UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE
OMB APPROVAL
OMB Number:3235-0006
Expires:July 31, 2015
Estimated average burden
hours per response:23.8
Report for the Calendar Year or Quarter Ended:
06-30-2023
Check here if Amendment: ☐ Amendment Number:
This Amendment (Check only one.):☐ is a restatement.
☐ adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:
Watershed Asset Management, L.L.C.
Address:
601 California Street, Suite 1701
San Francisco, CA 94108
Form 13F File Number:
028-11095

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.


Person Signing this Report on Behalf of Reporting Manager:
Name:
Meridee Moore
Title:
Senior Managing Member
Phone:
415-391-8900


Signature, Place, and Date of Signing:

/s/ Meridee Moore
                         [Signature]
San Francisco, CALIFORNIA
                 [City, State]
07-28-2023
                           [Date]
                          

Report Type (Check only one.):

☒ 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) 

☐ 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) 

☐ 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)


Form 13F Summary Page

Report Summary:

Number of Other Included Managers:
0
Form 13F Information table Entry Total:
116
Form 13F Information table Value Total:
80720958
          (thousands)

List of Other Included Managers:

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
[If there are no entries in this list, state "NONE" and omit the column headings and list entries.]

  
NONE


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number:3235-0006
Expires:July 31, 2015
Estimated average burden
hours per response:23.8
COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
AGCO CORPCOM001084102298,5862,272SHSOLE2,272 0 0
AMDOCS LTDSHSG02602103301,3943,049SHSOLE3,049 0 0
AMPHASTAR PHARMACEUTICALS INCOM03209R103265,9144,627SHSOLE4,627 0 0
ARHAUS INCCOM CL A04035M102344,02332,984SHSOLE32,984 0 0
ASSOCIATED BANC CORPCOM045487105222,40013,703SHSOLE13,703 0 0
AVIAT NETWORKS INCCOM NEW05366Y201286,7158,592SHSOLE8,592 0 0
AVNET INCCOM053807103315,5146,254SHSOLE6,254 0 0
BELDEN INCCOM077454106297,6633,112SHSOLE3,112 0 0
BENCHMARK ELECTRS INCCOM08160H101311,38112,055SHSOLE12,055 0 0
BLACKROCK CAP INVT CORPCOM092533108622,800189,878SHSOLE189,878 0 0
BLOOMIN BRANDS INCCOM094235108293,55810,917SHSOLE10,917 0 0
BUILD-A-BEAR WORKSHOP INCCOM120076104294,46113,747SHSOLE13,747 0 0
CAL MAINE FOODS INCCOM NEW128030202219,5104,878SHSOLE4,878 0 0
CAMBIUM NETWORKS CORPSHSG17766109276,30418,154SHSOLE18,154 0 0
CARS COM INCCOM14575E105289,70914,617SHSOLE14,617 0 0
CARTER BANKSHARES INCCOM NEW146103106244,37516,523SHSOLE16,523 0 0
THE CIGNA GROUPCOM125523100272,743972SHSOLE972 0 0
CINEMARK HLDGS INCCOM17243V102267,74616,227SHSOLE16,227 0 0
CISCO SYS INCCOM17275R102286,1745,531SHSOLE5,531 0 0
CITIZENS FINL GROUP INCCOM174610105211,5878,113SHSOLE8,113 0 0
CLEARFIELD INCCOM18482P103275,9565,828SHSOLE5,828 0 0
CLIMB GLOBAL SOLUTIONS INCCOM946760105294,1006,145SHSOLE6,145 0 0
COCA COLA CONS INCCOM191098102231,511364SHSOLE364 0 0
COLLEGIUM PHARMACEUTICAL INCCOM19459J104236,69111,014SHSOLE11,014 0 0
DANAHER CORPORATIONCOM2358511022,088,0008,700SHSOLE8,700 0 0
DEERE & COCOM2441991051,154,7922,850SHSOLE2,850 0 0
ELEVANCE HEALTH INCCOM036752103247,914558SHSOLE558 0 0
ENNIS INCCOM293389102266,14213,059SHSOLE13,059 0 0
ENSIGN GROUP INCCOM29358P101249,5322,614SHSOLE2,614 0 0
EPLUS INCCOM294268107288,8755,131SHSOLE5,131 0 0
EQT CORPCOM26884L1091,028,25025,000SHSOLE25,000 0 0
EQUITY COMWLTHCOM SH BEN INT2946281022,026,000100,000SHSOLE100,000 0 0
EURONET WORLDWIDE INCCOM298736109296,5942,527SHSOLE2,527 0 0
F5 INCCOM315616102273,0671,867SHSOLE1,867 0 0
FLEETCOR TECHNOLOGIES INCCOM339041105297,7811,186SHSOLE1,186 0 0
FLEX LTDORDY2573F102290,96610,527SHSOLE10,527 0 0
F N B CORPCOM302520101228,23919,951SHSOLE19,951 0 0
FORD MTR CO DELCOM345370860306,83620,280SHSOLE20,280 0 0
FOX CORPCL A COM35137L105282,3708,305SHSOLE8,305 0 0
FULTON FINL CORP PACOM360271100242,27420,325SHSOLE20,325 0 0
GENERAL MTRS COCOM37045V100302,1187,835SHSOLE7,835 0 0
GMS INCCOM36251C103276,8004,000SHSOLE4,000 0 0
H & E EQUIPMENT SERVICES INCCOM404030108284,7026,223SHSOLE6,223 0 0
HANMI FINL CORPCOM NEW410495204207,36313,889SHSOLE13,889 0 0
HARMONY BIOSCIENCES HLDGS INCOM413197104235,1756,683SHSOLE6,683 0 0
HCA HEALTHCARE INCCOM40412C101263,724869SHSOLE869 0 0
HEWLETT PACKARD ENTERPRISE CCOM42824C109297,67917,719SHSOLE17,719 0 0
HUMANA INCCOM444859102239,215535SHSOLE535 0 0
INGREDION INCCOM457187102241,0362,275SHSOLE2,275 0 0
INTERNATIONAL MNY EXPRESS INCOM46005L101292,96211,943SHSOLE11,943 0 0
IRONWOOD PHARMACEUTICALS INCCOM CL A46333X108245,86923,108SHSOLE23,108 0 0
ISHARES TRMSCI INDIA ETF46429B5984,370,000100,000SHSOLE100,000 0 0
ISHARES TRMSCI PHILIPS ETF46429B408781,20030,000SHSOLE30,000 0 0
JABIL INCCOM466313103303,3912,811SHSOLE2,811 0 0
JUNIPER NETWORKS INCCOM48203R104283,6939,055SHSOLE9,055 0 0
KIMBALL ELECTRONICS INCCOM49428J109307,24611,120SHSOLE11,120 0 0
KLA CORPCOM NEW482480100293,922606SHSOLE606 0 0
KROGER COCOM501044101247,8785,274SHSOLE5,274 0 0
LA Z BOY INCCOM505336107265,0359,254SHSOLE9,254 0 0
LOEWS CORPCOM540424108245,2994,131SHSOLE4,131 0 0
M/I HOMES INCCOM55305B101328,4453,767SHSOLE3,767 0 0
MARCUS CORP DELCOM566330106262,12017,675SHSOLE17,675 0 0
MASTERCARD INCORPORATEDCL A57636Q1043,160,1668,035SHSOLE8,035 0 0
MERCADOLIBRE INCCOM58733R1021,374,1361,160SHSOLE1,160 0 0
META PLATFORMS INCCL A30303M102304,7731,062SHSOLE1,062 0 0
MGM RESORTS INTERNATIONALCOM552953101222,2355,060SHSOLE5,060 0 0
MICROCHIP TECHNOLOGY INC.COM595017104297,5283,321SHSOLE3,321 0 0
MICROSOFT CORPCOM5949181042,826,4828,300SHSOLE8,300 0 0
MOLINA HEALTHCARE INCCOM60855R100251,837836SHSOLE836 0 0
NETSCOUT SYS INCCOM64115T104285,7309,232SHSOLE9,232 0 0
NORTHWEST NAT HLDG COCOM66765N105255,7175,940SHSOLE5,940 0 0
OCEANFIRST FINL CORPCOM675234108233,91014,975SHSOLE14,975 0 0
OGE ENERGY CORPCOM670837103250,7956,984SHSOLE6,984 0 0
OLD NATL BANCORP INDCOM680033107242,19417,374SHSOLE17,374 0 0
OMNICOM GROUP INCCOM681919106276,2202,903SHSOLE2,903 0 0
PACCAR INCCOM693718108299,9693,586SHSOLE3,586 0 0
PAYPAL HLDGS INCCOM70450Y103292,9454,390SHSOLE4,390 0 0
PERDOCEO ED CORPCOM71363P106276,75022,555SHSOLE22,555 0 0
PLEXUS CORPCOM729132100285,2892,904SHSOLE2,904 0 0
PRESTIGE CONSMR HEALTHCARE ICOM74112D101236,4133,978SHSOLE3,978 0 0
PULTE GROUP INCCOM745867101297,8253,834SHSOLE3,834 0 0
RAYONIER INCCOM7549071032,417,80077,000SHSOLE77,000 0 0
RENASANT CORPCOM75970E107216,2788,277SHSOLE8,277 0 0
REPLIGEN CORPCOM759916109990,2207,000SHSOLE7,000 0 0
RICHARDSON ELECTRS LTDCOM763165107201,35012,203SHSOLE12,203 0 0
SANMINA CORPORATIONCOM801056102310,5715,153SHSOLE5,153 0 0
SEABOARD CORP DELCOM811543107242,12968SHSOLE68 0 0
SEMLER SCIENTIFIC INCCOM81684M104244,3479,312SHSOLE9,312 0 0
SHUTTERSTOCK INCCOM825690100241,6954,966SHSOLE4,966 0 0
SITIME CORPCOM82982T106908,3697,700SHSOLE7,700 0 0
SPDR S&P 500 ETF TRTR UNIT78462F1036,164,25213,906SHSOLE13,906 0 0
SPROUTS FMRS MKT INCCOM85208M102265,5217,229SHSOLE7,229 0 0
SURGERY PARTNERS INCCOM86881A100275,5646,125SHSOLE6,125 0 0
TARGET HOSPITALITY CORPCOM87615L107262,93819,593SHSOLE19,593 0 0
TITAN INTL INC ILLCOM88830M102272,65023,750SHSOLE23,750 0 0
TRIPADVISOR INCCOM896945201283,13317,170SHSOLE17,170 0 0
UNITED AIRLS HLDGS INCCOM910047109299,3165,455SHSOLE5,455 0 0
UNITED RENTALS INCCOM911363109315,767709SHSOLE709 0 0
UNITED THERAPEUTICS CORP DELCOM91307C102247,6821,122SHSOLE1,122 0 0
UNITIL CORPCOM913259107230,1224,538SHSOLE4,538 0 0
UNIVERSAL HLTH SVCS INCCL B913903100262,5291,664SHSOLE1,664 0 0
UNUM GROUPCOM91529Y106240,0745,033SHSOLE5,033 0 0
UTAH MED PRODS INCCOM917488108234,3982,515SHSOLE2,515 0 0
VALLEY NATL BANCORPCOM919794107201,69426,025SHSOLE26,025 0 0
VANGUARD INTL EQUITY INDEX FALLWRLD EX US92204277518,771,450345,000SHSOLE345,000 0 0
VANGUARD INTL EQUITY INDEX FFTSE EMR MKT ETF9220428582,725,56067,000SHSOLE67,000 0 0
VECTOR GROUP LTDCOM92240M108242,71118,947SHSOLE18,947 0 0
VERITEX HLDGS INCCOM923451108221,16712,335SHSOLE12,335 0 0
VISA INCCOM CL A92826C8392,828,38711,910SHSOLE11,910 0 0
VISHAY INTERTECHNOLOGY INCCOM928298108318,02010,817SHSOLE10,817 0 0
VISHAY PRECISION GROUP INCCOM92835K103294,4517,926SHSOLE7,926 0 0
WABASH NATL CORPCOM929566107264,50210,316SHSOLE10,316 0 0
WEIS MKTS INCCOM948849104245,8603,829SHSOLE3,829 0 0
WESBANCO INCCOM950810101229,7738,972SHSOLE8,972 0 0
WESTERN NEW ENG BANCORP INCCOM958892101184,94731,669SHSOLE31,669 0 0
YELP INCCL A985817105291,4988,006SHSOLE8,006 0 0