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, 2005
                                --------------

                        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.
                              11719 Bee Cave Road
                                   Suite 200
                              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


<PAGE>


PART I  -  FINANCIAL INFORMATION


Item 1.     Financial Statements.


                   PROFUTURTES LONG/SHORT GROWTH FUND, L.P.
                       STATEMENTS OF FINANCIAL CONDITION
          March 31, 2005 (Unaudited) and December 31, 2004 (Audited)


<TABLE>
<CAPTION>

                                                           March 31,                 December 31,
                                                              2005                       2004
                                                      ---------------------       --------------------
ASSETS
    Equity in broker trading accounts
<S>                                                   <C>                         <C>
        Cash                                          $          6,612,902        $         7,486,415
        Option premiums (received)                                (44,000)                   (60,712)
        Unrealized gain on open contracts                          320,669                    295,523
                                                      ---------------------       --------------------

                Deposits with broker                             6,889,571                  7,721,226

    Cash                                                             9,772                      3,339
                                                      ---------------------       --------------------

                Total assets                          $          6,899,343        $         7,724,565
                                                      =====================       ====================

LIABILITIES
    Accounts payable                                  $             31,054        $            20,134
    Commissions and other trading fees
        on open contracts                                            2,627                      3,762
    Incentive fees payable                                          14,262                     71,102
    Management fees payable                                         23,254                     25,575
    Redemptions payable                                            360,780                    194,405
                                                      ---------------------       --------------------

                Total liabilities                                  431,977                    314,978
                                                      ---------------------       --------------------

PARTNERS' CAPITAL (Net Asset Value)
    General Partner - 61 units outstanding
        at March 31, 2005 and December 31, 2004                     66,693                     71,243

    Limited Partners - 5,897 and 6,329 units
        outstanding at March 31, 2005 and
        December 31, 2004                                        6,400,673                  7,338,344
                                                      ---------------------       --------------------


<PAGE>


                Total partners' capital
                    (Net Asset Value)                            6,467,366                  7,409,587
                                                      ---------------------       --------------------

                                                      $          6,899,343        $         7,724,565
                                                      =====================       ====================
</TABLE>

See accompanying notes.


                    PROFUTURES LONG/SHORT GROWTH FUND, L.P.
                      CONDENSED SCHEDULES OF INVESTMENTS
          March 31, 2005 (Unaudited) and December 31, 2004 (Audited)


<TABLE>
<CAPTION>

                                                            March 31, 2005                  December 31, 2004

                                                                  % of Net                         % of Net
LONG FUTURES CONTRACTS                             Value         Asset Value        Value         Asset Value
===========================================      ==========      ===========      ==========      ===========
<S>                                              <C>              <C>               <C>               <C>
           Agricultural                          $ (10,106)       (0.16)%           $76,976           1.04%

           Currency                                 (6,740)       (0.10)%           (29,489)         (0.40)%

           Energy                                  202,832         3.14%                  0           0.00%

           Interest rate                             9,020         0.14%             14,110           0.19%

           Metal                                   144,374         2.23%            139,404           1.88%

           Stock index                              (7,696)       (0.12)%           144,914           1.96%
                                                 ----------      -----------      ----------      -----------
           Total long futures contracts          $ 331,684         5.13%          $ 345,915           4.67%
                                                 ==========      ===========      ==========      ===========

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

           Agricultural                               $224         0.00%               $335           0.00%

           Energy                                        0         0.00%             61,300           0.83%

           Interest rate                            49,698         0.77%              2,430           0.03%

           Metal                                   (73,587)       (1.14)%          (137,157)         (1.85)%
                                                 ----------      -----------      ----------      -----------
           Total short futures contracts         $ (23,665)       (0.37)%        $  (73,092)         (0.99)%
                                                 ----------      -----------      ----------      -----------


<PAGE>


           Total futures contracts               $ 308,019         4.76%         $  272,823           3.68%
                                                 ==========      ===========      ==========      ===========

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

           Stock index options                   $ (31,350)       (0.48)%        $  (37,700)         (0.51)%

           Currency options                              0         0.00%               (312)          0.00%
                                                 ----------      -----------      ----------      -----------
           Total written options on futures
               contracts (premiums received
           -$44,000 and $60,712)                 $ (31,350)       (0.48)%        $  (38,012)         (0.51)%
                                                 ==========      ===========      ==========      ===========
           See accompanying notes.
</TABLE>



                    PROFUTURES LONG/SHORT GROWTH FUND, L.P.
                           STATEMENTS OF OPERATIONS
        For the Three Months Ended March 31, 2005 and 2004 (Unaudited)


<TABLE>
<CAPTION>

                                                                       Three Months Ended
                                                                            March 31,
                                                               2005                      2004
                                                      ---------------------       --------------------
TRADING GAINS (LOSSES)
    Gain (loss) from trading
<S>                                                   <C>                         <C>
        Realized                                      $          (379,056)        $           284,608
        Change in unrealized                                       25,146                      93,385
        Brokerage commissions                                     (53,620)                    (57,208)
                                                      ---------------------       --------------------

                Total trading gains (losses)                     (407,530)                    320,785
                                                      ---------------------       --------------------

NET INVESTMENT INCOME (LOSS)
    Income
        Interest income                                            40,994                      16,749
                                                      ---------------------       --------------------

    Expenses
        Incentive fees                                             14,262                      93,124
        Management fees                                            46,862                      56,501
        Operating expenses                                         42,708                      33,695
                                                      ---------------------       --------------------

                Total expenses                                    103,832                     183,320
                                                      ---------------------       --------------------

                Net investment (loss)                             (62,838)                   (166,571)
                                                      ---------------------       --------------------


<PAGE>



                NET INCOME (LOSS)                     $          (470,368)        $           154,214
                                                      =====================       ====================

NET INCOME  (LOSS) PER GENERAL
    AND LIMITED PARTNER UNIT
        (based on weighted average number of
        units outstanding during the period of
        6,336 and 8,025, respectively)                $            (74.24)        $             19.22
                                                      =====================       ====================

INCREASE (DECREASE) IN NET ASSET
    VALUE PER GENERAL AND LIMITED
    PARTNER UNIT                                      $            (74.06)        $             20.09
                                                      =====================       ====================
</TABLE>

See accompanying notes.


                    PROFUTURES LONG/SHORT GROWTH FUND, L.P.
         STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (NET ASSET VALUE)
         For the Three Month Ended March 31, 2005 and 2004 (Unaudited)


<TABLE>
<CAPTION>

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

Balances at
<S>                                                 <C>         <C>                   <C>                    <C>
    December 31, 2004                               6,390       $        71,243       $      7,338,344       $      7,409,587

Net (loss) for the three months
    ended March 31, 2005                                                 (4,550)              (465,818)              (470,368)

Redemptions                                          (432)                    0               (471,853)              (471,853)
                                          ----------------      ----------------      ----------------       ----------------

Balances at
    March 31, 2005                                  5,958       $        66,693       $      6,400,673       $      6,467,366
                                          ================      ================      =================      =================

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


<PAGE>


Net income for the three months
    ended March 31, 2004                                                  1,234                152,980                154,214

Redemptions                                          (533)                    0               (580,597)              (580,597)
                                          ----------------      ----------------      -----------------      -----------------

Balances at
    March 31, 2004                                  7,677       $        68,210       $      8,454,539       $      8,522,749
                                          ================      ================      =================      =================



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

                                              March 31,            December 31,            March 31,            December 31,
                                                2005                  2004                   2004                   2003
                                         -----------------     -----------------      -----------------      -----------------

                                          $      1,085.47              1,159.53       $       1,110.17       $       1,090.08
                                          ================      ================      =================      =================

See accompanying notes.
</TABLE>


                    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 contracts and
options on futures 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



<PAGE>


requirements of commodity exchanges and Futures Commission Merchants (brokers)
through which the Partnership trades.

         C.  Method of Reporting

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

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

         D.  Brokerage Commissions

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

         E.  Income Taxes

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

         F.  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


<PAGE>


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, 2005,
and the results of operations for the three months ended March 31, 2005 and
2004.

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, 2005 and December 31, 2004, the capital accounts of the General
Partner and/or its principals and affiliates totaled $569,808 and $608,685,
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.

Effective October 22, 2004, ProFutures, Inc. has a callable stock subscription
agreement with Man Financial Inc. (MFI), the Partnership's broker, whereby MFI
has subscribed to purchase (up to $7,000,000, subject to conditions set forth
in the stock subscription agreement dated October 22, 2004) the number of
shares of common stock of ProFutures, Inc. necessary to maintain the General
Partner's net worth requirements. Prior to October 22, 2004, ProFutures, Inc.
had a callable stock subscription agreement with ABN AMRO Incorporated (ABN),
the Partnership's prior broker, whereby ABN had subscribed to purchase (up to
$7,000,000, subject to the conditions set forth in the stock subscription
agreement as amended effective May 20, 2002) the number of shares of common
stock of ProFutures, Inc. necessary to maintain the General Partner's net
worth requirements.

The Partnership pays the General Partner a monthly management fee 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, 2005 and 2004 were $35,007 and $43,814, respectively. Management
fees payable to ProFutures, Inc. as of March 31, 2005 and December 31, 2004
were $11,399 and $12,695, 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). Total management fees earned by the trading
advisors for the three months ended March 31, 2005 and 2004 amounted to
$11,855 and $12,687, respectively.

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

The Partnership deposits funds with MFI (ABN prior to October 2004) to act as
broker, subject to Commodity Futures Trading Commission regulations and
various exchange


<PAGE>


and broker requirements. The Partnership earns interest income on its assets
deposited with the broker.

At March 31, 2005 and December 31, 2004, the initial margin requirement of
$1,410,561 and $2,049,867, respectively, is satisfied by the deposit of cash
with the applicable 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.

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

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

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

Open contracts generally mature within three months, however, the Partnership
intends to close all contracts prior to maturity. At March 31, 2005, the
latest maturity date for open contracts is March 2006.

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.


<PAGE>


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.

Note 7.  GUARANTEES
         ----------

In the normal course of business, the Partnership enters into contracts and
agreements that contain a variety of representations and warranties and which
provide general indemnifications. The Partnership's maximum exposure under
these arrangements is unknown, as this would involve future claims that may be
made against the Partnership that have not yet occurred. The Partnership
expects the risk of any future obligation under these indemnifications to be
remote.

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

The following information presents per unit operating performance data and
other supplemental financial data for the three months ended March 31, 2005
and 2004. This information has been derived from information presented in the
financial statements.


<TABLE>
<CAPTION>

                                                                      Three months ended
                                                                           March 31,
                                                                    2005              2004
                                                                 (Unaudited)       (Unaudited)
                                                                ------------------------------
<S>                                                               <C>               <C>
Per Unit Performance
(for a unit outstanding throughout the entire period)
Net asset value per unit at beginning of period                   $1,159.53         $1,090.08
Income (loss) from operations:
     Total trading gains (losses) (1)                                (64.14)            40.85
     Net investment (loss) (1)                                        (9.92)           (20.76)
                                                                  ----------        ----------

              Total income (loss) from operations                    (74.06)            20.09
                                                                  ----------        ----------

Net asset value per unit at end of period                         $1,085.47         $1,110.17
                                                                  ----------        ----------

Total Return (3)                                                      (6.39)%            1.84%
                                                                  ==========        ==========

Supplemental Data

Ratios to average net asset value:
     Expenses prior to incentive fees (4)                              5.24%             4.22%
     Incentive fees (3)                                                0.21%             1.09%
                                                                  ----------        ----------


<PAGE>


              Total expenses                                           5.45%             5.31%
                                                                  ==========        ==========
     Net investment (loss) (2), (4)                                   (2.84)%           (3.43)%
                                                                  ==========        ==========
</TABLE>

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.

            Reference is made to Item 1, "Financial Statements." The
            information contained therein is essential to, and should be read
            in conjunction with, the following analysis.

            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


<PAGE>


            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/net loss
            for the three months ended March 31, 2005 and 2004 totaled
            $(470,368) and $154,214, respectively.

            At March 31, 2005, partners' capital totaled $6,467,366, a net
            decrease of $(942,221) from December 31, 2004, due to redemptions
            of Units and a net loss for the three months ended March 31, 2005.

            At March 31, 2004, partners' capital totaled $8,522,749, a net
            decrease of $(426,383) from December 31, 2003, due to redemptions
            of Units exceeding net income for the three months ended March 31,
            2004.

            First Quarter 2005
            -----------------------

            The first quarter was an especially volatile one for oil prices
            and for interest rates. Oil prices continue to climb, and then
            drop. Short-term interest rates climbed as the Fed continued its
            policy of raising short-term rates.

            The Partnership had a loss of 3.25% in January. For the month, the
            Partnership had gains in stock indices, interest rates and certain
            agricultural commodities. There were large losses in foreign
            currencies and metals, with smaller losses in energy.

            The Partnership had a loss of 1.80% in February. For the month,
            the Partnership had gains in stock indices, metals and energy.
            These gains were offset by large losses in agricultural
            commodities and bonds.

            The Partnership had a loss of 1.47% in March. For the month, the
            Partnership had large gains in energy, with only marginal gains in
            interest rates. There were losses in foreign currencies,
            agricultural commodities and metals.

            The Partnership ended the quarter with a loss.


<PAGE>


            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.

            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.


<PAGE>


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.     Unregistered Sales of Equity Securities and Use of Proceeds.

            (c) Pursuant to the Partnership's Limited Partnership Agreement,
            partners may redeem their Limited Partnership Units at the end of
            each calendar month at the then current Net Asset Value per Unit.
            The redemption of Units has no impact on the value of Units that
            remain outstanding, and Units are not reissued once redeemed.

            The following table summarizes the redemptions by partners during
            the three months ended March 31, 2005:

            MONTH                     UNITS REDEEMED           NAV PER UNIT
            -----                     --------------           ------------
            January 31, 2005              62.1035                1,121.90

            February 28, 2005             37.5770                1,101.72

            March 31, 2005               332.3717                1,085.47
                                      --------------
            TOTAL                        432.0522
                                      ==============

Item 3.     Defaults Upon Senior Securities.


<PAGE>


            Not Applicable.

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

            None.

Item 5.     Other Information.

            None.

Item 6.     Exhibits

            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)

May 13, 2005              By /s/ GARY D. HALBERT
------------              ---------------------------------------------------
Date                          Gary D. Halbert, President and Director
                              ProFutures, Inc.


<PAGE>


                              General Partner


May 13, 2005              By /s/ DEBI B. HALBERT
------------              --------------------------------------------------
Date                          Debi B. Halbert, Chief Financial Officer,
                              Treasurer and Director
                              ProFutures, Inc.
                              General Partner