LEE ENTERPRISES, Inc — Director's Dealing 2011

Apr 11, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LEE ENTERPRISES, INC (LEE ENT)
CIK: 0000058361
Period of Report: 2011-03-02

Reporting Person: SCHERMER GRANT E (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-03-02	Common Stock	C	513147	—	Acquired	518246	Direct
2011-03-02	Common Stock	C	3	—	Acquired	3	Indirect
2011-03-02	Common Stock	C	1163966	—	Acquired	1163966	Indirect
2011-03-02	Common Stock	C	200	—	Acquired	200	Indirect
2011-03-02	Common Stock	C	55100	—	Acquired	55010	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-03-02	Class B Common Stock	$	C	513147	Disposed		Common Stock (513147)	Direct
2011-03-02	Class B Common Stock	$	C	3	Disposed		Common Stock (3)	Indirect
2011-03-02	Class B Common Stock	$	C	1163966	Disposed		Common Stock (1163966)	Indirect
2011-03-02	Class B Common Stock	$	C	200	Disposed		Common Stock (200)	Indirect
2011-03-02	Class B Common Stock	$	C	55100	Disposed		Common Stock (55010)	Indirect

Footnotes

F1: The Company's Class B Common Stock automatically converted to Common Stock when the number of outstanding Class B shares declined through trading on March 2, 2011 below the sunset level of 5.6 million shares established in Lee's Restated Certificate of Incorporation, as amended.

F2: Reporting Person disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest, if any, therein.

F3: Reporting Person disclaims beneficial ownership of all the shares of Lee Common held by SIP, including those held indirectly by Schermer Management Corporation ("SMC"), except to the extent of his pecuniary interest therein. Lloyd G. Schermer holds 23.20 limited partnership units of Schermer Investment Partnership, L.P. ("SIP"); Betty A. Schermer holds 39.4639 limited partnership units of SIP; Gregory P. Schermer holds 10 limited partnership units of SIP; Gregory P. Schermer, as trustee of trusts for the benefit of each of his four children, holds 8 limited partnership units of SIP (2 units held by each such trust); Reporting Person holds 2 limited partnership units of SIP; Reporting Person, as trustee of a trust for the benefit of Reporting Person, holds 10 limited partnership units of SIP; Reporting Person,

F4: as trustee of a grantor retained annuity trust for the benefit of Betty A. Schermer during its term and for his benefit upon its termination, holds 6.3361 limited partnership units of SIP; and SMC holds one general partnership unit of SIP.