UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 10-Q

(Mark one)

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

For the quarterly period ended                September 30, 1996

                                       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 Identification No.)
incorporation or organization)

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

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

                                 Not Applicable

               Former name, former address and former fiscal year,
                          if changed since last report

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months,  and (2) has been subject to such filing  requirements
for the past 90 days.

                                                 Yes   X     No 


Exhibit Index:    See page 15
Total Pages:      16


<PAGE>



                                TABLE OF CONTENTS

                                                                        Pages

                                     PART I

Item 1.  Financial Statements

         Balance Sheets and Statement of Partners' Equity
           As of September 30, 1996 and December 31, 1995                   3

         Statements of Operations
           For the three months and nine months ended
           September 30, 1996 and 1995                                      4

         Statements of Cash Flows
           For the three months and nine months ended
           September 30, 1996 and 1995                                      5

         Notes to Financial Statements                                    6-8

Item 2.  Management's Discussion and Analysis of Financial
           Condition and Results of Operations                           9-14

                                     PART II

1.       Legal Proceedings                                                 15
2.       Changes in Securities                                             15
3.       Defaults upon Senior Securities                                   15
4.       Submission of Matters to a Vote of Security Holders               15
5.       Other Information                                                 15
6.       Exhibits and Reports on Form 8-K                                  15

Signatures                                                                 16

                                       -2-

<PAGE>

<TABLE>


PART I.       FINANCIAL INFORMATION
Item 1.  Financial Statements

                               NTS-PROPERTIES VI,
                         A Maryland Limited Partnership

                BALANCE SHEETS AND STATEMENT OF PARTNERS' EQUITY

<CAPTION>

                                                                      As of                           As of
                                                                September 30, 1996              December 31, 1995*
                                                          ------------------------------  ------------------------------


ASSETS
<S>                                                          <C>                               <C>                  
   Cash and equivalents                                      $             519,165             $             867,902
   Cash and equivalents - restricted                                       821,360                           301,650
   Investment securities                                                 1,348,648                         1,151,355
   Accounts receivable                                                     152,220                           158,429
   Land, buildings and amenities, net                                   40,876,373                        42,196,272
   Assets held for development, net                                      1,723,692                         1,751,234
   Other assets                                                            279,330                           386,949
                                                             ---------------------             ---------------------

                                                             $          45,720,788             $          46,813,791
                                                             =====================             =====================

LIABILITIES AND PARTNERS' EQUITY
   Mortgages payable                                         $          27,467,522             $          27,653,044
   Accounts payable - operations                                           394,957                           305,779
   Accounts payable - construction                                    --                                      70,456
   Distributions payable                                                   221,677                           239,571
   Security deposits                                                       240,631                           235,187
   Other liabilities                                                       524,047                            21,122
                                                             ---------------------             ---------------------

                                                                        28,848,834                        28,525,159

   Partners' equity                                                     16,871,954                        18,288,632
                                                             ---------------------             ---------------------

                                                             $          45,720,788             $          46,813,791
                                                             =====================             =====================
</TABLE>
<TABLE>
<CAPTION>


                                                           Limited                  General
                                                          Partners                  Partner                    Total
                                                    ---------------------     -------------------      ---------------------
<S>                                                 <C>                       <C>                      <C>                  
PARTNERS' EQUITY
Capital contributions, net of
  offering costs                                    $         40,518,631      $              100       $         40,518,731
Net income (loss) - prior years                              (12,533,124)                (78,207)               (12,611,331)
Net income - current year                                        145,858                   1,473                    147,331
Cash distributions declared to
  date                                                       (10,026,381)               (101,277)               (10,127,658)
Repurchase of limited partnership
  units                                                       (1,055,119)             --                         (1,055,119)
                                                    ---------------------     -------------------      ---------------------

Balances at September 30, 1996                      $         17,049,865      $         (177,911)      $          16,871,954
                                                    =====================     ===================      =====================
</TABLE>

*  Reference  is made to the audited  financial  statements  in the Form 10-K as
   filed with the Commission on March 29, 1996.

                                       -3-

<PAGE>
<TABLE>



                               NTS-PROPERTIES VI,
                         A Maryland Limited Partnership

                            STATEMENTS OF OPERATIONS

<CAPTION>


                                                               Three Months Ended                    Nine Months Ended
                                                                 September 30,                         September 30,
                                                      ------------------------------------ -------------------------------------

                                                             1996              1995              1996               1995
                                                      ------------------ ----------------- ----------------- -------------------
REVENUES:
<S>                                                   <C>                <C>               <C>               <C>                
  Rental income                                       $        2,428,236 $       2,265,221 $       7,113,142 $         6,558,554
  Interest and other income                                       30,015            33,491            89,634              89,755
                                                      ------------------ ----------------- ----------------- -------------------

                                                               2,458,251         2,298,712         7,202,776           6,648,309

EXPENSES:
  Operating expenses                                             699,364           712,931         1,882,073           1,827,070
  Operating expenses - affiliated                                247,495           260,105           786,872             801,323
  Interest expense                                               586,023           590,756         1,759,840           1,776,045
  Management fees                                                123,699           113,381           361,666             329,419
  Real estate taxes                                              191,141           188,436           573,267             559,617
  Professional and administrative
     expenses                                                     33,192            35,596           106,239             106,562
  Professional and administrative
     expenses - affiliated                                        49,239            49,458           147,106             145,601
  Depreciation and amortization                                  479,510           479,649         1,438,382           1,462,316
                                                      ------------------ ----------------- ----------------- -------------------

                                                               2,409,663         2,430,312         7,055,445           7,007,953
                                                      ------------------ ----------------- ----------------- -------------------

Net income (loss)                                     $           48,588 $        (131,600)$         147,331 $          (359,644)
                                                      ================== ================= ================= ===================

Net income (loss) allocated to the
  limited partners                                    $           48,102 $        (130,284)$         145,858 $          (356,048)
                                                      ================== ================= ================= ===================

Net income (loss) per limited
  partnership unit                                    $            1.09  $           (2.75)$           3.20  $             (7.51)
                                                      ================== ================= ================= ===================

Weighted average number of limited
  partnership units                                               44,120            47,435            45,590              47,435
                                                      ================== ================= ================= ===================

</TABLE>



                                       -4-

<PAGE>

<TABLE>


                               NTS-PROPERTIES VI,
                         A Maryland Limited Partnership

                            STATEMENTS OF CASH FLOWS

<CAPTION>

                                                                      Three Months Ended                    Nine Months Ended
                                                                         September 30,                        September 30,
                                                                ------------------------------       -------------------------------

                                                                   1996               1995               1996               1995
                                                               ------------       ------------       ------------       ------------

CASH FLOWS FROM OPERATING ACTIVITIES
<S>                                                            <C>                <C>                <C>                <C>         
Net income (loss)                                              $    48,588        $  (131,600)       $   147,331        $  (359,644)
Adjustments to reconcile net income
   (loss) to net cash provided by
   operating activities:
      Accrued interest on investment
        securities                                                  (4,294)            (6,914)            (1,010)           (18,703)
      Depreciation and amortization                                479,510            479,649          1,438,382          1,462,316
      Changes in assets and liabilities:
        Cash and equivalents -
           restricted                                             (227,703)          (226,490)          (505,460)          (472,091)
        Accounts receivable                                         (1,484)            11,179              6,209            246,489
        Other assets                                                16,026            (34,933)            41,165            (46,656)
        Accounts payable - operations                               59,330             66,456             89,178            106,785
        Security deposits                                            2,307             (8,956)             5,444            (35,826)
        Other liabilities                                          228,462            189,967            502,925            446,329
                                                               -----------        -----------        -----------        -----------

   Net cash provided by operating
      activities                                                   600,742            338,358          1,724,164          1,328,999
                                                               -----------        -----------        -----------        -----------

CASH FLOWS FROM INVESTING ACTIVITIES
Additions to land, buildings and
  amenities                                                        (19,807)           (36,865)           (94,944)           (67,059)
Purchase of investment securities                                 (880,517)          (649,419)        (2,467,955)        (1,750,120)
Maturity of investment securities                                  565,192            499,424          2,271,672            499,424
                                                               -----------        -----------        -----------        -----------

   Net cash used in investing
      activities                                                  (335,132)          (186,860)          (291,227)        (1,317,755)
                                                               -----------        -----------        -----------        -----------

CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on mortgages
  payable                                                          (63,135)           (58,082)          (185,522)          (170,676)
Cash distributions                                                (224,808)          (239,570)          (696,152)          (718,712)
Repurchase of limited partnership
  units                                                           (155,000)              --             (885,750)              --
Cash and equivalents - restricted                                   24,350               --              (14,250)              --
                                                               -----------        -----------        -----------        -----------

   Net cash used in financing
      activities                                                  (418,593)          (297,652)        (1,781,674)          (889,388)
                                                               -----------        -----------        -----------        -----------

   Net decrease in cash and equivalents                           (152,983)          (146,154)          (348,737)          (878,144)

CASH AND EQUIVALENTS, beginning of
  period                                                           672,148            885,614            867,902          1,617,604
                                                               -----------        -----------        -----------        -----------

CASH AND EQUIVALENTS, end of period                            $   519,165        $   739,460        $   519,165        $   739,460
                                                               ===========        ===========        ===========        ===========

Interest paid on a cash basis                                  $   586,023        $   591,161        $ 1,761,585        $ 1,777,235
                                                               ===========        ===========        ===========        ===========
</TABLE>


                                       -5-

<PAGE>



                               NTS-PROPERTIES VI,
                         A Maryland Limited Partnership

                          NOTES TO FINANCIAL STATEMENTS


The financial  statements included herein should be read in conjunction with the
Partnership's  1995 Annual Report.  In the opinion of the general  partner,  all
adjustments (only consisting of normal recurring  accruals) necessary for a fair
presentation  have been made to the  accompanying  financial  statements for the
three months and nine months ended September 30, 1996 and 1995.

1.   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 repurchase of limited partnership
     Units.

2.   Investment Securities

     Investment  securities represent  investments in Certificates of Deposit or
     securities  issued by the U.S.  Government  and its  agencies  with initial
     maturities of greater than three  months.  The  investments  are carried at
     cost which approximates  market value. The Partnership  intends to hold the
     securities until maturity.  During the nine months ended September 30, 1996
     and 1995,  the  Partnership  sold no investment  securities.  The following
     provides details regarding the investments held at September 30, 1996:


                                       Amortized    Maturity     Value At
                        Type             Cost         Date       Maturity
                                    -------------- ---------- --------------

         Certificate of Deposit     $      153,016  10/03/96  $      153,076
         FHLMC Discount Note               308,686  11/01/96         310,000
         FHLB Discount Note                178,416  12/03/96         180,000
         FHLB Discount Note                153,285  12/19/96         155,000
         Treasury Bill                     151,232  12/26/96         153,000
         FHLB Discount Note                202,541  12/26/96         205,000
                                           201,472  01/30/97         205,000
                                    --------------            --------------

                                    $    1,348,648            $    1,361,076
                                    ==============            ==============

3.   New Accounting Pronouncement

     In March 1995, the Financial  Accounting  Standards Board issued  Statement
     No. 121 (the  "Statement")  on accounting  for the impairment of long-lived
     assets, certain identifiable intangibles, and goodwill related to assets to
     be held and used. The Statement also establishes  accounting  standards for
     long-lived assets and certain  identifiable  intangibles to be disposed of.
     The Partnership adopted the Statement as of January 1, 1996 as required. No
     adjustments were required.


                                       -6-

<PAGE>



4.    Mortgages Payable

      Mortgages payable consist of the following:


                                                September 30,   December 31,
                                                     1996          1995
                                                ------------    -------------
      Mortgage  payable  with an insurance
      company  bearing  interest at 8.625%,
      due August 1, 1997, secured by
      certain land, buildings and
      amenities                                 $  9,200,000    $  9,200,000

      Mortgage  payable  with an insurance
      company  bearing  interest at 9.20%,  
      due November 1, 1997, secured by
      certain land, buildings and
      amenities                                    8,554,718       8,631,951

      Mortgage  payable  with an insurance  
      company  bearing  interest at 8.375%,
      due October 5, 2002, secured by
      certain land, buildings and
      amenities                                    4,009,404       4,050,879

      Mortgage  payable  with an insurance
      company  bearing  interest at 8.375%, 
      due October 5, 2002, secured by 
      certain land, buildings and
      amenities                                      954,620         964,495

      Mortgage  payable  with an  insurance 
      company  bearing  interest at 7.25%, 
      due January 5, 2003, secured by
      certain land, buildings and
      amenities                                    2,849,268       2,883,431

      Mortgage  payable  with an insurance 
      company,  bearing  interest at 7.25%, 
      due January 5, 2003, secured by
      certain land, buildings and
      amenities                                    1,899,512       1,922,288
                                                ------------    ------------

                                                $ 27,467,522    $ 27,653,044
                                                ============    ============


      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 $32,200,000.

      Subsequent to September 30, 1996, the Partnership submitted an application
      with an insurance  company for $9,000,000 of debt financing.  The proceeds
      from the new  financing  along with cash  reserves will be used to pay off
      the Partnership's  current  $9,200,000  mortgage payable.  The Partnership
      anticipates that the financing will be completed during the second quarter
      of 1997.


                                       -7-

<PAGE>




5.    Interest Repurchase Reserve

      As of December 31,  1995,  the  Partnership  had  established  an Interest
      Repurchase  Reserve in the amount of $474,350  pursuant to Section 16.4 of
      the Partnership's  Amended and Restated Agreement of Limited  Partnership.
      On May 24, 1996, the Partnership  elected to fund an additional  amount of
      $455,380  to its  Interest  Repurchase  Reserve.  With  these  funds,  the
      Partnership  will be able to  repurchase  up to 3,718  Units at a price of
      $250 per Unit. As of September 30, 1996, the Partnership had repurchased a
      total of 3,543 Units.  Repurchased  Units are retired by the  Partnership,
      thus increasing the share of ownership of each remaining investor.

      Subsequent  to September  30,  1996,  the  Partnership  elected to fund an
      additional  amount of $250,000 to its Interest  Repurchase  Reserve.  With
      these funds,  the Partnership will be able to repurchase up to 1,000 Units
      at a price of $250 per Unit.

6.    Related Party Transactions

      Pursuant to an agreement with the Partnership, property management fees of
      $361,666 and $329,419  for the nine months  ended  September  30, 1996 and
      1995, respectively,  were paid to NTS Development Company, an affiliate of
      the General  Partner of the  Partnership.  The fee is equal to 5% of gross
      revenues of the  residential  properties  and 6% of gross  revenues of the
      commercial property.

      The  Partnership   was  also  charged  the  following   amounts  from  NTS
      Development Company for the nine months ended September 30, 1996 and 1995.
      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.


                                          1996                  1995
                                   ------------------    -----------------

            Administrative         $          187,515    $         185,145
            Property manager                  598,679              606,301
            Leasing                           160,803              159,438
            Other                               4,574                9,524
                                   ------------------    -----------------

                                   $          951,571    $         960,408
                                   ==================    =================

7.    Reclassification of 1995 Financial Statements

      Certain  reclassifications  have  been  made  to the  September  30,  1995
      financial   statements   to   conform   with  the   September   30,   1996
      classifications.  These  reclassifications  have no effect  on  previously
      reported operations.


                                       -8-

<PAGE>



Item 2.      MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
             RESULTS OF OPERATIONS

Results of Operations

The occupancy levels at the Partnership's  properties as of September 30 were as
follows:



                                                      1996          1995
                                                      ----          ----
Wholly-Owned Properties
-----------------------

Sabal Park Apartments                                 96%           91%

Park Place Apartments Phase I                         96%           96%

Willow Lake Apartments                                93%           95%

Properties Owned in Joint Venture
with NTS-Properties IV (Ownership % at
September 30, 1996)
--------------------------------------

Golf Brook Apartments (96%)                           97%           94%

Plainview Point III Office Center (95%)               91%           65%

Rental and other income generated by the Partnership's  properties for the three
months and nine months ended September 30, 1996 and 1995 was as follows:


                                 Three Months Ended       Nine Months Ended
                                    September 30,           September 30,
                              ----------------------- --------------------------

                                  1996        1995        1996         1995
                              ----------- ----------- ------------ -------------

Wholly-Owned Properties
-----------------------

Sabal Park Apartments         $   460,585 $   417,314 $  1,332,568 $  1,233,780

Park Place Apartments
Phase I                       $   481,698 $   455,751 $  1,361,823 $  1,307,533

Willow Lake Apartments        $   595,553 $   599,100 $  1,816,291 $  1,710,693

Properties Owned in Joint
Venture with NTS-
Properties IV (Ownership %
at September 30, 1996)
--------------------------

Golf Brook Apartments
(96%)                         $   724,860 $   707,547 $  2,073,395 $  2,035,777

Plainview Point III Office
Center (95%)                  $   174,211 $    95,637 $    554,958 $    299,193

Revenues shown in the table above for  properties  owned through a joint venture
represent only the Partnership's percentage interest in those revenues.


                                       -9-

<PAGE>



Results of Operations - Continued
---------------------------------

Sabal Park Apartments' occupancy increased from 91% at September 30, 1995 to 96%
at  September  30,  1996.  Average  occupancy  for the nine month  period  ended
September 30 increased  from 91% in 1995 to 94% in 1996.  Average  occupancy for
the three month period ended  September 30 increased  from 92% in 1995 to 97% in
1996.  Occupancy at  residential  properties  fluctuate  on a continuous  basis.
Period-ending occupancy percentages represent occupancy only on a specific date;
therefore, it is more meaningful to consider average occupancy percentages which
are more representative of the entire period's results.  Rental and other income
at Sabal Park  Apartments  increased  for the three months and nine months ended
September  30, 1996 as  compared to the same  periods in 1995 as a result of the
increase  in  average  occupancy,  increased  rental  rates and  increased  fees
collected upon early lease termination.

Park Place  Apartments  Phase I's occupancy was at 96% at September 30, 1995 and
September 30, 1996.  Average occupancy for the nine month period ended September
30 decreased  from 94% in 1995 to 92% in 1996.  Average  occupancy for the three
month period ended September 30, 1995 and 1996 remained  constant at 95%. Rental
and other income at Park Place Apartments Phase I increased for the three months
and nine months ended September 30, 1996 as compared to the same periods in 1995
as a result of increased  rental rates,  increased fees collected for short term
leases and early lease  terminations  and increased  income from fully furnished
units.  Fully furnished units are apartments which rent at an additional premium
above base rent. Therefore, it is possible for average occupancy to decrease and
revenues to  increase  when the number of fully  furnished  units  occupied  has
increased.  The increase in rental and other income for the nine month period at
Park Place  Apartments  Phase I is  partially  offset by the decrease in average
occupancy.

Willow Lake  Apartments'  occupancy  decreased from 95% at September 30, 1995 to
93% at September  30, 1996.  Average  occupancy  for the nine month period ended
September 30 increased  from 91% in 1995 to 94% in 1996.  Average  occupancy for
the three month period ended  September 30 decreased  from 94% in 1995 to 93% in
1996.  Rental and other income increased for the nine months ended September 30,
1996 as  compared  to the same  period  in 1995 as a result of the  increase  in
average occupancy, increased rental rates, increased income from fully furnished
units and increased income collected for short term leases. The change in rental
and other income at Willow Lake  Apartments for the three months ended September
30, 1996 as compared to the same period in 1995 was not significant.

Golf Brook Apartments' occupancy increased from 94% at September 30, 1995 to 97%
at  September  30,  1996.  Average  occupancy  for the nine month  period  ended
September 30 decreased  from 95% in 1995 to 94% in 1996.  Average  occupancy for
the three month period ended  September 30 increased  from 96% in 1995 to 97% in
1996.  Rental and other income at Golf Brook Apartments  increased for the three
months and nine months ended  September 30, 1996 as compared to the same periods
in 1995 as a result of increased rental rates.

The 26%  increase  in  occupancy  at  Plainview  Point III  Office  Center  from
September  30,  1995 to  September  30,  1996 is  primarily  the result of a new
five-year  lease  totalling  approximately  16,700 square feet.  The increase in
occupancy can also be  attributed  to  expansions  by three  current  tenants of
existing space totalling  approximately 6,900 square feet.  Partially offsetting
the new lease and expansions is one tenant move-out at the end of the lease term
totalling 6,900 square feet. Average occupancy  increased from 54% (1995) to 90%
(1996) for the three months ended  September 30 and increased from 52% (1995) to
94% (1996) for the nine month  period.  Rental  and other  income  increased  at
Plainview  Point III Office  Center for the three  months and nine months  ended
September  30, 1996 as  compared to the same  periods in 1995 as a result of the
increase in average occupancy.




                                      -10-

<PAGE>



Results of Operations - Continued
---------------------------------

If present  trends  continue,  the  Partnership  will be able to continue at its
current  level  of  operations  without  the need of any  additional  financing.
Current  occupancy  levels are considered  adequate to continue the operation of
the Partnership's properties.

Interest  and  other  income  includes  income  from  investments  made  by  the
Partnership with cash reserves. Interest income remained fairly constant for the
three  months and nine months ended  September  30, 1996 as compared to the same
periods in 1995.

Operating  expenses  increased  for the nine months ended  September 30, 1996 as
compared to the nine months  ended  September  30, 1995 as a result of increased
general building costs at all the Partnership's properties,  increased furniture
rental costs associated with fully furnished units at Willow Lake and Park Place
Apartments,  increased replacement costs at Golf Brook and Park Place Apartments
and increased  utility costs at Park Place  Apartments  and Plainview  Point III
Office  Center.  These  increases  are  partially  offset by decreased  exterior
painting  costs at Willow  Lake and Park Place  Apartments.  Operating  expenses
decreased for the three months ended September 30, 1996 as compared to the three
months ended  September  30, 1995 due to decreased  exterior  painting  costs at
Willow  Lake and Park Place  Apartments.  The  decrease is  partially  offset by
increased replacement costs at Golf Brook, Willow Lake and Park Place Apartments
and increased  janitorial costs at Plainview Point III Office Center.  Operating
expenses at Sabal Park  Apartments  remained fairly constant for the three month
period ended September 30, 1996 as compared to the same period in 1995.

Operating  expenses  -affiliated  decreased for the three months and nine months
ended  September  30,  1996 as  compared  to the  same  periods  in 1995  due to
decreased  property  management  costs.  Operating  expenses  -  affiliated  are
expenses  incurred  for  services  performed  by  employees  of NTS  Development
Company, an affiliate of the General Partner of the Partnership.

The  decrease in interest  expense  for the three  months and nine months  ended
September  30,  1996  as  compared  to the  same  periods  in 1995 is due to the
Partnership's  decreasing debt level as a result of principal payments made. See
the Liquidity and Capital  Resources  section of this item for details regarding
the Partnership's debt.

Management  fees are  calculated as a percentage of cash  collections;  however,
revenue  for  reporting  purposes  is on the  accrual  basis.  As a result,  the
fluctuations of revenues  between  periods will differ from the  fluctuations of
management fee expense.

The  increase in real estate  taxes for the three  months and nine months  ended
September  30, 1996 as  compared  to the same  periods in 1995 is a result of an
increased  property  assessment for Golf Brook Apartments.  The increase in real
estate  taxes for both  periods  is  partially  offset by a  decreased  property
assessment and decreased tax rate for Willow Lake Apartments.

Professional and  administrative  expenses and  professional and  administrative
expenses - affiliated  have  remained  fairly  constant for the three months and
nine months  ended  September  30, 1996 as compared to the same periods in 1995.
Professional and administrative  expenses - affiliated are expenses incurred for
services performed by employees of NTS Development  Company, an affiliate of the
General Partner of the Partnership.





                                      -11-

<PAGE>



Results of Operations - Continued
---------------------------------

Depreciation and amortization  decreased for the nine months ended September 30,
1996 as compared  to the same  periods in 1995 due to a portion of the assets at
the Partnership's  residential  properties having become fully depreciated.  The
decrease in depreciation and amortization for the nine month period is partially
offset by depreciation on new tenant finish  improvements at Plainview Point III
Office Center.  Depreciation and  amortization  remained fairly constant for the
three  months ended  September  30, 1996 as compared to the same period in 1995.
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 5 - 30 years for amenities.  The
aggregate  cost of the  Partnership's  properties  for Federal  tax  purposes is
approximately $59,300,000.

Liquidity and Capital Resources
-------------------------------

Cash provided by operations  was  $1,724,164  and $1,328,999 for the nine months
ended September 30, 1996 and 1995, respectively. These funds in conjunction with
cash on hand were used to make a 2% (annualized)  cash  distribution of $678,258
and  $718,712  for  the  nine  months  ended   September   30,  1996  and  1995,
respectively. 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 the distributions. The primary source of future liquidity
and  distributions  is  expected  to be  derived  from  cash  generated  by  the
Partnership's properties after adequate cash reserves are established for future
leasing and tenant finish costs.  Cash reserves (which are unrestricted cash and
equivalents  and  investment  securities as shown on the  Partnership's  balance
sheet as of September 30) were  $1,867,813  and $2,008,859 at September 30, 1996
and 1995, respectively.

As of September 30, 1996, the Partnership had a mortgage payable to an insurance
company in the amount of $9,200,000. The mortgage bears interest at a fixed rate
of 8.625% and is  secured by the land,  buildings  and  amenities  of Golf Brook
Apartments. The unpaid balance of the loan is due August 1, 1997.

As of September 30, 1996, the Partnership had a mortgage payable to an insurance
company in the amount of  $8,554,718.  The  mortgage  payable is due November 1,
1997,  bears  interest  at a fixed  rate of 9.20%  and is  secured  by the land,
buildings and amenities of Willow Lake  Apartments.  Current  monthly  principal
payments are based upon a 25-year amortization schedule. The outstanding balance
at maturity based on the current rate of amortization will be $8,433,356.

As of September 30, 1996,  the  Partnership  had two mortgage loans each with an
insurance  company in the amount of $4,009,404 and $954,620.  Both mortgages are
due October 5, 2002,  currently  bear interest at a fixed rate of 8.375% and are
secured by the land,  buildings and amenities of Park Place  Apartments Phase I.
Current  monthly  principal  payments on both mortgages are based upon a 27-year
amortization  schedule. The outstanding balance at maturity based on the current
rate of amortization would be $4,413,955 ($3,565,118 and $848,837).

As of September 30, 1996, the Partnership  also had two mortgage loans each with
an insurance company in the amount of $2,849,268 and $1,899,512.  Both mortgages
are due January 5, 2003,  currently  bear  interest at a fixed rate of 7.25% and
are  secured by the land,  buildings  and  amenities  of Sabal Park  Apartments.
Current  monthly  principal  payments on both mortgages are based upon a 27-year
amortization  schedule. The outstanding balance at maturity based on the current
rate of amortization would be $4,122,326 ($2,473,396 and $1,648,930).

As  previously  discussed  in the  Partnership's  Form  10-K for the year  ended
December 31, 1995,  the General  Partner of the  Partnership  was  exploring the
possibility of refinancing the current mortgages payable encumbering the


                                      -12-

<PAGE>



Liquidity and Capital Resources - Continued
-------------------------------------------

Partnership's  properties.  Subsequent  to September 30, 1996,  the  Partnership
submitted  an  application  with an  insurance  company for  $9,000,000  of debt
financing.  The proceeds from the new financing along with cash reserves will be
used to pay off the Partnership's  current $9,200,000  mortgage payable which is
secured by the land,  buildings  and  amenities of Golf Brook  Apartments  which
matures August 1, 1997. The Partnership  anticipates  that the financing will be
completed in the second quarter of 1997.

As of December 31, 1995, the Partnership had established an Interest  Repurchase
Reserve in the amount of $474,350  pursuant to Section 16.4 of the Partnership's
Amended and Restated  Agreement  of Limited  Partnership.  On May 24, 1996,  the
Partnership  elected to fund an  additional  amount of $455,380 to its  Interest
Repurchase Reserve. With these funds, the Partnership will be able to repurchase
up to 3,718 Units at a price of $250 per Unit.  As of September  30,  1996,  the
Partnership  had  repurchased  a total of 3,543  Units.  Repurchased  Units  are
retired by the  Partnership,  thus  increasing  the share of  ownership  of each
remaining  investor.  The  Interest  Repurchase  Reserve  was  funded  from cash
reserves.

Subsequent to September 30, 1996, the Partnership  elected to fund an additional
amount of $250,000 to its Interest  Repurchase  Reserve.  With these funds,  the
Partnership  will be able to repurchase up to 1,000 Units at a price of $250 per
Unit.

The  majority  of  the  Partnership's   cash  flow  is  derived  from  operating
activities.  The  decrease  in accounts  receivable  during  1995  represents  a
settlement  received from the insurance  company of the manufacturer of the pipe
fittings which were used in the  construction  of Willow Lake  Apartments.  Cash
flows used in investing  activities are for tenant finish improvements and other
capital  additions at the  Partnership's  properties.  Changes to current tenant
improvements  at  commerical   properties  are  a  typical  part  of  any  lease
negotiation. Improvements generally include a revision to the current floor plan
to accomodate a tenant's needs, new carpeting and paint and/or wallcovering. The
extent and cost of these  improvements  are  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 are funded
by cash flow from operations.  Cash flows used in investing  activities are also
for the  purchase  of  investment  securities.  As part of its  cash  management
activities,  the Partnership has 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  intends to
hold the securities until maturity.  Cash flows provided by investing activities
are derived  from the  maturity  of  investment  securities.  Cash flows used in
financing activities are for cash distributions, principal payments on mortgages
payable  and  repurchases  of  limited  partnership  Units.  Cash  flows used in
financing   activities  also  include  cash  which  has  been  reserved  by  the
Partnership  for the repurchase of limited  partnership  Units.  The Partnership
does not expect any  material  changes in the mix and  relative  cost of capital
resources  from those in 1995  except for the  changes  resulting  from the debt
financing which the Partnership is currently exploring as discussed above.

The table below  presents  that portion of the  distributions  that  represent a
return of capital on a Generally  Accepted  Accounting  Principle  basis for the
nine months ended September 30, 1996 and 1995. These  distributions  were funded
by cash flow derived from operating activities.


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

     Limited Partners:
           1996          $    145,858      $     671,475      $      525,617
           1995              (356,048)           711,525             711,525
     General Partner:
           1996          $      1,473      $       6,783      $        5,310
           1995                (3,596)             7,187               7,187


                                      -13-


<PAGE>


Liquidity and Capital Resources - Continued
-------------------------------------------

In an effort to continue to improve occupancy at the  Partnership's  residential
properties,  the  Partnership  has an on-site  leasing  staff,  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.  Leases at the office center also provide for
rent increases which are based upon increases in the consumer price index. 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.

The Partnership owns approximately 15 acres of land,  adjacent to the Park Place
Apartments development, in Lexington,  Kentucky which is zoned for 163 apartment
units (Park Place Apartments  Phase III).  Included in the cost of approximately
$1,724,000  is land cost,  capitalized  interest,  common area costs and amenity
costs.  The  Partnership  continues  to evaluate  whether to sell or develop the
tract of land. At this time, no final decision has been made.


                                      -14-

<PAGE>



PART II.        OTHER INFORMATION


1.       Legal Proceedings

         None

2.       Changes in Securities

         None

3.       Defaults upon Senior Securities

         None

4.       Submission of Matters to a Vote of Security Holders

         None

5.       Other Information

         None

6.       Exhibits and Reports on Form 8-K

         (a)    Exhibits

                Exhibit 27.  Financial Data Schedule

         (b)    Reports on Form 8-K

                None.

                                      -15-

<PAGE>



                                   SIGNATURES

Pursuant to the  requirements of Section 13 or 15(d) 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
                                               BY:   NTS Capital Corporation,
                                                     General Partner

                                                    /s/ John W. Hampton
                                                        John W. Hampton
                                                        Senior Vice President


Date:     November 11  , 1996

                                      -16-

<PAGE>