<PAGE>   1

                       SECURITIES AND EXCHANGE COMMISSION

                            Washington, D.C.  20549


                                   FORM 10-Q


                Quarterly Report Pursuant to Section 13 or 15(d)
                     of the Securities Exchange Act of 1934

               For the Quarterly Period Ended SEPTEMBER 30, 1996

                         Commission File Number 2-82090

                       REAL ESTATE ASSOCIATES LIMITED VI
                       (A California Limited Partnership)

                 I.R.S. Employer Identification No. 95-3778627

                         9090 WILSHIRE BLVD., SUITE 201
                           BEVERLY HILLS, CA.  90211

                         Registrant's Telephone Number,
                       Including Area Code (310) 278-2191



Indicate by check mark whether the registrant (1) has filed all documents and
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding twelve 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
                                  ----      ----
<PAGE>   2
                       REAL ESTATE ASSOCIATES LIMITED VI
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                               INDEX TO FORM 10-Q

                    FOR THE QUARTER ENDED SEPTEMBER 30, 1996




<TABLE>
<S>                                                                                                        <C>
PART I.  FINANCIAL INFORMATION
       Item 1.  Financial Statements

                     Consolidated Balance Sheets,
                            September 30, 1996 and December 31, 1995  . . . . . . . . . . . . . . . . . . . 1

                     Consolidated Statements of Operations,
                            Nine and Three Months Ended, September 30, 1996 and 1995  . . . . . . . . . . . 2

                     Consolidated Statement of Partners' Deficiency
                            Nine Months Ended September 30, 1996  . . . . . . . . . . . . . . . . . . . . . 3

                     Consolidated Statements of Cash Flows
                            Nine Months Ended September 30, 1996 and 1995   . . . . . . . . . . . . . . . . 4

                     Notes to Consolidated Financial Statements   . . . . . . . . . . . . . . . . . . . . . 5

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


PART II.  OTHER INFORMATION

       Item 1.  Legal Proceedings   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  12

       Item 6.  Exhibits and Reports on Form 8-K  . . . . . . . . . . . . . . . . . . . . . . . . . . . .  12

       Signatures   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  13
</TABLE>
<PAGE>   3
                       REAL ESTATE ASSOCIATES LIMITED VI
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                                 BALANCE SHEETS

                    SEPTEMBER 30, 1996 AND DECEMBER 31, 1995

                                     ASSETS

<TABLE>
<CAPTION>
                                                                       1996              1995
                                                                    (Unaudited)        (Audited)  
                                                                    -----------       -----------
<S>                                                                <C>                <C>
INVESTMENTS IN LIMITED PARTNERSHIPS (Note 2)                       $ 5,966,587        $ 5,619,146

RENTAL PROPERTY, net of accumulated depreciation
    (Notes 1 and 3)                                                  3,265,426          7,285,002

CASH AND CASH EQUIVALENTS (Note 1)                                   5,840,188          4,895,340

CASH, restricted (Note 1)                                               84,338             84,338

SHORT TERM INVESTMENTS (NOTE 1)                                        125,000            125,000

RECEIVABLES FROM LIMITED PARTNERSHIPS (Note 2)                          31,000              1,000

OTHER ASSETS                                                            66,217            327,313 
                                                                   -----------        -----------

          TOTAL ASSETS                                             $15,378,756        $18,337,139 
                                                                   ===========        ===========

                          LIABILITIES AND PARTNERS' DEFICIENCY
LIABILITIES:
    Mortgage notes payable related to properties (Notes 3 and 7)   $ 4,838,169        $ 9,890,564
    Notes payable and amounts due for partnership
        interests (Notes 4 and 7)                                    5,795,000          5,795,000
    Accrued interest payable (Notes 4 and 7)                         5,484,718          5,253,980
    Accounts payable                                                    25,990            193,501
    Other liabilities                                                   70,631            131,171 
                                                                   -----------        -----------

                                                                    16,214,508         21,264,216 
                                                                   -----------        -----------

COMMITMENTS AND CONTINGENCIES (Notes 2, 5 and 6)

PARTNERS' DEFICIENCY:
    General partners                                                  (359,547)          (380,460)
    Limited partners                                                  (476,205)        (2,546,617)
                                                                   -----------        -----------

                                                                      (835,752)        (2,927,077)
                                                                   -----------        -----------

           TOTAL LIABILITIES AND PARTNERS' EQUITY                  $15,378,756        $18,337,139 
                                                                   ===========        ===========
</TABLE>


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





                                       1
<PAGE>   4
                       REAL ESTATE ASSOCIATES LIMITED VI
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                     CONSOLIDATED STATEMENTS OF OPERATIONS

            NINE AND THREE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995

                                  (Unaudited)

<TABLE>
<CAPTION>
                                                    Nine months      Three months       Nine months      Three months
                                                       ended             ended             ended            ended
                                                   Sept. 30, 1996    Sept. 30, 1996    Sept. 30, 1995    Sept. 30, 1995
                                                   --------------    --------------    --------------    --------------
<S>                                             <C>                <C>               <C>               <C>
RENTAL OPERATIONS:
      Revenues                                     $     950,365     $     254,052     $   2,035,583     $     683,635 
                                                   --------------    --------------    --------------    --------------

      Expenses:
          Operating                                      537,448           154,572         1,141,766           412,069
          Depreciation and amortization (Note 3)         186,748            43,704           246,959            51,103
          Interest                                       442,503            95,092           762,677           254,136 
                                                   --------------    --------------    --------------    --------------

                                                       1,166,699           293,368         2,151,402           717,308 
                                                   --------------    --------------    --------------    --------------

LOSS FROM RENTAL OPERATIONS                             (216,334)          (39,316)         (115,819)          (33,673)
                                                   --------------    --------------    --------------    --------------

PARTNERSHIP OPERATIONS:
     Interest income                                     125,408            47,820           133,549            42,059 
                                                   --------------    --------------    --------------    --------------

     Expenses:
         Management fees - general partner               388,119           125,274           461,991           153,521
         General and administrative                      206,734            40,873           205,263           197,076
         Mortgage commission - general partner                 -                 -           131,100                 -
         Interest expense                                389,738           129,913           389,738           129,913 
                                                   --------------    --------------    --------------    --------------
                                                         984,591           296,060         1,188,092           480,510 
                                                   --------------    --------------    --------------    --------------

LOSS FROM PARTNERSHIP
   OPERATIONS                                           (859,183)         (248,240)       (1,054,543)         (438,451)
                                                   --------------    --------------    --------------    --------------

GAIN FROM SALE OF RENTAL
   PROPERTY (Note 1)                                   2,050,417                 -                 -                 -

EQUITY IN INCOME OF LIMITED
   PARTNERSHIPS AND AMORTI-
   ZATION OF ACQUISITION COSTS                           519,000           173,000           279,000            93,000

DISTRIBUTIONS FROM LIMITED
    PARTNERSHIPS RECOGNIZED
    AS INCOME (Note 2)                                   597,425           468,225           235,771            10,588 
                                                   --------------    --------------    --------------    --------------

NET INCOME (LOSS)                                  $   2,091,325     $     353,669     $    (655,591)    $    (368,536)
                                                   ==============    ==============    ==============    ==============

NET INCOME (LOSS) PER LIMITED
   PARTNERSHIP INTEREST (Note 1)                   $         124     $          21     $         (39)    $         (22)
                                                   ==============    ==============    ==============    ==============
</TABLE>

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





                                       2
<PAGE>   5
                       REAL ESTATE ASSOCIATES LIMITED VI
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                 CONSOLIDATED STATEMENT OF PARTNERS' DEFICIENCY

                      NINE MONTHS ENDED SEPTEMBER 30, 1996

                                  (Unaudited)


<TABLE>
<CAPTION>
                                                  General            Limited
                                                  Partners           Partners               Total  
                                                -------------      -------------      -------------
<S>                                            <C>                <C>                <C>
PARTNERSHIP INTERESTS,
   September 30, 1996                                                    16,810 
                                                                   =============


DEFICIENCY, January 1, 1996                     $   (380,460)      $ (2,546,617)      $ (2,927,077)

   Net income for the nine months
   ended September 30, 1996                           20,913          2,070,412          2,091,325 
                                                -------------      -------------      -------------

DEFICIENCY, September 30, 1996                  $   (359,547)      $   (476,205)      $   (835,752)
                                                =============      =============      =============
</TABLE>


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





                                       3
<PAGE>   6
                       REAL ESTATE ASSOCIATES LIMITED VI
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                     CONSOLIDATED STATEMENTS OF CASH FLOWS

                 NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995

                                  (Unaudited)
<TABLE>
<CAPTION>
                                                                                1996               1995   
                                                                            ------------      ------------
<S>                                                                         <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income (loss)                                                        $ 2,091,325       $  (655,591)
   Adjustments to reconcile net income (loss) to net  
      cash used in operating activities:
         Equity in (income) of limited partnerships
               and amortization of acquisition costs                           (519,000)         (279,000)
         Depreciation                                                           186,748           246,959
         (Increase) decrease in receivables from limited partnerships           (30,000)           70,500
         Decrease in other assets                                               261,096              -
         Increase in accrued interest payable                                   230,738           290,332
         (Decrease) increase in accounts payable                               (167,511)           18,941
         Decrease in other liabilities                                          (60,540)             -
         Gain on sale of rental property                                     (2,050,417)             -      
                                                                            ------------      ------------

            Net cash used in  operating activities                              (57,561)         (307,859)
                                                                            ------------      ------------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Distributions to limited partnerships recognized as
      as a return of capital                                                    171,559           254,267
   Proceeds from sale of rental property                                      5,883,245              -      
                                                                            ------------      ------------

           Net cash provided by investing activities                          6,054,804           254,267 
                                                                            ------------      ------------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Payment of mortgages                                                      (5,052,395)             -      
                                                                            ------------      ------------

NET INCREASE (DECREASE) IN CASH
   AND CASH EQUIVALENTS                                                         944,848           (53,592)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                                4,895,340         5,072,944 
                                                                            ------------      ------------

CASH AND CASH EQUIVALENTS, END OF PERIOD                                    $ 5,840,188       $ 5,019,352 
                                                                            ============      ============

SUPPLEMENTAL DISCLOSURE OF
   CASH FLOW INFORMATION:
      Cash paid during the year for interest                                $   202,595       $   271,637 
                                                                            ============      ============
</TABLE>

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





                                       4
<PAGE>   7
                       REAL ESTATE ASSOCIATES LIMITED VI
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                               SEPTEMBER 30, 1996


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         GENERAL

         The information contained in  the following notes to the financial
         statements is condensed from that which would appear in the audited
         annual financial statements; accordingly, the financial statements
         included herein should be reviewed in conjunction with the financial
         statements and related notes thereto contained in the annual report
         for the year ended December 31, 1995 prepared by Real Estate
         Associates Limited VI and Subsidiaries (the "Partnership").  National
         Partnership Investments Corp. ("NAPICO") is the corporate general
         partner of the Partnership.  Accounting measurements at interim dates
         inherently involve greater reliance on estimates than at year end.
         The results of operations for the interim periods presented are not
         necessarily indicative of the results for the entire year.

         In the opinion of the Partnership, the accompanying unaudited
         financial statements contain all adjustments (consisting primarily of
         normal recurring accruals) necessary to present fairly the financial
         position of the Partnership at September 30, 1996 and the results of
         operations for the nine and three months then ended and changes in
         cash flows for the nine months then ended.

         USE OF ESTIMATES

         The preparation of financial statements in conformity with generally
         accepted accounting principles requires management to make estimates
         and assumptions that affect the reported amounts of assets and
         liabilities and disclosure of contingent assets and liabilities at the
         date of the financial statements and reported amounts of revenues and
         expenses during the reporting period.  Actual results could differ
         from those estimates.

         PRINCIPLES OF CONSOLIDATION

         The consolidated financial statements include the accounts of Real
         Estate Associates Limited VI and its majority-owned general
         partnerships.  All significant intercompany accounts and transactions
         have been eliminated in consolidation.

         METHOD OF ACCOUNTING FOR INVESTMENT IN THE UNCONSOLIDATED LIMITED
         PARTNERSHIPS

         The investments in unconsolidated limited partnerships are accounted
         for on the equity method.  Acquisition, selection and other costs
         related to the acquisition of the projects are capitalized as part of
         the investment account.





                                       5
<PAGE>   8
                       REAL ESTATE ASSOCIATES LIMITED VI
                       (A CALIFORNIA LIMITED PARTNERSHIP)

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

                               SEPTEMBER 30, 1996


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

         NET LOSS PER LIMITED PARTNERSHIP INTEREST

         Net loss per limited partnership interest was computed by dividing the
         limited partners' share of net loss by the number of limited
         partnership interests outstanding during the year.  The number of
         limited partnership interests was 16,810 for the periods presented.

         CASH AND CASH EQUIVALENTS

         Cash and cash equivalents consist of unrestricted cash and bank
         certificates of deposit with maturities of three months or less.
         Restricted cash consist of tenants' security and escrow deposits and
         mortgage impounds.

         SHORT-TERM INVESTMENTS

         Short-term investments consit of bank certificates of deposit with
         original maturities ranging from more than three months to twelve
         months.  The fair value of these securities, which have been
         classified as held for sale, approximates their carrying value.

         INCOME TAXES

         No provision has been made for income taxes in the accompanying
         financial statements since such taxes, if any, are the liability of
         the individual partners.

         RENTAL PROPERTY AND DEPRECIATION

         Rental property is stated at cost. Depreciation is provided on the
         straight-line and accelerated methods over the estimated useful lives
         of the buildings and equipment.  Pursuant to a purchase agreement in
         which the Partnership acquired its interest from withdrawing general
         partners, certain rental property was revalued to reflect the purchase
         price.

         Substantially all of the apartment units are leased on a
         month-to-month basis.

         On February 2, 1996, one of the consolidated general partnerships
         (Drexel Park) sold its property for $6,300,000.  The property  had an
         outstanding loan of approximately $5,050,000 and a net book value of
         approximately $3,900,000.  After payment of closings costs, the
         Partnership realized a gain of approximately $2,050,000 and cash of
         $830,000.





                                       6
<PAGE>   9
                       REAL ESTATE ASSOCIATES LIMITED VI
                       (A CALIFORNIA LIMITED PARTNERSHIP)

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

                               SEPTEMBER 30, 1996


NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS

         As of September 30, 1996, the Partnership holds limited partnership
         interests in 27 local limited partnerships  and a general partner
         interest in one general partnership.  In addition, REAL VI holds a
         general partner interest in Real Estate Associates III ("REA III"), a
         California general partnership.  NAPICO is also a general partner in
         REA III.  REA III, in turn, holds limited partner interests in seven
         local limited partnerships.  In total, therefore, the Partnership
         holds interests, either directly or indirectly through REA III, in 34
         limited partnerships and one general partnership which own residential
         rental projects consisting of 2,832 apartment units.  The mortgage
         loans of these projects are insured by various governmental agencies.

         The Partnership, as a limited partner, is entitled to between 80
         percent and 99 percent of the profits and losses of the limited
         partnerships it has invested in directly. The Partnership is also
         entitled to 99.9 percent of the profits and losses of REA III.  REA
         III holds a 99 percent interest in each of the limited partnerships in
         which it has invested.

         As of September 30, 1996, the Partnership is obligated, if certain
         conditions are met, to invest an additional $90,500 in its investee
         partnerships at various times in the future.  This amount has not been
         recorded as a liability in the accompanying financial statements.

         Equity in losses of unconsolidated limited partnerships is recognized
         in the financial statements until the limited partnership investment
         account is reduced to a zero balance or to a negative amount equal to
         further capital contributions required.  Losses incurred after the
         limited partnership investment account is reduced to zero are not
         recognized.

         Distributions from the unconsolidated limited partnerships are
         accounted for as a return of capital until the investment balance is
         reduced to zero.  Subsequent distributions received are recognized as
         income.

         The following is a summary of the investment in unconsolidated limited
         partnerships as of September 30, 1996:

<TABLE>
         <S>                                                         <C>
         Balance, beginning of period                                $5,619,146
         Equity in income of limited partnerships                       606,000
         Amortization of acquisition costs                              (87,000)
         Cash distributions recognized as a return of capital          (171,559)
                                                                     ---------- 

         Balance, end of period                                      $5,966,587
                                                                     ==========
</TABLE>

         The following are unaudited combined estimated statements of
         operations for the nine and three months ended September 30, 1996 and
         1995 of the unconsolidated limited partnerships in which the
         Partnership has investments:





                                       7
<PAGE>   10
                       REAL ESTATE ASSOCIATES LIMITED VI
                       (A CALIFORNIA LIMITED PARTNERSHIP)

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

                               SEPTEMBER 30, 1996


NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIP (CONTINUED)

<TABLE>
<CAPTION>
                                     Nine months        Three months        Nine months         Three months
                                        ended               ended              ended                ended
                                   Sept. 30, 1996      Sept. 30, 1996      Sept. 30, 1995      Sept. 30, 1995
                                   --------------      --------------      --------------      --------------
          <S>                         <C>                 <C>               <C>                   <C>
          Revenues:
              Rental and other        $15,429,000         $5,143,000         $15,495,000          $ 5,165,000
                                      -----------         ----------         -----------          -----------

          Expenses:
              Depreciation              2,646,000            882,000           2,640,000              880,000
              Interest                  4,290,000          1,430,000           4,464,000            1,488,000
              Operating expenses       10,338,000          3,446,000           9,618,000            3,206,000
                                      -----------        -----------       -------------          -----------

          Total expenses               17,274,000          5,758,000          16,722,000            5,574,000
                                      -----------        -----------        ------------          -----------

                   Net loss           $(1,845,000)        $ (615,000)       $ (1,227,000)         $  (409,000)
                                      ============        ===========       ============          =========== 
</TABLE>

         NAPICO, or one of its affiliates, is the general partner and property
         management agent for certain of the limited partnerships included
         above.

NOTE 3 - MORTGAGE NOTES PAYABLE

         The mortgage note outstanding at June 30, 1996 had an interest rate of
         9.5 percent per annum, with principal and interest payments due
         monthly.  The note was refinanced in September 1996 at an interest
         rate of 8.63% per annum and matures in September 2006.

         The note is collateralized by the underlying rental property.

NOTE 4 - NOTES PAYABLE

         Certain of the Partnership's investments involved purchases of
         partnership interests from partners who subsequently withdrew from the
         operating partnership.  The purchase of these interests provides for
         additional cash payments of approximately $325,000 based upon
         specified events as outlined in the purchase agreements.  Such amounts
         have been recorded as liabilities.  In addition, the Partnership is
         obligated on non-recourse notes payable of $5,470,000 which bear
         interest at 9.5 percent and have principal maturities ranging from
         December 1996 to December 2012.  The notes and related interest are
         payable from cash flow generated from operations of the related rented
         properties as defined in the notes.  These obligations are
         collateralized by the Partnership's investments in the limited
         partnerships.  Unpaid interest equal to $5,521,924 at September 30,
         1996, is due at maturity of the notes.





                                       8
<PAGE>   11
                       REAL ESTATE ASSOCIATES LIMITED VI
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                               SEPTEMBER 30, 1996


NOTE 5 - MANAGEMENT FEES AND EXPENSES DUE TO GENERAL PARTNER

         Under the terms of the Restated Certificate and Agreement of Limited
         Partnership, the Partnership is obligated to the corporate general
         partner for an annual management fee of approximately .4 percent of
         the original invested assets of the limited partnerships.  Invested
         assets are defined as the costs of acquiring project interests,
         including the proportionate amount of the mortgage loans related to
         the Partnership's interests in the capital accounts of the respective
         partnerships.  This fee was approximately $388,000 and $462,000 for
         the nine months ended September 30, 1996 and 1995, respectively.

         The Partnership reimburses NAPICO for certain expenses.  The
         reimbursement to NAPICO was approximately $35,780 and $32,800 for the
         nine months ended September 30, 1996 and 1995, respectively, and is
         included in general and administrative expenses.

NOTE 6 - CONTINGENCIES

         The corporate general partner of the Partnership and the Partnership
         are plaintiffs in various lawsuits and have also been named defendants
         in other lawsuits arising from transactions in the ordinary course of
         business.  In the opinion of management and the corporate general
         partner, the claims will not result in any material liability to the
         Partnership.

NOTE 7 - FAIR VALUE OF FINANCIAL INSTRUMENTS

         Statement of Financial Accounting Standards No. 107, "Disclosure about
         Fair Value of Financial Instruments," requires disclosure of fair
         value information about financial instruments, when it is practicable
         to estimate that value.  The mortgage notes payable are insured by HUD
         and are collateralized by the rental properties.  The operations
         generated by the properties and investee limited partnerships are
         subject to various government rules, regulations and restrictions
         which make it impracticable to estimate the fair value of  the
         mortgage notes payable and related accrued interest.  The carrying
         amount of other assets and liabilities reported on the balance sheets
         that require such disclosure approximates fair value due to their
         short-term maturity.





                                       9
<PAGE>   12
                       REAL ESTATE ASSOCIATES LIMITED VI
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                               SEPTEMBER 30, 1996


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

         LIQUIDITY AND CAPITAL RESOURCES

         The Partnership's primary sources of funds include interest income on
         short term investments and distributions from limited partnerships in
         which the Partnership has invested.  It is not expected that any of
         the local limited partnerships in which the Partnership has invested
         will generate cash flow sufficient to provide for distributions to
         limited partners in any material amount.

         The Partnership has committed as of September 30, 1996 to investments
         in limited partnerships requiring additional  capital contributions of
         $90,500.  The Partnership normally makes its capital contributions to
         the local limited partnerships in stages, over a period of two to five
         years, with each contribution due on a specified date, provided that
         certain conditions regarding construction or operation of the project
         have been fulfilled.  The Partnership has no significant commitments
         once the capital contributions have been made.

         RESULTS OF OPERATIONS

         On February 2, 1996, one of the consolidated general partnerships
         (Drexel Park) sold its property for $6,300,000.  The property had an
         outstanding loan of approximately $5,050,000 and a net book value of
         approximately $3,900,000.  After payment of closings costs, the
         Partnership realized a gain of approximately $2,050,000 and cash of
         $830,000.

         Rental operations consist primarily of rental income and depreciation
         expense, debt service, and normal operating expenses to maintain the
         properties.  Variances in rental operations from the prior year to the
         current year relate to the sale of the Drexel Property.

         Partnership revenues consist primarily of interest income earned on
         certificates of deposit and other temporary investment of funds not
         required for investment in local partnerships.

         Operating expenses consist primarily of recurring general and
         administrative expenses and professional fees for services rendered to
         the Partnership.  In addition, an annual Partnership management fee in
         an amount equal to .4 percent of invested assets is payable to the
         corporate general partner.  General and administrative expenses are
         higher in 1996 than in 1995 primarily because of expenditures for
         litigation regarding a dispute with a local partnership general
         partner.

         The Partnership accounts for its investments in the local limited
         partnerships on the equity method, thereby adjusting its investment
         balance by its proportionate share of the income or loss of the local
         limited partnerships.  Losses incurred after the limited partnership
         investment account is reduced to zero are not recognized.

         Distributions received from limited partnerships are recognized as
         return of capital until the investment balance has been reduced to
         zero or to a negative amount equal to future capital contributions
         required.  Subsequent distributions received are recognized as income.





                                       10
<PAGE>   13
                       REAL ESTATE ASSOCIATES LIMITED VI
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                               SEPTEMBER 30, 1996


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

         RESULTS OF OPERATIONS (CONTINUED)

         Except for certificates of deposit and money market funds, the
         Partnership's investments are entirely from interests in other limited
         and general partnerships owning government assisted projects.  Funds
         temporarily not required for such investments in projects are invested
         providing interest income as reflected in the statement of operations.
         These funds can be converted to cash to meet obligations as they
         arise.  The Partnership intends to continue investing available funds
         in this manner.





                                       11
<PAGE>   14
                       REAL ESTATE ASSOCIATES LIMITED VI
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                               SEPTEMBER 30, 1996


PART II. OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

The corporate general partner is a plaintiff or defendant in several suits,
including the following related to REAL VI as of September 30, 1996.

Real Estate Associates Limited VI vs. Jansen Properties of Florida, Inc.,
Jeffrey Auslander and Peck, Shaffer & Williams, as Escrow Agents, Case No.
95-7005 AO, Circuit Court, 15th Judicial Circuit, Palm Beach County, Florida.
On September 5, 1995, REAL VI filed a declaratory judgment action claiming that
it is entitled to $376,500 of funds presently held in escrow which funds were
realized from a refinancing of an apartment project in Boynton Beach, Florida
in which REAL VI is the limited partner.  The contestants to the escrow fund,
in addition to REAL VI, were the general partners, Jeffrey Auslander and Jansen
Properties of Florida, Inc., and Keith Rothchild, a judgment creditor of
Auslander.  In connection with REAL VI's litigation the parties reached a
settlement during the period wherein Messrs. Auslander and Jansen were paid
$180,000 as a distribution and they resigned as General Partners of the Local
Partnership.  In connection with their resignation, Rosewood Corporation (an
affiliate of your General Partner) assumed the role of local operating general
partner.  Additional proceeds of approximately $150,000 were spent to cure
deferred maintenance at the property and the balance of approximately $46,500
(less fees and costs) was distributed to REAL VI.  The Property is operating at
a breakeven level of operations.


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

 (a)   No exhibits are required per the provision of item 7 of regulation S-K.





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<PAGE>   15
                       REAL ESTATE ASSOCIATES LIMITED VI
                            (A LIMITED PARTNERSHIP)

                               SEPTEMBER 30, 1996


                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                               REAL ESTATE ASSOCIATES LIMITED VI AND
                               SUBSIDIARIES (a California limited partnership)


                               By:    National Partnership Investments
                                      Corp., General Partner


                               Date:                                     
                                     ------------------------------------



                               By:                                       
                                      -----------------------------------
                                      Bruce Nelson
                                      President



                               Date:                                     
                                     ------------------------------------


                               By:                                       
                                      -----------------------------------
                                      Shawn Horwitz
                                      Executive Vice President and
                                      Chief Financial Officer




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