UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 10-Q



[x]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934


      For the quarterly period ended     June 30, 1999
                                    --------------------------------------------


                                       OR

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

     For the transition period from ______________ to_____________
     Commission file number  0-7162
                           ----------



                       McNeil PACIFIC INVESTORS FUND 1972
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)




         California                               94-6279375
--------------------------------------------------------------------------------
(State or other jurisdiction of                  (I.R.S. Employer
incorporation or organization)                    Identification No.)



              13760 Noel Road, Suite 600, LB70, Dallas, Texas 75240
--------------------------------------------------------------------------------
               (Address of principal executive offices) (Zip code)



Registrant's telephone number, including area code    (972) 448-5800
                                                  ------------------------------


Indicate  by check  mark  whether  the  registrant,  (1) has filed  all  reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during the  preceding  12 months and (2) has been  subject to such  filing
requirements for the past 90 days. Yes X No
                                      ---  ---


<PAGE>
                          PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
------- ---------------------

                       McNEIL PACIFIC INVESTORS FUND 1972
        (a California limited partnership in the process of liquidation)

                     STATEMENTS OF NET ASSETS IN LIQUIDATION
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                      June 30,     December 31,
                                                                       1999           1998
                                                                     --------      ------------
ASSETS
------
<S>                                                                  <C>             <C>
Cash and cash equivalents ...................................        $409,387        $397,954
                                                                     --------        --------

                                                                     $409,387        $397,954
                                                                     ========        ========

LIABILITIES AND PARTNERS' EQUITY
--------------------------------

Other accrued expenses ......................................        $  1,668        $  4,702
Payable to affiliates - General Partner .....................          12,362          12,362
                                                                     --------        --------
                                                                       14,030          17,064
                                                                     --------        --------
Partners' equity:
   Limited partners - 15,000 limited partnership units
     authorized;  13,752.5 limited partnership units
     issued and outstanding at June 30, 1999 and
     December 31, 1998 ......................................         395,357         380,890
   General Partner ..........................................              --              --
                                                                     --------        --------
                                                                      395,357         380,890
                                                                     --------        --------

                                                                     $409,387        $397,954
                                                                     ========        ========

</TABLE>


The  financial  information  included  herein has been  prepared  by  management
without audit by independent public accountants.

                 See accompanying notes to financial statements.
<PAGE>
                       McNEIL PACIFIC INVESTORS FUND 1972
        (a California limited partnership in the process of liquidation)

               STATEMENTS OF CHANGES IN NET ASSETS IN LIQUIDATION
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                Three Months Ended                    Six Months Ended
                                                      June 30,                            June 30,
                                            ---------------------------         --------------------------
                                               1999              1998             1999             1998
                                            ---------         ---------         ---------        ---------
Revenue:
<S>                                         <C>               <C>               <C>              <C>
   Interest ........................        $   4,224         $   3,619         $   8,428        $   8,529
   Other revenue ...................              265                --            11,880               --
                                            ---------         ---------         ---------        ---------
     Total revenue .................            4,489             3,619            20,308            8,529
                                            ---------         ---------         ---------        ---------

Expenses:
   Personnel expenses ..............               --                --                --               73
   Repair and maintenance ..........               --                --                --            8,592
   Other property operating
     expenses ......................               --                --                --            1,494
   General and administrative ......            4,749            21,538             5,841           37,106
   General and administrative -
     affiliates ....................               --                --                --           (3,550)
                                            ---------         ---------         ---------        ---------
     Total expenses ................            4,749            21,538             5,841           43,715
                                            ---------         ---------         ---------        ---------

Net increase (decrease) in
   net assets in liquidation .......             (260)          (17,919)           14,467          (35,186)
Net assets in liquidation at
   beginning of period .............          395,617           397,052           380,890          414,319
                                            ---------         ---------         ---------        ---------

Net assets in liquidation at
   end of period ...................        $ 395,357         $ 379,133         $ 395,357        $ 379,133
                                            =========         =========         =========        =========

Net increase (decrease) in net
   assets in liquidation per
   limited partnership unit ........        $    (.02)        $   (1.30)        $    1.05        $   (2.56)
                                            =========         =========         =========        =========

</TABLE>


The  financial  information  included  herein has been  prepared  by  management
without audit by independent public accountants.

                 See accompanying notes to financial statements.
<PAGE>
                       McNEIL PACIFIC INVESTORS FUND 1972
        (a California limited partnership in the process of liquidation)

                          Notes To Financial Statements
                                   (Unaudited)

                                  June 30, 1999


NOTE 1.
-------

McNeil Pacific Investors Fund 1972 (the  "Partnership") is a limited partnership
organized  under the laws of the State of California to invest in real property.
The general  partner of the Partnership is McNeil  Partners,  L.P. (the "General
Partner"), a Delaware limited partnership, an affiliate of Robert A. McNeil. The
principal place of business for the Partnership and the General Partner is 13760
Noel Road, Suite 600, LB70, Dallas, Texas 75240.

In the opinion of management,  the financial  statements reflect all adjustments
necessary for a fair  presentation of the Partnership's  financial  position and
results  of  operations.  All  adjustments  were of a normal  recurring  nature.
However,  the results of operations  for the six months ended June 30, 1999, are
not  necessarily  indicative  of the results to be expected  for the year ending
December 31, 1999.

At a meeting of the limited  partners on August 12, 1997,  the limited  partners
approved the sale of Palm Bay Apartments and the dissolution of the Partnership.
After the September 30, 1997 sale of Palm Bay  Apartments,  the General  Partner
commenced the  dissolution and  termination of the  Partnership.  The assets and
liabilities in the accompanying  statements of net assets in liquidation at June
30, 1999 and December 31, 1998 are valued at their estimated  realizable  values
and  estimated  settlement  amounts,  respectively.  The  Partnership  is in the
process of liquidating  its assets,  satisfying all creditors and claims against
the  Partnership,  distributing  its  remaining  assets  to  its  partners,  and
terminating its existence.

NOTE 2.
-------

The  financial  statements  should  be read in  conjunction  with the  financial
statements  contained in the  Partnership's  Annual  Report on Form 10-K for the
year  ended  December  31,  1998,  and the  notes  thereto,  as  filed  with the
Securities and Exchange  Commission,  which is available upon request by writing
to McNeil Pacific Investors Fund 1972, 13760 Noel Road, Suite 600, LB70, Dallas,
Texas 75240.

NOTE 3.
-------

The Partnership  reimbursed McNeil Real Estate Management,  Inc.  ("McREMI") for
its costs, including overhead, of administering the Partnership's affairs.

The General Partner is entitled to receive a partnership management fee equal to
9.5% of  distributions  of cash from  operations  when  distributable  cash from
operations is distributed  to the limited  partners.  No partnership  management
fees were  incurred or paid during the three  month or six month  periods  ended
June 30, 1999 and 1998.

<PAGE>
Compensation and  reimbursements  accrued for the benefit of the General Partner
and its affiliates are as follows:

                                                            Six Months Ended
                                                                June 30,
                                                         -----------------------
                                                            1999         1998
                                                         ---------     ---------

Charged to general and administrative affiliates:
   Partnership administration.......................     $      --     $ (3,550)
                                                         =========     =========

NOTE 4.
-------

During the first six months of 1999, the Partnership  received  refunds from its
general liability insurance carrier and from its workers' compensation insurance
carrier.  The  refunds  are the  result  of  cancellation  of the  Partnership's
insurance  policies  after the sale of Palm Bay  Apartments,  and the  result of
adjustments  in the  amount of  premiums  the  insurance  carriers  charged  the
Partnership  based on the insurance  carriers' audit of Partnership  operations.
The refunds are included in other  revenue on the  Statements  of Changes in Net
Assets in Liquidation.

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

FINANCIAL CONDITION
-------------------

On September 30, 1997, the Partnership sold its last real estate asset, Palm Bay
Apartments.  Proceeds from the sale were distributed to the partners in December
1997. The  Partnership's  sole remaining  asset consists of $409,387 of cash and
cash  equivalents.  At June 30, 1999, the Partnership's  liabilities  consist of
$14,030  of accrued  expenses,  $12,362  of which are due to  affiliates  of the
General Partner.

The Partnership  has settled the litigation  discussed in Part II, Item 1, Legal
Proceedings.  However,  in connection  with the  litigation,  the Partnership is
still  obligated to pay its prorata  share of  litigation  costs.  The amount of
these costs have not yet been determined. The General Partner intends to use the
Partnership's  remaining  funds for the  payment  of costs  associated  with the
litigation.  After all  litigation  and other  costs  have  been  provided  for,
remaining Partnership funds, if any, will be distributed to the partners.

RESULTS OF OPERATIONS
---------------------

Revenues:

The  Partnership's  interest revenue  decreased $101 to $8,428 for the six month
period ended June 30, 1999 from the same period of 1998.  For the second quarter
of 1999,  interest  revenue  increased  $605 from the second  quarter of 1998 to
$4,224.  The varied amounts of interest revenue received are attributable to the
variable  amount  of  Partnership   cash  and  cash   equivalents   invested  in
interest-bearing accounts for the periods in question.
<PAGE>
The Partnership  also recorded $11,880 of other revenue for the six months ended
June 30,  1999,  which  consists  principally  of refunds  of general  liability
insurance and workers'  compensation  insurance  premiums from the Partnership's
insurance carriers.

Expenses:

Partnership  expenses  for the  first  six  months of 1998  include  $10,159  of
expenses  related to prior  operations at Palm Bay  Apartments.  The Partnership
sold Palm Bay  Apartments  on September 30, 1997. No such expenses were incurred
during 1999.

General and administrative expenses for the six month period ended June 30, 1999
decreased  $31,265  to  $5,841  as  compared  to the same  period  in 1998.  The
Partnership continues to incur costs related to the litigation discussed below.

General and administrative  expenses paid to affiliates for the first six months
of 1998  reflects  a $3,550  credit  or  refund  from  affiliates.  General  and
administrative  expenses  for  1997  exceeded  the  limit  equal  to 2%  of  the
Partnership's   assets  established  by  the  Amended   Partnership   Agreement.
Consequently,  in the first  quarter of 1998 the  Partnership  received a refund
from an affiliate.  No such refunds were received during the first six months of
1999.

LIQUIDITY AND CAPITAL RESOURCES
-------------------------------

At June 30, 1999, the  Partnership  held $409,387 of cash and cash  equivalents.
The  Partnership  owns no  other  assets.  The  Partnership  intends  to use its
remaining  funds to pay the accrued  expenses  owed by the  Partnership,  in the
amount of $14,030 as of June 30, 1999, to pay all remaining  expenses  connected
with the termination of the Partnership, and to provide a contingency reserve to
pay  all  costs  associated  with  litigation  involving  the  Partnership  as a
defendant.  After all expenses have been provided for, all remaining Partnership
funds  will be  distributed  to the  partners  in  accordance  with terms of the
Partnership Agreement. The General Partner considers the current balance of cash
and cash equivalents adequate for all of these purposes.

Distributions:

Distribution  of the  Partnership's  remaining  cash  reserves will be made from
remaining  funds  of the  Partnership,  if any,  after  all  liabilities  of the
Partnership  have been paid,  including costs  associated  with  terminating the
Partnership's  affairs,  and costs  associated  with  adjudicating  or  settling
litigation in which the Partnership is involved.

Forward-Looking Information:

Within this document,  certain  statements  are made as to expected  Partnership
developments,  including the ultimate termination of the Partnership's business,
satisfaction  of the  Partnership's  creditors,  and  distributions  to  limited
partners.  All of these statements are forward-looking  statements made pursuant
to the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. These  statements are not historical and involve risks and  uncertainties.
The Partnership's  actual financial condition,  results of operations,  and cash
flows for future  periods may differ  materially due to several  factors.  These
factors include,  but are not limited to, the outcome of litigation in which the
Partnership is a defendant.

<PAGE>
YEAR 2000 DISCLOSURE
--------------------

State of readiness
------------------

The year 2000 problem is the result of computer programs being written using two
digits rather than four to define the  applicable  year.  Any programs that have
time-sensitive  software may recognize a date using "00" as the year 1900 rather
than  the  year  2000.   This  could   result  in  major   systems   failure  or
miscalculations.

Management has assessed its  information  technology  ("IT")  infrastructure  to
identify  any systems  that could be affected by the year 2000  problem.  The IT
used by the  Partnership  for  financial  reporting and  significant  accounting
functions was made year 2000 compliant  during recent systems  conversions.  The
software  utilized for these  functions  are licensed by third party vendors who
have warranted that their systems are year 2000 compliant.

Cost
----

The cost of IT  upgrades is not  expected  to be  material  to the  Partnership.
Because all the IT systems have been  upgraded  over the last three  years,  all
such systems were  compliant,  or made compliant at no additional  cost by third
party vendors.

Risks
-----

Ultimately,  the potential impact of the year 2000 issue will depend not only on
the corrective measures the Partnership undertakes, but also on the way in which
the year 2000 issue is  addressed  by  government  agencies  and  entities  that
provide services or supplies to the  Partnership.  Management has not determined
the most likely worst case scenario to the Partnership. Management believes that
progress on all areas is proceeding and that the Partnership  will experience no
adverse  effect  as a  result  of the  year  2000  issue.  However,  there is no
assurance that this will be the case.

Contingency plans
-----------------

Management  is  developing  contingency  plans to  address  potential  year 2000
non-compliance of IT. Management believes that alternative systems are available
that could be utilized to minimize such impact.  Management  has assessed  these
risks and expects to have  contingency  plans in place by December  31, 1999 for
any material potential failures.


<PAGE>
                           PART II. OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS
-------  -----------------

James F.  Schofield,  Gerald C. Gillett,  Donna S. Gillett,  Jeffrey  Homburger,
Elizabeth Jung,  Robert Lewis, and Warren Heller et al. v. McNeil Partners L.P.,
McNeil Investors,  Inc., McNeil Real Estate Management,  Inc., Robert A. McNeil,
Carole J. McNeil,  McNeil Pacific  Investors Fund 1972, Ltd., McNeil Real Estate
Fund IX,  Ltd.,  McNeil Real  Estate  Fund X, Ltd.,  McNeil Real Estate Fund XI,
Ltd.,  McNeil  Real Estate Fund XII,  Ltd.,  McNeil Real Estate Fund XIV,  Ltd.,
McNeil Real Estate Fund XV, Ltd.,  McNeil Real Estate Fund XX, L.P., McNeil Real
Estate Fund XXI, L.P.,  McNeil Real Estate Fund XXII,  L.P.,  McNeil Real Estate
Fund XXIII,  L.P.,  McNeil Real Estate Fund XXIV, L.P.,  McNeil Real Estate Fund
XXV,  L.P.,  McNeil  Real Estate  Fund XXVI,  L.P.,  and McNeil Real Estate Fund
XXVII,  L.P., Hearth Hollow  Associates,  McNeil Midwest  Properties I, L.P. and
Regency North Associates,  L.P., - Superior Court of the State of California for
the  County of Los  Angeles,  Case No.  BC133799  (Class and  Derivative  Action
Complaint).

The action involves  purported  class and derivative  actions brought by limited
partners  of each  of the  limited  partnerships  that  were  named  as  nominal
defendants as listed above (the  "Partnerships").  Plaintiffs allege that McNeil
Investors,  Inc., its affiliate McNeil Real Estate Management,  Inc.  ("McREMI")
and  three  of  their  senior  officers  and/or  directors  (collectively,   the
"Defendants")  breached their fiduciary duties and certain obligations under the
respective Amended Partnership Agreement. Plaintiffs allege that Defendants have
rendered such Units highly illiquid and  artificially  depressed the prices that
are  available  for Units on the resale  market.  Plaintiffs  also  allege  that
Defendants engaged in a course of conduct to prevent the acquisition of Units by
an affiliate of Carl Icahn by disseminating  purportedly  false,  misleading and
inadequate  information.  Plaintiffs  further  allege that  Defendants  acted to
advance their own personal interests at the expense of the Partnerships'  public
unit  holders by  failing to sell  Partnership  properties  and  failing to make
distributions to unitholders.

On December 16, 1996, the Plaintiffs filed a consolidated and amended complaint.
Plaintiffs  are suing for breach of  fiduciary  duty,  breach of contract and an
accounting,  alleging,  among other things, that the management fees paid to the
McNeil affiliates over the last six years are excessive,  that these fees should
be reduced retroactively and that the respective Amended Partnership  Agreements
governing the Partnerships are invalid.

Defendants  filed a demurrer to the  consolidated  and amended  complaint  and a
motion to strike on February 14, 1997,  seeking to dismiss the  consolidated and
amended  complaint in all  respects.  The Court  granted  Defendants'  demurrer,
dismissing  the  consolidated  and  amended  complaint  with leave to amend.  On
October  31,  1997,  the  Plaintiffs  filed a second  consolidated  and  amended
complaint.  The case was stayed  pending  settlement  discussions.  Because  the
settlement contemplated a transaction which included all of the Partnerships and
plaintiffs   claimed  that  an  effort  should  be  made  to  sell  all  of  the
Partnerships, in or around September 1998, plaintiffs filed a third consolidated
and  amended   complaint  which  included   allegations   with  respect  to  the
Partnerships which had not been named in previously filed complaints.





<PAGE>
On September 15, 1998,  the parties  signed a  Stipulation  of  Settlement.  For
purposes of  settlement,  the parties  stipulated  to a class  comprised  of all
owners of limited partner units in the Partnerships  during the period beginning
June 21, 1991,  the  earliest  date that proxy  materials  began to be issued in
connection with the  restructuring of the  Partnerships,  through  September 15,
1998. As structured,  the Stipulation of Settlement  provided for the payment of
over $35 million in distributions  and the commitment to market the Partnerships
for sale,  together with McREMI,  through a fair and impartial  bidding  process
overseen by a national  investment banking firm. To ensure the integrity of that
process,  defendants agreed,  among other things, to involve plaintiffs' counsel
in oversight of that process,  and plaintiffs'  counsel  retained an independent
advisor to represent the interests of limited partners of the Partnerships.

On October 6, 1998, the court gave  preliminary  approval to the settlement.  It
granted  final  approval to the  settlement  on July 8, 1999 and entered a Final
Order and Judgment  dismissing  the  consolidated  action with  prejudice.  As a
condition of final approval,  the court requested,  and the parties agreed to, a
slight modification of the release in the Stipulation of Settlement with respect
to  future  claims.  Plaintiffs'  counsel  intends  to  seek an  order  awarding
attorneys' fees and reimbursing their out-of-pocket  expenses in an amount which
is as yet  undetermined.  Fees and  expenses  shall  be  allocated  amongst  the
Partnerships  on a pro rata basis,  based upon tangible asset value of each such
partnership,  less total liabilities,  calculated in accordance with the Amended
Partnership Agreements for the quarter most recently ended.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K
-------  ---------------------------------

(a)      Exhibits.

         Exhibit
         Number                     Description
         --------                   -----------

         3.                         Restated    Certificate    and  Agreement of
                                    Limited  Partnership  dated    of   March 8,
                                    1972. (1)

         4.                         Amendment to Restated Certificate and Agree-
                                    ment  of    Limited    Partnership     dated
                                    March 30, 1992. (2)

         11.                        Statement  regarding  computation  of    net
                                    increase   (decrease)   in  net   assets  in
                                    liquidation  per limited  partnership  unit:
                                    Net  increase  (decrease)  in net  assets in
                                    liquidation per limited  partnership unit is
                                    computed by dividing net increase (decrease)
                                    in net assets in  liquidation  allocated  to
                                    the  limited   partners  by  the  number  of
                                    limited  partnership units outstanding.  Per
                                    unit  information has been computed based on
                                    13,752.5    limited     partnership    units
                                    outstanding in 1999 and 1998.

         27.                        Financial  Data  Schedule   for  the quarter
                                    ended June 30, 1999.

      (1)   Incorporated by reference to the Annual Report of Registrant on Form
            10-K for the period ended  December 31, 1990,  as filed on March 29,
            1991.

      (2)   Incorporated by reference to the Current Report on Form 8-K filed by
            the Registrant with the Securities and Exchange  Commission on April
            10, 1992.

(b)      Reports on Form 8-K. There were no reports on Form 8-K filed during the
         quarter ended June 30, 1999.


<PAGE>
                       McNEIL PACIFIC INVESTORS FUND 1972
        (a California limited partnership in the process of liquidation)

                                   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:


                              McNEIL PACIFIC INVESTORS FUND 1972

                              By:  McNeil Partners, L.P., General Partner

                                   By: McNeil Investors, Inc., General Partner





August 16, 1999                    By: /s/  Ron K. Taylor
---------------                       ------------------------------------------
Date                                   Ron K. Taylor
                                       President and Director of McNeil
                                         Investors, Inc.
                                       (Principal Financial Officer)





August 16, 1999                    By: /s/  Brandon K. Flaming
---------------                       ------------------------------------------
Date                                   Brandon K. Flaming
                                       Vice President of McNeil Investors, Inc.
                                       (Principal Accounting Officer)