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Dear Fellow Wintergreen Fund Shareholder,

EXCERPT FROM THE 2018 ANNUAL REPORT SHAREHOLDER LETTER

Posted March 1, 2019

Notwithstanding the overall performance for the period, Wintergreen Fund (the "Fund") had positive 2018 returns from long-term portfolio holdings Union Pacific Corp., Birchcliff Energy Ltd. (which was sold during the year) and Bergbahnen Engelberg-Truebsee-Titlis AG, Reg. The Fund continued to utilize forward currency contracts, which had a positive impact on performance during the period. Securities that underperformed during 2018 included British American Tobacco plc, Consolidated-Tomoka Land Co. and Compagnie Financiere Richemont SA, Reg.

Keep moving forward, and if it's time to go, it's time.
- Stan Lee

In the Fund's 2018 semi-annual report shareholder letter, we described one component of our sell discipline - selling a security when we believe it becomes fairly valued. Another important component of our sell discipline is to evaluate the actions of management; if there is a fundamental change in management's decision, direction or focus, we carefully analyze the situation and may determine it is time to reduce or exit a position. An example of this occurred with long-time portfolio holding Altria Group, Inc. ("Altria"). For years, Altria satisfied Wintergreen's three core investment principles: first, a business that has good or improving economics, and often generates sales and profits in multiple currencies and jurisdictions; second, a management team that is working for the benefit of all shareholders and not just for its own short-term compensation; and third, the security being available at a compelling price.

As a tobacco company, Altria has long been regulated by the U.S. Food and Drug Administration (the "FDA"). The FDA has the authority to regulate tobacco products to protect public health and also to regulate nicotine and other ingredient levels in tobacco products. The FDA has not approved marijuana as a safe and effective drug for any intended indication, and the FDA is also responsible for regulating electronic smoking products. In this regulatory environment, we were alarmed by Altria's decision in December 2018 to make a multibillion-dollar investment in a Canadian cannabis producer. Immediately following this investment, Altria announced it was making a $12.8 billion dollar investment in Juul Labs, the maker of an electronic device that has received considerable FDA attention due to its popularity among underage users. We found these management decisions a clear departure from the course of actions we had previously viewed as a conservative management team. As a result, the Fund reduced its investment in Altria in 2018 at a substantial profit for shareholders, and completely exited the position early in 2019.

Continue reading the 2018 Annual Report Shareholder Letter

View a recent listing of the Fund's Top 10 Holdings

David J. Winters, CFA
Portfolio Manager

The views contained in this report are those of the Fund's portfolio manager as of December 31, 2018, and may not reflect his views on the date this report is first published or anytime thereafter. The preceding examples of specific investments are included to illustrate the Fund's investment process and strategy. There can be no assurance that such investments will remain represented in the Fund's portfolios. Holdings and allocations are subject to risks and to change. The views described herein do not constitute investment advice, are not a guarantee of future performance, and are not intended as an offer or solicitation with respect to the purchase or sale of any security.


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. Value risk is that the securities in which the Fund invests may never reach what the Investment Manager believes are their full market values. 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. 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. International investing involves certain risks and increased volatility not associated with investing solely in the U.S. These risks include currency fluctuations, economic or financial instability, lack of timely or reliable financial information or unfavorable political or legal developments. These risks are magnified in emerging markets. As a result of appreciation of certain of the Fund's portfolio securities and/or a change in the size of the Fund, investments in a particular sector or industry may represent a significant portion of the Fund's overall portfolio. If this occurs, the Fund will be subject to greater potential risk than funds that do not have as much exposure to such sector or industry. Short sale risk is the risk that the Fund will incur an unlimited loss if the price of a security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security.

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

Before investing you should carefully consider the Fund's investment objectives, risks, charges and expenses. The prospectus and summary prospectus contain this and additional information regarding the Fund. To obtain a prospectus or summary prospectus, please download from this site or call toll-free 1-888-468-6473. The prospectus and summary prospectus should be read carefully before investing. This website is not a solicitation for the Fund outside of the United States.

Foreside Fund Services, LLC, distributor (www.foreside.com)