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 September 30, 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  78738
----------------------------------------
(Address of principal executive offices)

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
           September 30, 2000 (Unaudited) and December 31, 1999 (Audited)
                                   -------------



                                                 September 30,   December 31,
                                                     2000           1999
                                                     ----           ----
ASSETS
  Equity in broker trading account
    Cash                                         $21,616,417     $44,341,201
    Unrealized (loss) on open contracts             (971,250)     (6,005,475)
                                                ------------     -----------

          Deposits with broker                    20,645,167      38,335,726

  Cash                                                39,457         642,249
                                                 -----------     -----------

          Total assets                           $20,684,624     $38,977,975
                                                 ===========     ===========

LIABILITIES
  Accounts payable                               $    14,644     $    18,894
  Commissions and other trading fees
    on open contracts                                  1,432           3,018
  General Partner management fee                      51,613          95,836
  Redemptions payable                                319,718         222,643
                                                 -----------     -----------

          Total liabilities                          387,407         340,391
                                                 -----------     -----------

PARTNERS' CAPITAL (Net Asset Value)
  General Partner - 61.4461 units
    outstanding at September 30, 2000 and
    December 31, 1999                                 66,186         101,567
  Limited Partners - 18,780.6571 and
    23,313.5041 units outstanding at
    September 30, 2000 and December 31, 1999      20,231,031      38,536,017
                                                 -----------     -----------

          Total partners' capital
            (Net Asset Value)                     20,297,217      38,637,584
                                                 -----------     -----------

                                                 $20,684,624     $38,977,975
                                                 ===========     ===========


                              See accompanying notes.



                      PROFUTURES LONG/SHORT GROWTH FUND, L.P.
                             STATEMENTS OF OPERATIONS
               For the Nine Months Ended September 30, 2000 and 1999
                                    (Unaudited)
                                   -------------



                                                     Nine Months Ended
                                                        September 30,
                                                    2000            1999
                                                    ----            ----
INCOME
  Trading gains (losses)
    Realized                                    $(18,156,704)   $ (3,447,975)
    Change in unrealized                           5,034,225       3,882,275
                                                ------------    ------------

          Gain (loss) from trading               (13,122,479)        434,300

  Interest income                                  1,230,686       1,076,564
                                                ------------    ------------

          Total income (loss)                    (11,891,793)      1,510,864
                                                ------------    ------------

EXPENSES
  Brokerage commissions                               18,146          23,021
  General Partner management fee                     613,393         682,789
  Advisor incentive fee                                    0         293,116
  Operating expenses                                  53,540          77,830
                                                ------------    ------------

          Total expenses                             685,079       1,076,756
                                                ------------    ------------

          NET INCOME (LOSS)                     $(12,576,872)   $    434,108
                                                ============    ============

NET INCOME (LOSS) PER GENERAL AND LIMITED PARTNER UNIT
  (based on weighted average number of
  units outstanding during the period of
  21,349.7156 and 16,164.1648, respectively)    $    (589.09)   $      26.86
                                                ============    ============

INCREASE (DECREASE) IN NET ASSET VALUE PER
  GENERAL AND LIMITED PARTNER UNIT              $    (575.72)   $       9.97
                                                ============    ============


                              See accompanying notes.



                      PROFUTURES LONG/SHORT GROWTH FUND, L.P.
                             STATEMENTS OF OPERATIONS
               For the Three Months Ended September 30, 2000 and 1999
                                    (Unaudited)
                                   -------------



                                                     Three Months Ended
                                                        September 30,
                                                    2000            1999
                                                    ----            ----
INCOME
  Trading gains (losses)
    Realized                                    $ (1,482,594)   $ (6,084,944)
    Change in unrealized                             (64,275)      5,045,525
                                                ------------    ------------

          (Loss) from trading                     (1,546,869)     (1,039,419)

  Interest income                                    346,058         459,472
                                                ------------    ------------

          Total (loss)                            (1,200,811)       (579,947)
                                                ------------    ------------

EXPENSES
  Brokerage commissions                                3,027          14,883
  General Partner management fee                     161,963         294,366
  Advisor incentive fee                                    0               0
  Operating expenses                                  12,481          29,279
                                                ------------    ------------

          Total expenses                             177,471         338,528
                                                ------------    ------------

          NET (LOSS)                            $ (1,378,282)   $   (918,475)
                                                ============    ============

NET (LOSS) PER GENERAL AND LIMITED PARTNER UNIT
  (based on weighted average number of
  units outstanding during the period of
  19,663.9258 and 21,508.5963, respectively)    $     (70.09)   $     (42.70)
                                                ============    ============

(DECREASE) IN NET ASSET VALUE PER
  GENERAL AND LIMITED PARTNER UNIT              $     (69.66)   $     (60.30)
                                                ============    ============


                              See accompanying notes.

<TABLE>

                      PROFUTURES LONG/SHORT GROWTH FUND, L.P.
           STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (NET ASSET VALUE)
              For the Nine Months Ended September 30, 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
  nine months ended
  September 30, 2000                     (35,381)  (12,541,491)  (12,576,872)

Additions                   1,008.2386         0     1,388,765     1,388,765

Redemptions                (5,541.0856)        0    (7,152,260)   (7,152,260)
                           -----------  --------  ------------  ------------

Balances at
   September 30, 2000      18,842.1032  $ 66,186  $ 20,231,031  $ 20,297,217
                           ===========  ========  ============  ============

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

Net income for the
  nine months ended
  September 30, 1999                         651       433,457       434,108

Additions                  13,533.8056         0    25,476,715    25,476,715

Redemptions                  (668.4204)        0    (1,256,845)   (1,256,845)
                           -----------  --------  ------------  ------------

Balances at
   September 30, 1999      22,637.5513  $117,322  $ 43,091,627  $ 43,208,949
                           ===========  ========  ============  ============


Net asset value
 per unit at
  December 31, 1998                       $  1,898.76
                                          ===========
  September 30, 1999                      $  1,908.73
                                          ===========
  December 31, 1999                       $  1,652.95
                                          ===========
  September 30, 2000                      $  1,077.23
                                          ===========
</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 Act of 1933 and 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 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.  Net 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 $13,888 and $254,766 for the
         nine months ended September 30, 2000 and 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 September 30, 2000, and the results of operations for
         the nine and three months ended September 30, 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 September 30,
         2000 and December 31, 1999, the capital accounts of the General
         Partner and/or its principals and affiliates totaled $584,052 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 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.  The Partnership
         intends to resume trading with one or more new advisors (refer to
         Note 7).

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 September 30, 2000 and December 31, 1999, the initial margin
         requirement of $4,101,563 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.

         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
         September 30, 2000, the maturity date for all open contracts is
         December 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.



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



Note 7.  SUBSEQUENT EVENT
         ----------------

         Extreme stock market volatility caused the Partnership to incur
         trading losses in excess of 20% in October 2000.  As a result,
         effective October 13, 2000, the advisory contract with Hampton
         was terminated and further trading was halted.  The Partnership
         intends to maintain its assets in cash until trading resumes
         with one or more new trading advisors.



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 September 30, 2000, the Partnership had a
         net loss of $1,378,282, as compared to a net loss of $918,475 for the
         three months ended September 30, 1999.  For the nine months ended
         September 30, 2000, the Partnership had a net loss of $12,576,872,
         as compared to net income of $434,108 for the nine months ended
         September 30, 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,
         second and third quarters of 2000 were periods of extreme volatility
         in the U.S. equity markets.  For most of both the first and second
         quarters, the Advisor generally maintained a long market position.
         The net trading losses in the first quarter occurred primarily early
         in the quarter as the S&P 500 Index (the "Index") was declining
         partially offset by trading gains later in the quarter as the Index
         was rising.  The net trading losses in the second quarter occurred
         throughout the quarter with a majority of the trading losses occurring
         on April 14, 2000.  The Index declined 5.8% on that day, and the
         Advisor was in a maximum leverage long position.  This lead to a one
         day loss for the Partnership of 19.79%.  Net trading losses occurred
         in the first part of the third quarter due to the downward trend in
         the Index price while the Advisor held a long position.  The Advisor
         was out of the market from early August until late September 2000
         when the Advisor established a long position.  This position resulted
         in net trading losses as it was followed by a further 2% decline in
         the Index.

         Extreme stock market volatility caused the Partnership to incur
         trading losses in excess of 20% in October 2000.  As a result,
         effective October 13, 2000, the advisory contract with Hampton was
         terminated and further trading was halted.  The Partnership intends
         to maintain its assets in cash until trading resumes with one or
         more new trading advisors.

         At September 30, 2000, partners' capital totaled $20,297,217, a net
         decrease of $18,340,367 from December 31, 1999 due to net capital
         redemptions of $5,763,495 as well as a net loss for the nine months
         then ended.

         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 nine months ended
     September 30, 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 from 17.9% at December 31, 1999 to 10.1%
     at March 31, 2000, 11.2% at June 30, 2000, and 16.2% at September 30,
     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 was closed
          in October 2000.  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 $13,888 and $254,766
          for the nine months ended September 30, 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