Edgar Filing: BLAIR WILLIAM CAPITAL PARTNERS VII QP LP

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

William Blair Capital Management VII, LLC

2. Issuer Name and Ticker or Trading Symbol
HouseValues, Inc. [SOLD]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	__X__ 10% Owner
_____ Officer (give title below)	_____ Other (specify below)

(Last)

(First)

(Middle)

303 W. MADISON, SUITE 2500

3. Date of Earliest Transaction (Month/Day/Year)
03/20/2006

(Street)

CHICAGO, IL 60606

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	03/20/2006		S⁽¹⁾		65,000 ⁽²⁾	D	$ 8.6302	5,373,732 ⁽³⁾	I	By Ltd Partnership, See Footnote ⁽⁴⁾ ⁽⁵⁾
Common Stock	03/21/2006		S⁽¹⁾		69,517 ⁽⁶⁾	D	$ 8.7716	5,304,215 ⁽⁷⁾	I	By Ltd Partnership, See Footnote ⁽⁴⁾ ⁽⁵⁾

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
William Blair Capital Management VII, LLC 303 W. MADISON, SUITE 2500 CHICAGO, IL 60606		X
William Blair Capital Management VII, LP 303 W. MADISON, SUITE 2500 CHICAGO, IL 60606		X
BLAIR WILLIAM CAPITAL PARTNERS VII QP LP 303 W. MADISON, SUITE 2500 CHICAGO, IL 60606		X
BLAIR WILLIAM CAPITAL PARTNERS VII LP 303 W. MADISON, SUITE 2500 CHICAGO, IL 60606		X

Signatures

Robert Blank, Managing Director of William Blair Capital Management VII, L.L.C.		03/21/2006
^**Signature of Reporting Person		Date
Robert Blank, Managing Director of William Blair Capital Management VII, L.L.C., the general partner of William Blair Capital Management VII, L.P.		03/21/2006
^**Signature of Reporting Person		Date
Robert Blank, Managing Director of William Blair Capital Management VII, L.L.C., the general partner of William Blair Capital Management VII, L.P., the general partner of William Blair Capital Partners VII, QP, L.P.		03/21/2006
^**Signature of Reporting Person		Date
Robert Blank, Managing Director of William Blair Capital Management VII, L.L.C., the general partner of William Blair Capital Management VII, L.P., the general partner of William Blair Capital Partners VII, L.P.		03/21/2006
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	The sales reported in this Form 4 were effected pursuant to a Rule 10b-5 trading plan adopted on March 16, 2006 by William Blair Capital Partners VII QP, LP and William Blair Capital Partners VII, LP.
(2)	Represents 62,588 shares beneficially owned by William Blair Capital Partners VII QP, LP and 2,412 shares beneficially owned by William Blair Capital Partners VII LP.
(3)	Represents 5,174,314 shares beneficially owned by William Blair Capital Partners VII QP, LP and 199,418 shares beneficially owned by William Blair Capital Partners VII LP.
(4)	The amounts shown in Table I represent the beneficial ownership of the Issuer's equity securities by William Blair Capital Partners VII QP, L.P. and William Blair Capital Partners VII, L.P., a portion of which may be deemed attributable to William Blair Capital Management VII, L.L.C. and William Blair Capital Management VII, L.P., because William Blair Capital Management VII, L.P. is the general partner of William Blair Capital Partners VII QP, L.P. and William Blair Capital Partners VII, L.P. and William Blair Capital Management VII, L.L.C. is the general partner of William Blair Capital Management VII, L.P. The actual pro rata portion of such beneficial ownership that may be deemed attributable to such Reporting Person is not readily determinable because it is subject to several variables.
(5)	The Designated Filer is executing this report on behalf of William Blair Capital Management VII, L.L.C., William Blair Capital Management VII, L.P., William Blair Capital Partners VII QP, L.P. and William Blair Capital Partners VII, L.P. (collectively, the 'Reporting Persons'), each of whom has authorized it to do so. Each of the Reporting Persons disclaims beneficial ownership of the reported securities, except to the extent of their pecuniary interest.
(6)	Represents 66,937 shares beneficially owned by William Blair Capital Partners VII QP, LP and 2,580 shares beneficially owned by William Blair Capital Partners VII LP.
(7)	Represents 5,107,377 shares beneficially owned by William Blair Capital Partners VII QP, LP and 196,838 shares beneficially owned by William Blair Capital Partners VII LP.

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