Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletInformation about Form 990-PF and its instructions is at www.irs.gov/form990pf.
OMB No. 1545-0052
2015
Open to Public Inspection
For calendar year 2015, or tax year beginning 01-01-2015 , and ending 12-31-2015
Name of foundation
The White Pine Fund
 
% BNY MELLON
Number and street (or P.O. box number if mail is not delivered to street address)BNY Mellon One Mellon Cntr 151-3750
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Pittsburgh, PA15258
A Employer identification number

26-3168334
B Telephone number (see instructions)

(412) 234-9684
C bullet
G Check all that apply:

D 1. bullet
2. bullet
E bullet
H Check type of organization:
F bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$6,400,085J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule) 0
2 Check bullet Sch. B .............
3 Interest on savings and temporary cash investments 62 62  
4 Dividends and interest from securities... 127,595 125,854  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 209,653
b Gross sales price for all assets on line 6a 2,234,855
7 Capital gain net income (from Part IV, line 2)... 209,653
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment 2 2  
12 Total. Add lines 1 through 11........ 337,312 335,571  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 74,140 37,070   37,070
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule)....... Click to see attachment 4,420 4,420 0 0
c Other professional fees (attach schedule)....        
17 Interest............... 1 1    
18 Taxes (attach schedule) (see instructions)... Click to see attachment 12,594 1,594    
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 1,337 1,337    
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 92,492 44,422 0 37,070
25 Contributions, gifts, grants paid....... 300,000 300,000
26 Total expenses and disbursements. Add lines 24 and 25 392,492 44,422 0 337,070
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -55,180
b Net investment income (if negative, enter -0-) 291,149
c Adjusted net income (if negative, enter -0-)...  
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2015)
Form 990-PF (2015)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............. 244,777 178,406 178,406
2 Savings and temporary cash investments.........      
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges..........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 3,333,730 Click to see attachment3,558,269 4,076,587
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 2,388,001 Click to see attachment2,198,621 2,139,800
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet) Click to see attachment0 Click to see attachment5,292 Click to see attachment5,292
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 5,966,508 5,940,588 6,400,085
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable..................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22).........   0
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted..................    
25 Temporarily restricted...............    
26 Permanently restricted...............    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds........ 5,875,745 5,905,005
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds 90,763 35,583
30 Total net assets or fund balances (see instructions)..... 5,966,508 5,940,588
31 Total liabilities and net assets/fund balances (see instructions). 5,966,508 5,940,588
Part III
Analysis of Changes in Net Assets or Fund Balances
1
Total net assets or fund balances at beginning of year—Part II, column (a), line 30 (must agree with end-of-year figure reported on prior year’s return) ...............
1
5,966,508
2
Enter amount from Part I, line 27a .....................
2
-55,180
3
Other increases not included in line 2 (itemize) bulletClick to see attachment
3
29,260
4
Add lines 1, 2, and 3 ..........................
4
5,940,588
5
Decreases not included in line 2 (itemize) bullet
5
 
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .
6
5,940,588
Form 990-PF (2015)
Form 990-PF (2015)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.) 		(b) How acquired
P—Purchase
D—Donation 		(c) Date acquired
(mo., day, yr.) 		(d) Date sold
(mo., day, yr.)
1 a BNY MELLON P 2015-05-29 2015-11-06
b BNY MELLON P 2013-10-10 2015-08-19
c CAPITAL GAIN DIVIDENDS P    
d
e
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a 880,749   888,280 -7,531
b 1,308,305   1,136,922 171,383
c       34,810
d
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l) Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i) F.M.V. as of 12/31/69 (j) Adjusted basis
as of 12/31/69 		(k) Excess of col. (i)
over col. (j), if any
a       -7,531
b       171,383
c        
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 209,653
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3  
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)
If section 4940(d)(2) applies, leave this part blank.
Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period?
If "Yes," the foundation does not qualify under section 4940(e). Do not complete this part.
1 Enter the appropriate amount in each column for each year; see instructions before making any entries.
(a)
Base period years Calendar
year (or tax year beginning in) 		(b)
Adjusted qualifying distributions 		(c)
Net value of noncharitable-use assets 		(d)
Distribution ratio
(col. (b) divided by col. (c))
2014 344,090 6,720,470 0.0512
2013 345,815 6,432,236 0.053763
2012 293,337 6,135,565 0.047809
2011 327,099 6,281,194 0.052076
2010 323,848 6,067,371 0.053375
2
Total of line 1, column (d) .....................
20.258223
3
Average distribution ratio for the 5-year base period—divide the total on line 2 by 5, or by
the number of years the foundation has been in existence if less than 5 years . . .
3
0.051645
4
Enter the net value of noncharitable-use assets for 2015 from Part X, line 5.....
4
6,706,609
5
Multiply line 4 by line 3......................
5
346,363
6
Enter 1% of net investment income (1% of Part I, line 27b)...........
6
2,911
7
Add lines 5 and 6........................
7
349,274
8
Enter qualifying distributions from Part XII, line 4.............
8
337,070
If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See the Part VI instructions.
Form 990-PF (2015)
Form 990-PF (2015)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see page 18 of the instructions)
1a Bullet and enter “N/A" on line 1. Bracket
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b 1 5,823
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2  
3 Add lines 1 and 2........................... 3 5,823
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 5,823
6 Credits/Payments:
a 2015 estimated tax payments and 2014 overpayment credited to 2015 6a 7,440
b Exempt foreign organizations—tax withheld at source...... 6b
c Tax paid with application for extension of time to file (Form 8868)... 6c  
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 7,440
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 8 29
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 1,588
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet1,588 RefundedBullet 11  
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see Instructions
for definition)?.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
    and Part XV..................................
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletPA
    b
    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2015 or the taxable year beginning in 2015 (see instructions for Part XIV)?
    If "Yes," complete Part XIV.............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
    and addresses. ...............................
    10
     
    No
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. (see instructions) .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement (see instructions).................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletN/A
    14
    The books are in care ofbulletBNY MELLON Telephone no.bullet (412) 234-9684

    Located atbulletONE MELLON CTR 151-3750PittsburghPA ZIP+4bullet15258
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.......bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16 At any time during calendar year 2015, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country?
    16   No
    See instructions for exceptions and filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). If "Yes", enter the name of the foreign country bullet  
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?......................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?...............
    (6) Agree to pay money or property to a government official? (Exception. Check "No"
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).......
    b
    If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance (see instructions)? ........
    1b
     
    No
    ........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2015?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2015, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2015?.............
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see instructions.) ..............
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?......................
    b
    If "Yes," did it have excess business holdings in 2015 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2015.)..................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2015?
    4b
     
    No
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required (Continued)
    5a
    During the year did the foundation pay or incur any amount to:
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?.............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 4945(d)(4)(A)? (see instructions)................
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?.....
    b
    If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance (see instructions)? ......
    5b
     
     
    .........bullet
    c
    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?..........
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?.....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 7
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation (see instructions).
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
    other allowances
    REBECCA BARCLAY HUMPHREY President
    1.0     		33,000    
    PO BOX 909
    GREENSBURG,PA15601
    2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
     
    Total number of other employees paid over $50,000...................bullet  
    3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    BNY Mellon Agent 41,140
    One Mellon Center 151-3750
    PITTSBURGH,PA15258
    Total number of others receiving over $50,000 for professional services.............bullet  
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1
     
    2  
    3  
    4  
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    2  
    All other program-related investments. See instructions.
    3  
    Total. Add lines 1 through 3.........................bullet  
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 8
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    6,244,679
    b
    Average of monthly cash balances.......................
    1b
    253,864
    c
    Fair market value of all other assets (see instructions)................
    1c
    310,197
    d
    Total (add lines 1a, b, and c).........................
    1d
    6,808,740
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
     
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    6,808,740
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    102,131
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    6,706,609
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    335,330
    Part XI
    Distributable Amount bullet
    1
    Minimum investment return from Part X, line 6....................
    1
    335,330
    2a
    Tax on investment income for 2015 from Part VI, line 5......
    2a
    5,823
    b
    Income tax for 2015. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    5,823
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    329,507
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4............................
    5
    329,507
    6
    Deduction from distributable amount (see instructions).................
    6
     
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...
    7
    329,507
    Part XII
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    337,070
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
    0
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
    0
    b
    Cash distribution test (attach the required schedule) .................
    3b
    0
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    337,070
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b (see instructions).................
    5
     
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    337,070
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2014     		(c)
    2014     		(d)
    2015
    1 Distributable amount for 2015 from Part XI, line 7 329,507
    2 Undistributed income, if any, as of the end of 2015:
    a Enter amount for 2014 only....... 0
    b Total for prior years:2013, 2012, 2011 0
    3 Excess distributions carryover, if any, to 2015:
    a From 2010...... 25,419
    b From 2011...... 17,761
    c From 2012...... 7,009
    d From 2013...... 31,949
    e From 2014...... 22,946
    fTotal of lines 3a through e........ 105,084
    4Qualifying distributions for 2015 from Part
    XII, line 4: bullet$ 337,070
    a Applied to 2014, but not more than line 2a 0
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		 
    c Treated as distributions out of corpus (Election
    required—see instructions)........     		 
    d Applied to 2015 distributable amount..... 329,507
    e Remaining amount distributed out of corpus 7,563
    5 Excess distributions carryover applied to 2015.    
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 112,647
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ..........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		 
    d Subtract line 6c from line 6b. Taxable amount
    —see instructions ...........     		0
    e Undistributed income for 2014. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2016. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2015 ..........     		0
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		 
    8Excess distributions carryover from 2010 not
    applied on line 5 or line 7 (see instructions) ...     		25,419
    9Excess distributions carryover to 2016.
    Subtract lines 7 and 8 from line 6a ......     		87,228
    10 Analysis of line 9:
    a Excess from 2011.... 17,761
    b Excess from 2012.... 7,009
    c Excess from 2013.... 31,949
    d Excess from 2014.... 22,946
    e Excess from 2015.... 7,563
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 10
    Part XIV
    Private Operating Foundations (see instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2015, enter the date of the ruling.......bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2015 (b) 2014 (c) 2013 (d) 2012
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ..........     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets" alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment" alternative test— enter 2/3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support" alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the organization had $5,000 or more in
    assets at any time during the year—see instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    NONE
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    NONE
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
    bThe form in which applications should be submitted and information and materials they should include:
    cAny submission deadlines:
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 11
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    Alaska Raptor Center
    1000 Raptor Way
    Sitka,AK99835     		    CHARITABLE CONTRIBUTION 5,000
    American Forests
    734 15th St NW
    Washington,DC20005     		    CHARITABLE CONTRIBTUION 10,000
    Bat Conservation International
    PO Box 162603
    Austin,TX78716     		    CHARITABLE CONTRIBUTION 15,000
    BEACON INSTITUTE
    199 Main St
    Beacon,NY12508     		    CHARITABLE CONTRIBUTION 5,000
    Audubon Society of Western PA
    614 Dorseyville Rd
    Pittsburgh,PA15238     		    CHARITABLE CONTRIBUTION 10,000
    CONSERVATION CONSULTANTS
    64 south 14th street
    Pittsburgh,PA15203     		    CHARITABLE CONTRIBUTION 5,000
    Cornell Lab of Ornithology
    159 Sapsucker Woods
    Ithaca,NY14850     		    CHARITABLE CONTRIBUTION 5,000
    Environmental Defense Fund
    1875 Connecticut Ave NW
    Washington,DC20009     		    CHARITABLE CONTRIBUTION 5,000
    Friends of Allegheny Wilderness
    220 Center Street
    Warren,PA16365     		    CHARITABLE CONTRIBUTION 5,000
    GALAPOGOS CONSERVANCY
    11150 Fairfax Blvd Suite 408
    Fairfax,VA22030     		    CHARITABLE CONTRIBUTION 10,000
    Gorilla Foundation
    PO Box 620530
    Woodside,CA94062     		    CHARITABLE CONTRIBUTION 7,000
    Green Building Alliance
    33 Terminal Way suite 331
    Pittsburgh,PA15219     		    Charitable Contribution 5,000
    GRIZZLY & WOLF DISCOVERY CENTER
    201 South Canyon
    West Yellowstone,MT59758     		    CHARITABLE CONTRIBUTION 5,000
    HAWK MOUNTAIN SANCTUARY
    1700 Hawk Mt
    Kempton,PA19529     		    CHARITABLE CONTRIBUTION 15,000
    International Crane Foundation
    E11376 Shady Lane
    Baraboo,WI53913     		    CHARITABLE CONTRIBUTION 10,000
    International Wolf Center
    1396 Minnesota 169
    Ely,NM55731     		    CHARITABLE CONTRIBUTION 5,000
    IZAAK WALTON LEAGUE OF AMERICA
    707 Conservation Lane
    Gaithersburg,MD20878     		    CHARITABLE CONTRIBUTION 5,000
    Jane Goodall Institute
    1595 Spring Hill Road Suite 550
    Vienna,VA22182     		    Charitable Contribution 5,000
    LOYALHANNA WATERSHED
    po box 561
    Ligonier,PA15658     		    Charitable Contribution 10,000
    Moss Landing Marine Laboratories
    8272 Moss Landing Road
    Moss Landing,CA95039     		    Charitable Contribution 5,000
    National Aviary
    700 Arch Street
    Pittsburgh,PA15219     		    Charitable Contribution 5,000
    NATIONAL RESOURCES DEFENSE COUNCIL
    40 West 20th Street
    New York,NY10011     		    Charitable Contribution 5,000
    Nature Conservancy
    4245 North Fairfax Drive Suite 100
    Arlington,VA22203     		    Charitable Contribution 10,000
    Ocean Conservancy
    1300 19th street NW 8th fl
    washington,DC20036     		    Charitable Contribution 13,000
    Oikonos
    po box 1918
    kailua,HI96734     		    Charitable Contribution 3,000
    Organic Consumers Association
    6771 South Silver Hill Drive
    Finland,MN55603     		    Charitable Contribution 5,000
    Pennsylvania Environmental Council
    2124 Penn Ave
    pittsburgh,PA15222     		    Charitable Contribution 5,000
    PITTSBURGH BOTANICAL GARDEN
    799 Pinkerton Run Road
    Oakdale,PA15071     		    Charitable Contribution 10,000
    POLAR BEARS INTERNATIONAL
    po box 3008
    Bozeman,MT59772     		    Charitable Contribution 10,000
    POPULATION -ENVIRONMENT BALANCE
    1629 K Street NW Suite 300
    Washington,DC20006     		    Charitable Contribution 15,000
    Regional Trail Corporation
    111 Collinsburg
    West Newton,PA15089     		    Charitable Contribution 3,000
    Ruffed Grouse Society
    451 Micormick Road
    Coraopolis,PA15108     		    Charitable Contribution 5,000
    Seacology
    1623 Solano Ave
    Berkeley,CA94707     		    Charitable Contribution 5,000
    Sierra Club
    85 2nd Street
    San Fancisco,CA94105     		    Charitable Contribution 5,000
    Snow Leopard Trust
    4649 Sunnyside Ave Suite 325
    Seattle,WA98103     		    Charitable Contribution 15,000
    Western Lands Project
    po box 95545
    Seattle,WA98145     		    Charitable Contribution 3,000
    Western Pennsylvania Conservancy
    800 Waterfront Drive
    Pittsburgh,PA15222     		    Charitable Contribution 10,000
    Wilderness Society
    1615 M St NW 2
    Washington,DC20036     		    Charitable Contribution 8,000
    XERCES SOCIETY
    628 NE Broadway Suite 200
    Portland,OR97232     		    Charitable Contribution 12,000
    Animal Rescue League
    6620 Hamilton Ave
    Pittsburgh,PA15206     		    Charitable Contribution 1,000
    Animal Friends
    562 Camp Horne Rd
    Pittsburgh,PA15237     		    Charitable Contribution 1,000
    Appalachian Trail Conservancy
    4 E 1st St
    Boiling Springs,PA17007     		    Charitable Contribution 3,000
    Beaver County Humane Society
    3394 Brodhead Road
    Center Township,PA15001     		    Charitable Contribution 1,000
    Total .................................bullet 3a 300,000
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 12
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3
    Interest on savings and temporary cash investments ...........     		    14 62  
    4 Dividends and interest from securities....     14 127,595  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6
    Net rental income or (loss) from personal property     		         
    7 Other investment income.....     14 2  
    8
    Gain or (loss) from sales of assets other than inventory ............     		    18 209,653  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: a
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e)..   337,312  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13337,312
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 13
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    Yes
    No
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.

    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........
    b
    If "Yes," complete the following schedule.

    (a) Name of organization (b) Type of organization (c) Description of relationship
    Sign Here
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    May the IRS discuss this return
    with the preparer shown below
    (see instr.)?
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's name SmallBullet
    		 Firm's EIN SmallBullet
    Firm's address SmallBullet


    		 Phone no.
    Form 990-PF (2015)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2015 AccountingFeesSchedule
    Name:
    The White Pine Fund
    EIN:
    26-3168334
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    ACCOUNTING FEES 4,420 4,420    

    Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

    TY 2015 DepreciationSchedule
    Name:
    The White Pine Fund
    EIN:
    26-3168334
    Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
    Life (# of years)    		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included

    TY 2015 InvestmentsCorpStockSchedule
    Name:
    The White Pine Fund
    EIN:
    26-3168334
    Name of Stock End of Year Book Value End of Year Fair Market Value
    ALLERGEN PLC 29,296 29,688
    ALLERGEN PLC 4,329 5,937
    ACCENTURE PLC 0 0
    AMC NETWORKS 4,909 5,974
    ABBVIE INC. ( ABBV ) 0 0
    ABBVIE INC. ( ABBY ) 11,955 10,663
    ACE LTD 5,504 5,842
    ACTAVIS PLC ( ACT ) 0 0
    ADOBE SYSTEMS INC (ADBE) 3,808 7,515
    AFLAC INC ( AFL ) 0 0
    AGILENT TECHNOLOGIES 32,677 33,030
    AKAMAI TECHNOLOGIES INC ( AKAM 0 0
    ALEXION PHARMACEUTICALS INC ( 6,406 8,393
    ALLSTATE CORP 0 0
    ALPHABET INC. 9,732 15,936
    ALPHABET INC. 9,739 16,338
    AMAZON.COM 31,954 37,174
    AMAZON.COM 12,115 20,953
    AMERICAN INTERNATIONAL GROUP 9,667 12,394
    AMERIPRISE FINANCIAL INC 844 4,682
    AMGEN INC. 0 0
    ANADARKO PETROLEUM CORP 3,207 1,506
    APPLE INC 33,004 41,262
    APPLIED MATERIALS INC 7,324 8,028
    ARCHER DANIELS MIDLAND CO 5,707 4,035
    AT&T INC. 21,354 21,334
    AVAGO TECHNOLOGIES 12,831 42,965
    AVAGO TECHNOLOGIES 7,057 7,403
    BANK OF AMERICA CORPORATION 37,696 40,560
    BERKSHIRE HATHAWAY 0 0
    BIOGEN IDEC INC. 5,383 7,352
    BLACKROCK INC. 5,085 5,448
    BOSTON SCIENTIFIC CORPORATION 6,284 6,454
    BRISTOL-MYERS SQUIBB COMPANY 15,830 17,885
    CAPITAL ONE FINANCIAL GROUP 39,264 38,977
    CAPITAL ONE FINANCIAL GROUP 8,446 7,940
    CARDINAL HEALTH INC. 8,981 11,605
    CARNIVAL CORP 4,069 5,448
    CATERPILLAR INC. 0 0
    CBS CORP. 5,116 4,242
    CELANESE CORP 0 0
    CELGENE CORP 30,624 33,892
    CENTENE CORP DEL 3,894 3,949
    CERNER CORP 5,317 4,814
    CF INDUSTRIES HOLDINGS INC. 13,424 10,611
    CINEMARK HOLDINGS INC 5,242 4,346
    CISCO SYSTEMS INC. 23,448 26,340
    CITIGROUP INC. 17,687 17,595
    CITRIX SYS INC. 7,676 7,565
    COCA COLA CO. 5,462 5,585
    COCA COLA ENTERPRISES INC. 0 0
    COGNIZANT TECHNLOGY SOLUTIONS 3,374 6,002
    COLGATE-PALMOTIVE COMPANY 0 0
    COMCAST CORP 49,280 50,787
    COMCAST CORP CL A 6,805 8,464
    CONAGRA INC. 9,868 11,383
    CONSTELLATION BRANDS INC-A 30,583 34,613
    COSTCO WHSL CORP NEW 0 0
    CUMMINS INC. 0 0
    CVS CAREMARK CORP. 2,505 4,302
    DANAHER CORP 2,649 9,102
    DELPHI AUTOMOTIVE PLC 2,800 4,286
    DELTA AIR LINES INC. 4,420 6,083
    DISCOVER FINANCIAL SERVICES 0 0
    DOLLAR GENERAL CORP 0 0
    DOVER CORP 0 0
    DOW CHEMICAL CO 10,316 11,840
    DOW CHEMICAL CO 33,806 36,551
    EATON CORP PLC 28,951 30,704
    EMC CORP MASS 0 0
    EOG RES INC. 14,695 15,503
    ESTEE LAUDER COMPANIES CLASS A 5,943 7,045
    EXELON CORP. 0 0
    EXPRESS SCRIPTS INC 7,754 7,867
    FACEBOOK INC. 6,458 19,990
    FACEBOOK INC. 46,195 59,656
    FEDERATED INVESTORS CL B 5,345 4,871
    FEDEX CORP. 3,931 6,407
    FLUOR CORP NEW 0 0
    FNFV GROUP 2,609 2,427
    FORTINET INC. 3,128 3,740
    GENERAL MOTORS CO.    
    GILEAD SCIENCES INC.    
    GOLDMAN SACHS GROUP INC.    
    GOOGLE INC.    
    GOOGLE INC.    
    HALLIBURTON CO. 24,494 26,041
    HANESBRANDS INC. 7,159 6,475
    HARLEY DAVIDSON INC.    
    HARTFORD FINANCIAL SERCICES GR 38,600 40,418
    HARTFORD FINANCIAL SERCICES GR 4,677 5,650
    HEWLETT PACKARD CO. 1,102 1,064
    HP INC. 1,866 1,658
    HOME DEPOT INC. 7,988 12,432
    HONEYWELL INTL INC. 30,996 30,864
    HONEYWELL INTL INC. 15,837 19,160
    ILLINOIS TOLL WKS INC 26,200 25,950
    ILLUMINA INC. 2,770 6,718
    INTERCONTINENTAL EXCHANGE 33,723 46,127
    INTERCONTINENTAL EXCHANGE 4,329 8,969
    INTERNATIONAL PAPER CO.    
    INTERPUBLIC GROUP COS. 13,630 15,598
    INTUIT 3,535 6,659
    INVESCO LIMITED 2,639 2,678
    INVESCO LIMITED 24,113 36,828
    JOHNSON & JOHNSON 59,258 61,632
    JOHNSON CONTROLS INC.    
    JP MORGAN CHASE & CO. 9,435 26,874
    KELLOGG CO 6,643 7,227
    KINDER MORGAN INC.    
    KOHLS CORP    
    LAM RESH CORP    
    LILLY ELI & CO. 6,324 7,583
    LINKEDIN CORP    
    LOWE'S COMPANIES INC. 34,134 33,458
    MACY'S INC.    
    MALLINCKRODT PLC    
    MARATHON PETROLEUM CORP 33,381 31,622
    MARSH & MCLENNAN COS INC.    
    MARTIN MARIETTA MATLS INC.    
    MCDONALDS CORPORATION 10,199 12,050
    MCKESSON CORPORATION    
    MEDTRONIC PLC 5,258 5,384
    MERCK & CO., INC. 4,536 6,550
    METLIFE INC.    
    MICHAEL KORS    
    MICROCHIP TECHNOLOGY INC. 6,206 6,516
    MICROSOFT CORP 29,105 36,617
    MOLSON COORS BREWING CO. 13,462 16,906
    MONDELEZ INTERNATIONAL 9,261 11,658
    MORGAN STANLEY 10,883 10,815
    THE MOSAIC COMPANY 4,914 2,759
    NIKE INC. CLASS B STOCK 3,643 8,375
    NORTHROP GRUMMAN CORP. 2,604 3,587
    NRG YIELD INC. 5,450 5,166
    OCCIDENTAL PETROLEUM CORP 26,963 25,219
    OMNICARE INC.    
    OMNICOM GROUP INC. 7,465 8,323
    ORACLE GROUP 20,953 17,534
    OWENS CORNING INC. 2,441 2,822
    PVH CORP    
    PACCAR INC.    
    PACKAGING CORP AMER 3,984 3,783
    PALO ALTO NETWORKS INC. 42,234 49,671
    PEPSICO INC. 28,370 41,966
    PEPSICO INC. 11,191 27,678
    PERRIGO CO.    
    PFIZER INC. 8,589 16,205
    PHILIP MORRIS INTERNATIONAL 35,058 36,922
    PHILIP MORRIS INTERNATIONAL 3,200 4,835
    PHILLIPS 66 8,612 9,816
    PNC FINANCIAL SERVICES GROUP 6,599 7,625
    PRAXAIR INC.    
    PRECISION CASTPARTS CORP    
    PRICELINE.COM INC. 6,538 8,925
    PRUDENTIAL FINANCIAL INC 12,049 12,211
    RAYTHEON CO. 17,547 20,797
    REGAL ENTMT GROUP    
    REGENERON PHARMACEUTICALS INC. 2,023 4,343
    REGIONS FINL CORP NEW    
    SALESFORCE.COM INC. 17,205 50,176
    SALESFORCE.COM INC. 7,370 10,192
    SANDISK CORP.    
    SCHLUMBERGER LTD 20,238 17,368
    SCHWAB CHARLES CORP NEW 8,076 8,562
    SERVICENOW, INC. 33,716 46,742
    SPLUNKD INC 2,765 2,352
    SOUTHWESTERN ENERGY CO.    
    STAPLES INC. 2,824 1,989
    SYNCHRONY FINANCIAL 5,925 5,778
    TD AMERITRADE HOLDING CORP 4,947 5,554
    TESLA MOTORS INC. 4,682 5,280
    TEXAS INSTRUMENTS INC. 6,641 10,414
    THE PROCTOR & GAMBLE COMPANY    
    THE WALT DISNEY COMPANY    
    3M CO 28,960 31,032
    TIME WARNER INC.    
    TIME WARNER INC. 2,855 2,587
    TJX COMPANIES INC. 7,131 7,091
    TWENTY-FIRST CENTURY FOX, INC.    
    TYCO INTERNATIONAL LTD.    
    ULTA SALON COSMETICS & FRAGRAN 4,175 8,140
    UNER ARMOUR INC.    
    UNITED TECHNOLOGIES CORP. 24,187 20,271
    UNITED HEALTH GROUP INC. 12,867 17,881
    US BANCORP.    
    VALERO ENERGY CORP NEW 15,671 38,183
    VERTEX PHARMACEUTICALS 5,875 7,927
    VIACOM INC CLASS B 7,428 4,528
    VISA INC. CLASS A 12,955 17,837
    VOYA FINANCIAL INC. 10,283 9,966
    VULCAN MATERIALS CO. 6,842 10,827
    WELLS FARGO & COMPANY 3,985 9,187
    WINDSTREAM HOLDINGS INC.    
    WORKDAY INC. 4,956 4,781
    YUM BRANDS INC. 36,951 33,603
    THE BNY MELLON MID CAP 239,024 351,404
    ISHARES TR 275,057 262,618
    DREYFUS OPPORTUNISTIC SMALL CA 111,485 123,575
    DREYFUS SELECT MANAGERS SMALL 65,000 88,441
    DREYFUS SELECT MANAGERS SMALL 111,222 116,808
    VODAFONE GROUP PLC 6,453 6,129
    BNY MELLON INTERNATIONAL FUND 165,585 186,111
    DREYFUS INTERNATIONAL SMALL CA 185,000 187,397
    DREYFUS/NEWTON INTL EQUITY 64,082 72,561
    DREYFUS INTL STOCK FUND 174,800 186,336
    DFA EMERGING MARKETS CORE EQUI 234,198 196,746
    VIRTUS EMERGING MARKETS OPPORT 81,120 73,459
    COMMUNICATIONS SALES & LEASING 9,801 6,728

    TY 2015 InvestmentsOtherSchedule2
    Name:
    The White Pine Fund
    EIN:
    26-3168334
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    ADVANTAGE DYNAMIC TOTAL RETURN AT COST 98,500 104,849
    ASG MANAGED FUTURES STRATEGY F AT COST 112,213 111,729
    BNY MELLON BOND FUND AT COST 1,039,751 1,023,142
    BNY MELLON CORPORATE BOND FUND AT COST 265,548 253,928
    BNY MELLON INTERMEDIATE BOND F AT COST 484,014 473,550
    DREYFUS HIGH YIELD FUND AT COST 125,145 112,747
    FUGIO VC FUND IV LP AT COST 73,450 59,855

    TY 2015 OtherAssetsSchedule
    Name:
    The White Pine Fund
    EIN:
    26-3168334
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    ACCRUED INCOME 0 5,292 5,292


    TY 2015 OtherExpensesSchedule
    Name:
    The White Pine Fund
    EIN:
    26-3168334
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FUGIO VC FUND IV, LP - DEDUCTI 1,337 1,337    


    TY 2015 OtherIncomeSchedule2
    Name:
    The White Pine Fund
    EIN:
    26-3168334
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    Fugio VC Fund IV, LP -1 -1  
    Fugio VC Fund IV, LP 3 3  


    TY 2015 OtherIncreasesSchedule
    Name:
    The White Pine Fund
    EIN:
    26-3168334
    Description Amount
    BOOK BALANCE ADJUSTMENT 29,260


    TY 2015 TaxesSchedule
    Name:
    The White Pine Fund
    EIN:
    26-3168334
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES WITHHELD 1,594 1,594    
    EXCISE TAX 11,000