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:
09-30-2022
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]
11-14-2022
                           [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:
120
Form 13F Information table Value Total:
76651
          (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
ABBVIE INCCOM00287Y1092171,615SHSOLE1,615 0 0
AMAZON COM INCCOM0231351062,59923,000SHSOLE23,000 0 0
AMERICAN INTL GROUP INCCOM NEW0268747842144,504SHSOLE4,504 0 0
AMERISOURCEBERGEN CORPCOM03073E1052241,654SHSOLE1,654 0 0
AMKOR TECHNOLOGY INCCOM03165210023413,741SHSOLE13,741 0 0
AMN HEALTHCARE SVCS INCCOM0017441012352,218SHSOLE2,218 0 0
ANDERSONS INCCOM0341641032307,409SHSOLE7,409 0 0
ARCBEST CORPCOM03937C1052323,192SHSOLE3,192 0 0
ARROW ELECTRS INCCOM0427351002232,418SHSOLE2,418 0 0
ATKORE INCCOM0476491082513,221SHSOLE3,221 0 0
ATLASSIAN CORP PLCCL AG062421041,3276,300SHSOLE6,300 0 0
AVIAT NETWORKS INCCOM NEW05366Y2012117,722SHSOLE7,722 0 0
AVNET INCCOM0538071032186,036SHSOLE6,036 0 0
BENCHMARK ELECTRS INCCOM08160H1012369,541SHSOLE9,541 0 0
BLACKROCK CAP INVT CORPCOM092533108644189,878SHSOLE189,878 0 0
BOOKING HOLDINGS INCCOM09857L1081,9061,160SHSOLE1,160 0 0
BRISTOL-MYERS SQUIBB COCOM1101221082463,465SHSOLE3,465 0 0
CARTER BANKSHARES INCCOM NEW14610310621913,633SHSOLE13,633 0 0
CASS INFORMATION SYS INCCOM14808P1092246,469SHSOLE6,469 0 0
CENTURY CMNTYS INCCOM1565043002355,500SHSOLE5,500 0 0
CHARTER COMMUNICATIONS INC NCL A16119P108217715SHSOLE715 0 0
CHICOS FAS INCCOM16861510219039,193SHSOLE39,193 0 0
CIGNA CORP NEWCOM125523100224809SHSOLE809 0 0
CITIGROUP INCCOM NEW1729674242165,176SHSOLE5,176 0 0
CNO FINL GROUP INCCOM12621E10323913,283SHSOLE13,283 0 0
COCA COLA CONS INCCOM191098102234568SHSOLE568 0 0
COGNIZANT TECHNOLOGY SOLUTIOCL A1924461022133,712SHSOLE3,712 0 0
CROSS CTRY HEALTHCARE INCCOM2274831042428,529SHSOLE8,529 0 0
DELL TECHNOLOGIES INCCL C24703L2022055,991SHSOLE5,991 0 0
DIODES INCCOM2545431012173,337SHSOLE3,337 0 0
DYNAVAX TECHNOLOGIES CORPCOM NEW26815820122821,801SHSOLE21,801 0 0
EAGLE BULK SHIPPING INCCOMY2187A1502165,002SHSOLE5,002 0 0
EAGLE PHARMACEUTICALS INCCOM2697961082087,870SHSOLE7,870 0 0
EBIX INCCOM NEW27871520622812,044SHSOLE12,044 0 0
ELEVANCE HEALTH INCCOM036752103244538SHSOLE538 0 0
ENCORE WIRE CORPCOM2925621052291,983SHSOLE1,983 0 0
ENSIGN GROUP INCCOM29358P1012242,812SHSOLE2,812 0 0
EQUITY COMWLTHCOM SH BEN INT29462810273130,000SHSOLE30,000 0 0
ETHAN ALLEN INTERIORS INCCOM29760210423010,893SHSOLE10,893 0 0
SCRIPPS E W CO OHIOCL A NEW81105440211510,176SHSOLE10,176 0 0
FIRST INTERNET BANCORPCOM3205571012226,571SHSOLE6,571 0 0
FORD MTR CO DELCOM34537086020318,093SHSOLE18,093 0 0
FOX CORPCL A COM35137L1052447,939SHSOLE7,939 0 0
GRAY TELEVISION INCCOM389375106775,408SHSOLE5,408 0 0
HANMI FINL CORPCOM NEW41049520424010,144SHSOLE10,144 0 0
HEIDRICK & STRUGGLES INTL INCOM4228191022308,863SHSOLE8,863 0 0
HEWLETT PACKARD ENTERPRISE CCOM42824C10922618,901SHSOLE18,901 0 0
HOPE BANCORP INCCOM43940T10922617,855SHSOLE17,855 0 0
IHEARTMEDIA INCCOM CL A45174J509658,920SHSOLE8,920 0 0
INNOVIVA INCCOM45781M10123420,135SHSOLE20,135 0 0
INSIGHT ENTERPRISES INCCOM45765U1032352,851SHSOLE2,851 0 0
INSTEEL INDS INCCOM45774W1082348,824SHSOLE8,824 0 0
INTERNATIONAL MNY EXPRESS INCOM46005L1012249,808SHSOLE9,808 0 0
ISHARES TR7-10 YR TRSY BD4642874403,95541,200SHSOLE41,200 0 0
ISHARES TRMSCI EAFE ETF4642874659,298166,000SHSOLE166,000 0 0
ISHARES TREAFE VALUE ETF4642888773,853100,000SHSOLE100,000 0 0
ISHARES TRMSCI EMG MKT ETF4642872346,557188,000SHSOLE188,000 0 0
ISHARES INCMSCI EMRG CHN46434G7642,12548,000SHSOLE48,000 0 0
ISHARES TRRUSSELL 2000 ETF4642876554,96430,100SHSOLE30,100 0 0
JABIL INCCOM4663131032414,172SHSOLE4,172 0 0
JAKKS PAC INCCOM NEW47012E40320810,755SHSOLE10,755 0 0
KROGER COCOM5010441012225,068SHSOLE5,068 0 0
LA Z BOY INCCOM5053361072219,785SHSOLE9,785 0 0
LCI INDSCOM50189K1032372,331SHSOLE2,331 0 0
M/I HOMES INCCOM55305B1012446,723SHSOLE6,723 0 0
MARCUS CORP DELCOM56633010623516,931SHSOLE16,931 0 0
MASTERCARD INCORPORATEDCL A57636Q1043,09210,875SHSOLE10,875 0 0
MASTERCRAFT BOAT HLDGS INCCOM57637H10323612,535SHSOLE12,535 0 0
MATSON INCCOM57686G1052273,685SHSOLE3,685 0 0
PEDIATRIX MEDICAL GROUP INCCOM58502B10623514,221SHSOLE14,221 0 0
MERCADOLIBRE INCCOM58733R1021,6351,975SHSOLE1,975 0 0
MERITAGE HOMES CORPCOM59001A1022523,590SHSOLE3,590 0 0
MICROSOFT CORPCOM5949181042,69011,550SHSOLE11,550 0 0
MIDLAND STATES BANCORP INCCOM5977421052339,870SHSOLE9,870 0 0
MOLINA HEALTHCARE INCCOM60855R100244739SHSOLE739 0 0
MUELLER INDS INCCOM6247561022394,014SHSOLE4,014 0 0
NATIONAL FUEL GAS COCOM6361801012413,914SHSOLE3,914 0 0
NEW YORK CMNTY BANCORP INCCOM64944510320724,242SHSOLE24,242 0 0
NEWS CORP NEWCL A65249B10923015,193SHSOLE15,193 0 0
NEXSTAR MEDIA GROUP INCCOMMON STOCK65336K1032361,412SHSOLE1,412 0 0
OCWEN FINL CORPCOM NEW6757466062038,704SHSOLE8,704 0 0
OLD NATL BANCORP INDCOM68003310724014,569SHSOLE14,569 0 0
OMNICOM GROUP INCCOM6819191062333,690SHSOLE3,690 0 0
OTTER TAIL CORPCOM6896481032474,022SHSOLE4,022 0 0
PC CONNECTION INCCOM69318J1002485,502SHSOLE5,502 0 0
PHOTRONICS INCCOM71940510221614,793SHSOLE14,793 0 0
PILGRIMS PRIDE CORPCOM72147K10824010,433SHSOLE10,433 0 0
PORTLAND GEN ELEC COCOM NEW7365088472365,419SHSOLE5,419 0 0
PULTE GROUP INCCOM7458671012446,504SHSOLE6,504 0 0
QUALCOMM INCCOM7475251032261,996SHSOLE1,996 0 0
QUIDELORTHO CORPCOM2197981052132,984SHSOLE2,984 0 0
RAYONIER INCCOM7549071032,30877,000SHSOLE77,000 0 0
RBB BANCORPCOM74930B10521910,556SHSOLE10,556 0 0
REINSURANCE GRP OF AMERICA ICOM NEW7593516042261,798SHSOLE1,798 0 0
RICHARDSON ELECTRS LTDCOM76316510723815,781SHSOLE15,781 0 0
RIMINI STR INC DELCOM76674Q10721946,912SHSOLE46,912 0 0
SANMINA CORPORATIONCOM8010561022234,830SHSOLE4,830 0 0
SCANSOURCE INCCOM8060371072368,943SHSOLE8,943 0 0
SEABOARD CORP DELCOM81154310724572SHSOLE72 0 0
SMART GLOBAL HLDGS INCSHSG8232Y10122414,112SHSOLE14,112 0 0
SNOWFLAKE INCCL A8334451098795,170SHSOLE5,170 0 0
SUPER MICRO COMPUTER INCCOM86800U1042254,077SHSOLE4,077 0 0
TEGNA INCCOM87901J10523811,512SHSOLE11,512 0 0
TOWNSQUARE MEDIA INCCL A8922311019613,276SHSOLE13,276 0 0
TTM TECHNOLOGIES INCCOM87305R10922417,005SHSOLE17,005 0 0
TYSON FOODS INCCL A9024941032093,176SHSOLE3,176 0 0
ULTRA CLEAN HLDGS INCCOM90385V1072228,612SHSOLE8,612 0 0
UNUM GROUPCOM91529Y1062225,710SHSOLE5,710 0 0
UTAH MED PRODS INCCOM9174881082432,850SHSOLE2,850 0 0
VANGUARD INTL EQUITY INDEX FFTSE EUROPE ETF9220428742,03144,000SHSOLE44,000 0 0
VISA INCCOM CL A92826C8392,69115,150SHSOLE15,150 0 0
VISHAY INTERTECHNOLOGY INCCOM92829810822812,826SHSOLE12,826 0 0
VISHAY PRECISION GROUP INCCOM92835K1032026,817SHSOLE6,817 0 0
VONTIER CORPORATIONCOM92888110120412,229SHSOLE12,229 0 0
WEIS MKTS INCCOM9488491042333,268SHSOLE3,268 0 0
WESTERN NEW ENG BANCORP INCCOM95889210122928,176SHSOLE28,176 0 0
WEX INCCOM96208T1042251,774SHSOLE1,774 0 0
WINNEBAGO INDS INCCOM9746371002314,337SHSOLE4,337 0 0
YETI HLDGS INCCOM98585X10492732,500SHSOLE32,500 0 0
ZYNEX INCCOM98986M10321623,864SHSOLE23,864 0 0