N-Q 1 wntrgrn_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS Unassociated Document

 
UNITED STATES
SECURITIES EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21764

WINTERGREEN FUND, INC.
615 East Michigan Street, 3rd Floor
Milwaukee, WI 53202
888-468-6473

Simon D. Collier, President/Treasurer
Two Portland Square
1st Floor
Portland, ME 04101
207-553-7110

Date of fiscal year end: December 31

Date of reporting period: January 1, 2008 – March 31, 2008

 
 

 
 
Item 1. Schedule of Investments.
 
Wintergreen Fund, Inc.
                     
Schedule of Investments (unaudited)
                     
March 31, 2008
                     
                         
                         
Security Description
   
Country
 
Shares
 
Cost
   
Fair Value
 
                         
COMMON STOCKS - 75.3%
                     
                         
                         
Aerospace & Defense - 0.4%
                     
 
General Dynamics Corp.
   
United States
 
91,917
  $
7,602,165
 
  $
7,663,120
 
                         
Beverages - 2.7%
                     
 
Coca-Cola FEMSA, S.A.B. de C.V. ADR
 
 
Mexico
 
158,941
 
5,355,051
   
8,953,147
 
 
Fomento Economico Mexicano, S.A.B. de C.V. ADR
 
 
Mexico
 
922,845
 
31,346,354
   
38,556,464
 
               
36,701,405
   
47,509,611
 
Capital Markets - 0.5%
                     
 
ABG Sundal Collier ASA
   
Norway
 
5,214,484
 
11,444,769
   
9,471,850
 
                         
Commercial Services & Supplies - 0.1%
                     
 
Dore Holdings Ltd.
   
Hong Kong
 
15,178,881
 
3,645,216
   
1,969,852
 
                         
Communication Equipment- 0.4%
                     
 
Current Group, LLC (a) (b) (c )
   
United States
     
20,100,000
   
6,299,685
 
                         
Diversified Financial Services - 6.8%
                     
 
Jardine Matheson Holdings Ltd.
   
Hong Kong
 
3,316,948
 
72,095,298
   
105,190,097
 
 
Leucadia National Corp.
   
United States
 
339,974
 
9,624,642
   
15,373,624
 
               
81,719,940
   
120,563,721
 
Diversified Telecommunication Services - 0.9%
                     
 
BCE Inc.
   
Canada
 
442,871
 
16,822,678
   
14,993,197
 
                         
Food Products - 0.8%
                     
 
Asiatic Development Bhd
   
Malaysia
 
1,898,037
 
4,610,268
   
4,984,684
 
 
Nestle SA
   
Switzerland
 
17,767
 
6,576,173
   
8,878,133
 
               
11,186,441
   
13,862,817
 
                         
Hotels Restaurants & Leisure - 14.9%
                     
 
Genting Bhd
   
Malaysia
 
32,483,001
 
63,842,676
   
66,519,824
 
 
Lottomatica S.p.A .
   
Italy
 
584,921
 
20,285,626
   
18,201,154
 
 
Resorts World Bhd
   
Malaysia
 
72,792,356
 
82,691,887
   
78,288,480
 
 
Wynn Resorts Ltd. (e)
   
United States
 
1,002,500
 
100,374,628
   
100,891,600
 
               
267,194,817
   
263,901,058
 
                         
Industrial Conglomerates - 0.5%
                     
 
Orkla ASA
   
Norway
 
679,615
 
7,047,244
   
8,608,043
 
                         
Insurance - 3.2%
                     
 
Berkshire Hathaway, Inc., Class B (a) (e) (f)
 
 
United States
 
12,852
 
44,436,147
   
57,485,711
 
                         
Leisure Equipment & Products - 1.2%
                     
 
Aruze Corp.
   
Japan
 
715,417
 
24,398,824
   
22,105,582
 
                         
                         
Machinery - 2.4%
                     
 
Schindler Holding AG - PC
   
Switzerland
 
574,321
 
33,438,243
   
43,026,364
 
                         
Media - 1.5%
                       
 
Grupo Televisa S.A., ADR
   
Mexico
 
324,914
 
7,791,559
   
7,875,915
 
 
Washington Post Co., Class B
   
United States
 
27,314
 
21,717,243
   
18,068,211
 
               
29,508,802
   
25,944,126
 
                         
Metals & Mining - 3.7%
                     
 
Anglo American PLC
   
United Kingdom
 
814,573
 
38,910,161
   
48,951,655
 
 
Sherwood Copper Corp. (a)
   
Canada
 
1,359,515
 
7,375,171
   
6,622,412
 
 
Witwatersrand Consolidated Gold Resources Ltd. (a)
 
 
South Africa
 
753,619
 
13,720,680
   
10,686,336
 
               
60,006,012
   
66,260,403
 
                         
Oil, Gas & Consumable Fuels - 8.5%
                     
 
Canadian Natural Resources Ltd.
   
Canada
 
346,656
 
19,380,472
   
23,731,811
 
 
Chesapeake Energy Corp.
   
United States
 
1,032,846
 
33,420,241
   
47,665,843
 
 
Japan Petroleum Exploration Co.
   
Japan
 
672,145
 
49,911,090
   
44,503,983
 
 
Petrobank Energy and Resources Ltd. (a)
 
 
Canada
 
531,926
 
7,091,056
   
24,200,832
 
 
UTS Energy Corp. (a)
   
Canada
 
2,089,009
 
7,031,380
   
10,643,984
 
               
116,834,239
   
150,746,453
 
                         
Real Estate Management & Development - 5.7%
                     
 
Consolidated-Tomoka Land Co. (d)
   
United States
 
564,961
 
34,445,046
   
31,666,064
 
 
Shun Tak Holdings Ltd.
   
Hong Kong
 
34,861,542
 
47,908,570
   
46,137,740
 
 
Swire Pacific Ltd., Class A
   
Hong Kong
 
513,040
 
5,496,541
   
5,787,863
 
 
Swire Pacific Ltd., Class B
   
Hong Kong
 
8,318,623
 
17,652,052
   
18,534,166
 
               
105,502,209
   
102,125,833
 
                         
Textiles, Apparel & Luxury Goods - 4.7%
                     
 
Compagnie Financiere Richemont SA
   
Switzerland
 
444,947
 
25,443,052
   
24,955,742
 
 
Swatch Group AG, Class B
   
Switzerland
 
217,672
 
54,383,559
   
58,193,451
 
               
79,826,611
   
83,149,193
 
                         
Tobacco - 16.4%
                     
 
Altria Group Inc.
   
United States
 
291,002
 
5,699,025
   
6,460,245
 
 
Imperial Tobacco Group PLC
   
United Kingdom
 
1,050,369
 
38,213,007
   
48,321,101
 
 
Japan Tobacco Inc.
   
Japan
 
30,571
 
142,469,926
   
153,039,015
 
 
Philip Morris Intl, Inc. (a)
   
United States
 
291,002
 
12,779,631
   
14,718,881
 
 
Reynolds American Inc.
   
United States
 
979,204
 
58,843,748
   
57,802,412
 
 
Souza Cruz S.A.
   
Brazil
 
397,539
 
7,323,227
   
10,306,063
 
               
265,328,564
   
290,647,717
 
                         
TOTAL COMMON STOCKS
           
1,222,744,326
   
1,336,334,336
 
                         
INVESTMENT COMPANIES - 2.4%
                     
Funds, Trusts, and Other Financial Vehicles - 2.4%
                     
                         
 
streetTRACKS Gold Trust (a)
   
United States
 
88,176
 
8,743,255
   
7,969,347
 
 
UltraShort Financials ProShares
   
United States
 
278,101
 
34,747,600
   
32,718,583
 
 
UltraShort FTSE/Xinhua China 25 ProShares
 
 
United States
 
18,823
 
1,984,242
   
1,755,998
 
               
45,475,097
   
42,443,928
 
                         
           
Principal
           
           
Amount
           
                         
FOREIGN GOVERNMENT NOTES/BONDS - 10.3%
                     
                         
 
German Government
    3.500%, 09/12/2008
 
Germany
 
5,530,000
 
8,697,843
   
8,711,507
 
 
Norwegian Government
    5.500%, 05/15/2009
 
Norway
 
432,100,000
 
83,841,876
   
85,222,388
 
 
Swiss Government
    3.250%, 02/11/2009
 
Switzerland
 
87,900,000
 
84,695,494
   
89,432,563
 
               
177,235,213
   
183,366,458
 
                         
                         
           
Shares
           
RIGHTS - 0.1%
                     
 
Genting International PLC (g)
   
Singapore
 
7,224,186
 
0
   
1,161,469
 
                         
                         
                         
                         
                         
           
Contracts
 
         
PURCHASED OPTIONS - 0.1%
                     
Capital Markets - 0.1%
                     
 
Blackstone Group LP
   
United States
   
 
         
 
    Expiration: June, 2008, Exercise Price: $12.50
 
     
12,453
  $
1,056,524
   
996,240
 
 
    Expiration: September, 2008, Exercise Price: $12.50
 
     
2,603
 
289,608
   
383,942
 
 
    Expiration: January, 2009, Exercise Price: $12.50
 
     
300
 
34,800
   
66,750
 
 
Total Capital Markets
           
1,380,932
   
1,446,932
 
                         
                         
                         
           
Principal
           
           
Amount
           
SHORT TERM INVESTMENTS - 9.1%
                     
Money Market Deposit Account - NM
                     
 
Citibank Money Market Deposit Account
 
     
417,230
 
417,230
   
417,230
 
                         
US Treasury Obligations - 9.1%
                     
 
United States Treasury Bills
                     
 
   Maturity Date, 04/17/2008, Yield to Maturity 1.13%
 
     
29,800,000
 
29,784,107
   
29,784,107
 
 
   Maturity Date: 06/19/2008, Yield to Maturity 0.79%
 
     
44,000,000
 
43,910,203
   
43,885,248
 
 
   Maturity Date: 07/31/2008, Yield to Maturity 0.93%
 
     
89,200,000
 
88,891,195
   
88,795,210
 
               
162,585,505
   
162,464,565
 
                         
Total Long Positions - 97.3%
           
1,609,838,303
   
1,727,634,918
 
                         
                         
SHORT POSITIONS - (7.1%)
       
Shares
 
Cost
   
Value
 
Capital Markets - (6.6%)
                     
 
Blackstone Group LP
   
United States
 
(7,352,563)
 
(121,977,047
)  
(116,758,701
)
IT Services (0.5%)
                     
 
Mastercard, Inc.
   
United States
 
(42,775)
 
                   (7,639,973
)  
(9,538,397
)
Total Short Positions
           
            (129,617,020
)  
                  (126,297,098
)
                         
                         
Other Assets in Excess of Liabilities - 9.8%
                 
174,365,094
 
TOTAL NET ASSETS - 100.0%
         
  $
        1,480,221,283
*
  $
              1,775,702,914
 
                         
 
Footnotes
 
Percentages are stated as a percent of net assets.
 
(a) Non-Income Producing
(b) Illiquid security priced at fair value using procedures adopted by authority of the Board of Directors.
Security not registered under the Securities Act of 1933.
At the end of the period, the value of this security amounted to $6,299,685 or 0.4% of net assets.
 
Security
Acquisition Date
 
Acquisition Cost
   
 
Current Group, LLC
12/28/2006
 
$20,100,000
       
(c ) Non-unitized interest in an LLC that is treated as a partnership.
(d) Affiliated Issuer.  See Note 1.
(e) All or a portion of this security is held as collateral for securities sold short.
(f) All or a portion of this security is held as collateral for forward currency contracts.
(g) Rights priced at fair value using procedures adopted by the authority of the Board of Directors.
At the end of the period, the value of the rights amounted to $1,161,469 or 0.1% of net assets.
 
Security
Acquisition Date
 
Acquisition Cost
   
 
Genting International PLC
3/13/2008
 
$0
       
   
 
 
Gross Unrealized Appreciation
  $
208,809,876
 
 
Gross Unrealized Depreciation
 
 (86,662,145
)
 
Net Unrealized Appreciation (Depreciation)
  $
  122,147,731
 
         
 
 
* Because tax adjustments are calculated annually, the above cost and table does not reflect tax adjustments.
 
For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.
 
Selected Abbreviations
   
ADR
American Depositary Receipt
   
NM
Less than 0.005 %
   
PC
Participation Certificate
   
       
Notes to Statement of Investments
   
       
Note 1
Affiliated Issuer.  Under section 2(a)(3) of the Investment Company Act of 1940, a portfolio company is defined as affiliated if a fund owns 5 percent or more of its voting stock.  Investments in affiliated companies for the Fund as of March 31, 2008, were as shown below:
 
Name of issuer
 
Number of shares held at January 1, 2008
 
Gross additions
 
Gross reductions
 
Number of shares held at March 31, 2008
 
Value at March 31, 2008
 
Investment income
 
Realized capital gain/loss
 
Consolidated-Tomoka
564,961
 
$0
 
$0
 
564,961
 
$31,666,064
 
$56,496
 
$0
 
   Land Co.
                             
 
Note 2
Forward Currency Contracts.  As of March 31, 2008, the Fund had the following forward currency contracts outstanding:
 
Contracts
Settlement Date
 
Contract Amount (USD)
 
 
Fair Value (USD)
 
 
Net Unrealized
Gain (Loss
 (USD)
 
 
To sell:
               
658,000,000 JPY
5/20/2008
6,043,906
 
6,621,078
 
(577,172)
   
To buy:
               
658,000,000 JPY
5/20/2008
(5,855,655)
 
(6,621,078)
 
765,423
   
Net Value of JPY Contracts
118,251
 
0
 
188,251
   
                 
To sell:
               
38,900,000 CAD
10/15/2008
38,057,036
 
37,748,592
 
308,444
   
  4,000,000 CAD
10/15/2008
3,979,981
 
3,881,603
 
98,378
   
  3,500,000 CAD
10/15/2008
3,558,357
 
3,396,403
 
161,954
   
To buy:
               
  4,000,000 CAD
10/15/2008
(3,949,837)
 
(3,881,603)
 
(68,234)
   
Net Value of CAD Contracts
41,645,537
 
41,144,995
 
500,542
   
                 
Net Value of Outstanding Forward Currency Contracts
41,763,788
 
41,144,995
 
688,793
   
                 
 
Note 3
In September 2006, the Financial Accounting Standards Board issued Statement of Financial Accounting
Standards No. 157, "Fair Value Measurements" ("SFAS 157".)  This standard establishes a single authoritative
definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures
about fair value measurements.  SFAS 157 applies to fair value measurements already required or permitted
by existing standards.  SFAS 157 is effective for financial statements issued for fiscal years beginning after
November 15, 2007, and interim periods within those fiscal years.  The changes to current GAAP from the
application of this Statement relate to the definition of fair value, the methods used to measure fair value,
and the expanded disclosures about fair value measurements.
 
One key component of the implementation of SFAS 157 includes the development of a three-tier fair
value hierarchy.  The basis of the tiers is dependant upon the various "inputs" used to determine the value
of the Fund's investments.  These inputs are summarized in the three broad levels listed below:
 
 
Level 1 - quoted prices in active markets for identical assets
Level 2 - other significant inputs (including quoted prices of similar securities, interest rates, prepayments
speeds, credit risk, etc.)
Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair
value of investments)
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
The following is a summary of the inputs used to value the Fund's net assets as of March 31, 2008:
 
 
Valuation Inputs
Investments in Securities
Other Financial
Instruments^
   
 
Level 1 - Quoted Prices
$1,247,628,413
  $688,793    
 
Level 2 - Other Significant Inputs
347,409,722
  0    
 
Level 3 - Significant Unobservable Inputs
6,299,685
  0    
 
Total Investments
$1,601,337,820
  $688,793    
 
^Other financial instruments are derivative instruments such as futures, forwards, and written options,
 
which are valued at the unrealized appreciation (depreciation) on the instrument.
   
 
 
 
Item 2. Controls and Procedures.
 
(a)  
The Registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer has concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)  
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.


 
Item 3. Exhibits.
 
The certification of the Principal Executive Officer/Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).  Filed herewith.



 
 
 
 
 

 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)  Wintergreen Fund, Inc.                                                                                                                                                                   

By (Signature and Title) /s/ Simon D. Collier                                                                                                                                                      
   Simon D Collier, President/ Treasurer



Date               5/23/08