UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


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

                                    FORM 10-Q

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




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

                  For the quarterly period ended March 31, 1997

                                       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 No. 33-31810

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



                        POLARIS AIRCRAFT INCOME FUND VI,
                        A California Limited Partnership

                        State of Organization: California
                   IRS Employer Identification No. 94-3102632
         201 Mission Street, 27th Floor, San Francisco, California 94105
                           Telephone - (415) 284-7400



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 ___





                       This document consists of 15 pages.


<PAGE>



                        POLARIS AIRCRAFT INCOME FUND VI,
                        A California Limited Partnership

            FORM 10-Q - For the Quarterly Period Ended March 31, 1997




                                      INDEX



Part I.    Financial Information                                         Page

        Item 1.   Financial Statements

           a)  Balance Sheets - March 31, 1997 and
               December 31, 1996...........................................3

           b)  Statements of Income - Three Months Ended
               March 31, 1997 and 1996.....................................4

           c)  Statements of Changes in Partners' Capital -
               Year Ended December 31, 1996 and
               Three Months Ended March 31, 1997...........................5

           d)  Statements of Cash Flows - Three Months
               Ended March 31, 1997 and 1996...............................6

           e)  Notes to Financial Statements...............................7

        Item 2.   Management's Discussion and Analysis of
                  Financial Condition and Results of Operations...........10



Part II.   Other Information

        Item 1.   Legal Proceedings.......................................13

        Item 6.   Exhibits and Reports on Form 8-K........................14

        Signature ........................................................15

                                        2

<PAGE>



                          Part 1. Financial Information

Item 1.    Financial Statements

                        POLARIS AIRCRAFT INCOME FUND VI,
                        A California Limited Partnership

                                 BALANCE SHEETS
                                   (Unaudited)

                                                   March 31,    December 31,
                                                     1997           1996
                                                     ----           ----

ASSETS:

CASH AND CASH EQUIVALENTS                         $3,583,105     $3,566,009

RENT RECEIVABLE                                      315,240        345,597

AIRCRAFT, net of accumulated depreciation of
  $23,656,624 in 1997 and $23,398,981 in 1996      5,782,576      6,040,219

OTHER ASSETS                                           9,589           --
                                                  ----------     ----------

                                                  $9,690,510     $9,951,825
                                                  ==========     ==========

LIABILITIES AND PARTNERS' CAPITAL:

PAYABLE TO AFFILIATES                             $   35,123     $   25,425

ACCOUNTS PAYABLE AND ACCRUED
  LIABILITIES                                          6,350         24,169

SECURITY DEPOSITS                                     75,000         75,000
                                                  ----------     ----------

        Total Liabilities                            116,473        124,594
                                                  ----------     ----------

PARTNERS' CAPITAL:
  General Partner                                      5,656          5,656
  Limited Partners, 69,418 units
     issued and outstanding                        9,568,381      9,821,575
                                                  ----------     ----------

        Total Partners' Capital                    9,574,037      9,827,231
                                                  ----------     ----------

                                                  $9,690,510     $9,951,825
                                                  ==========     ==========

        The accompanying notes are an integral part of these statements.


                                        3

<PAGE>



                        POLARIS AIRCRAFT INCOME FUND VI,
                        A California Limited Partnership

                              STATEMENTS OF INCOME
                                   (Unaudited)



                                        Three Months Ended March 31,
                                        ----------------------------

                                           1997              1996
                                           ----              ----
REVENUES:
  Rent from operating leases             $434,643          $434,643
  Interest                                 44,121            46,603
  Gain on sale of aircraft                   --              52,640
                                         --------          --------

         Total Revenues                   478,764           533,886
                                         --------          --------

EXPENSES:
  Depreciation and amortization           257,643           438,707
  Administration and other                 17,618            12,969
                                         --------          --------

         Total Expenses                   275,261           451,676
                                         --------          --------

NET INCOME                               $203,503          $ 82,210
                                         ========          ========

NET INCOME ALLOCATED TO
  THE GENERAL PARTNER                    $ 22,835          $ 22,835
                                         ========          ========

NET INCOME ALLOCATED TO
  LIMITED PARTNERS                       $180,668          $ 59,375
                                         ========          ========

NET INCOME PER LIMITED
  PARTNERSHIP UNIT                       $   2.60          $   0.86
                                         ========          ========

        The accompanying notes are an integral part of these statements.


                                        4

<PAGE>



                        POLARIS AIRCRAFT INCOME FUND VI,
                        A California Limited Partnership

                   STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
                                   (Unaudited)


                                        Year Ended December 31, 1996 and
                                        Three Months Ended March 31, 1997
                                        ---------------------------------

                                      General        Limited
                                      Partner        Partners         Total
                                      -------        --------         -----



Balance, December 31, 1995         $      5,656    $ 19,653,112    $ 19,658,768

  Net income (loss)                      91,340      (8,096,088)     (8,004,748)

  Cash distributions to partners        (91,340)     (1,735,449)     (1,826,789)
                                   ------------    ------------    ------------

Balance, December 31, 1996                5,656       9,821,575       9,827,231

  Net income                             22,835         180,668         203,503

  Cash distributions to partners        (22,835)       (433,862)       (456,697)
                                   ------------    ------------    ------------

Balance, March 31, 1997            $      5,656    $  9,568,381    $  9,574,037
                                   ============    ============    ============

        The accompanying notes are an integral part of these statements.


                                        5

<PAGE>



                        POLARIS AIRCRAFT INCOME FUND VI,
                        A California Limited Partnership

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)

                                                    Three Months Ended March 31,
                                                    ----------------------------

                                                         1997          1996
                                                         ----          ----
OPERATING ACTIVITIES:
  Net income                                          $   203,503   $    82,210
  Adjustments to reconcile net income to
     net cash provided by operating activities:
     Depreciation and amortization                        257,643       438,707
     Gain on sale of aircraft                                --         (52,640)
     Changes in operating assets and liabilities:
        Decrease in rent receivable                        30,357        30,357
        Increase (decrease) in payable to affiliates        9,698          (350)
        Increase in other assets                           (9,589)         --
        Decrease in accounts payable
           and accrued liabilities                        (17,819)      (22,022)
                                                      -----------   -----------

           Net cash provided by operating activities      473,793       476,262
                                                      -----------   -----------

INVESTING ACTIVITIES:
  Principal payments on finance sale of aircraft             --          52,640
                                                      -----------   -----------

           Net cash provided by investing activities         --          52,640
                                                      -----------   -----------

FINANCING ACTIVITIES:
  Cash distributions to partners                         (456,697)     (456,697)
                                                      -----------   -----------

           Net cash used in financing activities         (456,697)     (456,697)
                                                      -----------   -----------

CHANGES IN CASH AND CASH
  EQUIVALENTS                                              17,096        72,205

CASH AND CASH EQUIVALENTS AT
  BEGINNING OF PERIOD                                   3,566,009     3,297,782
                                                      -----------   -----------

CASH AND CASH EQUIVALENTS AT
  END OF PERIOD                                       $ 3,583,105   $ 3,369,987
                                                      ===========   ===========


        The accompanying notes are an integral part of these statements.


                                        6

<PAGE>



                        POLARIS AIRCRAFT INCOME FUND VI,
                        A California Limited Partnership

                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)



1.      Accounting Principles and Policies

In the opinion of management,  the financial statements presented herein include
all  adjustments,  consisting  only of  normal  recurring  items,  necessary  to
summarize fairly Polaris Aircraft Income Fund VI's (the Partnership's) financial
position and results of operations.  The financial statements have been prepared
in accordance with the  instructions  of the Quarterly  Report to the Securities
and  Exchange  Commission  (SEC)  Form  10-Q  and  do  not  include  all  of the
information  and note  disclosures  required by  generally  accepted  accounting
principles.  These  statements  should be read in conjunction with the financial
statements  and notes  thereto for the years ended  December 31, 1996,  1995 and
1994,  included in the Partnership's  1996 Annual Report to the SEC on Form 10-K
(Form 10-K).


2.      Proposed Sale of Aircraft

During the first  quarter of 1997,  the  Partnership  received,  and the General
Partner (upon recommendation of its servicer) has determined that it would be in
the best interests of the  Partnership to accept an offer to purchase all of the
Partnership's  aircraft  (the  "Aircraft")  by a special  purpose  company  (the
"Purchaser").  The Purchaser is managed by Triton Aviation Services  Limited,  a
privately held aircraft  leasing company (the  "Purchaser's  Manager") which was
formed in 1996. Each Aircraft is to be sold subject to the existing leases,  and
as part of the  transaction the Purchaser  assumes all  obligations  relating to
maintenance reserves and security deposits,  if any, relating to such leases. At
the same time  cash  balances  related  to  maintenance  reserves  and  security
deposits, if any, will be transferred to the Purchaser.

The total  proposed  purchase  price  (the  "Purchase  Price") to be paid by the
Purchaser in the contemplated transaction would be $6,112,000 all of which would
be  allocable to the  Aircraft.  The  Purchaser  proposes to pay $688,578 of the
Purchase  Price in cash at the closing and the  balance of  $5,423,422  would be
paid by delivery of a promissory note ( the "Promissory Note") by the Purchaser.
The  Promissory  Note  would be repaid in equal  quarterly  installments  over a
period of seven years bearing interest at a rate of 12% per annum with a balloon
principal  payment at the end of year seven.  The Purchaser would have the right
to  voluntarily  prepay  the  Promissory  Note in  whole  or in part at any time
without penalty. In addition,  the Promissory Note would be subject to mandatory
partial prepayment in certain specified instances.

Under the terms of the  contemplated  transaction,  the Aircraft,  including any
income or proceeds  therefrom  and any  maintenance  reserves  or deposits  with
respect  thereto,  constitute  the sole source of payments  under the Promissory
Note.  No security  interest over the Aircraft or the leases would be granted in
favor of the  Partnership,  but the equity  interests in the Purchaser  would be
pledged  to the  Partnership.  The  Purchaser  would  have the right to sell the
Aircraft,  or any of them,  without the consent of the Partnership,  except that
the Partnership's  consent would be required in the event that the proposed sale
price is less than the portion of the outstanding balance of the Promissory Note
which is allocable to the Aircraft in question and the  Purchaser  does not have
sufficient  funds to make up the  difference.  The Purchaser  would undertake to
keep the  Aircraft  and  leases  free of any lien,  security  interest  or other
encumbrance other than (i) inchoate  materialmen's  liens and the like, and (ii)

                                        7

<PAGE>



in the event that the  Purchaser  elects to install  hushkits  on any  Aircraft,
secured debt to the extent of the full cost of such hushkit.  The Purchaser will
be prohibited from incurring  indebtedness  other than (i) the Promissory  Note;
(ii)  deferred  taxes not yet due and payable;  (iii)  indebtedness  incurred to
hushkit  Aircraft owned by the Purchaser and, (iv) demand loans from another SPC
(defined below) at a market rate of interest.

It is also  contemplated  that each of Polaris  Aircraft Income Fund II, Polaris
Aircraft Income Fund III,  Polaris  Aircraft Income Fund IV and Polaris Aircraft
Income Fund V would sell certain  aircraft  assets to separate  special  purpose
companies  under common  management with the Purchaser  (collectively,  together
with the  Purchaser,  the  "SPC's") on terms  similar to those set forth  above.
Under the  terms of the  contemplated  transaction,  Purchaser's  Manager  would
undertake to make  available a working  capital  line to the  Purchaser of up to
approximately  $534,000 to fund operating  obligations  of the  Purchaser.  This
working  capital line is to be guaranteed  by Triton  Investments  Limited,  the
parent  of  the  Purchaser's   Manager  and  such  guarantor  will  provide  the
Partnership  with a copy of its most recent balance sheet showing a consolidated
net worth (net of minority  interests)  of at least  $150-million.  Furthermore,
pursuant to the  respective  operating  agreements  of each SPC,  including  the
Purchaser,  the  Purchaser's  Manager  would  provide to each SPC all normal and
customary management services including remarketing,  sales and repossession, if
necessary.  Provided that the Purchaser is not in default in making payments due
under the Promissory Note to the  Partnership,  the Purchaser would be permitted
to dividend to its equity owners an amount not to exceed  approximately  $14,300
per month.  The  Purchaser  may  distribute  additional  dividends to the equity
owners to the extent of the working  capital  advances  made by the  Purchaser's
Manager  provided that the working  capital line available to the Purchaser will
be deemed increased to the extent of any such dividends.

The Purchaser  would be deemed to have  purchased  the Aircraft  effective as of
April 1, 1997  notwithstanding the actual closing date. The Purchaser would have
the  right to  receive  all  income  and  proceeds,  including  rents  and notes
receivables,  from the Aircraft  accruing from and after April 1, 1997,  and the
Promissory Note would commence bearing interest as of April 1, 1997.

The Partnership has agreed to consult with Purchaser's Manager before taking any
significant  action  pertaining to the Aircraft  after the effective date of the
purchase  offer.  The  Purchaser  also has the  right  to make  all  significant
decisions  regarding  the  Aircraft  from and  after the date of  completion  of
definitive  documentation  legally  binding the Purchaser and the Partnership to
the  transaction,  even  if a  delay  occurs  between  the  completion  of  such
documentation and the closing of the title transfer to the Purchaser.

In the event the Partnership receives and elects to accept an offer for all (but
not less than  all) of the  assets  to be sold by it to the  Purchaser  on terms
which it deems  more  favorable,  the  Purchaser  has the right to (i) match the
offer,  or (ii) decline to match the offer and be entitled to compensation in an
amount equal to 1 1/2% of the Purchaser's proposed Purchase Price.

The Partnership adopted, effective January 1, 1996, SFAS No. 121 "Accounting for
the  Impairment of Long-Lived  Assets and for  Long-Lived  Assets to be Disposed
Of." That statement  requires that long-lived  assets be reviewed for impairment
whenever events or changes in circumstances indicate that the carrying amount of
an asset may not be  recoverable.  The purchase  offer  constitutes  a change in
circumstances  which,  pursuant to SFAS No. 121,  requires  the  Partnership  to
review the Aircraft for  impairment.  As  previously  discussed in Note 3 of the
Partnership's financial statements for the year ended December 31, 1996 included
in the 1996 Form 10-K, the  Partnership  has determined  that an impairment loss
must be  recognized.  In  determining  the amount of the  impairment  loss,  the
Partnership  estimated  the "fair value" of the  Aircraft  based on the proposed
Purchase Price  reflected in the  contemplated  transaction,  less the estimated
costs and expenses of the proposed  sale.  The  Partnership is deemed to have an
impairment loss  to the extent  that the carrying value exceeded the fair value.

                                        8

<PAGE>



Management believes the assumptions related to the fair value of impaired assets
represent the best estimates based on reasonable and supportable assumptions and
projections.

It should be noted that there can be no  assurance  that the  contemplated  sale
transaction will be consummated. The contemplated transaction remains subject to
execution of definitive documentation and various other contingencies.


4.      Related Parties

Under the Limited Partnership  Agreement,  the Partnership paid or agreed to pay
the following  amounts for the current quarter to the general  partner,  Polaris
Investment  Management  Corporation,  in connection  with  services  rendered or
payments made on behalf of the Partnership:

                                              Payments for
                                           Three Months Ended       Payable at
                                             March 31, 1997       March 31, 1997
                                             --------------       --------------
Out-of-Pocket Administrative and
   Operating Expense Reimbursement               $35,327              $35,123


Management  fees payable to the general  partner are  subordinated  each year to
receipt   by  unit   holders  of   distributions   equaling  a  10%  per  annum,
non-compounded  return on  adjusted  capital  contributions,  as  defined in the
Partnership Agreement.  Based on the subordination provisions, no management fee
expense  was  recognized  or paid during the  quarters  ended March 31, 1997 and
1996.


5.      Subsequent Event

Competing  Offer to  Purchase  Aircraft - In April  1997,  the  General  Partner
received a competing offer (the Competing  Offer) from a third party to purchase
the Partnership's two aircraft, subject to a number of contingencies.

In the event the  Partnership  determines the Competing  Offer is more favorable
and elects to accept  the  Competing  Offer,  the  Purchaser,  managed by Triton
Aviation Services Limited,  has the right to (i) match the Competing Offer, (ii)
decline to match the  Competing  Offer and be  entitled  to  compensation  in an
amount equal to 1 1/2% of the Purchaser's  proposed purchase price of $6,112,000
or approximately $92,000.


                                        9

<PAGE>



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

At March 31, 1997,  Polaris Aircraft Income Fund VI (the Partnership)  owned one
Boeing 737-200 Advanced aircraft leased to British Airways Plc (British Airways)
and one Boeing  727-200  Advanced  aircraft  leased to American  Trans Air, Inc.
(ATA). In addition,  the Partnership  sold one Boeing 727-100  aircraft that ATA
transferred  to the  Partnership  as part of the ATA lease  transaction in April
1993, subject to a conditional sale agreement to Empresa de Transporte Aereo del
Peru S.A. (Aeroperu) financed by the Partnership. The final payment was received
in July 1996 and title to the aircraft is expected to be transferred to Aeroperu
or its assignee in 1997.


Remarketing Update

Proposed  Sale of Aircraft - During the first quarter of 1997,  the  Partnership
received,  and the General  Partner  (upon  recommendation  of its servicer) has
determined  that it would be in the best interests of the  Partnership to accept
an offer to purchase all of the  Partnership's  aircraft (the  "Aircraft")  by a
special  purpose company (the  "Purchaser").  The Purchaser is managed by Triton
Aviation  Services  Limited,  a privately  held  aircraft  leasing  company (the
"Purchaser's  Manager")  which was formed in 1996.  Each  Aircraft is to be sold
subject to the existing  leases,  and as part of the  transaction  the Purchaser
assumes all obligations  relating to maintenance reserves and security deposits,
if any,  relating  to such  leases.  At the same time cash  balances  related to
maintenance  reserves and security deposits,  if any, will be transferred to the
Purchaser.

The total  proposed  purchase  price  (the  "Purchase  Price") to be paid by the
Purchaser in the contemplated transaction would be $6,112,000 all of which would
be  allocable to the  Aircraft.  The  Purchaser  proposes to pay $688,578 of the
Purchase  Price in cash at the closing and the  balance of  $5,423,422  would be
paid by delivery of a promissory note ( the "Promissory Note") by the Purchaser.
The  Promissory  Note  would be repaid in equal  quarterly  installments  over a
period of seven years bearing interest at a rate of 12% per annum with a balloon
principal  payment at the end of year seven.  The Purchaser would have the right
to  voluntarily  prepay  the  Promissory  Note in  whole  or in part at any time
without penalty. In addition,  the Promissory Note would be subject to mandatory
partial prepayment in certain specified instances.

Under the terms of the  contemplated  transaction,  the Aircraft,  including any
income or proceeds  therefrom  and any  maintenance  reserves  or deposits  with
respect  thereto,  constitute  the sole source of payments  under the Promissory
Note.  No security  interest over the Aircraft or the leases would be granted in
favor of the  Partnership,  but the equity  interests in the Purchaser  would be
pledged  to the  Partnership.  The  Purchaser  would  have the right to sell the
Aircraft,  or any of them,  without the consent of the Partnership,  except that
the Partnership's  consent would be required in the event that the proposed sale
price is less than the portion of the outstanding balance of the Promissory Note
which is allocable to the Aircraft in question and the  Purchaser  does not have
sufficient  funds to make up the  difference.  The Purchaser  would undertake to
keep the  Aircraft  and  leases  free of any lien,  security  interest  or other
encumbrance other than (i) inchoate  materialmen's  liens and the like, and (ii)
in the event that the  Purchaser  elects to install  hushkits  on any  Aircraft,
secured debt to the extent of the full cost of such hushkit.  The Purchaser will
be prohibited from incurring  indebtedness  other than (i) the Promissory  Note;
(ii)  deferred  taxes not yet due and payable;  (iii)  indebtedness  incurred to
hushkit  Aircraft owned by the Purchaser and, (iv) demand loans from another SPC
(defined below) at a market rate of interest.

It is also  contemplated  that each of Polaris  Aircraft Income Fund II, Polaris
Aircraft Income Fund III,  Polaris  Aircraft Income Fund IV and Polaris Aircraft
Income Fund V would sell certain  aircraft  assets to separate  special  purpose

                                       10

<PAGE>



companies  under common  management with the Purchaser  (collectively,  together
with the  Purchaser,  the  "SPC's") on terms  similar to those set forth  above.
Under the  terms of the  contemplated  transaction,  Purchaser's  Manager  would
undertake to make  available a working  capital  line to the  Purchaser of up to
approximately  $534,000 to fund operating  obligations  of the  Purchaser.  This
working  capital line is to be guaranteed  by Triton  Investments  Limited,  the
parent  of  the  Purchaser's   Manager  and  such  guarantor  will  provide  the
Partnership  with a copy of its most recent balance sheet showing a consolidated
net worth (net of minority  interests)  of at least  $150-million.  Furthermore,
pursuant to the  respective  operating  agreements  of each SPC,  including  the
Purchaser,  the  Purchaser's  Manager  would  provide to each SPC all normal and
customary management services including remarketing,  sales and repossession, if
necessary.  Provided that the Purchaser is not in default in making payments due
under the Promissory Note to the  Partnership,  the Purchaser would be permitted
to dividend to its equity owners an amount not to exceed  approximately  $14,300
per month.  The  Purchaser  may  distribute  additional  dividends to the equity
owners to the extent of the working  capital  advances  made by the  Purchaser's
Manager  provided that the working  capital line available to the Purchaser will
be deemed increased to the extent of any such dividends.

The Purchaser  would be deemed to have  purchased  the Aircraft  effective as of
April 1, 1997  notwithstanding the actual closing date. The Purchaser would have
the  right to  receive  all  income  and  proceeds,  including  rents  and notes
receivables,  from the Aircraft  accruing from and after April 1, 1997,  and the
Promissory Note would commence bearing interest as of April 1, 1997.

The Partnership has agreed to consult with Purchaser's Manager before taking any
significant  action  pertaining to the Aircraft  after the effective date of the
purchase  offer.  The  Purchaser  also has the  right  to make  all  significant
decisions  regarding  the  Aircraft  from and  after the date of  completion  of
definitive  documentation  legally  binding the Purchaser and the Partnership to
the  transaction,  even  if a  delay  occurs  between  the  completion  of  such
documentation and the closing of the title transfer to the Purchaser.

In the event the Partnership receives and elects to accept an offer for all (but
not less than  all) of the  assets  to be sold by it to the  Purchaser  on terms
which it deems  more  favorable,  the  Purchaser  has the right to (i) match the
offer,  or (ii) decline to match the offer and be entitled to compensation in an
amount equal to 1 1/2% of the Purchaser's proposed Purchase Price.

It should be noted that there can be no  assurance  that the  contemplated  sale
transaction will be consummated. The contemplated transaction remains subject to
execution of definitive documentation and various other contingencies.

Competing  Offer to  Purchase  Aircraft - In April  1997,  the  General  Partner
received a competing offer (the Competing  Offer) from a third party to purchase
the Partnership's two aircraft, subject to a number of contingencies.

In the event the  Partnership  determines the Competing  Offer is more favorable
and elects to accept  the  Competing  Offer,  the  Purchaser,  managed by Triton
Aviation Services Limited,  has the right to (i) match the Competing Offer, (ii)
decline to match the  Competing  Offer and be  entitled  to  compensation  in an
amount equal to 1 1/2% of the Purchaser's  proposed purchase price of $6,112,000
or approximately $92,000.


Partnership Operations

The  Partnership  recorded  net  income  of  $203,503,   or  $2.60  per  limited
partnership  unit,  for the three months  ended March 31, 1997,  compared to net

                                       11

<PAGE>



income of $82,210,  or $0.86 per unit, for the same period in 1996. Current year
operating results reflect  substantially lower depreciation  expense as compared
to the same period in 1996.

The  Partnership  did not  record any gains on the sale of  aircraft  during the
first  quarter of 1997, as compared to a gain on the sale of aircraft of $52,640
recorded during the first quarter of 1996. This gain in 1996 was attributable to
the finance  sale of a Boeing  727-100 to  AeroPeru  for which gains on the sale
were  recognized as payments were received.  The final payment was received from
AeroPeru in July 1996.

The  decreased  depreciation  expense  during  the first  quarter of 1997 is the
result of impairments on aircraft which were recorded  during the fourth quarter
of 1996. The recognition of impairments on the  Partnership's  aircraft  reduces
the aircraft's net carrying value and reduces the amount of future  depreciation
expense that the Partnership will recognize over the projected  economic life of
the aircraft.

Administration  and other expenses increased during the three months ended March
31, 1997 as compared to the same period in 1996,  due to  increases  in printing
and postage costs combined with an increase in outside services.


Liquidity and Cash Distributions

Liquidity -The Partnership  continues to receive all lease payments on a current
basis.  The ATA lease  specifies that the Partnership may be required to finance
an aircraft  hushkit at an estimated cost of approximately  $2.6 million,  which
would be partially  recovered  with interest  through  payments from ATA over an
extended  lease term.  The  Partnership's  cash  reserves are being  retained to
finance a portion of the cost that may be incurred  under the lease with ATA and
to cover other potential cash requirements.

Cash  Distributions - Cash  distributions  to limited  partners during the three
months  ended  March 31,  1997 and 1996  were  $433,862,  or $6.25  per  limited
partnership  unit  for each  period.  The  timing  and  amount  of  future  cash
distributions will depend upon the Partnership's  future cash requirements,  the
receipt of rental payments from British Airways and ATA, and consummation of the
Sale  Transaction and timely  performance by Purchaser of its obligations to the
Partnership under the Promissory Note.

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<PAGE>



                           Part II. Other Information


Item 1.    Legal Proceedings

As  discussed  in Item 3 of Part I of  Polaris  Aircraft  Income  Fund VI's (the
Partnership) 1996 Annual Report to the Securities and Exchange  Commission (SEC)
on Form 10-K  (Form  10-K),  there  are a number of  pending  legal  actions  or
proceedings involving the Partnership.  There have been no material developments
with respect to any such  actions or  proceedings  during the period  covered by
this report except:

Equity Resources, Inc, et al v. Polaris Investment Management Corporation, et al
- On or about April 18, 1997, an action entitled Equity Resources  Group,  Inc.,
et al v.  Polaris  Investment  Management  Corporation,  et al was  filed in the
Superior Court for the County of Middlesex,  Commonwealth of Massachusetts.  The
complaint  names  each of Polaris  Investment  Management  Corporation,  Polaris
Aircraft  Income Fund II, Polaris  Aircraft  Income Fund III,  Polaris  Aircraft
Income  Fund  IV,  Polaris  Aircraft  Income  Fund  V and  the  Partnership,  as
defendants.   The   complaint   alleges  that  Polaris   Investment   Management
Corporation, as general partner of each of the partnerships,  committed a breach
of  its  fiduciary  duties,   violated  applicable   partnership  law  statutory
requirement,  and breached  provisions of the partnership  agreements of each of
the foregoing  partnerships by failing to solicit a vote of the limited partners
in each of such partnership in connection with the Sale Transaction described in
Note 2 and in failing to disclose  material facts relating to such  transaction.
Plaintiffs filed a motion seeking to enjoin the Sale  Transaction,  which motion
was denied by the court on May 6, 1997.

Other  Proceedings  - Item 10 in Part III of the  Partnership's  1996  Form 10-K
discusses  certain  actions  which have been filed  against  Polaris  Investment
Management  Corporation  and others in connection  with the sale of interests in
the  Partnership  and the management of the  Partnership.  With the exception of
Novak, et al v. Polaris Holding  Company,  et al, (which has been dismissed,  as
discussed in the 1996 Form 10-K) where the  Partnership was named as a defendant
for procedural purposes,  the Partnership is not a party to these actions. There
have been no material  developments with respect to any of the actions described
therein during the period covered by this report except:

In Re Prudential  Securities Inc. Limited Partnership  Litigation - On April 22,
1997, the Polaris defendants entered into a settlement agreement with plaintiffs
pursuant to which,  among other  things,  the Polaris  defendants  agreed to pay
$22.5 million to a class of unitholders  previously  certified by the Court.  On
April 29,  1997,  Judge  Pollack  signed an order  preliminarily  approving  the
settlement.  Under the terms of the order, (i) lead class counsel is required to
mail a notice to all class  members on or before  May 13,  1997  describing  the
terms of the  settlement;  (ii)  requests for  exclusion  from the class must be
mailed to the  Claims  Administrator  no later than June 27,  1997;  and (iii) a
hearing on the fairness of the  settlement  and other matters is scheduled to be
held before Judge Pollack on August 1, 1997.






                                       13

<PAGE>



Item 6.    Exhibits and Reports on Form 8-K


a)      Exhibits (numbered in accordance with Item 601 of Regulation S-K)

        27. Financial Data Schedule.

b)      Reports on Form 8-K

        No reports on Form 8-K were filed by the  Registrant  during the quarter
        for which this report is filed.

                                       14

<PAGE>



                                    SIGNATURE



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.

                                  POLARIS AIRCRAFT INCOME FUND VI,
                                  A California Limited Partnership
                                  (Registrant)
                                  By:  Polaris Investment
                                       Management Corporation,
                                       General Partner




         May 8, 1997                       By:  /S/Marc A. Meiches
-----------------------------                   ------------------
                                                Marc A. Meiches
                                                Chief Financial Officer
                                                (principal financial officer and
                                                principal accounting officer of
                                                Polaris Investment Management
                                                Corporation, General Partner of
                                                the Registrant)

                                       15