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 June 30, 2004.

                                  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 June 30, 2004
                            --------------

                     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
            June 30, 2004 (Unaudited) and December 31, 2003 (Audited)
                                   -------------



                                                   June 30,      December 31,
                                                     2004            2003
                                                     ----            ----
ASSETS
  Equity in broker trading accounts
    Cash                                         $ 7,954,358     $ 9,431,077
    Net option premiums (received)                  (116,350)        (96,000)
    Unrealized gain (loss) on open contracts          (1,464)        325,895
                                                 -----------     -----------

          Deposits with broker                     7,836,544       9,660,972

  Cash                                                 2,861           3,490
                                                 -----------     -----------

          Total assets                           $ 7,839,405     $ 9,664,462
                                                 ===========     ===========

LIABILITIES
  Accounts payable                               $    11,549     $    13,775
  Commissions and other trading fees
    on open contracts                                  6,479           4,193
  Incentive fees payable                              46,623         158,749
  Management fees payable                             26,148          31,412
  Redemptions payable                                140,254         507,201
                                                 -----------     -----------

          Total liabilities                          231,053         715,330
                                                 -----------     -----------

PARTNERS' CAPITAL (Net Asset Value)
  General Partner - 61 units outstanding at
    June 30, 2004 and December 31, 2003               63,123          66,976
  Limited Partners - 7,345 and 8,149 units
    outstanding at June 30, 2004 and
    December 31, 2003                              7,545,229       8,882,156
                                                 -----------     -----------

          Total partners' capital
            (Net Asset Value)                      7,608,352       8,949,132
                                                 -----------     -----------

                                                 $ 7,839,405     $ 9,664,462
                                                 ===========     ===========


                              See accompanying notes.



                     PROFUTURES LONG/SHORT GROWTH FUND, L.P.
                        CONDENSED SCHEDULE OF INVESTMENTS
            June 30, 2004 (Unaudited) and December 31, 2003 (Audited)
                                    -----------



                                        June 30, 2004      December 31, 2003
                                     ------------------   -------------------

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

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

    Agricultural                     $(25,282)  (0.33)%   $ 27,330    0.30 %
    Currency                          (19,135)  (0.25)%    201,070    2.25 %
    Energy                            (10,886)  (0.15)%      8,020    0.09 %
    Interest rate                      (5,889)  (0.08)%      5,830    0.07 %
    Metal                             (33,640)  (0.44)%     73,905    0.82 %
    Stock index                        30,221    0.40 %          0    0.00 %
                                     --------   -------   --------   -------

    Total long futures contracts     $(64,611)  (0.85)%   $316,155    3.53 %
                                     --------   -------   --------   -------

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

    Agricultural                     $ 34,520    0.46 %   $ (1,260)  (0.01)%
    Currency                              975    0.01 %          0    0.00 %
    Interest rate                     (15,226)  (0.20)%          0    0.00 %
    Metal                               7,777    0.10 %          0    0.00 %
    Stock index                           164    0.00 %          0    0.00 %
                                     --------   -------   --------   -------

    Total short futures contracts    $ 28,210    0.37 %   $ (1,260)  (0.01)%
                                     --------   -------   --------   -------

    Total futures contracts          $(36,401)  (0.48)%   $314,895    3.52 %
                                     ========   =======   ========   =======

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

    Interest rate options            $(60,125)  (0.79)%   $      0    0.00 %
    Stock index options               (21,288)  (0.28)%    (85,000)  (0.95)%
                                     --------   -------   --------   -------
    Total written options on
      futures contracts (premiums
      received - $116,350 and
      $96,000, respectively)         $(81,413)  (1.07)%   $(85,000)  (0.95)%
                                     ========   =======   ========   =======


                              See accompanying notes.



                       PROFUTURES LONG/SHORT GROWTH FUND, L.P.
                              STATEMENTS OF OPERATIONS
                 For the Three Months Ended June 30, 2004 and 2003
                                    (Unaudited)
                                   -------------



                                                     Three months ended
                                                          June 30,
                                                    2004            2003
                                                    ----            ----
TRADING GAINS (LOSSES)
  Gain (loss) from trading
    Realized                                    $    (41,347)   $    222,534
    Change in unrealized                            (420,744)       (155,000)
    Brokerage commissions                            (69,957)        (73,904)
                                                ------------    ------------

          Total trading (losses)                    (532,048)         (6,370)
                                                ------------    ------------

NET INVESTMENT INCOME (LOSS)
  Income
    Interest income                                   26,050          27,051
                                                ------------    ------------

  Expenses
    Incentive fees                                    46,623               0
    Management fees                                   53,040          80,196
    Operating expenses                                26,880          26,474
                                                ------------    ------------

          Total expenses                             126,543         106,670
                                                ------------    ------------

          Net investment (loss)                     (100,493)        (79,619)
                                                ------------    ------------

          NET (LOSS)                            $   (632,541)   $    (85,989)
                                                ============    ============

NET (LOSS) PER GENERAL AND
  LIMITED PARTNER UNIT
    (based on weighted average number of
    units outstanding during the period of
    7,594 and 10,113, respectively)             $     (83.29)   $      (8.50)
                                                ============    ============

(DECREASE) IN NET ASSET VALUE
  PER GENERAL AND LIMITED PARTNER UNIT          $     (82.80)   $      (9.53)
                                                ============    ============


                              See accompanying notes.



                      PROFUTURES LONG/SHORT GROWTH FUND, L.P.
                             STATEMENTS OF OPERATIONS
                  For the Six Months Ended June 30, 2004 and 2003
                                    (Unaudited)
                                    -----------



                                                      Six months ended
                                                          June 30,
                                                    2004            2003
                                                    ----            ----
TRADING GAINS (LOSSES)
  Gain (loss) from trading
    Realized                                    $    243,261    $  1,415,059
    Change in unrealized                            (327,359)       (922,787)
    Brokerage commissions                           (127,165)       (153,607)
                                                ------------    ------------

          Total trading gains (losses)              (211,263)        338,665
                                                ------------    ------------

NET INVESTMENT INCOME (LOSS)
  Income
    Interest income                                   42,799          57,840
                                                ------------    ------------

  Expenses
    Incentive fees                                   139,747               0
    Management fees                                  109,541         166,575
    Operating expenses                                60,575          51,037
                                                ------------    ------------

          Total expenses                             309,863         217,612
                                                ------------    ------------

          Net investment (loss)                     (267,064)       (159,772)
                                                ------------    ------------

          NET INCOME (LOSS)                     $   (478,327)   $    178,893
                                                ============    ============

NET INCOME (LOSS) PER GENERAL
  AND LIMITED PARTNER UNIT
    (based on weighted average number of
    units outstanding during the period of
    7,809 and 10,335, respectively)             $     (61.25)   $      17.31
                                                ============    ============

INCREASE (DECREASE) IN NET ASSET VALUE
  PER GENERAL AND LIMITED PARTNER UNIT          $     (62.71)   $      13.57
                                                ============    ============


                              See accompanying notes.



                       PROFUTURES LONG/SHORT GROWTH FUND, L.P.
           STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (NET ASSET VALUE)
                 For the Six Months Ended June 30, 2004 and 2003
                                    (Unaudited)
                                   -------------



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

Balances at
   December 31, 2003           8,210    $ 66,976  $ 8,882,156  $ 8,949,132

Net (loss) for the
  six months ended
  June 30, 2004                           (3,853)    (474,474)    (478,327)

Redemptions                     (804)          0     (862,453)    (862,453)
                              ------    --------  -----------  -----------

Balances at
   June 30, 2004               7,406    $ 63,123  $ 7,545,229  $ 7,608,352
                              ======    ========  ===========  ===========

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

Net income for the
  six months ended
  June 30, 2003                              834      178,059      178,893

Redemptions                   (1,012)          0   (1,090,464)  (1,090,464)
                              ------    --------  -----------  -----------

Balances at
   June 30, 2003               9,692    $ 64,187  $10,061,265  $10,125,452
                              ======    ========  ===========  ===========


Net asset value
 per unit at
  December 31, 2002                       $  1,031.12
                                          ===========
  June 30, 2003                           $  1,044.69
                                          ===========
  December 31, 2003                       $  1,090.08
                                          ===========
  June 30, 2004                           $  1,027.37
                                          ===========


                             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.

         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.



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



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.  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."

         H.  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 June 30, 2004, and the results of operations for
             the three and six months ended June 30, 2004 and 2003.

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 June 30, 2004
         and December 31, 2003, the capital accounts of the General Partner
         and/or its principals and affiliates totaled $539,309 and $583,537,
         respectively.

         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.



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




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

         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 six months
         ended June 30, 2004 and 2003 were $83,643 and $111,040, respectively.
         Such management fees earned for the three months ended June 30, 2004
         and 2003 were $39,828 and $53,466, respectively.  Management fees
         payable to ProFutures, Inc. as of June 30, 2004 and December 31, 2003
         were $12,936 and $15,787, respectively.

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

         The Partnership has advisory contracts with several commodity trading
         advisors to furnish investment management services to the Partnership.
         Certain advisors receive management fees equal to 1% 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.  The Partnership earns interest income on its
         assets deposited with the broker.

         At June 30, 2004 and December 31, 2003, the initial margin requirement
         of $2,096,142 and $1,822,556, respectively, is satisfied by the
         deposit of cash with such broker.

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.



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



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
         June 30, 2004, the latest maturity date for open contracts is June
         2005.

         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 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 six
         months ended June 30, 2004 and 2003.  This information has been
         derived from information presented in the financial statements.

                                                       Three months ended
                                                            June 30,
                                                       2004          2003
                                                    (Unaudited)   (Unaudited)
                                                    -----------   -----------

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

         Net asset value per unit at
           beginning of period                       $1,110.17     $1,054.22
                                                     ---------     ---------

         Income (loss) from operations:
           Total trading (losses) (1)                   (69.57)        (1.66)
           Net investment (loss) (1)                    (13.23)        (7.87)
                                                     ---------     ---------

               Total (loss) from operations             (82.80)        (9.53)
                                                     ---------     ---------

         Net asset value per unit at
           end of period                             $1,027.37     $1,044.69
                                                     =========     =========

           Total Return (3)                              (7.46)%       (0.90)%
                                                        =======       =======

           Supplemental Data

           Ratios to average net asset value:
             Expenses prior to incentive fees (4)         4.07 %        4.09 %
             Incentive fees (3)                           0.59 %        0.00 %
                                                        -------       -------

               Total expenses                             4.66 %        4.09 %
                                                        =======       =======

             Net investment (loss) (2), (4)              (2.74)%       (3.05)%
                                                        =======       =======


                                                        Six months ended
                                                            June 30,
                                                       2004          2003
                                                    (Unaudited)   (Unaudited)
                                                    -----------   -----------

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

         Net asset value per unit at
           beginning of period                       $1,090.08     $1,031.12
                                                     ---------     ---------

         Income (loss) from operations:
           Total trading gains (losses) (1)             (28.51)        29.03
           Net investment (loss) (1)                    (34.20)       (15.46)
                                                     ---------     ---------

               Total income (loss) from operations      (62.71)        13.57
                                                     ---------     ---------

         Net asset value per unit at
           end of period                             $1,027.37     $1,044.69
                                                     =========     =========

           Total Return (3)                              (5.75)%        1.32 %
                                                        =======       =======

           Supplemental Data

           Ratios to average net asset value:
             Expenses prior to incentive fees (4)         4.15 %        3.99 %
             Incentive fees (3)                           1.70 %        0.00 %
                                                        -------       -------

               Total expenses                             5.85 %        3.99 %
                                                        =======       =======

             Net investment (loss) (2), (4)              (3.10)%       (2.93)%
                                                        =======       =======


          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)  The net investment (loss) per unit is calculated by dividing the
               net investment (loss) by the average number of units outstanding
               during the period.  Total trading gains (losses)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 total trading gains (losses)
               per unit due to the timing of trading gains and losses during the
               period relative to the number of units outstanding.
          (2)  Excludes incentive fees.
          (3)  Not annualized.
          (4)  Annualized.



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

         Critical Accounting Policies
         ----------------------------

         The preparation of financial statements in conformity with accounting
         principles generally accepted in the United States requires management
         to make estimates and assumptions that affect the reported amounts of
         assets and liabilities and disclosures of contingent assets and
         liabilities at the date of the financial statements and the reported
         amounts of income and expense during the reporting period.  Management
         believes that the estimates utilized in preparing the financial
         statements are reasonable and prudent; however, actual results could
         differ from those estimates.  The Partnership's significant accounting
         policies are described in detail in Note 1 to the Financial
         Statements.

         The Partnership records all investments at fair value in its financial
         statements, with changes in fair value reported as a component of
         realized and change in unrealized trading gain (loss) in the
         Statements of Operations.  Generally, fair values are based on market
         prices; however, in certain circumstances, estimates are involved in
         determining fair value in the absence of an active market closing
         price (e.g., swap and forward contracts which are traded in the
         inter-bank market).

     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 six
         months ended June 30, 2004 and 2003 consisted of the following:

                                                        2004          2003
                                                        ----          ----

              Three months ended March 31            $  154,214    $  264,882
              Three months ended June 30               (632,541)      (85,989)
                                                     ----------    ----------

                     Six months ended June 30        $ (478,327)   $  178,893
                                                     ==========    ==========


         At June 30, 2004, partners' capital totaled $7,608,352, a net
         decrease of $1,340,780 from December 31, 2003, due to redemptions of
         limited partner units and a net loss for the six months ended
         ended June 30, 2004.

         At June 30, 2003, partners' capital totaled $10,125,452, a net
         decrease of $911,571 from December 31, 2002, due to redemptions
         of limited partner units exceeding net income for the six months
         ended June 30, 2003.

         Second Quarter 2004
         -------------------

         The economic recovery continued in the second quarter of 2004, and
         most economic news was positive, though there was a little slowdown
         in June.  The futures markets were again volatile, especially in
         energy, interest rates and currencies.

         The Partnership had a loss of 5.63% in April.  There were gains in
         interest rates, equities and energy.  However, these were offset by
         losses in metals, foreign currencies and agriculture.

         The Partnership had a gain of 1.80% in May.  There were gains in
         energy, interest rates and metals.  There were losses in agriculture,
         equities and foreign currencies.  Clarke Capital had a stellar month,
         up nearly 9%, which was partially offset by losses from Meyer Capital.

         The Partnership had a loss of 3.67% in June.  There were losses in
         all sectors except equities.  The largest losses were in foreign
         currencies and energy.

         Overall, the Partnership's total return was (7.46)% for the quarter
         and (5.75)% for the six months ended June 30, 2004.  The majority of
         the Partnership's trading gains were in the energy sector and the
         largest loss was in agricultural commodities.

         First Quarter 2004
         ------------------

         The economy continued to improve in the first quarter of 2004, and
         most economic news was positive.  The futures markets continued to
         be volatile, especially energy and currencies.

         The Partnership had a loss of 1.79% in January 2004.  There were gains
         in stock indexes, metals and energy.  These were offset by losses in
         agricultural commodities, foreign currencies and interest rates.

         The Partnership had a gain of 1.92% in February 2004.  There were
         large gains in stock indexes, with smaller gains in interest rates,
         metals, energy and grains.  There were some losses in agricultural
         commodities and foreign currencies.

         The Partnership had a gain of 1.75% in March 2004.  There were gains
         in metals, interest rates and equities, with smaller gains in certain
         agricultural commodities.  There were some losses in energy and
         foreign currencies.

         Overall, the Partnership ended the quarter with a total return of
         1.84%.  The majority of the trading gains were in equities and metals
         and the largest loss was in foreign currencies.

         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.

         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.  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.

         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 (as
         defined in the Securities Exchange Act of 1934 Rules 13a-15(e) or
         15d-15(e)) with respect to the Partnership as of the end of the period
         covered by this quarterly report.  Based on their evaluation, the
         President and Chief Financial Officer have concluded that these
         disclosure controls and procedures are effective.  There were no
         changes in the General Partner's internal control over financial
         reporting applicable to the Partnership identified in connection with
         the evaluation required by paragraph (d) of Exchange Act Rules 13a-15
         or 15d-15 that occurred during the last fiscal quarter that have
         materially affected, or are reasonably likely to materially affect,
         internal control over financial reporting applicable to the
         Partnership.


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.



SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


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



August 10, 2004                   By /s/ GARY D. HALBERT
------------------------            -----------------------------------------
Date                                Gary D. Halbert, President and Director
                                    ProFutures, Inc.
                                    General Partner



August 10, 2004                   By /s/ DEBI B. HALBERT
------------------------            -----------------------------------------
Date                                Debi B. Halbert, Chief Financial Officer,
                                      Treasurer and Director
                                    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 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 report;

3. Based on my knowledge, the financial statements, and other financial
information included in this 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 report;

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

a) designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, 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 report is being prepared;

b) evaluated the effectiveness of the registrant's disclosure controls and
procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered
by this report based on such evaluation; and

c) disclosed in this report any change in the registrant's internal control
over financial reporting that occurred during the registrant's most recent
fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual
report) that has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on
our most recent evaluation of internal control over financial reporting, to
the registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process,
summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control
over financial reporting.



Date: August 10, 2004
       ----------------------------------



/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 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 report;

3. Based on my knowledge, the financial statements, and other financial
information included in this 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 report;

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

a) designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, 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 report is being prepared;

b) evaluated the effectiveness of the registrant's disclosure controls and
procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the period covered
by this report based on such evaluation; and

c) disclosed in this report any change in the registrant's internal control
over financial reporting that occurred during the registrant's most recent
fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual
report) that has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on
our most recent evaluation of internal control over financial reporting, to
the registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process,
summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control
over financial reporting.



Date: August 10, 2004
       ----------------------------------


/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 June 30, 2004 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 June 30, 2004 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
                                           August 10, 2004



                                    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 June 30, 2004 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 June 30, 2004 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
                                           August 10, 2004