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Dear Fellow Wintergreen Fund Shareholder,

EXCERPT FROM THE 2017 ANNUAL REPORT SHAREHOLDER LETTER

Posted March 1, 2018

Wintergreen Fund (the "Fund") had strong 2017 returns from long-term portfolio holdings Reynolds American Inc. ("Reynolds"), Compagnie Financiere Richemont SA, and British American Tobacco plc ("BAT"). As we mentioned in our 2017 Semi-Annual Report shareholder letter, BAT completed its acquisition of Reynolds during the third quarter of 2017. Securities that underperformed included Birchcliff Energy Ltd., Provident Financial plc (which was sold during the year), and Baker Hughes, Inc. (which was sold during the year). The Fund continued to utilize forward currency contracts, which had a minor negative impact on the Fund's performance during the period.

Nothing happens in a vacuum in life: every action has a series of consequences,
and sometimes it takes a long time to fully understand the consequences of our actions.
- Khaled Hosseini

In our 2016 Annual Report shareholder letter, we discussed the importance of the shareholder vote at the annual meeting of shareholders of companies held in investment portfolios. Research by Wintergreen Advisers, LLC, the Fund's investment manager, into the companies that make up the S&P 500 Index, discovered that at such companies' annual meetings, S&P 500 index fund sponsors' pattern of voting with respect to executive compensation plans has contributed to an increase in the costs borne by every shareholder. We refer to these costs as Look-Through Expenses, which are included in company operations expenses, but are not easily apparent or identifiable by most investors. Nevertheless, money that is spent on executive compensation plans is money that is not available for other corporate purposes, including paying dividends to shareholders. In contrast to our view about voting, one prominent index fund sponsor has stated that its "engagement" with companies is more important than its voting record. This sponsor's presentation revealed that during the 2017 proxy season, it participated in over 18,000 company meetings globally and actively engaged with approximately 950 of those companies. Only 100 companies, a relatively small one half of one percent of the meetings held, committed to make changes in response to the sponsor's input. According to publicly available proxy voting records, this sponsor voted 97% of the time in favor of company compensation plans during the same period. The actions of index funds simply do not match their words.

Everybody, soon or late, sits down to a banquet of consequences.
- Robert Louis Stevenson

Each company in the S&P 500 Index has its own embedded compensation expenses, and Wintergreen Advisers' research strongly suggests that S&P 500 index funds, whose significant ownership weighting is often enough to influence the result of the shareholder vote, enable significant hidden costs that investors unknowingly pay.

Continue reading the 2017 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, 2017, 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)