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, 1996
                          ------------------------------------------------------


                                       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 700, 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,
                                                                            1996                 1995
                                                                       ---------------     ----------------

ASSETS
------
Real estate investment:
<S>                                                                    <C>                 <C>            
   Land.....................................................           $             -     $     2,336,000
   Buildings and improvements...............................                         -           5,010,483
                                                                        --------------      --------------
                                                                                     -           7,346,483
   Less:  Accumulated depreciation..........................                         -          (1,010,990)
                                                                        --------------      --------------
                                                                                     -           6,335,493

Asset held for sale                                                          6,178,826                   -

Cash and cash equivalents...................................                   573,303             523,389
Cash segregated for security deposits.......................                    56,896              43,885
Accounts receivable.........................................                     1,832               3,849
Prepaid expenses and other assets...........................                    24,267              23,220
Escrow deposits.............................................                   124,255              49,353
Deferred borrowing costs, net of accumulated amorti-
   zation of $45,010 and $37,220 at September 30,
   1996 and December 31, 1995, respectively.................                     6,924              14,714
                                                                        --------------      --------------

                                                                       $     6,966,303     $     6,993,903
                                                                        ==============      ==============

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

Mortgage note payable.......................................           $     2,059,117     $     2,161,204
Accounts payable............................................                       460              20,363
Accrued interest............................................                    15,014              10,076
Accrued property taxes......................................                    86,922                   -
Other accrued expenses......................................                    12,229              24,853
Payable to affiliates - General Partner.....................                    14,034              15,227
Security deposits and deferred rental revenue...............                    63,093              47,198
                                                                        --------------      --------------
                                                                             2,250,869           2,278,921
                                                                        --------------      --------------

Partners' equity:
   Limited  partners - 15,000 limited  partnership  units
     authorized;  13,752.5 limited partnership units
     issued and outstanding.................................                 4,405,490           4,405,038
   General Partner..........................................                   309,944             309,944
                                                                        --------------      --------------
                                                                             4,715,434           4,714,982
                                                                        --------------      --------------

                                                                       $     6,966,303     $     6,993,903
                                                                        ==============      ==============
</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 OPERATIONS
                                   (Unaudited)

<TABLE>
<CAPTION>
                                            Three Months Ended                     Nine Months Ended
                                               September 30,                         September 30,
                                      ---------------------------------    ---------------------------------
                                          1996               1995               1996                1995
                                      --------------    ---------------    --------------     --------------
Revenue:
<S>                                   <C>                <C>               <C>                <C>           
   Rental revenue................     $      437,221     $      328,653    $    1,253,566     $    1,041,687
   Interest......................              8,560             10,026            19,721             32,840
                                       -------------      -------------     -------------      -------------
     Total revenue...............            445,781            338,679         1,273,287          1,074,527
                                       -------------      -------------     -------------      -------------

Expenses:
   Interest......................             47,895             50,819           151,616            148,836
   Depreciation..................            100,119             89,268           294,116            251,888
   Property taxes................             28,974             29,475            86,922             88,425
   Personnel expenses............             68,873             63,403           205,457            183,848
   Utilities.....................             16,036             20,032            48,938             61,306
   Repair and maintenance........             84,174             86,828           244,720            244,839
   Property management
     fees - affiliates...........             25,965             18,739            74,446             59,202
   Other property operating
     expenses....................             34,340             48,354           102,567            136,450
   General and administrative....             14,769             41,219            31,146             56,054
   General and administrative -
     affiliates..................             13,577             19,469            32,907             60,023
                                       -------------      -------------     -------------      -------------
     Total expenses..............            434,722            467,606         1,272,835          1,290,871
                                       -------------      -------------     -------------      -------------

Net income (loss)................     $       11,059     $     (128,927)   $          452     $     (216,344)
                                       =============      =============     =============      =============

Net income (loss) allocated
   to limited partners...........     $       11,059     $     (128,927)   $          452     $     (216,344)
Net income (loss) allocated
   to General Partner............                  -                  -                 -                  -
                                       -------------      -------------     -------------      -------------

Net income (loss)................     $       11,059     $     (128,927)   $          452     $     (216,344)
                                       =============      =============     =============      =============

Net income (loss) per limited
   partnership unit..............     $          .80     $        (9.37)   $          .03     $       (15.73)
                                       =============      =============     =============      =============
</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, 1996 and 1995


<TABLE>
<CAPTION>
                                                                                                     Total
                                                     General                  Limited              Partners'
                                                     Partner                 Partners               Equity
                                                 --------------          --------------        ---------------

<S>                                              <C>                     <C>                   <C>          
Balance at December 31, 1994..............       $      309,944          $    4,690,924        $   5,000,868

Net loss..................................                    -                (216,344)             (216,344)
                                                  -------------           -------------         -------------

Balance at September 30, 1995.............       $      309,944          $    4,474,580        $    4,784,524
                                                  =============           =============         =============


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
                                                  =============           =============         =============

</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 (Decrease) in Cash and Cash Equivalents


<TABLE>
<CAPTION>
                                                                                 Nine Months Ended
                                                                                   September 30,
                                                                        -----------------------------------
                                                                              1996                1995
                                                                        ---------------     ---------------
Cash flows from operating activities:
<S>                                                                     <C>                 <C>           
   Cash received from tenants.......................                    $    1,256,778      $    1,011,917
   Cash paid to suppliers...........................                          (664,713)           (681,391)
   Cash paid to affiliates..........................                          (108,546)           (199,961)
   Interest received................................                            19,721              32,840
   Interest paid....................................                          (138,888)           (147,411)
   Property taxes paid and escrowed.................                           (74,902)             19,246
                                                                         -------------       -------------

Net cash provided by operating activities...........                           289,450              35,240
                                                                         -------------       -------------

Cash flows from investing activities:
   Additions to real estate investments.............                          (137,449)           (326,258)
                                                                         -------------       -------------

Cash flows from financing activities:
   Principal payments on mortgage notes
     payable........................................                          (102,087)            (93,564)
                                                                         -------------       -------------

Net increase (decrease) in cash and
   cash equivalents.................................                            49,914            (384,582)

Cash and cash equivalents at beginning
   of period........................................                           523,389           1,062,361
                                                                         -------------       -------------

Cash and cash equivalents at end of period..........                    $      573,303      $      677,779
                                                                         =============       =============

</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 (Loss) to Net Cash Provided by
                              Operating Activities

<TABLE>
<CAPTION>
                                                                                 Nine Months Ended
                                                                                    September 30,
                                                                        -----------------------------------
                                                                              1996                1995
                                                                        --------------      ---------------
<S>                                                                     <C>                 <C>            
Net income (loss)...................................                    $          452      $     (216,344)
                                                                         -------------       -------------

Adjustments to reconcile net loss to
   net cash provided by (used in) operating
   activities:
   Depreciation.....................................                           294,116             251,888
   Amortization of deferred borrowing costs.........                             7,790               7,790
   Changes in assets and liabilities:
     Cash segregated for security deposits..........                           (13,011)               (384)
     Accounts receivable............................                             2,017               1,546
     Prepaid expenses and other assets..............                            (1,047)                663
     Escrow deposits................................                           (74,902)             19,252
     Accounts payable...............................                           (19,903)             (3,022)
     Accrued interest...............................                             4,938              (6,365)
     Accrued property taxes.........................                            86,922              88,419
     Other accrued expenses.........................                           (12,624)            (26,265)
     Payable to affiliates - General Partner........                            (1,193)            (80,736)
     Security deposits and deferred rental
       revenue......................................                            15,895              (1,202)
                                                                         -------------       -------------
       Total adjustments............................                           288,998             251,584
                                                                         -------------       -------------

Net cash provided by operating activities...........                    $      289,450      $       35,240
                                                                         =============       =============
</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, 1996


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 700, 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, 1996,
are not necessarily indicative of the results to be expected for the year ending
December 31, 1996.

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,  1995,  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 McNeil Real Estate Management,  Inc.,
Investor Services, 13760 Noel Road, Suite 700, LB70, Dallas, Texas 75240.

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  during the nine month  periods ended  September 30, 1996 and
1995.

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
1995.

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

                                                     Nine Months Ended
                                                        September 30,
                                                  -------------------------
                                                    1996            1995
                                                  ---------      ----------

Property management fees - affiliates.......      $  74,446      $   59,202
Charged to general and administrative -
   affiliates:
   Partnership administration...............         32,907          60,023
                                                   --------       ---------

                                                  $ 107,353      $  119,225
                                                   ========       =========

NOTE 4.
-------

On  October 1, 1996,  the  General  Partner  has placed the  Partnership's  only
remaining property, Palm Bay Apartments,  on the market for sale.  Consequently,
the Partnership  reclassified  its investment in Palm Bay Apartments as an Asset
Held for Sale on the accompanying Balance Sheet dated September 30, 1996.

NOTE 5.
-------

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  required the cessation of  depreciation on assets held for sale.
Since  Palm  Bay  is  currently  classified  as  an  asset  held  for  sale,  no
depreciation has been taken effective October 1, 1996.


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

On October 1, 1996,  the  General  Partner  placed the  Partnership's  remaining
property,  Palm Bay  Apartments,  on the market for sale.  The  General  Partner
decided to offer Palm Bay  Apartments  for sale  because  of  recently  improved
operations at the Orlando property following extensive capital improvements over
the past three years, and because of the impending maturity of the mortgage note
encumbering  Palm Bay Apartments.  The Palm Bay mortgage note matures on June 1,
1997.




<PAGE>

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

Revenues:

Rental  revenues at Palm Bay Apartments  increased  $108,568 and $211,879 or 33%
and 20% for the three month and nine month periods  ended  September 30, 1996 as
compared to the similar  periods of 1995.  Although  small rental rate increases
have been implemented,  most of the increase in rental revenues is from improved
occupancy rates at the property.  The occupancy rate at September 30 improved to
94.8%,  up from 85.5% at December 31, 1995,  and up from 78.3% at September  30,
1995.

Although occupancy rates have improved, the Partnership has not yet been able to
increase  base  rental  rates as quickly as had been  hoped.  Several  apartment
communities in the immediate area of Palm Bay  Apartments  have undergone  major
rehabilitation,  and several competing  apartment  communities are able to offer
their units at rates that are  subsidized by various  government  programs.  The
effect of this competition has restricted  expected increases in rental rates at
Palm Bay  Apartments.  After  occupancy  rates  stabilize in the mid-90%  range,
management  hopes to resume rental rate  increases to improve the revenue growth
of the property.

Expenses:

Partnership  expenses  decreased $32,884 or 7.0% in the third quarter of 1996 as
compared to the third quarter of 1995. For the nine month period ended September
30, 1996,  expenses  decreased $18,036 or 1.4% as compared to the same period of
1995. Decreased expenses in partnership administration and utilities were offset
by increased  expenses  concentrated in depreciation,  personnel  expenses,  and
property management fees.

Depreciation  increased  $42,228 or 16.8% for the first  nine  months of 1996 as
compared to the same period of 1995. The  Partnership  continues to invest funds
into capital improvements at Palm Bay Apartments. The increased capital basis of
the property leads to increased depreciation charges. In the twelve months ended
September 30, 1996, the Partnership placed in service an additional  $252,097 of
capital  improvements.  The  improvements  are generally being  depreciated over
lives ranging from five to ten years.

Personnel  expenses increased $21,609 or 11.7% for the first nine months of 1996
as compared to the same period of 1995. The  Partnership has increased the level
of staffing  at Palm Bay  Apartments  in an effort to provide a higher  level of
service  to the  tenants  of Palm  Bay  Apartments.  One of the  strategies  the
Partnership is using to differentiate itself in the local market is to provide a
greater level of services to its tenants.

Property  management fees increased  $15,244 or 26% for the first nine months of
1996 as compared to the same period of 1995.  Increased  rental revenue caused a
corresponding  increase  in  property  management  fees  which  are  based  on a
percentage of the revenue of Palm Bay Apartments.







<PAGE>
Besides the increases noted above, the Partnership recorded decreases in utility
expense, other property operating expenses,  general and administrative expense,
and general and administrative expenses paid to affiliates. The increase in Palm
Bay  Apartments'   occupancy  rate  resulted  in  a  20%  reduction  in  utility
expenditures.  The  Partnership's  tenants pay for their own  utilities.  As the
occupancy rate increases, there are fewer units incurring utility charges at the
Partnership's  expense.  Other property  operating expenses decreased 25% due to
decreases  in bad debt  expense and  decreases  in legal and other  professional
fees. Finally,  general and administrative expenses paid to affiliates decreased
45% due to decreased  levels of overhead  expenses charged to the Partnership by
affiliates of the General Partner.

General and administrative  expenses decreased $24,908 or 44% and $26,450 or 64%
for the nine and  three  months  ended  September  30,  1996,  respectively,  as
compared to the same  periods in 1995.  In the nine months ended  September  30,
1995,  the  Partnership  incurred  $36,194 of costs to evaluate and  disseminate
information  regarding an unsolicited  tender offer.  Only $11,824 of such costs
have been incurred in 1996. However, the Partnership  anticipates incurring such
costs in the fourth  quarter of 1996 in  response to an  additional  unsolicited
tender offer, as discussed in Item 5 - Other Information.

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

Cash generated by Partnership operating activities increased to $289,450 for the
first  nine  months  of 1996,  an  improvement  over the  $35,240  generated  by
operating  activities  during  the  first  nine  months  of  1995.  The  capital
renovation  projects  undertaken  at Palm Bay  Apartments  during the past three
years are allowing the Partnership to increase  occupancy at Palm Bay Apartments
and to reduce certain repair and maintenance  expenditures  that would otherwise
have been incurred.  The Partnership  anticipates  further  improvements to cash
flow from  operations  as the restored and  refurbished  units are leased to new
tenants.  The General Partner anticipates that cash flow from operations for the
balance of 1996 will be sufficient to fund Partnership operating expenses,  debt
service  requirements,  and budgeted  capital  improvements.  If cash flows from
operations are not sufficient to meet Partnership  obligations,  the Partnership
will use its cash reserves to fund such deficits.

For the nine months  ended  September  30,  1996,  cash flows used in  investing
activities decreased to $137,449 from $326,258 in 1995. Although the Partnership
will continue to make capital improvements to Palm Bay Apartments,  the level of
capital improvements will decrease compared to the past three years.

The financing activities of the Partnership consist of the repayment of the Palm
Bay mortgage  note through  monthly debt service  payments.  These  payments are
scheduled to gradually  increase until June 1, 1997,  when the Palm Bay mortgage
note matures.

Short Term Liquidity:

At  September  30,  1996,  the  Partnership  held  $573,303  of  cash  and  cash
equivalents, up $49,914 from the balance at the end of 1995. The General Partner
considers the Partnership's  cash reserves adequate for anticipated  Partnership
operations for the balance of 1996 and 1997.





<PAGE>
The  General  Partner  believes  that  operations  at Palm Bay  Apartments  will
generate sufficient cash flow to pay the operating expenses of the property, pay
the required  monthly debt service  payments on the Palm Bay mortgage  note, and
provide funds to make necessary capital improvements to the property.  Cash flow
from operations is anticipated to provide for these cash requirements  until the
property is sold.

The General  Partner has  established a revolving  credit facility not to exceed
$5,000,000 in the aggregate  which is available on a "first-come,  first-served"
basis to the Partnership and other affiliated partnerships if certain conditions
are met.  However,  there is no  assurance  that the  Partnership  will  receive
additional  funds under the facility because no amounts will be reserved for any
particular partnership.  As of September 30, 1996, $4,082,159 remained available
for  borrowing  under the  facility;  however,  additional  funds  could  become
available as other partnerships repay borrowings. This commitment will terminate
on March 30, 1997.

Long Term Liquidity:

While the present outlook for the Partnership's  liquidity is favorable,  market
conditions may change and property  operations can  deteriorate.  In that event,
the Partnership  would require other sources of working  capital.  No such other
sources have been  identified,  and the Partnership has no established  lines of
credit.  Other possible actions to resolve working capital  deficiencies include
refinancing or renegotiating terms of the Partnership's  existing mortgage loan,
deferring  major  capital  expenditures  on  Partnership  property  except where
improvements are expected to enhance the competitiveness or marketability of the
property,  or arranging  working  capital support from  affiliates.  There is no
assurance that support from  affiliates  would be provided in the future,  since
neither  the General  Partner nor any  affiliates  have any  obligation  in this
regard.

The  Partnership  has  determined  to  begin  an  orderly   liquidation  of  the
Partnership's  remaining  assets.  Although  there can be no assurance as to the
timing of any liquidation,  it is anticipated that such liquidation would result
in  distributions  to the limited partners of the cash proceeds from the sale of
the Partnership's remaining property, subject to cash reserve requirements.  The
Partnership  anticipates  selling its remaining  property  before December 1997,
which would be followed by the dissolution of the  Partnership.  In this regard,
the Partnership has placed its remaining property,  Palm Bay Apartments,  on the
market for sale.

Distributions:

Distributions  to partners have been suspended as part of the General  Partner's
policy of maintaining adequate cash reserves. Distributions to Unit holders will
remain  suspended  until Palm Bay Apartments is sold and all  liabilities of the
Partnership  are provided for. The General  Partner will continue to monitor the
cash reserves and working  capital needs of the  Partnership  to determine  when
cash flows will support distributions to the Unit holders.


<PAGE>


                           PART II. OTHER INFORMATION

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

McNeil  Pacific  Investors  Fund 1972,  Ltd.,  McNeil  Real Estate Fund V, Ltd.,
McNeil Real Estate Fund IX, Ltd.,  McNeil Real Estate Fund X, Ltd.,  McNeil Real
Estate Fund XI, Ltd., McNeil Real Estate Fund XIV, Ltd., McNeil Real Estate Fund
XV, Ltd.,  McNeil Real Estate Fund XX, L.P., McNeil Real Estate Fund XXIV, L.P.,
and McNeil Real  Estate  Fund XXV,  L.P.  vs.  High River  Limited  Partnership,
Riverdale  Investors Corp., Carl C. Icahn, and Unicorn Associates  Corporation -
United States  District Court for the Central  District of California,  Case No.
96-5680SVW.

On August 12, 1996, High River Limited Partnership ("High River"), a partnership
controlled by Carl C. Icahn, sent a letter to the partnerships  referenced above
demanding  lists of the names,  current  residences  or business  addresses  and
certain other information  concerning the unitholders of such  partnerships.  On
August 19, 1996,  these  partnership  commenced the above action seeking,  among
other things, to declare that such partnerships are not required to provide High
River with a current  list of  unitholders  on the grounds  that the  defendants
commenced a tender offer in violation of the federal  securities  laws by filing
certain Schedule 13D Amendments on August 5, 1996.

On October 17, 1996, the presiding judge denied the partnerships' requests for a
permanent and  preliminary  injunction to enjoin High River's  tender offers and
granted the defendants  request for an order directing the  partnerships to turn
over current lists of unitholders to High River forthwith.  On October 24, 1996,
the partnerships delivered the unitholder lists to High River.

ITEM 5.  OTHER INFORMATION
-------  -----------------

On September 20, 1996, High River announced that it had commenced a tender offer
for any and all units of the  Partnership  at $224.50  per unit.  The tender was
originally due to expire October 18, 1996, however, this offer has been extended
until November 22, 1996.


<PAGE>

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
                                    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 1996 and 1995.

         27.                        Financial  Data   Schedule  for  the quarter
                                    ended September 30, 1996.

      (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, 1996.


<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, 1996                   By:  /s/  Donald K. Reed
-----------------                      -----------------------------------------
Date                                   Donald K. Reed
                                       President and Chief Executive Officer



November 14, 1996                   By:  /s/  Ron K. Taylor
-----------------                      -----------------------------------------
Date                                   Ron K. Taylor
                                       Acting Chief Financial Officer of McNeil
                                         Investors, Inc.



November 14, 1996                   By:  /s/  Brandon K. Flaming
-----------------                      -----------------------------------------
Date                                   Brandon K. Flaming
                                       Chief Accounting Officer of McNeil 
                                         Real Estate Management, Inc.