EXHIBIT 23.01 SIDLEY & AUSTIN A PARTNERSHIP INCLUDING PROFESSIONAL CORPORATIONS DALLAS One First National Plaza WASHINGTON, D.C. ------ Chicago, Illinois 60603 ------ LOS ANGELES Telephone 312 853 7000 LONDON ------ Facsimile 312 853 7036 ------ NEW YORK SINGAPORE Founded 1866 ------ TOKYO September 9, 1998 CONSENT OF SIDLEY & AUSTIN Sidley & Austin hereby consents to all references made to it in the Registration Statement on Form S-1 of ProFutures Bull & Bear Fund, L.P. as filed with the Securities and Exchange Commission on or about September 10, 1998. SIDLEY & AUSTIN