Schedule 13G

SC 13G 1 uplandsoftware.htm UPLAND SOFTWARE 13G Schedule 13G

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

SCHEDULE 13G

Under the Securities Exchange Act of 1934
(Amendment No. ________)*

Upland Software, Inc.

(Name of Issuer)

Common stock, par value $0.0001 per share

(Title of Class of Securities)

91544A109

(CUSIP Number)

James Bennett, Chief Risk & Compliance Officer, Marathon Asset Management Limited, Orion House, 5 Upper St. Martin’s Lane, London, Phone: 442074972211

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

31st December 2021

(Date of Event which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
[X] Rule 13d-1(b)
¨ Rule 13d-1(c)
¨ Rule 13d-1(d)

^* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).


CUSIP No. 91544A109	13G	Page 2 of 3 Pages


1.		NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Marathon Asset Management Limited; IRS No: 00-000000
2.		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (see instructions) (a) ¨ (b) [ ]
3.		SEC USE ONLY
4.		CITIZENSHIP OR PLACE OF ORGANIZATION United Kingdom


NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	5.	SOLE VOTING POWER 2,708,760
	6.	SHARED VOTING POWER 00,000
	7.	SOLE DISPOSITIVE POWER 2,811,151
	8.	SHARED DISPOSITIVE POWER 00,000


9.		AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,811,151
10.		CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (see instructions) ¨
11.		PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.2% - the amount beneficially owned by the Reporting Person is determined based on total shares in issuance by the Issuer of 30,526,597 common shares. Some clients have retained voting power.
12.		TYPE OF REPORTING PERSON (see instructions) IA


CUSIP No. 91544A109	13G	Page 2 of 3 Pages

Item 1.

	(a)	Name of Issuer Upland Software, Inc.

	(b)	Address of Issuer’s Principal Executive Offices 401 Congress Avenue, Suite 1850, Austin, Texas 78701, USA

Item 2.

	(a)	Name of Person Filing Marathon Asset Management Limited

	(b)	Address of the Principal Office or, if none, residence Orion House, 5 Upper St. Martin’s Lane, London, WC2H 9EA, UK

	(c)	Citizenship United Kingdom

	(d)	Title of Class of Securities Common shares

	(e)	CUSIP Number 91544A109

Item 3. If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

(a)	¨	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b)	¨	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c)	¨	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d)	¨	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e)	[x]	An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E);

(f)	¨	An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F);

(g)	¨	A parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G);

(h)	¨	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i)	¨	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j)	¨	Group, in accordance with §240.13d-1(b)(1)(ii)(J).

Item 4. Ownership.

Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.


(a)	Amount beneficially owned: 2,811,151

(b)	Percent of class: 9.2% - the amount beneficially owned by the Reporting Person is determined based on total shares in issuance by the Issuer of 30,526,597 common shares. Note some clients retain voting power.

(c)	Number of shares as to which the person has:

	(i)	Sole power to vote or to direct the vote 2,708,760.

	(ii)	Shared power to vote or to direct the vote 0

	(iii)	Sole power to dispose or to direct the disposition of 2,811,151

	(iv)	Shared power to dispose or to direct the disposition of 0

Instruction. For computations regarding securities which represent a right to acquire an underlying security see §240.13d-3(d)(1).

Item 5. Ownership of Five Percent or Less of a Class.

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following ¨.

Instruction. Dissolution of a group requires a response to this item.

Item 6. Ownership of More than Five Percent on Behalf of Another Person.

Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company.

Item 8. Identification and Classification of Members of the Group.

Item 9. Notice of Dissolution of Group.

Item 10. Certification.


	(a)		The following certification shall be included if the statement is filed pursuant to §240.13d-1(b):

			By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.


CUSIP No. 91544A109	13G	Page 2 of 3 Pages

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

01/28/2022

Date

James Bennett

Signature

James Bennett, Chief Risk & Compliance Officer

Name/Title

SEC Form SC 13G filed by Upland Software Inc.