<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 June 30, 1997

                         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 JUNE 30, 1997



<TABLE>
<S>      <C>     <C>                                                         <C>
PART I.  FINANCIAL INFORMATION

    Item 1.  Financial Statements

                 Consolidated Balance Sheets,
                     June 30, 1997 and December 31, 1996 .....................1

                 Consolidated Statements of Operations,
                     Six and Three Months Ended, June 30, 1997 and 1996.......2

                 Consolidated Statement of Partners' Deficiency
                     Six Months Ended June 30, 1997 ..........................3

                 Consolidated Statements of Cash Flows
                     Six Months Ended June 30, 1997 and 1996 .................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

                       JUNE 30, 1997 AND DECEMBER 31, 1996

                                     ASSETS


<TABLE>
<CAPTION>
                                                                          1997               1996
                                                                      (Unaudited)         (Audited)
                                                                      ------------       ------------
<S>                                                                   <C>                <C>
INVESTMENTS IN LIMITED PARTNERSHIPS (Note 2)                          $  5,569,526       $  6,051,522

RENTAL PROPERTY, net of accumulated depreciation
    (Notes 1 and 3)                                                      3,071,241          3,158,470

CASH AND CASH EQUIVALENTS (Note 1)                                       6,550,035          5,849,983

CASH, restricted (Note 1)                                                   35,750             35,750

OTHER ASSETS                                                               205,644            190,643
                                                                      ------------       ------------

          TOTAL ASSETS                                                $ 15,432,196       $ 15,286,368
                                                                      ============       ============

                                LIABILITIES AND PARTNERS' DEFICIENCY
LIABILITIES:
    Mortgage notes payable related to properties (Notes 3 and 7)      $  4,886,300       $  4,886,300
    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)                             5,801,029          5,650,383
    Accounts payable                                                        39,654             47,372
    Other liabilities                                                       71,502             35,750
                                                                      ------------       ------------

                                                                        16,593,485         16,414,805
                                                                      ------------       ------------

COMMITMENTS AND CONTINGENCIES (Notes 2, 5 and 6)

PARTNERS' DEFICIENCY:
    General partners                                                      (362,803)          (362,474)
    Limited partners                                                      (798,486)          (765,963)
                                                                      ------------       ------------

                                                                        (1,161,289)        (1,128,437)
                                                                      ------------       ------------

           TOTAL LIABILITIES AND PARTNERS' EQUITY                     $ 15,432,196       $ 15,286,368
                                                                      ============       ============
</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

                SIX AND THREE MONTHS ENDED JUNE 30, 1997 AND 1996

                                   (Unaudited)


<TABLE>
<CAPTION>
                                                          Six months    Three months      Six months      Three months
                                                            ended           ended            ended            ended
                                                        June 30, 1997   June 30, 1997    June 30, 1996    June 30, 1996
                                                          ---------       ---------       -----------       ---------
RENTAL OPERATIONS:
<S>                                                       <C>             <C>             <C>               <C>
     Revenues                                             $ 529,671       $ 266,297       $   696,313       $ 255,314
                                                          ---------       ---------       -----------       ---------

      Expenses:
          Operating                                         253,307         123,546           382,876         114,439
          Depreciation and amortization (Note 1)             87,229          43,615           143,044          43,614
          Interest                                          242,310         121,155           347,411         133,676
                                                          ---------       ---------       -----------       ---------

                                                            582,846         288,316           873,331         291,729
                                                          ---------       ---------       -----------       ---------

LOSS FROM RENTAL OPERATIONS                                 (53,175)        (22,019)         (177,018)        (36,415)
                                                          ---------       ---------       -----------       ---------

PARTNERSHIP OPERATIONS:
    Interest income                                         131,195          67,979            77,588          41,382
                                                          ---------       ---------       -----------       ---------

    Expenses:
          Management fees - general partner (Note 3)        250,548         125,274           262,846         128,973
          General and administrative                        158,606          76,331           165,860          62,140
          Interest expense                                  266,850         136,938           259,825         129,913
                                                          ---------       ---------       -----------       ---------
                                                            676,004         338,543           688,531         321,026
                                                          ---------       ---------       -----------       ---------

LOSS FROM PARTNERSHIP OPERATIONS                           (544,809)       (270,564)         (610,943)       (279,644)
                                                          ---------       ---------       -----------       ---------

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

EQUITY IN INCOME OF LIMITED PARTNERSHIPS AND
      AMORTIZATION OF ACQUISITION COSTS                     298,000         149,000           346,000         173,000

DISTRIBUTIONS FROM LIMITED PARTNERSHIPS
      RECOGNIZED AS INCOME (Note 2)                         267,132         196,332           129,200          47,898
                                                          ---------       ---------       -----------       ---------

NET INCOME (LOSS)                                         $ (32,852)      $  52,749       $ 1,737,656       $ (95,161)
                                                          =========       =========       ===========       =========

NET INCOME (LOSS) PER LIMITED PARTNERSHIP
     INTEREST (Note 1)                                    $      (2)      $       3       $       103       $      (6)
                                                          =========       =========       ===========       =========
</TABLE>





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


                                       2

<PAGE>   5



               REAL ESTATE ASSOCIATES LIMITED VI AND SUBSIDIARIES
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                 CONSOLIDATED STATEMENT OF PARTNERS' DEFICIENCY

                         SIX MONTHS ENDED JUNE 30, 1997

                                   (Unaudited)


<TABLE>
<CAPTION>
                                       General         Limited
                                      Partners        Partners           Total
                                      ---------       ---------       -----------
<S>                                   <C>             <C>             <C>
PARTNERSHIP INTERESTS,
     June 30, 1997                                       16,810
                                                      =========


DEFICIENCY, January 1, 1997           $(362,474)      $(765,963)      $(1,128,437)

     Net loss for the six months
     ended June 30, 1997                   (329)        (32,523)          (32,852)
                                      ---------       ---------       -----------

DEFICIENCY, June 30, 1997             $(362,803)      $(798,486)      $(1,161,289)
                                      =========       =========       ===========
</TABLE>











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


                                       3

<PAGE>   6



               REAL ESTATE ASSOCIATES LIMITED VI AND SUBSIDIARIES
                       (A CALIFORNIA LIMITED PARTNERSHIP)

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                     SIX MONTHS ENDED JUNE 30, 1997 AND 1996

                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                       1997              1996
                                                                    -----------       -----------
<S>                                                                 <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
       Net  income (loss)                                           $   (32,852)      $ 1,737,656
       Adjustments to reconcile net income (loss) to net
          cash used in operating activities:
             Equity in income of limited partnerships
                   and amortization of acquisition costs               (298,000)         (346,000)
             Depreciation                                                87,229           143,044
             Increase in receivables from limited partnerships               --           (30,000)
             (Increase) decrease in other assets                        (15,001)          261,096
             Increase in accrued interest payable                       150,646           137,289
             Decrease in accounts payable                                (7,718)         (163,020)
             Increase (decrease) in other liabilities                    35,752           (97,746)
             Gain on sale of rental property                                 --        (2,050,417)
                                                                    -----------       -----------

                Net cash used in  operating activities                  (79,944)         (408,098)
                                                                    -----------       -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
       Distributions to limited partnerships recognized as
          as a return of capital                                        779,996           108,282
       Proceeds from sale of rental property                                 --         5,883,245
                                                                    -----------       -----------

               Net cash provided by investing activities                779,996         5,991,527
                                                                    -----------       -----------

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


NET INCREASE IN CASH AND CASH EQUIVALENTS                               700,052           531,034

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                        5,849,983         4,895,340
                                                                    -----------       -----------

CASH AND CASH EQUIVALENTS, END OF PERIOD                            $ 6,550,035       $ 5,426,374
                                                                    ===========       ===========


SUPPLEMENTAL DISCLOSURE OF
       CASH FLOW INFORMATION:
          Cash paid during the period for interest                  $   174,368       $   122,536
                                                                    ===========       ===========
</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

                                  JUNE 30, 1997


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, 1996 prepared by Real Estate Associates
         Limited VI and Subsidiaries (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 June 30, 1997 and the results of operations for
         the six and three months then ended and changes in cash flows for the
         six months then ended.

         The general partners have a 1 percent interest in profits and losses of
         the Partnership. The limited partners have the remaining 99 percent
         interest which is allocated in proportion to their respective
         individual investments. National Partnership Investments Corp. (NAPICO)
         is the corporate general partner of the Partnership.

         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 and are being amortized on a straight line basis
         over the estimated lives of the underlying assets, which is generally
         30 years.



                                       5
<PAGE>   8

                        REAL ESTATE ASSOCIATES LIMITED VI
                       (a California limited partnership)

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

                                  JUNE 30, 1997


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. The Partnership has its cash and cash equivalents on
         deposit primarily with one high credit quality financial institution.
         Such cash and cash equivalents are in excess of the FDIC insurance
         limit.

         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. After payment of
         closings costs, the Partnership realized a gain of approximately
         $2,000,000 and cash of $830,000.

         IMPAIRMENT OF LONG-LIVED ASSETS

         The Partnership adopted Statement of Financial Accounting Standards No.
         121, Account for the Improvement of Long-Lived Assets and for
         Long-Lived Assets To Be Disposed Of as of January 1, 1996 without a
         significant effect on its financial statements. The Partnership reviews
         long-lived assets to determine if there has been any permanent
         impairment whenever events or changes in circumstances indicate that
         the carrying amount of the asset may not be recoverable. If the sum of
         the expected future cash flows is less than the carrying amount of the
         assets, the Partnership recognizes an impairment loss.



                                       6
<PAGE>   9

                        REAL ESTATE ASSOCIATES LIMITED VI
                       (a California limited partnership)

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

                                  JUNE 30, 1997


NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS

         As of June 30, 1997, 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 90
         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 June 30, 1997, 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 for the six months ended June 30, 1997:

<TABLE>
         <S>                                                         <C>
         Balance, beginning of period                                $6,051,522
         Equity in income of limited partnerships                       308,000
         Amortization of acquisition costs                              (10,000)
         Cash distributions recognized as a return of capital          (779,996)

                                                                     ----------
         Balance, end of period                                      $5,569,526
                                                                     ==========
</TABLE>

         The following are unaudited combined estimated statements of operations
         for the six months ended June 30, 1997 and 1996 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)

                                  JUNE 30, 1997


NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIP (Continued)

<TABLE>
<CAPTION>
                                   Six months    Three months     Six months     Three months
                                     ended           ended           ended           ended
                                 June 30, 1997   June 30, 1997   June 30, 1996   June 30, 1996
                                 -------------   -------------   -------------   -------------
         <S>                      <C>             <C>             <C>             <C>
         Revenues:
           Rental and other       $10,622,000     $5,311,000      $10,286,000     $5,143,000

         Expenses:
           Depreciation             1,798,000        899,000        1,764,000        882,000
           Interest                 4,156,000      2,078,000        2,860,000      1,430,000
           Operating expenses       5,606,000      2,803,000        6,892,000      3,446,000

         Total expenses            11,560,000      5,780,000       11,516,000      5,758,000
                                  -----------     ----------      -----------     ----------
                Net loss          $  (938,000)    $ (469,000)     $ 1,230,000)    $ (615,000)
                                  ===========     ==========      ===========     ==========
</TABLE>

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

         The Partnership is undergoing an extensive review of disposition,
         refinancing or re-engineering alternatives for the properties in its
         Portfolio that are subject to governmental mortgage and rental subsidy
         programs. The Partnership has begun to incur expenses in connection
         with this review by various third party professionals. Amounts incurred
         to date are not material to the operating results of the Partnership.

         The sale of Drexel Park III closed on May 1, 1997, upon the necessary
         regulatory approval from the Maryland Community Development Agency.
         Drexel Park III was sold for $2,450,000. Net proceeds of approximately
         $733,000 have been received after deducting existing debt, commissions
         and other related closing costs. The investment balance as of December
         31, 1996 was $597,000.

NOTE 3 - MORTGAGE NOTE PAYABLE

         The mortgage note outstanding at June 30, 1997 had an interest rate of
         8.78 percent per annum, with principal and interest payments due
         monthly. The note 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 through 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 is due at maturity of the
         notes.



                                       8
<PAGE>   11

                        REAL ESTATE ASSOCIATES LIMITED VI
                       (a California limited partnership)

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

                                  JUNE 30, 1997


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 $251,000 and $263,000 for the six months ended
         June 30, 1997 and 1996, respectively.

         The Partnership reimburses NAPICO for certain expenses. The
         reimbursement to NAPICO was approximately $24,000 and $22,000 for the
         six months ended June 30, 1997 and 1996, and is included in general and
         administrative expenses.

NOTE 6 - CONTINGENCIES

         The corporate general partner of the Partnership is involved 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)

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

                                  JUNE 30, 1997


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.

         The Partnership has committed as of June 30, 1997 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.

         The sale of Drexel Park III closed on May 1, 1997, upon the necessary
         regulatory approval from the Maryland Community Development Agency.
         Drexel Park III was sold for $2,450,000. Net proceeds of approximately
         $733,000 have been received after deducting existing debt, commissions
         and other related closing costs. The investment balance as of December
         31, 1996 was $597,000.

         RESULTS OF OPERATIONS

         On February 2, 1996, one of the consolidated general partnerships
         (Drexel Park) sold its property for $6,300,000. After payment of
         closings costs, the Partnership realized a gain of approximately
         $2,000,000 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.

         The Partnership is undergoing an extensive review of disposition,
         refinancing or re-engineering alternatives for the properties in its
         Portfolio that are subject to governmental mortgage and rental subsidy
         programs. The Partnership has begun to incur expenses in connection
         with this review by various third party professionals. Amounts incurred
         to date are not material to the operating results of the Partnership.

         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 in accordance
         with the equity accounting method.



                                       10
<PAGE>   13

                        REAL ESTATE ASSOCIATES LIMITED VI
                       (a California limited partnership)

                                  JUNE 30, 1997


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

         RESULTS OF OPERATIONS (CONTINUED)

         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.

         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)

                                  JUNE 30, 1997


PART II.  OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

The Partnership's general partner is involved in various lawsuits. None of these
lawsuits are related to the Partnership.


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

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





                                       12
<PAGE>   15

                        REAL ESTATE ASSOCIATES LIMITED VI
                             (a limited partnership)

                                  JUNE 30, 1997


                                   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



                                     --------------------------------------
                                     Bruce Nelson
                                     President


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



                                     --------------------------------------
                                     Charles H. Boxenbaum
                                     Chief Executive Officer



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






                                       13