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Dear Fellow Wintergreen Fund Shareholder,

EXCERPT FROM THE 2018 SEMI-ANNUAL REPORT SHAREHOLDER LETTER

Posted August 29, 2018

Passive investing has been the dominant theme in most U.S. investment portfolios for the last few years. It is estimated that approximately 42% of U.S stock assets are now held by passive funds and ETFs, which is a dramatic increase from 24% in 2010 and 12% in 20001. That being the case, we appreciate our loyal investors who continue to believe in the importance of diversifying their investments beyond the indexes and hold Wintergreen Fund (the "Fund") in their portfolios.

Great things are done by a series of small things brought together.
- Vincent Van Gogh

We at Wintergreen Advisers have written about this before, but it is worth repeating: true value investing - we will speak for ourselves, at least - requires discipline with respect to stock valuations. Even though a security of a company may possess many important components of our investment thesis, the security may eventually trade at a valuation that we believe reflects its full value after providing significant gains. We sold two of the Fund's holdings in the first half of this year because, in our view, they had achieved their full value. Frutarom had tripled in value in just over three years since we purchased shares, and Sika had increased almost two-and-a-half times in under three years since our initial investment. These gains are comparable to or even superior to most "growth" stocks. Indications are presently growing that value-oriented investing, which seems to have been suppressed for several years by easy money and investors throwing caution to the wind, is re-asserting its claim as a preferred method for the long-term investor.

Purchasing securities at an attractive discount, then holding them until we believe they have captured full value, is our strategy for the Fund's shareholders. We believe these examples of recent Fund sales represent high quality investments with good management, but for now we are appreciative of the increased value and have captured the gain for shareholders. Following the Fund's sale of Frutarom, it was announced that Frutarom would be acquired by International Flavors and Fragrances, at a small premium to the Fund's sale price. We believe this is an indication that our valuation reflected fair value.

Continue reading the 2018 Semi-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 June 30, 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.

1 Forbes, The Passive Investing Boom Poses A New Risk: Artificial Popularity, June 27, 2018


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)