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Dear Fellow Wintergreen Shareholder,

Excerpt from the 2007 Annual Report Shareholder Letter

Posted March 10, 2008

Thank you for your continued investment in Wintergreen Fund. The Fund is just over two years old and we are very pleased with both its growth and diversification of assets with respect to countries, sectors, and of course, currencies. The Fund’s 2007 return of 21.13% soundly outperformed its benchmark, the Standard and Poor’s 500 Composite Index, which returned 5.49%. The Fund was able to achieve strong performance, despite the ongoing sub-prime issue in the U.S. and the corresponding ripple effect felt abroad, due to holdings in diverse international companies such as Japan Tobacco Inc. (Japan), Petrobank Energy and Resources Ltd. (Canada), and Jardine Matheson Holdings Ltd. (Hong Kong).

As we invest around the world, we find ourselves appreciating many differences in cultures and styles of business. However, there is a constant wherever we invest: we continue to find many good people to work with around the globe. The recurrence of this theme often reminds us of the refrain from the Disney attraction that echoes in the mind of virtually everyone who has made the journey: "It’s A Small World."

Continue reading the 2007 Annual Report Shareholder LetterPDF icon

David Winters signature

David J. Winters, CFA
Portfolio Manager

The views in this report were those of the Fund manager as of December 31, 2007 and may not reflect his views on the date this report is first published or anytime thereafter. These views are intended to assist shareholders in understanding their investments in the Fund and do not constitute investment advice.

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The Fund is subject to several risks, any of which could cause an investor to lose money. The Fund may purchase risk arbitrage securities (securities of companies involved in a restructuring) or distressed companies. These companies may not be successful in their restructuring and securities of distressed companies are generally more likely to become worthless than securities of more financially stable companies. Smaller companies involve substantial risk as these securities are traditionally more volatile in price than larger company securities. Securities rated below investment grade, sometimes called junk bonds, involve a greater degree of risk than investment grade bonds in return for higher yield potential. The Fund may be subject to interest rate risk which is the risk that debt securities in the Fund's portfolio will decline in value because of increases in market interest rates. Investing overseas involves special risks, including the volatility of currency exchange rates and, in some cases, limited geographic focus, political and economic instability, and relatively illiquid markets. By participating in derivative securities, the Fund may attempt to hedge (protect) against currency risk which is the risk that the value of foreign securities may be affected by changes in currency exchange rates. Derivatives can be volatile and involve various types and degrees of risks, depending upon the characteristics of a particular derivative.

In light of these risks, the Fund may not be suitable for all investors.

For a more complete description of the risks associated with the Fund please refer to the prospectus. For more complete information about the Fund, including risks, fees and expenses, download a prospectus from this site or call toll free (888) 468-6473. Read the prospectus carefully before investing. This website is not a solicitation for the Fund outside of the United States. Foreside Fund Services, LLC, distributor (www.foresides.com).