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
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      
1. Name and Address of Reporting Person * OAK INVESTMENT PARTNERS XII L P 2. Issuer Name and Ticker or Trading Symbol LEAF GROUP LTD. [ LEAF ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)_____ Director                    _____ 10% Owner
_____ Officer (give title below)    __X__ Other (specify below)
less than 10% owner
(Last)         (First)         (Middle)
901 MAIN AVENUE, SUITE 600
3. Date of Earliest Transaction (MM/DD/YYYY)
11/13/2019
(Street)
NORWALK, CT 06851
(City)       (State)       (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)
 
6. Individual or Joint/Group Filing (Check Applicable Line) ___ Form filed by One Reporting Person
_ X _ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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)
Code V Amount (A) or (D) Price
Common Stock  11/13/2019    S(1)    12800 (1) D $4.9533  4474262 (2) I  See Note (1)
Common Stock  11/14/2019    S(1)    4988 (1) D $4.7075  4469274 (3) I  See Note (1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 7. Title and Amount of Securities Underlying Derivative Security
(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 V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Explanation of Responses:
(1)  Represents 12,800 and 4,988 shares of Common Stock sold by Oak Investment Partners XII, L.P ("Oak XII"). Oak Associates XII, L.L.C. is the General Partner of Oak XII and may be deemed to beneficially own the reported securities.
(2)  Represents 2,948,287 shares of Common Stock beneficially owned by Oak Investment Partners XI, L.P. ("Oak XI"), and 1,525,975 shares of Common Stock beneficially owned by Oak XII.
(3)  Represents 2,948,287 shares of Common Stock beneficially owns by Oak Investment Partners XI, L.P. ("Oak XI"), and 1,520,987 shares of Common Stock beneficially owns by Oak XII.

Remarks:
This Form 4 report is being filed by Oak XII and Oak Associates XII, L.L.C., Oak XI and Oak Associates XI, L.L.C. (together the "Reporting Persons"). However, each Reporting Person disclaims the existence of a "group" and disclaims beneficial ownership (as defined in Rule 16a-1(a)(2)) of any securities (except to the extent of such Reporting Person's pecuniary interest in such securities) other than any securities reported herein as being directly owned by such Reporting Person, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of any such securities for purposes of Section 16 or for any other purpose.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
OAK INVESTMENT PARTNERS XII L P
901 MAIN AVENUE
SUITE 600
NORWALK, CT 06851



less than 10% owner
Oak Investment Partners XI L P
901 MAIN AVENUE
SUITE 600
NORWALK, CT 06851

X


Signatures
Oak Associates XII, LLC, General Partner of Oak Investment Partners XII, Limited Partnership 11/15/2019
**Signature of Reporting Person Date
Oak Associates XII, LLC 11/15/2019
**Signature of Reporting Person Date
Oak Associates XI, LLC, General Partner of Oak Investment Partners XI, Limited Partnership 11/15/2019
**Signature of Reporting Person Date
Oak Associates XI, LLC 11/15/2019
**Signature of Reporting Person Date
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