require the approval of  different  partners.
               Additionally,  the  joint  venture  properties  are in  the  same
               business/industry  as their respective joint venture partners and
               their asset,  liability,  revenue and expense accounts correspond
               with the  accounts  of such  partners.  It is the  belief  of the
               General Partner of the Partnership  that the financial  statement
               disclosures resulting from proportionate consolidation provided a
               meaningful   presentation  of  assets,   liabilities,   revenues,
               expenses   and  cash   flows   given  the   commonality   of  the
               Partnership's operations.

               The  Emerging  Issues  Tasks  Force  ("EITF")  of  the  Financial
               Accounting  Standards  Board  ("FASB") has reached a consensus on
               Issue  No.  00-1,  "Applicability  of  the  Pro  Rata  Method  of
               Consolidation  to Investments in Certain  Partnerships  and Other
               Unincorporated Joint Ventures." The EITF reached a consensus that
               a proportionate gross financial statement  presentation (referred
               to as "proportionate  consolidation" in the Notes to Consolidated
               Financial  Statements) is not appropriate for an investment in an
               unincorporated legal entity accounted for by the equity method of
               accounting,  unless the  investee  is in either the  construction
               industry or an extractive  industry where there is a longstanding
               practice of its use.



                                       32


<PAGE>

          A)   Consolidation Policy and Joint Venture Accounting - Continued
               -------------------------------------------------------------

               The consensus is applicable  to financial  statements  for annual
               periods ending after June 15, 2000. The  Partnership now uses the
               equity  method to account for its joint venture  investments  for
               the year ending  December 31, 2000. The  Partnership  has applied
               the consensus to all comparative financial statements,  restating
               them to conform with the consensus for all periods presented. The
               application  of this consensus did not result in a restatement of
               previously   reported   partners'   equity  or  net   results  of
               operations,   but  did   result   in  a   recharacterization   or
               reclassification  of certain financial  statements'  captions and
               amounts.

               Other  assets  includes  minority  interest in the  Partnership's
               joint  venture  properties  totaling  approximately  $652,000 and
               $625,000 as of December  31, 2000 and 1999,  respectively.  These
               amounts have been derived  primarily  from  distributions  of the
               joint  ventures in excess of the  respective  minority  partner's
               historical  investment  in the joint  ventures used for financial
               reporting purposes. This amount will be realized upon the sale of
               the  respective  joint  venture  property or  dissolution  of the
               respective  joint  venture.  The  underlying  assets of the joint
               ventures are assessed for asset impairment on a periodic basis.

          B)   Organization
               ------------

               NTS-Properties   VI,  a   Maryland   Limited   Partnership   (the
               "Partnership"), is a limited partnership organized under the laws
               of the state of  Maryland  on  December  27,  1984.  The  General
               Partner  is  NTS-Properties  Associates  VI (a  Kentucky  limited
               partnership).  The  Partnership is in the business of developing,
               constructing,  owning and  operating  apartment  communities  and
               commercial real estate.

          C)   Properties and Joint Ventures
               -----------------------------

               The  Partnership  owns and operates the following  properties and
               joint ventures:

                    *    Sabal  Park  Apartments,  a 162-unit  luxury  apartment
                         complex in Orlando, Florida

                    *    Park  Place  Apartments  Phase  I,  a  180-unit  luxury
                         apartment complex in Lexington, Kentucky

                    *    Willow Lake  Apartments,  a 207-unit  luxury  apartment
                         complex in Indianapolis, Indiana

                    *    Park Place  Apartments  Phase  III,  a 152-unit  luxury
                         apartment complex in Lexington, Kentucky.

                    *    A  96.03%   joint   venture   interest  in  Golf  Brook
                         Apartments,  a  195-unit  luxury  apartment  complex in
                         Orlando, Florida

                    *    A 95.04% joint venture  interest in Plainview Point III
                         Office  Center,  an office  center  with  approximately
                         62,000 net rentable square feet in Louisville, Kentucky


                                       33


<PAGE>

          D)   Allocation of Net Income (Loss) and Cash Distributions
               ------------------------------------------------------

               Pre-termination  date  net cash  receipts  and  interim  net cash
               receipts,  as defined in the partnership  agreement and which are
               made available for  distribution,  as defined in the  partnership
               agreement, will be distributed 99% to the limited partners and 1%
               to the  General  Partner.  Net Cash  Proceeds,  as defined in the
               partnership agreement,  will be distributed 1) 99% to the limited
               partners and 1% to the General Partner until the limited partners
               have  received  cash   distributions  from  all  sources  (except
               pre-termination  date net cash receipts)  equal to their original
               capital and 2) the remainder, 80% to the limited partners and 20%
               to the General  Partner.  Net operating income shall be allocated
               to the limited  partners and the General Partner in proportion to
               their respective cash distributions.

               Net  operating  income in excess  of cash  distributions  and net
               gains from sales shall be allocated  as follows:  (1) pro-rata to
               all  partners  with a  negative  capital  account in an amount to
               restore  the  negative  capital  account to zero;  (2) 99% to the
               limited  partners and 1% to the General Partner until the limited
               partners have received an amount equal to their original  capital
               less cash distributions  except  distributions of pre-termination
               date net cash  receipts and (3) the  balance,  80% to the limited
               partners and 20% to the General  partner.  Net  operating  losses
               shall be  allocated  99% to the  limited  partners  and 1% to the
               General  Partner for all periods  presented  in the  accompanying
               financial statements.

          E)   Tax Status
               ----------

               The Partnership  has received a ruling from the Internal  Revenue
               Service  stating that the  Partnership is classified as a limited
               partnership  for  federal  income  tax  purposes.  As  such,  the
               Partnership  makes no  provision  for income  taxes.  The taxable
               income  or  loss  is  passed   through  to  the  holders  of  the
               partnership  interests for inclusion on their  individual  income
               tax returns.

               A  reconciliation  of net income (loss) for  financial  statement
               purposes versus that for income tax reporting is as follows:


                                                  2000       1999       1998
                                                  ----       ----       ----

                Net income (loss)              $(862,023) $(187,157) $ 457,731
                Items handled differently
                 for tax purposes:
                   Depreciation and amortization (49,381)  (198,220)  (117,115)
                   Retirement of fixed assets     31,443   (125,914)    15,420
                   Capitalized leasing costs     (53,419)    86,459     51,951
                   Rental income                    --       25,331      9,664
                                               ---------- ---------- ----------
                Taxable income (loss)          $ 933,380) $(399,501) $ 417,651
                                               ========== ========== ==========








                                       34


<PAGE>

          F)   Cash and Equivalents - Restricted
               ---------------------------------

               Cash and equivalents - restricted  represents  funds received for
               residential  security  deposits,  funds which have been  escrowed
               with  mortgage  companies  for  property  taxes and  insurance in
               accordance  with the loan  agreements  and funds  reserved by the
               Partnership for the purchase of limited  partnership  Units under
               the tender offers (see Note 4).

          G)   Basis of Property and Depreciation
               ----------------------------------

               Land,   buildings  and  amenities  are  stated  at  cost  to  the
               Partnership.  Costs  directly  associated  with the  acquisition,
               development  and  construction  of  a  project  are  capitalized.
               Depreciation is computed using the straight-line  method over the
               estimated  useful  lives of the  assets  which are 5-30 years for
               land improvements, 5-30 years for building and improvements, 3-30
               years for  amenities  and the  applicable  lease  term for tenant
               improvements.

               Statement of  Financial  Accounting  Standards  ("SFAS") No. 121,
               Accounting  for  the  Impairment  of  Long-Lived  Assets  and for
               Long-Lived  Assets to be Disposed Of, specifies  circumstances in
               which certain  long-lived assets must be reviewed for impairment.
               If such review  indicates  that the  carrying  amount of an asset
               exceeds the sum of its  expected  future cash flows,  the asset's
               carrying value may be written down to fair value.  Application of
               this standard by management  during the years ended  December 31,
               2000, 1999 and 1998 did not result in an impairment loss.

          H)   Revenue Recognition - Rental Income and Capitalized Leasing Costs
               -----------------------------------------------------------------

               The  Partnership  recognizes  revenues  in  accordance  with each
               tenant's  lease  agreement.  Certain of the  Partnership's  lease
               agreements at Plainview Point III Office Center are structured to
               include  scheduled and specified  rent  increases  over the lease
               term.  For financial  reporting  purposes,  the income from these
               leases is being  recognized  on a  straight-line  basis  over the
               lease  term.  Accrued  income  connected  with  these  leases  is
               included in accounts  receivable and totaled  $36,155 and $46,967
               at December 31, 2000 and 1999, respectively. All commissions paid
               to commercial  leasing agents are deferred and amortized over the
               term of the lease to which they apply.

          I)   Advertising
               -----------

               The   Partnership   expenses   advertising   costs  as  incurred.
               Advertising  expense was immaterial to the Partnership during the
               years ended December 31, 2000, 1999 and 1998.

          J)   Statements of Cash Flows
               ------------------------

               For  purposes  of  reporting  cash  flows,  cash and  equivalents
               include cash on hand and short- term,  highly liquid  investments
               with initial maturities of three months or less.




                                       35


<PAGE>

2.        Concentration of Credit Risk
          ----------------------------

          The  Partnership  owns and operates  either  wholly or through a joint
          venture,  residential  properties  in  Kentucky  (Lexington),  Indiana
          (Indianapolis)  and Florida  (Orlando).  The Partnership also owns and
          operates,   through  a  joint  venture,   a  commercial   property  in
          Louisville,  Kentucky.  Substantially all of the commercial property's
          tenants are local  businesses or are businesses  which have operations
          in the Louisville area.

3.        Land, Buildings and Amenities
          -----------------------------

          The  following  schedule  provides an  analysis  of the  Partnership's
          investment in property held for lease as of December 31:


                                                       2000             1999
                                                       ----             ----
           Land and improvements                   $16,452,744      $14,949,746
           Buildings, improvements and amenities    59,470,033       59,103,281
                                                   -----------      -----------
                                                    75,922,777       74,053,027

           Less accumulated depreciation            28,424,051       26,313,544
                                                   -----------      -----------
                                                   $47,498,726      $47,739,483
                                                   ===========      ===========

4.        Tender Offers
          -------------

          On October 20, 1998, the  Partnership  and ORIG,  LLC, an affiliate of
          the Partnership (the "Offerors"), commenced a tender offer (the "First
          Tender  Offer") to purchase up to 1,250 of the  Partnership's  limited
          partnership  Units  at a price  of $350 per Unit as of the date of the
          First Tender Offer.  The initial  expiration  date of the First Tender
          Offer was January 18, 1999, and this expiration date was  subsequently
          extended  through March 31, 1999. A total of 2,103 Units were tendered
          and  the  Offerors  accepted  all  Units  tendered.   The  Partnership
          repurchased  750 Units at a cost of $262,500 and ORIG,  LLC  purchased
          1,353  Units  at a cost of  $473,550.  The  expenses  associated  with
          administering the First Tender Offer were approximately  $52,000.  The
          Units that were acquired by the Partnership  were retired.  Units that
          were acquired by ORIG, LLC are being held by it. The General  Partner,
          NTS-Properties  Associates VI, did not participate in the First Tender
          Offer.

          On June 25, 1999, the  Partnership  and ORIG, LLC, an affiliate of the
          Partnership,  (the  "Offerors")  commenced a second  tender offer (the
          "Second  Tender  Offer") to purchase up to 1,000 of the  Partnership's
          limited  partnership  Units at a price of $350 per Unit as of the date
          of the Second Tender Offer. The initial  expiration date of the Second
          Tender  Offer was August 31, 1999.  On August 23, 1999,  the price was
          increased  to $370 per Unit and the  expiration  date was  extended to
          September 30, 1999.

          Under the terms of the Second  Tender  Offer,  the Second Tender Offer
          expired on  September  30,  1999.  As of that date,  2,801  Units were
          tendered,  pursuant  to the  Second  Tender  Offer,  and the  Offerors
          accepted all Units tendered.  The Partnership purchased 500 Units at a
          cost of  $185,000  and ORIG,  LLC  purchased  2,301 Units at a cost of
          $851,370. The expenses associated with administering the Second Tender
          Offer were approximately $38,000. The General Partner, NTS- Properties
          Associates VI, did not participate in the Second Tender Offer.

                                       36


<PAGE>

4.        Tender Offers - Continued
          -------------------------

          On November 9, 1999, the  Partnership  and ORIG,  LLC, an affiliate of
          the Partnership,  (the "Offerors") commenced a third tender offer (the
          "Third  Tender  Offer")  to  purchase  up to 500 of the  Partnership's
          limited  partnership  Units at a price of $380 per Unit as of the date
          of the Third  Tender  Offer.  The Third  Tender  Offer stated that the
          Partnership would purchase the first 250 Units tendered and would fund
          its  purchases  and its portions of the  expenses  from cash flow from
          operations.  If more than 250 Units  were  tendered,  ORIG,  LLC would
          purchase up to an  additional  250 Units.  If more than 500 Units were
          tendered, the Offerors could choose to acquire the additional Units on
          a pro rata basis.

          On December 23, 1999, the Third Tender Offer expired.  As of that date
          a total of 1,085 Units were  tendered,  pursuant  to the Third  Tender
          Offer, and the Offerors  accepted all Units tendered.  The Partnership
          purchased  250 Units at a cost of $95,000 and ORIG,  LLC purchased 835
          Units  at  a  cost  of   $317,300.   The  expenses   associated   with
          administering the Third Tender Offer were approximately $13,500. Units
          that were acquired by the  Partnership  have been retired.  Units that
          were acquired by ORIG, LLC are being held by it. The General  Partner,
          NTS-Properties  Associates VI, did not participate in the Third Tender
          Offer.

          On March 24, 2000, the  Partnership and ORIG, LLC, an affiliate of the
          Partnership (the "Offerors"), filed a tender offer (the "Fourth Tender
          Offer") with the  Securities  and Exchange  Commission,  commencing on
          March 27,  2000,  to purchase up to 200 of the  Partnership's  limited
          partnership Units at a price of $380 per Unit. The Fourth Tender Offer
          stated  that the  Partnership  would  purchase  the  first  100  Units
          tendered  and would fund its  purchase and its portion of the expenses
          from cash flow from operations.  If more than 100 Units were tendered,
          ORIG, LLC would  purchase up to an additional 100 Units.  If more than
          200 Units were  tendered,  the  Offerors had the option to acquire the
          additional  Units on a pro rata  basis.  The Fourth  Tender  Offer was
          scheduled  to  expire  on  June  27,  2000.  On  June  23,  2000,  the
          Partnership  filed an  amendment  to the  Fourth  Tender  Offer  which
          extended the expiration date to August 15, 2000.

          On August 15, 2000, the Fourth Tender Offer expired.  A total of 3,685
          Units were tendered and the Offerors accepted all Units tendered.  The
          Partnership  repurchased  100 Units at a cost of $38,000 and ORIG, LLC
          purchased 3,585 Units at a cost of $1,362,300. The expenses associated
          with the Fourth Tender Offer were  approximately  $25,116 of which the
          Partnership incurred $1,355 and ORIG incurred $23,761.  Units acquired
          by the Partnership were retired. Units acquired by ORIG, LLC are being
          held by it. The General Partner, NTS-Properties Associates VI, did not
          participate in the Fourth Tender Offer.

          The offering price per unit was  established by the General Partner in
          its sole  discretion and does not purport to represent the fair market
          value or liquidation value of the units.








                                       37


<PAGE>

5.        Mortgages Payable
          -----------------

          Mortgages payable as of December 31 consist of the following:



                                                           2000          1999
                                                           ----          ----

           Mortgage payable with an insurance
           company, bearing interest at 7.74%,
           due October 15, 2012, secured by
           certain land, buildings and amenities.      $12,009,852   $11,186,637

           Mortgage payable with an insurance
           company, bearing interest at 7.57%,
           due May 15, 2009, secured by certain
           land, buildings and amenities.                8,426,706     7,677,179

           Mortgage payable with an insurance
           company, bearing interest at 7.32%,
           due October 15, 2012, secured by
           certain land, buildings and amenities.        7,388,885     7,767,882


           Mortgage payable with an insurance
           company, bearing interest at 8.375%,
           due December 1, 2010, secured by
           certain land, buildings and amenities.        3,200,000          --

           Mortgage payable with an insurance
           company, bearing interest at 7.38%,
           due December 5, 2012, secured by
           certain land and building.                    2,474,360     2,598,146

           Note payable to a bank, bearing interest
           at the Euro-Rate plus 225 basis points,
           due June 23, 2002. At December 31, 1999,
           the interest rate was approximately 8.75%.         --       2,298,001

           Mortgage payable with an insurance
           company, bearing interest at 7.38%,
           due December 5, 2012, secured by
           certain land, buildings and amenities.        1,649,573     1,732,098

           Note payable to a bank, bearing interest
           at the Prime Rate  + 1%, due June 14,
           2001 secured by certain land,
           buildings and amenities.                           --          52,500
                                                       -----------   -----------
                                                       $35,149,376   $33,312,443
                                                       ===========   ===========

          On November 15, 2000, the Partnership  obtained permanent financing in
          the amount of $3,200,000 secured by the land and building of Plainview
          Point III Office Center.  The Partnership used the proceeds to pay off
          the note payable with an outstanding balance of $2,298,001 at December
          31, 1999 (outstanding  balance at time of payoff was $3,200,000).  The
          transaction  resulted in an  extraordinary  item of $20,721 related to
          unamortized loan costs.

          The mortgages and note are payable in aggregate  monthly  installments
          of approximately $363,348 which includes principal and interest.





                                       38


<PAGE>

5.        Mortgage Payable - Continued
          ----------------------------

          Scheduled maturities of debt are as follows:

                  For the Years Ended December 31,             Amount
                  --------------------------------             ------
                             2001                           $ 1,739,285
                             2002                             1,874,908
                             2003                             2,021,425
                             2004                             2,178,943
                             2005                             2,349,922
                             Thereafter                      24,984,893
                                                            -----------
                                                            $35,149,376
                                                            ===========

          Based on the borrowing  rates  currently  available to the Partnership
          for  mortgages  with similar  terms and average  maturities,  the fair
          value of long-term debt is approximately $35,313,000.

6.        Rental Income Under Operating Lease
          -----------------------------------

          The  following  is a  schedule  of  minimum  future  rental  income on
          noncancellable operating leases as of December 31, 2000:

                  For the Years Ended December 31,              Amount
                             2001                           $   861,753
                             2002                               442,442
                             2003                               420,562
                             2004                               199,343
                             2005                                98,491
                                                            -----------
                                                            $ 2,022,591
                                                            ===========

7.        Related Party Transactions
          --------------------------

          Pursuant  to  an  agreement  with  the  Partnership,  NTS  Development
          Company,  an  affiliate  of the  General  Partner,  receives  property
          management  fees on a monthly basis.  The fee is equal to 5% and 6% of
          the  gross  revenues  from   residential   properties  and  commercial
          properties,   respectively.   Also  pursuant  to  an  agreement,   NTS
          Development  Company  receives a repair and  maintenance  fee equal to
          5.9% of costs incurred which relate to capital  improvements and major
          repair and renovation projects.  These repair and maintenance fees are
          capitalized as part of land, buildings and amenities.


          The Partnership was charged the following amounts from NTS Development
          Company for the years ended  December 31, 2000,  1999 and 1998.  These
          charges include items which have been expensed as operating expenses -
          affiliated or professional  and  administrative  expenses - affiliated
          and items  which  have been  capitalized  as other  assets or as land,
          buildings and amenities.






                                       39


<PAGE>

7.        Related Party Transactions - Continued
          --------------------------------------
<TABLE>

                                                              For the Twelve Months Ended
                                                                      December 31,
                                                                      ------------

                                                              2000         1999          1998
                                                              ----         ----          ----
<CAPTION>

<S>                                                      <C>           <C>           <C>
           Property management fees                      $  558,123    $  506,397    $  502,967
                                                         ----------    ----------    ----------
           Property management                              890,447       789,426       957,010
           Leasing                                          183,407       230,889       207,515
           Administrative - operating                       313,576       276,280        53,484
           Other                                              9,861        20,384        19,670
                                                         ----------    ----------    ----------
             Total operating expenses - affiliated        1,397,291     1,316,979     1,237,679
                                                         ----------    ----------    ----------
           Professional and administrative expenses
            - affiliated                                    325,298       244,834       260,266
                                                         ----------    ----------    ----------

           Repairs and maintenance fee                       43,418        37,526        11,324
           Fixed assets                                         299         1,337           410
           Leasing commissions                               14,586        15,787        11,711
           Loan costs                                          --            --          48,302
           Construction management                          107,776       439,920       225,759
                                                         ----------    ----------    ----------
           Total related party transactions capitalized     166,079       494,570       297,506
                                                         ----------    ----------    ----------
           Total related party transactions              $2,446,791    $2,562,780    $2,298,418
                                                         ==========    ==========    ==========
</TABLE>

          On February 7, 2000, ORIG, LLC (the "Affiliate")  purchased  Interests
          in  the  Partnership  pursuant  to an  Agreement,  Bill  of  Sale  and
          Assignment  by and  among  the  Affiliate  and four  investors  in the
          Partnership.  The Affiliate purchased 675 Interests in the Partnership
          for a total  consideration of $281,128 or an average price of $416 per
          Interest.  The  Affiliate  paid these  investors  a premium  above the
          purchase  price  previously  offered for  Interests  pursuant to prior
          tender offers because this purchase  allowed the Affiliate to purchase
          substantial  numbers of Interests  without  incurring the  significant
          expenses involved with a tender offer and multiple transfers.

8.        Commitments and Contingencies
          -----------------------------

          The  Partnership,  as an owner of real  estate,  is subject to various
          environmental laws of federal, state and local governments. Compliance
          by the Partnership  with existing laws has not had a material  adverse
          effect  on  the  Partnership's  financial  condition  and  results  of
          operations.  However, the Partnership cannot predict the impact of new
          or  changed  laws  or  regulations  on its  current  properties  or on
          properties that it may acquire in the future.

          The  Partnership  does not believe there is any litigation  threatened
          against the Partnership other than routine  litigation  arising out of
          the  ordinary  course  of  business, some of which is  expected  to be
          covered by  insurance,  none of which is  expected  to have a material
          effect on the  consolidated  financial  statements of the  Partnership
          except as discussed herein.





                                       40


<PAGE>

8.        Commitments and Contingencies - Continued
          -----------------------------------------

          On July 19,  2000,  there was a fire at Golf Brook  Apartments.  Eight
          apartment  units  sustained fire and/or smoke damage.  The Partnership
          filed a claim with its insurance company, and after meeting the $5,000
          deductible,  collected  $100,000.  It is unknown at this time,  if the
          costs  of the  repairs  to the  eight  apartments  will be  completely
          covered by the insurance  claim.  It is expected that the repairs will
          be substantially completed during the second quarter of 2001.

          The  Partnership  plans  to  replace  the  roofs at both  Willow  Lake
          Apartments  (26  buildings)  and  Park  Place  Apartments  Phase I (24
          buildings)  all of which were installed  using shingles  produced by a
          single manufacturer.  The shingles appear to contain defects which may
          cause the roofs to fail. As the manufacturer has declared  bankruptcy,
          the Partnership does not expect to be able to recover any of the costs
          of the roof replacements in the event of such failures.

          As of December 31, 2000, four buildings at Willow Lake Apartments have
          had roofs  replaced.  The total cost of  replacing  all the  remaining
          roofs is estimated to be approximately  $920,000 (an estimated $20,000
          per  building).  The  Partnership  does  not have  sufficient  working
          capital to make the remaining  roof  replacements.  It is  anticipated
          that the  Partnership  will  require  at least 12 months  to  generate
          sufficient  reserves  to begin  the roof  replacements  at Park  Place
          Apartments Phase I.

          The roof  replacements  discussed  above will be made using funds from
          operations  or  additional  borrowings  secured  by the  Partnership's
          properties.  There  can  be no  guarantee  that  such  funds  will  be
          available at which time the General  Partner will manage the demand on
          liquidity according to the best interest of the Partnership.

          The Partnership has been sued by Elder Construction & Associates, Inc.
          in Jefferson Circuit Court, Louisville,  Kentucky, in a lawsuit styled
          Elder  Construction  & Associates,  Inc. V. NTS  Development  Company,
          ----------------------------------------------------------------------
          Frontier  Insurance  Company,  NTS-Properties  VI, a Maryland  Limited
          ----------------------------------------------------------------------
          Partnership,   NTS-Properties   Associates   VI,   and   NTS   Capital
          ----------------------------------------------------------------------
          Corporation.  All  of  the  named  NTS  entities  are  represented  by
          -----------
          Middleton & Reutlinger, a local law firm.

          Elder  Construction  was hired to be the  framing  subcontractor  with
          respect to certain  improvements at Phase III of Park Place Apartments
          in  Lexington,  Kentucky.  After  being  removed  from the job for its
          failure  to provide  its  services  in a  professional,  diligent  and
          workmanlike   manner,  a  complaint  was  filed  on  behalf  of  Elder
          Construction  in  November  1999,  alleging,  inter  alia,  breach  of
          contract.  The Complaint requested judgement against all defendants in
          the amount of $233,122  plus  interest  and other  relief  against the
          defendants.

          The Partnership and the other  defendants have answered the complaint,
          and have asserted counterclaims against the plaintiff for, inter alia,
          breach of contract.  Discovery is proceeding, but an outcome cannot be
          predicted at present.  There is a trial date set for November 6, 2001.
          The  principals of the NTS  defendants  have  indicated  that the suit
          brought by Elder  Construction is without merit and will be vigorously
          defended, including the prosecution by the defendants of counterclaims
          against  Elder  Construction.   The  Partnership   believes  that  the
          resolution of these legal  proceedings will not have a material effect
          on its consolidated financial statements.



                                       41


<PAGE>

9.        Segment Reporting
          -----------------

          The Partnership's  reportable  operating segments include  residential
          and commercial  real estate  operations.  The  Residential  operations
          represent the  Partnership's  ownership and operating results relative
          to apartment complexes known as Willow Lake, Park Place Phase I, Sabal
          Park, Park Place Phase III and Golf Brook.  The Commercial  operations
          represent the  Partnership's  ownership and operating results relative
          to  suburban  commercial  office  space known as  Plainview  Point III
          Office Center.

          The financial information of the operating segments have been prepared
          using a management  approach,  which is consistent  with the basis and
          manner in which the Partnership's  management internally disaggregates
          financial information for the purposes of assisting in making internal
          operating decisions.  The Partnership  evaluates  performance based on
          stand-alone operating segment net income.

<TABLE>

                                                                 2000
                                                                 ----

                                                 Residential     Commercial         Total
                                                 -----------     ----------         -----
<CAPTION>

<S>                                              <C>            <C>             <C>
           Rental income                         $ 9,596,768    $   836,299     $10,433,067
           Interest and other income                 333,430         12,223         345,653
           Gain on sale of assets                      5,188           --             5,188
                                                 ------------   ------------    ------------
             Total net revenues                  $ 9,935,386    $   848,522     $10,783,908
                                                 ------------   ------------    ------------
           Operating expenses                    $ 3,870,165    $   373,460       4,243,625
           Interest expense                          869,312           --           869,312
           Loss on disposal of assets                197,893         10,816         208,709
           Management fees                           506,603         51,520         558,123
           Real estate taxes                         915,267         33,415         948,682
           Professional and administrative              --          240,000         240,000
           Depreciation and amortization           2,117,229        204,035       2,321,264
                                                 ------------   ------------    ------------
             Total expenses                      $ 8,476,469    $   913,246     $ 9,389,715
                                                 ------------   ------------    ------------
           Net Income (loss)                     $ 1,458,917    $   (64,724)    $ 1,394,193
                                                 ============   ============    ============
           Land, buildings and amenities, net    $45,021,285    $ 2,450,231     $47,471,516
                                                 ============   ============    ============
           Expenditures for land, buildings
            and amenities                        $ 2,284,937    $    95,268     $ 2,380,205
                                                 ============   ============    ============
           Segment liabilities                   $12,393,240    $   416,776     $12,810,016
                                                 ============   ============    ============

</TABLE>











                                       42


<PAGE>

9.        Segment Reporting - Continued
          -----------------------------

<TABLE>
                                                                    1999
                                                                    ----

                                                  Residential     Commercial       Total
                                                  -----------     ----------       -----
<CAPTION>

<S>                                               <C>            <C>            <C>
           Rental income                          $ 8,841,609    $   851,524    $ 9,693,133
           Interest and other income                   24,050          1,312         25,362
           Gain on sale of assets                        --             --             --
                                                  -----------    -----------    -----------
             Total net revenues                   $ 8,865,659    $   852,836    $ 9,718,495
                                                  -----------    -----------    -----------
           Operating expenses                     $ 3,441,499    $   381,112    $ 3,822,611
           Loss on disposal of assets                 243,256         17,627        260,883
           Management fees                            452,712         53,685        506,397
           Real estate taxes                          864,048         34,007        898,055
           Professional and administrative               --           50,000         50,000
           Depreciation and amortization            1,621,961        173,971      1,795,932
                                                  -----------    -----------    -----------
             Total expenses                       $ 6,623,476    $   710,402    $ 7,333,878
                                                  -----------    -----------    -----------
           Net Income                             $ 2,242,183    $   142,434    $ 2,384,617
                                                  ===========    ===========    ===========

           Land, buildings and amenities, net     $45,131,045    $ 2,573,453    $47,704,498
                                                  ===========    ===========    ===========

           Expenditures for land, buildings
            and amenities                         $ 8,426,188    $   291,997    $ 8,718,185
                                                  ===========    ===========    ===========

           Segment liabilities                    $ 1,618,652    $   247,455    $ 1,866,107
                                                  ===========    ===========    ===========
</TABLE>


<TABLE>
                                                               1998
                                                               ----

                                             Residential    Commercial        Total
                                             -----------    ----------        -----
<CAPTION>
<S>                                           <C>           <C>            <C>
           Rental income                      $9,025,761    $  820,762     $9,846,523
           Interest and other income              17,848         1,406         19,254
           Gain on sale of assets                   --            --             --
                                              -----------   -----------    -----------
             Total net revenues               $9,043,609    $  822,168     $9,865,777
                                              -----------   -----------    -----------
           Operating expenses                 $3,490,966    $  342,981     $3,833,947
           Loss on disposal of assets             65,362           466         65,828
           Management fees                       454,132        48,835        502,967
           Real estate taxes                     793,452        34,818        828,270
           Professional and administrative          --         300,000        300,000
           Depreciation and amortization       1,543,230       165,504      1,708,734
                                              -----------   -----------    -----------
             Total expenses                   $6,347,142    $  892,604     $7,239,746
                                              -----------   -----------    -----------
           Net income (loss)                  $2,696,467    $  (70,436)    $2,626,031
                                              ===========   ===========    ===========

</TABLE>








                                       43


<PAGE>

9.        Segment Reporting - Continued
          -----------------------------

          A reconciliation of the totals reported for the operating  segments to
          the applicable line items in the consolidated  financial statements is
          necessary  given  amounts  recorded at the  Partnership  level and not
          allocated to the operating properties for internal reporting purposes:

<TABLE>



                                                                         2000             1999             1998
                                                                         ----             ----             ----
<CAPTION>
           NET REVENUES
           ------------
<S>                                                                 <C>              <C>              <C>
           Total revenues for reportable segments                   $ 10,783,908     $  9,718,495     $  9,865,777
           Interest and other income for Partnership                      18,267           19,089          108,268
                                                                    -------------    -------------    -------------
             Total consolidated net revenues                        $ 10,802,175     $  9,737,584     $  9,974,045
                                                                    =============    =============    =============
           INTEREST EXPENSE
           ----------------
           Total interest expense for reportable segments           $    869,312     $       --       $       --
           Partnership's interest expense                              1,844,227        2,018,575        1,986,162
                                                                    -------------    -------------    -------------
             Total interest expense                                 $  2,713,539     $  2,018,575     $  1,986,162
                                                                    =============    =============    =============
           PROFESSIONAL AND ADMINISTRATIVE
           -------------------------------
           Total professional and administrative for reportable
            segments                                                $    240,000     $     50,000     $    300,000
           Professional administrative for Partnership                   277,998          448,247          153,132
                                                                    -------------    -------------    -------------
             Total professional and administrative                  $    517,998     $    498,247     $    453,132
                                                                    =============    =============    =============

           DEPRECIATION AND AMORTIZATION
           -----------------------------
           Total depreciation and amortization for reportable
            segments                                                $  2,321,264     $  1,795,932     $  1,708,734
           Depreciation and amortization for Partnership                  89,321           81,046           98,309
                                                                    -------------    -------------    -------------
             Total depreciation and amortization                    $  2,410,585     $  1,876,978     $  1,807,043
                                                                    =============    =============    =============
           NET INCOME (LOSS)
           -----------------
           Total net income for reportable segments                 $  1,394,193     $  2,384,617     $  2,626,031
           Less minority interest                                         42,216           42,995           38,965
           Plus net loss for Partnership after extraordinary item     (2,214,000)      (2,528,779)      (2,129,335)
                                                                    -------------    -------------    -------------
             Total net (loss) income after extraordinary item       $   (862,023)    $   (187,157)    $    457,731
                                                                    =============    =============    =============

           LAND, BUILDINGS AND AMENITIES
           -----------------------------
           Total land, buildings and amenities for reportable
            segments                                                $ 47,471,516     $ 47,704,498
           Land, buildings and amenities for the Partnership              27,210           34,985
                                                                    -------------    -------------
             Total land, buildings and amenities                    $ 47,498,726     $ 47,739,483
                                                                    =============    =============

           EXPENDITURES
           ------------
            Total expenditures for land, buildings and amenities for
             reportable segments                                    $  2,380,205     $  8,718,185
            Expenditures for land, buildings and amenities for
             Partnership                                                    --             19,812
                                                                    -------------    -------------
              Total expenditures                                    $  2,380,205     $  8,737,997
                                                                    =============    =============
            LIABILITIES
            -----------
            Total liabilities for reportable segments               $ 12,810,016     $  1,866,107
            Liabilities for Partnership (1)                           23,356,130       33,553,899
                                                                    -------------    -------------
              Total liabilities                                     $ 36,166,146     $ 35,420,006
                                                                    =============    =============

</TABLE>

            (1)    These  amounts  primarily  represent  the  mortgages  held by
                   the  Partnership  secured  by  the  assets  of  the operating
                   segments.

                                       44


<PAGE>

10.       Selected Quarterly Financial Data (Unaudited)
          ---------------------------------------------
<TABLE>

                                                                   For the Quarters Ended
                                                                   ----------------------

                2000                              March 31         June 30      September 30     December 31
                ----                              --------         -------      ------------     -----------
<CAPTION>


<S>                                             <C>             <C>             <C>             <C>
            Total revenues                      $ 2,468,964     $ 2,581,790     $ 2,891,729     $ 2,687,738
            Total expenses                        2,628,032       2,891,355       3,087,649       2,885,208
            Net income (loss)                      (159,068)       (309,565)       (195,920)       (197,470)
            Net income (loss) allocated to the
              limited partners                     (157,477)       (306,469)       (193,961)       (195,496)
            Net income (loss) per limited
              partnership Unit                        (4.03)          (7.84)          (4.97)          (5.01)

</TABLE>
<TABLE>


                                                                   For the Quarters Ended
                                                                   ----------------------

                1999                              March 31        June 30       September 30    December 31
                ----                              --------        -------       ------------    -----------
<CAPTION>

<S>                                             <C>             <C>            <C>             <C>
            Total revenues                      $ 2,362,922     $ 2,416,922    $ 2,355,209     $ 2,441,923
            Total expenses                        2,545,613       2,309,973      2,432,072       2,476,475
            Net income (loss)                      (182,691)        106,949        (76,863)        (34,552)
            Net income (loss) allocated to the
              limited partners                     (180,864)        105,879        (76,094)        (34,206)
            Net income (loss) per limited
              partnership Unit                        (4.52)           2.65          (1.91)          (0.88)
</TABLE>

          The  information  presented in the table above is based on  previously
          filed  10-Q  and  10-K   reports   which  were   prepared   using  the
          proportionate   consolidation   method.   See  Note  1A  for   further
          information  regarding the Partnership's change from the proportionate
          consolidation method to the equity method.






















                                       45


<PAGE>

Item 9.    Changes in  and  Disagreements  with  Accountants  on  Accounting and
           ---------------------------------------------------------------------
           Financial Disclosures
           ---------------------

None.











































                                       46


<PAGE>

                                    PART III
                                    --------

Item 10.   Directors and Executive Officers of the Registrant
           --------------------------------------------------

Because the Partnership is a limited  partnership and not a corporation,  it has
no  directors  or  officers  as  such.  Management  of  the  Partnership  is the
responsibility  of  the  General  Partner,  NTS-Properties  Associates  VI.  The
Partnership has entered into a management contract with NTS Development Company,
an affiliate of the General Partner, to provide property management services.

The General Partners of NTS-Properties Associates VI are as follows:

J. D. Nichols
-------------

Mr.  Nichols  (age  59)  is  the  managing  General  Partner  of  NTS-Properties
Associates VI and is Chairman of the Board of NTS  Corporation  (since 1985) and
NTS Development Company (since 1977).

NTS Capital Corporation
-----------------------

NTS Capital  Corporation  (formerly NTS  Corporation) is a Kentucky  corporation
formed in October  1979.  J. D.  Nichols is  Chairman  of the Board and the sole
director of NTS Capital Corporation.

The Manager of the  Partnership's  properties is NTS  Development  Company,  the
executive officers and/or directors of which are Messrs. J. D. Nichols, Brian F.
Lavin and Gregory A. Wells.

Brian F. Lavin
--------------

Mr. Lavin (age 47),  President of NTS Corporation  and NTS Development  Company,
joined the Manager in June 1997. From November 1994 through June 1997, Mr. Lavin
served as President of the Residential Division of Paragon Group, Inc., and as a
Vice  President of Paragon's  Midwest  Division  prior to November 1994. In this
capacity,  he  directed  the  development,  marketing,  leasing  and  management
operations for the firms expanding portfolios. Mr. Lavin attended the University
of Missouri where he received his Bachelor's Degree in Business  Administration.
He has served as a Director of the  Louisville  Apartment  Association.  He is a
licensed Kentucky Real Estate Broker and Certified  Property Manager.  Mr. Lavin
is a member of the Institute of Real Estate  Management,  and council  member of
the Urban Land  Institute.  He currently  serves on the University of Louisville
Board  of  Overseers   and  is  on  the  Board  of  Directors  of  the  National
Multi-Housing Council and the Louisville Science Center.

Gregory A. Wells
----------------

Mr. Wells (age 42),  Senior Vice  President and Chief  Financial  Officer of NTS
Corporation and NTS Development Company,  joined the Manager in July, 1999. From
May 1998 through  July 1999,  Mr.  Wells  served as Chief  Financial  Officer of
Hokanson Companies, Inc. and as Secretary and Treasurer of Hokanson Construction
Inc.,  Indianapolis,  Indiana  from  January  1995  through  May 1998.  In these
capacities,  he directed  financial and  operational  activities  for commercial
rental real estate,  managed property,  building and suite  renovations,  out of
ground commercial and residential  construction and third party management.  Mr.
Wells  previously  served as Vice  President  of  Operations  and  Treasurer  of
Executive Telecom Systems,

                                       47


<PAGE>

Item 10.   Directors and Executive Officers of the Registrant - Continued
           --------------------------------------------------------------

Inc., a subsidiary of the Bureau of National Affairs, Inc.  (Washington,  D.C.).
Mr.  Wells  attended  George  Mason  University,  where he received a Bachelor's
Degree in Business Administration. Mr. Wells is a Certified Public Accountant in
both Virginia and Indiana and is active in various  charitable and philanthropic
endeavors in the Louisville and Indianapolis areas.

Item 11.   Management Remuneration and Transactions
           ----------------------------------------

The officers  and/or  directors of the  corporate  General  Partner  received no
direct  remuneration  in such  capacities.  The Partnership is required to pay a
property  management fee based on gross revenues to NTS Development  Company, an
affiliate of the General Partner. The Partnership is also required to pay to NTS
Development  Company a repair and  maintenance  fee on costs related to specific
projects and a refinancing  fee on net cash proceeds from the refinancing of any
Partnership  property.  Also, NTS  Development  Company  provides  certain other
services to the Partnership. See Note 7 to the consolidated financial statements
which sets forth  transactions  with  affiliates to the General  Partner for the
years ended December 31, 2000, 1999 and 1998.

The General Partner is entitled to receive cash distributions and allocations of
profits  and  losses  from  the  Partnership.  See  Note 1D to the  consolidated
financial  statements  which  describes  the methods  used to  determine  income
allocations and cash distributions.

Item 12.   Security Ownership of Certain Beneficial Owners and Management
           --------------------------------------------------------------

The following  provides  details  regarding  owners of more than 5% of the total
outstanding limited partnership Units as of February 28, 2001.

         ORIG, LLC                                   9,051 Units (23.21%)
         10172 Linn Station Rd.
         Louisville, Kentucky 40223

ORIG, LLC is a Kentucky limited liability  company,  the members of which are J.
D. Nichols  (1%),  Barbara M. Nichols  (J.D.  Nichols'  wife) (74%) and Brian F.
Lavin (25%).  J.D.  Nichols and Brian F. Lavin are the  Chairman and  President,
respectively,  of NTS Capital  Corporation,  a general partner of NTS Properties
Associates, the General Partner of the Partnership.

The  General  Partner  is  NTS-Properties  Associates  VI,  a  Kentucky  limited
partnership,  10172 Linn Station Road, Louisville,  Kentucky 40223. The partners
of the General Partner and their total  respective  interests in  NTS-Properties
Associates VI are as follows:

         J. D. Nichols                               44.05%
         10172 Linn Station Road
         Louisville, Kentucky 40223

         NTS Capital Corporation                      9.95%
         10172 Linn Station Road
         Louisville, Kentucky 40223

                                       48


<PAGE>

Item 12.   Security  Ownership  of  Certain  Beneficial  Owners  and  Management
           ---------------------------------------------------------------------
           - Continued
           -----------

The  remaining  46.00%  interests are owned by various  limited  partners of NTS
Properties Associates VI.

Section 16(a) of the Securities Exchange Act of 1934, as amended,  requires that
certain  persons,  including  persons  who own  more  than  ten  percent  of the
Partnership's  limited  partnership   interests,   file  initial  statements  of
beneficial ownership (Form 3), and statements of changes in beneficial ownership
(Forms 4 or 5), with the U.S.  Securities and Exchange  Commission  (the "SEC").
The SEC requires that these persons furnish the  Partnership  with copies of all
forms filed with the SEC.

To the Partnership's knowledge, based solely on its review of the copies for the
forms received by it, or written  representations from certain reporting persons
that no  additional  forms were  required  for those  persons,  the  Partnership
believes  that ORIG,  LLC was late in filing one Form 4 relating to one purchase
of the Partnership's  limited partnership  interests in connection with a tender
offer made during 2000.

Item 13.   Certain Relationships and Related Transactions
           ----------------------------------------------

Pursuant to an agreement  with the  Partnership,  NTS  Development  Company,  an
affiliate of the General Partner, receives property management fees on a monthly
basis.  The fee is equal to 5% and 6% of the  gross  revenues  from  residential
properties  and  commercial  properties,   respectively.  Also  pursuant  to  an
agreement,  NTS Development  Company receives a repair and maintenance fee equal
to 5.9% of costs incurred which relate to capital  improvements and major repair
and renovation  projects.  These repair and maintenance  fees are capitalized as
part of land, buildings and amenities.

The  Partnership  was also charged the  following  amounts from NTS  Development
Company for the years ended  December 31,  2000,  1999 and 1998.  These  charges
include  items which have been  expensed as operating  expenses - affiliated  or
professional and administrative  expenses - affiliated and items which have been
capitalized as other assets or as land, buildings and amenities.

<TABLE>

                                                               For the Twelve Months Ended
                                                                       December 31,
                                                                       ------------
                                                              2000          1999          1998
                                                              ----          ----          ----
<CAPTION>

<S>                                                       <C>           <C>           <C>
 Property management fees                                 $  558,123    $  506,397    $  502,967
                                                          ----------    ----------    ----------

 Property management                                         890,447       789,426       957,010
 Leasing                                                     183,407       230,889       207,515
 Administrative - operating                                  313,576       276,280        53,484
 Other                                                         9,861        20,384        19,670
                                                          ----------    ----------    ----------
      Total operating expenses - affiliated                1,397,291     1,316,979     1,237,679
                                                          ----------    ----------    ----------
 Professional and administrative expenses - affiliated       325,298       244,834       260,266
                                                          ----------    ----------    ----------

 Repairs and maintenance fee                                  43,418        37,526        11,324
 Fixed assets                                                    299         1,337           410
 Leasing commissions                                          14,586        15,787        11,711
 Loan costs                                                     --            --          48,302
 Construction management                                     107,776       439,920       225,759
                                                          ----------    ----------    ----------
 Total related party transactions capitalized                166,079       494,570       297,506
                                                          ----------    ----------    ----------
 Total related party transactions                         $2,446,791    $2,562,780    $2,298,418
                                                          ==========    ==========    ==========
</TABLE>


                                       49

<PAGE>

Item 13.   Certain Relationships and Related Transactions - Continued
           ----------------------------------------------------------

On February 7, 2000,  ORIG,  LLC (the  "Affiliate")  purchased  Interests in the
Partnership  pursuant to an Agreement,  Bill of Sale and Assignment by and among
the Affiliate and four investors in the Partnership. The Affiliate purchased 675
Interests in the Partnership for a total consideration of $281,128 or an average
price of $416 per Interest.  The Affiliate paid these  investors a premium above
the purchase  price  previously  offered for Interests  pursuant to prior tender
offers  because this  purchase  allowed the  Affiliate  to purchase  substantial
numbers of Interests without incurring the significant  expenses involved with a
tender offer and multiple transfers.

There are no other  agreements or  relationships  between the  Partnership,  the
General Partner and its affiliates other than those previously described.



































                                       50


<PAGE>

                                     PART IV
                                     -------

Item 14.  Exhibits,  Consolidated  Financial Statement Schedules, and Reports on
          ----------------------------------------------------------------------
          Form 8-K
          --------

1.        Consolidated Financial Statements
          ---------------------------------

          The financial  statements for the years ended December 31, 2000,  1999
          and 1998 together  with the report of Arthur  Andersen LLP dated March
          9, 2001, appear in Part II, Item 8. The following  financial statement
          schedules  should  be  read  in  conjunction  with  such  consolidated
          financial statements.

2.        Consolidated Financial Statement Schedules
          ------------------------------------------

          Schedules:                                                   Page No.
          ----------                                                   --------
          III-Real Estate and Accumulated Depreciation                  52-55

          All other schedules have been omitted because they are not applicable,
          are not required,  or because the required  information is included in
          the financial statements or notes thereto.

3.        Exhibits
          --------
          Exhibit No.                                                  Page No.
          -----------                                                  --------

          3.  Amended and Restated Agreement and Certificate              *
              of Limited Partnership of NTS-Properties VI, a Maryland
              Limited Partnership

          3a. First Amendment to Amended and Restated Agreement           **
              of Limited Partnership of NTS-Properties VI, a Maryland
              Limited Partnership

          10. Property Management Agreement and Construction              *
              Agreement between NTS Development  Company and
              NTS-Properties VI, a Maryland Limited Partnership

          *    Incorporated  by reference to documents filed with the Securities
               and  Exchange  Commission  in  connection  with the filing of the
               Registration Statements on Form S-11 on March 22, 1985 (effective
               June 25, 1985) under Commission File No. 2-96583.

          **   Incorporated  by reference to Form 10-K filed with the Securities
               and Exchange  Commission  for the fiscal year ended  December 31,
               1987 (Commission File No. 0- 14695).

4.        Reports on Form 8-K
          -------------------

                  None.


                                       51


<PAGE>

<TABLE>

                               NTS-PROPERTIES VI,
                               ------------------

                         A MARYLAND LIMITED PARTNERSHIP
                         ------------------------------

             SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
             -------------------------------------------------------

                             AS OF DECEMBER 31, 2000
                             -----------------------

<CAPTION>


                                                    Willow Lake          Park Place
                                                     Apartments      Apartments Phase III
                                                     ----------      --------------------

<S>                                                 <C>              <C>
Encumbrances                                             (A)                 (A)

Initial cost to Partnership:
     Land                                           $ 3,770,328         $ 2,411,441
     Buildings and improvements                      12,616,655          11,156,959

Cost capitalized subsequent to acquisition:
     Improvements                                       311,740                --

Gross amount at which carried
  December 31, 2000: (B)
     Land                                             3,770,328           2,411,441
     Buildings and improvements                      12,928,395          11,156,959
                                                    -----------         -----------
     Total                                          $16,698,723         $13,568,400
                                                    ===========         ===========

Accumulated depreciation                            $ 7,268,603         $   856,234
                                                    ===========         ===========

Date of construction                                    3/85                5/00

Date acquired                                            N/A                 N/A

Life at which depreciation in latest income              (C)                 (C)
  statement is computed

</TABLE>

(A)  First mortgage held by an insurance company.
(B)  Aggregate cost of real estate for tax purposes is $76,043,753.
(C)  Depreciation is computed using the straight-line  method over the estimated
     useful lives of the assets which are 5-30 years for land improvements, 5-30
     years for buildings and improvements and 3-30 years for amenities.














                                       52


<PAGE>

<TABLE>
                               NTS-PROPERTIES VI,
                               ------------------

                         A MARYLAND LIMITED PARTNERSHIP
                         ------------------------------

             SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
             -------------------------------------------------------

                             AS OF DECEMBER 31, 2000
                             -----------------------

<CAPTION>


                                              Sabal Park            Park Place
                                              Apartments        Apartments Phase I
                                              ----------        ------------------

 <S>                                          <C>               <C>
Encumbrances                                     (A)                 (B)

Initial cost to Partnership:
     Land                                    $ 3,063,046         $ 2,320,938
     Buildings and improvements                8,417,719           9,630,935

Cost capitalized subsequent to
  acquisition:
     Improvements                                345,410             247,995

Gross amount at which carried
  December 31, 2000: (C)
     Land                                      3,113,211           2,361,205
     Buildings and improvements                8,712,964           9,838,663
                                             -----------         -----------
     Total                                   $11,826,175         $12,199,868
                                             ===========         ===========

Accumulated depreciation                     $ 5,509,712         $ 5,294,984
                                             ===========         ===========

Date of construction                             06/84               04/84

Date acquired                                     N/A                 N/A

Life at which depreciation in latest              (D)                 (D)
  income statement is computed

</TABLE>

(A)  First mortgage held by two insurance companies.
(B)  First mortgage held by an insurance company.
(C)  Aggregate cost of real estate for tax purposes is $76,043,753.
(D)  Depreciation is computed using the straight-line  method over the estimated
     useful lives of the assets which are 5-30 years for land improvements, 5-30
     years for buildings and improvements and 3-30 years for amenities.












                                       53


<PAGE>
<TABLE>

                                NTS-PROPERTIES VI
                                -----------------

                         A MARYLAND LIMITED PARTNERSHIP
                         ------------------------------

             SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
             -------------------------------------------------------

                             AS OF DECEMBER 31, 2000
                             -----------------------

<CAPTION>

                                              Golf Brook      Plainview Point III      Total
                                              Apartments        Office Building      Pages 52-54
                                              ----------        ---------------      -----------

<S>                                           <C>              <C>                   <C>
Encumbrances                                      (A)                 (A)

Initial cost to Partnership:
     Land                                    $ 3,897,193         $   837,550         $16,300,496
     Buildings and improvements               12,776,885           2,387,013          56,986,166

Cost capitalized subsequent to
  acquisition:
     Improvements                                385,836           1,306,262           2,597,243

Gross amount at which carried
  December 31, 2000:
     Land                                      3,941,535             855,024          16,452,744
     Buildings and improvements               13,118,379           3,675,801          59,431,161
                                             -----------         -----------         -----------
     Total                                   $17,059,914         $ 4,530,825         $75,883,905  (C)
                                             ===========         ===========         ===========

Accumulated depreciation                     $ 7,402,262         $ 2,080,594         $28,412,389  (C)
                                             ===========         ===========         ===========

Date of construction                             05/88               01/88

Date acquired                                     N/A                 N/A
Life at which depreciation in latest
  income statement is computed                    (B)                 (B)

</TABLE>

(A)  First mortgage held by an insurance company.
(B)  Depreciation is computed using the straight-line  method over the estimated
     useful lives of the assets which are 5-30 years for land improvements, 5-30
     years for building and improvements and 3-30 years for amenities.
(C)  Reconciliation  net of accumulated  depreciation to consolidated  financial
     statements:


        Total gross cost at December 31, 2000                $ 75,883,905
          Additions to Partnership for computer
           hardware and software in 1998 and 1999                  38,872
                                                             -------------
        Balance at December 31, 2000                           75,922,777
          Less accumulated depreciation                       (28,412,389)
          Less accumulated depreciation for
           Partnership computer hardware and software:
                               1999                                (3,889)
                               2000                                (7,773)
                                                             -------------
Land, buildings and amenities, net at December 31, 2000      $ 47,498,726
                                                             =============






                                       54


<PAGE>

<TABLE>
                               NTS-PROPERTIES VI,
                               ------------------

                         A MARYLAND LIMITED PARTNERSHIP
                         ------------------------------

             SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
             -------------------------------------------------------

              FOR THE YEARS ENDED DECEMBER 31, 2000, 1999 AND 1998
              ----------------------------------------------------

<CAPTION>


                                          Real              Accumulated
                                         Estate             Depreciation
                                         ------             ------------

<S>                                    <C>                   <C>
Balances at December 31, 1997         $ 63,274,988          $ 23,440,402

Additions during period:
     Improvements                        3,171,970                  --
     Depreciation (a)                         --               1,804,212

Deductions during period:
     Retirements                          (304,047)             (238,219)
                                      -------------         -------------
Balances at December 31, 1998           66,142,911            25,006,395

Additions during period:
     Improvements                        8,737,997                  --
     Depreciation (a)                         --               1,874,147

Deductions during period:
      Retirements                         (827,881)             (566,998)
                                      -------------         -------------
Balances at December 31, 1999           74,053,027            26,313,544

Additions during period:
      Improvements                       2,380,205
      Depreciation (a)                                         2,408,705

Deductions during period:
      Retirements                         (510,455)             (298,198)
                                      -------------         -------------
Balances at December 31, 2000         $ 75,922,777          $ 28,424,051
                                      =============         =============
</TABLE>


(a)  The additions  charged to  accumulated  depreciation  on this schedule will
     differ  from  the   depreciation   and  amortization  on  the  Consolidated
     Statements of Cash Flows due to the  amortization of loan costs and special
     tenant allowance.












                                       55


<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.


                                                NTS-PROPERTIES VI,
                                           A MARYLAND LIMITED PARTNERSHIP
                                   ---------------------------------------------
                                                   (Registrant)

                                        By:      NTS-Properties Associates VI,
                                                 General Partner
                                                 By:     NTS Capital Corporation
                                                         General Partner


                                        /s/   Gregory A. Wells
                                   ---------------------------------------------
                                        Gregory A. Wells
                                        Senior Vice President and
                                        Chief Financial Officer of
                                        NTS Capital Corporation

Date: April 2, 2001

Pursuant to the  requirements  of the Securities and Exchange Act of 1934,  this
Form  10-K has been  signed  below by the  following  persons  on  behalf of the
registrant in their capacities and on the date indicated above.

          Signature                                   Title
          ---------                                   -----

/s/ J. D. Nichols
-----------------------------
J. D. Nichols                                 General Partner of NTS-Properties
                                              Associates VI and Chairman of the
                                              Board and Sole Director of NTS
                                              Capital Corporation.

/s/ Brian F. Lavin
-----------------------------
Brian F. Lavin                                President and Chief Operating
                                              Officer of NTS Capital Corporation

/s/ Gregory A. Wells
-----------------------------
Gregory A. Wells                              Senior Vice President and Chief
                                              Financial Officer of NTS Capital
                                              Corporation

The Partnership is a limited  partnership and no proxy material has been sent to
the limited  partners.  The Partnership  will deliver to the limited partners an
annual report containing the Partnership's consolidated financial statements and
a message from the General Partner.

                                       56


<PAGE>