SC 13G/A: Schedule filed to report acquisition of beneficial ownership of 5% or more of a class of equity securities by passive investors and certain institutions

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

SCHEDULE 13G/A

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

Visualant Incorporated
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(Name of Issuer)

Common Stock
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(Title of Class of Securities)

928449107
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(CUSIP Number)

December 31, 2013
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(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)


CUSIP NO.

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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON

Marathon Capital Management, LLC
203954582
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2 CHECK APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
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3 SEC USE ONLY

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4 CITIZENSHIP OR PLACE OF ORGANIZATION

Maryland
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5 SOLE VOTING POWER

7,937,000
NUMBER OF --------------------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENFICIALLY
OWNED BY na
EACH --------------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON
WITH 9,432,000
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8 SHARED DISPOSITIVE POWER

na
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9 AGGREGATE AMOUNT BENFICIALLY OWNED BY EACH REPORTING PERSON

9,432,000
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES CERTAIN SHARES |_|

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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.7%
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12 TYPE OF REPORTING PERSON

IA
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Item 1.

a) Name of Issuer: Visualant Incorporated
b) Address: 500 Union Street, Suite 420
Seattle, WA 98101
Item 2.
a) Name of Filer: Marathon Capital Management, LLC


b) Address of Filer: 4 North Park Drive, Suite 106
Hunt Valley, MD 21030

c) Citizenship: Maryland

d) Title of Class of Securities: Common Stock

e) CUSIP Number: 928449107

Item 3. Item 3. If this statement is filed pursuant to Rule 13d-1(b), or
13d-2(b), check whether the person filing is a:

(a) |_| Broker or Dealer registered under Section 15 of the Act
(b) |_| Bank as defined in section 3 (a) (6) of the Act
(c) |_| Insurance Company as defined in section 3 (a) (6) of the Act
(d) |_| Investment Company registered under section 8 of the
Investment Company Act
(e) |X| Investment Adviser registered under section 203 of the
Investment Advisers act of 1940
(f) |_| Employee Benefit Plan, Pension Fund which is subject to the
provisions of the Employee Retirement Income Security Act of
1974 or Endowment Fund; see 240.13d-1 (b) (1) (ii) (F)
(g) |_| Parent Holding Company, in accordance with 240.13d-1 (b) (ii)
(G) (Note: See Item 7)
(h) |_| Group, in accordance with 240.13d-1(b) (1) (ii) (H)

Item 4. Ownership

a) Amount beneficially owned: 9,432,000
b) Percent of Class: 5.7%
c) Number of shares:

(i) Sole voting power -- 7,937,000
(ii) Shared voting power -- na
(iii) Sole disposal power -- 9,432,000
(iv) Shared disposal power - na


Item 5. Less than 5% beneficial ownership
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 [ ].

Item 6. More than 5% on behalf of another na

Item 7. Subsidiary na

Item 8. If group na

Item 9. Notice of Dissolution na

Item 10. Certification

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

SIGNATURE

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.


Date January 23,2014



By: /s/, James G. Kennedy, President
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Name, Title