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      September 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>

                                                                     September 30,    December 31,
                                                                          1999           1998
                                                                     -------------    ------------
ASSETS
------

<S>                                                                    <C>             <C>
Cash and cash equivalents .....................................        $411,860        $397,954
                                                                       --------        --------

                                                                       $411,860        $397,954
                                                                       ========        ========

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

Other accrued expenses ........................................        $  2,820        $  4,702
Payable to affiliates - General Partner .......................          12,362          12,362
                                                                       --------        --------
                                                                         15,182          17,064
                                                                       --------        --------
Partners' equity:
   Limited  partners - 15,000 limited partnership units
     authorized;  13,752.5 limited partnership units
     issued and outstanding at September 30, 1999 and
     December 31, 1998 ........................................         396,678         380,890
   General Partner ............................................              --              --
                                                                       --------        --------
                                                                        396,678         380,890
                                                                       --------        --------

                                                                       $411,860        $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                 Nine Months Ended
                                                    September 30,                     September 30,
                                              --------------------------        --------------------------
                                                 1999             1998            1999             1998
                                              ---------        ---------        ---------        ---------

Revenue:
<S>                                           <C>              <C>              <C>              <C>
   Interest ..........................        $   4,394        $   6,032        $  12,822        $  14,561
   Other revenue .....................              150               --           12,030               --
                                              ---------        ---------        ---------        ---------
     Total revenue ...................            4,544            6,032           24,852           14,561
                                              ---------        ---------        ---------        ---------

Expenses:
   Personnel expenses ................               --               --               --               73
   Repair and maintenance ............               --               --               --            8,592
   Other property operating
     expenses ........................               --               --               --            1,494
   General and administrative ........            3,223            3,690            9,064           40,796
   General and administrative -
     affiliates ......................               --               --               --           (3,550)
                                              ---------        ---------        ---------        ---------
     Total expenses ..................            3,223            3,690            9,064           47,405
                                              ---------        ---------        ---------        ---------

Net increase (decrease) in
   net assets in liquidation .........            1,321            2,342           15,788          (32,844)
Net assets in liquidation at
   beginning of period ...............          395,357          379,133          380,890          414,319
                                              ---------        ---------        ---------        ---------

Net assets in liquidation at
   end of period .....................        $ 396,678        $ 381,475        $ 396,678        $ 381,475
                                              =========        =========        =========        =========

Net increase (decrease) in net
   assets in liquidation per
   limited partnership unit ..........        $     .10        $     .17        $    1.15        $   (2.39)
                                              =========        =========        =========        =========
</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)

                               September 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.  All
adjustments were of a normal recurring nature.

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
September  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 nine month  periods  ended
September 30, 1999 and 1998.





<PAGE>
Compensation and  reimbursements  accrued for the benefit of the General Partner
and its affiliates are as follows:
                                                           Nine Months Ended
                                                             September 30,
                                                        -----------------------
                                                            1999       1998
                                                        ---------   -----------
Charged to general and administrative affiliates:
   Partnership administration.....................      $      -    $   (3,550)
                                                         =======     =========

NOTE 4.
-------

During  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 $411,860 of cash and
cash equivalents.  At September 30, 1999, the Partnership's  liabilities consist
of $15,182 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  $1,739 to $12,822 for the nine
month  period ended  September  30, 1999 as compared to the same period of 1998.
For the third quarter of 1999,  interest  revenue  decreased $1,638 to $4,394 as
compared to the third quarter of 1998.  The varied  amounts of interest  revenue
received are  attributable to the variable  amounts of Partnership cash and cash
equivalents invested in interest-bearing accounts for the periods in question.


<PAGE>
The Partnership also recorded $12,030 of other revenue for the nine months ended
September 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  nine  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 nine month period ended  September
30, 1999 decreased $31,732 to $9,064 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 nine 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 nine months of
1999.

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

At  September  30,  1999,  the  Partnership  held  $411,860  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 $15,182 as of September 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
-------  -----------------

1)   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. A Notice of Appeal was filed September 3, 1999
     by High River  Limited  Partnership,  Unicorn  Associates  Corporation  and
     Longacre Corporation.

2)   High   River  Limited  Partnership,  Unicorn   Associates  Corporation  and
     Longacre  Corporation,  et al. v. McNeil Partners,  L.P.  ("MPLP"),  McNeil
     Investors, Inc., McNeil Real Estate Management,  Inc. (McREMI"),  Robert A.
     McNeil  and  Carole J.  McNeil,  - Supreme  Court of the State of New York,
     County of New York, - Index No. 99 603526.

     On July 23,  1999,  High  River and two other  affiliates  of Carl C. Icahn
     (Unicorn  Associates  Corporation  and  Longacre   Corporation),   filed  a
     complaint for damages in the Supreme Court of the State of New York, County
     of New York.  Plaintiffs allege that the defendants  improperly  interfered
     with  tender  offers made by High River for  limited  partner  units in the
     Partnership  and other  affiliated  partnerships  in which  MPLP  serves as
     General Partner (the "McNeil Partnerships"), by, among other things, filing
     purportedly  frivolous  litigation  to delay High River's  offers,  issuing
     purportedly  false  and  misleading  statements  opposing  the  offers  and
     purportedly  forcing  High River itself to file  litigation  to enforce its
     rights. High River also alleges that as a result the defendants caused High
     River to incur undue expense and that the defendants  ultimately  prevented
     High River  from  acquiring  a greater  number of  limited  partner  units.
     Plaintiffs also allege that the defendants  improperly  excluded High River
     from  participating  in the  auction  process  for the  sale of the  McNeil
     Partnerships,  and otherwise took steps to prevent its participation in the
     auction.  In  addition,  plaintiffs,  who are limited  partners  in,  among
     others,  McNeil  Funds IX, X, XI, XII,  XIV, XV, XX,  XXIV,  XXV,  XXVI and
     XXVII, have also sued the defendants based on their status as opt-outs from
     the  Schofield  settlement.  Plaintiffs  seek  undisclosed  damages  and an
     accounting.



<PAGE>
     On July 30, 1999,  defendants  filed an answer to the High River Complaint,
     denying  each and every  material  allegation  contained  in the High River
     Complaint   and  asserting   several   affirmative   defenses.   Settlement
     negotiations are underway.

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
                                    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 September 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 September 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





November 15, 1999                   By: /s/  Ron K. Taylor
-----------------                      -----------------------------------------
Date                                    Ron K. Taylor
                                        President and Director of McNeil
                                         Investors, Inc.
                                        (Principal Financial Officer)





November 15, 1999                   By: /s/  Brandon K. Flaming
-----------------                      -----------------------------------------
Date                                    Brandon K. Flaming
                                        Vice President of McNeil Investors, Inc.
                                        (Principal Accounting Officer)