SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* SCHERMER GREGORY P (Last) (First) (Middle) C/O LEE ENTERPRISES INCORPORATED 215 N MAIN STREET STE 400 (Street) DAVENPORT IA 52801 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol LEE ENTERPRISES INC [ LEE ENT ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director X 10% Owner X Officer (give title below) Other (specify below) Vice Pres./Interactive Media
	3. Date of Earliest Transaction (Month/Day/Year) 03/19/2004
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person 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. 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)
			Code	V	Amount	(A) or (D)	Price
Class B Common Stock	03/19/2004		G	V	100	A	$0	512,870	D
Class B Common Stock	03/19/2004		G	V	100	A	$0	512,970	D
Class B Common Stock	03/22/2004		G(1)(2)	V	1,163,966	A	$0	1,163,966	I	By Schermer Investment Partnership
Class B Common Stock								6,000	I(3)	By Spouse
Class B Common Stock								6,000	I(3)	By Son in Trust
Class B Common Stock								4,000	I(3)	By Daughter in Trust
Class B Common Stock								55,010	I	By Trust
Common Stock								93,492(4)	D
Common Stock								2,000	I(3)	By Son in Trust

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 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: 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
Employee Stock Option (Right to Buy)	$21.5	10/27/1996		A		300		10/27/1997(5)	10/27/2006	Common Stock	1,200	$21.5	300	D
Employee Stock Option (Right to Buy)	$26.625	11/03/1997		A		350		11/03/1998(5)	11/03/2007	Common Stock	1,400	$26.625	350	D
Employee Stock Option (Right to Buy)	$27.188	11/15/1998		A		1,000		11/15/1999(5)	11/15/2008	Common Stock	4,000	$27.188	1,000	D
Employee Stock Option (Right to Buy)	$29.938	11/09/1999		A		7,500		11/09/2000(5)	11/09/2009	Common Stock	7,500	$29.938	7,500	D
Employee Stock Option (Right to Buy)	$25.938	11/13/2000		A		7,500		11/13/2001(5)	11/13/2010	Common Stock	7,500	$25.938	7,500	D
Employee Stock Option (Right to Buy)	$35.46	11/14/2001		A		12,000		11/14/2002(5)	11/14/2011	Common Stock	12,000	$35.46	12,000	D
Employee Stock Option (Right to Buy)	$32.49	11/13/2002		A		12,000		11/13/2003(5)	11/13/2012	Common Stock	12,000	$32.49	12,000	D
Employee Stock Option (Right to Buy)	$34.55	04/24/2003		A		191		04/24/2004	10/31/2004	Common Stock	191	$34.55	191	D
Employee Stock Option (Right to Buy)	$34.55	04/24/2003		A		258		04/24/2004	11/07/2005	Common Stock	258	$34.55	258	D
Employee Stock Option (Right to Buy)	$43.25	11/12/2003		A		7,000		11/12/2004(5)	11/21/2013	Common Stock	7,000	$43.25	7,000	D

Explanation of Responses:

1. 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 and trusts for the benefit of Lloyd G. Schermer, Betty A. Schermer and Grant E. Schermer each holds 25% of SMC's outstanding common stock.

2. 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 and a trust for the benefit of Grant E. 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 pecuniary interest therein.

3. The Reporting Person disclaims beneficial ownership of these securities, except to the extent of the Reporting Person's pecuniary interest therein.

4. Includes 4,594 shares purchased under the Issuer's ESPP through payroll deduction and dividend reinvestment.

5. These securities are exercisable as follows: 30% upon the first anniversary date of the grant; 60% upon the second anniversary date of the grant; and 100% upon the third anniversary date of the grant.

	Edmund H, Carroll, Limited POA	03/25/2004
	** Signature of Reporting Person	Date
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* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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