LEE ENTERPRISES, Inc — Director's Dealing 2004

Mar 25, 2004

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: LEE ENTERPRISES INC (LEE ENT)
CIK: 0000058361
Period of Report: 2004-03-22

Reporting Person: SCHERMER GRANT E (10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	99	Direct
Class B Common Stock	513146	Direct
Class B Common Stock	200	Indirect
Class B Common Stock	1163996	Indirect
Class B Common Stock	55010	Indirect

Footnotes

F1: On March 19, 2004, in a transaction exempt from Section 16(b), Schermer Management Corporation ("SMC") transferred 2,000 shares of Lee Enterprises, Incorporated Class B Common Stock ("Lee Class B") to Schermer Investment Partnership, L.P. ("SIP"), a family limited partnership, and SMC received in exchange 1 general partner unit of SIP. The Reporting Person's trust, Gregory P. Schermer and trusts for the benefit of Lloyd G. Schermer and Betty A. Schermer each holds 25% of SMC's outstanding common stock.

F2: On March 20, 2004, in transactions exempt from Section 16(b), a trust for the benefit of Lloyd G. Schermer transferred 436,828 shares of Lee Class B to SIP and the trust received in exchange 37.20 limited partner units of SIP and a trust for the benefit of Betty A. Schermer transferred 725,138 shares of Lee Class B to SIP and the trust received in exchange 61.80 limited partner units of SIP. As a result of these transactions and SMC's transfer to SIP, SIP holds 1,163,966 shares of Lee Class B. On March 22, 2004, in transactions exempt from Section 16(b), trusts for the benefit of Lloyd G. Schermer and Betty A. Schermer each made a gift of 5 limited partner units of SIP to Reporting Person's trust and Gregory P. Schermer. Reporting Person disclaims beneficial ownership of all the shares of Lee Class B held by SIP, including those held indirectly by SMC, except to the extent of his trust's pecuniary interest therein.