Wintergreen Fund, Inc.
June 30, 2009
TABLE OF CONTENTS
A Message to Our Shareholders
Statement of Investments
Statement of Assets and Liabilities
Statement of Operations
Statements of Changes in Net Assets
Notes to Financial Statements
WINTERGREEN FUND, INC.
A MESSAGE TO OUR SHAREHOLDERS
JUNE 30, 2009 (Unaudited)
Dear Fellow Wintergreen Fund Shareholder,
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 was 10.65%, outperforming the Standard & Poor’s 500 Composite Index which
returned 3.16%. 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