Watershed Asset Management, L.L.C.

Q3 2015 13F Holdings Report, Stock Holdings

Signature - Title: Meridee A. Moore - Senior Managing Member
Location: San Francisco, CA
Holdings as of: September 30, 2015
Value $: $70.9M
Num holdings: 16
Date filed: 11/13/2015, 10:36 AM
Form type: 13F-HR
Description: All US holdings of this investor are reported in this report. Top holdings included ALLY, ACAS, VER, ISCA, and NTK.
Previous filing: Q2 2015 - Aug 13, 2015
Next filing: Q4 2015 - Feb 5, 2016
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
	21.9%	+1.05%	Uti Worldwide Inc	NOTE 4.500% 3/0	+1M	+5.05%	+$746K	$15.5M	0.75		$20.8M
ALLY	11.5%	+0.76%	Ally Finl Inc	COM	+26.3K	+7.06%	+$536K	$8.13M	20.38	399K
ACAS	11.4%	+0.19%	American Cap Ltd	COM	+11.1K	+1.7%	+$136K	$8.12M	12.16	667K
VER	8.53%	+8.53%	Vereit Inc	COM	+784K	NEW	+$6.05M	$6.05M	7.72	784K
	8.16%	-2.41%	Horsehead Hldg Corp	NOTE 3.800% 7/0	-2.8M	-22.8%	-$1.71M	$5.79M	0.61		$9.5M
	7.44%	+1.03%	Ascent Cap Group Inc	NOTE 4.000% 7/1	+1M	+16.1%	+$732K	$5.28M	0.73		$7.21M
ISCA	7.21%	+0.67%	International Speedway Corp	CL A	+15K	+10.3%	+$476K	$5.12M	31.72	161K
NTK	6.19%	-1.18%	Nortek Inc	COM NEW	-13.2K	-16%	-$836K	$4.39M	63.31	69.3K
LPLA	5.86%	-2.18%	Lpl Finl Hldgs Inc	COM	-38.9K	-27.1%	-$1.55M	$4.15M	39.77	104K
HAL	3.89%	+3.89%	Halliburton Co	COM	+78K	NEW	+$2.76M	$2.76M	35.35	78K
OUT	3.55%	+0.92%	Outfront Media Inc	COM	+31.5K	+35.1%	+$655K	$2.52M	20.80	121K
EXH	1.85%	-2.72%	Exterran Hldgs Inc	COM	-107K	-59.5%	-$1.93M	$1.31M	18.00	72.8K
CMLS	1.25%	+0.02%	Cumulus Media Inc	CL A	+20.5K	+1.66%	+$14.4K	$884K	0.70	1.26M
ARCC	1.02%	+1.02%	Ares Cap Corp	COM	+50K	NEW	+$724K	$724K	14.48	50K
CUBI	0.17%	-9.26%	Customers Bancorp Inc	COM	-255K	-98.1%	-$6.57M	$124K	25.77	4.81K
EACIQ	0.06%	-0.96%	Erickson Inc	COM	-216K	-94.1%	-$680K	$43K	3.14	13.7K
T104PS		-6.42%	American Rlty Cap Pptys Inc	COM	-967K	-100%	-$7.86M	$0		0
		-5.39%	Cobalt Intl Energy Inc	NOTE 3.125% 5/1	-9M	-100%	-$6.6M	$0			$0
GRA		-5.38%	Grace W R & Co Del New	COM	-65.7K	-100%	-$6.59M	$0		0
ZINCQ		-3.5%	Horsehead Hldg Corp	COM	-366K	-100%	-$4.29M	$0		0
PGEM		-2.9%	Ply Gem Hldgs Inc	COM	-301K	-100%	-$3.55M	$0		0

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* 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	11/12/2015

Other Included Managers (1):

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