March 27, 2002


Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C.  20549

     Re:  Alternative Asset Growth Fund, L.P.
          Commission File #0-18500

Dear Sirs:

This filing contains Form 10-K for the year ended December 31, 2001.

                               Very truly yours,

                               Gary D. Halbert, President
                               ProFutures, Inc., General Partner
                               Alternative Asset Growth Fund, L.P.



                        SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C.  20549

                                    FORM 10-K


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

                  For the fiscal year ended:  December 31, 2001
                                  --------------

                        Commission File number:  0-18500
                                  --------------

                       Alternative Asset Growth Fund, L.P.
                       -----------------------------------
               (Exact name of Partnership as specified in charter)

           Delaware                                   74-2546493
-------------------------------         ------------------------------------
(State or other jurisdiction of         (I.R.S. Employer Identification No.)
incorporation or organization)

                              c/o ProFutures, Inc.,
                          11612 Bee Cave Road, Suite 100,
                               Austin, Texas  78738
                          -------------------------------
                     (Address of principal executive offices)

                           Partnership's telephone number

                                  (800) 348-3601
                                  --------------

Securities registered pursuant to Section 12(b) of the Act:

  Title of each class.       Name of each exchange on which registered.
  --------------------       ------------------------------------------

         Securities registered pursuant to Section 12(g) of the Act:

                    Units of Limited Partnership Interest
                    -------------------------------------
                               (Title of Class)

Indicate by check mark whether the Partnership (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 (or for such shorter period that
the Partnership was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days.

                                    Yes  X
                                    No

State the aggregate market value of the voting stock held by non-affiliates
of the Partnership.  The aggregate market value shall be computed by reference
to the price at which the stock was sold, or the average bid and asked prices
of such stock, as of a specified date within 60 days prior to the date of
filing.

                               Not applicable

                    DOCUMENTS INCORPORATED BY REFERENCE

          Partnership's Prospectus dated August 31, 1990 and Supplement
                         thereto dated March 1, 1991



                                   PART I


Item 1.  Business.

(a)  General Development of Business
     -------------------------------

     Alternative Asset Growth Fund, L.P. (the "Partnership") was organized on
     April 28, 1989 under the Delaware Revised Uniform Limited Partnership
     Act.  The General Partner and Commodity Pool Operator of the
     Partnership is ProFutures, Inc., a Texas corporation.  The General
     Partner's address is 11612 Bee Cave Road, Suite 100, Austin, Texas 78738
     and its telephone numbers are 1-800-348-3601 and (512) 263-3800.

     The Partnership filed a registration statement with the U.S. Securities
     and Exchange commission for the sale of a minimum of $4,000,000 and
     maximum of $50,000,000 in Units of Limited Partnership Interest at
     $1,000 each, which registration statement was effective on
     September 26, 1989.  On March 6, 1990 the requisite $4,000,000 level
     of subscriptions was exceeded and the subscription funds were transferred
     to the Partnership's account.  On March 7, 1990 the Partnership commenced
     trading activity and continued the offering of Units until the expiration
     of the offering period.

     The Unit selling price during the initial offering period was $1,000.
     After the commencement of trading, Unit purchasers acquired Units at
     the month-end Net Asset Value per Unit (as defined in the limited
     partnership agreement) plus a pro rata portion of unamortized
     organization and offering expenses.

     The Partnership later continued the offering and sale of Units on
     August 31, 1990, pursuant to a post-effective amendment dated July 16,
     1990 and Prospectus dated August 31, 1990.  This offering terminated on
     May 30, 1991.  The Partnership issued an aggregate of 32,516.437 Units
     of Limited Partnership Interest for total contributions of $36,976,906
     exclusive of account opening fees.

(b)  General Description of the Business
     -----------------------------------

     ProFutures, Inc. a Texas corporation, is the General Partner of the
     Partnership which administers the business and affairs of the
     Partnership exclusive of its trading operations.  Trading decisions are
     made by independent Commodity Trading Advisors chosen by the General
     Partner.  As of December 31, 2001 there were four Commodity Trading
     Advisors:  Campbell & Co., Inc., Crabel Capital Management, LLC, Grinham
     Managed Funds Pty. Ltd. and Winton Capital Management Limited.

     ProFutures, Inc. is registered with the Commodity Futures Trading
     Commission (CFTC) as a Commodity Trading Advisor and Commodity Pool
     Operator and is a member of the National Futures Association (NFA).  Gary
     D. Halbert is the Chairman, President and principal stockholder of
     ProFutures, Inc., which was incorporated and began operation in December
     1984 and specializes in speculative managed futures accounts.

     The Partnership operates as a commodity investment pool, whose objective
     is to achieve appreciation of its assets through the speculative trading
     in futures and option contracts and other commodity interests.  It
     ordinarily maintains open positions for a relatively short period of
     time.  The Partnership's ability to make a profit depends largely on the
     success of the Advisors in identifying market trends and price movements
     and buying or selling accordingly.

     The Partnership's Trading Policies are set forth on pages 77-78 of the
     Prospectus, dated August 31, 1990, which is incorporated herein by
     reference.  Material changes in the Trading Policies as described in
     the Prospectus must be approved by a vote of a majority of the
     outstanding Units of Limited Partnership Interest.  A change in
     contracts traded will not be deemed to be a material change in the
     Trading Policies.

(c)  Trading Methods and Advisors
     ----------------------------

     Futures traders basically rely on either or both of two types of
     analysis for their trading decisions, "technical" or "fundamental".
     Technical analysis uses the theory that a study of the markets will
     provide a means of anticipating price changes.  Technical analysis
     generally will include a study of actual daily, weekly and monthly price
     fluctuations, volume variations and changes in open interest, utilizing
     charts and/or computers for analysis of these items.  Fundamental
     analysis, on the other hand, relies on a study and evaluation of
     external factors which affect the price of a futures contract in order
     to predict prices.  These include political and economic events,
     weather, supply and demand and changes in interest rates.

     The respective Advisors' trading strategies attempt to detect trends in
     price movements for the commodities monitored by them.  They normally
     seek to establish positions and maintain such positions while the
     particular market moves in favor of the position and to exit the
     particular market and/or establish reverse positions when the favorable
     trend either reverses or does not materialize. These trading strategies
     are not normally successful if a particular market is moving in an
     erratic and non-trending manner.

     Because of the nature of the commodities markets, prices frequently
     appear to be trending when a particular market is, in fact, without a
     trend.  In addition, the trading strategies may identify a particular
     market as trending favorably to a position even though actual market
     performance thereafter is the reverse of the trend identified.

     The General Partner, on behalf of the Partnership, has entered into
     advisory contracts which provide that the portion of the Partnership's
     assets allocated to each Advisor will be traded in accordance with the
     Advisor's instruction unless the General Partner determines that the
     Partnership's trading policies have been violated.  The General Partner
     allocates or reallocates assets among its current Advisors or any others
     it may select in the future.

     Notional Funding Note:  As of December 31, 2001, the Partnership has
     allocated notional funds to Advisors equal to approximately 50% of the
     Partnership's cash and/or other margin - qualified assets.  Of course,
     this percentage may be higher or lower over any given 12 month period.
     The management fees paid to an Advisor, if any, are a percentage of the
     nominal account size of the account if an account had been notionally
     funded.  The nominal account size is equal to a specific amount of funds
     initially allocated to an Advisor which increases by profits and
     decreases by losses in the account, but not by additions to or
     withdrawals of actual funds from the account.  Some, but not all,
     Advisors are expected to be allocated notional funds, and not all of the
     Advisors allocated notional funds are expected to be paid management
     fees.  Further, the amount of cash and/or other margin-qualified assets
     in an account managed by an Advisor will vary  greatly at various times
     in the course of the Partnership's business, depending on the General
     Partner's general allocation strategy and pertinent margin requirements
     for the trading strategies undertaken by an Advisor.

     None of the Advisors or their respective principals own any Units of the
     Partnership.  The Partnership's Advisors are independent Commodity Trading
     Advisors and are not affiliated with the General Partner; however, all
     are also Advisors to other commodity pools with which the General
     Partner is currently associated.  Each Advisor is registered with the CFTC
     and is a member in such capacity with the NFA.  Because of their
     confidential nature, proprietary trading records of the Advisors and their
     respective principals are not available for inspection by the Limited
     Partners of the Partnership.

(d)  Fees, Compensation and Expenses
     -------------------------------

     The descriptions and definitions contained in "Fees, Compensation and
     Expenses" on Pages 36- 38 of the Prospectus dated August 31, 1990 are
     incorporated herein by reference.

     The General Partner, for its services, receives a monthly administrative
     fee equal to 1/6 of 1% of month-end Net Asset Value (approximately 2%
     annually).

     Effective June 1, 2000, ATA Research, Inc. resigned as the Partnership's
     Trading Manager and Kenmar Global Strategies Inc. (Kenmar) was engaged to
     serve as a consultant and perform similar functions as those previously
     performed by the Trading Manager.  Kenmar assists the General Partner in
     making decisions about which commodity trading advisors to hire, the
     allocations among the Advisors and the day-to-day monitoring and risk
     management of the Partnership's trading activities.  Kenmar receives the
     same fee as previously paid to the Trading Manager, a monthly management
     fee equal to 1/12 of 1% of the month-end Net Asset Value (approximately 1%
     annually).

     A Consultant, for its administrative services to the Partnership, receives
     a monthly consulting fee equal to 1/6 of 1% of the month-end Net Asset
     Value (approximately 2% annually).

     The current Trading Advisors receive management fees ranging from 1% to
     2% annually of Allocated Net Asset Value (as defined in the trading
     advisory contracts).  In addition, the Advisors receive quarterly
     incentive fees ranging from 20% to 23% of Trading Profits (as defined).
     The quarterly incentive fees are payable only on cumulative profits
     achieved by the respective Advisor.  For example, if one of the Advisors
     to the Partnership experiences a loss after an incentive fee payment is
     made, that Advisor will retain such payments but will receive no further
     incentive fees until such Advisor has recovered the loss and then
     generated subsequent Trading Profits (as defined). Consequently, an
     incentive fee may be paid to one Advisor but the Partnership may
     experience no change or a decline in its Net Asset Value because of the
     performance of other Advisors.  The General Partner may allocate or
     reallocate the Partnership's assets at any time among the current
     Advisors or any others that may be selected.  Upon termination of the
     present Advisors' contracts or at any other time in the discretion of
     the General Partner, the Partnership may employ other advisors whose
     compensation may be calculated without regard to the losses which may be
     incurred by the present Advisors.  Similarly, the Partnership may renew
     its relationship with each Advisor on the same or different terms.

(e)  Brokerage Arrangements
     ----------------------

     The General Partner, among other responsibilities, has the duty to select
     the brokerage firms through which the Partnership's trading will be
     executed.  The General Partner has selected ABN AMRO Incorporated (ABN),
     (formerly ING (U.S.) Securities, Futures & Options Inc.) as the
     Partnership's primary clearing broker.  ABN is registered with the CFTC
     as a Futures Commission Merchant.  It is a member of the NFA and a
     clearing member of the Chicago Board of Trade and the International
     Monetary Market of the Chicago Mercantile Exchange.

(f)  Financial Information About Industry Segments
     ---------------------------------------------

     The Partnership operates in only one industry segment, that of the
     speculative trading of futures, options and forward contracts and other
     commodity interests.  See also "Description of Futures Trading", pages 81
     to 84 of the Prospectus dated August 31, 1990, which is incorporated
     herein by reference.

(g)  Regulation
     ----------

     The U.S. futures markets are regulated under the Commodity Exchange Act,
     which is administered by the Commodity Futures Trading Commission (CFTC),
     a federal agency created in 1974.  The CFTC licenses and regulates
     commodity exchanges, commodity brokerage firms (referred to in the
     industry as "futures commission merchants"), commodity pool operators,
     commodity trading advisors and others.  The General Partner is
     registered with the CFTC as a commodity pool operator and each Advisor is
     registered as a commodity trading advisor.  Futures professionals such as
     the General Partner and the Advisors are also regulated by the National
     Futures Association, a self-regulatory organization for the futures
     industry that supervises the dealings between futures professionals and
     their customers.  If the pertinent CFTC registrations or NFA memberships
     were to lapse, be suspended or be revoked, the General Partner would be
     unable to act as the Partnership's commodity pool operator, and the
     respective Advisors as a commodity trading advisor, to the Partnership.

     The CFTC has adopted disclosure, reporting and recordkeeping requirements
     for commodity pool operators (such as the General Partner) and disclosure
     and recordkeeping requirements for commodity trading advisors.  The
     reporting rules require pool operators to furnish to the participants in
     their pools a monthly statement of account, showing the pool's income or
     loss and change in Net Asset Value and an annual financial report,
     audited by an independent certified public accountant.

     The CFTC and the exchanges have pervasive powers over the futures
     markets, including the emergency power to suspend trading and order
     trading for liquidation only (i.e., traders may liquidate existing
     positions but not establish new positions).  The exercise of such powers
     could adversely affect the Partnership's trading.

     For additional information refer to "Regulation", Pages 82-83 of the
     Prospectus dated August 31, 1990, which is incorporated herein by
     reference.

(h)  Competition
     -----------

     The Partnership may experience increased competition for the same
     commodity futures contracts.  The Advisors may recommend similar or
     identical trades to other accounts they manage.  Thus the Partnership
     may be in competition with such accounts for the same or similar
     positions.  Competition may also increase due to widespread utilization
     of computerized trading methods similar to the methods used by some of
     the Advisors.  The Partnership may also compete with other funds
     organized by the General Partner.

(i)  Financial Information About Foreign and Domestic Operations
     -----------------------------------------------------------

     The Partnership does not expect to engage in any operations in foreign
     countries nor does it expect to earn any portion of the Partnership's
     revenue from customers in foreign countries.

Item 2.  Properties.

     The Partnership does not own and does not expect to own any physical
     properties.

Item 3.  Legal Proceedings.

     The Partnership is not aware of any pending legal proceedings to which the
     Partnership is a party or to which any of its assets are subject.

Item 4.  Submission of Matters to a Vote of Security Holders.

     There were no matters submitted to a vote of holders of Units of Limited
     Partnership Interest ("Units") during the fiscal year ended December 31,
     2001.



                                   PART II


Item 5.  Market for Partnership's Securities and Related Security Holder
         Matters

(a)  Market Information
     ------------------

     There is no established public trading market for the Partnership's Units
     of Limited Partnership Interest.

     A Limited Partner (or any assignee of units) may withdraw some or all of
     his capital contribution and undistributed profits, if any, by requiring
     the Partnership to redeem any or all of his Units at Net Asset Value per
     Unit.  Redemptions shall be effective as of the end of any month after
     10 days written notice to the General Partner.  Redemptions shall be
     paid within 15 business days after the month end, provided that all
     liabilities, contingent or otherwise, of the Partnership, except any
     liability to partners on account of their capital contributions, have
     been paid and there remains property of the Partnership sufficient to
     pay them.

(b)  Holders
     -------

     The number of holders of record of Units of Partnership Interest as of
     December 31, 2001 was:

                 General Partner's Capital      1
                 Limited Partners' Capital    480

     At the commencement of trading on March 7, 1990 there were 290 Limited
     Partners holding 4,338.536 Units of Limited Partner Interest and one
     General Partner holding 46 Units of General Partner Interest.  At
     December 31, 2001, there were 480 Limited Partners holding 5,346.543
     Units and 91.729 Units held by the General Partner.

(c)  Distributions
     -------------

     The Partnership does not anticipate making any distributions to
     investors.

     Distributions of profits to partners are made at the discretion of the
     General Partner and will depend, among other factors, on earnings and
     the financial condition of the Partnership.  No such distributions have
     been made to date.

Item 6.  Selected Financial Data.

     Following is a summary of certain financial information for the
     Partnership for the calendar years 2001, 2000, 1999, 1998 and 1997.

                                                                2001
                                                                ----

     Realized Gains (Losses)                                $    879,553
     Change in Unrealized Gains (Losses)
       on Open Contracts                                        (242,447)
     Interest Income                                             255,465
     Management Fees                                             536,862
     Incentive Fees                                              139,705
     Net Income (Loss)                                          (155,163)
     General Partner Capital                                     106,803
     Limited Partner Capital                                   6,225,137
     Partnership Capital                                       6,331,940
     Net Income (Loss) Per Limited and
       General Partner Unit*                                      (25.52)
     Net Asset Value Per Unit At
       End of Year                                              1,164.33

                                                                2000
                                                                ----

     Realized Gains (Losses)                                $ (1,534,607)
     Change in Unrealized Gains (Losses)
       on Open Contracts                                        (173,707)
     Interest Income                                             573,187
     Management Fees                                             648,717
     Incentive Fees                                              248,648
     Net Income (Loss)                                        (2,558,071)
     General Partner Capital                                     109,373
     Limited Partner Capital                                   7,840,545
     Partnership Capital                                       7,949,918
     Net Income (Loss) Per Limited and
       General Partner Unit*                                     (320.22)
     Net Asset Value Per Unit At
       End of Year                                              1,192.34


                                                                1999
                                                                ----

     Realized Gains (Losses)                                $    270,179
     Change in Unrealized Gains (Losses)
       on Open Contracts                                         496,473
     Interest Income                                             666,712
     Management Fees                                             934,591
     Incentive Fees                                              348,829
     Net Income (Loss)                                          (469,685)
     General Partner Capital                                     479,238
     Limited Partner Capital                                  12,824,661
     Partnership Capital                                      13,303,899
     Net Income (Loss) Per Limited and
       General Partner Unit*                                      (47.22)
     Net Asset Value Per Unit At
       End of Year                                              1,481.64


                                                                1998
                                                                ----

     Realized Gains (Losses)                                $  4,228,116
     Change in Unrealized Gains (Losses)
       on Open Contracts                                        (559,093)
     Interest Income                                             810,610
     Management Fees                                             986,596
     Incentive Fees                                              979,982
     Net Income (Loss)                                         1,756,068
     General Partner Capital                                     495,271
     Limited Partner Capital                                  16,233,207
     Partnership Capital                                      16,728,478
     Net Income (Loss) Per Limited and
       General Partner Unit*                                      150.78
     Net Asset Value Per Unit At
       End of Year                                              1,531.21


                                                                1997
                                                                ----

     Realized Gains (Losses)                                $  2,996,442
     Change in Unrealized Gains (Losses)
       on Open Contracts                                         515,373
     Interest Income                                             984,111
     Management Fees                                           1,135,594
     Incentive Fees                                              768,675
     Net Income (Loss)                                         1,716,744
     General Partner Capital                                     442,903
     Limited Partner Capital                                  16,850,663
     Partnership Capital                                      17,293,566
     Net Income (Loss) Per Limited and
       General Partner Unit*                                      121.38
     Net Asset Value Per Unit At
       End of Year                                              1,369.31



     ----------------
     * Based on weighted average units outstanding


Item 7.  Management's Discussion and Analysis of Financial Condition
         and Results of Operations.

(a)  Liquidity
     ---------

     Substantially all of the Partnership's assets are held in cash or cash
     equivalents.  There are no restrictions on the liquidity of these assets
     except for amounts on deposit with the broker needed to meet margin
     requirements on open futures contracts.

     Most United States exchanges (but generally not foreign exchanges,
     or banks or broker-dealer firms in the case of foreign currency
     forward contracts) limit by regulations the amount of fluctuation
     in commodity futures contract prices during a single trading day.
     The regulations specify what are referred to as "daily price
     fluctuation limits".  The daily limits establish the maximum amount
     the price of a futures contract may vary either up or down from the
     previous day's settlement price at the end of the trading session.

     Once the "daily limit" has been reached in a particular commodity, no
     trades may be made at a price beyond the limit.  Positions in the
     commodity could then be taken or liquidated only if traders are willing
     to effect trades at or within the limit during the period for trading.
     Because the "daily limit" rule only governs price movement for a
     particular trading day, it does not limit losses and may in fact
     substantially increase losses because it may prevent the liquidation
     of unfavorable positions. Commodity futures prices have occasionally
     moved the daily limit for several consecutive trading days and thereby
     prevented prompt liquidation of futures positions on one side of the
     market, subjecting those commodity futures traders to substantial
     losses.

(b)  Capital Resources
     -----------------

     The Partnership is currently not offering its Units for sale (See Item 1
     above.)  Since the Partnership's business is the purchase and sale of
     various commodity interests, it will make few, if any, capital
     expenditures. Except as it impacts the commodity markets, inflation is
     not a significant factor in the Partnership's profitability.

(c)  Results of Operations
     ---------------------

     The Partnership's net income (loss) for each quarter of the years
     December 31,2001 and 2000 consisted of the following:

                              1st Qtr.     2nd Qtr.     3rd Qtr.     4th Qtr.
                                2001         2001         2001         2001
                              --------     --------     --------     --------

     Gain (loss) from
       trading              $   388,329   $(362,033)   $ 763,436    $(152,626)
     Total income (loss)        481,205    (295,439)     822,427     (115,622)
     Net income (loss)          221,982    (507,372)     510,192     (379,965)

     Net income (loss)
       per Unit                   34.05      (82.61)       86.10       (66.31)
     Increase (decrease)
       in Net Asset Value
       per Unit                   36.00      (82.11)       86.79       (68.69)

     Net Asset Value per
       Unit at end of
       period                  1,228.34    1,146.23     1,233.02     1,164.33


                              1st Qtr.     2nd Qtr.     3rd Qtr.     4th Qtr.
                                2000         2000         2000         2000
                              --------     --------     --------     --------

     Gain (loss) from
       trading              $(1,991,853)  $(154,045)   $(180,207)   $ 617,791
     Total income (loss)     (1,831,289)    (11,146)     (38,732)     746,040
     Net income (loss)       (2,255,869)   (400,768)    (335,214)     433,780

     Net income (loss)
       per Unit                 (255.74)     (48.72)      (43.70)       59.94
     Increase (decrease)
       in Net Asset Value
       per Unit                 (256.95)     (49.63)      (44.36)       61.64

     Net Asset Value per
       Unit at end of
       period                  1,224.69    1,175.06     1,130.70     1,192.34


     Due to the speculative nature of trading commodity interests, the
     Partnership's income or loss from operations may vary widely from period
     to period.  Management cannot predict whether the Partnership's future
     Net Asset Value per Unit will increase or experience a decline.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.


     Year Ended December 31, 2001
     ----------------------------

     2001 had a net loss of $(155,163) or $(25.52) per Unit.  At
     December 31, 2001, partners' capital totaled $6,331,940, a net decrease
     of $1,617,978 from December 31, 2000.  Net Asset Value per Unit at
     December 31, 2001 amounted to $1,164.33, as compared to $1,192.34 at
     December 31, 2000, a decrease of 2.35%.

     The net loss for 2001 resulted primarily from trading losses in the
     agricultural, foreign currencies and energy market sectors, offset
     largely by gains in the equities, metals and interest rate market
     sectors.  Partners' capital was further reduced by redemptions of
     $1,462,815 during 2001.

     Fourth Quarter 2001
     -------------------

     The fourth quarter of 2001 was marked by very volatile markets in the
     aftermath of the events of September 11th, especially in terms of interest
     rates.  The Fund had a 9.58% gain in October.  This was mostly attributed
     to large gains in long-term interest rates, especially Euro Bond Futures
     and U.S. Treasury Bond Futures.  The Fund also had significant gains
     in short-term interest rates, and medium-term interest rates.

     In November, many of the October gains were reversed.  There was a loss
     of 12.19%.  The losses were mainly in short, medium and long-term interest
     rates.  There were also some losses in currencies.  The Fed's continued
     aggressive rate cutting policy resulted in very volatile markets for
     interest rate futures.

     In December, the Fund had a small loss of 1.87%.  Although there were
     large gains in currencies, especially Japanese Yen contracts, these gains
     were offset by losses in interest rate futures.  There were also losses in
     agriculture, metals and energy.

     Third Quarter 2001
     ------------------

     The Partnership's net trading gains for the quarter ended
     September 30, 2001 resulted from gains in the agricultural,
     equities, metals and interest rates market sectors, offset
     slightly by losses in the energies and foreign currencies markets.

     The quarter ended September 30, 2001 started out with gains in
     July in base metals, precious metals, stock index futures and
     short-term interest rates.  The Fed's continuing loose monetary
     policy kept both short-term and long-term interest rates somewhat
     volatile.  August brought large gains in interest rates and
     smaller gains in the base metals.

     September 2001 was a very volatile month for the Fund due to the
     events of September 11th.  Although the U.S. markets were closed for
     the remainder of the week, most overseas markets remained open,
     and significant gains were made during this period.  The Fund had
     significant profits in short-term interest rate futures (mostly
     overseas).  There were also large gains made in medium-term
     interest rates, which were partially offset by losses in long-
     term interest rates.  There were also some significant gains in
     base metals and losses in energy, which was especially volatile
     after the attacks on the World Trade Center and the Pentagon.  The
     Fund was able to end the quarter with a profit of 7.57% and 3.41%
     for the nine months ended September 30, 2001.

     Second Quarter 2001
     -------------------

     Those sectors which gained in March of 2001 showed losses of
     similar magnitude in April 2001.  A large part of the loss was a
     direct result of a sudden and unexpected cut in U.S. interest
     rates by the Federal Reserve on April 18th.  This caused stock
     indexes as well as other markets to sharply reverse their previous
     trends.  May brought a small gain from a variety of markets.

     As of June 1, 2001, the General Partner made two significant
     changes to the Fund.  First, Gamma Capital Management was
     terminated as a Trading Advisor and was replaced with Winton Capital
     Management, Ltd.  Second, the Fund's leverage was increased
     through the use of notional funds to approximately 150% of assets.
     The General Partner instructed Winton to move into the market in
     stages during the month of June rather than establish all
     positions at once.  The Fund ended the second quarter 2001 with a
     loss of 6.68% and the first half of 2001 was a loss of 3.87%.

     First Quarter 2001
     ------------------

     The dominant economic force in the first quarter of 2001 was a series
     of interest rate cuts by the U.S. Federal Reserve.  This proved
     helpful in some markets and created difficulty in others, yielding
     a relatively flat period for the Fund early in 2001.  The
     Fund's Trading Advisors had small losses during January and
     February.  March 2001 was a much more active month, and the
     Advisors were able to show gains in almost all market sectors,
     particularly foreign currencies, stock indexes, and interest
     rates.  The only negative sector in March was energy.  For the
     first quarter of 2001, the Fund's net result was a gain of 3.02%.

     Year Ended December 31, 2000
     ----------------------------

     2000 had a net loss of $(2,588,071) or $(320.22) per Unit.  At
     December 31, 2000, partners' capital totaled $7,949,918, a net decrease
     of $5,353,981 from December 31, 1999.  Net Asset Value per Unit at
     December 31, 2000 amounted to $1,192.34, as compared to $1,481.64 at
     December 31, 1999, a decrease of 19.53%.

     The net loss for 2000 resulted from trading losses in all market sectors
     except the energy markets.  The interest rates and metals market sectors
     incurred the largest trading losses.  Partners' capital was further
     reduced by redemptions in the amount of $2,800,910 during 2000.

     Year Ended December 31, 1999
     ----------------------------

     1999 had a net loss of $(469,685) or $(47.22) per Unit.  At December 31,
     1999, partners' capital totaled $13,303,899, a net decrease of
     $3,424,579 from December 31, 1998.  Net Asset Value per Unit at
     December 31, 1999 amounted to $1,481.64, as compared to $1,531.21 at
     December 31, 1998, a decrease of 3.24%.

     The net loss for 1999 resulted primarily from losses in the foreign
     currencies and agricultural commodities markets and were only slightly
     offset by gains in the energy, equities and metals markets.  Partners'
     capital was further reduced by $2,954,894 of redemptions during 1999.

(d)  Possible Changes
     ----------------

     The General Partner reserves the right to terminate Commodity Trading
     Advisors (see Prospectus) and/or engage additional Commodity Trading
     Advisors in the future.  Furthermore, the General Partner reserves the
     right to change any of the Partnership's clearing arrangements to
     accommodate any new Commodity Trading Advisors.

Item 8.  Financial Statements and Supplementary Data.

     Financial statements meeting the requirements of Regulation S-X are
     listed following this report. The Supplementary Financial Information
     specified by Item 302 of Regulation S-K is included in Item 7(c), Results
     of Operations.

Item 9.  Changes in and Disagreements with Accountants on Accounting and
         Financial Disclosures.

     None.



                                     PART III


Item 10.  Directors and Executive Officers of the Partnership.

     The Partnership is a limited partnership and therefore does not have any
     directors or officers.  The Partnership's General Partner, ProFutures,
     Inc., administers and manages the affairs of the Partnership.

Item 11.  Executive Compensation.

     As discussed above, the Partnership does not have any officers, directors
     or employees.  The General Partner receives, as compensation for its
     services, monthly Administration Management Fees equal to 1/6 of 1% of
     month-end Net Asset Value (approximately 2% annually), which aggregated
     $145,866 for 2001.

Item 12.  Security Ownership of Certain Beneficial Owners.

(a)  Security Ownership of Certain Beneficial Owners
     -----------------------------------------------

     The Partnership knows of no one person who beneficially owns more than
     5% of the Units of Limited Partnership Interest.

(b)  Security Ownership of Management
     --------------------------------

     Under the terms of the Limited Partnership Agreement, the General
     Partner exclusively manages the Partnership's affairs.  As of December 31,
     2001 the General Partner and its principals owned 91.729 Units.

(c)  Changes in Control
     ------------------

     None.

Item 13.  Certain Relationships and Related Transactions.

     See Prospectus dated August 31, 1990, pages 24-27, which is incorporated
     herein by reference, for information concerning relationships and
     transactions between the General Partner, the Trading Manager and/or
     Consultant, the Commodity Broker and the Partnership.



                                     PART IV


Item 14.  Exhibits, Financial Statement Schedules, and Reports on Form 8-K.

(a)  1.  Financial Statements

         See Index to Financial Statements on Page F-1.

         The Financial Statements begin on Page F-3.

(a)  2.  Financial Statement Schedules.

         Not applicable, not required, or information included in financial
         statements.

(a)  3.  Exhibits.

         Incorporated by reference - previously filed:

         Form S-1 and Prospectus dated September 26, 1989 and exhibits
         thereto.

         Post-effective amendment No.1 dated July 19, 1990.

         Prospectus dated August 31, 1990.

         March 1, 1991 Supplement to Prospectus dated August 31, 1990.

         *1.1          Form of Selling Agreement between the Registrant and
                       ProFutures Financial Group, Inc.

         *1.2          Form of Additional Selling Agents Agreement between
                       ProFutures Financial Group, Inc. and certain
                       Additional Selling Agents.

         *3.1          Agreement of Limited Partnership (attached to the
                       Prospectus as Exhibit A).

         *3.2          Subscription Agreement and Power of Attorney
                       (attached to the Prospectus as Exhibit B).

         *3.3          Request for Redemption Form (attached to the
                       Prospectus as Exhibit C).

         *5.1          Opinion of Counsel as to the legality of the Units.

         *8.1          Tax Opinion of Counsel

         *10.1         Form of Escrow Agreement among the Registrant, the
                       General Partner and First National Bank of Chicago,
                       the Escrow Agent.

         *10.4(b)      Form of Consulting Agreement between Registrant and
                       Business Marketing Group, Inc.

-----------------------
*    Previously filed in the June 13, 1989 Registration Statement; the
     September 1, 1989 Pre-effective amendment No.1 thereto; the July 16, 1990
     post-effective amendment thereto; and/or Form 10-Q for the quarter ended
     September 30, 1991; and/or Forms 10-Q for the quarters ended March 31,1992
     and September 30, 1992; and/or Forms 10-Q for the quarters ended March 31,
     June 30 and September 30, 1993; and/or Form 10-K for the year 1994; and/or
     Forms 10-Q for the quarters ended March 31, June 30 and September 30,
     1994; and/or Form 10-Q for the quarter ended March 31, 1995.  Accordingly,
     such exhibits are incorporated herein by reference and notified herewith.

(b)  Reports on Form 8-K
     -------------------

     None.

(c)  Exhibits
     --------

     10.5  Form of Consulting Agreement between the Registrant and Kenmar
           Global Strategies Inc.

     10.6  Form of Stock Subscription Agreement by and between ABN AMRO
           Incorporated and ProFutures, Inc.

(d)  Financial Statement Schedules
     -----------------------------

     Not Applicable, not required, or information included in financial
     statements.


                                   SIGNATURES





Pursuant to the requirements of Section 13 or 15 (d) of the Securities
Exchange Act of 1934, the Partnership has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.



                                   ALTERNATIVE ASSET GROWTH FUND, L.P.
                                   (Partnership)



                                   By  /s/ GARY D. HALBERT
----------------------------         -----------------------------------------
Date                                 Gary D. Halbert, President and Director
                                     ProFutures, Inc.
                                     General Partner



                                   By  /s/ DEBI B. HALBERT
----------------------------         -----------------------------------------
Date                                 Debi B. Halbert, Chief Financial Officer,
                                       Treasurer and Director
                                     ProFutures, Inc.
                                     General Partner



                       ALTERNATIVE ASSET GROWTH FUND, L.P.



                                 -----------------
                                 TABLE OF CONTENTS
                                 -----------------


Independent Auditor's Report                                         F-2

Financial Statements

  Statements of Financial Condition
    December 31, 2001 and 2000                                       F-3

  Condensed Schedule of Investments
    December 31, 2001                                                F-4

  Statements of Operations for the Years
    Ended December 31, 2001, 2000 and 1999                           F-5

  Statements of Changes in Partners' Capital (Net Asset Value)
    For the Years Ended December 31, 2001, 2000 and 1999             F-6

  Notes to Financial Statements                                   F-7 - F-11



                                       F-1



                            FINANCIAL STATEMENTS AND
               REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

                       ALTERNATIVE ASSET GROWTH FUND, L.P



                         INDEPENDENT AUDITOR'S REPORT
                         ----------------------------


To the Partners
Alternative Asset Growth Fund, L.P.



We have audited the accompanying statements of financial condition of
Alternative Asset Growth Fund, L.P. as of December 31, 2001 and 2000,
including the December 31, 2001 condensed schedule of investments, and the
related statements of operations and changes in partners' capital (net asset
value) for the years ended December 31, 2001, 2000 and 1999.  These financial
statements are the responsibility of the Partnership's management.  Our
responsibility is to express an opinion on these financial statements based on
our audits.

We conducted our audits in accordance with auditing standards generally
accepted in the United States of America.  Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement.  An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements.  An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation.  We believe that our
audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Alternative Asset Growth Fund,
L.P. as of December 31, 2001 and 2000, and the results of its operations and
the changes in its net asset values for the years ended December 31, 2001, 2000
and 1999, in conformity with accounting principles generally accepted in the
United States of America.



                                /s/ ARTHUR F. BELL, JR. & ASSOCIATES, L.L.C.



Hunt Valley, Maryland
February 12, 2002


                                     F-2



                     ALTERNATIVE ASSET GROWTH FUND, L.P.
                      STATEMENTS OF FINANCIAL CONDITION
                         December 31, 2001 and 2000
                                ------------



                                                       2001          2000
                                                       ----          ----
ASSETS
  Equity in broker trading accounts
    Cash                                           $ 6,425,296   $ 8,028,861
    Unrealized gain on open contracts                  280,179       522,626
                                                   -----------   -----------

      Deposits with broker                           6,705,475     8,551,487

    Cash                                                 1,688        16,583
                                                   -----------   -----------

      Total assets                                 $ 6,707,163   $ 8,568,070
                                                   ===========   ===========

LIABILITIES
  Accounts payable                                 $    14,985   $    12,961
  Commissions and other trading fees
    on open contracts                                   11,109         4,548
  Incentive fees payable                                     0       102,171
  Management fees payable                               74,604        89,245
  Redemptions payable                                  274,525       409,227
                                                   -----------   -----------

      Total liabilities                                375,223       618,152
                                                   -----------   -----------

PARTNERS' CAPITAL (Net Asset Value)
  General Partner - 92 units outstanding
    at December 31, 2001 and 2000                      106,803       109,373
  Limited Partners - 5,346 and 6,575 units
    outstanding at December 31, 2001 and 2000        6,225,137     7,840,545
                                                   -----------   -----------

      Total partners' capital
        (Net Asset Value)                            6,331,940     7,949,918
                                                   -----------   -----------

                                                   $ 6,707,163   $ 8,568,070
                                                   ===========   ===========


                            See accompanying notes.

                                      F-3



                      ALTERNATIVE ASSET GROWTH FUND, L.P.
                       CONDENSED SCHEDULE OF INVESTMENTS
                               December 31, 2001
                                  ------------



LONG FUTURES CONTRACTS
----------------------

                                                                  % of Net
             Description                                  Value  Asset Value
             -----------                                  -----  -----------

             Agricultural                               $ 14,416     0.23%
             Currency                                     11,678     0.18%
             Energy                                       (2,092)   (0.03)%
             Interest rate                                27,576     0.44%
             Metal                                        (6,766)   (0.11)%
             Stock index                                  36,279     0.57%
                                                        --------    -----

             Total long futures contracts               $ 81,091     1.28%
                                                        --------    -----


SHORT FUTURES CONTRACTS
----------- -----------

             Agricultural                               $ 55,674     0.88%
             Currency                                    146,698     2.31%
             Energy                                      (18,547)   (0.29)%
             Interest rate                                43,625     0.69%
             Metal                                       (31,614)   (0.50)%
             Stock index                                   3,252     0.05%
                                                        --------    -----

             Total short futures contracts              $199,088     3.14%
                                                        --------    -----

             Total futures contracts                    $280,179     4.42%
                                                        ========    =====


                            See accompanying notes.

                                      F-4



                      ALTERNATIVE ASSET GROWTH FUND, L.P.
                           STATEMENTS OF OPERATIONS
             For the Years Ended December 31, 2001, 2000 and 1999
                                  ------------



                                         2001          2000          1999
                                         ----          ----          ----
INCOME
  Trading gains (losses)
    Realized                         $   879,553   $(1,534,607)  $   270,179
    Change in unrealized                (242,447)     (173,707)      496,473
                                     -----------   -----------   -----------

      Gain (loss) from trading           637,106    (1,708,314)      766,652

  Interest income                        255,465       573,187       666,712
                                     -----------   -----------   -----------

      Total income (loss)                892,571    (1,135,127)    1,433,364
                                     -----------   -----------   -----------

EXPENSES
  Brokerage commissions                  269,574       380,403       481,516
  Incentive fees                         139,705       248,648       348,829
  Management fees                        536,862       648,717       934,591
  Operating expenses                     101,593       145,176       138,113
                                     -----------   -----------   -----------

      Total expenses                   1,047,734     1,422,944     1,903,049
                                     -----------   -----------   -----------

      NET (LOSS)                     $  (155,163)  $(2,558,071)  $  (469,685)
                                     ===========   ===========   ===========

NET (LOSS) PER GENERAL AND
  LIMITED PARTNER UNIT
    (based on weighted average
     number of units outstanding
     during the year of 6,079,
     7,989 and 9,947, respectively   $    (25.52)  $   (320.22)  $    (47.22)
                                     ===========   ===========   ===========

(DECREASE) IN NET ASSET VALUE
  PER GENERAL AND LIMITED
  PARTNER UNIT                       $    (28.01)  $   (289.30)  $    (49.57)
                                     ===========   ===========   ===========


                            See accompanying notes.

                                     F-5



                     ALTERNATIVE ASSET GROWTH FUND, L.P.
        STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (NET ASSET VALUE)
            For the Years Ended December 31, 2001, 2000 and 1999
                                 ------------



                            Total              Partners' Capital
                          Number of    ------------------------------------
                            Units       General      Limited        Total
                          ---------    ---------   -----------   -----------

Balances at
  December 31, 1998         10,925     $ 495,271   $16,233,207   $16,728,478

Net (loss) for
  the year ended
  December 31, 1999                      (16,033)     (453,652)     (469,685)

Redemptions                 (1,946)            0    (2,954,894)   (2,954,894)
                          --------     ---------   -----------   -----------

Balances at
  December 31, 1999          8,979       479,238    12,824,661    13,303,899

Net (loss) for
  the year ended
  December 31, 2000                      (88,955)   (2,469,116)   (2,558,071)

Additions                        4         5,000             0         5,000

Redemptions                 (2,316)     (285,910)   (2,515,000)   (2,800,910)
                          --------     ---------   -----------   -----------

Balances at
  December 31, 2000          6,667       109,373     7,840,545     7,949,918

Net (loss) for
  the year ended
  December 31, 2001                       (2,570)     (152,593)     (155,163)

Redemptions                 (1,229)            0    (1,462,815)   (1,462,815)
                          --------     ---------   -----------   -----------

Balances at
  December 31, 2001          5,438     $ 106,803   $ 6,225,137   $ 6,331,940
                           =======     =========   ===========   ===========



                                   Net Asset Value Per Unit
                            -------------------------------------

                                         December 31,
                               2001          2000          1999
                               ----          ----          ----

                            $1,164.33     $1,192.34     $1,481.64
                            =========     =========     =========


                           See accompanying notes.

                                     F-6



                      ALTERNATIVE ASSET GROWTH FUND, L.P.
                        NOTES TO FINANCIAL STATEMENTS
                                ------------



Note 1.  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
         -----------------------------------------------------------

         A.  General Description of the Partnership

             Alternative Asset Growth Fund, L.P. (the Partnership) is a
             Delaware limited partnership which operates as a commodity
             investment pool.  The Partnership engages in the speculative
             trading of futures contracts and other financial instruments.

         B.  Regulation

             As a registrant with the Securities and Exchange Commission, the
             Partnership is subject to the regulatory requirements under the
             Securities Act of 1933 and the Securities Exchange Act of 1934.
             As a commodity investment pool, the Partnership is subject to the
             regulations of the Commodity Futures Trading Commission, an agency
             of the United States (U.S.) government which regulates most
             aspects of the commodity futures industry; rules of the National
             Futures Association, an industry self-regulatory organization; and
             the requirements of commodity exchanges and Futures Commission
             Merchants (brokers) through which the Partnership trades.

         C.  Method of Reporting

             The Partnership's financial statements are presented in accordance
             with accounting principles generally accepted in the United States
             of America, which require the use of certain estimates made by the
             Partnership's management.  Transactions are accounted for on the
             trade date.  Gains or losses are realized when contracts are
             liquidated.  Unrealized gains or losses on open contracts (the
             difference between contract trade price and quoted market price)
             are reflected in the statement of financial condition as a net
             gain or loss, as there exists a right of offset of unrealized
             gains or losses in accordance with Financial Accounting Standards
             Board Interpretation No. 39 - "Offsetting of Amounts Related to
             Certain Contracts."  Any change in net unrealized gain or loss
             from the preceding period is reported in the statement of
             operations.

             For purposes of both financial reporting and calculation of
             redemption value, Net Asset Value per Unit is calculated by
             dividing Net Asset Value by the total number of units outstanding.

         D.  Brokerage Commissions

             Brokerage commissions include other trading fees and are charged
             to expense when contracts are opened.

         E.  Income Taxes

             The Partnership prepares calendar year U.S. and applicable state
             information tax returns and reports to the partners their
             allocable shares of the Partnership's income, expenses and trading
             gains or losses.


                                      F-7



                      ALTERNATIVE ASSET GROWTH FUND, L.P.
                   NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                 ------------



Note 1.  ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
         (CONTINUED)
         -----------------------------------------------------------

         F.  Foreign Currency Transactions

             The Partnership's functional currency is the U.S. dollar; however,
             it transacts business in currencies other than the U.S. dollar.
             Assets and liabilities denominated in currencies other than the
             U.S. dollar are translated into U.S. dollars at the rates in
             effect at the date of the statement of financial condition.
             Income and expense items denominated in currencies other than the
             U.S. dollar are translated into U.S. dollars at the rates in
             effect during the period. Gains and losses resulting from the
             translation to U.S. dollars are reported in income currently.

         G.  Statement of Financial Accounting Standards No. 133

             In June 1998, the Financial Accounting Standards Board issued
             Statement of Financial Accounting Standard ("SFAS") No. 133,
             "Accounting for Derivative Instruments and Hedging Activities"
             (the "Statement"), effective for fiscal years beginning after
             June 15, 2000, as amended by SFAS No. 137 and SFAS No. 138.  This
             Statement supersedes SFAS No. 119, "Disclosure about Derivative
             Financial Instruments and Fair Value of Financial Instruments,"
             and SFAS No. 105, "Disclosure of Information about Financial
             Instruments with Off-Balance Sheet Risk and Financial Instruments
             with Concentrations of Credit Risk," whereby disclosure of average
             aggregate fair values and contract/notional values, respectively,
             of derivative financial instruments is no longer required for an
             entity such as the Partnership which carries its assets at fair
             value.  The application of the provisions of SFAS No. 133, as
             amended by SFAS No. 137 and SFAS No. 138, did not have a
             significant effect on the financial statements.

Note 2.  GENERAL PARTNER
         ---------------

         The General Partner of the Partnership is ProFutures, Inc., which
         conducts and manages the business of the Partnership.  The Agreement
         of Limited Partnership requires the General Partner to contribute to
         the Partnership an amount equal to at least the greater of (i) 3% of
         aggregate capital contributions of all partners or $100,000, whichever
         is less, or (ii) the lesser of 1% of the aggregate capital
         contributions of all partners or $500,000.

         The Agreement of Limited Partnership also requires that the General
         Partner maintain a net worth at least equal to the sum of (i) the
         lesser of $250,000 or 15% of the aggregate capital contributions of
         any limited partnerships for which it acts as general partner and
         which are capitalized at less than $2,500,000; and (ii) 10% of the
         aggregate capital contributions of any limited partnerships for which
         it acts as general partner and which are capitalized at greater than
         $2,500,000.


                                     F-8



                      ALTERNATIVE ASSET GROWTH FUND, L.P.
                   NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                 ------------



Note 2.  GENERAL PARTNER (CONTINUED)
         ---------------------------

         ProFutures, Inc. has callable subscription agreements with ABN AMRO
         Incorporated (ABN) (formerly ING (U.S.) Securities, Futures & Options,
         Inc.), the Partnership's broker, whereby ABN has subscribed to
         purchase (up to $14,000,000) the number of shares of common stock of
         ProFutures, Inc. necessary to maintain the General Partner's net worth
         requirements.

         The Partnership pays the General Partner a monthly management fee of
         1/6 of 1% (2% annually) of month-end Net Asset Value.

         Total management fees earned by ProFutures, Inc. for the years ended
         December 31, 2001, 2000 and 1999 were $145,866, $194,879 and $301,463,
         respectively.  Management fees payable to ProFutures, Inc. as of
         December 31, 2001 and 2000 were $11,057 and $13,990, respectively.

Note 3.  COMMODITY TRADING ADVISORS
         --------------------------

         The Partnership has trading advisory contracts with several commodity
         trading advisors to furnish investment management services to the
         Partnership.  Certain advisors receive management fees ranging from
         1% to 2% annually of Allocated Net Asset Value (as defined in each
         respective trading advisory contract).  In addition, the trading
         advisors receive quarterly incentive fees ranging from 20% to 25%
         of Trading Profits (as defined).

Note 4.  DEPOSITS WITH BROKER
         --------------------

         The Partnership deposits funds with ABN to act as broker, subject to
         Commodity Futures Trading Commission regulations and various exchange
         and broker requirements.  Margin requirements are satisfied by the
         deposit of cash with such broker.  The Partnership earns interest
         income on its assets deposited with the broker.

Note 5.  OTHER MANAGEMENT FEES
         ---------------------

         The Partnership employs a consultant who is paid a monthly fee of 1/6
         of 1% (2% annually) of month-end Net Asset Value for administrative
         services rendered to the Partnership.  Total fees earned by this
         consultant for the years ended December 31, 2001, 2000 and 1999 were
         $145,866, $194,879 and $301,463, respectively.

         Effective June 1, 2000, ATA Research, Inc. (ATA) resigned as the
         Partnership's Trading Manager and Kenmar Global Strategies Inc.
         (Kenmar) was engaged to serve as a consultant and perform similar
         functions as those previously performed by the Trading Manager.
         Kenmar assists the General Partner in making decisions about which
         commodity trading advisors to hire, the allocations among the advisors
         and the day-to-day monitoring and risk management of the Partnership's
         trading activities.  Kenmar receives the same fee as previously paid to
         the Trading Manager, a monthly management fee of 1/12 of 1% (1%
         annually) of month-end Net Asset Value. Fees earned by Kenmar and ATA
         totaled $72,933, $97,440 and $150,731 for the years ended December 31,
         2001, 2000 and 1999, respectively.


                                      F-9



                      ALTERNATIVE ASSET GROWTH FUND, L.P.
                   NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                 ------------



Note 6.  DISTRIBUTIONS AND REDEMPTIONS
         -----------------------------

         The Partnership is not required to make distributions, but may do so
         at the sole discretion of the General Partner.  A Limited Partner may
         request and receive redemption of units owned, subject to restrictions
         in the Agreement of Limited Partnership.

Note 7.  TRADING ACTIVITIES AND RELATED RISKS
         ------------------------------------

         The Partnership engages in the speculative trading of U.S. and foreign
         futures contracts and options on U.S. and foreign futures contracts
         (collectively, "derivatives").  The Partnership is exposed to both
         market risk, the risk arising from changes in the market value of the
         contracts, and credit risk, the risk of failure by another party to
         perform according to the terms of a contract.

         Purchase and sale of futures and options on futures contracts requires
         margin deposits with the broker.  Additional deposits may be
         necessary for any loss on contract value.  The Commodity Exchange Act
         requires a broker to segregate all customer transactions and assets
         from such broker's proprietary activities.  A customer's cash and
         other property (for example, U.S. Treasury bills) deposited with a
         broker are considered commingled with all other customer funds subject
         to the broker's segregation requirements.  In the event of a broker's
         insolvency, recovery may be limited to a pro rata share of segregated
         funds available.  It is possible that the recovered amount could be
         less than total cash and other property deposited.

         For derivatives, risks arise from changes in the market value of the
         contracts.  Theoretically, the Partnership is exposed to a market risk
         equal to the notional contract value of futures contracts purchased
         and unlimited liability on such contracts sold short.  As both a buyer
         and seller of options, the Partnership pays or receives a premium at
         the outset and then bears the risk of unfavorable changes in the price
         of the contract underlying the option.  Written options expose the
         Partnership to potentially unlimited liability, and purchased options
         expose the Partnership to a risk of loss limited to the premiums paid.

         The Partnership has a portion of its assets on deposit with a
         financial institution in connection with its cash management
         activities.  In the event of a financial institution's insolvency,
         recovery of Partnership assets on deposit may be limited to account
         insurance or other protection afforded such deposits.

         The General Partner has established procedures to actively monitor
         market risk and minimize credit risk, although there can be no
         assurance that it will, in fact, succeed in doing so.  The General
         Partner's basic market risk control procedures consist of continuously
         monitoring the trading activity of the various commodity trading
         advisors, with the actual market risk controls being applied by the
         advisors themselves.  The General Partner seeks to minimize credit
         risk primarily by depositing and maintaining the Partnership's assets
         at financial institutions and brokers which the General Partner
         believes to be creditworthy.  The Limited Partners bear the risk of
         loss only to the extent of the market value of their respective
         investments and, in certain specific circumstances, distributions and
         redemptions received.


                                      F-10



                      ALTERNATIVE ASSET GROWTH FUND, L.P.
                   NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                 ------------



Note 8.  FINANCIAL HIGHLIGHTS
         --------------------

         The following information contains per unit operating performance
         data and other supplemental financial date for the year ended
         December 31, 2001.  This information has been derived from
         information presented in the financial statements.

         Per Unit Performance
         (for a unit outstanding throughout the entire year)
         ---------------------------------------------------

         Net asset value per unit at December 31, 2000             $1,192.34
                                                                   ---------

         Income (loss) from operations:
             Net investment (loss) (1), (3)                           (85.98)
             Net realized and change in unrealized
               gain from trading (2), (3)                              57.97
                                                                   ---------

                 Total (loss) from operations                         (28.01)
                                                                   ---------

             Net asset value per unit at December 31, 2001         $1,164.33
                                                                   =========

         Total Return                                                  (2.35)%
                                                                      ======

         Supplemental Data

         Ratios to average net asset value:
             Expenses prior to incentive fees (4)                      (8.86)%
             Incentive fees                                            (1.94)%
                                                                      ------

                 Total expenses (1)                                   (10.80)%
                                                                      ======

             Net investment (loss) (1)                                 (7.26)%
                                                                      ======


         Total return is calculated based on the change in value of a unit
         during the year.  An individual partner's total return and ratios may
         vary from the above total return and ratios based on the timing of
         additions and redemptions.

         ---------------
         (1)  Excludes brokerage commissions and other trading fees.
         (2)  Includes brokerage commissions and other trading fees.
         (3)  The net investment (loss) per unit is calculated by dividing the
              net investment (loss) by the average number of units outstanding
              during the year.  The net realized and change in unrealized gain
              from trading is a balancing amount necessary to reconcile the
              change in net asset value per unit with the other per unit
              information.
         (4)  Excludes brokerage commissions, other trading fees and incentive
              fees.


                                     F-11



                                 Exhibit 10.5


                             CONSULTING AGREEMENT



     This Consulting Agreement (as it may be amended from time-to-time, the
"Agreement") is made this June 1, 2000, by and between Alternative Asset Growth
Fund, L.P. (the "Fund"), a Delaware limited partnership, and Kenmar Global
Strategies Inc., a Connecticut corporation (the "Consultant").


                                  ----------

                             PRELIMINARY STATEMENT

     1.  The Fund is engaged in the speculative trading of Commodity Interests
(as hereinafter defined) under the direction of multiple professional commodity
trading advisors.

     2.  The Fund will retain the Consultant to, among other things, recommend
the selection and termination of trading advisors to manage the Fund's trading
in Commodity Interests, and to recommend the allocation and reallocation of the
Fund's assets and notional funds among such trading advisors.

                                  ----------

     Section 1.  Glossary of Terms.  In this Agreement, the following terms
shall have the meanings set forth below unless inconsistent with the subject or
context.

Business Day            Weekdays, except for banking holidays in the United
                        States.

CEA                     The United States Commodity Exchange Act, as amended,
                        and regulations thereunder.

CFTC                    The Unites States Commodity Futures Trading Commission.

Commodity Interests     Commodity futures contracts, spot and forward currency
                        contracts, cash commodities, swaps and rights and
                        options on any of the foregoing, whether executed on an
                        exchange or in over-the-counter transactions.

Disclosure Document     The CFTC regulated disclosure document prepared by each
                        of the Trading Advisors.

Effective Date          June 1, 2000.

General Partner         ProFutures, Inc., the General Partner of the Fund.

Net Asset Value         Net Asset Value means the Fund's total assets less
                        total liabilities, determined according to the
                        following principles, and where no such principle is
                        governing, then on the basis of Generally Accepted
                        accounting Principles, consistently applied.  For
                        purposes of this calculation.

                        (a)  Net Asset Value includes any realized or
                        unrealized profit or loss on open securities and open
                        commodity positions.

                        (b)  All open securities and open commodity positions
                        are valued at their then market value, which means with
                        respect to open commodity position, the settlement
                        price as determined by the exchange on which the
                        transaction is effected or the most recent appropriate
                        quotation as supplied by the Broker or banks through
                        which the transaction is effected except the United
                        States Treasury Bills (not futures contracts thereon)
                        shall be carried at their cost plus accrued interest.
                        If there are no trades on the date of the calculation
                        due to the operation of the daily price fluctuation
                        limits or due to a closing of the exchange on which the
                        transaction is executed, the contract is valued at the
                        nominal settlement price as determined by the exchange.


                                       1



                        Interest, if any, shall be accrued monthly.  The
                        liquidating or market value of a commodity futures or
                        options contract not traded on a United States
                        commodity exchange shall mean its liquidating value
                        determined by the General Partner on a basis
                        consistently applied for each different variety of
                        contract.

                        (c)  Brokerage commissions on open positions shall be
                        accrued in full as a liability of the Fund upon the
                        initiation of such open positions.  Management and
                        incentive fees paid to the trading advisors shall be
                        accrued monthly for purposes of calculating Net Asset
                        Value only, even if not paid until the end of the
                        quarter, incentive fees are calculated without regard
                        to the fees paid to any consultant and the General
                        Partner.

NFA                     The United States National Futures Association.

Trading Level           The aggregate amount of assets which the trading
                        advisors are instructed to treat as equity under
                        management regardless of the actual level of Fund
                        assets held in the accounts), which includes any
                        notional funds, plus or minus increases or decreases in
                        the allocated Net Asset Value since the most recent
                        designation of the trading Level by the General
                        Partner.

Units                   The Fund's Units of Limited Partnership Interest.

     Section 2.  Duties of the Consultant.  Beginning with the Effective Date
and throughout the term of this Agreement, the Consultant shall perform
services for the Fund as follows:

     a.  From time-to-time, as reasonably requested by the General Partner or
more frequently if the Consultant sees fit, Consultant shall recommend to the
General Partner the selection and termination of trading advisors for the Fund,
and the allocation and reallocation of the Trading Level and Net Asset Value
among the trading advisors.  The Consultant will use its best efforts to
provide the Fund with trading advisors which the Consultant believes it is in
the best interests of the Fund to retain from time to time, subject to:
(i) the availability of such trading advisors, (ii) the fees which the Fund
will pay the trading advisors and (iii) due consideration to the overall
portfolio objectives of the Fund.  Notwithstanding the foregoing, Consultant
shall not have any discretionary authority with respect to the Fund whatsoever
and all decisions regarding the selection and termination of trading advisors
and the allocation and reallocation of the Fund's assets and notional funds
shall be the exclusive responsibility of the Fund.

     b.  Upon making any recommendations to the General Partner, the
Consultant shall deliver to the Fund a reasonably detailed analysis of the
Consultant's recommendations and how they are expected to affect the Fund's
portfolio, along with a copy of the current Disclosure Document of each trading
advisor recommended by the Consultant (it being understood that the Consultant
shall have no liability for the accuracy or completeness of such Disclosure
Documents or any other information furnished or representation made by the
trading advisors).

     c.  The Consultant is hereby authorized to negotiate fees with the trading
advisors selected by the General Partner.  Consultant shall not agree to any
management fee in excess of 3% of allocated Trading Level per annum or an
incentive fee in excess of 30% of trading profits without the approval of the
General Partner.  Consultant is not authorized to negotiate other advisory
terms or conditions with trading advisors without advance written consent of
the General Partner.

     d.  The Consultant shall monitor the performance of the accounts of the
Fund traded by each trading advisor.  The Consultant will promptly advise and
consult with the General Partner if it becomes aware of any material
discrepancy between the performance of the Fund's account and the performance
of other accounts managed by a trading advisor which are monitored by the
Consultant.  In providing such information, the Consultant may take such steps
as are necessary to assure the confidentiality of the identity of each of the
trading advisor's clients.  The Consultant shall also monitor the risk of the
individual and aggregate Commodity Interest positions of the accounts of the
Fund.  The Consultant will promptly advise and consult with the Fund if it
becomes aware of any risk that Consultant believes, in its sole determination,
is material to the Fund's performance posed by its trading positions.


                                       2



     e.  The Consultant shall provide the Fund with such non-proprietary and
non-confidential information concerning any trading advisor as the General
partner may reasonably request and which the Consultant is able to obtain
without undue effort or expense, and shall provide the Fund will all
information (including, without limitation, change in control, personnel,
trading approach or financial condition) concerning any trading advisor of
which the Consultant has knowledge and which the Consultant believes is
material to the trading of the Fund's account by such trading advisor.

     f.  The Consultant shall monitor the trading policies and restrictions
applicable to the Fund as set forth in Exhibit A, attached hereto and
incorporated herein by reference, and use reasonable care to ensure that the
Fund's positions conform thereto.  In the event that the Fund's positions do
not so conform, the Consultant will promptly instruct the trading advisors to
liquidate positions so as to bring the Fund's outstanding positions into
conformity; provided that the Consultant shall not be responsible for selecting
the specific Commodity Interest positions to be liquidated so as to effect
compliance.

     g.  The Consultant shall deliver to the Fund such periodic reports
regarding the Fund's Commodity Interest trading as are reasonably requested by
the General Partner.  The Consultant shall recommend to the General Partner how
and when to reallocate the Fund's Net Asset Value among the trading advisors or
terminate the trading advisors if the Fund must pay expenses or redemption
proceeds out of allocated assets.

     h.  The Consultant shall provide such information about the Fund's trading
or trading advisors as reasonably requested by the General Partner for the
purpose of the General Partner preparing (i) information to be distributed to
the partners of the Fund, (ii) offering materials for an offering of the Fund's
Units, or (iii) information requested by a regulator or self-regulatory
organization.

     i.  Neither Consultant nor any of its principals or affiliates will
receive any compensation or remuneration from or share in any of fees paid to,
any of the Fund's trading advisors with respect to the Fund's account.
Notwithstanding the foregoing, the Fund acknowledges that an affiliate of
Consultant will continue to share fees paid by the Fund to Dennis Trading
Group, Inc., a trading advisor engaged by the Fund before the date hereof, but
that such share of fees will be paid by that affiliate only to persons who are
not owners of the Consultant.

     Section 3.  Additions and Withdrawals.  The Fund may make withdrawals from
or additions to its trading accounts; provided that the Fund shall use its best
efforts to give the Consultant at least two (2) Business Days advance notice of
all additions and withdrawals (or such shorter notice as is acceptable to the
Consultant).  The Fund shall endeavor to make all additions and withdrawals as
of month end.

     Section 4.  Notification Levels.  The Consultant will use its best efforts
to notify the General Partner in the event a trading advisor's Fund account
suffers a 35% or more peak-to-valley decline from its highest month-end level
in allocated Net Asset Value, after adjustment for additions and withdrawals to
and from such trading advisor.  If the Fund's overall Net Asset Value suffers a
40% or more peak-to-valley decline from its highest month-end level, after
adjustment for additions, withdrawals and any Trading Level adjustments, the
Consultant will promptly so notify the General Partner and recommend to it what
the Consultant feels is the best course to reduce or reallocate the allocated
Trading Level among the trading advisors.

     Section 5.  Fees to the Consultant.  The Fund will pay to the Consultant a
monthly consulting fee equal to 1/12 of 1% of the month-end Net Asset Value
(after reduction for operational and administrative expenses, brokerage
commissions and associated expenses, and trading advisor fees), a 1% annual
rate.  The consulting fee shall be pro rated for any time period less than a
month.  The consulting fee shall be paid to the Consultant as soon as
practicable after each calendar month-end, but no later than thirty (30) days
thereafter.

     Section 6.  Representation and Warranties of the Consultant.  The
Consultant represents and warrants to the Fund as follows:

     a.  The Consultant is a corporation duly organized and validly existing
under the laws of the State of Connecticut and is qualified to do business and
is in good standing in each other jurisdiction in which the nature or conduct
of its business requires such qualification and the failure to so qualify would
materially adversely affect the Fund.  The Consultant has full power and
authority to perform its obligations under this Agreement.


                                       3



     b.  This Agreement has been duly and validly authorized, executed and
delivered on behalf of the Consultant and is a valid and binding agreement of
the Consultant enforceable in accordance with its terms.

     c.  The Consultant and each principal of the Consultant have all federal
and state governmental, regulatory and exchange licenses and approvals and have
effected all filings and registrations with federal and state governmental and
regulatory and self-regulatory agencies required to conduct their business and
to perform their obligations under this Agreement.  The Consultant is
registered as a commodity trading advisor under the CEA and is a member of the
NFA in such capacity, and each of the Consultant's principals is duly
identified as such on the Consultant's Form 7-R, as amended.

     d.  The execution and delivery of this Agreement, the incurrence of the
obligations herein set forth and the consummation of the transactions
contemplated herein will not violate, or constitute a breach of, or default
under, the constituent documents of the Consultant or any order, rule, law or
regulation binding on the Consultant of any court or any governmental body,
administrative agency or self-regulatory organization having jurisdiction over
the Consultant.

     e.  There is not pending or, to the best of the Consultant's knowledge,
threatened, any action, suit or proceeding before or by any court or other
governmental body to which the Consultant is a party, or to which any of the
assets of the Consultant is subject, which might reasonably be expected to
result in any material adverse change in the condition, financial or otherwise,
of the Consultant.  Neither the Consultant nor any principal of the Consultant
has received any notice of an investigation by the NFA or the CFTC regarding
noncompliance by the Consultant or any of the Consultant's principals with the
CEA.

     f.  With respect to any description of the Consultant in the Memorandum
approved in writing by the Consultant for inclusion in the Memorandum, the
Memorandum does not contain an untrue statement of a material fact or omit to
state a material fact necessary to make the statements set forth therein not
misleading, in each case in light of the circumstances under which such
statements are made.

     Section 7.  Representations and Warranties of the Fund.  The fund
represents and warrants to the Consultant as follows:

     a.  The Fund is a limited partnership organized, validly existing and in
good standing under the laws of the State of Delaware.  The Fund has full power
and authority under the laws of the State of Delaware to conduct its business,
to perform its obligations under this Agreement and to appoint the Consultant
as a consultant of the Fund pursuant hereto.

     b.  This Agreement has been duly and validly authorized, executed and
delivered on behalf of the Fund and constitutes a valid and binding agreement
of the Fund and constitutes a valid and binding agreement of the Fund
enforceable in accordance with its terms.

     c.  The execution and delivery of this Agreement, the incurrence of the
obligations set forth herein and the consummation of the transactions
contemplated herein will not violate, or constitute a breach of, or default
under, the constituent documents of the Fund or any order, rule, law or
regulation binding on the Fund of any court or any governmental body,
administrative agency or self-regulatory organization having jurisdiction over
the Fund.

     d.  There is not pending or, to the best of the Fund's knowledge,
threatened, any action, suit or proceeding before or by any court, arbitration
panel or other governmental body to which the Fund is a party, or to which any
of the assets of the Fund is subject which might reasonably be expected to
result in any material adverse change in the condition, financial or otherwise,
of the Fund.  The Fund has not received any notice of an investigation, inquiry
or dispute by any governmental body, administrative agency, self-regulatory
organization or exchange regarding any activity of the Fund.

     e.  The Fund acknowledges that the Consultant has not made any
representation regarding the future profitability of the trading advisors it
recommends or their future ability to avoid losses, and that futures trading is
speculative and involves substantial risk of loss.


                                       4



     Section 8.  Indemnification; Exculpation.

     The Fund shall indemnify, defend and hold harmless the Consultant, its
affiliates and their respective shareholder, officers, directors, employees,
agents and controlling persons (the "consultant Parties" or a "Consultant
Party") from and against any and all losses, claims, damages, liabilities
(joint and several), costs and expenses (including reasonable investigatory,
legal and accounting fees and other expenses incurred in connection with, and
any amounts paid in, any settlement; provided that the Fund shall have approved
such settlement) resulting from a demand, claim, lawsuit, action or proceeding
relating to or arising in connection with the advisory contracts with the
trading advisors, the offering of the Fund's Units or the management or
operation of the Fund; provided that such losses, claims, damages, liabilities,
costs and expenses are not the result of a breach by the Consultant of this
Agreement or an act or omission of a Consultant party constituting gross
negligence, willful misconduct or bad faith.

     In respect of the Consultant's duties hereunder, neither the Consultant
nor any other Consultant Party shall be subject to any liability to any of the
Fund, its affiliates or any of their respective shareholders, officers,
directors, employees, agents or controlling persons ("Fund Parties") for any
loss, cost, damage or liability, including, without limitation, trading losses,
except as a result of a breach of the Consultant's duties or obligations under
this Agreement or by reason of an act or omission constituting gross
negligence, willful misconduct or bad faith by any Consultant Party.

     The Consultant shall indemnify, defend and hold harmless the Fund Parties
from and against any and all losses, claims, damages, liabilities (joint and
several), costs and expenses (including any reasonable investigatory, legal and
accounting fees and other expenses incurred in connection with, and any amounts
paid in, any settlement; provided that the Consultant shall have approved such
settlement) resulting from a demand, claim, lawsuit, action or proceeding
incurred as a result of the breach by the Consultant of its duties or
obligations under this Agreement or an act or omission of any Consultant Party
constituting gross negligence, willful misconduct or bad faith.

     In no case shall an indemnifying party be liable under this indemnity
agreement with respect to any claim made against it unless the indemnifying
party shall be notified in writing of the nature of the claim within a
reasonable time after the assertion thereof, but failure to so notify the
indemnifying party shall not relieve it from any liability which it may have
otherwise than on account of this indemnity agreement.  The indemnifying party
shall be entitled to participate at its own expense in the defense or, if it so
elects within a reasonable time after receipt of such notice, to assume the
defense of any suit so brought, which defense shall be conducted by counsel
chosen by it and satisfactory to the indemnified party defendant or defendants
therein.  In the event that the indemnifying party elects to assume the defense
of any such suit and retain such counsel, the indemnified party defendant or
defendants in the suit shall bear the fees and expenses of any additional
counsel thereafter retained by it or them.

     The foregoing agreement of indemnity shall be in addition to, and shall in
no respect limit or restrict, any other remedies which may be available to an
indemnified party.

     Section 9.  Term.  Unless sooner terminated pursuant to Section 10 hereof,
this Agreement shall continue in effect until the first anniversary of the
Effective Date and shall thereafter be renewed for successive one-year terms
unless a party gives written notice of non-renewal at least thirty (30) days
prior to a renewal date; provided, however, that the provisions set forth in
Section 8 of this Agreement shall survive any such termination (with respect to
matters which arose prior to such termination), as shall the obligation to
settle accounts hereunder.

     Section 10.  Termination.

     a.  The Fund shall be entitled to terminate this Agreement at any time,
upon notice to the Consultant, in the event that:  (i) the Consultant's
registration with the CFTC as a commodity trading advisor is suspended or
terminated or its membership in NFA is suspended or revoked; (ii) the
Consultant become bankrupt or insolvent; or (iii) the Fund is liquidated or
dissolved.

     b.  The Consultant shall be entitled to terminate this Agreement at any
time, upon ten days prior written notice to the Fund, in the event that:  (i
the Fund becomes bankrupt or insolvent; or (ii) the Net Assets of the Fund drop
below $3 million.


                                       5



     c.  Either the Fund or the Consultant may, in its discretion, terminate
this Agreement if the other commits a material breach of any obligation or
representation and warranty under this Agreement and does not cure such breach
within fifteen (15) days following receipt of a notice from the non-breaching
party that such breach has occurred.

     d.  Either the Fund or the Consultant may, in its discretion, terminate
this Agreement on thirty (30) days prior written notice to the other party.

     Section 11.  Trading Advisor Information.  Consultant agrees to provide
the Fund with any information (other than confidential or proprietary
information) reasonably requested by the Fund that the Consultant may obtain
without undue effort or expense concerning each trading advisor.  The Fund
acknowledges and agrees that the trading approaches of the trading advisors, as
well as certain other information relating to the trading advisors, are
confidential and proprietary to each of the trading advisors.  The Fund further
agrees to keep confidential and not to disseminate any information regarding
the trading advisors or the trading approaches used or specific trades made by
any of the Trading Advisors to any person or entity, except as necessary or
appropriate for the conduct of the business of the Fund or as required by law
(including CFTC regulations and NFA rules).

     Section 12.  Promotional Material.  The Consultant shall reasonably
cooperate with the Fund and its counsel in preparing disclosures regarding the
Consultant for inclusion in selling material and offering documents for the
Fund.  Neither offering documents nor any other promotional material regarding
the Fund may be distributed by the Fund or its agents without the prior
approval of Consultant; but only as to substantive descriptions of the
Consultant contained therein.

     Section 13.  Status of the Parties.  The Consultant shall for all purposes
herein be deemed to be an independent contractor in respect of the Fund and the
General Partner, and shall, unless otherwise expressly provided or authorized,
have no authority to act for or represent the Fund.  The parties acknowledge
that the Consultant is not a sponsor or promoter of the Fund.

     Section 14.  Notices.  All notices required to be delivered under this
Agreement shall be in writing (including telegraphic communication, telex or
facsimile).  All notices shall be effective upon receipt.

  If to the Fund or General Partner to:

     Gary D. Halbert, President
     ProFutures, Inc., General Partner
     Alternative Asset Growth Fund, L.P.
     11612 Bee Cave Road -- Suite 100
     Austin, Texas  78738

  If to the Consultant to:

     Esther Goodman, Chief Operating Officer
     Kenmar Global Strategies Inc.
     Two American Lane
     PO Box 5150
     Greenwich, Connecticut  06831

     Section 15.  No Assignment.  No party hereto may assign any of its rights
hereunder without the prior written consent of the other party.

     Section 16.  Amendment.  This Agreement may not be amended except by the
prior written consent of the parties hereto.

     Section 17.  Repetition of Representations.  All representations made
herein shall survive the execution of this Agreement and shall be deemed
repeated as of any futures date on which Units are sold.


                                       6



     Section 18.  Services to Other Clients.  It is understood and agreed that
(a) the Consultant may provide advisory services similar to or different from
those described herein to other clients so long as the Consultant continues to
satisfy all of its obligations to the Fund hereunder, (b) the Consultant may
select for or recommend to any other client a particular trading advisor which
the Consultant does not select for the Fund and (c) the persons employed by the
Consultant to assist in the performance of its duties hereunder will not devote
their full time to such performance.

     Section 19.  Governing Law.  This Agreement shall be governed by and
construed in accordance with the laws of the State of Texas, without regard to
principles of conflicts of laws.

     Section 20.  Entire Agreement; Counterparts.  This Agreement sets forth
the entire agreement of the parties relating to the subject matter hereof.
This Agreement may be executed in one or more counterparts each of which shall,
however, together constitute one and the same document.

     Section 21.  No Waiver.  No failure or delay on the part of any party
hereto in exercising any right, power or remedy hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise of any such right,
power or remedy preclude any other or further exercise of any right, power or
remedy.  Any waiver granted hereunder must be in writing and shall be valid
only in the specific instance in which given.

     Section 22.  Headings.  Headings to sections and subsections in this
Agreement are for the convenience of the parties only and are not intended to
be a part of or to affect the meaning or interpretation hereof.

     IN WITNESS WHEREOF, in consideration of the premises and the mutual
covenants contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, this Agreement has
been executed for and on behalf of the undersigned as of the day and year first
above written.

                                The "Fund":


                                ALTERNATIVE ASSET GROWTH FUND, L.P.,
                                a Delaware limited partnership
                                By:  ProFutures, Inc., the General Partner



                                By:  /s/ Gary D. Halbert
                                   ------------------------------------------
                                   Gary D. Halbert, President



                                The "Consultant":


                                KENMAR GLOBAL STRATEGIES INC.,
                                a Connecticut corporation



                                By:  /s/ Esther E. Goodman
                                   ------------------------------------------
                                   Esther E. Goodman, Chief Operating Officer


                                       7



                                                                      EXHIBIT A

                     ALTERNATIVE ASSET GROWTH FUND, L.P.

                              TRADING POLICIES


     (1)   The Fund will attempt to diversify its market position to avoid
reliance on one or a few commodities.  No Advisor may initiate additional
positions in any commodity if the margins (or its equivalent) therefor, when
added to the margins of all open positions in that commodity, would exceed
33 1/3% of the Allocated Net Asset Value (as defined) of the Fund attributable
to the Advisor's management.

     (2)   No Advisor may initiate positions if the margin (or its equivalent)
therefor, when added to the margins of all then open positions, would exceed
75% of the Allocated Net Asset Value of the Fund attributable to the Advisor's
management.  In the event that, due to abrupt increases in required margins,
the Fund's then open positions require margins in excess of that percentage,
the total portfolio will be reduced as soon as practicable in light of market
conditions to an amount within such percentage.

     (3)   The Fund does not intend to regularly make or take delivery of
commodities or to trade in cash commodities, other than forward contracts on
foreign currencies.  Open positions in futures contracts are expected to be
closed prior to the delivery date and new positions generally will not be
opened during the delivery month, as far as practicable.

     (4)   The Fund will not employ the trading technique, commonly known as
pyramiding, in which the speculator uses unrealized profits on existing
positions as margin for the purchase or sale of additional positions in the
same or a related commodity.  However, an Advisor may take into account the
Fund's open trade equity in assets of the Fund in determining whether to
acquire additional commodity futures contracts on behalf of the Fund.

     (5)   No loans may be made by the Fund to any person, including the
General Partner and its affiliates.

     (6)   The Fund's assets will not be commingled with the assets of any
other person; funds used to satisfy margin requirements will not be considered
commingled for this purpose.

     (7)   No rebates or give-ups may be paid to or received by the General
Partner, nor may the General Partner participate in any reciprocal business
arrangements which could circumvent this prohibition.

     (8)   No Advisor may receive an incentive or management fee if it
participates, directly or indirectly, in any commodity brokerage commissions
generated by the Fund.


                                       8



                                  Exhibit 10.6


                          STOCK SUBSCRIPTION AGREEMENT

                                  BY AND BETWEEN

                              ABN AMRO INCORPORATED
                                       AND
                                 PROFUTURES, INC.


    THIS STOCK SUBSCRIPTION AGREEMENT (as it may be amended from time to time,
the "Agreement"), by and between ABN AMRO Incorporated ("ABN") and ProFutures,
Inc. ("ProFutures"), is made as of this 30th day of April, 2001.

     WHEREAS, ProFutures entered into Stock Subscription Agreements, dated
August 15, 1990, August 15, 1991, and September 1, 1991, respectively, each
substantially in the form hereof, with Virginia Trading Corporation ("VTC"),
and the Virginia Trading division of Quantum Financial Services, Inc.
("Quantum"), respectively;

     WHEREAS, the issued and outstanding capital stock of VTC was acquired by
Quantum which operated VTC's business as the Virginia Trading division of
Quantum;

     WHEREAS, the issued and outstanding capital stock of Quantum was acquired
by the ING Group on January 7, 1994 and the name of Quantum was ultimately
changed to ING Securities, Futures & Options Inc. ("ING");

     WHEREAS, ProFutures entered into revised Stock Subscription Agreements
with ING as of August 1, 1998 with respect to each of ProFutures Long/Short
Growth Fund, L.P., a Delaware limited partnership ("PLSGF"), ProFutures
Diversified Fund, L.P., a Delaware limited partnership ("PDF") and Alternative
Asset Growth Fund, L.P., a Delaware limited partnership ("AAGF");

     WHEREAS, ProFutures entered into a Stock Subscription Agreement with
respect to ProFutures Strategic Allocation Trust, a Delaware business trust
("PSAT"), as of August 31, 2000;

     WHEREAS, ING sold certain customer accounts and related assets and
liabilities to ABN as of April 30, 2001;

     WHEREAS, the parties desire to enter desire to enter into this Agreement
to reflect (a) that the respective rights and duties hereunder shall belong to
ABN, and (b) the current terms of the stock subscription obligation of ABN;

     WHEREAS, pursuant to separate customer agreements (the "Brokerage
Agreement"), ABN is the futures commission merchant for each of PLSGF, PDF,
AAGF and PSAT (collectively, the "Funds");

     WHEREAS, ProFutures is obligated by the Agreement of Limited Partnership
of PDF, as amended and restated on December 1, 1993 (the "PDF Agreement of
Limited Partnership"), to maintain a minimum net worth equal to: (i) the lesser
of $250,000 or 15% of the aggregate initial capital contributions of any
limited partnerships for which it acts as general partner capitalized at
 $2,500,000 or less; or (ii) 10% of the aggregate capital contributions of the
limited partners of any limited partnerships for which it acts as general
partner capitalized at greater than $2,500,000 (which includes PDF, PLSGF and
AAGF) and with respect to PSAT, the greater of $50,000 or at least 5% of the
total contributions to PSAT (collectively, the "Net Worth Requirement");

     WHEREAS, ProFutures has the responsibility for determining the adequacy of
its net worth and the application of this Agreement towards the Net Worth
Requirement; and

    WHEREAS, ABN has agreed to subscribe for stock of ProFutures to enable
ProFutures to continue to meet the Net Worth Requirement.


                                       1



     NOW, THEREFORE, in consideration of the mutual promises made herein and
other good and valuable consideration, the parties hereto agree as follows:

     1.   Purchase of Shares.  On the date hereof and continuing on a regular
is as agreed upon by the parties, ABN and ProFutures shall determine the
aggregate amount of the subscription for shares of ProFutures' common stock
required to enable ProFutures to continue to meet the Net Worth Requirement.
Based upon such determination (as confirmed in writing in the form attached as
Exhibit A, each executed original of which is incorporated herein by
reference), ABN will subscribe for the total subscription required for
ProFutures to meet the Net Worth Requirement; provided, that in no event shall
the total aggregate subscription with respect to the PSAT and PLSGF exceed $7
million; and provided further that in no event shall the total aggregate
subscription with respect to PDF and AAGF exceed $7 million.  The purchase
price for the shares of common stock subscribed for by ABN thereupon shall be
equal to book value per share as determined by an independent certified public
accountant selected and paid by ProFutures on the date(s) this obligation is
met, but in no event less than $.01 per share.  In the event that any one of
the Funds both exceeds its Trading Suspension Level and, in fact, exhausts all
its assets to satisfy obligations of such Fund, the subscription required for
ProFutures to satisfy the Net Worth Requirement shall be callable by ProFutures
on demand; provided, however, that: (a) ProFutures shall use its own capital
first to meet the Net Worth Requirement; and (b) any such demand shall relate
only to capital deficiencies resulting solely from the ordinary, lawful and
necessary operations and activities of such Fund which cause ProFutures' net
worth to fall below the Net Worth Requirement.  The parties expressly
acknowledge that, unless otherwise agreed in writing by both parties in their
sole and absolute discretion as to other specific projects or activities, ABN
shall not have to subscribe to satisfy capital deficiencies resulting from
activities and operations of ProFutures other than those associated with one of
the Funds.  Payment for the subscription called shall be made by wire transfer
within thirty (30) days after the date of call.  Upon payment, ProFutures shall
issue to ABN that number of shares for which full consideration has been paid.
ProFutures shall notify ABN promptly if a Fund reaches the Trading Suspension
Level (as set forth in such Fund's Agreement of Limited Partnership or
Declaration of Trust and Trust Agreement, as the case may be), which notice
shall be sent pursuant to Section 14 hereof and addressed to both ABN's General
Counsel and Chief Financial Officer.

     2.   Share Rights.  Upon issuance, all shares of ProFutures' common stock
shall be fully paid and non-assessable and shall entitle the holder to all
rights applicable to such shares.

     3.   Computations.  For purposes of meeting the Net Worth Requirement, all
subscriptions for common stock shall be carried at face amount without deduction
or discount.  Any interests in the Funds owned by ProFutures or any of
ProFutures' interests in other entities of which it is the general partner or
managing owner shall not be included in the computation of its net worth for
compliance with the Net Worth Requirements.

     4.   Lower Net Worth.  In the event that, at any time, the Net Worth
Requirement is amended pursuant thereto so that the Net Worth Requirement for
ProFutures is lowered, ProFutures shall promptly notify ABN and upon demand by
ABN effect a reduction in its net worth (but not below that required by the PDF
Agreement of Limited Partnership) by cancellation of such excess subscription
amount in appropriate fashion.

     5.   ProFutures Activities.  ProFutures agrees, for so long as this
Agreement is in effect, not to engage in any activities unrelated to its
current activities of being: (a) a commodity trading advisor; (b) general
partner of PLSGF; (c) general partner of AAGF; (d) general partner of PDF;
(e) managing owner of PSAT; (f) engaged in a similar activity involving ABN or
an associated company thereof; and (g) an introducing broker, without the
consent of ABN.  Such undertaking shall include ProFutures' best efforts to
conserve capital and avoid expenses to the extent feasible to minimize the need
of ProFutures to call the subscription, especially as it relates to the Net
Worth Requirement attributable to the Funds.  ProFutures also agrees to
cooperate in good faith with ABN in the conduct of its affairs including,
without limitation, its full cooperation in responding to any reasonable
request for information by ABN.

     6.   Bank Holding Company Act.  In the event this subscription amount is
called by ProFutures with respect to a Fund, ProFutures agrees to operate such
Fund in compliance with the Bank Holding Company Act of 1956, as amended (the
"Act"), liquidating any positions that, under the Act, may not be held by such
Fund.  ProFutures and ABN acknowledge and agree that such positions shall be
liquidated in a commercially reasonable manner consistent with ProFutures'
fiduciary duties to such Funds.


                                       2



     7.   ABN's Activities.  ABN hereby agrees that it shall: (a) not purchase
or otherwise acquire any units of limited partnership interest or beneficial
interest of a Fund; (b) provide all information which in the opinion of counsel
for ProFutures is required for ProFutures to comply with federal and state
securities and tax laws; and (c) cooperate in good faith with ProFutures in the
conduct of its affairs.

     8.   Amendments; Assignments.  No change or modification to this Agreement
shall be effective unless the same shall be in writing and signed by each of
the parties hereto.  However, this Agreement may not be assigned by either
party without the prior written consent of the other, and any attempted
assignment without such consent shall be void.  No change in ownership of
either party shall in any way affect its obligation hereunder or in any related
agreements.

     9.   Third Party Beneficiaries.  Third party beneficiary rights, if any,
under this Agreement are expressly limited to the limited partners or
unitholders, as the case may be, of a Fund, to the Net Worth Requirement for
the period commencing on the date of this Agreement until the termination of
this Agreement.

     10.  Term.  This Agreement shall continue in effect for a period of one (1)
year from the date of this Agreement and shall be automatically renewed for
additional one (1) year terms.  Notwithstanding the foregoing, either party may
terminate this Agreement at anytime after having given the other party at least
sixty (60) days prior written notice of its intent to terminate.  In the event
a Fund terminates ABN as its clearing broker, this Agreement will terminate on
the same date as the relevant Brokerage Agreement terminates. In the event that
ABN terminates the Brokerage Agreement and ceases to serve as the clearing
broker to a Fund, or the Brokerage Agreement expires, this Agreement will
continue for up to thirty (30) days after the date such Brokerage Agreement
terminates or expires with respect to such Fund; provided, that ProFutures
shall provide ABN with copies of the daily statements from such Fund's other
clearing broker(s) during the period that ABN is not the clearing broker and
this Agreement is still in effect.

     11.  Information Requirements of ProFutures.  During the term of this
Agreement, ProFutures shall promptly furnish to ABN the following:

     (a)  copies of all regulatory notices, complaints, legal actions or
proceedings, and other claims involving, relating to or against ProFutures or
against any Fund including, without limitation, claims by any limited partner
a unitholder, as the case may be, of a Fund;

     (b)  upon request by ABN, copies of the following financial statements for
any Fund: (i) monthly unaudited balance sheets and income statements; (ii)
monthly asset reports for all assets regardless of where located; (iii) annual
audited financial statements and any other interim audits available; and (iv)
copies of statements from the other holders of such Fund's assets when they are
 received;

     (c)  upon request by ABN, copies of the following financial statements for
ProFutures: (i) quarterly and annual unaudited balance sheets and income
statements; and (ii) any audited statements available; and

     (d)  upon request by ABN, copies of marketing materials used in connection
with any Fund concurrent with their use.

     ABN shall have the right to review the books and records of ProFutures
(excluding any information on its trading systems), at its office on reasonable
notice during normal business hours, and subject to ABN's maintaining strict
confidentiality as to the information so reviewed.

     12.  Other Conditions.  In the event ProFutures shall voluntarily file (or
have involuntarily filed against it) a petition seeking protection from
creditors pursuant to the United States Bankruptcy Code, as amended (the
"Code"), or be subjected to the supervision of a receiver appointed by a state
or federal court of competent jurisdiction, and any debtor in possession,
trustee or receiver shall subsequently make a call upon ABN for any cash
contributions under this Agreement, the parties hereto specifically agree that
ABN shall be required to contribute such cash to ProFutures as is required to
satisfy the Net Worth Requirement only upon ProFutures' transfer (free and clear
of all liens and encumbrances) of such assets as are held in the name of


                                       3



ProFutures having a fair market value equal to, or greater than, the value of
the purchase price required of ABN by such debtor in possession, trustee or
receiver.  Such transfer of assets shall be in lieu of ProFutures' issuance of
shares in exchange for cash; and further provided, that the transfer of such
assets to ABN shall be first approved by a United States Bankruptcy Court
Judge, or the court officer having jurisdiction over any appointed receiver,
and ABN shall be awarded fee simple ownership and possession of such assets
pursuant to Section 363 of the Code.

     13.  Governing Law.  This Agreement shall be governed by and construed in
     accordance with the laws of the State of Delaware applicable to contracts
     made in that state without reference to its conflict of laws provisions.

     14.  Notices.  Any notices required or desired to be given under this
Agreement shall be given in writing and shall be effective when given
personally on the date delivered or, when given by mail, overnight courier or
telefacsimile (provided receipt of the latter is orally confirmed), upon the
date of receipt, addressed as follows (or to such other address as the party
entitled to notice shall hereafter designate in accordance with the terms
hereof):

           If to ProFutures:

                     ProFutures, Inc.
                     11612 Bee Cave Road - Suite 100
                     Austin, Texas  78738
                     Attn:  Gary D. Halbert, President

           If to ABN:

                     ABN AMRO Incorporated
                     208 S. LaSalle
                     Chicago, Illinois  60604
                     Attn:  Ben A. Witt, President


     15.  Entire Agreement. This Agreement contains the entire understanding of
the parties with respect to the matters covered hereby.  All prior subscription
agreements and concomitant obligations of the parties and ING are superceded by
this Agreement.

     IN WITNESS WHEREOF, the parties have duly executed this Agreement under
seal as of the date first above written.

                                        ABN AMRO INCORPORATED



                                        By:  /s/ Allan Zavarro
                                           --------------------------------
                                        Name:Allan Zavarro
                                        Title:  Senior Managing Director



                                        PROFUTURES, INC.



                                        By:  /s/ Gary D. Halbert, President
                                           --------------------------------


                                       4



                                                                    EXHIBIT A

                               ABN AMRO INCORPORATED
                                   208 S. LaSalle
                                 Chicago, Illinois


                                   April 30, 2001


Gary Halbert, President
ProFutures, Inc.
11612 Bee Cave Road - Suite 100
Austin Texas   78738


Dear Mr. Halbert:

     This is to confirm to ProFutures, Inc. the obligation of the undersigned
ABN AMRO Incorporated ("ABN") pursuant to the April 30, 2001 Stock Subscription
Agreement (as amended from time to time, the "Agreement") between ProFutures,
Inc. ("ProFutures") and ABN, as outlined below.  As of March 31, 2001, the
aggregate relevant capital contributions by the limited partners or
unitholders, as the case may be, of the following funds is as follows:

     ProFutures Strategic Allocation Trust                $ 1,889,200.77
     ProFutures Long/Short Growth Fund, L.P.              $23,192,851.05
     ProFutures Diversified Fund, L.P.                    $35,094,366.91
     Alternative Asset Growth Fund, L.P.                  $ 7,595,016.91
     Aggregate                                            $67,771,435.64

     Pursuant to the Agreement, accordingly, ABN hereby subscribes to purchase
42,680 shares of ProFutures (at $145.16 per share), being that number of shares
which will enable ProFutures to maintain its Net Worth Requirement as defined
in the Agreement.  It is our understanding under the Agreement that such
subscription will be called only if and subject to the conditions as set forth
in the Agreement occur. This subscription commitment supersedes all prior
subscription commitments pursuant to the Agreement.

                                        ABN AMRO INCORPORATED



                                        By:  /s/ Allan Zavarro
                                           --------------------------------
                                        Name:Allan Zavarro
                                        Title:  Senior Managing Director


ADKNOWLEDGED:

PROFUTURES, INC.



By:  /s/ Gary D. Halbert, President
   --------------------------------


                                       5