SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                   Form 10-KSB

(Mark One)
[X]   ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
      1934

                    For the fiscal year ended December 31, 2003

[] TRANSITION REPORT UNDER 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
                 (Name of small business issuer in its charter)

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

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

                                 (864) 239-1000
                            Issuer's telephone number

           Securities registered under Section 12(b) of the Exchange Act:

                                      None

           Securities registered under Section 12(g) of the Exchange Act:

                            Limited Partnership Units
                                (Title of class)

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act of 1934 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___

Check if there is no disclosure of delinquent  filers in response to Item 405 of
Regulation S-B contained in this form, and no disclosure  will be contained,  to
the best of the  registrant's  knowledge  in  definitive  proxy  or  information
statements  incorporated  by  reference  in Part III of this Form  10-KSB or any
amendment to this Form 10-KSB. [X]

State issuer's revenues for its most recent fiscal year.  $5,334,000

State the aggregate  market value of the voting  partnership  interests  held by
non-affiliates  computed  by  reference  to the price at which  the  partnership
interests  were sold,  or the average bid and asked  prices of such  partnership
interests, as of December 31, 2003. No market exists for the limited partnership
interests of the Registrant,  and,  therefore,  no aggregate market value can be
determined.

                       DOCUMENTS INCORPORATED BY REFERENCE
                                      None

<PAGE>
The matters discussed in this report contain certain forward-looking statements,
including, without limitation, statements regarding future financial performance
and the effect of government  regulations.  Actual results may differ materially
from those described in the forward-looking statements and will be affected by a
variety of risks and factors including,  without limitation:  national and local
economic  conditions;  the terms of  governmental  regulations  that  affect the
Registrant and interpretations of those regulations; the competitive environment
in which the Registrant operates;  financing risks, including the risk that cash
flows from operations may be insufficient to meet required payments of principal
and interest;  real estate risks, including variations of real estate values and
the general  economic  climate in local markets and  competition  for tenants in
such markets;  litigation,  including  costs  associated  with  prosecuting  and
defending  claims  and  any  adverse   outcomes,   and  possible   environmental
liabilities.   Readers  should  carefully  review  the  Registrant's   financial
statements and the notes thereto,  as well as the risk factors  described in the
documents  the  Registrant  files  from  time to time  with the  Securities  and
Exchange Commission.

                                     PART I

Item 1.     Description of Business

Shelter  Properties VI (the  "Partnership" or  "Registrant")  was organized as a
limited  partnership  under the laws of the State of South Carolina on August 3,
1983.  The general  partner  responsible  for  management  of the  Partnership's
business is Shelter Realty VI  Corporation,  a South Carolina  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.  The other general partner is AIMCO  Properties,
L.P., an affiliate of the Corporate General Partner and AIMCO.

Commencing March 22, 1984, the Partnership offered up to 34,900 Units of Limited
Partnership Interest (the "Units") at a purchase price of $1,000 per Unit with a
minimum  purchase of 5 Units  ($5,000),  or 2 Units  ($2,000) for an  Individual
Retirement  Account  pursuant  to  a  Registration   Statement  filed  with  the
Securities and Exchange Commission. By means of Supplement No. 4 dated September
28, 1984,  the  Partnership  offered for sale an additional  15,000  Units.  The
Corporate  General  Partner  purchased 100 units as required by the  Partnership
Agreement.

The offering  terminated in October 1984. Upon termination of the offering,  the
Partnership  had accepted  subscriptions  for 42,324 Units,  including 100 Units
purchased by the Corporate  General  Partner,  for an aggregate of  $42,324,000.
Unsold Units  (numbering  7,676) were  deregistered  pursuant to Post  Effective
Amendment No. 1 to Registration  Statement No. 2-93285 filed with the Securities
and Exchange  Commission on November 13, 1984. Since its initial  offering,  the
Partnership  has not  received,  nor are  limited  partners  required  to  make,
additional capital contributions.

The  Partnership  is engaged in the  business  of  operating  and  holding  real
properties for investment.  In 1984 and 1985 during its acquisition  phase,  the
Partnership  invested  approximately  $30,300,000  in eight  existing  apartment
properties.  The  Partnership  continues  to  own  and  operate  four  of  these
properties.  See "Item 2. Description of Properties".  The Partnership Agreement
provides  that the  Partnership  is to terminate  on December  31, 2023,  unless
terminated prior to such date.

The Partnership  has no employees.  Management and  administrative  services are
performed  by the  Corporate  General  Partner  and by  agents  retained  by the
Corporate General Partner. The property management services are performed at the
Partnership's properties by affiliates of the Corporate General Partner.

Risk Factors

The  real  estate  business  in which  the  Partnership  is  engaged  is  highly
competitive.  There are other  residential  properties within the market area of
the Partnership's properties.  The number and quality of competitive properties,
including  those which may be managed by an affiliate of the  Corporate  General
Partner,  in such market area could have a material  effect on the rental market
for  apartment  properties  owned by the  Partnership  and the rents that may be
charged  for such  properties.  While  the  Corporate  General  Partner  and its
affiliates  are a  significant  factor in the  United  States  in the  apartment
industry,  such  units  represent  an  insignificant  percentage  of  the  total
apartment units in the United States and competition for apartments is local.

Laws benefiting  disabled persons may result in the Partnership's  incurrence of
unanticipated  expenses.  Under the Americans with  Disabilities Act of 1990, or
ADA,  all places  intended to be used by the public are required to meet certain
Federal  requirements  related to access and use by disabled persons.  Likewise,
the Fair Housing Amendments Act of 1988, or FHAA, requires apartment  properties
first occupied after March 13, 1990 to be accessible to the  handicapped.  These
and other  Federal,  state  and  local  laws may  require  modifications  to the
Partnership's   properties,   or  restrict   renovations   of  the   properties.
Noncompliance  with  these laws could  result in the  imposition  of fines or an
award of  damages  to private  litigants  and also  could  result in an order to
correct any  non-complying  feature,  which could result in substantial  capital
expenditures.   Although  the  Corporate   General  Partner  believes  that  the
Partnership's   properties  are   substantially   in  compliance   with  present
requirements,  the Partnership may incur  unanticipated  expenses to comply with
the ADA and the FHAA.

Both  the  income  and  expenses  of  operating  the  properties  owned  by  the
Partnership are subject to factors outside of the Partnership's control, such as
changes in the supply and demand of similar  properties  resulting  from various
market  conditions,  increases/decreases  in unemployment or population  shifts,
changes in the availability of permanent mortgage  financing,  changes in zoning
laws,  or changes in patterns or needs of users.  In  addition,  there are risks
inherent in owning and operating residential  properties because such properties
are  susceptible to the impact of economic and other  conditions  outside of the
control of the Partnership.

There have been, and it is possible there may be other, Federal, state and local
legislation  and  regulations   enacted   relating  to  the  protection  of  the
environment.  The Partnership is unable to predict the extent,  if any, to which
such new  legislation  or  regulations  might occur and the degree to which such
existing or new legislation or regulations might adversely affect the properties
owned by the Partnership.

The Partnership  monitors its properties for evidence of pollutants,  toxins and
other dangerous substances, including the presence of asbestos. In certain cases
environmental testing has been performed,  which resulted in no material adverse
conditions or liabilities.  In no case has the Partnership  received notice that
it is a potentially  responsible party with respect to an environmental clean up
site.

A further description of the Partnership's business is included in "Management's
Discussion and Analysis or Plan of Operation"  included in "Item 6" of this Form
10-KSB.

Item 2.     Description of Properties

The following table sets forth the Partnership's investment in properties:
<TABLE>
<CAPTION>

                                 Date of
Property                         Purchase      Type of Ownership            Use

<S>                              <C>   <C>
Rocky Creek Apartments           06/29/84     Fee ownership subject      Apartment
  Augusta, Georgia                            to first mortgage          120 units

Carriage House Apartments        06/29/84     Fee ownership subject      Apartment
  Gastonia, North Carolina                    to first mortgage          102 units

River Reach Apartments           01/30/85     Fee ownership subject      Apartment
  Jacksonville, Florida                       to first mortgage          298 units

Village Gardens Apartments       03/01/85     Fee ownership subject      Apartment
  Fort Collins, Colorado                      to first mortgage          141 units
</TABLE>

Schedule of Properties

Set forth below for each of the  Partnership's  properties is the gross carrying
value,  accumulated  depreciation,  depreciable life, method of depreciation and
Federal tax basis.
<TABLE>
<CAPTION>

                       Gross
                     Carrying   Accumulated    Depreciable               Federal
Property               Value    Depreciation      Life       Method     Tax Basis
                          (in thousands)                             (in thousands)

Rocky Creek
<S>                   <C>         <C>           <C>                       <C>
  Apartments          $ 5,001     $ 3,054       5-35 yrs       SL         $ 581

Carriage House
  Apartments            4,612       3,172       5-27 yrs       SL            666

River Reach
  Apartments           16,542      10,172       5-27 yrs       SL          3,473

Village Gardens
  Apartments            4,925       2,972       5-30 yrs       SL          1,091

                      $31,080     $19,370                                $ 5,811
</TABLE>

See  "Note  A" in  "Item  7.  Financial  Statements"  for a  description  of the
Partnership's capitalization and depreciation policies.

Schedule of Property Indebtedness

The  following  table  sets  forth  certain  information  relating  to the loans
encumbering the Partnership's properties.
<TABLE>
<CAPTION>

                        Principal                                          Principal
                       Balance At                                           Balance
                      December 31,    Interest     Period     Maturity      Due At
Property                  2003          Rate     Amortized      Date      Maturity(1)
                     (in thousands)                                     (in thousands)

Rocky Creek
  Apartments
<S>                      <C>            <C>       <C>         <C>  <C>      <C>
  1st mortgage           $ 2,289        (2)       30 years    9/01/07       $ 2,063

Carriage House
  Apartments
  1st mortgage             1,856        (2)       30 years    9/01/07         1,673

River Reach
  Apartments
  1st mortgage            10,274       7.16%      20 years    06/01/22           --

Village Gardens
  Apartments
  1st mortgage             4,190       7.22%      20 years    01/01/21           --
                         $18,609                                            $ 3,736
</TABLE>

(1)   See "Item 7. Financial  Statements - Note B" for information  with respect
      to the  Partnership's  ability to prepay  these  loans and other  specific
      details about the loans.

(2)   Adjustable  rate  based  on  the  Fannie  Mae  discounted  mortgage-backed
      security  index  ("DMBS") plus 85 basis  points.  The rate at December 31,
      2003 was 1.92%.

On May 15, 2002,  the  Partnership  refinanced the mortgages  encumbering  River
Reach Apartments.  The refinancing  replaced the first mortgage of approximately
$6,048,000 and the second mortgage of approximately $252,000 with a new mortgage
in the amount of $10,654,000. The new mortgage carries a stated interest rate of
7.16% compared to the 7.60% interest rate on the old mortgages.  Payments on the
mortgage  loan are due monthly  until the loan matures on June 1, 2022, at which
time it is scheduled to be fully  amortized.  Total  capitalized loan costs were
approximately  $292,000 during the year ended December 31, 2002. Additional loan
costs of approximately  $10,000 were capitalized  during the year ended December
31, 2003. The Partnership  recognized a loss on the early extinguishment of debt
of  approximately  $48,000  during the year ended  December  31, 2002 due to the
write off of  unamortized  loan costs and debt  discounts.  This amount has been
included in interest  expense.  In  addition,  the  Partnership  was required to
deposit  approximately  $100,000 in a repair  escrow  account with the lender in
order to complete required repairs at the property and approximately  $87,000 of
this  amount  remains on deposit as of  December  31,  2003 and is  included  in
restricted escrows.

On September 16, 2002,  the  Partnership  refinanced  the mortgages  encumbering
Rocky  Creek and  Carriage  House  Apartments.  The  refinancing  of Rocky Creek
Apartments  loans  replaced the first mortgage of  approximately  $1,753,000 and
second  mortgage of  approximately  $74,000 with a new mortgage in the amount of
$2,340,000.  Total capitalized loan costs were approximately $105,000 during the
year ended December 31, 2002. Additional loan costs of approximately $3,000 were
capitalized during the year ended December 31, 2003. The Partnership  recognized
a loss on the early  extinguishment  of debt of approximately  $5,000 during the
year ended December 31, 2002 due to the write off of unamortized  loan costs and
debt discounts. This amount is included in interest expense.

The  refinancing  of the  Carriage  House  Apartments  loans  replaced the first
mortgage  of  approximately  $1,616,000  and second  mortgage  of  approximately
$68,000 with a new mortgage in the amount of $1,898,000.  Total capitalized loan
costs  were  approximately  $88,000  during the year ended  December  31,  2002.
Additional loan costs of approximately  $3,000 were capitalized  during the year
ended  December  31,  2003.  The  Partnership  recognized  a loss  on the  early
extinguishment  of debt of  approximately  $5,000 during the year ended December
31, 2002 due to the write off of unamortized loan costs and debt discounts. This
amount is  included  in interest  expense.  In  addition,  the  Partnership  was
required to deposit  approximately  $198,000 in a repair escrow account with the
lender in order to complete  required repairs at the property and  approximately
$160,000  of this  amount  remains  on deposit as of  December  31,  2003 and is
included in restricted escrows.

Initially the September 16, 2002 refinancings of the mortgages encumbering Rocky
Creek and  Carriage  House  Apartments  were  under an interim  credit  facility
("Interim  Credit  Facility") which also provided for the refinancing of several
other  properties.  The Interim Credit Facility  created separate loans for each
property refinanced  thereunder,  which loans were not  cross-collateralized  or
cross-defaulted with each other. During the term of the Interim Credit Facility,
the properties were required to make interest-only  payments.  The first month's
interest rate for the properties was 2.78%.

During  December  2002 the loans  encumbering  Rocky  Creek and  Carriage  House
Apartments  were  transferred  to  a  different  lender.   The  credit  facility
("Permanent Credit Facility") with the new lender matures in September 2007 with
an option for the Partnership to elect one five-year  extension.  This Permanent
Credit Facility created separate loans for each property refinanced  thereunder,
which loans are not  cross-collateralized  or  cross-defaulted  with each other.
Each note under this  Permanent  Credit  Facility is  initially a variable  rate
loan, and after three years,  the  Partnership  has the option of converting the
note to a fixed rate loan.  The interest  rate on the variable rate loans is the
Fannie Mae discounted mortgage-backed security index plus 85 basis points (1.92%
per  annum at  December  31,  2003),  and the rate  resets  monthly.  Each  loan
automatically  renews at the end of each month. In addition,  monthly  principal
payments  are  required  based on a  30-year  amortization  schedule,  using the
interest  rate in effect during the first month that the property is financed by
the Permanent Credit Facility. The loans may be prepaid without penalty.

On November 15, 2002,  the  Partnership  refinanced  the  mortgages  encumbering
Nottingham  Square  Apartments.  The refinancing  replaced the first mortgage of
approximately  $6,296,000 and the second mortgage of approximately $268,000 with
a new mortgage of approximately $10,300,000 under the Initial Credit Facility as
discussed above. Total capitalized loan costs were approximately $238,000 at the
time of the refinance. The Partnership recognized a loss on early extinguishment
of debt of approximately $247,000 during the year ended December 31, 2002 due to
the write off of all  unamortized  loan costs and debt discounts due to the sale
of the property in December  2002 (see "Item 7.  Financial  Statements - Note F"
for further  discussion).  This  amount is included in income from  discontinued
operations.  In addition,  at the time of the  refinance,  the  Partnership  was
required to deposit  approximately  $456,000 in a repair escrow account with the
lender in order to complete  required repairs at the property.  These funds were
returned to the Partnership during 2003.

Rental Rates and Occupancy

Average  annual rental rates and occupancy for the years ended December 31, 2003
and 2002 for each property:

                                 Average Annual
                                  Rental Rates                  Average Annual
                                   (per unit)                     Occupancy
                             Year Ended December 31,     Year Ended December 31,
                               2003           2002           2003           2002

Rocky Creek Apartments        $7,221         $6,976          95%             93%
Carriage House
  Apartments (1)               7,273          7,524          85%             91%
River Reach Apartments         9,563          9,402          96%             96%
Village Gardens
  Apartments (2)               8,389          8,649          74%             90%

(1)   The Corporate General Partner attributes the decrease in average occupancy
      at Carriage  House  Apartments to difficult  market  conditions due to the
      sluggish economy.

(2)   The Corporate General Partner attributes the decrease in average occupancy
      at Village  Gardens  Apartments  to  military  deployments,  low  mortgage
      interest rates, and a slow economy in Fort Collins, Colorado.

As noted under "Item 1.  Description of Business",  the real estate  industry is
highly  competitive.  All of the  properties of the  Partnership  are subject to
competition  from other  properties in the area. The Corporate  General  Partner
believes that all of the properties are adequately insured.  Each property is an
apartment  complex  which leases  units for lease terms of one year or less.  No
individual  tenant leases 10% or more of the available  rental space. All of the
properties are in good physical  condition,  subject to normal  depreciation and
deterioration as is typical for assets of this type and age.

Schedule of Real Estate Taxes and Rates

Real estate taxes and rates in 2003 for each property were as follows:

                                     2003              2003
                                    Billing            Rate
                                (in thousands)

Rocky Creek Apartments               $ 29             2.99%
Carriage House Apartments              47             1.42%
River Reach Apartments                254             1.86%
Village Gardens Apartments             52             8.81%

Capital Improvements

Rocky Creek Apartments

During the year ended December 31, 2003, the Partnership expended  approximately
$54,000 in capital  improvements at Rocky Creek Apartments  consisting primarily
of floor covering replacements and plumbing enhancements.  The improvements were
funded from  operating cash flow.  The  Partnership is currently  evaluating the
capital  improvement  needs of the property for the upcoming  year and currently
expects  to  budget  approximately  $66,000.   Additional  improvements  may  be
considered in 2004 and will depend on the physical  condition of the property as
well  as  replacement  reserves  and  anticipated  cash  flow  generated  by the
property.

Carriage House Apartments

During the year ended December 31, 2003, the Partnership expended  approximately
$224,000  in  capital  improvements  at  Carriage  House  Apartments  consisting
primarily  of floor  covering and  appliance  replacements,  electrical  and air
conditioning  unit  upgrades and  reconstruction  costs related to a fire at the
property.  These improvements were funded from operating cash flow,  replacement
reserves and insurance  proceeds.  The  Partnership is currently  evaluating the
capital  improvement  needs of the property for the upcoming  year and currently
expects  to  budget  approximately  $56,000.   Additional  improvements  may  be
considered in 2004 and will depend on the physical  condition of the property as
well  as  replacement  reserves  and  anticipated  cash  flow  generated  by the
property.

River Reach Apartments

During the year ended December 31, 2003, the Partnership expended  approximately
$205,000 in capital improvements at River Reach Apartments  consisting primarily
of floor  covering  and air  conditioning  unit  replacements,  water/sewer  and
electrical upgrades, roof replacements and other structural improvements.  These
improvements  were funded from operating cash flow. The Partnership is currently
evaluating the capital  improvement  needs of the property for the upcoming year
and currently expects to budget approximately $164,000.  Additional improvements
may be  considered  in 2004 and will  depend on the  physical  condition  of the
property as well as replacement  reserves and anticipated cash flow generated by
the property.

Village Gardens Apartments

During the year ended December 31, 2003, the Partnership expended  approximately
$97,000  in  capital  improvements  at  Village  Gardens  Apartments  consisting
primarily  of  floor  covering  replacements,  interior  painting  and  interior
decoration.  These  improvements  were  funded  from  operating  cash  flow  and
replacement  reserves.  The  Partnership  is  currently  evaluating  the capital
improvement needs of the property for the upcoming year and currently expects to
budget approximately $78,000.  Additional improvements may be considered in 2004
and will depend on the physical condition of the property as well as replacement
reserves and anticipated cash flow generated by the property.

Item 3.     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
purported  to  assert  claims  on  behalf  of a class of  limited  partners  and
derivatively  on behalf  of a number  of  limited  partnerships  (including  the
Partnership)  that are named as nominal  defendants,  challenging,  among  other
things,  the  acquisition  of interests  in certain  Corporate  General  Partner
entities by Insignia Financial Group, Inc.  ("Insignia") and entities that 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  sought  monetary
damages and equitable relief, including judicial dissolution of the Partnership.
In addition, 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 Heller action was brought as a
purported derivative action, and asserted claims for, among other things, breach
of fiduciary  duty,  unfair  competition,  conversion,  unjust  enrichment,  and
judicial dissolution.

On January 8, 2003,  the parties filed a  Stipulation  of Settlement in proposed
settlement of the Nuanes action and the Heller action.

In general  terms,  the  proposed  settlement  provides  for  certification  for
settlement  purposes of a settlement class consisting of all limited partners in
this  Partnership and others (the  "Partnerships")  as of December 20, 2002, the
dismissal  with  prejudice  and  release  of claims  in the  Nuanes  and  Heller
litigation,  payment by AIMCO of $9.9  million  (which shall be  distributed  to
settlement  class  members  after  deduction of attorney fees and costs of class
counsel and certain costs of settlement) and up to $1 million toward the cost of
independent  appraisals of the  Partnerships'  properties  by a Court  appointed
appraiser. An affiliate of the Corporate General Partner has also agreed to make
at least one round of tender offers to purchase all of the partnership interests
in the Partnerships within one year of final approval,  if it is granted, and to
provide  partners with the independent  appraisals at the time of these tenders.
The proposed  settlement also provided for the limitation of the allowable costs
which  the  Corporate   General  Partner  or  its  affiliates  will  charge  the
Partnerships  in connection with this litigation and imposes limits on the class
counsel  fees and  costs in this  litigation.  On April  11,  2003,  notice  was
distributed  to  limited   partners   providing  the  details  of  the  proposed
settlement.

On June 13, 2003, the Court granted final approval of the settlement and entered
judgment in both the Nuanes and Heller actions.  On August 12, 2003, an objector
("Objector")  filed an  appeal  seeking  to  vacate  and/or  reverse  the  order
approving the settlement and entering  judgment  thereto.  On November 24, 2003,
the Objector filed an  application  requesting the Court order AIMCO to withdraw
settlement  tender offers it had  commenced,  refrain from making further offers
pending the appeal and auction any units tendered to third  parties,  contending
that the offers did not conform  with the terms of the  Settlement.  Counsel for
the Objector (on behalf of another  investor)  had  alternatively  requested the
Court take certain  action  purportedly  to enforce the terms of the  settlement
agreement.  On December 18, 2003,  the Court heard oral  argument on the motions
and denied them both in their entirety.  On January 28, 2004, Objector filed his
opening brief in his pending appeal.  The Corporate General Partner is currently
scheduled  to file a brief in  support  of the order  approving  settlement  and
entering judgment thereto by April 23, 2004.

On August 8, 2003 AIMCO Properties  L.P., an affiliate of the Corporate  General
Partner,  was served  with a  Complaint  in the United  States  District  Court,
District of Columbia alleging that AIMCO Properties L.P.  willfully violated the
Fair Labor Standards Act (FLSA) by failing to pay maintenance  workers  overtime
for all hours worked in excess of forty per week.  The  Complaint is styled as a
Collective  Action  under  the FLSA and seeks to  certify  state  subclasses  in
California, Maryland, and the District of Columbia. Specifically, the plaintiffs
contend that AIMCO Properties L.P. failed to compensate  maintenance workers for
time  that they were  required  to be  "on-call".  Additionally,  the  Complaint
alleges AIMCO  Properties  L.P.  failed to comply with the FLSA in  compensating
maintenance  workers  for time that they  worked in  responding  to a call while
"on-call".  The  Complaint  also  attempts  to certify a subclass  for  salaried
service  directors who are challenging  their  classification as exempt from the
overtime  provisions of the FLSA.  AIMCO  Properties L.P. has filed an answer to
the  Complaint  denying the  substantive  allegations.  Discovery  is  currently
underway.

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

Item 4.     Submission of Matters to a Vote of Partners

During the quarter ended December 31, 2003, no matter was submitted to a vote of
unitholders through the solicitation of proxies or otherwise.

                                     PART II

Item 5. Market for the  Registrant's  Common Equity and Related  Security Holder
        Matters

The Partnership,  a publicly-held  limited partnership,  offered and sold 42,324
limited partnership units (the "Units") aggregating $42,324,000 inclusive of 100
units  purchased by the Corporate  General  Partner.  At December 31, 2003,  the
Partnership  had 1,488  holders of record  owning an aggregate of 42,324  Units.
Affiliates  of the  Corporate  General  Partner  owned 28,375 Units or 67.04% at
December 31, 2003. No public trading market has developed for the Units,  and it
is not anticipated that such a market will develop in the future.

The  Partnership  distributed  the  following  amounts  during  the years  ended
December 31, 2003 and 2002 (in thousands except per unit data):
<TABLE>
<CAPTION>

                      Year Ended      Per Limited       Year Ended      Per Limited
                     December 31,     Partnership      December 31,     Partnership
                         2003             Unit             2002             Unit

<S>                    <C>              <C>               <C>              <C>
Operations             $ 1,441          $ 33.72           $ 406            $ 9.50
Sale (1)                 1,328            31.37            8,019           189.46
Refinance (2)               --               --            7,443           175.86
                       $ 2,769          $ 65.09          $15,868          $374.82
</TABLE>

(1)   From the sale of Nottingham Square Apartments in 2002.

(2)   From the  refinance of River Reach  Apartments in May 2002 and Rocky Creek
      and Carriage  House  Apartments in September  2002 and  Nottingham  Square
      Apartments in November 2002.

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  cash
available  for  distribution  is  reviewed on a monthly  basis.  There can be no
assurance that the Partnership  will generate  sufficient  funds from operations
after required capital  improvements to permit any distributions to its partners
in 2004 or subsequent periods.  See "Item 2. Description of Properties - Capital
Improvements" for information  relating to anticipated  capital  expenditures at
the properties.

In addition to its indirect  ownership of the general  partner  interests in the
Partnership,  AIMCO and its affiliates  owned 28,375 limited  partnership  units
(the "Units") in the Partnership representing 67.04% of the outstanding Units at
December  31,  2003.  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  Units in exchange for cash or a combination
of cash and units in AIMCO Properties, L.P., the operating partnership of AIMCO,
either through private  purchases or tender offers.  Pursuant to the Partnership
Agreement,  unitholders  holding a majority  of the Units are  entitled  to take
action with  respect to a variety of matters that  include,  but are not limited
to,  voting on certain  amendments  to the  Partnership  Agreement and voting to
remove the Corporate General Partner.  As a result of its ownership of 67.04% of
the outstanding Units, AIMCO and its affiliates are in a position to control all
voting decisions with respect to the Partnership. Although the Corporate General
Partner owes fiduciary duties to the limited  partners of the  Partnership,  the
Corporate  General  Partner  also  owes  fiduciary  duties  to AIMCO as its sole
stockholder.  As a result,  the  duties of the  Corporate  General  Partner,  as
managing general  partner,  to the Partnership and its limited partners may come
into conflict with the duties of the Corporate  General Partner to AIMCO, as its
sole stockholder.

Item 6.     Management's Discussion and Analysis or Plan of Operation

This item should be read in conjunction with the financial  statements and other
items contained elsewhere in this report.

Results of Operations

The  Partnership's  net  loss for the  year  ended  December  31,  2003  totaled
approximately  $120,000 compared to net income of approximately  $13,371,000 for
the year ended  December 31, 2002. The decrease in net income for the year ended
December  31, 2003 is  primarily  due to the gain on sale of  Nottingham  Square
Apartments  during 2002, a decrease in income from  continuing  operations and a
decrease in income from discontinued operations.

On December 20, 2002, the Partnership  sold Nottingham  Square  Apartments to an
unaffiliated  third party for  $20,000,000.  After  payment of closing  costs of
approximately  $327,000,  the net  proceeds  received  by the  Partnership  were
approximately  $19,673,000.  The  Partnership  used a portion of the proceeds to
repay the mortgage  encumbering the property of approximately  $10,300,000.  The
sale of the property resulted in a gain on the sale during the fourth quarter of
2002 of approximately $13,106,000.  In addition, the Partnership recorded a loss
on early  extinguishment of debt of approximately  $247,000,  as a result of the
write off of  unamortized  loan costs and debt  discounts,  which is included in
income from discontinued  operations.  Pursuant to the Partnership Agreement and
in  connection  with the sale,  the Corporate  General  Partner is entitled to a
commission  of up to 1% for  its  assistance  with  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,
approximately $200,000 was accrued and unpaid at December 31, 2003.

Effective  January 1, 2002,  the  Partnership  adopted  Statement  of  Financial
Accounting  Standards  No. 144,  "Accounting  for the  Impairment or Disposal of
Long-Lived Assets", which established standards for the way that public business
enterprises  report  information  about long-lived  assets that are either being
held for sale or have  already  been  disposed  of by sale or other  means.  The
standard  requires  that results of  operations  for a long-lived  asset that is
being  held  for  sale  or  has  already  been  disposed  of  be  reported  as a
discontinued  operation  on  the  statement  of  operations.  As a  result,  the
accompanying  statements of operations for the years ended December 31, 2003 and
2002 reflect the  operations  of  Nottingham  Square  Apartments  as income from
discontinued operations due to the property's sale in December 2002.

The income from  discontinued  operations of approximately  $17,000 for the year
ended  December 31, 2003  includes a refund of property  taxes of  approximately
$193,000 offset by additional  costs of  approximately  $176,000  related to the
sale of Nottingham Square Apartments.

The Partnership  recognized a loss from continuing  operations of  approximately
$137,000 for the year ended December 31, 2003 compared to income from continuing
operations of  approximately  $86,000 for the year ended  December 31, 2002. The
decrease in income from  continuing  operations  for the year ended December 31,
2003 was due to a decrease in total revenues  partially  offset by a decrease in
total  expenses.  Total revenues  decreased due to decreases in rental and other
income,  partially offset by a casualty gain at Carriage House Apartments during
the year ended  December 31, 2003.  Rental income  decreased  primarily due to a
decrease in occupancy  and average  rental  rates at Carriage  House and Village
Gardens  Apartments,  increased  concession  costs  at all of the  Partnership's
properties  and increased  bad debt  expenses at Carriage  House and River Reach
Apartments,  partially  offset by increased  average rental rates at Rocky Creek
and River Reach  Apartments and increased  occupancy at Rocky Creek  Apartments.
Other  income  decreased  due to decreases  in utility  reimbursements  and fees
collected at Village Gardens Apartments.

In August 2002,  Carriage  House  Apartments  experienced  an  electrical  fire,
causing damage to two units and an outside storage building.  A casualty gain of
approximately  $19,000 was recorded during the year ended December 31, 2003, due
to the receipt of insurance  proceeds of approximately  $25,000 net of the write
off of undepreciated damaged assets of approximately $6,000.

Total  expenses for the year ended  December 31, 2003 decreased due to decreases
in  interest  and  general  and  administrative  expenses,  partially  offset by
increases in  operating,  depreciation,  and property  tax  expenses.  Operating
expenses  increased due to increases in  maintenance,  property and  advertising
expenses.  Maintenance  expense  increased  primarily due to increased  contract
services at Village Gardens, Carriage House and River Reach Apartments. Property
expense  increased due to an increase in salaries and related  benefits at River
Reach and Village Gardens Apartments, partially offset by a decrease in salaries
and  related  benefits  at  Carriage  House  Apartments.   Advertising  expenses
increased  due to increases in internet and newspaper  advertising  and referral
fees at Village Gardens Apartments.  Depreciation expense increased due to fixed
asset additions during the past twelve months at the  Partnership's  properties.
Property tax expense increased due to an increase in the assessed value of River
Reach Apartments. Interest expense decreased primarily due to the refinancing of
several  of the  Partnership's  properties  in 2002  resulting  in loss on early
extinguishment of debt included in interest expense in 2002 and lowered interest
rates for 2003.

General and  administrative  expenses  decreased for the year ended December 31,
2003  due  to a  decrease  in the  costs  of  services  included  in  management
reimbursements  to the Corporate  General  Partner allowed under the Partnership
Agreement.  Also included in general and administrative expenses at December 31,
2003 are costs  associated  with the  quarterly and annual  communications  with
investors  and  regulatory  agencies  and  the  annual  audit  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,  the Corporate  General  Partner may use rental  concessions and rental
rate reductions to offset softening market conditions,  accordingly, there is no
guarantee  that the  Corporate  General  Partner  will be able to sustain such a
plan.

Liquidity and Capital Resources

At  December  31,  2003,  the  Partnership  had  cash and  cash  equivalents  of
approximately  $255,000  compared to  approximately  $2,041,000  at December 31,
2002. The decrease in cash and cash equivalents of  approximately  $1,786,000 is
due to approximately $3,256,000 of cash used in financing activities,  partially
offset by approximately $1,454,000 and $16,000 of cash provided by operating and
investing activities,  respectively. Cash used in financing activities consisted
of  loan  costs  paid,  principal  payments  on the  mortgages  encumbering  the
Partnership's  properties  and  distributions  to  partners.  Cash  provided  by
investing activities consisted of withdrawals from restricted escrows maintained
by the mortgage  lenders and insurance  proceeds  received,  partially offset by
property  improvements  and  replacements.  The Partnership  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.  The  Corporate
General  Partner  monitors  developments  in the  area of legal  and  regulatory
compliance and is studying new federal laws, including the Sarbanes-Oxley Act of
2002. The Sarbanes-Oxley Act of 2002 mandates or suggests additional  compliance
measures with regard to governance,  disclosure, audit and other areas. In light
of these changes,  the  Partnership  expects that it will incur higher  expenses
related to compliance, including increased legal and audit fees. The Partnership
is currently evaluating the capital improvement needs of its properties for 2004
and currently expects to budget approximately $364,000.  Additional improvements
may be considered and will depend on the physical  condition of each property as
well as  replacement  reserves  and  anticipated  cash  flow  generated  by each
property.  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.

On May 15, 2002,  the  Partnership  refinanced the mortgages  encumbering  River
Reach Apartments.  The refinancing  replaced the first mortgage of approximately
$6,048,000 and the second mortgage of approximately $252,000 with a new mortgage
in the amount of $10,654,000. The new mortgage carries a stated interest rate of
7.16% compared to the 7.60% interest rate on the old mortgages.  Payments on the
mortgage  loan are due monthly  until the loan matures on June 1, 2022, at which
time it is scheduled to be fully  amortized.  Total  capitalized loan costs were
approximately  $292,000 during the year ended December 31, 2002. Additional loan
costs of approximately  $10,000 were capitalized  during the year ended December
31, 2003. The Partnership  recognized a loss on the early extinguishment of debt
of  approximately  $48,000  during the year ended  December  31, 2002 due to the
write off of  unamortized  loan costs and debt  discounts.  This amount has been
included in interest  expense.  In  addition,  the  Partnership  was required to
deposit  approximately  $100,000 in a repair  escrow  account with the lender in
order to complete required repairs at the property and approximately  $87,000 of
this  amount  remains on deposit as of  December  31,  2003 and is  included  in
restricted escrows.

On September 16, 2002,  the  Partnership  refinanced  the mortgages  encumbering
Rocky  Creek and  Carriage  House  Apartments.  The  refinancing  of Rocky Creek
Apartments  loans  replaced the first mortgage of  approximately  $1,753,000 and
second  mortgage of  approximately  $74,000 with a new mortgage in the amount of
$2,340,000.  Total capitalized loan costs were approximately $105,000 during the
year ended December 31, 2002. Additional loan costs of approximately $3,000 were
capitalized during the year ended December 31, 2003. The Partnership  recognized
a loss on the early  extinguishment  of debt of approximately  $5,000 during the
year ended December 31, 2002 due to the write off of unamortized  loan costs and
debt discounts. This amount is included in interest expense.

The  refinancing  of the  Carriage  House  Apartments  loans  replaced the first
mortgage  of  approximately  $1,616,000  and second  mortgage  of  approximately
$68,000 with a new mortgage in the amount of $1,898,000.  Total capitalized loan
costs  were  approximately  $88,000  during the year ended  December  31,  2002.
Additional loan costs of approximately  $3,000 were capitalized  during the year
ended  December  31,  2003.  The  Partnership  recognized  a loss  on the  early
extinguishment  of debt of  approximately  $5,000 during the year ended December
31, 2002 due to the write off of unamortized loan costs and debt discounts. This
amount is  included  in interest  expense.  In  addition,  the  Partnership  was
required to deposit  approximately  $198,000 in a repair escrow account with the
lender in order to complete  required repairs at the property and  approximately
$160,000  of this  amount  remains  on deposit as of  December  31,  2003 and is
included in restricted escrows.

Initially the September 16, 2002 refinancings of the mortgages encumbering Rocky
Creek and  Carriage  House  Apartments  were  under an interim  credit  facility
("Interim  Credit  Facility") which also provided for the refinancing of several
other  properties.  The Interim Credit Facility  created separate loans for each
property refinanced  thereunder,  which loans were not  cross-collateralized  or
cross-defaulted with each other. During the term of the Interim Credit Facility,
the properties were required to make interest-only  payments.  The first month's
interest rate for the properties was 2.78%.

During  December  2002 the loans  encumbering  Rocky  Creek and  Carriage  House
Apartments  were  transferred  to  a  different  lender.   The  credit  facility
("Permanent Credit Facility") with the new lender matures in September 2007 with
an option for the Partnership to elect one five-year  extension.  This Permanent
Credit Facility created separate loans for each property refinanced  thereunder,
which loans are not  cross-collateralized  or  cross-defaulted  with each other.
Each note under this  Permanent  Credit  Facility is  initially a variable  rate
loan, and after three years,  the  Partnership  has the option of converting the
note to a fixed rate loan.  The interest  rate on the variable rate loans is the
Fannie Mae discounted mortgage-backed security index plus 85 basis points (1.92%
per  annum at  December  31,  2003),  and the rate  resets  monthly.  Each  loan
automatically  renews at the end of each month. In addition,  monthly  principal
payments  are  required  based on a  30-year  amortization  schedule,  using the
interest  rate in effect during the first month that the property is financed by
the Permanent Credit Facility. The loans may be prepaid without penalty.

On November 15, 2002,  the  Partnership  refinanced  the  mortgages  encumbering
Nottingham  Square  Apartments.  The refinancing  replaced the first mortgage of
approximately  $6,296,000 and the second mortgage of approximately $268,000 with
a new mortgage of approximately $10,300,000 under the Initial Credit Facility as
discussed above. Total capitalized loan costs were approximately $238,000 at the
time of the refinance. The Partnership recognized a loss on early extinguishment
of debt of approximately $247,000 during the year ended December 31, 2002 due to
the write off of  unamortized  loan costs and debt  discounts due to the sale of
the  property  in  December  2002.  This  amount  is  included  in  income  from
discontinued  operations.  In  addition,  at  the  time  of  the  refinance  the
Partnership  was required to deposit  approximately  $456,000 in a repair escrow
account with the lender in order to complete  required  repairs at the property.
These funds were returned to the Partnership during 2003.

The  Partnership's  assets are thought to be sufficient  for any near term needs
(exclusive  of  capital   improvements)  of  the   Partnership.   The  mortgages
encumbering River Reach and Village Gardens Apartments aggregating approximately
$14,464,000  mature in June 2022 and January 2021,  respectively,  at which time
the  mortgages are scheduled to be fully  amortized.  The mortgages  encumbering
Rocky Creek and Carriage House Apartments aggregating  approximately  $4,145,000
have a maturity of  September 1, 2007 at which time  balloon  payments  totaling
approximately  $3,736,000 are due. The Corporate  General Partner has the option
to extend the maturity on the Rocky Creek and Carriage  House  Apartments  loans
for another five years.  After that period the  Corporate  General  Partner will
attempt to refinance such  indebtedness  and/or sell the properties prior to the
optional extended maturity date. If the properties cannot be refinanced or sold,
the Partnership will risk losing such properties through foreclosure.

The  Partnership  distributed  the  following  amounts  during  the years  ended
December 31, 2003 and 2002 (in thousands except per unit data):
<TABLE>
<CAPTION>

                      Year Ended      Per Limited       Year Ended      Per Limited
                     December 31,     Partnership      December 31,     Partnership
                         2003             Unit             2002             Unit

<S>                    <C>              <C>               <C>              <C>
Operations             $ 1,441          $ 33.72           $ 406            $ 9.50
Sale (1)                 1,328            31.37            8,019           189.46
Refinance (2)               --               --            7,443           175.86
                       $ 2,769          $ 65.09          $15,868          $374.82
</TABLE>

(1)   From the sale of Nottingham Square Apartments in 2002.

(2)   From the  refinance of River Reach  Apartments in May 2002 and Rocky Creek
      and Carriage  House  Apartments in September  2002 and  Nottingham  Square
      Apartments in November 2002.

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  cash
available  for  distribution  is  reviewed on a monthly  basis.  There can be no
assurance that the Partnership  will generate  sufficient funds from operations,
after required capital improvements, to permit any distributions to its partners
during 2004 or subsequent periods.

Other

In addition to its indirect  ownership of the general  partner  interests in the
Partnership,  AIMCO and its affiliates  owned 28,375 limited  partnership  units
(the "Units") in the Partnership representing 67.04% of the outstanding Units at
December  31,  2003.  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  Units in exchange for cash or a combination
of cash and units in AIMCO Properties, L.P., the operating partnership of AIMCO,
either through private  purchases or tender offers.  Pursuant to the Partnership
Agreement,  unitholders  holding a majority  of the Units are  entitled  to take
action with  respect to a variety of matters that  include,  but are not limited
to,  voting on certain  amendments  to the  Partnership  Agreement and voting to
remove the Corporate General Partner.  As a result of its ownership of 67.04% of
the outstanding Units, AIMCO and its affiliates are in a position to control all
voting decisions with respect to the Partnership. Although the Corporate General
Partner owes fiduciary duties to the limited  partners of the  Partnership,  the
Corporate  General  Partner  also  owes  fiduciary  duties  to AIMCO as its sole
stockholder.  As a result,  the  duties of the  Corporate  General  Partner,  as
managing general  partner,  to the Partnership and its limited partners may come
into conflict with the duties of the Corporate  General Partner to AIMCO, as its
sole stockholder.

Critical Accounting Policies and Estimates

A summary of the Partnership's  significant  accounting  policies is included in
"Note A - Organization and Significant Accounting Policies" which is included in
the  financial  statements  in "Item 7.  Financial  Statements".  The  Corporate
General  Partner  believes that the  consistent  application  of these  policies
enables the  Partnership  to provide  readers of the financial  statements  with
useful and reliable  information about the  Partnership's  operating results and
financial condition.  The preparation of financial statements in conformity with
accounting  principles  generally  accepted in the United  States  requires  the
Partnership to make estimates and  assumptions.  These estimates and assumptions
affect  the  reported  amounts  of  assets  and  liabilities  at the date of the
financial statements as well as reported amounts of revenues and expenses during
the  reporting  period.  Actual  results  could  differ  from  these  estimates.
Judgments  and  assessments  of  uncertainties  are  required  in  applying  the
Partnership's  accounting  policies in many areas.  The  following may involve a
higher degree of judgment and complexity.

Impairment of Long-Lived Assets

Investment  properties  are  recorded at cost,  less  accumulated  depreciation,
unless  considered  impaired.  If  events  or  circumstances  indicate  that the
carrying  amount of a property may be  impaired,  the  Partnership  will make an
assessment of its  recoverability  by estimating  the  undiscounted  future cash
flows,  excluding  interest  charges,  of the property.  If the carrying  amount
exceeds the aggregate  future cash flows,  the  Partnership  would  recognize an
impairment  loss to the extent the carrying amount exceeds the fair value of the
property.

Real  property  investments  are  subject  to varying  degrees of risk.  Several
factors  may  adversely  affect  the  economic  performance  and  value  of  the
Partnership's investment properties.  These factors include, but are not limited
to, changes in national,  regional and local economic climate; local conditions,
such  as  an  oversupply  of  multifamily  properties;  competition  from  other
available  multifamily  property owners and changes in market rental rates.  Any
adverse  changes in these  factors could cause  impairment of the  Partnership's
assets.

Revenue Recognition

The Partnership generally leases apartment units for twelve-month terms or less.
Rental income  attributable to leases is recognized monthly as it is earned. The
Partnership  evaluates all accounts receivable from residents and establishes an
allowance, after the application of security deposits, for accounts greater than
30 days past due on current tenants and all receivables due from former tenants.
The Partnership will offer rental concessions during particularly slow months or
in response to heavy  competition from other similar  complexes in the area. Any
concessions  given at the inception of the lease are amortized  over the life of
the lease.

Item 7.     Financial Statements


SHELTER PROPERTIES VI

LIST OF FINANCIAL STATEMENTS

      Report of Ernst & Young LLP, Independent Auditors

      Balance Sheet - December 31, 2003

      Statements of Operations - Years ended December 31, 2003 and 2002

      Statements of Changes in Partners' Deficit - Years ended December 31, 2003
      and 2002

      Statements of Cash Flows - Years ended December 31, 2003 and 2002

      Notes to Financial Statements


<PAGE>


                 Report of Ernst & Young LLP, Independent Auditors



The Partners
Shelter Properties VI


We have audited the  accompanying  balance sheet of Shelter  Properties VI as of
December  31,  2003,  and the  related  statements  of  operations,  changes  in
partners' deficit,  and cash flows for each of the two years in the period ended
December 31, 2003.  These  financial  statements are the  responsibility  of the
Partnership's  management.  Our responsibility is to express an opinion on these
financial statements based on our audits.

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

In our opinion,  the financial  statements  referred to above present fairly, in
all  material  respects,  the  financial  position of Shelter  Properties  VI at
December 31, 2003, and the results of its operations and its cash flows for each
of the two years in the period  ended  December  31, 2003,  in  conformity  with
accounting principles generally accepted in the United States.

                                                            /s/ERNST & YOUNG LLP


Greenville, South Carolina
February 27, 2004


<PAGE>





                              SHELTER PROPERTIES VI

                                  BALANCE SHEET
                        (in thousands, except unit data)

                                December 31, 2003

<TABLE>
<CAPTION>

Assets
<S>                                                                            <C>
   Cash and cash equivalents                                                   $   255
   Receivables and deposits                                                        178
   Restricted escrows                                                              247
   Other assets                                                                    606
   Investment properties (Notes B & E):
      Land                                                      $ 2,613
      Buildings and related personal property                     28,467
                                                                  31,080
      Less accumulated depreciation                              (19,370)       11,710
                                                                              $ 12,996

Liabilities and Partners' Deficit

Liabilities
   Accounts payable                                                            $ 103
   Tenant security deposit liabilities                                              91
   Accrued property taxes                                                           91
   Other liabilities                                                               580
   Due to Affiliates (Note D)                                                      258
   Mortgage notes payable (Note B)                                              18,609

Partners' Deficit
   General partners                                               $ (16)
   Limited partners (42,324 units issued and outstanding)         (6,720)       (6,736)
                                                                              $ 12,996

                 See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>

                              SHELTER PROPERTIES VI

                            STATEMENTS OF OPERATIONS
                      (in thousands, except per unit data)

<TABLE>
<CAPTION>

                                                             Year Ended December 31,
                                                              2003            2002
 Revenues:
<S>                                                          <C>             <C>
   Rental income                                             $ 4,895         $ 5,183
   Other income                                                  420             448
   Casualty gain (Note G)                                         19              --
      Total revenues                                           5,334           5,631

Expenses:
   Operating                                                   2,341           2,163
   General and administrative                                    272             393
   Depreciation                                                1,292           1,257
   Interest                                                    1,189           1,388
   Property taxes                                                377             344
      Total expenses                                           5,471           5,545

(Loss) income from continuing operations                        (137)             86
Income from discontinued operations (Note A)                      17             179
Gain on sale of discontinued operations (Note F)                  --          13,106
Net (loss) income (Note C)                                   $ (120)         $13,371

Net (loss) income allocated to general partners               $ (1)           $ 260
Net (loss) income allocated to limited partners                 (119)         13,111
                                                             $ (120)         $13,371

Per limited partnership unit:
  (Loss) income from continuing operations                   $ (3.21)        $ 2.01
  Income from discontinued operations                           0.40            4.18
  Gain on sale of discontinued operations                         --          303.59
Net (loss) income per limited partnership                    $ (2.81)        $309.78

Distributions per limited partnership unit                   $ 65.09         $374.82

                 See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>

                              SHELTER PROPERTIES VI

                   STATEMENTS OF CHANGES IN PARTNERS' DEFICIT
                        (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 at
  December 31, 2001                   42,324        $ (257)     $ (1,093)   $ (1,350)

Distributions to partners                 --            (4)      (15,864)    (15,868)

Net income for the year ended
  December 31, 2002                       --           260        13,111      13,371

Partners' deficit at
  December 31, 2002                   42,324            (1)       (3,846)     (3,847)

Distributions to partners                 --           (14)       (2,755)     (2,769)

Net loss for the year ended
  December 31, 2003                       --            (1)         (119)       (120)

Partners' deficit at
  December 31, 2003                   42,324         $ (16)     $ (6,720)   $ (6,736)

                 See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>

                              SHELTER PROPERTIES VI

                            STATEMENTS OF CASH FLOWS
                                 (in thousands)
<TABLE>
<CAPTION>

                                                              Year Ended December 31,
                                                                2003            2002
Cash flows from operating activities:
<S>                                                            <C>            <C>
  Net (loss) income                                            $ (120)        $ 13,371
  Adjustments to reconcile net (loss) income to net
   cash provided by operating activities:
     Depreciation                                                1,292           1,867
     Amortization of discounts and loan costs                       64             205
     Loss on early extinguishment of debt                           --             305
     Casualty gain                                                 (19)             --
     Gain on sale of investment property                            --         (13,106)
     Change in accounts:
      Receivables and deposits                                      87             (93)
      Other assets                                                  (9)              3
      Accounts payable                                            (149)            (83)
      Tenant security deposit liabilities                            4             (69)
      Accrued taxes                                                 29            (510)
      Due to affiliates                                            (84)             --
      Other liabilities                                            359            (171)
        Net cash provided by operating activities                1,454           1,719

 Cash flows from investing activities:
  Property improvements and replacements                          (514)         (1,301)
  Net withdrawals from restricted escrows                          505             160
  Insurance proceeds received                                       25              --
  Proceeds from the sale of investment property                     --          19,673
        Net cash provided by investing activities                   16          18,532

 Cash flows from financing activities:
  Repayment of mortgage notes payable                               --         (26,675)
  Proceeds from mortgage notes payable                              --          25,192
  Loan costs paid                                                  (16)           (723)
  Payments on mortgage notes payable                              (471)           (701)
  Distributions to partners                                     (2,769)        (15,868)
  Advances from affiliates                                          --             481
  Repayment of advances from affiliates                             --            (481)
        Net cash used in financing activities                   (3,256)        (18,775)

Net (decrease) increase in cash and cash equivalents            (1,786)          1,476
Cash and cash equivalents at beginning of the year               2,041             565
Cash and cash equivalents at end of the year                   $ 255           $ 2,041

Supplemental disclosure of cash flow information:
  Cash paid for interest                                      $ 1,132          $ 1,661

Property improvements and replacements included in
  accounts payable                                              $ 66            $ --


                 See Accompanying Notes to Financial Statements

</TABLE>

<PAGE>

                              SHELTER PROPERTIES VI

                          NOTE TO FINANCIAL STATEMENTS

                                December 31, 2003


Note A - Organization and Significant Accounting Policies

Organization:  Shelter  Properties VI (the  "Partnership" or  "Registrant")  was
organized as a limited partnership under the laws of the State of South Carolina
on August 3,  1983.  The  general  partner  responsible  for  management  of the
Partnership's  business  is  Shelter  Realty VI  Corporation,  a South  Carolina
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. The non-corporate  general partner
is AIMCO  Properties,  L.P., an affiliate of the Corporate  General  Partner and
AIMCO. The Partnership  Agreement  provides that the Partnership is to terminate
on December  31,  2023 unless  terminated  prior to such date.  The  Partnership
commenced  operations  on June  29,  1984,  and  completed  its  acquisition  of
apartment  properties on March 28, 1985. The Partnership operates four apartment
properties located in Georgia, North Carolina,  Florida and Colorado at December
31, 2003.

Uses of Estimates:  The  preparation of financial  statements in conformity with
accounting   principles   generally  accepted  in  the  United  States  requires
management to make estimates and assumptions that affect the amounts reported in
the financial  statements and  accompanying  notes.  Actual results could differ
from those estimates.

Allocation of Cash  Distributions:  Cash  distributions  by the  Partnership are
allocated between general and limited partners in accordance with the provisions
of the Partnership  Agreement.  The Partnership  Agreement defines net cash from
operations  as revenue  received  less  operating  expenses  paid,  adjusted for
certain  specified  items which  primarily  include  mortgage  payments on debt,
property improvements and replacements not previously reserved,  and the effects
of  other  adjustments  to  reserves.   In  the  following  notes  to  financial
statements,  whenever  "net cash  provided by  operations"  is used,  it has the
aforementioned meaning. As required by the Partnership Agreement,  the following
is a  reconciliation  of "Net cash  provided  by  operating  activities"  in the
accompanying  statement of cash flows to "Net cash provided by  operations",  as
defined in the Partnership Agreement. However, "Net cash provided by operations"
should not be  considered  an  alternative  to net income as an indicator of the
Partnership's operating performance or to cash flows as a measure of liquidity.

                                                    Years Ended December 31,
                                                     2003             2002
                                                         (in thousands)
Net cash provided by operating activities           $ 1,454         $ 1,719
  Payments on mortgage notes payable                   (471)           (701)
  Property improvements and replacements               (514)         (1,301)
  Change in restricted escrows, net                     505             160
  Changes in reserves for net operating
    liabilities                                        (237)            923
  Additional reserves                                  (737)           (800)
     Net cash provided by operations                 $ --             $ --

The  Corporate  General  Partner  reserved  approximately  $737,000 and $800,000
during the years ended December 31, 2003 and 2002, respectively.

The Partnership  Agreement  provides that 99% of  distributions of net cash from
operations  are  allocated to the limited  partners  until they receive net cash
from  operations  for such  fiscal  year equal to 7% of their  adjusted  capital
values (as  defined in the  Partnership  Agreement),  at which point the general
partners will be allocated all net cash from operations until they have received
distributions equal to 10% of the aggregate net cash from operations distributed
to partners  for such fiscal  year.  Thereafter,  the general  partners  will be
allocated 10% of any  distributions  of remaining net cash from  operations  for
such fiscal year.

All  distributions of distributable  net proceeds (as defined in the Partnership
Agreement) from property  dispositions and refinancings will be allocated to the
limited  partners  until each limited  partner has received an amount equal to a
cumulative 7% per annum of the average of the limited partners' adjusted capital
value,   less  any  prior   distributions   of  net  cash  from  operations  and
distributable net proceeds, and has also received an amount equal to the limited
partners' adjusted capital value. Thereafter, the general partners receive 1% of
the selling price of properties sold where they acted as a broker,  and then the
limited  partners  will  be  allocated  85% of any  remaining  distributions  of
distributable net proceeds and the general partners will receive 15%.

The Corporate  General  Partner may also  designate a portion of cash  generated
from operations as other reserves in determining net cash from  operations.  Per
the Partnership  Agreement,  the Corporate  General Partner  designated as other
reserves an amount equal to the net  liabilities  related to the  operations  of
apartment properties during the current fiscal year that are expected to require
the use of cash during the next fiscal year.  The changes in other  reserves for
the years  ending  December  31, 2003 and 2002 was a decrease  of  approximately
$237,000 and an increase of approximatley $923,000,  respectively. These amounts
were  determined  by  considering  changes in the  balances of  receivables  and
deposits,  other assets,  accounts payable, tenant security deposit liabilities,
accrued  property taxes, due to affiliate and other  liabilities.  At this time,
the Corporate General Partner expects to continue to adjust other reserves based
on the net change in the aforementioned account balances.

Allocation  of  Profits,  Gains,  and Losses:  Profits,  gains and losses of the
Partnership  are allocated  between  general and limited  partners in accordance
with the provisions of the Partnership Agreement.

For any fiscal  year,  to the extent  that  profits,  not  including  gains from
property dispositions,  do not exceed distributions of net cash from operations,
such  profits are  allocated  in the same manner as such  distributions.  In any
fiscal year in which profits,  not including  gains from property  dispositions,
exceed  distributions of net cash from  operations,  such excess is treated on a
cumulative  basis  as if it  constituted  an  equivalent  of  distributable  net
proceeds and is allocated together with, and in the same manner as, that portion
of gain described in the second sentence of the following paragraph.

Any gain from property  dispositions  attributable to the excess, if any, of the
indebtedness relating to a property immediately prior to the disposition of such
property  over  the  Partnership's  adjusted  basis  in the  property  shall  be
allocated to each partner  having a negative  capital  account  balance,  to the
extent of such negative  balance.  The balance of any gain shall be treated on a
cumulative basis as if it constituted an equivalent  amount of distributable net
proceeds  and shall be  allocated  to the  general  partners  to the extent that
general  partners would have received  distributable  net proceeds in connection
therewith; the balance shall be allocated to the limited partners.  However, the
interest  of the general  partners  will be equal to at least 1% of each gain at
all times during the existence of the Partnership.

All  losses,  including  losses  attributable  to  property  dispositions,   are
allocated 99% to the limited partners and 1% to the general partners.

Cash and Cash Equivalents: Cash and cash equivalents include cash on hand and in
banks.  At certain times,  the amount of cash deposited at a bank may exceed the
limit on insured  deposits.  Cash  balances  include  approximately  $176,000 at
December 31, 2003 that are  maintained  by an affiliated  management  company on
behalf of affiliated entities in cash concentration accounts.

Restricted  Escrows: In connection with the December 2000 refinancing of Village
Gardens  Apartments and the 2002 refinancings of Carriage House, River Reach and
Nottingham  Square  Apartments  approximately  $778,000 of the net proceeds were
placed in capital  reserve  accounts  to be used for  property  improvements  as
specified  in the loan  agreements.  At  December  31, 2003 the balance in these
accounts was approximately $247,000.

Investment Properties: Investment properties consist of four apartment complexes
and are  stated  at cost.  Acquisition  fees are  capitalized  as a cost of real
estate. Expenditures in excess of $250 that maintain an existing asset which has
a useful  life of more  than one year are  capitalized  as  capital  replacement
expenditures  and  depreciated  over the  estimated  useful  life of the  asset.
Expenditures for ordinary repairs,  maintenance and apartment turnover costs are
expensed as incurred.

In accordance with Statement of Financial Accounting Standards ("SFAS") No. 144,
"Accounting  for  the  Impairment  or  Disposal  of  Long-Lived   Assets",   the
Partnership  records  impairment  losses on long-lived assets used in operations
when events and circumstances indicate that the assets might be impaired and the
undiscounted  cash flows estimated to be generated by those assets are less than
the carrying  amounts of those assets.  Costs of apartment  properties that have
been  permanently  impaired  have  been  written  down to  appraised  value.  No
adjustments  for  impairment of value were recorded in the years ended  December
31, 2003 or 2002.

Depreciation:  Depreciation  is  provided by the  straight-line  method over the
estimated lives of the apartment  properties and related personal property.  For
Federal income tax purposes,  the  accelerated  cost recovery method is used for
real property over 18 years for additions  acquired  before May 9, 1985,  and 19
years for additions  after May 8, 1985,  and before January 1, 1987. As a result
of the Tax Reform Act of 1986,  for  additions  after  December  31,  1986,  the
modified  accelerated  cost recovery method is used for depreciation of (1) real
property  additions over 27.5 years and (2) personal  property  additions over 7
years.

Loan Costs: Loan costs of approximately $623,000, less accumulated  amortization
of approximately  $91,000,  are included in other assets and are being amortized
by the straight-line method over the life of the loans. Amortization expense for
2003 was approximately $64,000 and is included in interest expense. Amortization
expense  is  expected  to be  approximately  $61,000  for each of the years 2004
through  2006  and  approximately   $53,000  and  $21,000  for  2007  and  2008,
respectively.

Tenant  Security  Deposits:  The  Partnership  requires  security  deposits from
lessees  for the  duration  of the  lease  and such  deposits  are  included  in
receivables  and  deposits.  Deposits  are  refunded  when the  tenant  vacates,
provided  the  tenant  has not  damaged  its space and is  current on its rental
payments.

Leases: The Partnership  generally leases apartment units for twelve-month terms
or less.  Rental income  attributable  to leases is recognized  monthly as it is
earned.  The  Partnership  evaluates all accounts  receivable from residents and
establishes  an  allowance,  after the  application  of security  deposits,  for
accounts  greater than 30 days past due on current  tenants and all  receivables
due from former tenants.  The Partnership will offer rental  concessions  during
particularly  slow months or in response to heavy competition from other similar
complexes in the area. Any  concessions  given at the inception of the lease are
amortized over the life of the lease.

Segment Reporting: SFAS No. 131, "Disclosure about Segments of an Enterprise and
Related  Information"   established   standards  for  the  way  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 establishes  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.

Advertising:  The  Partnership  expenses the costs of  advertising  as incurred.
Advertising expense,  included in operating expense, was approximately  $108,000
and $87,000 for the years ended December 31, 2003 and 2002, respectively.

Fair Value of Financial Instruments: SFAS No. 107, "Disclosures about Fair Value
of  Financial  Instruments",  as amended  by SFAS No.  119,  "Disclosures  about
Derivative  Financial  Instruments  and Fair  Value of  Financial  Instruments",
requires  disclosure  of fair value  information  about  financial  instruments,
whether or not recognized in the balance  sheet,  for which it is practicable to
estimate  fair  value.  Fair value is defined in the SFAS as the amount at which
the  instruments  could be exchanged in a current  transaction  between  willing
parties,  other than in a forced or liquidation  sale. The Partnership  believes
that the carrying  amounts of its  financial  instruments  (except for long term
debt)  approximate  their fair  values due to the short term  maturity  of these
instruments.  The  fair  value  of  the  Partnership's  long  term  debt  at the
Partnership's incremental borrowing rate is approximately $19,788,000.

Recent  Accounting  Pronouncements:  Effective  January 1, 2002, the Partnership
adopted  Statement  of  Financial   Accounting   Standards   ("SFAS")  No.  144,
"Accounting  for  the  Impairment  or  Disposal  of  Long-Lived  Assets",  which
established  standards for the way that business  enterprises report information
about long-lived assets that are either being held for sale or have already been
disposed  of by sale or other  means.  The  standard  requires  that  results of
operations  for a  long-lived  asset that is being held for sale or has  already
been  disposed of be reported as a  discontinued  operation on the  statement of
operations. As a result, the accompanying statements of operations for the years
ended  December 31, 2003 and 2002 reflect the  operations of  Nottingham  Square
Apartments as income from discontinued  operations due to the sale of Nottingham
Square in December 2002 (see "Note F" for further discussion).

Note B - Mortgage Notes Payable
<TABLE>
<CAPTION>

                               Principal      Monthly                           Principal
                               Balance At     Payment    Stated                  Balance
                              December 31,   Including  Interest   Maturity      Due At
Property                          2003       Interest     Rate       Date       Maturity
                                   (in thousands)                            (in thousands)
Rocky Creek Apartments
<S>                             <C>             <C>        <C>     <C>   <C>     <C>
  1st mortgage                  $ 2,289         $ 9        (1)     09/01/07      $ 2,063

Carriage House Apartments
  1st mortgage                    1,856            7       (1)     09/01/07        1,673

River Reach Apartments
  1st mortgage                   10,274           84      7.16%    06/01/22           --

Village Gardens Apartments
Apartments
  1st mortgage                    4,190           36      7.22%    01/01/21           --

                                $18,609        $ 136                             $ 3,736
</TABLE>

(1)   Adjustable  rate based on Fannie Mae discounted  mortgage-backed  security
      index plus 85 basis points. The rate at December 31, 2003 was 1.92%.

On May 15, 2002,  the  Partnership  refinanced the mortgages  encumbering  River
Reach Apartments.  The refinancing  replaced the first mortgage of approximately
$6,048,000 and the second mortgage of approximately $252,000 with a new mortgage
in the amount of $10,654,000. The new mortgage carries a stated interest rate of
7.16% compared to the 7.60% interest rate on the old mortgages.  Payments on the
mortgage  loan are due monthly  until the loan matures on June 1, 2022, at which
time it is scheduled to be fully  amortized.  Total  capitalized loan costs were
approximately  $292,000 during the year ended December 31, 2002. Additional loan
costs of approximately  $10,000 were capitalized  during the year ended December
31, 2003. The Partnership  recognized a loss on the early extinguishment of debt
of  approximately  $48,000  during the year ended  December  31, 2002 due to the
write off of  unamortized  loan costs and debt  discounts.  This amount has been
included in interest  expense.  In  addition,  the  Partnership  was required to
deposit  approximately  $100,000 in a repair  escrow  account with the lender in
order to complete required repairs at the property and approximately  $87,000 of
this  amount  remains on deposit as of  December  31,  2003 and is  included  in
restricted escrows.

On September 16, 2002,  the  Partnership  refinanced  the mortgages  encumbering
Rocky  Creek and  Carriage  House  Apartments.  The  refinancing  of Rocky Creek
Apartments  loans  replaced the first mortgage of  approximately  $1,753,000 and
second  mortgage of  approximately  $74,000 with a new mortgage in the amount of
$2,340,000.  Total capitalized loan costs were approximately $105,000 during the
year ended December 31, 2002. Additional loan costs of approximately $3,000 were
capitalized during the year ended December 31, 2003. The Partnership  recognized
a loss on the early  extinguishment  of debt of approximately  $5,000 during the
year ended December 31, 2002 due to the write off of unamortized  loan costs and
debt discounts. This amount is included in interest expense.

The  refinancing  of the  Carriage  House  Apartments  loans  replaced the first
mortgage  of  approximately  $1,616,000  and second  mortgage  of  approximately
$68,000 with a new mortgage in the amount of $1,898,000.  Total capitalized loan
costs  were  approximately  $88,000  during the year ended  December  31,  2002.
Additional loan costs of approximately  $3,000 were capitalized  during the year
ended  December  31,  2003.  The  Partnership  recognized  a loss  on the  early
extinguishment  of debt of  approximately  $5,000 during the year ended December
31, 2002 due to the write off of unamortized loan costs and debt discounts. This
amount is  included  in interest  expense.  In  addition,  the  Partnership  was
required to deposit  approximately  $198,000 in a repair escrow account with the
lender in order to complete  required repairs at the property and  approximately
$160,000  of this  amount  remains  on deposit as of  December  31,  2003 and is
included in restricted escrows.

Initially the September 16, 2002 refinancings of the mortgages encumbering Rocky
Creek and  Carriage  House  Apartments  were  under an interim  credit  facility
("Interim  Credit  Facility") which also provided for the refinancing of several
other  properties.  The Interim Credit Facility  created separate loans for each
property refinanced  thereunder,  which loans were not  cross-collateralized  or
cross-defaulted with each other. During the term of the Interim Credit Facility,
the properties were required to make interest-only  payments.  The first month's
interest rate for the properties was 2.78%.

During  December  2002 the loans  encumbering  Rocky  Creek and  Carriage  House
Apartments  were  transferred  to a different  lender.  The  ("Permanent  Credit
Facility") credit facility with the new lender matures in September 2007 with an
option for the  Partnership  to elect one five-year  extension.  This  Permanent
Credit Facility created separate loans for each property refinanced  thereunder,
which loans are not  cross-collateralized  or  cross-defaulted  with each other.
Each note under this  Permanent  Credit  Facility is  initially a variable  rate
loan, and after three years,  the  Partnership  has the option of converting the
note to a fixed rate loan.  The interest  rate on the variable rate loans is the
Fannie Mae discounted mortgage-backed security index plus 85 basis points (1.92%
per  annum at  December  31,  2003),  and the rate  resets  monthly.  Each  loan
automatically  renews at the end of each month. In addition,  monthly  principal
payments  are  required  based on a  30-year  amortization  schedule,  using the
interest  rate in effect during the first month that the property is financed by
the Permanent Credit Facility. The loans may be prepaid without penalty.

On November 15, 2002,  the  Partnership  refinanced  the  mortgages  encumbering
Nottingham  Square  Apartments.  The refinancing  replaced the first mortgage of
approximately  $6,296,000 and the second mortgage of approximately $268,000 with
a new mortgage of approximately $10,300,000 under the Initial Credit Facility as
discussed above. Total capitalized loan costs were approximately $238,000 at the
time of the refinance. The Partnership recognized a loss on early extinguishment
of debt of approximately $247,000 during the year ended December 31, 2002 due to
the write off of  unamortized  loan costs and debt  discounts due to the sale of
the property in December 2002 (see "Note F" for further discussion). This amount
is included in income from discontinued operations.  In addition, at the time of
the refinance, the Partnership was required to deposit approximately $456,000 in
a repair escrow account with the lender in order to complete required repairs at
the property. These funds were returned to the Partnership during 2003.

The mortgage  notes  payable are  non-recourse  and are secured by pledge of the
respective  apartment  properties  and by pledge of revenues from the respective
apartment  properties.  The notes on River Reach and Village Gardens  Apartments
are subject to prepayment  penalties if repaid prior to maturity.  Further,  the
properties may not be sold subject to existing indebtedness.

Scheduled  principal  payments of mortgage notes payable  subsequent to December
31, 2003 are as follows (in thousands):

                                   2004          $ 510
                                   2005             542
                                   2006             577
                                   2007           4,330
                                   2008             541
                                Thereafter       12,109
                                                $18,609

Note C - Income Taxes

The Partnership has received a ruling from the Internal  Revenue Service that it
will  be  classified  as  a  partnership   for  Federal   income  tax  purposes.
Accordingly,  no provision for income taxes is made in the financial  statements
of the Partnership. Taxable income or loss of the Partnership is reported in the
income tax returns of its partners.

The  following is a  reconciliation  of reported  net (loss)  income and Federal
taxable income (in thousands, except per unit data):

                                                   For The Twelve Months Ended
                                                           December 31,
                                                       2003           2002

Net (loss) income as reported                         $ (120)        $13,371
Add (deduct):
  Amortization of present value discounts                 --              91
  Depreciation differences                               687             268
  Change in prepaid rental income                         12             (36)
  Casualty gain                                          (19)             --
  Gain on disposal                                      (100)          2,884
  Other                                                  (25)            146

Federal taxable income                                $ 435          $16,724

Federal taxable income per limited partnership
  unit                                               $ 10.18         $392.91

The following is a reconciliation between the Partnership's reported amounts and
Federal tax basis of net assets and liabilities (in thousands):

            Net liabilities as reported                 $(6,736)
            Land and buildings                             (132)
            Accumulated depreciation                     (5,767)
            Syndication                                   5,286
            Other                                           491

            Net liabilities - tax basis                 $(6,858)

Note D - 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.

Affiliates of the Corporate  General Partner are entitled to receive 5% of gross
receipts from all of the Partnership's  properties as compensation for providing
property   management   services.   The  Partnership  paid  to  such  affiliates
approximately $259,000 and $459,000 during the years ended December 31, 2003 and
2002,  respectively,  which is included in  operating  expenses  and income from
discontinued operations.

Affiliates  of  the  Corporate   General  Partner   received   reimbursement  of
accountable  administrative  expenses  amounting to  approximately  $198,000 and
$386,000 for the years ended December 31, 2003 and 2002, respectively,  which is
included in general and administrative  expenses and investment properties.  For
the year  ended  December  31,  2003,  the first  three  quarter  were  based on
estimated  amounts  and in the fourth  quarter of 2003,  the  reimbursements  of
accountable  administrative costs were adjusted based on actual costs (see "Note
H").  Included in these  amounts  are fees  related to  construction  management
services   provided  by  an  affiliate  of  the  Corporate  General  Partner  of
approximately  $21,000 and $84,000  for the years  ended  December  31, 2003 and
2002,  respectively.  The  construction  management  service fees are calculated
based on a percentage of additions to investment properties.

Pursuant  to the  Partnership  Agreement  and in  connection  with  the  sale of
Foxfire/Barcelona  Village  during  2000 and  Nottingham  Square  Apartments  in
December 2002, 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  combined  fees of
approximately  $342,000  have been accrued and are included in due to affiliates
in the accompanying balance sheet at December 31, 2003.

Subsequent  to the year ended  December 31, 2003,  an affiliate of the Corporate
General  Partner  advanced  the  Partnership  approximately  $250,000  to  cover
additional costs related to the sale of Nottingham Square Apartments.

During the year ended  December 31, 2002, the  Partnership  paid an affiliate of
the  Corporate  General  Partner  approximately   $252,000  for  brokerage  fees
associated with the refinancing of River Reach, Rocky Creek, Carriage House, and
Nottingham Square Apartments.  Approximately $103,000 paid for Nottingham Square
was  written  off when the  property  was sold  (see  "Note  F").  Approximately
$149,000  paid for River Reach,  Rocky Creek and Carriage  House  Apartments  is
included in other assets as loan costs on the accompanying balance sheet.

During the year ended December 31, 2002, the Corporate  General Partner advanced
the  Partnership  funds to cover  expenses  related to the  refinancing of River
Reach and Carriage  House  Apartments  totaling  approximately  $481,000.  These
advances were repaid by the Partnership prior to December 31, 2002. Interest was
charged at prime plus 1%. Interest  expense on these advances was  approximately
$1,000 for the year ended December 31, 2002.

The  Partnership  insures its properties up to certain  limits through  coverage
provided by AIMCO which is  generally  self-insured  for a portion of losses and
liabilities  related to workers  compensation,  property  casualty  and  vehicle
liability. The Partnership insures its properties above the AIMCO limits through
insurance  policies  obtained  by  AIMCO  from  insurers  unaffiliated  with the
Corporate  General  Partner.  During the years ended December 31, 2003 and 2002,
the  Partnership was charged by AIMCO and its affiliates  approximately  $75,000
and $142,000,  respectively,  for insurance  coverage and fees  associated  with
policy claims administration.

In addition to its indirect  ownership of the general  partner  interests in the
Partnership,  AIMCO and its affiliates  owned 28,375 limited  partnership  units
(the "Units") in the Partnership representing 67.04% of the outstanding Units at
December  31,  2003.  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  Units in exchange for cash or a combination
of cash and units in AIMCO Properties, L.P., the operating partnership of AIMCO,
either through private  purchases or tender offers.  Pursuant to the Partnership
Agreement,  unitholders  holding a majority  of the Units are  entitled  to take
action with  respect to a variety of matters that  include,  but are not limited
to,  voting on certain  amendments  to the  Partnership  Agreement and voting to
remove the Corporate General Partner.  As a result of its ownership of 67.04% of
the outstanding Units, AIMCO and its affiliates are in a position to control all
voting decisions with respect to the Partnership. Although the Corporate General
Partner owes fiduciary duties to the limited  partners of the  Partnership,  the
Corporate  General  Partner  also  owes  fiduciary  duties  to AIMCO as its sole
stockholder.  As a result,  the  duties of the  Corporate  General  Partner,  as
managing general  partner,  to the Partnership and its limited partners may come
into conflict with the duties of the Corporate  General Partner to AIMCO, as its
sole stockholder.

Note E - Real Estate and Accumulated Depreciation



                                                Initial Cost
                                               To Partnership
                                               (in thousands)
                                                      Buildings         Cost
                                                     and Related    Capitalized
                                                       Personal    Subsequent to
       Description          Encumbrances     Land      Property     Acquisition
                           (in thousands)                         (in thousands)
Rocky Creek Apartments        $ 2,289        $ 168     $ 3,821        $ 1,012
Carriage House
  Apartments                    1,856           166      3,038          1,408
River Reach Apartments         10,274         1,872     10,854          3,816
Village Gardens
  Apartments                    4,190           420      3,050          1,455
Totals                        $18,609       $ 2,626    $20,763        $ 7,691

<TABLE>
<CAPTION>

                          Gross Amount At Which Carried
                              At December 31, 2003
                                 (in thousands)

                                 Buildings
                                    And
                                  Related                        Date of            Depreciable
                                  Personal          Accumulated Construc-   Date      Life-
      Description         Land    Property   Total  Depreciation  tion    Acquired    Years

Rocky Creek Apartments
<S>                      <C>      <C>       <C>       <C>         <C>     <C>   <C>    <C>
Augusta, Georgia         $ 168    $ 4,833   $5,001    $ 3,054     1979    06/29/84     5-35

Carriage House Apartments
Gastonia, North Carolina    153     4,459    4,612      3,172   1970-1971 06/29/84     5-27

River Reach Apartments
Jacksonville, Florida     1,872    14,670   16,542     10,172     1971    01/30/85     5-27

Village Gardens Apartments
Fort Collins, Colorado      420     4,505    4,925      2,972     1974    03/01/85     5-30

         Totals          $2,613   $28,467    $31,080  $19,370
</TABLE>

Reconciliation  of "investment  properties  and  accumulated  depreciation"  (in
thousands):

                                                       Twelve Months Ended
                                                          December 31,
                                                      2003           2002
Investment Properties
Balance at beginning of period                      $ 30,520       $ 45,710
  Property improvements                                  580          1,162
  Disposal of property                                   (20)            --
  Sale of Nottingham Square Apartments                    --        (16,352)
Balance at end of period                            $ 31,080       $ 30,520

Accumulated Depreciation

Balance at beginning of period                      $ 18,092       $ 26,332
  Additions charged to expense                         1,292          1,867
  Disposal of property                                   (14)            --
  Sale of Nottingham Square Apartments                    --        (10,107)
Balance at end of period                            $ 19,370       $ 18,092

The  aggregate  cost of the real  estate  for  Federal  income tax  purposes  at
December  31,  2003  and  2002 is  approximately  $30,948,000  and  $30,447,000,
respectively. The accumulated depreciation taken for Federal income tax purposes
at December  31, 2003 and 2002 is  approximately  $25,137,000  and  $24,513,000,
respectively.

Note F - Sale of Investment Property

On December 20, 2002, the Partnership  sold Nottingham  Square  Apartments to an
unaffiliated  third party for  $20,000,000.  After  payment of closing  costs of
approximately  $327,000,  the net  proceeds  received  by the  Partnership  were
approximately  $19,673,000.  The  Partnership  used a portion of the proceeds to
repay the mortgage  encumbering the property of approximately  $10,300,000.  The
sale of the property resulted in a gain on the sale during the fourth quarter of
2002 of approximately $13,106,000.  In addition, the Partnership recorded a loss
on early  extinguishment of debt of approximately  $247,000,  as a result of the
write off of  unamortized  loan costs and debt  discounts,  which is included in
income from discontinued  operations.  Pursuant to the Partnership Agreement and
in  connection  with the sale,  the Corporate  General  Partner is entitled to a
commission  of up to 1% for  its  assistance  with  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,
approximately  $200,000  was accrued and unpaid at December  31, 2003 related to
this sale.

The income from  discontinued  operations of approximately  $17,000 for the year
ended  December 31, 2003  includes a refund of property  taxes of  approximately
$193,000 offset by additional  costs of  approximately  $176,000  related to the
sale of Nottingham Square Apartments.

Note G - Casualty Event

In August 2002,  Carriage  House  Apartments  experienced  an  electrical  fire,
causing damage to two units and an outside storage building.  A casualty gain of
approximately  $19,000 was recorded during the year ended December 31, 2003, due
to the receipt of insurance  proceeds of approximately  $25,000 net of the write
off of undepreciated damaged assets of approximately $6,000.

Note H - Fourth Quarter Adjustment

The Partnership's policy is to record management reimbursements to the Corporate
General Partner as allowed under the Partnership Agreement on a quarterly basis,
using estimated financial information furnished by an affiliate of the Corporate
General Partner.  For the first three quarters of 2003, these  reimbursements of
accountable  administrative expenses were based on estimated amounts. During the
fourth  quarter of 2003,  the  Partnership  recorded an adjustment to management
reimbursements  to  the  General  Partner  of  approximately  $84,000  due  to a
difference  in the  estimated  costs and the actual costs  incurred.  The actual
management  reimbursements  to the Corporate  General Partner for the year ended
December  31, 2003 were  approximately  $178,000,  as compared to the  estimated
management  reimbursements  to the General  Partner  for the nine  months  ended
September 30, 2003 of approximately $196,000.

Note I - 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
purported  to  assert  claims  on  behalf  of a class of  limited  partners  and
derivatively  on behalf  of a number  of  limited  partnerships  (including  the
Partnership)  that are named as nominal  defendants,  challenging,  among  other
things,  the  acquisition  of interests  in certain  Corporate  General  Partner
entities by Insignia Financial Group, Inc.  ("Insignia") and entities that 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  sought  monetary
damages and equitable relief, including judicial dissolution of the Partnership.
In addition, 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 Heller action was brought as a
purported derivative action, and asserted claims for, among other things, breach
of fiduciary  duty,  unfair  competition,  conversion,  unjust  enrichment,  and
judicial dissolution.

On January 8, 2003,  the parties filed a  Stipulation  of Settlement in proposed
settlement of the Nuanes action and the Heller action.

In general  terms,  the  proposed  settlement  provides  for  certification  for
settlement  purposes of a settlement class consisting of all limited partners in
this  Partnership and others (the  "Partnerships")  as of December 20, 2002, the
dismissal  with  prejudice  and  release  of claims  in the  Nuanes  and  Heller
litigation,  payment by AIMCO of $9.9  million  (which shall be  distributed  to
settlement  class  members  after  deduction of attorney fees and costs of class
counsel and certain costs of settlement) and up to $1 million toward the cost of
independent  appraisals of the  Partnerships'  properties  by a Court  appointed
appraiser. An affiliate of the Corporate General Partner has also agreed to make
at least one round of tender offers to purchase all of the partnership interests
in the Partnerships within one year of final approval,  if it is granted, and to
provide  partners with the independent  appraisals at the time of these tenders.
The proposed  settlement also provided for the limitation of the allowable costs
which  the  Corporate   General  Partner  or  its  affiliates  will  charge  the
Partnerships  in connection with this litigation and imposes limits on the class
counsel  fees and  costs in this  litigation.  On April  11,  2003,  notice  was
distributed  to  limited   partners   providing  the  details  of  the  proposed
settlement.

On June 13, 2003, the Court granted final approval of the settlement and entered
judgment in both the Nuanes and Heller actions.  On August 12, 2003, an objector
("Objector")  filed an  appeal  seeking  to  vacate  and/or  reverse  the  order
approving the settlement and entering  judgment  thereto.  On November 24, 2003,
the Objector filed an  application  requesting the Court order AIMCO to withdraw
settlement  tender offers it had  commenced,  refrain from making further offers
pending the appeal and auction any units tendered to third  parties,  contending
that the offers did not conform  with the terms of the  Settlement.  Counsel for
the Objector (on behalf of another  investor)  had  alternatively  requested the
Court take certain  action  purportedly  to enforce the terms of the  settlement
agreement.  On December 18, 2003,  the Court heard oral  argument on the motions
and denied them both in their entirety.  On January 28, 2004, Objector filed his
opening brief in his pending appeal.  The Corporate General Partner is currently
scheduled  to file a brief in  support  of the order  approving  settlement  and
entering judgment thereto by April 23, 2004.

On August 8, 2003 AIMCO Properties  L.P., an affiliate of the Corporate  General
Partner,  was served  with a  Complaint  in the United  States  District  Court,
District of Columbia alleging that AIMCO Properties L.P.  willfully violated the
Fair Labor Standards Act (FLSA) by failing to pay maintenance  workers  overtime
for all hours worked in excess of forty per week.  The  Complaint is styled as a
Collective  Action  under  the FLSA and seeks to  certify  state  subclasses  in
California, Maryland, and the District of Columbia. Specifically, the plaintiffs
contend that AIMCO Properties L.P. failed to compensate  maintenance workers for
time  that they were  required  to be  "on-call".  Additionally,  the  Complaint
alleges AIMCO  Properties  L.P.  failed to comply with the FLSA in  compensating
maintenance  workers  for time that they  worked in  responding  to a call while
"on-call".  The  Complaint  also  attempts  to certify a subclass  for  salaried
service  directors who are challenging  their  classification as exempt from the
overtime  provisions of the FLSA.  AIMCO  Properties L.P. has filed an answer to
the  Complaint  denying the  substantive  allegations.  Discovery  is  currently
underway.

The  Corporate  General  Partner  does  not  anticipate  that  any  costs to the
Partnership, 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
matters  involving  it or its  investment  properties  that are not of a routine
nature arising in the ordinary course of business.

Item 8. Changes in and Disagreements with Accountant on Accounting and Financial
        Disclosures

None.

Item 8a.    Controls and Procedures

(a) Disclosure Controls and Procedures.  The Partnership's management,  with the
participation of the principal executive officer and principal financial officer
of the Corporate  General Partner,  who are the equivalent of the  Partnership's
principal executive officer and principal financial officer,  respectively,  has
evaluated  the  effectiveness  of  the  Partnership's  disclosure  controls  and
procedures (as such term is defined in Rules  13a-15(e) and 15d-15(e)  under the
Securities  Exchange Act of 1934, as amended (the "Exchange Act")) as of the end
of the period covered by this report.  Based on such  evaluation,  the principal
executive  officer and  principal  financial  officer of the  Corporate  General
Partner, who are the equivalent of the Partnership's principal executive officer
and principal  financial officer,  respectively,  have concluded that, as of the
end of such period,  the  Partnership's  disclosure  controls and procedures are
effective.

(b) Internal Control Over Financial  Reporting.  There have not been any changes
in the Partnership's  internal control over financial reporting (as such term is
defined in Rules  13a-15(f)  and  15d-15(f)  under the Exchange  Act) during the
fourth quarter of 2003 that have materially  affected,  or are reasonably likely
to  materially  affect,  the  Partnership's   internal  control  over  financial
reporting.

                                    PART III

Item 9.  Directors,  Officers,  Promoters and Control  Persons;  Compliance with
         Section 16(a) of the Exchange Act

The Registrant has no directors or officers.  The corporate  general  partner is
Shelter Realty VI Corporation ("Corporate General Partner").  The names and ages
of, as well as the  position  and  offices  held by, the present  directors  and
officers of the  Corporate  General  Partner are set forth  below.  There are no
family relationships between or among any directors or officers.

Name                        Age    Position

Peter K. Kompaniez           59    Director
Martha L. Long               44    Director and Senior Vice President
Harry G. Alcock              41    Executive Vice President
Miles Cortez                 60    Executive Vice President, General Counsel
                                     and Secretary
Patti K. Fielding            40    Executive Vice President
Paul J. McAuliffe            47    Executive Vice President and Chief
                                     Financial Officer
Thomas M. Herzog             41    Senior Vice President and Chief Accounting
                                     Officer

Peter K.  Kompaniez  has been Director of the  Corporate  General  Partner since
February 2004. Mr. Kompaniez has been Vice Chairman of the Board of Directors of
AIMCO since July 1994 and was appointed  President in July 1997.  Mr.  Kompaniez
has also  served as Chief  Operating  Officer of NHP  Incorporated  after it was
acquired by AIMCO in  December  1997.  Effective  April 1, 2004,  Mr.  Kompaniez
resigned as  President  of AIMCO.  Mr.  Kompaniez  will  continue in his role as
Director of the Corporate General Partner and Vice Chairman of AIMCO's Board and
will serve AIMCO on a variety of special and  ongoing  projects in an  operating
role.

Martha L. Long has been a Director and Senior Vice  President  of the  Corporate
General  Partner since February 2004. Ms. Long has been with AIMCO since October
1998 and has served in various capacities. From 1998 to 2001, Ms. Long served as
Senior Vice President and Controller of AIMCO and the Corporate General Partner.
During 2002 and 2003,  Ms. Long served as Senior Vice  President  of  Continuous
Improvement for AIMCO.

Harry G. Alcock was appointed  Executive Vice President of the Corporate General
Partner  in  February  2004 and has been  Executive  Vice  President  and  Chief
Investment Officer of AIMCO since October 1999. Prior to October 1999 Mr. Alcock
served as a Vice President of AIMCO from July 1996 to October 1997,  when he was
promoted to Senior Vice  President-Acquisitions  where he served  until  October
1999. Mr. Alcock has had responsibility for acquisition and financing activities
of AIMCO since July 1994.

Miles  Cortez was  appointed  Executive  Vice  President,  General  Counsel  and
Secretary  of the  Corporate  General  Partner in February  2004 and of AIMCO in
August 2001. Prior to joining AIMCO, Mr. Cortez was the senior partner of Cortez
Macaulay Bernhardt & Schuetze LLC, a Denver law firm, from December 1997 through
September 2001.

Patti K. Fielding was appointed  Executive  Vice President - Securities and Debt
of the Corporate General Partner in February 2004 and of AIMCO in February 2003.
Ms. Fielding previously served as Senior Vice President - Securities and Debt of
AIMCO from  January  2000 to February  2003.  Ms.  Fielding is  responsible  for
securities and debt financing and the treasury  department.  Ms. Fielding joined
AIMCO in February 1997 and served as Vice  President - Tenders,  Securities  and
Debt until January 2000.

Paul J. McAuliffe has been Executive Vice President and Chief Financial  Officer
of the Corporate  General Partner since April 2002. Mr.  McAuliffe has served as
Executive Vice  President of AIMCO since  February 1999 and was appointed  Chief
Financial Officer of AIMCO in October 1999. From May 1996 until he joined AIMCO,
Mr. McAuliffe was Senior Managing Director of Secured Capital Corp.

Thomas M.  Herzog was  appointed  Senior  Vice  President  and Chief  Accounting
Officer  of the  Corporate  General  Partner  in  February  2004 and of AIMCO in
January 2004.  Prior to joining AIMCO in January 2004, Mr. Herzog was at GE Real
Estate,  serving as Chief Accounting Officer & Global Controller from April 2002
to January  2004 and as Chief  Technical  Advisor from March 2000 to April 2002.
Prior to joining GE Real  Estate,  Mr.  Herzog was at Deloitte & Touche LLP from
1990 until 2000,  including a two-year  assignment  in the real estate  national
office.

One or more of the above persons are also directors and/or officers of a general
partner (or general partner of a general partner) of limited  partnerships which
either have a class of  securities  registered  pursuant to Section 12(g) of the
Securities Exchange Act of 1934, or are subject to the reporting requirements of
Section  15(d) of such Act.  Further,  one or more of the above persons are also
directors and/or officers of Apartment Investment and Management Company and the
general  partner  of  AIMCO  Properties,  L.P.,  entities  that  have a class of
securities  registered  pursuant to Section 12(g) of the Securities Exchange Act
of 1934, or are subject to the reporting  requirements of Section 15 (d) of such
Act.

The board of directors of the Corporate General Partner does not have a separate
audit  committee.  As such,  the board of  directors  of the  Corporate  General
Partner fulfills the functions of an audit committee. The board of directors has
determined  that  Martha L. Long meets the  requirement  of an "audit  committee
financial expert".

The directors and officers of the Corporate  General Partner with authority over
the Partnership are all employees of subsidiaries of AIMCO.  AIMCO has adopted a
code of ethics that applies to such  directors  and  officers  that is posted on
AIMCO's  website  (www.AIMCO.com).   AIMCO's  website  is  not  incorporated  by
reference to this filing.

Item 10.    Executive Compensation

None of the directors and officers of the Corporate General Partner received any
remuneration from the Partnership.

Item 11.    Security Ownership of Certain Beneficial Owners and Management

Except as noted below, no person or entity was known by the Registrant to be the
beneficial  owner  of  more  than 5% of the  Limited  Partnership  Units  of the
Registrant as of December 31, 2003.

Entity                                  Number of Units      Percentage

Cooper River Properties, LLC
  (an affiliate of AIMCO)                     3,364             7.95%
AIMCO IPLP, L.P.
  (an affiliate of AIMCO)                    11,547            27.28%
AIMCO Properties, L.P.
  (an affiliate of AIMCO)                    13,464            31.81%

Cooper River  Properties LLC and AIMCO IPLP,  L.P.  (formerly  known as Insignia
Properties, L.P.) are directly ultimately owned by AIMCO. Their business address
is 55 Beattie Place, Greenville, South Carolina 29602.

AIMCO  Properties,  L.P. is indirectly  ultimately  owned by AIMCO. Its business
address is 4582 S. Ulster St. Parkway, Suite 1100, Denver, Colorado 80237.

No director or officer of the  Corporate  General  Partner  owns any units.  The
Corporate  General  Partner  owns 100  units  as  required  by the  terms of the
Partnership  Agreement.  AIMCO  Properties,  L.P.,  the other  general  partner,
acquired 602 units during the current  fiscal year  increasing  its ownership to
13,464 or 31.81% of the outstanding units.

Item 12.    Certain Relationships and Related Transactions

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.

Affiliates of the Corporate  General Partner are entitled to receive 5% of gross
receipts from all of the Partnership's  properties as compensation for providing
property   management   services.   The  Partnership  paid  to  such  affiliates
approximately $259,000 and $459,000 during the years ended December 31, 2003 and
2002,  respectively,  which is included in  operating  expenses  and income from
discontinued operations.

Affiliates  of  the  Corporate   General  Partner   received   reimbursement  of
accountable  administrative  expenses  amounting to  approximately  $198,000 and
$386,000 for the years ended December 31, 2003 and 2002, respectively,  which is
included in general and administrative  expenses and investment properties.  For
the year  ended  December  31,  2003,  the first  three  quarter  were  based on
estimated  amounts  and in the fourth  quarter of 2003,  the  reimbursements  of
accountable  administrative costs were adjusted based on actual costs.  Included
in these amounts are fees related to construction  management  services provided
by an affiliate of the Corporate  General Partner of  approximately  $21,000 and
$84,000  for the years  ended  December  31,  2003 and 2002,  respectively.  The
construction  management  service fees are  calculated  based on a percentage of
additions to investment properties.

Pursuant  to the  Partnership  Agreement  and in  connection  with  the  sale of
Foxfire/Barcelona  Village  during  2000 and  Nottingham  Square  Apartments  in
December 2002, 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  combined  fees of
approximately  $342,000  have been accrued and are included in due to affiliates
in the accompanying balance sheet at December 31, 2003.

Subsequent  to the year ended  December 31, 2003,  an affiliate of the Corporate
General  Partner  advanced  the  Partnership  approximately  $250,000  to  cover
additional costs related to the sale of Nottingham Square Apartments.

During the year ended  December 31, 2002, the  Partnership  paid an affiliate of
the  Corporate  General  Partner  approximately   $252,000  for  brokerage  fees
associated with the refinancing of River Reach, Rocky Creek, Carriage House, and
Nottingham Square Apartments.  Approximately $103,000 paid for Nottingham Square
was  written  off when the  property  was sold  (see  "Note  F").  Approximately
$149,000  paid for River Reach,  Rocky Creek and Carriage  House  Apartments  is
included in other assets as loan costs on the accompanying balance sheet.

During the year ended December 31, 2002, the Corporate  General Partner advanced
the  Partnership  funds to cover  expenses  related to the  refinancing of River
Reach and Carriage  House  Apartments  totaling  approximately  $481,000.  These
advances were repaid by the Partnership prior to December 31, 2002. Interest was
charged at prime plus 1%. Interest  expense on these advances was  approximately
$1,000 for the year ended December 31, 2002.

The  Partnership  insures its properties up to certain  limits through  coverage
provided by AIMCO which is  generally  self-insured  for a portion of losses and
liabilities  related to workers  compensation,  property  casualty  and  vehicle
liability. The Partnership insures its properties above the AIMCO limits through
insurance  policies  obtained  by  AIMCO  from  insurers  unaffiliated  with the
Corporate  General  Partner.  During the years ended December 31, 2003 and 2002,
the  Partnership was charged by AIMCO and its affiliates  approximately  $75,000
and $142,000,  respectively,  for insurance  coverage and fees  associated  with
policy claims administration.

In addition to its indirect  ownership of the general  partner  interests in the
Partnership,  AIMCO and its affiliates  owned 28,375 limited  partnership  units
(the "Units") in the Partnership representing 67.04% of the outstanding Units at
December  31,  2003.  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  Units in exchange for cash or a combination
of cash and units in AIMCO Properties, L.P., the operating partnership of AIMCO,
either through private  purchases or tender offers.  Pursuant to the Partnership
Agreement,  unitholders  holding a majority  of the Units are  entitled  to take
action with  respect to a variety of matters that  include,  but are not limited
to,  voting on certain  amendments  to the  Partnership  Agreement and voting to
remove the Corporate General Partner.  As a result of its ownership of 67.04% of
the outstanding Units, AIMCO and its affiliates are in a position to control all
voting decisions with respect to the Partnership. Although the Corporate General
Partner owes fiduciary duties to the limited  partners of the  Partnership,  the
Corporate  General  Partner  also  owes  fiduciary  duties  to AIMCO as its sole
stockholder.  As a result,  the  duties of the  Corporate  General  Partner,  as
managing general  partner,  to the Partnership and its limited partners may come
into conflict with the duties of the Corporate  General Partner to AIMCO, as its
sole stockholder.

                                     PART IV

Item 13.    Exhibits and Reports on Form 8-K

            (a)   Exhibits:

                  See Exhibit Index attached.

            (b) Reports on Form 8-K filed during the fourth quarter of 2003:

                  None.

Item 14.    Principal Accountant Fees and Services

The Corporate  General Partner has reappointed  Ernst & Young LLP as independent
auditors to audit the financial statements of the Partnership for 2004.

Audit  Fees.  The  Partnership   paid  to  Ernst  &  Young  LLP  audit  fees  of
approximately $54,000 for both 2003 and 2002.

Tax Fees.  The  Partnership  paid to Ernst & Young LLP fees for tax services for
2003 and 2002 of approximately $15,000 and $21,000, respectively.



<PAGE>


                                   SIGNATURES



In accordance  with Section 13 or 15(d) of the Exchange Act, the  Registrant has
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/Martha L. Long
                                          Martha L. Long
                                          Senior Vice President


                                    By:   /s/Thomas M. Herzog
                                          Thomas M. Herzog
                                          Senior Vice President and
                                          Chief Accounting Officer


                                    Date: March 29, 2004


In  accordance  with the Exchange  Act, this report has been signed below by the
following  persons on behalf of the Partnership and in the capacities and on the
dates indicated.


/s/Peter K. Kompaniez         Director                      Date: March 29, 2004
Peter K. Kompaniez


/s/Martha L. Long             Director and Senior Vice      Date: March 29, 2004
Martha L. Long                President


/s/Thomas M. Herzog           Senior Vice President and     Date: March 29, 2004
Thomas M. Herzog              Chief Accounting Officer




<PAGE>


                              SHELTER PROPERTIES VI

                                  EXHIBIT INDEX


Exhibit Number    Description of Exhibit

3    See Exhibit 4(a)

4    (a) Amended and Restated  Certificate and Agreement of Limited  Partnership
     (included as Exhibit A to the Prospectus of Registrant dated March 22, 1984
     contained in Amendment  No. 1 to  Registration  Statement No.  2-86995,  of
     Registrant filed March 21, 1984 (the "Prospectus") and incorporated  herein
     by reference.)

     (b)  Subscription  Agreement and Signature  Page (included as Exhibits 4(A)
          and 4 (B) 8 to the Prospectus and incorporated herein by reference).

10(iii)           Contracts related to refinancings of debt:

            (g)   Multifamily  Note dated  December  15,  2000  between  Shelter
                  Properties VI and Reilly Mortgage  Group,  Inc., a District of
                  Columbia  corporation,  securing  Village  Gardens  Apartments
                  filed as  Exhibit  10(iii)(g)  to the  Partnership's  Form 8-K
                  Filed February 1, 2001 and incorporated herein by reference.

            (h)   Multifamily  Deed of Trust,  Assignment of Rents, and Security
                  Agreement  dated  December  15,  2000  between  Shelter VI and
                  Reilly   Mortgage   Group,   Inc.,   a  District  of  Columbia
                  corporation,  securing  Village Gardens  Apartments.  Filed as
                  Exhibit   10(iii)(h)  to  the  Partnership's  Form  8-K  filed
                  February 1, 2001 and incorporated herein by reference.

            (i)   Multifamily Note dated May 15, 2002 between Shelter Properties
                  VI and Keycorp  Real Estate  Capital  Markets,  Inc.,  an Ohio
                  corporation, securing River Reach Apartments. Filed as Exhibit
                  10(iii)(i)  of the  Partnership's  Quarterly  Report  on  Form
                  10-QSB for the quarter  ended June 30,  2002 and  incorporated
                  herein by reference.

            (j)   Loan  Agreement by and among Shelter  Properties VI, and other
                  affiliated   partnerships,   and  GMAC   Commercial   Mortgage
                  Corporation,  a  California  corporation,   to  secure  credit
                  facility,   dated   September  16,  2002.   Filed  as  Exhibit
                  10(iii)(j)  of the  Partnership's  Quarterly  Report  on  Form
                  10-QSB  for  the  quarter   ended   September   30,  2002  and
                  incorporated herein by reference.

            (k)   Multifamily  Note by and among Shelter  Properties VI and GMAC
                  Commercial Mortgage Corporation, a California corporation,  to
                  secure  loan for  Rocky  Creek  Apartments.  Filed as  Exhibit
                  10(iii)(k)  of the  Partnership's  Quarterly  Report  on  Form
                  10-QSB  for  the  quarter   ended   September   30,  2002  and
                  incorporated herein by reference.

            (l)   Multifamily  Note by and among Shelter  Properties VI and GMAC
                  Commercial Mortgage Corporation, a California corporation,  to
                  secure loan for Carriage  House  Apartments.  Filed as Exhibit
                  10(iii)(l)  of the  Partnership's  Quarterly  Report  on  Form
                  10-QSB  for  the  quarter   ended   September   30,  2002  and
                  incorporated herein by reference.

            (m)   Multifamily  Note by and among Shelter  Properties VI and GMAC
                  Commercial Mortgage Corporation, a California corporation,  to
                  secure loan for Nottingham  Square Apartments filed as Exhibit
                  10(iii)(m) of the  Partnership's  Annual Report on Form 10-KSB
                  for the year ended December 31, 2002 and  incorporated  herein
                  by reference.

10(iv)            Contracts related to disposition of properties:

            (c)   Purchase and Sale Contract between Registrant and BH Equities,
                  LLC, an Iowa limited liability company,  dated October 8, 2002
                  filed with Form 8-K on January 6, 2003 and incorporated herein
                  by reference.

            (d)   First   Amendment  to  Purchase  and  Sale  Contract   between
                  Registrant  and BH Equities,  LLC, an Iowa  limited  liability
                  company dated  November 7, 2002 filed with Form 8-K on January
                  6, 2003 and incorporated herein by reference.

            (e)   Second   Amendment  to  Purchase  and  Sale  Contract  between
                  Registrant  and BH Equities,  LLC, an Iowa  limited  liability
                  company dated November 15, 2002 filed with Form 8-K on January
                  6, 2003 and incorporated herein by reference.

            (f)   Assignment of Purchase Agreement between BH Equities,  LLC, an
                  Iowa  limited   liability   company,   and  Nottingham  Square
                  Apartments, LP, an Iowa limited partnership dated November 25,
                  2002 filed  with Form 8-K on January 6, 2003 and  incorporated
                  herein by reference.

31.1              Certification   of  equivalent  of  Chief  Executive   Officer
                  pursuant to Securities Exchange Act Rules 13a-14(a)/15d-14(a),
                  as Adopted Pursuant to Section 302 of the  Sarbanes-Oxley  Act
                  of 2002.

31.2              Certification   of  equivalent  of  Chief  Financial   Officer
                  pursuant to Securities Exchange Act Rules 13a-14(a)/15d-14(a),
                  as Adopted Pursuant to Section 302 of the  Sarbanes-Oxley  Act
                  of 2002.

32.1              Certification Pursuant to 18 U.S.C. Section 1350, as  Adopted
                  Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.



<PAGE>



Exhibit 31.1


                                  CERTIFICATION


I, Martha L. Long, certify that:


1.    I have reviewed  this annual  report on Form 10-KSB of Shelter  Properties
      VI;

2.    Based on my knowledge,  this report does not contain any untrue  statement
      of a material fact or omit to state a material fact  necessary to make the
      statements made, in light of the circumstances under which such statements
      were made,  not  misleading  with  respect  to the period  covered by this
      report;

3.    Based on my  knowledge,  the  financial  statements,  and other  financial
      information  included  in this  report,  fairly  present  in all  material
      respects the financial condition,  results of operations and cash flows of
      the registrant as of, and for, the periods presented in this report;

4.    The  registrant's  other  certifying  officer(s) and I are responsible for
      establishing  and  maintaining  disclosure  controls  and  procedures  (as
      defined in Exchange Act Rules  13a-15(e) and 15d-15(e)) for the registrant
      and have:

      (a)   Designed such  disclosure  controls and  procedures,  or caused such
            disclosure   controls  and  procedures  to  be  designed  under  our
            supervision,  to ensure that  material  information  relating to the
            registrant,  including its consolidated subsidiaries,  is made known
            to us by others  within  those  entities,  particularly  during  the
            period in which this report is being prepared;

      (b)   Evaluated the effectiveness of the registrant's  disclosure controls
            and  procedures and presented in this report our  conclusions  about
            the effectiveness of the disclosure  controls and procedures,  as of
            the  end  of the  period  covered  by  this  report  based  on  such
            evaluation; and

      (c)   Disclosed  in this  report any change in the  registrant's  internal
            control  over   financial   reporting   that  occurred   during  the
            registrant's  most recent fiscal  quarter (the  registrant's  fourth
            fiscal  quarter in the case of an annual report) that has materially
            affected,   or  is  reasonably  likely  to  materially  affect,  the
            registrant's internal control over financial reporting; and

5.    The registrant's other certifying  officer(s) and I have disclosed,  based
      on  our  most  recent   evaluation  of  internal  control  over  financial
      reporting,  to the  registrant's  auditors and the audit  committee of the
      registrant's  board of directors  (or persons  performing  the  equivalent
      functions):

      (a)   All significant  deficiencies and material  weaknesses in the design
            or operation of internal control over financial  reporting which are
            reasonably  likely to adversely affect the  registrant's  ability to
            record, process, summarize and report financial information; and

      (b)   Any fraud,  whether or not  material,  that  involves  management or
            other  employees  who have a  significant  role in the  registrant's
            internal control over financial reporting.

Date: March 29, 2004

                                    /s/Martha L. Long
                                    Martha L. Long
                                    Senior Vice  President of Shelter  Realty VI
                                    Corporation,   equivalent   of   the   chief
                                    executive officer of the Partnership


<PAGE>



Exhibit 31.2


                                  CERTIFICATION


I, Thomas M. Herzog, certify that:


1.    I have reviewed  this annual  report on Form 10-KSB of Shelter  Properties
      VI;

2.    Based on my knowledge,  this report does not contain any untrue  statement
      of a material fact or omit to state a material fact  necessary to make the
      statements made, in light of the circumstances under which such statements
      were made,  not  misleading  with  respect  to the period  covered by this
      report;

3.    Based on my  knowledge,  the  financial  statements,  and other  financial
      information  included  in this  report,  fairly  present  in all  material
      respects the financial condition,  results of operations and cash flows of
      the registrant as of, and for, the periods presented in this report;

4.    The  registrant's  other  certifying  officer(s) and I are responsible for
      establishing  and  maintaining  disclosure  controls  and  procedures  (as
      defined in Exchange Act Rules  13a-15(e) and 15d-15(e)) for the registrant
      and have:

      (a)   Designed such  disclosure  controls and  procedures,  or caused such
            disclosure   controls  and  procedures  to  be  designed  under  our
            supervision,  to ensure that  material  information  relating to the
            registrant,  including its consolidated subsidiaries,  is made known
            to us by others  within  those  entities,  particularly  during  the
            period in which this report is being prepared;

      (b)   Evaluated the effectiveness of the registrant's  disclosure controls
            and  procedures and presented in this report our  conclusions  about
            the effectiveness of the disclosure  controls and procedures,  as of
            the  end  of the  period  covered  by  this  report  based  on  such
            evaluation; and

      (c)   Disclosed  in this  report any change in the  registrant's  internal
            control  over   financial   reporting   that  occurred   during  the
            registrant's  most recent fiscal  quarter (the  registrant's  fourth
            fiscal  quarter in the case of an annual report) that has materially
            affected,   or  is  reasonably  likely  to  materially  affect,  the
            registrant's internal control over financial reporting; and

5.    The registrant's other certifying  officer(s) and I have disclosed,  based
      on  our  most  recent   evaluation  of  internal  control  over  financial
      reporting,  to the  registrant's  auditors and the audit  committee of the
      registrant's  board of directors  (or persons  performing  the  equivalent
      functions):

      (a)   All significant  deficiencies and material  weaknesses in the design
            or operation of internal control over financial  reporting which are
            reasonably  likely to adversely affect the  registrant's  ability to
            record, process, summarize and report financial information; and

      (b)   Any fraud,  whether or not  material,  that  involves  management or
            other  employees  who have a  significant  role in the  registrant's
            internal control over financial reporting.

Date: March 29, 2004

                                    /s/Thomas M. Herzog
                                    Thomas M. Herzog
                                    Senior Vice  President and Chief  Accounting
                                    Officer  of Shelter  Realty VI  Corporation,
                                    equivalent of the chief financial officer of
                                    the Partnership


<PAGE>


Exhibit 32.1


                          Certification of CEO and CFO
                       Pursuant to 18 U.S.C. Section 1350,
                             As Adopted Pursuant to
                   Section 906 of the Sarbanes-Oxley Act of 2002



In  connection  with the Annual  Report on Form 10-KSB of Shelter  Properties VI
Limited  Partnership (the  "Partnership"),  for the annual period ended December
31, 2003 as filed with the Securities and Exchange Commission on the date hereof
(the "Report"), Martha L. Long, as the equivalent of the chief executive officer
of the  Partnership,  and  Thomas  M.  Herzog,  as the  equivalent  of the chief
financial  officer of the  Partnership,  each hereby  certifies,  pursuant to 18
U.S.C.  Section 1350, as adopted  pursuant to Section 906 of the  Sarbanes-Oxley
Act of 2002, that, to the best of his knowledge:

      (1)   The Report fully complies with the  requirements of Section 13(a) or
            15(d) of the Securities Exchange Act of 1934; and

      (2)   The  information  contained in the Report  fairly  presents,  in all
            material respects, the financial condition and results of operations
            of the Partnership.


                                           /s/Martha L. Long
                                    Name:  Martha L. Long
                                    Date:  March 29, 2004


                                           /s/Thomas M. Herzog
                                    Name:  Thomas M. Herzog
                                    Date:  March 29, 2004


This  certification is furnished with this Report pursuant to Section 906 of the
Sarbanes-Oxley  Act of 2002 and shall not be deemed filed by the Partnership for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended.