Watershed Asset Management, L.L.C.

Q1 2014 13F Holdings Report, Stock Holdings

Signature - Title: Meridee A. Moore - Senior Managing Member
Location: San Francisco, CA
Holdings as of: March 31, 2014
Value $: $147M
Num holdings: 27
Date filed: 5/14/2014, 10:19 AM
Form type: 13F-HR
Description: All US holdings of this investor are reported in this report. Top holdings included T104PS, EACIQ, NTK, IPRA, and TROX.
Previous filing: Q4 2013 - Apr 8, 2014
Next filing: Q2 2014 - Aug 14, 2014
SEC: View on sec.gov
Options Holdings: Showing stock holdings, see here for options holdings

Sym	Weight	Trade Impact	Company	Class	Shares Change	Activity	Value Change $	Value $	* Price $	Shares	Principal

Filing 2014 Q1 compared to 2013 Q4 - Restatement by default.

Compare Q1 2014 to

* Reported Price is the price of the security as of the portfolio date. This value is significant in that it is the last known price at which the security was still held.
An asterisk sign (*) next to the price indicates that the price is likely invalid.

Person Signing this Report on Behalf of Reporting Manager:

Name	Title	City, State	Date
Meridee A. Moore	Senior Managing Member	San Francisco, California	5/13/2014

Other Included Managers (1):

Num	Name	Location	File Number
1	WS Partners, L.L.C.	San Francisco, CA	028-11473