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 period ended      September 30, 1997
                           -----------------------------------------------------


                                       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>
                       McNEIL PACIFIC INVESTORS FUND 1972
                          PART I. FINANCIAL INFORMATION

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

                                 BALANCE SHEETS
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                        September 30,        December 31,
                                                                            1997                 1996
                                                                       ---------------     ---------------
ASSETS
------
<S>                                                                    <C>                 <C>            
Asset held for sale.........................................           $             -     $     6,253,753

Cash and cash equivalents...................................                 5,285,695             581,031
Cash segregated for security deposits.......................                         -              57,204
Accounts receivable.........................................                         -               4,147
Prepaid expenses and other assets...........................                    22,842              23,694
Escrow deposits.............................................                   119,346              33,232
Deferred borrowing costs, net of accumulated
   amortization of $47,607 at December 31, 1996.............                         -               4,327
                                                                        --------------      --------------

                                                                       $     5,427,883     $     6,957,388
                                                                        ==============      ==============

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

Mortgage note payable.......................................           $             -     $     2,023,577
Accrued interest............................................                         -              14,755
Other accrued expenses......................................                    10,665              24,346
Payable to affiliates - General Partner.....................                   150,272              17,108
Security deposits and deferred rental revenue...............                         -              58,081
                                                                        --------------      --------------
                                                                               160,937           2,137,867
                                                                        --------------      --------------

Partners' equity:
   Limited  partners - 15,000 limited partnership units
     authorized;  13,752.5 limited partnership units
     issued and outstanding.................................                 4,834,716           4,509,577
   General Partner..........................................                   432,230             309,944
                                                                        --------------      --------------
                                                                             5,266,946           4,819,521
                                                                        --------------      --------------

                                                                       $     5,427,883     $     6,957,388
                                                                        ==============      ==============

</TABLE>



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

                 See accompanying notes to financialstatements.
<PAGE>
                       McNEIL PACIFIC INVESTORS FUND 1972

                            STATEMENTS OF OPERATIONS
                                   (Unaudited)

<TABLE>
<CAPTION>

                                            Three Months Ended                     Nine Months Ended
                                                September 30,                         September 30,
                                      ---------------------------------    ---------------------------------
                                          1997               1996               1997                1996
                                      --------------    ---------------    --------------     --------------
Revenue:
<S>                                   <C>                  <C>             <C>               <C>            
   Rental revenue................     $      451,095       $    437,221    $    1,349,802    $     1,253,566
   Interest......................              9,056              8,560            24,143             19,721
   Gain on sale of
     real estate.................            151,141                  -           151,141                  -
                                       -------------      -------------     -------------      -------------
     Total revenue...............            611,292            445,781         1,525,086          1,273,287
                                       -------------      -------------     -------------      -------------

Expenses:
   Interest......................             40,700             47,895           133,196            151,616
   Depreciation..................                  -            100,119                 -            294,116
   Property taxes................             32,029             28,974            90,765             86,922
   Personnel expenses............             75,719             68,873           221,237            205,457
   Utilities.....................             16,696             16,036            50,785             48,938
   Repair and maintenance........             84,692             84,174           277,151            244,720
   Property management
     fees - affiliates...........             26,802             25,965            80,160             74,446
   Other property operating
     expenses....................             46,315             34,340           109,447            102,567
   General and administrative....             37,753             14,769            63,178             31,146
   General and administrative -
     affiliates..................             18,114             13,577            51,742             32,907
                                       -------------      -------------     -------------      -------------
     Total expenses..............            378,820            434,722         1,077,661          1,272,835
                                       -------------      -------------     -------------      -------------

Net income.......................     $      232,472     $       11,059    $      447,425     $          452
                                       =============      =============     =============      =============

Net income allocated
   to limited partners...........     $      110,186     $       11,059    $      325,139     $          452
Net income allocated
   to General Partner............            122,286                  -           122,286                  -
                                       -------------      -------------     -------------      -------------

Net income.......................     $      232,472     $       11,059    $      447,425     $          452
                                       =============      =============     =============      =============

Net income per limited
   partnership unit..............     $         8.01     $          .80    $        23.64     $          .03
                                       =============      =============     =============      =============
</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

                         STATEMENTS OF PARTNERS' EQUITY
                                   (Unaudited)

              For the Nine Months Ended September 30, 1997 and 1996

<TABLE>
<CAPTION>
                                                                                                     Total
                                                     General                  Limited              Partners'
                                                     Partner                 Partners               Equity
                                                 --------------          --------------        --------------
<S>                                              <C>                     <C>                   <C>           
Balance at December 31, 1995..............       $      309,944          $    4,405,038        $    4,714,982

Net income................................                    -                     452                   452
                                                  -------------           -------------         -------------

Balance at September 30, 1996.............       $      309,944          $    4,405,490        $    4,715,434
                                                  =============           =============         =============


Balance at December 31, 1996..............       $      309,944          $    4,509,577        $    4,819,521

Net income................................              122,286                 325,139               447,425
                                                  -------------           -------------         -------------

Balance at September 30, 1997.............       $      432,230          $    4,834,716        $    5,266,946
                                                  =============           =============         =============
</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

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)

                      Increase in Cash and Cash Equivalents

<TABLE>
<CAPTION>
                                                                                 Nine Months Ended
                                                                                   September 30,
                                                                        -----------------------------------
                                                                              1997                1996
                                                                        ---------------     ---------------
Cash flows from operating activities:
<S>                                                                     <C>                 <C>           
   Cash received from tenants.......................                    $    1,351,258      $    1,256,778
   Cash paid to suppliers...........................                          (732,813)           (664,713)
   Cash paid to affiliates..........................                          (135,738)           (108,546)
   Interest received................................                            24,143              19,721
   Interest paid....................................                          (143,624)           (138,888)
   Property taxes paid and escrowed.................                          (176,879)            (74,902)
                                                                         -------------       -------------

Net cash provided by operating activities...........                           186,347             289,450
                                                                         -------------       -------------

Cash flows from investing activities:
   Additions to real estate investments.............                           (69,821)           (137,449)
   Proceeds from sale of real estate................                         6,611,715                   -
                                                                         -------------       -------------
Net cash provided by (used in)
   investing activities.............................                         6,541,894            (137,449)
                                                                         -------------       --------------

Cash flows from financing activities:
   Principal payments on mortgage notes
     payable........................................                           (98,648)           (102,087)
   Retirement of mortgage note payable..............                        (1,924,929)                  -
                                                                         -------------       -------------

Net cash used in financing activities...............                        (2,023,577)           (102,087)
                                                                         -------------       -------------

Net increase in cash and cash equivalents...........                         4,704,664              49,914

Cash and cash equivalents at beginning
   of period........................................                           581,031             523,389
                                                                         -------------       -------------

Cash and cash equivalents at end of period..........                    $    5,285,695      $      573,303
                                                                         =============       =============
</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

                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)

              Reconciliation of Net Income to Net Cash Provided by
                              Operating Activities

<TABLE>
<CAPTION>
                                                                                  Nine Months Ended
                                                                                    September 30,
                                                                        ----------------------------------
                                                                              1997                1996
                                                                        --------------      --------------
<S>                                                                     <C>                 <C>           
Net income..........................................                    $      447,425      $          452
                                                                         -------------       -------------

Adjustments to reconcile net income to net cash
   provided  by  operating activities:
   Depreciation.....................................                                 -             294,116
   Amortization of deferred borrowing costs.........                             4,327               7,790
   Gain on sale of real estate......................                          (151,141)                  -
   Changes in assets and liabilities:
     Cash segregated for security deposits..........                            57,204             (13,011)
     Accounts receivable............................                             4,147               2,017
     Prepaid expenses and other assets..............                               852              (1,047)
     Escrow deposits................................                           (86,114)            (74,902)
     Accounts payable...............................                                 -             (19,903)
     Accrued interest...............................                           (14,755)              4,938
     Accrued property taxes.........................                                 -              86,922
     Other accrued expenses.........................                           (13,681)            (12,624)
     Payable to affiliates - General Partner........                            (3,836)             (1,193)
     Security deposits and deferred rental
       revenue......................................                           (58,081)             15,895
                                                                         -------------       -------------
       Total adjustments............................                          (124,078)            288,998
                                                                         -------------       -------------

Net cash provided by operating activities...........                    $      186,347      $      289,450
                                                                         =============       =============
</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

                          Notes To Financial Statements
                                   (Unaudited)

                               September 30, 1997


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 nine months ended September 30, 1997,
are not necessarily indicative of the results to be expected for the year ending
December 31, 1997.

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,  1996,  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, c/o The Herman Group,  2121 San Jacinto
St., 26th Floor, Dallas, Texas 75201.

NOTE 3.
-------

The  Partnership  pays property  management fees equal to 6% of the gross rental
receipts of the Partnership's  property to McNeil Real Estate  Management,  Inc.
("McREMI"),  an  affiliate  of  the  General  Partner,  for  providing  property
management and leasing services for the Partnership's property.

The  Partnership  reimburses  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 nine month  periods  ended  September 30,
1997 and 1996.

The General  Partner is entitled to receive a sales  commission as  compensation
for selling Partnership property equal to the lesser of 4% of the sales price of
the  property  sold or the  customary  fee  charged by  independent  real estate
brokers in the area where the property is located.



<PAGE>
The General  Partner is also entitled to a  distribution  of cash from sales and
refinancings  and  cash  from  working  capital  reserves  equal to 9.5% of such
distributions.  No such  distributions  were paid to the partners during 1996 or
during the first nine months of 1997.

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

                                                            Nine Months Ended
                                                               September 30,
                                                         -----------------------
                                                             1997        1996
                                                         ----------    ---------

Property management fees - affiliates...............     $   80,160    $  74,446
Charged to gain on sale of real estate:
   Sales commission.................................        137,000            -
Charged to general and administrative -
   affiliates:
   Partnership administration.......................         51,742       32,907
                                                           --------     --------

                                                          $ 268,902    $ 107,353
                                                           ========     ========

NOTE 4.
-------

On  September  30,  1997,  the  Partnership  sold  Palm  Bay  Apartments  to  an
unaffiliated purchaser for a cash sales price of $6,850,000.  Cash proceeds from
the transaction, as well as the gain on sale, are detailed below.

<TABLE>
<CAPTION>
                                                                                 Proceeds
                                                              Gain on Sale       from Sale
                                                             -------------    --------------
<S>                                                          <C>              <C>          
Sales price.........................................         $  6,850,000     $   6,850,000
Selling costs.......................................             (375,285)         (375,285)
   Add back unpaid sales commission  
     due to the General Partner.....................                    -           137,000
Basis of real estate sold...........................           (6,323,574)  
                                                              -----------      ------------

Gain on sale of real estate.........................         $    151,141
                                                              ===========

Proceeds from sale of real estate...................                              6,611,715
Sales commission due to the General Partner.........                               (137,000)
Retirement of mortgage note payable.................                             (1,924,929)
                                                                               -------------

Net cash proceeds...................................                          $   4,549,786
                                                                               ============
</TABLE>




<PAGE>
NOTE 5.
-------

On October 1, 1996, the General Partner placed the Partnership's  only remaining
property, Palm Bay Apartments,  on the market for sale.  Consequently,  Palm Bay
Apartments  was  classified  as an  Asset  Held  for  Sale  on the  accompanying
financial statements until the September 30, 1997 sale of the property.

In 1996, the  Partnership  adopted the Financial  Accounting  Standards  Board's
Statement  of  Financial  Accounting  Standards  No.  121,  "Accounting  for the
Impairment of Long-Lived  Assets and for  Long-Lived  Assets to be Disposed Of."
This statement  requires the cessation of  depreciation on assets held for sale.
Accordingly, no depreciation charges have been incurred since October 1, 1996.

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

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

On September 30, 1997, the  Partnership  sold Palm Bay  Apartments.  The sale of
Palm Bay Apartments  completes the liquidation of the Partnership's  real estate
investment  portfolio.  Proceeds  from the sale have been invested in short-term
interest bearing  accounts while the General Partner winds-up the  Partnership's
affairs.

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

Revenues:

Rental  revenues at Palm Bay Apartments  increased 3.2% and 7.7% for the quarter
and nine months  ended  September  30,  1997 as compared to the same  periods of
1996.  Most of the  increase in rental  revenue was  obtained by  improving  the
occupancy rate of the Orlando  property.  Vacancy losses  decreased  11.9%,  and
other rental  discounts and  concessions  decreased  77%. The  Partnership  also
increased base rental rates an average of 4.1% for the property's units.

Also included in revenues for the third quarter is the $151,141 gain on the sale
of Palm Bay Apartments.

Expenses:

Partnership  expenses  decreased  $195,174 or  15.3% for the nine  months  ended
September 30, 1997 as compared to the nine months ended  September 30, 1996. For
the third  quarter,  expenses  decreased  $55,902 or 12.9%.  In accordance  with
accounting  standards,  the Partnership ceased  depreciating Palm Bay Apartments
after deciding to sell the property in October 1996.  Thus, no  depreciation  is
recorded in 1997; the Partnership  incurred $294,116 of depreciation expense for
the nine months ended September 30, 1996.

Excluding depreciation,  expenses increased $98,942 or 10.1% for the nine months
ended  September  30,  1997.  Increases in repair and  maintenance,  general and
administrative,  and general and administrative expenses paid to affiliates were
partially offset by decreased interest expense.


<PAGE>
Repair and maintenance  expenses  increased  $32,431 or 13.2% for the first nine
months of 1997 as compared to the first nine months of 1996.  Costs incurred for
replacement of appliances  and floor  coverings were expensed in 1997 as opposed
to being  capitalized  in 1996.  The 1997  costs did not meet the  Partnership's
capitalization criteria and were, therefore, expensed.

General and administrative expenses doubled to $63,178 for the first nine months
of 1997 as compared to the first nine months of 1996. The  Partnership  incurred
approximately  $48,000  of costs in  connection  with the  proxy of the  limited
partners to approve the sale of Palm Bay Apartments  and the  liquidation of the
Partnership.  Additionally,  beginning in 1997, the Partnership  began incurring
charges for  investor  services,  which are now provided by a third party vendor
instead of by affiliates of the General Partner.

General and  administrative  expenses paid to affiliates of the General  Partner
increased  $18,835 or 57% for the first nine  months of 1997 as  compared to the
first  nine  months  of 1996.  As  discussed  in the  preceding  paragraph,  the
Partnership's   costs  for  investor  relations  are  reported  in  general  and
administrative   instead  of  general  and  administrative  paid  to  affiliates
beginning in 1997. However, the Partnership incurred increased costs relating to
the proposed sale of Palm Bay Apartments and the anticipated  liquidation of the
Partnership.

Interest expense  decreased $18,420 or 12.1% in the first nine months of 1997 as
compared  to the first  nine  months of 1996.  Interest  expense on the Palm Bay
mortgage  note  continues  to  decrease  as the balance of the note is paid down
through  monthly debt service  payments.  Approximately  half of the decrease is
attributable to a one-time adjustment that increased interest expense in 1996.

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

Cash generated by Partnership operating activities decreased to $186,347 for the
nine months ended  September  30, 1997 from the $289,450  generated by operating
activities  for the first nine  months of 1996.  Increases  in cash  payments to
suppliers, affiliates and for property taxes increased more than the increase in
rental receipts from Palm Bay Apartments.

The Partnership also expended  $69,821 in 1997 for capital  improvements to Palm
Bay  Apartments  prior to the  September  30,  1997 sale of the  property.  Cash
proceeds from the sale amounted to  $6,611,715.  Of that amount,  $1,924,929 was
used to retire the Palm Bay mortgage  note. An additional  $137,000 will be used
to pay the sales commission due to the General Partner.

Liquidity:

As a result of the sale of Palm Bay  Apartments  and the  retirement of the Palm
Bay mortgage note, the Partnership  had $5,285,695 of cash and cash  equivalents
as of September 30, 1997, and no material obligations other than a $137,000 sale
commission due to the General Partner.









<PAGE>
Distributions:

Distributions  to partners have been suspended as part of the General  Partner's
policy of maintaining adequate cash reserves. However, with the sale of Palm Bay
Apartments, the Partnership is now in the process of winding up its affairs, and
will  distribute  its  remaining  cash to the  limited  partners  after  various
provisions are made for remaining fees and expenses due to the General  Partner,
and for a $250,000  reserve to  provide  for  potential  legal  fees,  costs and
expenses relating to ongoing  litigation (see Item 1 - Legal  Proceedings).  The
General  Partner  has  determined  to  distribute  approximately  $4,772,397  in
December 1997, of which $4,340,167 will be distributed to the limited  partners,
and $432,230 will be distributed to the General Partner.



                           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 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., et al. - 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 fourteen 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. 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.


<PAGE>
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.  A hearing on Defendant's demurrer and motion
to strike  was held on May 5,  1997.  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.  Defendants intend to file a demurrer to the second  consolidated and
amended complaint on or before December 1, 1997.

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
                                    Agreement   of  Limited  Partnership   dated
                                    March 30, 1992. (2)

         11.                        Statement   regarding   computation  of  net
                                    income per  limited  partnership  unit:  Net
                                    income  per  limited   partnership  unit  is
                                    computed by dividing net income 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 1997 and 1996.

         27.                        Financial   Data   Schedule for  the quarter
                                    ended September 30, 1997.

      (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.

     On October 15, 1997, the Partnership  filed a Current Report on Form 8-K to
     report  the  September  30,  1997  sale  of  Palm  Bay   Apartments  to  an
     unaffiliated purchaser.
<PAGE>


                       McNEIL PACIFIC INVESTORS FUND 1972

                                   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





November 14, 1997                 By:  /s/  Ron K. Taylor
-----------------                    -------------------------------------------
Date                                   Ron K. Taylor
                                       President and Director of McNeil 
                                        Investors, Inc.
                                       (Principal Financial Officer)





November 14, 1997                 By:  /s/  Brandon K. Flaming
-----------------                    -------------------------------------------
Date                                   Brandon K. Flaming
                                       Vice President of McNeil Investors, Inc.
                                       (Principal Accounting Officer)