Dear Fellow Wintergreen Shareholder,
Excerpt from the 2009 Annual Report Shareholder Letter
Posted March 08, 2010
2009 was a dynamic year in both the U.S. and foreign markets. Wintergreen Fund Inc.'s (the "Fund") investment return for 2009 outperformed its benchmark, the Standard and Poor's 500 Composite Index ("S&P 500"). The Fund's recovery from the March 2009 stock market lows and subsequent outperformance in 2009 was partially due to outstanding returns from core, long-term, global holdings in Anglo American plc, Schindler Holding AG-PC, and Swatch Group AG, Class B. The Fund reduced or completely sold underperforming positions in the following securities during the year: Wynn Resorts, Ltd, Fomento Economico Mexicano, S.A.B. de C.V. ADR, and Japan Petroleum Exploration Co.
As we have discussed in prior letters, many of our portfolio holdings possess the three key qualities we have referred to as the "Trifecta," meaning companies with 1) good management working for all long-term shareholders, 2) solid businesses with good and improving economics, and 3) an attractive security price. We particularly like companies that are positioned to experience significant international growth, while maintaining rigorous accounting and legal standards.
We continue to be pleased with many of the securities we have owned over the last few years. The Fund's performance is largely driven by its long-term investments in companies with an international footprint. Our confidence level remains high that many of these securities continue to have very good prospects for a profitable future.
Continue reading the 2009 Annual Report Shareholder Letter 
Click here to view a recent listing of the Fund's top 10 holdings.
David J. Winters, CFA
Portfolio Manager
The views contained in this letter are those of the Fund's portfolio manager as of December 31, 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.
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. 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. 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)
Wintergreen Fund rated 5 stars by Morningstar
July 07, 2010
The Fund has earned a Morningstar Overall Rating™ of five stars for its overall risk-adjusted performance and was rated among 594 World Stock funds for the 3-year period ended 6/30/10.
News
July 14th, 2010
David Winters appeared on Bloomberg TV (Updated 8/25/2010 with Part 2)
June 26th, 2010
David Winters interviewed by Barron's
May 18th, 2010
David Winters appeared on Bloomberg TV
May 5th, 2010
David Winters featured by Ticker.com
April 22nd, 2010
David Winters featured by Bloomberg Businessweek