<SEC-DOCUMENT>0001277779-12-000001.txt : 20120214
<SEC-HEADER>0001277779-12-000001.hdr.sgml : 20120214
<ACCEPTANCE-DATETIME>20120214102941
ACCESSION NUMBER:		0001277779-12-000001
CONFORMED SUBMISSION TYPE:	SC 13G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20120214
DATE AS OF CHANGE:		20120214

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Market Leader, Inc.
		CENTRAL INDEX KEY:			0001298978
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-ADVERTISING [7310]
		IRS NUMBER:				911982679
		STATE OF INCORPORATION:			WA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-80332
		FILM NUMBER:		12603663

	BUSINESS ADDRESS:	
		STREET 1:		11332 N.E. 122ND WAY
		STREET 2:		SUITE 200
		CITY:			KIRKLAND
		STATE:			WA
		ZIP:			98034
		BUSINESS PHONE:		(425) 952-5615

	MAIL ADDRESS:	
		STREET 1:		11332 N.E. 122ND WAY
		STREET 2:		SUITE 200
		CITY:			KIRKLAND
		STATE:			WA
		ZIP:			98034

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HouseValues, Inc.
		DATE OF NAME CHANGE:	20040728

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CONTINENTAL ADVISORS LLC
		CENTRAL INDEX KEY:			0001277779
		IRS NUMBER:				364290779
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G

	BUSINESS ADDRESS:	
		STREET 1:		227 WEST MONROE STREET
		STREET 2:		SUITE 5050
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3123773777

	MAIL ADDRESS:	
		STREET 1:		227 WEST MONROE STREET
		STREET 2:		SUITE 5050
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G
<SEQUENCE>1
<FILENAME>ledr120214.txt
<DESCRIPTION>2011 SC 13G
<TEXT>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. ______1_____)*

Market Leader
(Name of Issuer)

Common Stock, $0.001 par value
(Title of Class of Securities)

57056R103
(CUSIP Number)

December 31, 2011
(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 the
disclosures provided in a prior cover page.  The information
required in 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.
57056R103


1.Names of Reporting Persons.
Continental Partners, L.P. *

I.R.S. Identification Nos. of above persons (entities only).
36-4316621

2. Check the Appropriate Box if a Member of a Group (See Instructions)
	Not Applicable
      (a)

      (b)
3.SEC Use Only
4.Citizenship or Place of Organization
Illinois


			5.Sole Voting Power
				0
Number of
Shares
Beneficially	        6.Shared Voting Power
Owned by			1,536,252 common shares
Each Reporting
Person With		7.Sole Dispositive Power
      			        0
			8.Shared Dispositive Power
				1,536,252 common shares

9.Aggregate Amount Beneficially Owned by Each Reporting Person
1,536,252 common shares

10.Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) [   ]
Not Applicable

11.Percent of Class Represented by Amount in Row (9)
6.1% **

12.Type of Reporting Person (See Instructions)
PN

CUSIP No.
57056R103

1.Names of Reporting Persons.
Continental Advisors LLC *

I.R.S. Identification Nos. of above persons (entities only).
36-4290779

2. Check the Appropriate Box if a Member of a Group (See Instructions)
	Not Applicable
      (a)

      (b)
3.SEC Use Only
4.Citizenship or Place of Organization
Delaware


			5.Sole Voting Power
				0
Number of
Shares
Beneficially	        6.Shared Voting Power
Owned by			1,677,274 common shares
Each Reporting
Person With		7.Sole Dispositive Power
      			        0
			8.Shared Dispositive Power
				1,677,274 common shares

9.Aggregate Amount Beneficially Owned by Each Reporting Person
1,677,274 common shares

10.Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) [   ]
Not Applicable

11.Percent of Class Represented by Amount in Row (9)
6.6% **

12.Type of Reporting Person (See Instructions)
IA, OO

CUSIP No.
57056R103

1.Names of Reporting Persons.
David P. Purcell *

I.R.S. Identification Nos. of above persons (entities only).


2. Check the Appropriate Box if a Member of a Group (See Instructions)
      Not Applicable
      (a)

      (b)

3.SEC Use Only

4.Citizenship or Place of Organization
United States of America


			5.Sole Voting Power
				0

Number of
Shares
Beneficially	        6.Shared Voting Power
Owned by			1,677,274 common shares
Each Reporting
Person With		7.Sole Dispositive Power
      			        0

			8.Shared Dispositive Power
				1,677,274 common shares

9.Aggregate Amount Beneficially Owned by Each Reporting Person
1,677,274 common shares

10.Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions) [   ]
Not Applicable

11.Percent of Class Represented by Amount in Row (9)
6.6% **

12.Type of Reporting Person (See Instructions)
IN, HC

This Schedule 13G is being filed to report information about common stock
of Market Leader that may be deemed to be beneficially
owned by Continental Partners, L.P., Continental Advisors LLC and David P.
Purcell.  Mr. Purcell is the managing member of Continental Advisors LLC,
an entity which serves as the general partner of Continental Partners, L.P.

Item 1.
(a)Name of Issuer:
Market Leader (LEDR)

(b)Address of Issuer's Principal Executive Offices:
11332 NE 122nd Way Suite 200
Kirkland, WA 98034

Item 2.
(a)Name of Person Filing:
Continental Partners, L.P.
Continental Advisors LLC
David P. Purcell as required by rule 13D-1(k)(1)

(b)Address of Principal Business Office or, if none, Residence:
The persons filing this schedule 13G share the same principal business address:
227 West Monroe Street Suite 5050
Chicago, IL 60606

(c)Citizenship:
Continental Partners, L.P. - Illinois
Continental Advisors LLC - Delaware
David P. Purcell - United States of America

(d)Title of Class of Securities:
Common Stock, $0.001 par value (cusip: 57056R103)

(e)CUSIP Number:
57056R103

Item 3.If this statement is filed pursuant to S240.13d-1(b) or
240.13d-2(b) or (c), check whether the person filing is a:
Broker Dealer								        [ ]
Bank										[ ]
Insurance Company								[ ]
Investment Company							        [ ]
Investment Adviser	[Continental Advisors LLC]		                [x]
Employee Benefit Plan, Pension Fund, or Endowment Fund               [ ]
Parent Holding Company/Control Person				                [ ]
Savings Association							        [ ]
Church Plan									[ ]
Corporation									[ ]
Partnership		[Continental Partners, L.P.]				[x]
Individual		[David P. Purcell]				        [x]
Other										[ ]

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:
Continental Partners, L.P.:             1,536,252 common shares
Continental Advisors LLC: 		1,677,274 common shares
David P. Purcell: 			1,677,274 common shares

(b)Percent of class:
Continental Partners, L.P.:                     6.1% of class **
Continental Advisors LLC:			6.6% of class **
David P. Purcell:				6.6% of class **


(c)Number of shares as to which the person has:
Continental Partners, L.P. (i)Sole power to vote or to direct the vote:
						0
Continental Partners, L.P. (ii)Shared power to vote or to direct the vote:
						1,536,252
Continental Partners, L.P. (iii)Sole power to dispose or to direct the
			    disposition of:
						0
Continental Partners, L.P. (iv)Shared power to dispose or to direct the
			    disposition of:
						1,536,252
(c)Number of shares as to which the person has:
Continental Advisors LLC (i)Sole power to vote or to direct the vote:
						0
Continental Advisors LLC (ii)Shared power to vote or to direct the vote:
						1,677,274
Continental Advisors LLC (iii)Sole power to dispose or to direct the
			    disposition of:
						0
Continental Advisors LLC (iv)Shared power to dispose or to direct the
			    disposition of:
						1,677,274
(c)Number of shares as to which the person has:
David P. Purcell (i)Sole power to vote or to direct the vote:
						0
David P. Purcell (ii)Shared power to vote or to direct the vote:
						1,677,274
David P. Purcell (iii)Sole power to dispose or to direct the
    disposition of:
						0
David P. Purcell (iv)Shared power to dispose or to direct the
                      disposition of:
						1,677,274

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 [   ].
        Not Applicable


Item 6.Ownership of More than Five Percent on Behalf of Another Person.
	Not Applicable

Item 7.Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent Holding
Company or Control Person.
David P. Purcell is the control person of Continental Advisors LLC
and accordingly has filed this Schedule 13G pursuant to rule
13D-1(b)(ii)(G).

Item 8.Identification and Classification of Members of the Group.
	Not Applicable

Item 9.Notice of Dissolution of Group.
	Not Applicable

Item 10.Certification

      (b)The following certification shall be included if the
        statement is filed pursuant to S240.13d-1(c):
        By signing below I certify that, to the best of my knowledge
	and belief, the securities referred to above 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.

Explanation of Responses:
*The reporting persons disclaim beneficial ownership of securities directly
beneficially owned by any person or entity other than, to the extent of any
pecuniary interest therein, the various accounts under the Reporting Persons'
management and control.

**Based on 25,383,094 shares of common stock issued and outstanding
as of November 7, 2011 as reported by the Issuer on Form 10-Q filed with
the Securities and Exchange Commission on November 14, 2011.

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.


_____/s/ David P. Purcell____________February 13, 2012__________
David P. Purcell	 		Date
Signature of Reporting Person

Continental Advisors LLC
__By:/s/ David P. Purcell____________February 13, 2012_________
   David P. Purcell			Date
   Managing Member

Continental Partner, L.P.
__By:/s/ David P. Purcell____________February 13, 2012_________
   David P. Purcell			Date
   Managing Member, Continental Advisors LLC


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>