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Dear Fellow Wintergreen Shareholder,

Excerpt from the 2009 Semi-Annual Report Shareholder Letter

Posted September 08, 2009

During the first half of 2009, world economies began to show signs of recovering from last year's tornado-like spiral movements and damage. As I write this letter, the consensus view seems to be one of cautious optimism; on many days the markets are showing signs of recovery, a necessary foundation for a plausible return to normalcy. With the assistance of time we will have a clearer picture of just when this economic crisis began, when it bottomed, and when the recovery began. Wintergreen Fund's (the "Fund") performance for the first six months of 2009 outperformed the Standard & Poor's 500 Composite Index. We are pleased with the Fund's performance and continue to work hard for our investors.

Looking back on just where the markets have been over the last 18 to 24 months reminds me of the children's story The Wizard of Oz. The book by L. Frank Baum has been quite popular for more than a century. The heroine of the story is a young girl named Dorothy who lived with relatives on a Kansas farm where a tornado knocks Dorothy down and she becomes unconscious. While Dorothy dreams, she gathers together every ounce of intellect, passion, and bravery she can muster and forges onward toward the Wizard of Oz who she hopes will help her find her way back home.

Like the tornado Dorothy faced, the world's economies have been on a topsy-turvy journey. Efforts to correct the economy have included huge governmental infusions of cash and some new financial rules. Portions of the market appear to have begun to show signs of having the heart, brains, and courage needed to function assertively. It may be that more government directed assistance is needed, but there are some indicators that many businesses and market segments are on their way to recovery. Like Dorothy and her friends, many companies and sectors generally had what they needed for success.

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David Winters signature

David J. Winters, CFA
Portfolio Manager

The views contained in this letter are those of the Fund's portfolio manager as of June 30, 2009, the last day of the reporting period. These views are subject to change without notice as market and other conditions fluctuate. While these views are intended to assist shareholders in understanding their investment in the Fund, they 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.

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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. 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.

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.foreside.com).