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

      Re:  ProFutures Long/Short Growth Fund, L.P.
           Commission File Number 0-25585

Dear Sirs:

This filing contains Form 10-Q for the quarter ended September 30, 2003.

                                  Very truly yours,

                                  PROFUTURES LONG/SHORT GROWTH FUND, L.P.



                   SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C. 20549

                              FORM 10-Q

         X  Quarterly Report Under Section 13 or 15(d) of the
                     Securities Exchange Act of 1934

                For the Quarter Ended September 30, 2003
                            --------------

                     Commission File Number 0-25585
                                -------



               PROFUTURES LONG/SHORT GROWTH FUND, L.P.
               ---------------------------------------
                       (Exact name of registrant)


       Delaware                             74-2849862
-----------------------        ------------------------------------
(State of Organization)        (I.R.S. Employer Identification No.)



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

                     Registrant's telephone number
                            (800) 348-3601
                            --------------

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.

                                Yes  X
                                No


Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act).

                                Yes
                                No   X



PART I - FINANCIAL INFORMATION


Item 1.  Financial Statements.


                      PROFUTURES LONG/SHORT GROWTH FUND, L.P.
                         STATEMENTS OF FINANCIAL CONDITION
          September 30, 2003 (Unaudited) and December 31, 2002 (Audited)
                                   -------------



                                                 September 30,   December 31,
                                                     2003            2002
                                                     ----            ----
ASSETS
  Equity in broker trading accounts
    Cash                                         $ 9,430,773     $10,788,323
    Net option premiums (received)                   (87,600)       (199,000)
    Unrealized gain on open contracts                154,805         701,173
                                                 -----------     -----------

          Deposits with broker                     9,497,978      11,290,496

  Cash                                                 2,481          12,710
                                                 -----------     -----------

          Total assets                           $ 9,500,459     $11,303,206
                                                 ===========     ===========

LIABILITIES
  Accounts payable                               $    17,682     $    17,609
  Commissions and other trading fees
    on open contracts                                  2,456          10,743
  Incentive fees payable                              19,813         153,011
  Management fees payable                             34,578          46,257
  Redemptions payable                                251,137          38,563
                                                 -----------     -----------

          Total liabilities                          325,666         266,183
                                                 -----------     -----------

PARTNERS' CAPITAL (Net Asset Value)
  General Partner - 61 units outstanding at
    September 30, 2003 and December 31, 2002          63,173          63,353
  Limited Partners - 8,862 and 10,643 units
    outstanding at September 30, 2003 and
    December 31, 2002                              9,111,620      10,973,670
                                                 -----------     -----------

          Total partners' capital
            (Net Asset Value)                      9,174,793      11,037,023
                                                 -----------     -----------

                                                 $ 9,500,459     $11,303,206
                                                 ===========     ===========


                              See accompanying notes.



                     PROFUTURES LONG/SHORT GROWTH FUND, L.P.
                        CONDENSED SCHEDULE OF INVESTMENTS
                                September 30, 2003
                                    (Unaudited)
                                    -----------



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

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

             Agricultural                             $   84,211     0.92 %
             Currency                                     30,213     0.33 %
             Interest rate                                22,011     0.24 %
             Metal                                         1,285     0.01 %
                                                      ----------    ------

             Total long futures contracts             $  137,720     1.50 %
                                                      ----------    ------


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

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

             Agricultural                             $   (3,915)   (0.04)%
             Energy                                      (12,600)   (0.14)%
                                                      ----------    ------

             Total short futures contracts            $  (16,515)   (0.18)%
                                                      ----------    ------

             Total futures contracts                  $  121,205     1.32 %
                                                      ==========    ======


WRITTEN OPTIONS ON FUTURES CONTRACTS
------------------------------------

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

             Stock index options
                 (premiums received - $87,600)        $  (54,000)   (0.59)%
                                                      ==========    ======


                              See accompanying notes.



                       PROFUTURES LONG/SHORT GROWTH FUND, L.P.
                              STATEMENTS OF OPERATIONS
              For the Three Months Ended September 30, 2003 and 2002
                                    (Unaudited)
                                   -------------



                                                     Three months ended
                                                        September 30,
                                                    2003            2002
                                                    ----            ----
INCOME
  Trading gains (losses)
    Realized                                    $   (400,216)   $    320,099
    Change in unrealized                             376,419         287,106
                                                ------------    ------------

          Gain (loss) from trading                   (23,797)        607,205

  Interest income                                     21,134          46,942
                                                ------------    ------------

          Total income (loss)                         (2,663)        654,147
                                                ------------    ------------

EXPENSES
  Brokerage commissions                               54,217          73,252
  Incentive fees                                      19,813          31,201
  Management fees                                     66,471          86,676
  Operating expenses                                  29,331          28,917
                                                ------------    ------------

          Total expenses                             169,832         220,046
                                                ------------    ------------

          NET INCOME (LOSS)                     $   (172,495)   $    434,101
                                                ============    ============

NET INCOME (LOSS) PER GENERAL AND
  LIMITED PARTNER UNIT
    (based on weighted average number of
    units outstanding during the period of
    9,383 and 11,069, respectively)             $     (18.38)   $      39.22
                                                ============    ============

INCREASE (DECREASE) IN NET ASSET VALUE PER
  GENERAL AND LIMITED PARTNER UNIT              $     (16.51)   $      39.56
                                                ============    ============


                              See accompanying notes.



                      PROFUTURES LONG/SHORT GROWTH FUND, L.P.
                             STATEMENTS OF OPERATIONS
              For the Nine Months Ended September 30, 2003 and 2002
                                    (Unaudited)
                                    -----------



                                                     Nine months ended
                                                        September 30,
                                                    2003            2002
                                                    ----            ----
INCOME
  Trading gains (losses)
    Realized                                    $  1,014,843    $  1,957,721
    Change in unrealized                            (546,368)        496,566
                                                ------------    ------------

          Gain from trading                          468,475       2,454,287

  Interest income                                     78,974         148,308
                                                ------------    ------------

          Total income                               547,449       2,602,595
                                                ------------    ------------

EXPENSES
  Brokerage commissions                              207,824         220,406
  Incentive fees                                      19,813         314,585
  Management fees                                    233,046         265,865
  Operating expenses                                  80,368          85,290
                                                ------------    ------------

          Total expenses                             541,051         886,146
                                                ------------    ------------

          NET INCOME                            $      6,398    $  1,716,449
                                                ============    ============

NET INCOME PER GENERAL AND LIMITED PARTNER UNIT
    (based on weighted average number of
    units outstanding during the period of
    10,017 and 11,873, respectively)            $       0.64    $     144.57
                                                ============    ============

INCREASE IN NET ASSET VALUE PER
  GENERAL AND LIMITED PARTNER UNIT              $      (2.94)   $     145.42
                                                ============    ============


                              See accompanying notes.



                       PROFUTURES LONG/SHORT GROWTH FUND, L.P.
           STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (NET ASSET VALUE)
              For the Nine Months Ended September 30, 2003 and 2002
                                    (Unaudited)
                                   -------------



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

Balances at
   December 31, 2002          10,704    $ 63,353  $10,973,670  $11,037,023

Net income (loss) for the
  nine months ended
  September 30, 2003                        (180)       6,578        6,398

Redemptions                   (1,781)          0   (1,868,628)  (1,868,628)
                              ------    --------  -----------  -----------

Balances at
   September 30, 2003          8,923    $ 63,173  $ 9,111,620  $ 9,174,793
                              ======    ========  ===========  ===========

Balances at
   December 31, 2001          12,974    $ 56,537  $11,882,135  $11,938,672

Net income for the
  nine months ended
  September 30, 2002                       8,935    1,707,514    1,716,449

Redemptions                   (2,017)          0   (1,979,461)  (1,979,461)
                              ------    --------  -----------  -----------

Balances at
   September 30, 2002         10,957    $ 65,472  $11,610,188  $11,675,660
                              ======    ========  ===========  ===========


Net asset value
 per unit at
  December 31, 2001                       $    920.18
                                          ===========
  September 30, 2002                      $  1,065.60
                                          ===========
  December 31, 2002                       $  1,031.12
                                          ===========
  September 30, 2003                      $  1,028.18
                                          ===========


                             See accompanying notes.



                     PROFUTURES LONG/SHORT GROWTH FUND, L.P.
                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)
                                  -------------



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

     A.  General Description of the Partnership

         ProFutures Long/Short 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
         and option contracts.

     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 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.



                     PROFUTURES LONG/SHORT GROWTH FUND, L.P.
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (Unaudited)
                                  -------------



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

     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.  Organizational Charge

         The General Partner pays all organizational and offering costs of the
         Partnership.  As reimbursement for such costs, the General Partner (or
         the Distributor, ProFutures Financial Group, Inc., a broker/dealer
         affiliate of the General Partner) receives an organizational charge of
         1% of the subscription amount of each subscriber to the Partnership.
         There were no such organizational charges received by the General
         Partner during the nine months ended September 30, 2003 and 2002.

     G.  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.

     H.  Statements of Cash Flows

         The Partnership has elected not to provide statements of cash flows as
         permitted by Statement of Financial Accounting Standards No. 102 -
         "Statement of Cash Flows - Exemption of Certain Enterprises and
         Classification of Cash Flows from Certain Securities Acquired for
         Resale."

     I.  Interim Financial Statements

         In the opinion of management, the unaudited interim financial
         statements reflect all adjustments, which were of a normal and
         recurring nature, necessary for a fair presentation of financial
         position as of September 30, 2003, and the results of operations for
         the three and nine months ended September 30, 2003 and 2002.



                     PROFUTURES LONG/SHORT GROWTH FUND, L.P.
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (Unaudited)
                                  -------------



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

         The General Partner of the Partnership is ProFutures, Inc., which
         conducts and manages the business of the Partnership.  The Limited
         Partnership Agreement requires the General Partner and/or its
         principals and affiliates to maintain capital accounts equal to at
         least 1% of the total capital of the Partnership.  At September 30,
         2003 and December 31, 2002, the capital accounts of the General
         Partner and/or its principals and affiliates totaled $550,401 and
         $551,975.

         The Limited Partnership Agreement was amended effective February 16,
         1999 and generally requires that the General Partner maintain a net
         worth of up to $1,000,000.  ProFutures, Inc. has callable subscription
         agreements with ABN AMRO Incorporated (ABN), the Partnership's broker,
         whereby ABN has subscribed to purchase (up to $7,000,000 subject to
         the conditions set forth in the subscription agreement as amended
         effective May 20, 2002) the number of shares of common stock of
         ProFutures, Inc. necessary to maintain the General Partner net worth
         requirements.

         The Partnership pays the General Partner a monthly management fee
         equal to 1/6 of 1% (2% annually) of month-end Net Assets (as defined
         in the Limited Partnership Agreement).

         Total management fees earned by ProFutures, Inc. for the nine months
         ended September 30, 2003 and 2002 were $158,669 and $176,988,
         respectively.  Such management fees earned for the three months ended
         September 30, 2003 and 2002 were $47,629 and $57,750, respectively.
         Management fees payable to ProFutures, Inc. as of September 30, 2003
         and December 31, 2002 were $15,736 and $18,490, respectively.

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

         The Partnership has trading advisory contracts with several trading
         advisors to furnish investment management services to the Partnership.
         Certain advisors receive a monthly management fee of 1/12 of 1% (1%
         annually) of Allocated Net Asset Value (as defined in each respective
         advisory agreement).  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.  The Partnership earns interest income on its
         assets deposited with the broker.

         At September 30, 2003 and December 31, 2002, the initial margin
         requirement of $1,359,132 and $2,393,246, respectively, is satisfied
         by the deposit of cash with such broker.



                     PROFUTURES LONG/SHORT GROWTH FUND, L.P.
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (Unaudited)
                                  -------------



Note 5.  SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS
         --------------------------------------------

         Investments in the Partnership were made by subscription agreement,
         subject to acceptance by the General Partner.  Effective November
         2000, the Partnership is closed to new investment; however, the
         General Partner may reopen the Partnership to new investments in the
         future.

         The Partnership is not required to make distributions, but may do so
         at the sole discretion of the General Partner.  A Limited Partner may
         require the Partnership to redeem any or all of such Limited Partner's
         units at Net Asset Value as of the close of business on the last day
         of any month upon advance written notice to the General Partner.  The
         Limited Partnership Agreement contains a complete description of the
         Partnership's redemption policies and procedures.

Note 6.  TRADING ACTIVITIES AND RELATED RISKS
         ------------------------------------

         The Partnership engages in the speculative trading of U.S. and foreign
         futures contracts and options on 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.

         Open contracts generally mature within three months, however, the
         Partnership intends to close all contracts prior to maturity.  At
         September 30, 2003 and at December 31, 2002, the latest maturity date
         for open contracts is March 2004.

         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.



                     PROFUTURES LONG/SHORT GROWTH FUND, L.P.
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (Unaudited)
                                  -------------



Note 6.  TRADING ACTIVITIES AND RELATED RISKS (CONTINUED)
         ------------------------------------------------

         The Partnership has 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 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.



                     PROFUTURES LONG/SHORT GROWTH FUND, L.P.
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                                   (Unaudited)
                                  -------------



Note 7.  FINANCIAL HIGHLIGHTS
         --------------------

         The following information presents per unit operating performance data
         and other supplemental financial data for the three months and nine
         months ended September 30, 2003 and 2002.  This information has been
         derived from information presented in the financial statements.

                                                       Three months ended
                                                          September 30,
                                                       2003          2002
                                                    (Unaudited)   (Unaudited)
                                                    -----------   -----------

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

         Net asset value per unit at
           beginning of period                       $1,044.69     $1,026.04
                                                     ---------     ---------

         Income (loss) from operations:
           Net investment (loss) (1), (3)               (10.07)        (9.02)
           Net realized and change in unrealized
             gain (loss) from trading (2), (3)           (6.44)        48.58
                                                     ---------     ---------

               Total income (loss) from operations      (16.51)        39.56
                                                     ---------     ---------

         Net asset value per unit at
           end of period                             $1,028.18     $1,065.60
                                                     =========     =========

           Total Return (5)                              (1.58)%        3.86 %
                                                        =======       =======

           Supplemental Data

           Ratios to average net asset value: (6)
             Expenses prior to incentive fees (4)         4.14 %        4.03 %
             Incentive fees                               0.86 %        1.09 %
                                                        -------       -------

               Total expenses (1)                         5.00 %        5.12 %
                                                        =======       =======

             Net investment (loss) (4)                   (3.23)%       (2.40)%
                                                        =======       =======


                                                        Nine months ended
                                                          September 30,
                                                       2003          2002
                                                    (Unaudited)   (Unaudited)
                                                    -----------   -----------

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

         Net asset value per unit at
           beginning of period                       $1,031.12     $  920.18
                                                     ---------     ---------

         Income (loss) from operations:
           Net investment (loss) (1), (3)               (25.38)       (43.58)
           Net realized and change in unrealized
             gain from trading (2), (3)                  22.44        189.00
                                                     ---------     ---------

               Total income (loss) from operations       (2.94)       145.42
                                                     ---------     ---------

         Net asset value per unit at
           end of period                             $1,028.18     $1,065.60
                                                     =========     =========

           Total Return (5)                              (0.29)%       15.80 %
                                                        =======       =======

           Supplemental Data

           Ratios to average net asset value: (6)
             Expenses prior to incentive fees (4)         4.04 %        4.04 %
             Incentive fees                               0.25 %        3.61 %
                                                        -------       -------

               Total expenses (1)                         4.29 %        7.65 %
                                                        =======       =======

             Net investment (loss) (4)                   (3.02)%       (2.33)%
                                                        =======       =======


          Total returns are calculated based on the change in value of a unit
          during the period.  An individual partner's total returns and ratios
          may vary from the above total returns and ratios based on the timing
          of 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 period.  The net realized and change in unrealized
               gain (loss) from trading is a balancing amount necessary to
               reconcile the change in net asset value per unit with the other
               per unit information.  Such balancing amount may differ from the
               calculation of net trading gain (loss) per unit due to the
               timing of trading gains and losses during the period relative
               to the number of units outstanding.
          (4)  Excludes brokerage commissions, other trading fees and incentive
               fees.
          (5)  Not annualized.
          (6)  Annualized.



Item 2.  Management's Discussion and Analysis of Financial Condition
         and Results of Operations.

     A.  LIQUIDITY:  Substantially all of the Partnership's assets are
         highly liquid, such as cash and open futures and option contracts.
         It is possible that extreme market conditions or daily price
         fluctuation limits at exchanges could adversely affect the liquidity
         of open futures contracts.  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.

     B.  CAPITAL RESOURCES:  Since the Partnership's business is the purchase
         and sale of various commodity interests, it will make few, if any,
         capital expenditures.

         The Partnership raises additional capital only through the sale of
         Units and trading profits (if any) and does not engage in borrowing.
         The Partnership sells no securities other than the Units.  Effective
         November 2000, the Partnership is closed to new investment; however,
         the General Partner may reopen the Partnership to new investments in
         the future.

     C.  RESULTS OF OPERATIONS:  The Partnership's net income for the nine
         months ended September 30, 2003 and 2002 consisted of the following:

                                                        2003          2002
                                                        ----          ----

              Three months ended March 31            $  264,882    $  326,772
              Three months ended June 30                (85,989)      955,576
              Three months ended September 30          (172,495)      434,101
                                                     ----------    ----------

                     Nine months ended September 30  $    6,398    $1,716,449
                                                     ==========    ==========



         At September 30, 2003, partners' capital totaled $9,174,793, a net
         decrease of $1,862,230 from December 31, 2002, due to redemptions
         of limited partner units exceeding net income for the nine months
         ended September 30, 2003.

         At September 30, 2002, partners' capital totaled $11,675,660, a net
         decrease of $263,012 from December 31, 2001, due to redemptions
         of limited partner units exceeding net income for the nine months
         ended September 30, 2002.

         Third Quarter 2003
         ------------------

         The economy continued to improve in the third quarter.  The equity
         markets were mostly up.  Most analysts expect the economy to continue
         to improve for the remainder of the year.

         In July 2003, the Partnership had a loss of 4.03%.  There were losses
         in bonds and other interest rates, and foreign currencies.  There were
         gains in agricultural commodities and energy.

         In August 2003, the Partnership had a gain of 0.80%.  The gain was
         related to stock indexes as no other types of contracts were traded
         during the month.

         In September 2003, the Partnership had a gain of 1.74%.  There were
         gains in stock indexes, agricultural commodities, foreign currencies
         and interest rates.  There were losses in energy and metals.

         Overall, the Partnership had a total return of (1.58)% for the quarter
         and (0.29)% for the nine months ended September 30, 2003.  The
         majority of the Partnership's trading gains for the third quarter 2003
         were in stock indexes and the largest loss occurred in interest rate
         futures.  In September 2003, a new trader, Clarke Capital Management,
         was added to the Partnership.

         Second Quarter 2003
         -------------------

         Futures were somewhat more stable in the second quarter as compared
         to the first.  The war with Iraq ended, and the stock markets began
         a steady climb that lasted through the end of the quarter.

         In April 2003, the Partnership had a loss of 0.11%.  There were gains
         in grains and currencies.  However, these were mostly offset by losses
         in other sectors, including stock indexes.

         In May 2003, the Partnership had a gain of 1.47%.  There were gains
         in currencies and interest rates, especially bonds and stock indexes.
         There were losses in agricultural commodities, metals and energy.

         In June 2003, the Partnership had a loss of 2.23%.  There were losses
         in agricultural commodities, bonds, metals, energy and currencies.
         There were gains in stock indexes and short-term interest rates.

         Overall, the Partnership's rate of return was (0.90)% for the quarter
         and 1.32% for the six months ended June 30, 2003.  The majority of the
         Partnership's trading gains for the second quarter were in foreign
         currencies and equities and the largest loss was in agricultural
         commodities.

         First Quarter 2003
         ------------------

         The futures markets were volatile in the first quarter of 2003.  The
         looming war with Iraq caused energy prices to skyrocket.  Many other
         markets were choppy due to this uncertainty.  Consumer confidence
         dropped dramatically.  The traders were able to capitalize on the
         volatility in the markets.

         In January 2003, the Partnership had a gain of 7.02%.  There were very
         large gains in the energy, foreign currencies, stock indexes, precious
         and base metals, and certain agricultural commodities.  The losses
         were primarily limited to grains and short-term interest rates.

         In February 2003, the Partnership had a gain of .45%.  There were
         large gains in energy, with smaller gains in currencies and interest
         rates.  These gains were primarily offset by losses in stock indexes
         and metals.

         In March 2003, the Partnership had a loss of 4.90%.  There were some
         small gains in stock indexes and short-term interest rates.  However,
         the losses in other sectors, especially energy, were far greater.

         Overall, the Partnership had a total return of 2.24% for the quarter.
         The majority of the Partnership's trading gains were in energy and
         foreign currencies and the largest loss was in metal futures.

         Third Quarter 2002
         ------------------

         The futures markets continued to be volatile in the third quarter of
         2002.  The equity markets suffered losses during the quarter, which
         impacted the commodities markets.  The looming threat of war with
         Iraq also had a big impact on the markets, especially oil and gas
         futures.

         The Partnership started the quarter with a loss in July of (2.58)%.
         There were losses in stock indexes along with losses in metals,
         foreign currencies and certain of the agricultural commodities.
         These losses were partially offset by gains in interest rates, and
         some of the agricultural commodities.

         In August, the Partnership gained 6.11%.  There were gains in stock
         indexes.  There were also gains in grains and other agricultural
         commodities, as well as interest rates.  There were losses in foreign
         currencies and base metals.

         In September, the Partnership posted another gain of 0.47%.  There
         were gains in interest rates, energy and base metals.  These gains
         were mostly offset by losses in stock indexes, certain of the
         agricultural commodities, and foreign currencies.

         The Partnership had a total return of 3.86% for the quarter and 15.80%
         for the nine months ended September 30, 2002.  For the third quarter
         2002, the majority of the Partnership's trading gains were in interest
         rate futures and the largest loss was in stock index futures.

         Second Quarter 2002
         -------------------

         The futures markets continued to be volatile in the second quarter of
         2002, though there was a surge at the end of the quarter.  The extreme
         volatility of the equity markets, mainly on the downside, had a major
         impact on the commodities markets.  Many of the US and overseas stock
         indexes and foreign currencies were very active.  Some of this was the
         result of the corporate scandals that continue to rock the markets.

         The Partnership had a good second quarter, starting in April with a
         gain of .56%.  There was a gain in S & P 500 options, with gains in
         lean hogs and corn futures.  These were partially offset by losses in
         the S & P 500 Index, copper futures and coffee futures.

         In May, the Partnership continued its positive quarter with a gain of
         5.66%.  There were gains in foreign currencies, stock indexes and
         precious metals.  There were losses in the energy complex and some
         agricultural commodities.

         In June, the Partnership posted another gain of 2.16%.  There were
         gains in British Pounds, the S & P 500 Index, Euro futures and
         EuroDollar futures.  These were partially offset by losses in options
         on the S & P 500, lean hogs and sugar futures.

         The Partnership had a total return of 8.54% for the quarter and 11.50%
         for the six months ended June 30, 2002.  For the second quarter 2002,
         the majority of the Partnership's trading gains were in foreign
         currencies and the largest loss was in the energy markets.

         First Quarter 2002
         ------------------

         The futures markets remained choppy in the first quarter of 2002.
         While the economy was showing some signs of improvement, there were
         also some negative signs that caused uncertainty.  The troubles in
         the Middle East lead to large increases in oil and gas prices.  Gold
         prices also moved higher early in the quarter, but gave back some of
         their gains at the end of the quarter.

         In January 2002, the Partnership gained a modest 0.99%.  There were
         large gains in stock index, along with some smaller gains in energy
         and foreign currencies.  These were mostly offset by losses in
         interest rates, agricultural commodities and precious metals.

         In February 2002, there was another gain of 4.34%.  This resulted
         from gains in stock index, once again.  There were also gains in
         interest rates and agricultural commodities.  There were some
         losses incurred in energy and foreign currencies.

         In March 2002, the Partnership incurred a loss of 2.51%.  Again there
         were profits in the stock indexes.  These however were offset by
         losses in foreign currencies, interest rates and agricultural
         commodities.  Coffee and Eurodollar futures incurred the largest
         losses.

         For the first quarter 2002, the majority of the Partnership's gains
         came from profits in options on S&P 500 Index futures.  The largest
         loss for the quarter was from coffee.

         Market and Credit Risk
         ----------------------

         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 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.

         Due to the speculative nature of trading derivatives, 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.

     D.  POSSIBLE CHANGES:  The General Partner reserves the right to
         terminate certain and/or engage additional trading advisors or
         change any of the Partnership's clearing arrangements.



Item 3.  Quantitative and Qualitative Disclosures About Market Risk

         Not Applicable.


Item 4.  Controls and Procedures

ProFutures, Inc. as general partner of ProFutures Long/Short Growth Fund, L.P.,
with the participation of the general partner's President and Chief Financial
Officer, has evaluated the effectiveness of the design and operation of its
disclosure controls and procedures with respect to the Partnership within 90
days of the filing date of this quarterly report, and, based on their
evaluation, have concluded that these disclosure controls and procedures are
effective.  There were no significant changes in the general partner's internal
controls with respect to the Partnership or in other factors applicable to the
Partnership that could significantly affect these controls subsequent to the
date of their evaluation.


PART II - OTHER INFORMATION


Item 1.  Legal Proceedings.

         None.

Item 2.  Changes in Securities.

         None.

Item 3.  Defaults Upon Senior Securities.

         Not Applicable.

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

         None.

Item 5.  Other Information.

         None.

Item 6.  Exhibits and Reports on Form 8-K.

         There were no reports filed on Form 8-K.

         Exhibits filed herewith:

         31.01   Certification of Gary D. Halbert, President, pursuant to Rules
                 13a-14 and 15d-14 of the Securities Exchange Act of 1934.

         31.02   Certification of Debi B. Halbert, Chief Financial Officer,
                 pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange
                 Act of 1934.

         32.01   Certification of Gary D. Halbert, President, pursuant to 18
                 U.S.C. Section 1350 as enacted by Section 906 of The Sarbanes-
                 Oxley Act of 2002.

         32.02   Certification of Debi B. Halbert, Chief Financial Officer,
                 pursuant to 18 U.S.C. Section 1350 as enacted by Section 906
                 of The Sarbanes-Oxley Act of 2002.



SIGNATURE


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.


                                  PROFUTURES LONG/SHORT GROWTH FUND, L.P.
                                  (Registrant)



                                  By /s/ Gary D. Halbert
                                    -------------------------------------
                                    Gary D. Halbert, President
                                    ProFutures, Inc., General Partner



                               EXHIBIT 31.01

                               CERTIFICATION
                               -------------



I, Gary D. Halbert, certify that:

1. I have reviewed this quarterly report on Form 10-Q of ProFutures
Long/Short Growth Fund, L.P.;

2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this quarterly report is being prepared;

b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and

c) presented in this quarterly report our conclusions about the effectiveness
of the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit
committee of registrant's board of directors (or persons performing the
equivalent function):

a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls;
and

6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.



Date:  November 10, 2003
       ----------------------------------



/s/ Gary D. Halbert
-----------------------------------------
Gary D. Halbert, President
ProFutures, Inc., General Partner



                               EXHIBIT 31.02

                               CERTIFICATION
                               -------------



I, Debi B. Halbert, certify that:

1. I have reviewed this quarterly report on Form 10-Q of ProFutures
Long/Short Growth Fund, L.P.;

2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this quarterly report is being prepared;

b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and

c) presented in this quarterly report our conclusions about the effectiveness
of the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrant's auditors and the audit
committee of registrant's board of directors (or persons performing the
equivalent function):

a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls;
and

6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.



Date:  November 10, 2003
       ----------------------------------


/s/ Debi B. Halbert
-----------------------------------------
Debi B. Halbert, Chief Financial Officer
ProFutures, Inc., General Partner



                               EXHIBIT 32.01

                               CERTIFICATION
                               -------------



I, Gary D. Halbert, the President of ProFutures, Inc. as general partner of
ProFutures Long/Short Growth Fund, L.P., certify that (i) the Form 10-Q for the
quarter ended September 30, 2003 of ProFutures Long/Short Growth Fund, L.P.
fully complies with the requirements of Section 13(a) or 15(d) of the
Securities Exchange Act of 1934 and (ii) the information contained in the Form
10-Q for the quarter ended September 30, 2003 fairly presents, in all material
respects, the financial condition and results of operations of ProFutures
Long/Short Growth Fund, L.P.

                                      PROFUTURES LONG/SHORT GROWTH FUND, L.P.
                                      By:  ProFutures, Inc., General Partner



                                      By:  /s/ Gary D. Halbert
                                           ----------------------------------
                                           Gary D. Halbert
                                           President
                                           November 10, 2003



                               EXHIBIT 32.02

                               CERTIFICATION
                               -------------



I, Debi B. Halbert, the Chief Financial Officer of ProFutures, Inc. as general
partner of ProFutures Long/Short Growth Fund, L.P., certify that (i) the Form
10-Q for the quarter ended September 30, 2003 of ProFutures Long/Short Growth
Fund, L.P. fully complies with the requirements of Section 13(a) or 15(d) of
the Securities Exchange Act of 1934 and (ii) the information contained in the
Form 10-Q for the quarter ended September 30, 2003 fairly presents, in all
material respects, the financial condition and results of operations of
ProFutures Long/Short Growth Fund, L.P.

                                      PROFUTURES LONG/SHORT GROWTH FUND, L.P.
                                      By:  ProFutures, Inc., General Partner



                                      By:  /s/ Debi B. Halbert
                                           ----------------------------------
                                           Debi B. Halbert
                                           Chief Financial Officer
                                           November 10, 2003