<PAGE>   1
               FORM 10-QSB.--QUARTERLY REPORT UNDER SECTION 13 OR
                  15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
                     (Last amended by 34-32231, eff 6/3/93.)

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

                                   FORM 10-QSB
(Mark One)

              [X] QUARTERLY REPORT UNDER SECTION 13 or 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                For the quarterly period ended SEPTEMBER 30, 1998
                                       or
             [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

          For the transition period _____________ to _________________

                         Commission File Number 0-24432

                         THE AMERICAS GROWTH FUND, INC.
         ---------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)

               MARYLAND                                    65-0604786
     -------------------------------                   ------------------      
    (State or other jurisdiction of                    (I.R.S. Employer
    incorporation or organization)                     Identification No.)


              701 BRICKELL AVENUE, SUITE 2000, MIAMI, FLORIDA 33131
--------------------------------------------------------------------------------
                    (Address of principal executive offices)


                                 (305) 374-3575
--------------------------------------------------------------------------------
                           (Issuer's telephone number)


--------------------------------------------------------------------------------
              (Former name, former address and former fiscal year,
                          if changed since last report)


         Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 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[ ]

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                   PROCEEDINGS DURING THE PRECEDING FIVE YEARS

         Check whether the registrant filed all documents and reports required
to be filed by Section 12, 13 of 15(d) of the Exchange Act after the
distribution of securities under a plan confirmed by a court. Yes [ ] No [ ]

                      APPLICABLE ONLY TO CORPORATE ISSUERS:

         State the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest practicable date: 1,265,100

Transitional Small Business Disclosure Format (Check one): Yes [ ]; No [X]



<PAGE>   2


                                      INDEX
                         THE AMERICAS GROWTH FUND, INC.


<TABLE>
<S>                                                                                                                          <C>

PART I.  FINANCIAL INFORMATION


Item 1.  FINANCIAL STATEMENTS


Balance Sheets - September 30, 1998 and 1997.  (Unaudited)

Statements of Operations for the three months and nine months ended September 30, 1998 and 1997. (Unaudited)

Statements of Changes in Net Assets for the nine months ended September 30, 1998 and 1997.  (Unaudited)

Statements of Cash Flows for the nine months ended September 30, 1998 and 1997.  (Unaudited)

Notes to Financial Statements.   (Unaudited)


Item 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, 
         LIQUIDITY AND CAPITAL RESOURCES.


PART II.  OTHER INFORMATION

Item 1.  LEGAL PROCEEDINGS

Item 2.  CHANGES IN SECURITIES

Item 3.  DEFAULTS UPON SENIOR SECURITIES

Item 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

Item 5.  OTHER INFORMATION

Item 6.  EXHIBITS AND REPORTS ON FORM 8-K



Signature


</TABLE>


<PAGE>   3


                         THE AMERICAS GROWTH FUND, INC.
                                 BALANCE SHEETS
                           SEPTEMBER 30, 1998 AND 1997
                                   (UNAUDITED)



<TABLE>
<CAPTION>
                                                                      1998               1997
                                                                  -----------       -----------
<S>                                                               <C>               <C>        
Assets:
  Investments at market or fair value:
    Investments in U.S. Treasury Bills                            $ 3,482,400       $ 3,474,800
    Investment in common stock                                             --           260,000
                                                                  -----------       -----------
      Total investments (amortized cost of $3,743,600
       and $3,806,700 for 1998 and 1997, respectively)              3,482,400         3,734,800

  Cash and cash equivalents                                           924,700           913,900
  Prepaid expenses                                                      2,200             9,300
  Deferred tax asset                                                    1,500             4,900
  Furniture and equipment, net                                         13,700            10,100
  Organizational costs, net                                             1,500             3,100
  Deposits                                                              1,100             1,100
                                                                  -----------       -----------
                                                                    4,427,100         4,677,200
                                                                  -----------       -----------
Liabilities:
  Accounts payable                                                     19,400            22,900
  Accrued directors fees                                                9,100             6,900
  Deferred tax liability                                                1,500             1,600
                                                                  -----------       -----------
                                                                       30,000            31,400
                                                                  -----------       -----------
                                                                  $ 4,397,100       $ 4,645,800
                                                                  ===========       ===========
Net assets:
  Preferred stock, $.01 par value, 2,000,000
   shares authorized, no shares issued                            $        --       $        --

  Common stock, $.01 par value, 10,000,000 shares
   authorized, 1,265,100 shares issued and outstanding                 12,700            12,700

  Capital in excess of par                                          5,141,300         5,141,300

  Undistributed operating income (loss) and investment
   gains (losses):
    Accumulated operating losses                                     (625,800)         (479,000)
    Realized gains on investments                                     146,400            38,300
    Unrealized depreciation of investments                           (277,500)          (67,500)
                                                                  -----------       -----------
                                                                     (756,900)         (508,200)
                                                                  -----------       -----------
Net assets applicable to outstanding common shares
 (equivalent to $3.48 and $3.67 per share for 1998
 and 1997, respectively, based on outstanding
 common shares of 1,265,100)                                      $ 4,397,100       $ 4,645,800
                                                                  ===========       ===========


</TABLE>


                          Read the accompanying notes.




<PAGE>   4
                         THE AMERICAS GROWTH FUND, INC.
                            STATEMENTS OF OPERATIONS
         THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
                                  (UNAUDITED)




<TABLE>
<CAPTION>
                                                                 THREE MONTHS ENDED                     NINE MONTHS ENDED
                                                           --------------------------------    --------------------------------
                                                            SEPTEMBER 30,     SEPTEMBER 30,    SEPTEMBER 30,      SEPTEMBER 30,
                                                                1998              1997              1998              1997
                                                            -----------       -------------    ------------       -------------
<S>                                                         <C>               <C>               <C>               <C>        
Revenues:
  Interest                                                  $    51,700       $    53,600       $   155,100       $   151,100
  Dividends                                                          --                --                --            17,200
  Other                                                              --                --                --            10,000
                                                            -----------       -----------       -----------       ----------- 
                                                                 51,700            53,600           155,100           178,300
                                                            -----------       -----------       -----------       ----------- 
Expenses:
  Salaries                                                       26,500            25,200            78,600            74,800
  Professional fees                                              18,500            66,900            85,900           227,700
  Board of Directors fees                                         3,500             3,500            10,500            10,500
  Other                                                          23,600            31,500            62,400            78,000
                                                            -----------       -----------       -----------       ----------- 

                                                                 72,100           127,100           237,400           391,000
                                                            -----------       -----------       -----------       ----------- 

Investment loss before income tax (benefit)                     (20,400)          (73,500)          (82,300)         (212,700)

Less income tax (benefit)                                            --                --                --                --
                                                            -----------       -----------       -----------       ----------- 

Net investment loss                                             (20,400)          (73,500)          (82,300)         (212,700)
                                                            -----------       -----------       -----------       ----------- 

Realized gain (loss) on investments                             114,600            (5,400)          158,000            15,100

Less income tax (benefit) applicable to
 realized gain on investments                                        --                --                --                --
                                                            -----------       -----------       -----------       ----------- 
                                                                114,600            (5,400)          158,000            15,100
                                                            -----------       -----------       -----------       ----------- 

Unrealized (depreciation) of investments                       (152,000)           (7,700)          (51,200)          (21,900)

Less income tax (benefit) applicable
 to unrealized depreciation of investments                           --                --                --                --
                                                            -----------       -----------       -----------       ----------- 
                                                               (152,000)           (7,700)          (51,200)          (21,900)
                                                            -----------       -----------       -----------       ----------- 

Net increase (decrease) in net assets
 resulting from operations                                  $   (57,800)      $   (86,600)      $    24,500       $  (219,500)
                                                            ===========       ===========       ===========       ===========

Per-share amounts:
  Net investment loss                                       $     (0.02)      $     (0.06)      $     (0.07)      $     (0.16)
  Net realized gains on investments                                0.09                --              0.12              0.01
  Net unrealized gains (losses) on investments                    (0.12)            (0.01)            (0.03)            (0.02)
                                                            -----------       -----------       -----------       ----------- 
                                                            $     (0.05)      $     (0.07)      $      0.02       $     (0.17)
                                                            ===========       ===========       ===========       ===========


Weighted average number of shares used
  in per-share computations                                   1,265,100         1,265,100         1,265,100         1,265,100
                                                            ===========       ===========       ===========       ===========

</TABLE>


                          Read the accompanying notes.




<PAGE>   5


                         THE AMERICAS GROWTH FUND, INC.
                       STATEMENTS OF CHANGES IN NET ASSETS
                  NINE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                                1998               1997
                                                            -----------       -----------
<S>                                                         <C>               <C>         
Net investment loss                                         $   (82,300)      $  (212,700)

Net realized gain on investments                                158,000            15,100

Net increase in unrealized (depreciation)
 of investments                                                 (51,200)          (21,900)
                                                            -----------       -----------

Net increase (decrease) in net assets resulting
 from operations                                                 24,500          (219,500)

Net assets at beginning of period                             4,372,600         4,865,300
                                                            -----------       -----------

Net assets at end of period
 (includes undistributed net investment
 loss of ($625,800) and ($479,000) at


 September 30, 1998 and 1997, respectively)                 $ 4,397,100       $ 4,645,800
                                                            ===========       ===========



</TABLE>





                          Read the accompanying notes.

<PAGE>   6


                         THE AMERICAS GROWTH FUND, INC.
                            STATEMENTS OF CASH FLOWS
                  NINE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
                                   (UNAUDITED)


<TABLE>
<CAPTION>

                                                               1998                1997
                                                           ------------       ------------
<S>                                                        <C>                <C>         
Cash flows from operating activities:
  Source of cash:
    Interest                                               $     29,000       $     17,100
    Income taxes                                                     --             13,900
                                                           ------------       ------------
                                                                 29,000             31,000

  Uses of cash:
    Payroll                                                      78,600             74,800
    Operating expenses                                          143,400            356,300
                                                           ------------       ------------
                                                                222,000            431,100
                                                           ------------       ------------
      Cash (used-in) operating activities                      (193,000)          (400,100)
                                                           ------------       ------------


Cash flows from investing activities:
  Sources of cash:
    Proceeds from sale of U.S. Treasury Bills                24,000,000         11,500,000
    Proceeds from sale of common stock                          782,300            515,400
                                                           ------------       ------------
                                                             24,782,300         12,015,400
                                                           ------------       ------------

  Uses of cash:
    Purchase of U.S. Treasury Bills                          23,862,000         10,867,300
    Purchase of common stock                                    625,000            250,000
    Purchase of equipment                                         5,000                 --
                                                           ------------       ------------

                                                             24,492,000         11,117,300
                                                           ------------       ------------

      Cash provided by investing activities                     290,300            898,100
                                                           ------------       ------------

Increase in cash and cash equivalents                            97,300            498,000

Cash and cash equivalents at beginning of period                827,400            415,900
                                                           ------------       ------------
Cash and cash equivalents at end of period                 $    924,700       $    913,900
                                                           ============       ============



</TABLE>





                          Read the accompanying notes.




<PAGE>   7


                         THE AMERICAS GROWTH FUND, INC.
                      STATEMENTS OF CASH FLOWS (CONTINUED)
                  NINE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
                                   (UNAUDITED)



<TABLE>
<CAPTION>
                                                                     1998            1997
                                                                  ---------       --------- 
<S>                                                               <C>             <C>       

Reconciliation of net increase (decrease) in net
 assets resulting from operations to cash used-in
 operating activities:

Net increase (decrease) in net assets resulting
 from operations                                                  $  24,500       $(219,500)
                                                                  ---------       ---------

Adjustments to reconcile net increase (decrease) in
 net assets resulting from operations to cash (used-in)
 operating activities:

  Accretion of discount on U.S. Treasury Bills                     (126,100)       (134,000)

  Realized (gain) on investments                                   (158,000)        (20,500)

  Loss on abandonment of equipment                                       --           5,400

  Amortization and depreciation                                       2,200           2,200

  Unrealized depreciation of investments                             51,200          21,900

  Stock dividends and stock compensation                                 --         (27,200)

  Changes in assets and liabilities:
    Prepaid expenses                                                   (400)         12,900
    Accounts payable                                                 12,100         (44,600)
    Accrued directors fees                                            1,500           3,300
                                                                  ---------       --------- 
      Total adjustments                                            (217,500)       (180,600)
                                                                  ---------       --------- 

Cash (used-in) operating activities                               $(193,000)      $(400,100)
                                                                  =========       ========= 


Schedule of non-cash investing activities:
  Acquisition of common stock                                                     $  10,000
  Less amount received in exchange for consulting                                   (10,000)
                                                                                  --------- 
                                                                                  $      --
                                                                                  ========= 

  Acquisition of common stock                                                     $  17,200
  Less amount received as stock dividends                                           (17,200)
                                                                                  --------- 
                                                                                  $      --
                                                                                  ========= 



</TABLE>


                          Read the accompanying notes.


<PAGE>   8



                         THE AMERICAS GROWTH FUND, INC.
                          NOTES TO FINANCIAL STATEMENTS
                           SEPTEMBER 30, 1998 AND 1997
                                   (UNAUDITED)


1.   ORGANIZATION AND NATURE OF OPERATIONS:
        The Americas Growth Fund, Inc. (the "Company") was incorporated under
        the laws of the State of Maryland on June 3, 1994. The Company is a
        non-diversified, closed-end management investment company and has filed
        with the Securities and Exchange Commission ("SEC") a notification of
        election to be treated as a "business development company" as that term
        is defined in the Investment Company Act of 1940, as amended.

        The Company's primary investment objective is to achieve long-term
        capital appreciation of its assets, rather than current income, by
        investing in equity and debt securities of and providing managerial
        assistance to, emerging and established companies that management
        believes offer significant potential opportunities for growth
        (individually, "portfolio company", collectively, "portfolio
        companies"). The Company has and plans to continue to invest primarily
        in United States based portfolio companies "strategically-linked" to the
        Caribbean and Latin America. The Company considers companies to be
        strategically linked to the Caribbean and Latin America if they derive
        substantial revenue (at least 50%) from operations or transactions in
        the Caribbean and Latin America or, if in the Company's view, they are
        positioned to do so. The Company considers "Caribbean and Latin
        American" countries to be Argentina, Aruba, the Bahamas, Barbados,
        Belize, Bolivia, Brazil, Chile, Colombia, Costa Rica, Cuba, Dominican
        Republic, Ecuador, El Salvador, Guatemala, Haiti, Honduras, Jamaica,
        Mexico, Netherlands Antilles, Nicaragua, Panama, Paraguay, Peru, the
        Commonwealth of Puerto Rico, Trinidad and Tobago, Uruguay and Venezuela.
        During 1998 and 1997 due to difficulties in locating quality portfolio
        companies meeting the Company's investment objectives, the Company's
        assets were primarily invested in U.S. Treasury bills. There can be no
        assurance that the Company will be able to negotiate and complete
        transactions with potential portfolio companies which meet the Company's
        investment objectives.

        The Company considers "emerging companies" to be those companies in the
        early stages of development with little or no operating history, and
        minimal revenue or profits, which the Company anticipates will increase
        revenues and become profitable. The Company considers "established
        companies" to be those with an existing revenue and profit base. To a
        lesser extent, certain of the emerging and established companies in
        which the Company invests may be in "turnaround" or other restructuring
        situations.

        The Company has placed and intends to place its emphasis on private
        investments in restricted securities for which the Company is granted
        registration rights and/or rights to participate in the sale of
        securities of a portfolio company by other stockholders.

        Such investments may be private investments in capital stock of
        privately-held companies that the Company anticipates will engage in a
        public offering within one to three years after the investment; private
        investments in capital stock of publicly-held companies; or bridge loans
        which are convertible into common stock or preferred stock of the issuer
        or issued together with equity participation such as common stock,
        preferred stock or warrants to purchase such stock or a combination
        thereof, or both, for privately-held companies which the Company
        anticipates will complete a public offering, other financing or a merger
        or acquisition transaction (other than a leveraged buy-out) within one
        to three years from the date of investment.




<PAGE>   9


                         THE AMERICAS GROWTH FUND, INC.
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                           SEPTEMBER 30, 1998 AND 1997
                                   (UNAUDITED)


2.    SIGNIFICANT ACCOUNTING POLICIES:
        SECURITIES VALUATION:
           Investments in unrestricted securities that are traded in the
           over-the-counter market are generally valued at the closing bid price
           on the last day of the year. U.S. Treasury bills are valued at market
           value. Restricted securities are valued at fair value as determined
           by the Board of Directors based on the circumstances of each
           individual case. Such valuations of restricted securities could be
           based upon a multiple of earnings, a discount from market of a
           similar freely traded security, yield to maturity with respect to
           debt issues, or a combination of these and other methods determined
           to be appropriate in good faith by the Board of Directors. Restricted
           convertible securities are valued based on the closing bid price on
           the last day of the year of the underlying securities, for which
           quoted market prices are available, taking into account any
           appropriate adjustments for dividend features, registration rights,
           market discounts or other factors as deemed appropriate by the Board
           of Directors. Warrants and options to acquire equity securities are
           valued using an option pricing model. Because of the inherent
           uncertainty of valuation, those estimated values may differ
           significantly from the values that would have been used had a ready
           market for the securities existed, and the differences could be
           material.

        USE OF ESTIMATES:
           The preparation of financial statements in conformity with generally
           accepted accounting principles requires management to make estimates
           and assumptions that affect the amounts reported in the financial
           statements and accompanying notes. Actual results could differ from
           those estimates.

        CASH AND CASH EQUIVALENTS:
           The Company considers all highly liquid investments purchased with
           original maturities of three months or less to be cash equivalents.

        FURNITURE AND EQUIPMENT:
           Furniture and equipment are stated at cost less accumulated
           depreciation. Depreciation is computed using the straight-line method
           over the estimated useful lives of the related assets.

        ORGANIZATIONAL COSTS:
           Organizational costs are stated net of accumulated amortization of
           $6,000 and $4,500 at September 30, 1998 and 1997, respectively, and
           are being amortized using the straight-line method over five years.











<PAGE>   10





                         THE AMERICAS GROWTH FUND, INC.
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                           SEPTEMBER 30, 1998 AND 1997
                                   (UNAUDITED)




2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED): 
        INCOME TAXES:
           The Company is not entitled to the special treatment available to
           regulated investment companies and is taxed as a regular corporation
           for federal and state income tax purposes. The aggregate cost of
           securities at September 30, 1998 and 1997 for federal income tax
           purposes and financial reporting purposes was the same. The aggregate
           net unrealized depreciation for the nine months ended September 30,
           1998 and 1997 is $51,200 and $21,900 respectively.

        PER SHARE AMOUNTS:
           Per share amounts are computed by dividing the net investment income
           (loss) and net realized and unrealized gains (losses) on investments
           by the weighted average number of shares outstanding throughout the
           year.


3. CONCENTRATION OF CREDIT RISK:
        Financial instruments that potentially subject the Company to
        concentration of credit risk consist principally of cash and cash
        equivalents. During the year the Company had deposits with financial
        institutions which were not covered by the Federal Deposit Insurance
        Corporation. Management regularly monitors their balances and attempts
        to keep this potential risk to a minimum by maintaining their accounts
        with financial institutions they believe are of good quality.












<PAGE>   11


                         THE AMERICAS GROWTH FUND, INC.
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                           SEPTEMBER 30, 1998 AND 1997
                                   (UNAUDITED)





4.  INVESTMENTS:
        Investments include the following at September 30, 1998 and 1997:


<TABLE>
<CAPTION>

                                                                       VALUE                 VALUE
      PRINCIPAL                TYPE OF ISSUE AND                    SEPTEMBER 30,         SEPTEMBER 30,
       AMOUNT                    NAME OF ISSUER                         1998                  1997
--------------------------------------------------------------------------------------------------------
<S>                   <C>                                             <C>                 <C>
                      U.S. Treasury bills (79.2%
                       and 74.8% of net assets at
                       September 30, 1998 and 1997,
                       respectively):

     $  1,481,400     U.S. Treasury bill,
                       $1,500,000 face value,
                       matures November 6, 1997                    $         --          $ 1,491,900

     $    493,900     U.S. Treasury bill,
                       $500,000 face value,
                       matures November 13, 1997                             --              496,800

     $  1,481,900     U.S. Treasury bill,
                       $1,500,000 face value,
                       matures December 4, 1997                              --            1,486,100
                                                                               

     $    498,300     U.S. Treasury bill,
                       $500,000 face value,
                       matures October 22, 1998                         498,600                   --

     $  2,982,700     U.S. Treasury bill,
                       $3,000,000 face value,
                       matures November 12, 1998                      2,983,800                   --
                                                                   ------------          -----------
                      Total U.S. Treasury bills                    $  3,482,400          $ 3,474,800
                                                                   ============          ===========




</TABLE>


<PAGE>   12


                         THE AMERICAS GROWTH FUND, INC.
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                           SEPTEMBER 30, 1998 AND 1997
                                   (UNAUDITED)

4.   INVESTMENTS (CONTINUED):


<TABLE>
<CAPTION>
    NUMBER OF        NUMBER OF
     SHARES            SHARES           TYPE OF ISSUE                        VALUE             VALUE
    SEPT. 30,        SEPT. 30,           AND NAME OF                       SEPT. 30,         SEPT. 30,
      1998              1997               ISSUER                            1998               1997
-------------------------------------------------------------------------------------------------------
<S>                  <C>            <C>                                    <C>                <C>

                                   Common stocks (0.0% and
                                    5.6% of net assets at
                                    September 30, 1998 and
                                    1997, respectively):

                                   The Americas Group, Inc.
     130,000          130,000       (unrestricted)                          $    --          $ 260,000

                                   Majority owned (restricted):
                                   Americas Growth
        --               80         Partners, Inc.                               --                 --
                                                                            -------          ---------
                                                                            $    --          $ 260,000
                                                                            =======          =========


</TABLE>

<TABLE>
<CAPTION>

    NUMBER OF        NUMBER OF
    WARRANTS          WARRANTS      TYPE OF ISSUE                            VALUE             VALUE
    SEPT. 30,        SEPT. 30,       AND NAME OF                           SEPT. 30,         SEPT. 30,
      1998              1997           ISSUER                                1998               1997
-----------------------------------------------------------------------------------------------------
<S>                  <C>            <C>                                <C>               <C>

                                   Common stock warrants:
                                    (0.0% and 0.0% of net
                                    assets at September 30, 1998
                                    and 1997, respectively):

                                   Restricted:
       --                1           Globalink, Inc.                        $     --           $     --
                                                                            ========           ========
                                   Golf Reservations of
                                    America, Inc.

       --                2           Class A                                $     --           $     --
       --                2           Class B                                $     --           $     --
                                                                            ========           ========



</TABLE>


<PAGE>   13


                         THE AMERICAS GROWTH FUND, INC.
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                           SEPTEMBER 30, 1998 AND 1997
                                   (UNAUDITED)



4.    INVESTMENTS (CONTINUED):
        In January, 1997, the Company invested $250,000 in The Americas Group,
        Inc. (TAG), an unaffiliated company, pursuant to a private placement
        under Rule 504 of Regulation D of the Securities Act of 1933. The
        Company received 125,000 shares of TAG common stock. In addition, the
        Company also received 5,000 shares of common stock in consideration of
        the Company's chairman serving on TAG's board of advisors.

        In December 1996, the Company purchased in a private placement for an
        aggregate consideration of $500,000, 14,953 shares of Globalink, Inc.
        (Globalink), 8% convertible, redeemable preferred stock and a warrant
        entitling the holder to purchase 192,894 shares of Globalink common
        stock at a revised price of $3.24 per share through December 20, 2001.
        Each share of preferred stock is convertible into ten shares of
        Globalink common stock at the original purchase price of the preferred
        stock, subject to adjustment should certain events occur. During May
        1997, the Company converted and sold all of its shares of Globalink.
        During June, 1998, the Company exercised the warrant and purchased
        70,000 shares of Globalink. During July, 1998 the Company exercised the
        remainder of the warrant and sold all of the common shares.

        The Company agreed to loan up to $200,000 to Golf Reservations of
        America, Inc. ("Golf") pursuant to two 10% promissory notes in January
        and March, 1995. As of September 30, 1998, they were deemed worthless by
        the Board. In connection with the notes, the Company received warrants
        to purchase an aggregate 110,906 shares of Golf's common stock at an
        exercise price of $1.88 per share. As of September 30, 1998, the Board
        of Directors has also deemed the warrants as worthless.

5.    CASH AND CASH EQUIVALENTS:

<TABLE>
<CAPTION>

    NUMBER OF        NUMBER OF                                           COST AND           COST AND
     SHARES            SHARES          TYPE OF ISSUE                       VALUE             VALUE
    SEPT. 30,        SEPT. 30,          AND NAME OF                       SEPT. 30,         SEPT. 30,
      1998              1997              ISSUER                            1998               1997
----------------------------------------------------------------------------------------------------------
<S>                  <C>           <C>                                <C>                 <C>
     923,400          907,700      Money market fund,
                                    Cortland Trust, Inc.                  $ 923,400          $ 907,700

          --               --      Checking account
                                    with bank                                 1,300              6,200
                                                                          ---------          ---------
                                   Total cash and cash
                                    equivalents (21.0% and
                                    19.7% of net assets
                                    at September 30, 1998 and
                                    1997, respectively)                   $ 924,700          $ 913,900
                                                                          =========          =========

</TABLE>



<PAGE>   14


                         THE AMERICAS GROWTH FUND, INC.
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                           SEPTEMBER 30, 1998 AND 1997
                                   (UNAUDITED)



6.   FURNITURE AND EQUIPMENT:
        Furniture and equipment are comprised of the following at September 30,
1998 and 1997:


                                                     1998           1997
                                                   --------       --------

          Furniture and fixtures                   $  1,500       $  1,500
          Computer equipment                         15,900         10,900
                                                   --------       --------
                                                     17,400         12,400
          Less accumulated depreciation              (3,600)        (2,300)
                                                   --------       --------
          
                                                   $ 13,700       $ 10,100
                                                   ========       ========





7.    INCOME TAXES:
        Deferred income taxes reflect the net tax effects of temporary
        differences between the carrying amounts of assets and liabilities for
        financial reporting purposes and the amounts used for income tax
        purposes. The deferred tax liability is the result of unrealized
        appreciation (depreciation) on investments and the use of accelerated
        depreciation methods for income tax purposes.

        The significant components of deferred tax assets and liabilities on the
        balance sheet at September 30, 1998 and 1997 are:



          Deferred tax assets:
            Net operating loss                          $109,900      $ 87,000
            Unrealized depreciation of investments        51,300        14,100
                                                        --------      --------
          
                                                         161,200       101,100
            Less valuation allowance                     159,700        96,200
                                                        --------      --------
     

                                                           1,500         4,900

          Deferred tax liability:
            Depreciation                                   1,500         1,600
                                                        --------      --------

          Net deferred tax asset                        $     --      $  3,300
                                                        ========      ========




<PAGE>   15


                         THE AMERICAS GROWTH FUND, INC.
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                           SEPTEMBER 30, 1998 AND 1997
                                   (UNAUDITED)


7.    INCOME TAXES (CONTINUED):
        Significant components of the provision for income taxes (benefits)
        attributable to continuing operations in 1998 and 1997 are as follows:

                                                    1998          1997
                                                 --------       -------

          Current:
            Federal                              $     --       $    --
            State                                      --            --
                                                 --------       -------
                                                       --            --
                                                 --------       -------
          Deferred:
            Federal (benefit)                      (8,100)      (27,700)
            State (benefit)                        (3,200)      (10,700)
                                                 --------       -------
                                                  (11,300)      (38,400)       
          Increase in valuation allowance          11,300        38,400
                                                 --------       -------

          Provision for income tax benefits      $     --       $    --
                                                 ========       =======


The provision for income taxes at the Company's effective tax rate differed from
the provision for income taxes at the statutory rate (15%) as follows:

          Computed tax expense (benefit)
           at the expected statutory rate       $  3,700       $(32,900)
          State tax, net of federal effect         1,100        (10,300)
          Valuation allowance                     11,300         38,400
          Other                                  (16,100)         4,800
                                                --------       --------
                                                $     --       $     --
                                                ========       ========



        SFAS 109, ACCOUNTING FOR INCOME TAXES, requires a valuation allowance to
        reduce the deferred tax assets reported if, based on the weight of the
        evidence, it is more likely than not that some portion or all of the
        deferred tax assets will not be realized. After consideration of all the
        evidence, both positive and negative, management has determined that a
        $159,700 valuation allowance at September 30, 1998 is necessary to
        reduce the deferred tax assets to the amount that will more likely than
        not be realized. The change in the valuation allowance for the nine
        months ended September 30, 1998, is $11,300. At September 30, 1998, the
        Company has available net operating loss carryforwards of $559,100 which
        expire in the years 2010 through 2013.





<PAGE>   16


                         THE AMERICAS GROWTH FUND, INC.
                    NOTES TO FINANCIAL STATEMENTS (CONTINUED)
                           SEPTEMBER 30, 1998 AND 1997
                                   (UNAUDITED)




8.   RELATED PARTY TRANSACTIONS:
        The Company is provided with free office space by a law firm with which
        the Chairman is "of counsel". The Company paid and accrued the law firm
        legal fees of approximately $20,500 and $67,100 in the nine months ended
        September 30, 1998 and 1997, respectively.

        The Company entered into an employment agreement with the president of
        the Company. The agreement currently terminates on August 30, 2001,
        unless extended in accordance with its terms. Compensation is $90,000
        per year with cost of living increases each year. The Company paid the
        president $78,600 and $74,800 pursuant to this agreement for the nine
        months ended September 30, 1998 and 1997, respectively.

9.   PROFIT SHARING PLAN:
        The Company provides an employee profit sharing plan (the Plan) which
        provides for a performance fee equal to twenty percent (20%) of net
        income. As of September 30, 1998 and 1997, there was no accrual in
        connection with the Plan.

10.  MERGER ACTIVITY:
        In September 1997, JW Charles Financial Services, Inc. ("JW Charles")
        completed its offer to exchange (the "Exchange Offer") shares of its
        common stock, par value $.001 per share ("JW Charles Shares"), for any
        and all (but not less than 51%) of the outstanding shares of common
        stock, par value $.01 per share ("Company Shares"), of the Company. At
        that time, JW Charles reported that a total of approximately 822,938
        Company Shares (including approximately 16,380 Company Shares tendered
        subject to Notices of Guaranteed Delivery) were validly tendered and not
        withdrawn pursuant to the Exchange Offer and were accepted by JW Charles
        for exchange in accordance with the terms of the Exchange Offer on the
        basis of 0.431 of a JW Charles Share for each Company Share. As a result
        of the Exchange Offer, JW Charles reported that it beneficially owned
        1,149,488 Company Shares, representing approximately 90.9% of the
        outstanding Company Shares.

        Since JW Charles owned more than 90% of the outstanding Company Shares,
        under Maryland General Corporation Law and the Florida Business
        Corporation Act, JW Charles advised the Company that it intended to
        merge the Company with and into JW Charles without a vote of the
        Company's shareholders. Because the merger could have been deemed to
        involve the purchase of property of the Company by JW Charles, the
        merger might have been prohibited under Section 57(a)(2) of the
        Investment Company Act of 1940 (the "1940 Act") in the absence of
        exemptive relief from the Securities and Exchange Commission (the
        "Commission"). Accordingly, in December 1997, an Application for an
        Order to exempt the merger from Section 57(a)(2) of the 1940 Act was
        filed with the Commission. On May 20, 1998, the Commission issued the
        requested order. In June 1998, JW Charles combined with Genesis Merchant
        Group Securities, LCC to form a new entity, JWGenesis Financial Corp.
        ("JWGenesis"). JWGenesis has advised the Company that it intends to
        proceed with the "short-form" merger of the Company with and into a
        wholly-owned subsidiary of JWGenesis. If the contemplated merger is
        completed, the shareholders of the Company will receive 0.431 of a share
        of common stock of JWGenesis for each Company Share owned by each
        shareholder.


<PAGE>   17
PART I - FINANCIAL INFORMATION  (continued)

Item 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF
         RESULTS OF OPERATIONS AND LIQUIDITY

RESULTS OF OPERATIONS

Three Months Ended September 30, 1998 Compared to Three Months Ended September
30, 1997

         As a result of operations, net assets decreased approximately $57,800
(or approximately 1.3% of net assets) during the quarter ended September 30,
1998. For the comparable period in 1997, net assets decreased approximately
$86,600. The net increase in net assets resulting from operations for the
quarter ended September 30, 1998 was primarily due to a net investment loss of
$20,400 and an increase in unrealized depreciation of investments of $152,000.

         The Company recognized investment income (which consisted entirely of
interest income) of approximately $51,700 for the quarter ended September 30,
1998 as compared to $53,600 for the quarter ended September 30, 1997. The lower
investment income resulted primarily from the lack of dividends.

         Expenses aggregated approximately $72,100 during the quarter ended
September 30, 1998 which included salaries, accounting fees, consulting fees,
legal fees and administrative expenses. Expenses for the quarter ended September
30, 1997 were approximately $127,100.

Nine Months Ended September 30, 1998 Compared to Nine Months Ended September 30,
1997

         As a result of operations, net assets increased $24,500 (or
approximately 0.6% of net assets) during the nine months ended September 30,
1998. For the comparable period in 1997, net assets decreased approximately
$219,500. The increase in net assets resulting from operations for the nine
months ended September 30, 1998 was primarily due to a net investment gain of
$158,000 and an offset by an investment loss of $82,300 and unrealized
depreciation on investments of $51,200.

         The Company recognized investment income (which consisted primarily of
interest income) of approximately $155,100 for the nine months ended September
30, 1998 as compared to $178,300 for the nine months ended September 30, 1997.
The lower investment income resulted primarily from the lack of dividends and
other income.

LIQUIDITY AND CAPITAL RESOURCES

         As of September 30, 1998, the Company had cash and cash equivalents of
approximately $924,700 and U.S. Treasury Bills of approximately $3,482,400 as
compared to cash and cash equivalents of approximately $913,900 and U.S.
Treasury Bills of approximately $3,474,800 at June 30, 1997. The increase in
capital resources for the nine months ended September 30, 1998 of $34,900 was
primarily due to a realized gain on investments of $158,000 as compared to the
decrease in capital resources for the nine months ended September 30, 1997 which
was primarily due to a net investment loss of $212,700. As of September 30,
1998, the company had liabilities of approximately $30,000.





<PAGE>   18





PART II - OTHER INFORMATION

Item 1.  LEGAL PROCEEDINGS.

Not applicable.

Item 2.  CHANGES IN SECURITIES.

Not applicable.

Item 3.  DEFAULTS UPON SENIOR SECURITIES.

Not applicable.

Item 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

No matter was submitted to a vote of security holders during the quarter covered
by this report.

Item 5.  OTHER INFORMATION.

In September 1997, JW Charles Financial Services, Inc. ("JW Charles") completed
its offer to exchange (the "Exchange Offer") shares of its common stock, par
value $.001 per share ("JW Charles Shares"), for any and all (but not less than
51%) of the outstanding shares of common stock, par value $.01 per share
("Company Shares") of the Company. At that time, JW Charles reported that a
total of approximately 822,938 Company Shares (including approximately 16,380
Company Shares tendered subject to Notices of Guaranteed Delivery) were validly
tendered and not withdrawn pursuant to the Exchange Offer and were accepted by
JW Charles for exchange in accordance with the terms of the Exchange Offer on
the basis of 0.431 of a JW Charles Share for each Company Share. As a result of
the Exchange Offer, JW Charles reported that it beneficially owned 1,149,488
Company Shares, representing approximately 90.9% of the outstanding Company
Shares.

Since JW Charles owned more than 90% of the outstanding Company Shares, under
Maryland General Corporation Law and the Florida Business Corporation Act, JW
Charles advised the Company that it intended to merge the Company with and into
JW Charles without a vote of the Company's shareholders. Because the merger
could have been deemed to involve the purchase of property of the Company by JW
Charles, the merger might have been prohibited under Section 57(a)(2) of the
Investment Company Act of 1940 (the "1940 Act") in the absence of exemptive
relief from the Securities and Exchange Commission (the "Commission").
Accordingly, in December 1997, an Application for an Order to exempt the merger
from Section 57(a)(2) of the 1940 Act was filed with the Commission. On May 20,
1998, the Commission issued the requested order. In June 1998, JW Charles
combined with Genesis Merchant Group Securities, LLC to form a new entity,
JWGenesis Financial Corp. ("JWGenesis"). JWGenesis has advised the Company that
it intends to proceed with the "short-form" merger of the Company with and into
a wholly-owned subsidiary of JWGenesis. If the contemplated merger is completed,
the shareholders of the Company will receive 0.431 of a share of common stock of
JWGenesis for each Company Share owned by each shareholder.

Item 6.  EXHIBITS AND REPORTS ON FORM 8-K.

(a)      Exhibit 27  Financial Data Schedule (for SEC use only)

                  None

(b)      Reports on Form 8-K

                  None




<PAGE>   19

                                   SIGNATURES



Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.



      THE AMERICAS GROWTH FUND, INC.

By:   /s/ Leonard J. Sokolow
      ------------------------------------
      Leonard J. Sokolow
      Chairman of the Board, President and
      Chief Financial Officer
      (Principal Executive, Financial and
      Accounting Officer)



Date: October 26, 1998