FORM 10-QSB--QUARTERLY OR TRANSITIONAL REPORT UNDER SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934
                        Quarterly or Transitional Report



                      U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-QSB

(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, 2001

[ ] 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 0-13261


                              SHELTER PROPERTIES VI
         (Exact name of small business issuer as specified in its charter)



         South Carolina                                          57-0755618
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation or organization)                              Identification No.)

                          55 Beattie Place, P.O. Box 1089
                        Greenville, South Carolina 29602
                      (Address of principal executive offices)

                                 (864) 239-1000
                           (Issuer's telephone number)


Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports),  and (2) has been
subject to such filing requirements for the past 90 days. Yes X No___


                         PART I - FINANCIAL INFORMATION



ITEM 1.     FINANCIAL STATEMENTS


a)

                              SHELTER PROPERTIES VI
                                  BALANCE SHEET
                                   (Unaudited)
                          (in thousands, except unit data)

                               September 30, 2001

<TABLE>
<CAPTION>


Assets
<S>                                                             <C>          <C>
   Cash and cash equivalents                                                 $   493
   Receivables and deposits                                                      120
   Restricted escrows                                                            886
   Other assets                                                                  324
   Investment properties:
      Land                                                    $  3,759
      Buildings and related personal property                   41,342
                                                                45,101
      Less accumulated depreciation                            (25,878)       19,223
                                                                            $ 21,046

Liabilities and Partners' Deficit
Liabilities
   Accounts payable                                                         $     69
   Tenant security deposit liabilities                                           162
   Accrued property taxes                                                        621
   Other liabilities                                                             601
   Mortgage notes payable                                                     21,205

Partners' Deficit
   General partners                                            $  (260)
   Limited partners (42,324 units issued and
      outstanding)                                              (1,352)       (1,612)
                                                                            $ 21,046


                   See Accompanying Notes to Financial Statements
</TABLE>

<PAGE>




b)

                              SHELTER PROPERTIES VI
                            STATEMENTS OF OPERATIONS
                                   (Unaudited)
                        (in thousands, except per unit data)


<TABLE>
<CAPTION>

                                       Three Months Ended         Nine Months Ended

                                         September 30,              September 30,
                                       2001         2000          2001         2000
Revenues:
<S>                                  <C>          <C>          <C>           <C>
   Rental income                     $ 2,136      $ 2,648      $ 6,224       $ 7,878
   Other income                          213          230          680           621
       Total revenues                  2,349        2,878        6,904         8,499

Expenses:
   Operating                             936        1,108        2,597         3,387
   General and administrative            109          178          343           379
   Depreciation                          438          675        1,329         1,763
   Interest                              458          574        1,386         1,733
   Property taxes                        202          255          621           786
       Total expenses                  2,143        2,790        6,276         8,048

 Net income                          $   206      $    88      $   628       $   451

Net income allocated
   to general partners (1%)          $     2      $     1      $     6       $     5
Net income allocated
   to limited partners (99%)             204           87          622           446

                                     $   206      $    88      $   628       $   451

Net income per limited
   partnership unit                  $  4.82      $  2.06      $ 14.70       $ 10.54

Distributions per limited
   partnership unit                  $  4.09      $    --      $ 75.99       $ 44.91


                   See Accompanying Notes to Financial Statements
</TABLE>

<PAGE>


c)

                               SHELTER PROPERTIES VI
                STATEMENT OF CHANGES IN PARTNERS' (DEFICIT) CAPITAL
                                   (Unaudited)
                          (in thousands, except unit data)


<TABLE>
<CAPTION>

                                      Limited
                                     Partnership     General      Limited
                                        Units        Partners    Partners     Total

<S>                                     <C>            <C>        <C>        <C>
Original capital contributions          42,324        $    2      $42,324    $42,326

Partners' (deficit) capital at
   December 31, 2000                    42,324        $ (246)     $ 1,242    $   996

Distributions to partners                                (20)      (3,216)    (3,236)

Net income for the nine months
   ended September 30, 2001                 --             6          622        628

Partners' deficit at
   September 30, 2001                   42,324        $ (260)     $(1,352)   $(1,612)


                   See Accompanying Notes to Financial Statements
</TABLE>

<PAGE>


d)

                              SHELTER PROPERTIES VI
                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                   (in thousands)

<TABLE>
<CAPTION>

                                                                 Nine Months Ended
                                                                   September 30,
                                                                  2001        2000
Cash flows from operating activities:
<S>                                                           <C>          <C>
   Net income                                                 $   628      $   451
   Adjustments to reconcile net income to net
     cash provided by operating activities:
        Depreciation                                            1,329        1,763
        Amortization of discounts and loan costs                  163          269
        Change in accounts:
            Receivables and deposits                              551          356
            Other assets                                          (64)         (32)
            Accounts payable                                      (91)        (104)
            Tenant security deposit liabilities                    (3)           4
            Accrued property taxes                                 67           87
            Other liabilities                                      15           57

               Net cash provided by operating activities        2,595        2,851

Cash flows from investing activities:
   Property improvements and replacements                      (1,179)        (648)
   Net withdrawals from (deposits to) restricted escrows          185         (669)

               Net cash used in investing activities             (994)      (1,317)

Cash flows from financing activities:
   Payments on mortgage notes payable                            (640)        (754)
   Distributions paid to partners                              (3,236)      (2,348)
   Loan cost paid                                                 (12)          --

               Net cash used in financing activities           (3,888)      (3,102)

Net decrease in cash and cash equivalents                      (2,287)      (1,568)
Cash and cash equivalents at beginning of period                2,780        2,901
Cash and cash equivalents at end of period                    $   493      $ 1,333

Supplemental disclosure of cash flow information:
   Cash paid for interest                                     $ 1,203      $ 1,463

At  December  31,  2000,  accounts  payable and fixed  assets  were  adjusted by
approximately $265,000 for non-cash activity.

Distributions  paid to partners  include  $428,000 which was accrued at December
31, 1999 and paid during January 2000.


                   See Accompanying Notes to Financial Statements
</TABLE>

<PAGE>





e)
                              SHELTER PROPERTIES VI
                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)


Note A - Basis of Presentation

The accompanying  unaudited  financial  statements of Shelter Properties VI (the
"Partnership" or  "Registrant")  have been prepared in accordance with generally
accepted  accounting  principles for interim financial  information and with the
instructions  to Form 10-QSB and Item 310 (b) of  Regulation  S-B.  Accordingly,
they do not include all of the information  and footnotes  required by generally
accepted accounting  principles for complete financial  statements.  The general
partner  responsible  for  management of the  Partnership's  business is Shelter
Realty VI Corporation ("the Corporate General  Partner").  The Corporate General
Partner  is  a  subsidiary  of  Apartment   Investment  and  Management  Company
("AIMCO"), a publicly traded real estate investment trust. In the opinion of the
Corporate  General  Partner,  all  adjustments  (consisting of normal  recurring
accruals)  considered  necessary  for a fair  presentation  have been  included.
Operating results for the three and nine month periods ended September 30, 2001,
are not  necessarily  indicative  of the results  that may be  expected  for the
fiscal year ending  December 31,  2001.  For further  information,  refer to the
financial  statements and footnotes thereto included in the Partnership's Annual
Report on Form 10-KSB for the year ended December 31, 2000.

Segment   Reporting:   Statement  of  Financial   Standards  ("SFAS")  No.  131,
"Disclosure about Segments of an Enterprise and Related Information" established
standards for the way that public business  enterprises report information about
operating  segments  in annual  financial  statements  and  requires  that those
enterprises  report selected  information  about  operating  segments in interim
financial reports.  It also established  standards for related disclosures about
products and services, geographic areas, and major customers. As defined in SFAS
No. 131, the Partnership has only one reportable segment.  The Corporate General
Partner  believes  that  segment-based  disclosures  will not  result  in a more
meaningful presentation than the financial statements as currently presented.

Note B - Reconciliation of Cash Flows

As required by the Partnership  Agreement,  the following is a reconciliation of
"Net cash provided by operations  activities" in the accompanying  statements of
cash flows to "Net cash provided by  operations,"  as defined in the Partnership
Agreement.

<TABLE>
<CAPTION>

                                                            Nine Months Ended
                                                              September 30,
                                                          2001             2000
                                                             (in thousands)
<S>                                                      <C>              <C>
     Net cash provided by operating activities           $ 2,595          $ 2,851
        Payments on mortgage notes payable                  (640)            (754)
        Property improvements and replacements            (1,179)            (648)
        Change in restricted escrows, net                    185             (669)
        Changes in reserves for net operating
           liabilities                                      (475)            (368)
        Change in additional reserves                       (486)            (230)

           Net cash provided by operations                $   --           $  182
</TABLE>

The  Corporate  General  Partner  believed it to be in the best  interest of the
Partnership to reserve net cash provided by operations of approximately $486,000
and $230,000 at September 30, 2001 and 2000,  respectively,  to fund  continuing
capital improvements and repairs at the Partnership's investment properties.

Note C - Transactions with Affiliated Parties

The  Partnership  has no employees  and is dependent  on the  Corporate  General
Partner  and  its  affiliates  for  the  management  and  administration  of all
Partnership  activities.  The  Partnership  Agreement  provides  for (i) certain
payments to affiliates for services and (ii)  reimbursement  of certain expenses
incurred by affiliates on behalf of the Partnership.  The following transactions
with the Corporate  General Partner and/or its affiliates were incurred for each
of the nine months ended September 30, 2001 and 2000:

                                                         2001       2000
                                                          (in thousands)

         Property management fees (included in
           operating expenses)                           $348       $439
         Reimbursement for services of affiliates
           (included in general and administrative
           expenses and investment properties)            454        245
         Commission to Corporate General Partner          142         --

During the nine months  ended  September  30, 2001 and 2000,  affiliates  of the
Corporate General Partner were entitled to receive 5% of gross receipts from all
of the Registrant's properties as compensation for providing property management
services.  The Registrant  paid to such  affiliates  approximately  $348,000 and
$439,000 for the nine months ended September 30, 2001 and 2000, respectively.

Affiliates  of  the  Corporate   General  Partner  received   reimbursements  of
accountable  administrative  expenses  amounting to  approximately  $454,000 and
$245,000 for the nine months ended  September  30, 2001 and 2000,  respectively.
Included  in this  amount  for the  nine  months  ended  September  30,  2001 is
approximately $217,000 of construction service reimbursements.

Pursuant to the  Partnership  Agreement and in connection with the November 2000
sale of Foxfire/Barcelona  Village, the Corporate General Partner is entitled to
a  commission  of up to 1% for  its  assistance  in the  sale.  Payment  of such
commission  is  subordinate  to the limited  partners  receiving a cumulative 7%
return on their  investment.  This return has not yet been met, and accordingly,
the  $142,000  was  accrued  and  is  included  in  other   liabilities  in  the
accompanying balance sheet at September 30, 2001.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates owned 26,750 limited partnership units in
the Partnership  representing  63.20% of the outstanding  units at September 30,
2001. A number of these units were  acquired  pursuant to tender  offers made by
AIMCO or its  affiliates.  It is  possible  that  AIMCO or its  affiliates  will
acquire additional limited partnership  interests in the Partnership for cash or
in exchange  for units in the  operating  partnership  of AIMCO  either  through
private purchases or tender offers. Under the Partnership Agreement, unitholders
holding a majority of the Units are  entitled  to take action with  respect to a
variety of matters,  which would  include  voting on certain  amendments  to the
Partnership  Agreement and voting to remove the Corporate General Partner.  As a
result  of its  ownership  of  63.20% of the  outstanding  units,  AIMCO is in a
position to control all voting  decisions with respect to the  Registrant.  When
voting on matters, AIMCO would in all likelihood vote the Units it acquired in a
manner favorable to the interest of the Corporate General Partner because of its
affiliation with the Corporate General Partner.

Note D - Distributions

During the nine months ended  September 30, 2001, the  Partnership  declared and
paid distributions of approximately $1,999,000  (approximately $1,979,000 to the
limited partners,  $46.76 per limited  partnership unit) of cash from operations
and approximately $1,237,000 (approximately $29.23 per limited partnership unit)
all  to the  limited  partners  from  the  sale  proceeds  of  Foxfire/Barcelona
Apartments which sold in November 2000. During the two months ended December 31,
1999,  a  distribution  was  approved  and  accrued for  approximately  $428,000
(approximately $424,000 to the limited partners,  $10.02 per limited partnership
unit) from  operations.  The  distribution was paid during the nine months ended
September  30,  2000.  During the nine months  ended  September  30,  2000,  the
Partnership paid distributions of approximately  $1,920,000  ($1,901,000 paid to
the  limited  partners  or $44.91  per  limited  partnership  unit) of cash from
operations.

Note E - Change in Accounting Estimate

During  the  nine  months  ended  September  30,  2001,   certain   accruals  of
approximately  $132,000  established  related  to the sale of  Foxfire/Barcelona
Apartments  in November  2000 were  reversed due to actual costs being less than
anticipated.  This  accrual  reversal is included  as a reduction  of  operating
expenses in the nine month period ended September 30, 2001.

Note F - Legal Proceedings

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial Group, Inc., et al. (the "Nuanes action") in the Superior Court of the
State of  California  for the  County  of San  Mateo.  The  plaintiffs  named as
defendants,  among others,  the Partnership,  its Corporate  General Partner and
several of their  affiliated  partnerships  and corporate  entities.  The action
purports  to  assert  claims  on  behalf  of a class  of  limited  partners  and
derivatively  on behalf  of a number  of  limited  partnerships  (including  the
Partnership)  which are named as nominal  defendants,  challenging,  among other
things,  the  acquisition of interests in certain  general  partner  entities by
Insignia  Financial  Group,  Inc.  ("Insignia")  and entities which were, at one
time,  affiliates of Insignia;  past tender offers by the Insignia affiliates to
acquire  limited  partnership  units;  management  of  the  partnerships  by the
Insignia  affiliates;  and the series of transactions which closed on October 1,
1998 and  February 26, 1999 whereby  Insignia  and  Insignia  Properties  Trust,
respectively,  were merged into AIMCO.  The plaintiffs seek monetary damages and
equitable relief, including judicial dissolution of the Partnership. On June 25,
1998,  the Corporate  General  Partner filed a motion  seeking  dismissal of the
action.  In lieu of responding to the motion,  the  plaintiffs  filed an amended
complaint.  The  Corporate  General  Partner  filed  demurrers  to  the  amended
complaint which were heard February 1999.

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December 14, 1999, the Corporate  General Partner and its affiliates  terminated
the  proposed  settlement.  In  February  2000,  counsel  for some of the  named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated  the  settlement.  On June  27,  2000,  the  Court  entered  an order
disqualifying  them  from the case and an  appeal  was  taken  from the order on
October 5, 2000. On December 4, 2000, the Court  appointed the law firm of Lieff
Cabraser  Heimann & Bernstein  LLP as new lead  counsel for  plaintiffs  and the
putative class.  Plaintiffs filed a third amended complaint on January 19, 2001.
On March 2, 2001,  the  Corporate  General  Partner and its  affiliates  filed a
demurrer to the third amended  complaint.  On May 14, 2001,  the Court heard the
demurrer to the third amended  complaint.  On July 10, 2001, the Court issued an
order  sustaining  defendants'  demurrer on certain  grounds.  On July 20, 2001,
Plaintiffs filed a motion for reconsideration of the Court's July 10, 2001 order
granting in part and denying in part defendants' demurrer. On September 7, 2001,
Plaintiffs  filed a fourth amended class and  derivative  action  complaint.  On
September 12, 2001, the Court denied Plaintiffs' motion for reconsideration.  On
October 5, 2001, the Corporate General Partner and affiliated defendants filed a
demurrer to the fourth amended complaint,  which, together with a demurrer filed
by other  defendants,  is currently  scheduled to be heard on November 15, 2001.
The Court has set the matter for trial in January 2003.

During the third  quarter of 2001, a complaint  (the "Heller  action") was filed
against  the same  defendants  that are named in the  Nuanes  action,  captioned
Heller v. Insignia Financial Group. On or about August 6, 2001, plaintiffs filed
a first amended  complaint.  The first amended complaint in the Heller action is
brought as a purported  derivative  action,  and asserts  claims for among other
things  breach  of  fiduciary  duty;  unfair  competition;   conversion,  unjust
enrichment;  and judicial  dissolution.  Plaintiffs in the Nuanes action filed a
motion to  consolidate  the Heller action with the Nuanes action and stated that
the Heller action was filed in order to preserve the derivative claims that were
dismissed  without  leave to amend in the Nuanes action by the Court order dated
July 10, 2001. On October 5, 2001, the Corporate  General Partner and affiliated
defendants  moved to strike the first  amended  complaint  in its  entirety  for
violating  the Court's July 10, 2001 order  granting in part and denying in part
defendants'  demurrer in the Nuanes action, or alternatively,  to strike certain
portions of the complaint based on the statute of limitations.  Other defendants
in the action  demurred to the fourth  amended  complaint,  and,  alternatively,
moved to strike the complaint.  The matters are currently  scheduled to be heard
on November 15, 2001.

The Corporate General Partner does not anticipate that any costs,  whether legal
or  settlement  costs,  associated  with  these  cases will be  material  to the
Partnership's overall operations.

The  Partnership is unaware of any other pending or outstanding  litigation that
is not of a routine nature arising in the ordinary course of business.


<PAGE>




Item 2.     Management's Discussion and Analysis or Plan of Operation

The  matters  discussed  in this Form  10-QSB  contain  certain  forward-looking
statements  and  involve  risks and  uncertainties  (including  changing  market
conditions,   competitive  and  regulatory   matters,   etc.)  detailed  in  the
disclosures  contained  in this  Form  10-QSB  and the  other  filings  with the
Securities and Exchange Commission made by the Registrant from time to time. The
discussion of the  Registrant's  business and results of  operations,  including
forward-looking  statements  pertaining  to such  matters,  does not  take  into
account the effects of any changes to the  Registrant's  business and results of
operations.  Accordingly,  actual  results  could differ  materially  from those
projected in the forward-looking  statements as a result of a number of factors,
including those identified herein.

The Partnership's investment properties consist of five apartment complexes. The
following  table sets forth the average  occupancy of the properties for each of
the nine months ended September 30, 2001 and 2000:

                                                            Average
                                                           Occupancy
       Property                                        2001          2000

       Rocky Creek Apartments
         Augusta, Georgia                              96%            93%

       Carriage House Apartments
         Gastonia, North Carolina                      88%            95%

       Nottingham Square Apartments
         Des Moines, Iowa                              95%            97%

       River Reach Apartments
         Jacksonville, Florida                         96%            96%

       Village Gardens Apartments
         Fort Collins, Colorado                        96%            96%

The increase in average  occupancy at Rocky Creek  Apartments is attributed to a
more  aggressive  marketing  campaign.  The  decrease  in average  occupancy  at
Carriage House Apartments is due to a change in demographics of the market areas
in which the investment property competes,  lower interest rates for home buyers
and road construction in the area which is limiting road traffic.

Results of Operations

The  Partnership's  net income for the nine months  ended  September  30,  2001,
totaled  approximately  $628,000  as  compared  to net  income of  approximately
$451,000 for the nine months ended  September 30, 2000.  The  Partnership's  net
income for the three months ended  September  30,  2001,  totaled  approximately
$206,000  compared to net income of  approximately  $88,000 for the three months
ended  September  30,  2000.  The  increase in net income for the three and nine
months ended September 30, 2001 is attributable to a decrease in total expenses,
partially  offset by a decrease in total  revenues.  The  decrease in both total
revenues and total  expenses for the three and nine months ended  September  30,
2001  is  primarily  due to the  sale  of  Foxfire/Barcelona  Apartments  during
November 2000. Excluding the impact of the reversal of approximately $132,000 in
accruals related to the sale of Foxfire/Barcelona Apartments for the nine months
ended  September 30, 2001 and the impact of the operations of  Foxfire/Barcelona
Apartments  for the  three  and  nine  months  ended  September  30,  2000,  the
Partnership  had net income for the three and nine months  ended  September  30,
2001 of  approximately  $204,000 and $495,000,  respectively,  compared to a net
loss of approximately  $70,000 and net income of approximately  $152,000 for the
three and nine months ended September 30, 2000, respectively.

The  increase in net income for the three and nine months  ended  September  30,
2001 is  attributable  to a decrease in total  expenses and an increase in total
revenues.  Total expenses decreased for both periods primarily due to a decrease
in general  and  administrative  expenses  partially  offset by an  increase  in
operating expense and interest  expense.  Operating expense increased during the
three months ended  September 30, 2001 primarily due to an increase in insurance
expense and administrative expense partially offset by a decrease in maintenance
expense.  Operating expense increased during the nine months ended September 30,
2001  primarily  due to an increase in insurance  expense and  property  expense
partially  offset  by a  decrease  in  maintenance  expense.  Insurance  expense
increased  during the three and nine months ended  September 30, 2001  primarily
due to an increase in insurance  premiums at Nottingham  Square  Apartments  and
River  Reach  Apartments.  Maintenance  expense  decreased  primarily  due  to a
decrease in contract  labor used for cleaning,  yard and ground care and parking
at several of the investment  properties,  especially at River Reach Apartments.
Interest  expense  increased  as a result  of the  refinancing  of the  mortgage
encumbering  Village Gardens  Apartments  during  December 2000.  Administrative
expense increased for the three months ended September 30, 2001 primarily due to
increases  in employee  bonuses at River Reach  Apartments  and Village  Gardens
Apartments.  Property expense  increased for the nine months ended September 30,
2001 due to an  increase  in  utility  costs for  vacant  apartments  at several
investment properties as a result of their decrease in occupancy.

Total revenues  increased  during the three and nine months ended  September 30,
2001  primarily  due to an increase in rental  income and other  income.  Rental
income increased primarily due to an increase in average rental rates at four of
the Registrant's investment properties.  Other income increased primarily due to
an increase in utility reimbursements being charged at the investment properties
partially  offset by a  decrease  in  interest  income as a result of lower cash
balances in interest bearing accounts.

General  and  administrative  expenses  decreased  for the three and nine months
ended  September 30, 2001. The decrease in general and  administrative  expenses
for the three months ended  September 30, 2001 is primarily due to a decrease in
the costs of services included in the management reimbursements to the Corporate
General  Partner as allowed  under the  Partnership  Agreement.  The decrease in
general and administrative expenses for the nine months ended September 30, 2001
is primarily due to a decrease in professional expenses necessary to operate the
Partnership.

Also included in general and administrative  expenses at both September 30, 2001
and 2000, are costs associated with the quarterly and annual communications with
investors and regulatory  agencies and the annual audit and appraisals  required
by the Partnership Agreement.

As part of the ongoing business plan of the Partnership,  the Corporate  General
Partner  monitors  the  rental  market  environment  of each  of its  investment
properties  to assess  the  feasibility  of  increasing  rents,  maintaining  or
increasing  occupancy  levels and protecting the  Partnership  from increases in
expenses.  As part of this plan,  the  Corporate  General  Partner  attempts  to
protect  the  Partnership  from the  burden of  inflation-related  increases  in
expenses by increasing  rents and  maintaining a high overall  occupancy  level.
However,  due to  changing  market  conditions,  which can  result in the use of
rental  concessions and rental reductions to offset softening market conditions,
there is no guarantee that the Corporate General Partner will be able to sustain
such a plan.

Liquidity and Capital Resources

At  September  30,  2001,  the  Partnership  had cash and  cash  equivalents  of
approximately $493,000 as compared to approximately  $1,333,000 at September 30,
2000. Cash and cash equivalents decreased approximately  $2,467,000 for the nine
months ended September 30, 2001 from the Partnership's  year end of December 31,
2000.  The  decrease  in cash  and  cash  equivalents  was due to  approximately
$3,888,000 of cash used in financing  activities and  approximately  $994,000 of
cash used in investing  activities  which was partially  offset by approximately
$2,595,000  of cash  provided by  operating  activities.  Cash used in investing
activities  consisted primarily of property  improvements and replacements which
were partially offset by net withdrawals from restricted  escrows  maintained by
the mortgage lender.  Cash used in financing  activities  consisted primarily of
distributions  paid  to the  partners  and,  to a  lesser  extent,  payments  of
principal made on the mortgages encumbering the Registrant's  properties and the
payment  of  additional   loan  costs  in  connection  with  the  December  2000
refinancing of the Village Gardens Apartments  mortgage.  The Registrant invests
its working capital reserves in interest bearing accounts.

The sufficiency of existing  liquid assets to meet future  liquidity and capital
expenditure   requirements   is  directly   related  to  the  level  of  capital
expenditures  required at the investment  properties to adequately  maintain the
physical  assets and other operating needs of the Partnership and to comply with
Federal, state and local legal and regulatory requirements. Capital improvements
planned for each of the Registrant's properties are detailed below.

Rocky Creek Apartments

During the nine months  ended  September  30,  2001,  the  Partnership  expended
approximately  $72,000 for  budgeted and non budgeted  capital  improvements  at
Rocky  Creek  Apartments  primarily  consisting  of  floor  covering,  appliance
replacements,  and  plumbing  enhancements.  The  improvements  were funded from
Partnership  operating cash flow. Capital improvements of approximately  $66,000
have been  budgeted  for 2001 which  include,  but are not limited to,  plumbing
enhancements, and floor covering and appliance replacements.

Carriage House Apartments

During the nine months  ended  September  30,  2001,  the  Partnership  expended
approximately  $141,000 for budgeted and non budgeted  capital  improvements  at
Carriage House Apartments primarily  consisting of floor covering  replacements,
wall covering  replacements,  air  conditioning and plumbing  improvements,  and
interior decoration.  These improvements were funded from Partnership  operating
cash flow. Capital improvements of approximately  $78,000 have been budgeted for
2001  which  include,  but are not  limited  to,  floor  covering  replacements,
interior decoration, appliance replacements, and air conditioning improvements.

Nottingham Square Apartments

During the nine months  ended  September  30,  2001,  the  Partnership  expended
approximately  $172,000 for capital improvements at Nottingham Square Apartments
primarily  consisting  of  floor  covering  and  appliance   replacements,   air
conditioning improvements,  and other building improvements.  These improvements
were  funded from  Partnership  operating  cash flow.  Capital  improvements  of
approximately  $550,000 have been budgeted for 2001 which  include,  but are not
limited to, floor covering and appliance replacements and painting.

River Reach Apartments

During the nine months  ended  September  30,  2001,  the  Partnership  expended
approximately  $439,000  for  capital  improvements  at River  Reach  Apartments
primarily  consisting  of floor  covering and appliance  replacements,  interior
decoration,  roof  replacement,  major  landscaping,  and air  conditioning  and
structural  improvements.   These  improvements  were  funded  from  Partnership
operating cash flow.  Capital  improvements of approximately  $966,000 have been
budgeted  for 2001 which  include,  but are not limited to,  floor  covering and
appliance  replacements,  interior  decoration,  structural  improvements,  roof
replacement, and other building improvements.

Village Gardens Apartments

During the nine months  ended  September  30,  2001,  the  Partnership  expended
approximately  $90,000 for capital  improvements at Village  Gardens  Apartments
primarily  consisting of floor covering and appliance  replacements  and parking
area upgrades.  These  improvements were funded from Partnership  operating cash
flow. Capital improvements of approximately $196,000 have been budgeted for 2001
which   include,   but  are  not  limited  to,  floor   covering  and  appliance
replacements,  plumbing  enhancements,  parking area  upgrades and  recreational
facilities upgrades.

The additional  capital  expenditures will be incurred only if cash is available
from  operations  and  Partnership  reserves.  To the extent that such  budgeted
capital improvements are completed, the Registrant's distributable cash flow, if
any, may be adversely affected at least in the short term.

The Partnership's  current assets are thought to be sufficient for any near term
needs  (exclusive  of capital  improvements)  of the  Partnership.  The mortgage
indebtedness of approximately $21,205,000,  net of discounts, has maturity dates
ranging from November 2002 to January 2021. The Corporate  General  Partner will
attempt to refinance such indebtedness  and/or sell the properties prior to such
maturity dates. If the properties  cannot be refinanced or sold for a sufficient
amount, the Partnership will risk losing such properties through foreclosure.

During the nine months ended  September 30, 2001, the  Partnership  declared and
paid distributions of approximately $1,999,000  (approximately $1,979,000 to the
limited partners,  $46.76 per limited  partnership unit) of cash from operations
and approximately $1,237,000 (approximately $29.23 per limited partnership unit)
all  to the  limited  partners  from  the  sale  proceeds  of  Foxfire/Barcelona
Apartments which sold in November 2000. During the two months ended December 31,
1999,  a  distribution  was  approved  and  accrued for  approximately  $428,000
(approximately $424,000 to the limited partners,  $10.02 per limited partnership
unit) from  operations.  The  distribution was paid during the nine months ended
September  30,  2000.  During the nine months  ended  September  30,  2000,  the
Partnership paid distributions of approximately  $1,920,000  ($1,901,000 paid to
the  limited  partners  or $44.91  per  limited  partnership  unit) of cash from
operations.  Future  cash  distributions  will  depend on the levels of net cash
generated from operations,  the availability of cash reserves, and the timing of
debt  maturities,   refinancings,   and/or  property  sales.  The  Partnership's
distribution policy is reviewed on a monthly basis. In addition, the Partnership
is restricted from making distributions if the amount in the reserve account for
each property  maintained by the mortgage  lender for four of the five remaining
properties is less than $400 per apartment unit at each  property.  At September
30,  2001,  the  reserve  account  was  adequately  funded  with  a  balance  of
approximately $862,000. There can be no assurance, however, that the Partnership
will  generate   sufficient  funds  from  operations,   after  required  capital
improvements,  to  permit  further  distributions  to its  partners  during  the
remainder of 2001 or subsequent periods.

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates owned 26,750 limited partnership units in
the Partnership  representing  63.20% of the outstanding  units at September 30,
2001. A number of these units were  acquired  pursuant to tender  offers made by
AIMCO or its  affiliates.  It is  possible  that  AIMCO or its  affiliates  will
acquire additional limited partnership  interests in the Partnership for cash or
in exchange  for units in the  operating  partnership  of AIMCO  either  through
private purchases or tender offers. Under the Partnership Agreement, unitholders
holding a majority of the Units are  entitled  to take action with  respect to a
variety of matters,  which would  include  voting on certain  amendments  to the
Partnership  Agreement and voting to remove the Corporate General Partner.  As a
result  of its  ownership  of  63.20% of the  outstanding  units,  AIMCO is in a
position to control all voting  decisions with respect to the  Registrant.  When
voting on matters, AIMCO would in all likelihood vote the Units it acquired in a
manner favorable to the interest of the Corporate General Partner because of its
affiliation with the Corporate General Partner.


<PAGE>



                           PART II - OTHER INFORMATION


ITEM 1.     LEGAL PROCEEDINGS

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial Group, Inc., et al. (the "Nuanes action") in the Superior Court of the
State of  California  for the  County  of San  Mateo.  The  plaintiffs  named as
defendants,  among others,  the Partnership,  its Corporate  General Partner and
several of their  affiliated  partnerships  and corporate  entities.  The action
purports  to  assert  claims  on  behalf  of a class  of  limited  partners  and
derivatively  on behalf  of a number  of  limited  partnerships  (including  the
Partnership)  which are named as nominal  defendants,  challenging,  among other
things,  the  acquisition of interests in certain  general  partner  entities by
Insignia  Financial  Group,  Inc.  ("Insignia")  and entities which were, at one
time,  affiliates of Insignia;  past tender offers by the Insignia affiliates to
acquire  limited  partnership  units;  management  of  the  partnerships  by the
Insignia  affiliates;  and the series of transactions which closed on October 1,
1998 and  February 26, 1999 whereby  Insignia  and  Insignia  Properties  Trust,
respectively,  were merged into AIMCO.  The plaintiffs seek monetary damages and
equitable relief, including judicial dissolution of the Partnership. On June 25,
1998,  the Corporate  General  Partner filed a motion  seeking  dismissal of the
action.  In lieu of responding to the motion,  the  plaintiffs  filed an amended
complaint.  The  Corporate  General  Partner  filed  demurrers  to  the  amended
complaint which were heard February 1999.

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December 14, 1999, the Corporate  General Partner and its affiliates  terminated
the  proposed  settlement.  In  February  2000,  counsel  for some of the  named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated  the  settlement.  On June  27,  2000,  the  Court  entered  an order
disqualifying  them  from the case and an  appeal  was  taken  from the order on
October 5, 2000. On December 4, 2000, the Court  appointed the law firm of Lieff
Cabraser  Heimann & Bernstein  LLP as new lead  counsel for  plaintiffs  and the
putative class.  Plaintiffs filed a third amended complaint on January 19, 2001.
On March 2, 2001,  the  Corporate  General  Partner and its  affiliates  filed a
demurrer to the third amended  complaint.  On May 14, 2001,  the Court heard the
demurrer to the third amended  complaint.  On July 10, 2001, the Court issued an
order  sustaining  defendants'  demurrer on certain  grounds.  On July 20, 2001,
Plaintiffs filed a motion for reconsideration of the Court's July 10, 2001 order
granting in part and denying in part defendants' demurrer. On September 7, 2001,
Plaintiffs  filed a fourth amended class and  derivative  action  complaint.  On
September 12, 2001, the Court denied Plaintiffs' motion for reconsideration.  On
October 5, 2001, the Corporate General Partner and affiliated defendants filed a
demurrer to the fourth amended complaint,  which, together with a demurrer filed
by other  defendants,  is currently  scheduled to be heard on November 15, 2001.
The Court has set the matter for trial in January 2003.

During the third  quarter of 2001, a complaint  (the "Heller  action") was filed
against  the same  defendants  that are named in the  Nuanes  action,  captioned
Heller v. Insignia Financial Group. On or about August 6, 2001, plaintiffs filed
a first amended  complaint.  The first amended complaint in the Heller action is
brought as a purported  derivative  action,  and asserts  claims for among other
things  breach  of  fiduciary  duty;  unfair  competition;   conversion,  unjust
enrichment;  and judicial  dissolution.  Plaintiffs in the Nuanes action filed a
motion to  consolidate  the Heller action with the Nuanes action and stated that
the Heller action was filed in order to preserve the derivative claims that were
dismissed  without  leave to amend in the Nuanes action by the Court order dated
July 10, 2001. On October 5, 2001, the Corporate  General Partner and affiliated
defendants  moved to strike the first  amended  complaint  in its  entirety  for
violating  the Court's July 10, 2001 order  granting in part and denying in part
defendants'  demurrer in the Nuanes action, or alternatively,  to strike certain
portions of the complaint based on the statute of limitations.  Other defendants
in the action  demurred to the fourth  amended  complaint,  and,  alternatively,
moved to strike the complaint.  The matters are currently  scheduled to be heard
on November 15, 2001.

The Corporate General Partner does not anticipate that any costs,  whether legal
or  settlement  costs,  associated  with  these  cases will be  material  to the
Partnership's overall operations.


<PAGE>



ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a)    Exhibits:

                  None.

            b)    Reports on Form 8-K filed during the quarter  ended  September
                  30, 2001:

                  None.


<PAGE>


                                   SIGNATURES



In accordance with the  requirements of the Exchange Act, the registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.



                              SHELTER PROPERTIES VI

                                 By:     Shelter Realty VI Corporation
                                         Corporate General Partner

                                 By:     /s/Patrick J. Foye
                                         Patrick J. Foye
                                         Executive Vice President

                                 By:     /s/Martha L. Long
                                         Martha L. Long
                                         Senior Vice President
                                         and Controller

                                 Date:   October 30, 2001