Instuitional Investor - Stonepine Asset Management Inc.

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Microsoft Corp	MSFT	2,242,074	$945,034,191	8.85%
2.	Alphabet Inc.	GOOGL	4,926,734	$932,630,746	8.73%
3.	Taiwan Semiconductor Mfg Co Ltd	TSM	4,641,798	$916,708,687	8.59%
4.	Moodys Corp	MCO	1,537,331	$727,726,375	6.81%
5.	Autozone Inc	AZO	213,575	$683,867,150	6.4%