UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D. C. 20549

                                    FORM 8-K

                                 CURRENT REPORT


    PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE
                                   ACT OF 1934

Date of Report (Date of earliest event reported)   October 3, 1997

                          (September 24, 1997)


Commission File Number                        0-18550

                           NTS Mortgage Income Fund
           (Exact name of registrant as specified in its charter)

         Delaware                                  61-1146077
(State or other jurisdiction of          (I.R.S. Employer Identification
incorporation or organization)           No.)

   10172 Linn Station Road
   Louisville, Kentucky                                40223
(Address of principal executive                     (Zip Code)
offices)

Registrant's telephone number,
including area code                (502) 426-4800

                              Not Applicable
           Former name, former address and former fiscal year,
                       if changed since last report




<PAGE>



Item 2.      Acquisition of Assets

             The NTS  Mortgage  Income  Fund (the Fund) has been  admitted  as a
             partner  in the  Orlando  Lake  Forest  Joint  Venture  (the  Joint
             Venture)  effective  as of August 16,  1997,  and  entered  into an
             Amended and Restated Joint Venture Agreement on September 24, 1997,
             evidencing  the Fund's  admission to the Joint Venture as a partner
             with Orlando Lake Forest, Inc., Orlando Capital Corporation and OLF
             II Corporation,  all of whom are Affiliates of and are under common
             control with NTS Corporation, the Fund's Sponsor. The Joint Venture
             will  continue  to  operate  under its  current  legal  name as the
             Orlando Lake Forest Joint Venture.

             The  Joint  Venture  owns  the  Orlando  Lake  Forest  project, a
             single-family  residential  community  located in Seminole  County,
             Florida (near  Orlando)  consisting of  approximately  360 acres of
             residential  land and  improvements  and  approximately 20 acres of
             commercial land. The Joint Venture will continue to own and develop
             the Orlando Lake Forest project.

             The Fund contributed to the Joint Venture as a capital contribution
             its $10,418,701 interest in the principal and interest of the first
             mortgage  loan on the Orlando Lake Forest  project,  and obtained a
             50% interest in the Joint  Venture.  The NTS  entities  named above
             hold cumulatively the remaining 50% interest in the Joint Venture.

             As a 50% partner, the Fund will gain significant rights of approval
             with  regard to  ongoing  operations  of the  Orlando  Lake  Forest
             project.  The Orlando Lake Forest Joint Venture has obtained a loan
             commitment  from Barnett  Bank,  Central  Florida,  N.A. to provide
             funds for the  continued  development  of the  Orlando  Lake Forest
             project.

             The Fund is  evaluating  whether  its entry into the Joint  Venture
             will effect the Fund's  qualification  as a real estate  investment
             trust.





<PAGE>



                                 


                                   SIGNATURES

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


                                        NTS MORTGAGE INCOME FUND
                                                 (Registrant)


                                        /s/ John W. Hampton
                                        ---------------------------------------
                                        John W. Hampton
                                        Secretary/Treasurer
                                        (principal accounting and
                                        chief financial officer)




Date: September 24, 1997


<PAGE>
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UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D. C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

    PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE
                                   ACT OF 1934

Date of Report (Date of earliest event reported)   October 3, 1997

                          (September 24, 1997)

Commission File Number                        0-18550

                           NTS Mortgage Income Fund
           (Exact name of registrant as specified in its charter)

         Delaware                                  61-1146077
(State or other jurisdiction of          (I.R.S. Employer Identification
incorporation or organization)           No.)

   10172 Linn Station Road
   Louisville, Kentucky                                40223
(Address of principal executive                     (Zip Code)
offices)

Registrant's telephone number,
including area code                (502) 426-4800

                              Not Applicable
           Former name, former address and former fiscal year,
                       if changed since last report
Item 2.      Acquisition of Assets

             The NTS  Mortgage  Income  Fund (the Fund) has been  admitted  as a
             partner  in the  Orlando  Lake  Forest  Joint  Venture  (the  Joint
             Venture)  effective  as of August 16,  1997,  and  entered  into an
             Amended and Restated Joint Venture Agreement on September 24, 1997,
             evidencing  the Fund's  admission to the Joint Venture as a partner
             with Orlando Lake Forest, Inc., Orlando Capital Corporation and OLF
             II Corporation,  all of whom are Affiliates of and are under common
             control with NTS Corporation, the Fund's Sponsor. The Joint Venture
             will  continue  to  operate  under its  current  legal  name as the
             Orlando Lake Forest Joint Venture.

             The  Joint  Venture  owns  the  Orlando  Lake  Forest  project, a
             single-family  residential  community  located in Seminole  County,
             Florida (near  Orlando)  consisting of  approximately  360 acres of
             residential  land and  improvements  and  approximately 20 acres of
             commercial land. The Joint Venture will continue to own and develop
             the Orlando Lake Forest project.

             The Fund contributed to the Joint Venture as a capital contribution
             its $10,418,701 interest in the principal and interest of the first
             mortgage  loan on the Orlando Lake Forest  project,  and obtained a
             50% interest in the Joint  Venture.  The NTS  entities  named above
             hold cumulatively the remaining 50% interest in the Joint Venture.

             As a 50% partner, the Fund will gain significant rights of approval
             with  regard to  ongoing  operations  of the  Orlando  Lake  Forest
             project.  The Orlando Lake Forest Joint Venture has obtained a loan
             commitment  from Barnett  Bank,  Central  Florida,  N.A. to provide
             funds for the  continued  development  of the  Orlando  Lake Forest
             project.

             The Fund is  evaluating  whether  its entry into the Joint  Venture
             will effect the Fund's  qualification  as a real estate  investment
             trust.
SIGNATURES

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

                                        NTS MORTGAGE INCOME FUND
                                                 (Registrant)

                                        /s/ John W. Hampton
                                        ---------------------------------------
                                        John W. Hampton
                                        Secretary/Treasurer
                                        (principal accounting and
                                        chief financial officer)

Date: September 24, 1997