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, 2000
                      --------------

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  78733
---------------------------------------
(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, 2000 (Unaudited) and December 31, 1999 (Audited)
                                   -------------



                                                   March 31,     December 31,
                                                     2000            1999
                                                     ----            ----
ASSETS
  Equity in broker trading account
    Cash                                         $32,902,985     $44,341,201
    Unrealized gain (loss) on open contracts       1,154,925      (6,005,475)
                                                ------------     -----------

          Deposits with broker                    34,057,910      38,335,726

  Cash                                               185,087         642,249
                                                 -----------     -----------

          Total assets                           $34,242,997     $38,977,975
                                                 ===========     ===========

LIABILITIES
  Accounts payable                               $    21,550     $    18,894
  Commissions and other trading fees
    on open contracts                                  1,448           3,018
  General Partner management fee                      85,371          95,836
  Redemption payable                               1,293,969         222,643
                                                 -----------     -----------

          Total liabilities                        1,402,338         340,391
                                                 -----------     -----------

PARTNERS' CAPITAL (Net Asset Value)
  General Partner - 61.4461 units
    outstanding at March 31, 2000 and
    December 31, 1999                                 93,595         101,567
  Limited Partners - 21,496.9955 and
    23,313.5041 units outstanding at
    March 31, 2000 and December 31, 1999          32,747,064      38,536,017
                                                 -----------     -----------

          Total partners' capital
            (Net Asset Value)                     32,840,659      38,637,584
                                                 -----------     -----------

                                                 $34,242,997     $38,977,975
                                                 ===========     ===========


                              See accompanying notes.



                      PROFUTURES LONG/SHORT GROWTH FUND, L.P.
                             STATEMENTS OF OPERATIONS
                For the Three Months Ended March 31, 2000 and 1999
                                    (Unaudited)
                                   -------------



                                                     Three months ended
                                                          March 31,
                                                    2000            1999
                                                    ----            ----
INCOME
  Trading gains (losses)
    Realized                                    $(10,496,668)   $  1,578,905
    Change in unrealized                           7,160,400      (1,704,725)
                                                ------------    ------------

          Gain (loss) from trading                (3,336,268)       (125,820)

  Interest income                                    499,638         231,233
                                                ------------    ------------

          Total income (loss)                     (2,836,630)        105,413
                                                ------------    ------------

EXPENSES
  Brokerage commissions                                9,286           3,108
  General Partner management fee                     257,008         144,005
  Operating expenses                                  27,000          13,743
                                                ------------    ------------

          Total expenses                             293,294         160,856
                                                ------------    ------------

          NET (LOSS)                            $ (3,129,924)   $    (55,443)
                                                ============    ============

NET (LOSS) PER GENERAL AND
  LIMITED PARTNER UNIT
    (based on weighted average number of
    units outstanding during the period of
    23,066.1407 and 9,948.2099, respectively)   $    (135.69)   $      (5.57)
                                                ============    ============

(DECREASE) IN NET ASSET VALUE PER
  GENERAL AND LIMITED PARTNER UNIT              $    (129.62)   $      (3.39)
                                                ============    ============


                              See accompanying notes.


<TABLE>

                      PROFUTURES LONG/SHORT GROWTH FUND, L.P.
         STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (NET ASSET VALUE)
              For the Three Months Ended March 31, 2000 and 1999
                                    (Unaudited)
                                   -------------
<CAPTION>


                              Total             Partners' Capital
                            Number of   ----------------------------------
                              Units     General     Limited       Total
                           -----------  --------  -----------  -----------
<S>                        <C>          <C>       <C>          <C>
Balances at
   December 31, 1999       23,374.9502  $101,567  $38,536,017  $38,637,584

Net (loss) for the
  three months ended
  March 31, 2000                          (7,972)  (3,121,952)  (3,129,924)

Additions                     548.1465         0      816,132      816,132

Redemptions                (2,364.6551)        0   (3,483,133)  (3,483,133)
                           -----------  --------  -----------  -----------

Balances at
   March 31, 2000          21,558.4416  $ 93,595  $32,747,064  $32,840,659
                           ===========  ========  ===========  ===========

Balances at
   December 31, 1998        9,772.1661  $116,671  $18,438,300  $18,554,971

Net (loss) for the
  three months ended
  March 31, 1999                            (208)     (55,235)     (55,443)

Additions                   5,088.2753         0    9,674,650    9,674,650

Redemptions                  (225.9670)        0     (436,444)    (436,444)
                           -----------  --------  -----------  -----------

Balances at
   March 31, 1999          14,634.4744  $116,463  $27,621,271  $27,737,734
                           ===========  ========  ===========  ===========



Net asset value
 per unit at
  December 31, 1998                       $  1,898.76
                                          ===========
  March 31, 1999                          $  1,895.37
                                          ===========
  December 31, 1999                       $  1,652.95
                                          ===========
  March 31, 2000                          $  1,523.33
                                          ===========
</TABLE>


                             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 stock index futures contracts.

     B.  Regulation

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

     C.  Method of Reporting

         The Partnership's financial statements are presented in accordance
         with generally accepted accounting principles, 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 purchase
         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 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.  Additions are reflected in the
         statement of changes in partners' capital (net asset value) net
         of such organizational charge totaling $8,161 for the three
         months ended March 31, 2000 and $96,746 for the three months
         ended March 31, 1999.

     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 March 31, 2000, and the results of operations for
         the three months ended March 31, 2000 and 1999.


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, 2000
         and December 31, 1999, the capital accounts of the General Partner
         and/or its principals and affiliates totaled $574,040 and $617,408,
         respectively.



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



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

         The Limited Partnership Agreement was amended effective
         February 16, 1999 and generally required that the General Partner
         maintain a net worth of at least $1,000,000.  ProFutures, Inc. has
         callable subscription agreements with Internationale Nederlanden
         (U.S.) Securities, Futures & Options, Inc. (ING), the Partnership's
         broker, whereby ING has subscribed to purchase (up to $14,000,017)
         the number of shares of common stock of ProFutures, Inc. necessary
         to maintain the General Partner net worth requirements.

         The General Partner is paid a monthly management fee equal to 1/4 of
         1% (3% annually) of month-end Net Assets (as defined in the Limited
         Partnership Agreement).

Note 3.  COMMODITY TRADING ADVISOR
         -------------------------

         The Partnership has an advisory contract with Hampton Capital
         Management, Inc. (Hampton), pursuant to which the Partnership pays a
         quarterly incentive fee equal to 20% of New Trading Profits (as
         defined in the advisory contract).

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

         The Partnership deposits funds with ING 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, 2000 and December 31, 1999, the initial margin
         requirement of $4,148,438 and $8,648,438, respectively, is
         satisfied by the deposit of cash with such broker.

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

         Investments in the Partnership are made by subscription agreement,
         subject to acceptance by the General Partner.

         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 stock index
         futures contracts ("derivatives") on U.S. exchanges.  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 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.

         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.  In the normal course of business, the
         Partnership does not require collateral from such financial
         institution.

         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 value of futures contracts purchased and unlimited
         liability on such contracts sold short.

         Open contracts generally mature within three months, however, the
         Partnership intends to close all contracts prior to maturity.  At
         March 31, 2000, the maturity date for all open contracts is
         June 2000, and at December 31, 1999, the maturity date for all open
         contracts is March 2000.

         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 Hampton's trading activity with the actual
         market risk controls being applied by Hampton itself. 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.



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 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:  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.

C. RESULTS OF OPERATIONS:  Due to the speculative nature of trading
stock index futures, 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.

For the three months ended March 31, 2000, the Partnership had a net
loss of $(3,129,924), as compared to a net loss of $(55,443) for the
three months ended March 31, 1999.  The Partnership engages in the
speculative trading of stock index futures contracts on U.S.
exchanges; therefore, operating results will fluctuate from period to
period.  The first quarter of 2000 was a period of extreme volatility
in the U.S. equity markets.  For most of the quarter the Advisor
generally maintained a long market position.  The net trading losses
occurred primarily early in the quarter as the S&P 500 index was
declining partially offset by trading gains later in the quarter as
the index was rising.

          At March 31, 2000, partners' capital totaled $32,840,659,
          a net decrease of $5,796,925 from December 31, 1999
          primarily due to net capital redemptions of $2,667,001
          as well as a net loss for the quarter.

          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 Advisor's trading activity with the
          actual market risk controls being applied by the Advisor itself.
          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.

     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 Disclosure About Market Risk

     There has been no material change during the three months ended
     March 31, 2000, in the sources of the Partnership's exposure to
     market risk.  The relationship of the total Value at Risk as a
     percentage of total capitalization declined in the first quarter
     from 17.9% at December 31, 1999 to 10.1% at March 31, 2000.

     Market movements result in frequent changes in the fair market value of
     the Partnership's open positions and, consequently, in its earnings and
     cash flow.  The Partnership's market risk is influenced by a wide variety
     of factors, including general economic conditions, equity price levels,
     the market value of financial instruments and contracts and the liquidity
     of the markets in which it trades.


PART II - OTHER INFORMATION


Item 1.   Legal Proceedings.

          None.

Item 2.   Changes in Securities.


          The Partnership filed a registration statement with the U.S.
          Securities and Exchange Commission under the Securities Act of 1933
          for the public offering of $60,000,000 of additional Limited
          Partnership Units which became effective February 16, 1999.  The
          General Partner later registered $40,000,000 of additional Limited
          Partnership Units with the Securities and Exchange Commission under
          the Securities Act of 1933 which was effective November 17, 1999.
          This registration carried forward $35,218,153 of unsold units from
          the previous registration.  Therefore, unsold Limited Partnership
          Units totaled $75,218,153 as of the effective date of the
          registration.  The offering of Limited Partnership Units is
          continuing.  The General Partner pays all offering costs and receives
          1% of the subscription price of each unit as reimbursement.  Such
          reimbursement of offering costs totaled $8,161 and $96,746 for
          the three months ended March 31, 2000 and 1999, respectively.

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