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 June 30, 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 June 30, 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
             June 30, 2001 (Unaudited) and December 31, 2000 (Audited)
                                   -------------



                                                   June 30,      December 31,
                                                     2001            2000
                                                     ----            ----
ASSETS
  Equity in broker trading accounts
    Cash                                         $12,667,202     $12,482,092
    Net option premiums (received)                  (125,825)       (266,750)
    Unrealized gain on open contracts                285,368         837,101
                                                 -----------     -----------

          Deposits with broker                    12,826,745      13,052,443

  Cash                                                13,881          29,180
                                                 -----------     -----------

          Total assets                           $12,840,626     $13,081,623
                                                 ===========     ===========

LIABILITIES
  Accounts payable                               $    17,509     $    28,188
  Commissions and other trading fees
    on open contracts                                 11,746          14,338
  Incentive fees payable                              80,560         111,774
  Management fees payable                             51,799          32,343
  Redemptions payable                                172,580         208,851
                                                 -----------     -----------

          Total liabilities                          334,194         395,494
                                                 -----------     -----------

PARTNERS' CAPITAL (Net Asset Value)
  General Partner - 61 units outstanding at
    June 30, 2001 and December 31, 2000               55,909          52,762
  Limited Partners - 13,683 and 14,712 units
    outstanding at June 30, 2001 and
    December 31, 2000                             12,450,523      12,633,367
                                                 -----------     -----------

          Total partners' capital
            (Net Asset Value)                     12,506,432      12,686,129
                                                 -----------     -----------

                                                 $12,840,626     $13,081,623
                                                 ===========     ===========


                              See accompanying notes.



                      PROFUTURES LONG/SHORT GROWTH FUND, L.P.
                             STATEMENTS OF OPERATIONS
                  For the Six Months Ended June 30, 2001 and 2000
                                    (Unaudited)
                                   -------------



                                                      Six months ended
                                                          June 30,
                                                    2001            2000
                                                    ----            ----
INCOME
  Trading gains (losses)
    Realized                                    $  1,704,558    $(16,674,110)
    Change in unrealized                            (551,733)      5,098,500
                                                ------------    ------------

          Gain (loss) from trading                 1,152,825     (11,575,610)

  Interest income                                    273,636         884,628
                                                ------------    ------------

          Total income (loss)                      1,426,461     (10,690,982)
                                                ------------    ------------

EXPENSES
  Brokerage commissions                              139,685          15,119
  Incentive fees                                     292,906               0
  Management fees                                    190,423         451,430
  Operating expenses                                  72,262          41,059
                                                ------------    ------------

          Total expenses                             695,276         507,608
                                                ------------    ------------

          NET INCOME (LOSS)                     $    731,185    $(11,198,590)
                                                ============    ============

NET INCOME (LOSS) PER GENERAL AND
  LIMITED PARTNER UNIT
    (based on weighted average number of
    units outstanding during the period of
    14,359 and 22,193, respectively)            $      50.92    $    (504.61)
                                                ============    ============

INCREASE (DECREASE) IN NET ASSET VALUE PER
  GENERAL AND LIMITED PARTNER UNIT              $      51.21    $    (506.06)
                                                ============    ============


                              See accompanying notes.



                      PROFUTURES LONG/SHORT GROWTH FUND, L.P.
                             STATEMENTS OF OPERATIONS
                 For the Three Months Ended June 30, 2001 and 2000
                                    (Unaudited)
                                   -------------



                                                     Three months ended
                                                          June 30,
                                                    2001            2000
                                                    ----            ----
INCOME
  Trading gains (losses)
    Realized                                    $  1,095,727    $ (6,177,442)
    Change in unrealized                          (1,160,141)     (2,061,900)
                                                ------------    ------------

          (Loss) from trading                        (64,414)     (8,239,342)

  Interest income                                    112,926         384,990
                                                ------------    ------------

          Total income (loss)                         48,512      (7,854,352)
                                                ------------    ------------

EXPENSES
  Brokerage commissions                               72,193           5,833
  Incentive fees                                      80,560               0
  Management fees                                     91,713         194,422
  Operating expenses                                  31,067          14,059
                                                ------------    ------------

          Total expenses                             275,533         214,314
                                                ------------    ------------

          NET (LOSS)                            $   (227,021)   $ (8,068,666)
                                                ============    ============

NET (LOSS) PER GENERAL AND
  LIMITED PARTNER UNIT
    (based on weighted average number of
    units outstanding during the period of
    14,125 and 21,319, respectively)            $     (16.07)   $    (378.47)
                                                ============    ============

(DECREASE) IN NET ASSET VALUE PER
  GENERAL AND LIMITED PARTNER UNIT              $     (14.61)   $    (376.44)
                                                ============    ============


                              See accompanying notes.



                      PROFUTURES LONG/SHORT GROWTH FUND, L.P.
         STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (NET ASSET VALUE)
               For the Six Months Ended June 30, 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
  six months ended
  June 30, 2001                            3,147       728,038       731,185

Redemptions                   (1,029)          0      (910,882)     (910,882)
                              ------    --------  ------------  ------------

Balances at
   June 30, 2001              13,744    $ 55,909  $ 12,450,523  $ 12,506,432
                              ======    ========  ============  ============

Balances at
   December 31, 1999          23,375    $101,567  $ 38,536,017  $ 38,637,584

Net (loss) for the
  six months ended
  June 30, 2000                          (31,101)  (11,167,489)  (11,198,590)

Additions                        977           0     1,354,526     1,354,526

Redemptions                   (4,141)          0    (5,613,574)   (5,613,574)
                              ------    --------  ------------  ------------

Balances at
   June 30, 2000              20,211    $ 70,466  $ 23,109,480  $ 23,179,946
                              ======    ========  ============  ============


Net asset value
 per unit at
  December 31, 1999                       $  1,652.95
                                          ===========
  June 30, 2000                           $  1,146.89
                                          ===========
  December 31, 2000                       $    858.74
                                          ===========
  June 30, 2001                           $    909.95
                                          ===========


                             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 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 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 six and three
         months ended June 30, 2001 and $13,545 and $5,384 for the six and
         three months ended June 30, 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.  Statement of Financial Accounting Standard No. 133

         In June 1998, the Financial Accounting Standards Board issued
         Statement of Financial Accounting Standard ("SFAS") No. 133,
         "Accounting for Derivative Instruments and Hedging Activities" (the
         "Statement"), effective for fiscal years beginning after June 15,
         2000, as amended by SFAS No. 137.  SFAS No. 133 is further amended by
         SFAS No. 138, which clarifies issues surrounding interest risk,
         foreign currency denominated items, normal purchases and sales and net
         hedging.  This Statement supersedes SFAS No. 119 ("Disclosure about
         Derivative Financial Instruments and Fair Value of Financial
         Instruments") and SFAS No. 105 ("Disclosure of Information about
         Financial Instruments with Off-Balance Sheet Risk and Financial
         Instruments with Concentrations of Credit Risk") whereby disclosure of
         average aggregate fair values and contract/notional values,
         respectively, of derivative financial instruments is no longer
         required for an entity such as the Partnership which carries its
         assets at fair value.  The application of the provisions of SFAS No.
         133, as amended by SFAS No. 137 and SFAS No. 138, did not have a
         significant effect on the financial statements.

     J.  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 June 30, 2001, and the results of operations for
         the six and three months ended June 30, 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 June 30, 2001
         and December 31, 2000, the capital accounts of the General Partner
         and/or its principals and affiliates totaled $493,357 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 ABN AMRO Incorporated (ABN),
         formerly ING (U.S.) Securities, Futures & Options, Inc., the
         Partnership's broker, whereby ABN has subscribed to purchase (up to
         $14,000,000) the number of shares of common stock of ProFutures, Inc.
         necessary to maintain the General Partner net worth requirements.



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



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

         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 six months
         ended June 30, 2001 and 2000 were $126,768 and $451,430, respectively.
         Such management fees earned for the three months ended June 30, 2001
         and 2000 were $61,081 and $194,422, respectively.  Management fees
         payable to ProFutures, Inc. as of June 30, 2001 and December 31, 2000
         were $21,167 and $21,528, respectively.

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

         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.

         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 ABN to act as broker, subject
         to Commodity Futures Trading Commission regulations and various
         exchange and broker requirements.  The Partnership earns interest
         income on its assets deposited with the broker.

         At June 30, 2001 and December 31, 2000, the initial margin
         requirement of $2,680,066 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.



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




Note 5.  SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS (CONTINUED)
         --------------------------------------------------------

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

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

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

         Purchase and sale of futures 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
         June 30, 2001, the latest maturity date for open contracts is
         September 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.



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



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

         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 and six months
         ended June 30, 2001, and other supplemental financial data.  This
         information has been derived from information presented in the
         financial statements.

                                           Three months ended  Six months ended
                                              June 30, 2001      June 30, 2001
                                               (Unaudited)        (Unaudited)
                                               -----------        -----------

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

         Net asset value per unit at
           March 31, 2001 and
           December 31, 2000, respectively       $924.56            $858.74
                                                 -------            -------

         Income (loss) from operations:
           Net investment income *                 (6.40)            (19.64)
           Net realized and change in unrealized
             gain (loss) from trading **           (8.21)             70.85
                                                 -------            -------

                 Total income (loss)
                    from operations               (14.61)             51.21
                                                 -------            -------

         Net asset value per unit at
           June 30, 2001                         $909.95            $909.95
                                                 =======            =======

         Total Return ***                        (1.58)%              5.96%


         Supplemental Data

         Ratio to average net assets:
           Expenses *, +                           6.60%              8.87%
           Net investment income *, +            (2.93)%            (4.50)%


         ------------------
         *    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.

         The Partnership's net income (loss) for the six months ended June 30,
         2001 and 2000 consisted of the following:

                                                     2001          2000
                                                     ----          ----

                Three months ended March 31       $ 958,206   $ (3,129,924)
                Three months ended June 30         (227,021)    (8,068,666)
                                                  ---------   ------------

                     Six months ended June 30     $ 731,185   $(11,198,590)
                                                  =========   ============


         The Partnership's trading losses for the quarter ended June 30, 2001
         occurred primarily in the metals, currencies and interest rates
         markets and were largely offset by gains in the equities, energies and
         agricultural markets.

         The Partnership's net trading gains for the six months ended June 30,
         2001 resulted from gains in all market sectors, except for losses in
         the energies markets.

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

         April 2001 brought a large loss for the Fund, almost all of which came
         from stock indexes.  On April 18th, the U.S. Federal Reserve announced
         a surprise cut in interest rates.  This caused the stock market, which
         had been trending lower, to move up dramatically in a mid-day surge.
         One of the Trading Advisors had sold call options based on a bearish
         forecast.  The sudden reversal led to these positions being stopped
         out at a major loss within a few moments of the Federal Reserve
         announcement.  April ended with a net loss for the Fund of 10.73%.
         May and June 2001 were much more favorable, bringing gains of 3.69%
         and 6.32% respectively.  Much of the gain came from stock indexes and
         foreign currencies as well as agricultural commodities.  The second
         quarter of 2001 ended with a loss of 1.58% and the first six months of
         2001 were a gain of 5.96%.

         During the first six months of 2000, the Partnership engaged in the
         speculative trading of stock index futures contracts on U.S.
         exchanges; therefore, operating results will fluctuate from period to
         period.  The first and second 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 S&P 500 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%.

         At June 30, 2001, partners' capital totaled $12,506,432, a net
         decrease of $179,697 from December 31, 2000, due to redemptions of
         $910,882 exceeding net income for the six months ended June 30, 2001.

         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