<PAGE>
W. P. STEWART & CO. GROWTH FUND, INC.
SUPPLEMENT DATED OCTOBER 29, 1998 TO
STATEMENT OF ADDITIONAL INFORMATION DATED OCTOBER 7, 1998
The following information should be added to the Statement of Additional
Information under the heading "Management of the Fund." (Capitalized terms
have the same meaning as defined in the Prospectus.)
At the Annual Meeting of Shareholders of the Fund held on October 28, 1998,
Shareholders elected three new members to the Fund's Board of Directors to
hold office until their successors are duly elected and qualified. Marilyn G.
Breslow, President of the Fund, was elected as a Director to replace William
P. Stewart. In addition, the following two individuals were elected as
additional members of the Board:
<TABLE>
<CAPTION>
POSITION HELD WITH PRINCIPAL OCCUPATION
NAME, AGE AND ADDRESS THE FUND DURING PAST FIVE (5) YEARS
- --------------------- ------------------ ----------------------------------
<S> <C> <C>
Thomas R. LeViness (58).. Director President of Pell & LeViness, P.C.
90 Park Avenue (a law firm).
New York, New York 10016 .
David J. Winkler (42).... Director Senior Vice President of American
1211 Sixth Avenue Phoenix Corp. (a commercial
New York, New York 10036 insurance broker).
</TABLE>
S-2