WPL W.P. Stewart & CO. Ltd.

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Schedule 13G

Under the Securities Exchange Act of 1934

(Amendment No. 2)*

W.P. Stewart & Co., Ltd.
(Name of Issuer)

Common Stock
(Title of Class of Securities)

G84922106
(CUSIP Number)

June 30, 2008
(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

|_| Rule 13d-1(b)
|_| Rule 13d-1(c)
|x| Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

(continued on the following 4 pages)

Page 2 of 5 pages

SCHEDULE 13G

CUSIP NO. G84922106

--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSONS
 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

 WPS II, Inc. Tax ID: 13-4017257
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

 (a) |_|
 (b) |_|
--------------------------------------------------------------------------------
3. SEC USE ONLY


--------------------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION

 Hamilton, Bermuda
--------------------------------------------------------------------------------
 NUMBER OF 5. SOLE VOTING POWER

 SHARES 14,448,417
 -----------------------------------------------------------------
BENEFICIALLY 6. SHARED VOTING POWER

 OWNED BY NONE
 -----------------------------------------------------------------
 EACH 7. SOLE DISPOSITIVE POWER

 REPORTING 14,448,417
 -----------------------------------------------------------------
 PERSON 8. SHARED DISPOSITIVE POWER

 WITH NONE
--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 14,448,417
--------------------------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

 |_|
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 26.1%
--------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*

 Corporation (CO)
--------------------------------------------------------------------------------
 *SEE INSTRUCTIONS BEFORE FILLING OUT!

Page 3 of 5 pages

SCHEDULE 13G

ITEM 1(a). Name of Issuer

W.P. Stewart & Co., Ltd.

ITEM 1(b). Address of Issuer's Principal Executive Offices

Trinity Hall
43 Cedar Avenue
P.O. Box HM 2905
Hamilton HM LX
Bermuda

ITEM 2(a). Names of Person Filing

WPS II, Inc.

ITEM 2(b). Address of Principal Business Office or, if none, Residence

527 Madison Avenue
New York, NY 10022

ITEM 2(c). Citizenship

Delaware, USA

ITEM 2(d). Title of Class of Securities

Common Stock

ITEM 2(e). CUSIP Number

G84922106

ITEM 3. Not Applicable.

ITEM 4. Ownership.

Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.

(a) Amount Beneficially Owned:

14,448,417

Page 4 of 5 pages

SCHEDULE 13G

(b) Percent of Class:

26.1%

(c) Number of shares as to which the person has:

(i) Sole power to vote or to direct the vote 14,448,417

(ii) Shared power to vote or to direct the vote NONE

(iii) Sole power to dispose or to direct the disposition of 14,448,417

(iv) Shared power to dispose or to direct the disposition of NONE

ITEM 5. Ownership of Five Percent or Less of a Class

Not Applicable

ITEM 6. Ownership of More than Five Percent on Behalf of Another Person

The Reporting Person is required to distribute to its shareholders on a pro rata basis any dividends or proceeds from the sale of any shares of the issuer. Trusts for which William P. Stewart, the Chairman of W.P. Stewart & Co., Ltd., serves as Trustee own 40.5% of WPS II, Inc. Mr. Stewart disclaims beneficial ownership of shares held by the trusts.

ITEM 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on by the Parent Holding Company

Not Applicable

ITEM 8. Identification and Classification of Members of the Group

Not Applicable

ITEM 9. Notice of Dissolution of Group

Not Applicable

ITEM 10. Certification

Not Applicable

Page 5 of 5 pages

SCHEDULE 13G

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

/s/ Rocco Macri
---------------------------------
Signature

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