May 14, 2001

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, 2001.

                                  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, 2001
                            --------------

                     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, 2001 (Unaudited) and December 31, 2000 (Audited)
                                   -------------



                                                   March 31,     December 31,
                                                     2001            2000
                                                     ----            ----
ASSETS
  Equity in broker trading accounts
    Cash                                         $12,401,864     $12,482,092
    Net option premiums (received)                  (265,500)       (266,750)
    Unrealized gain on open contracts              1,445,509         837,101
                                                 -----------     -----------

          Deposits with broker                    13,581,873      13,052,443

  Cash                                                13,071          29,180
                                                 -----------     -----------

          Total assets                           $13,594,944     $13,081,623
                                                 ===========     ===========

LIABILITIES
  Accounts payable                               $    15,429     $    28,188
  Commissions and other trading fees
    on open contracts                                 13,111          14,338
  Incentive fees payable                             212,346         111,774
  Management fees payable                             55,224          32,343
  Redemptions payable                                123,754         208,851
                                                 -----------     -----------

          Total liabilities                          419,864         395,494
                                                 -----------     -----------

PARTNERS' CAPITAL (Net Asset Value)
  General Partner - 61 units outstanding at
    March 31, 2001 and December 31, 2000              56,806          52,762
  Limited Partners - 14,189 and 14,712 units
    outstanding at March 31, 2001 and
    December 31, 2000                             13,118,274      12,633,367
                                                 -----------     -----------

          Total partners' capital
            (Net Asset Value)                     13,175,080      12,686,129
                                                 -----------     -----------

                                                 $13,594,944     $13,081,623
                                                 ===========     ===========


                              See accompanying notes.



                      PROFUTURES LONG/SHORT GROWTH FUND, L.P.
                             STATEMENTS OF OPERATIONS
                For the Three Months Ended March 31, 2001 and 2000
                                    (Unaudited)
                                   -------------



                                                     Three months ended
                                                          March 31,
                                                    2001            2000
                                                    ----            ----
INCOME
  Trading gains (losses)
    Realized                                    $    608,831    $(10,496,668)
    Change in unrealized                             608,408       7,160,400
                                                ------------    ------------

          Gain (loss) from trading                 1,217,239      (3,336,268)

  Interest income                                    160,710         499,638
                                                ------------    ------------

          Total income (loss)                      1,377,949      (2,836,630)
                                                ------------    ------------

EXPENSES
  Brokerage commissions                               67,492           9,286
  Incentive fees                                     212,346               0
  Management fees                                     98,710         257,008
  Operating expenses                                  41,195          27,000
                                                ------------    ------------

          Total expenses                             419,743         293,294
                                                ------------    ------------

          NET INCOME (LOSS)                     $    958,206    $ (3,129,924)
                                                ============    ============

NET INCOME (LOSS) PER GENERAL AND
  LIMITED PARTNER UNIT
    (based on weighted average number of
    units outstanding during the period of
    14,594 and 23,066, respectively)            $      65.66    $    (135.69)
                                                ============    ============

INCREASE (DECREASE) IN NET ASSET VALUE PER
  GENERAL AND LIMITED PARTNER UNIT              $      65.82    $    (129.62)
                                                ============    ============


                              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, 2001 and 2000
                                    (Unaudited)
                                   -------------



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

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
                              ======    ========  ===========  ===========

Balances at
   December 31, 1999          23,375    $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           0      816,132      816,132

Redemptions                   (2,365)          0   (3,483,133)  (3,483,133)
                              ------    --------  -----------  -----------

Balances at
   March 31, 2000             21,558    $ 93,595  $32,747,064  $32,840,659
                              ======    ========  ===========  ===========


Net asset value
 per unit at
  December 31, 1999                       $  1,652.95
                                          ===========
  March 31, 2000                          $  1,523.33
                                          ===========
  December 31, 2000                       $    858.74
                                          ===========
  March 31, 2001                          $    924.56
                                          ===========


                             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.  From inception through October 2000, the Partnership engaged in
         the speculative trading of United States (U.S.) stock index futures
         contracts pursuant to an advisory contract with Hampton Capital
         Management, Inc. (Hampton).  During October 2000, as a result of
         extreme stock market volatility and trading losses, the advisory
         contract with Hampton was terminated and trading was halted.  Three
         new commodity trading advisors were subsequently selected and trading
         resumed in December 2000.  The Partnership remains focused on trading
         stock index futures and options, but the new advisors also trade a
         diversified group of commodity, currency, and other futures, forward
         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 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.



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



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

     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 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 $0 for the three months
         ended March 31, 2001 and $8,161 for the three months ended
         March 31, 2000.

     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."



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



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

     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, 2001, and the results of operations for
         the three months ended March 31, 2001 and 2000.

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, 2001
         and December 31, 2000, the capital accounts of the General Partner
         and/or its principals and affiliates totaled $501,278 and $465,592,
         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 ING (U.S.) Securities, Futures &
         Options, Inc. (ING), the Partnership's broker, whereby ING 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 paid the General Partner a monthly management fee
         equal to 1/4 of 1% (3% annually) of month-end Net Assets (as defined
         in the Limited Partnership Agreement) through November 2000.
         Effective December 1, 2000, the General Partner management fee was
         reduced to 1/6 of 1% (2% annually) of month-end Net Assets.

         Total management fees earned by ProFutures, Inc. for the three months
         ended March 31, 2001 and 2000 were $65,688 and $257,008, respectively.
         Management fees payable to ProFutures, Inc. as of March 31, 2001 and
         December 31, 2000 were $22,202 and $21,528, respectively.

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

         The Partnership had an advisory contract with Hampton Capital
         Management, Inc. (Hampton), pursuant to which the Partnership paid a
         quarterly incentive fee equal to 20% of New Trading Profits (as
         defined in the advisory contract).  Effective October 13, 2000, the
         advisory contract with Hampton was terminated and trading was halted.



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



Note 3.  COMMODITY TRADING ADVISOR (CONTINUED)
         -------------------------------------

         Effective December 1, 2000, the Partnership resumed trading with three
         new trading advisors. 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 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, 2001 and December 31, 2000, the initial margin
         requirement of $4,497,077 and $3,822,228, respectively, is
         satisfied by the deposit of cash with such broker.

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

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

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

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.



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



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

         Purchase and sale of futures contracts 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, 2001, the latest maturity date for open contracts is
         June 2002, and at December 31, 2000, the latest maturity date for
         open contracts is September 2001.

         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.  As both a buyer and seller of
         options, the Partnership pays or receives a premium at the outset and
         then bears the risk of unfavorable changes in the price of the
         contract underlying the option.  Written options expose the
         Partnership to potentially unlimited liability, and purchased options
         expose the Partnership to a risk of loss limited to the premiums paid.

         The Partnership has assets on deposit with a financial institution in
         connection with its cash management activities.  In the event of a
         financial institution's insolvency, recovery of Partnership assets on
         deposit may be limited to account insurance or other protection
         afforded such deposits.

         The General Partner has established procedures to actively monitor
         market risk and minimize credit risk, although there can be no
         assurance that it will, in fact, succeed in doing so.  The General
         Partner's basic market risk control procedures consist of
         continuously monitoring the trading activity of the various trading
         advisors, with the actual market risk controls being applied by the
         advisors themselves. The General Partner seeks to minimize credit risk
         primarily by depositing and maintaining the Partnership's assets at
         financial institutions and brokers which the General Partner believes
         to be creditworthy.  The Limited Partners bear the risk of loss only
         to the extent of the market value of their respective investments and,
         in certain specific circumstances, distributions and redemptions
         received.



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



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

         The following information contains per unit operating performance data
         for a unit outstanding during the entire three months ended March 31,
         2001, and other supplemental financial data.  This information has
         been derived from information presented in the financial statements.

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

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

         Net asset value per unit at December 31, 2000            $858.74

         Income from operations:
           Net investment income *                                 (13.12)
           Net realized and change in unrealized
             gain from trading **                                   78.94
                                                                  -------

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

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

         Total Return ***                                           7.66%


         Supplemental Data

         Ratio to average net assets:
           Expenses *, +                                           10.93%
           Net investment income *, +                             (5.94)%


         ------------------
         *    Excludes brokerage commissions and other trading fees paid
              directly to the broker.
         **   Includes brokerage commissions and other trading fees paid
              directly to the broker.
         ***  Not annualized
         +    Annualized



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

     A.  LIQUIDITY:  Substantially all of the Partnership's assets are
         highly liquid, such as cash and open futures and option contracts.
         It is possible that extreme market conditions or daily price
         fluctuation limits at exchanges could adversely affect the liquidity
         of open futures contracts.  There are no restrictions on the
         liquidity of these assets except for amounts on deposit with the
         broker needed to meet margin requirements on open futures contracts.

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

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

     C.  RESULTS OF OPERATIONS:  From inception through October 2000, the
         Partnership engaged in the speculative trading of U.S. stock index
         futures contracts pursuant to an advisory contract with Hampton
         Capital Management, Inc. (Hampton).  During October 2000, as a result
         of extreme stock market volatility and trading losses, the advisory
         contract with Hampton was terminated and trading was halted.  Three
         new commodity trading advisors were subsequently selected and trading
         resumed in December 2000.  The Partnership remains focused on trading
         stock index futures and options, but the new advisors also trade a
         diversified group of commodity, currency, and other futures, forward
         and option contracts.

         For the three months ended March 31, 2001, the Partnership had  net
         income of $958,206, as compared to a net loss of $(3,129,924) for the
         three months ended March 31, 2000.

         The Partnership's net trading gains for the quarter ended March 31,
         2001 resulted primarily from income in the metals, currencies and
         agricultural markets, offset by losses in the equities markets.

         At March 31, 2001, partners' capital totaled $13,175,080, a net
         increase of $488,951 from December 31, 2000, due to the net income
         for the quarter exceeding redemptions of $469,255.

         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 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