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 LLOYD G (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-03-02	Common Stock	C	20000	—	Acquired	20000	Direct
2011-03-02	Common Stock	C	1163966	—	Acquired	1163966	Indirect
2011-03-02	Common Stock	C	110020	—	Acquired	110020	Indirect
2011-03-02	Common Stock	C	19992	—	Acquired	19992	Indirect
2011-03-02	Common Stock	C	1163966	—	Acquired	1163966	Indirect
2011-03-02	Common Stock	C	49316	—	Acquired	49316	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-03-02	Class B Common Stock	$	C	20000	Disposed		Common Stock (20000)	Direct
2011-03-02	Class B Common Stock	$	C	1163966	Disposed		Common Stock (1163966)	Indirect
2011-03-02	Class B Common Stock	$	C	110020	Disposed		Common Stock (110020)	Indirect
2011-03-02	Class B Common Stock	$	C	19992	Disposed		Common Stock (19992)	Indirect
2011-03-02	Class B Common Stock	$	C	1163966	Disposed		Common Stock (1163966)	Indirect
2011-03-02	Class B Common Stock	$	C	49316	Disposed		Common Stock (49316)	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 all the shares of Lee Common Stock held by Schermer Investment Partnership, L.P. ("SIP"), including those held indirectly by Schermer Management Corporation ("SMC"), except to the extent of his pecuniary interest therein. Reporting Person holds 23.20 limited partnership units of SIP; Reporting Person's spouse, Betty A. Schermer, holds 37.30 limited partnership units of SIP; Reporting Person's son, 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's son, Grant E. Schermer, holds 2 limited partnership units of SIP; Grant E. Schermer,

F3: as trustee of a trust for the benefit of Grant E. Schermer, holds 10 limited partnership units of SIP; Grant E. Schermer, 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 8.5 limited partnership units of SIP; and SMC holds one general partnership unit of SIP.

F4: The Reporting Person disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest, if any, therein.

F5: Reporting Person disclaims beneficial ownership of all the shares of Lee Common Stock, except to the extent of Reporting Person's spouse's pecuniary interest therein.