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 March 31, 2002.

                                  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 March 31, 2002
                            --------------

                     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



PART I - FINANCIAL INFORMATION


Item 1.  Financial Statements.


                      PROFUTURES LONG/SHORT GROWTH FUND, L.P.
                         STATEMENTS OF FINANCIAL CONDITION
            March 31, 2002 (Unaudited) and December 31, 2001 (Audited)
                                   -------------



                                                   March 31,     December 31,
                                                     2002            2001
                                                     ----            ----
ASSETS
  Equity in broker trading accounts
    Cash                                         $11,799,525     $12,119,461
    Net option premiums (received)                  (355,200)       (291,200)
    Unrealized gain on open contracts                536,671         373,755
                                                 -----------     -----------

          Deposits with broker                    11,980,996      12,202,016

  Cash                                                11,446          11,652
                                                 -----------     -----------

          Total assets                           $11,992,442     $12,213,668
                                                 ===========     ===========

LIABILITIES
  Accounts payable                               $    14,682     $    17,680
  Commissions and other trading fees
    on open contracts                                 10,552           9,065
  Incentive fees payable                             202,226          53,703
  Management fees payable                             49,844          51,559
  Redemptions payable                                216,669         142,989
                                                 -----------     -----------

          Total liabilities                          493,973         274,996
                                                 -----------     -----------

PARTNERS' CAPITAL (Net Asset Value)
  General Partner - 61 units outstanding at
    March 31, 2002 and December 31, 2001              58,079          56,537
  Limited Partners - 12,103 and 12,913 units
    outstanding at March 31, 2002 and
    December 31, 2001                             11,440,390      11,882,135
                                                 -----------     -----------

          Total partners' capital
            (Net Asset Value)                     11,498,469      11,938,672
                                                 -----------     -----------

                                                 $11,992,442     $12,213,668
                                                 ===========     ===========


                              See accompanying notes.



                     PROFUTURES LONG/SHORT GROWTH FUND, L.P.
                        CONDENSED SCHEDULE OF INVESTMENTS
                                  March 31, 2002
                                   ------------



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

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

             Agricultural                             $   65,110     0.57%
             Currency                                     47,480     0.41%
             Energy                                       27,834     0.24%
             Interest rate                               (40,038)   (0.35)%
             Metal                                       112,428     0.98%
             Stock index                                   4,774     0.04%
                                                      ----------    -----

             Total long futures contracts             $  217,588     1.89%
                                                      ----------    -----


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

             Agricultural                             $   78,671     0.68%
             Currency                                     28,325     0.25%
             Interest rate                                33,588     0.29%
                                                      ----------    -----

             Total short futures contracts            $  140,584     1.22%
                                                      ----------    -----

             Total futures contracts                  $  358,172     3.11%
                                                      ==========    =====


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

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

             Stock Index Options
                 (premium received - $355,200)        $ (176,700)   (1.54)%
                                                      ==========    =====


                              See accompanying notes.



                      PROFUTURES LONG/SHORT GROWTH FUND, L.P.
                             STATEMENTS OF OPERATIONS
                For the Three Months Ended March 31, 2002 and 2001
                                    (Unaudited)
                                   -------------



                                                     Three months ended
                                                          March 31,
                                                    2002            2001
                                                    ----            ----
INCOME
  Trading gains
    Realized                                    $    512,131    $    608,831
    Change in unrealized                             162,916         608,408
                                                ------------    ------------

          Gain from trading                          657,047       1,217,239

  Interest income                                     51,345         160,710
                                                ------------    ------------

          Total income                               726,392       1,377,949
                                                ------------    ------------

EXPENSES
  Brokerage commissions                               74,763          67,492
  Incentive fees                                     202,226         212,346
  Management fees                                     90,454          98,710
  Operating expenses                                  32,176          41,195
                                                ------------    ------------

          Total expenses                             399,619         419,743
                                                ------------    ------------

          NET INCOME                            $    326,773    $    958,206
                                                ============    ============

NET INCOME PER GENERAL AND
  LIMITED PARTNER UNIT
    (based on weighted average number of
    units outstanding during the period of
    12,674 and 14,594, respectively)            $      25.78    $      65.66
                                                ============    ============

INCREASE IN NET ASSET VALUE PER
  GENERAL AND LIMITED PARTNER UNIT              $      25.10    $      65.82
                                                ============    ============


                              See accompanying notes.



                      PROFUTURES LONG/SHORT GROWTH FUND, L.P.
         STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (NET ASSET VALUE)
              For the Three Months Ended March 31, 2002 and 2001
                                    (Unaudited)
                                   -------------



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

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

Net income for the
  three months ended
  March 31, 2002                           1,542      325,231      326,773

Redemptions                     (810)          0     (766,976)    (766,976)
                              ------    --------  -----------  -----------

Balances at
   March 31, 2002             12,164    $ 58,079  $11,440,390  $11,498,469
                              ======    ========  ===========  ===========

Balances at
   December 31, 2000          14,773    $ 52,762  $12,633,367  $12,686,129

Net income for the
  three months ended
  March 31, 2001                           4,044      954,162      958,206

Redemptions                     (523)          0     (469,255)    (469,255)
                              ------    --------  -----------  -----------

Balances at
   March 31, 2001             14,250    $ 56,806  $13,118,274  $13,175,080
                              ======    ========  ===========  ===========


Net asset value
 per unit at
  December 31, 2000                       $    858.74
                                          ===========
  March 31, 2001                          $    924.56
                                          ===========
  December 31, 2001                       $    920.18
                                          ===========
  March 31, 2002                          $    945.28
                                          ===========


                             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.

     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 March 31, 2002, and the results of operations for the
         three months ended March 31, 2002 and 2001.



                     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 March 31, 2002
         and December 31, 2001, the capital accounts of the General Partner
         and/or its principals and affiliates totaled $506,023 and $498,903,
         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 $14,000,000) 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 three months
         ended March 31, 2002 and 2001 were $60,168 and $65,688, respectively.
         Management fees payable to ProFutures, Inc. as of March 31, 2002 and
         December 31, 2001 were $19,558 and $20,170, respectively.

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

         The Partnership has trading advisory contracts with several trading
         advisors to furnish investment management services to the Partnership.
         Each advisor is paid 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, each advisor receives a quarterly
         incentive fee of 20% 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 March 31, 2002 and December 31, 2001, the initial margin
         requirement of $3,231,719 and $1,706,987, 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
         March 31, 2002, the latest maturity date for open contracts is
         June 2003, and at December 31, 2001, the latest maturity date for
         open contracts is March 2003.

         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 ended
         March 31, 2002 and 2001.  This information has been derived from
         information presented in the financial statements.

                                                       Three months ended
                                                            March 31,
                                                       2002          2001
                                                    (Unaudited)   (Unaudited)
                                                    -----------   -----------

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

         Net asset value per unit at
           December 31, 2001 and 2000                 $920.18       $858.74
                                                      -------       -------

         Income (loss) from operations:
           Net investment (loss) (1), (3)              (21.58)       (13.12)
           Net realized and change in unrealized
             gain from trading (2), (3)                 46.68         78.94
                                                      -------       -------

               Total income from operations             25.10         65.82
                                                      -------       -------

         Net asset value per unit at
           March 31, 2002 and 2001                    $945.28       $924.56
                                                      =======       =======


           Total Return (4)                              2.73%         7.66%
                                                       =======       ======


           Supplemental Data

           Ratios to average net asset value: (5)
             Expenses prior to incentive fees (6)       (4.16)%       (4.34)%
             Incentive fees                             (6.85)%       (6.59)%
                                                       ------        -------

               Total expenses (1)                      (11.01)%      (10.93)%
                                                       =======       =======

             Net investment (loss) (1)                  (9.27)%       (5.94)%
                                                       =======       =======


           --------------------
          (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 from trading is a balancing amount necessary to reconcile
               the change in net asset value per unit with the other per unit
               information.
          (4)  Not annualized.
          (5)  Annualized.
          (6)  Excludes brokerage commissions, other trading fees and incentive
               fees.



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:  For the three months ended March 31, 2002, the
         Partnership had net income of $326,773, as compared to net income of
         $958,206 for the three months ended March 31, 2001.

         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.

         At March 31, 2002, partners' capital totaled $11,498,469, a net
         decrease of $440,203 from December 31, 2001, due to redemptions
         of limited partner units exceeding first quarter net income.

         The Partnership's Trading Advisors were able to profit during the
         first quarter of 2001, even though many markets were relatively
         trendless, by using very short-term trading strategies in the stock
         index futures and writing options on the S&P 500.  The decision in
         late 2000 to expand the Partnership's focus beyond stock indexes by
         allocating part of the assets to a more diversified program proved
         helpful, with additional gains coming in markets such as foreign
         currencies, agricultural commodities, short-term interest rates and
         metals.  The first quarter ended with a gain of 7.66%.

         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.



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:

         None.



SIGNATURES


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


                                  PROFUTURES LONG/SHORTH GROWTH FUND, L.P.
                                  (Partnership)



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