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 BETTY A (Last) (First) (Middle) C/O ADVISORY RESEARCH, INC. 180 NORTH STETSON, STE. 5780 (Street) CHICAGO IL 60601-6795 (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) Director X 10% Owner Officer (give title below) Other (specify below)
	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(1)(2)	V	1,000	D	$0	745,338	D
Class B Common Stock	03/19/2004		G	V	100	D	$0	745,238	D
Class B Common Stock	03/19/2004		G	V	100	D	$0	745,138	D
Class B Common Stock	03/20/2004		G(3)	V	725,138	D	$0	20,000	D
Class B Common Stock	03/20/2004		G(3)(4)	V	1,163,966	A	$0	1,163,966	I	By Schermer Investment Partnership
Class B Common Stock								49,316	I	By Trust(5)
Class B Common Stock	03/19/2004		G(1)(2)	V	1,000	D	$0	457,028	I	By Spouse(5)
Class B Common Stock	03/19/2004		G	V	100	D	$0	456,928	I	By Spouse(5)
Class B Common Stock	03/19/2004		G	V	100	D	$0	456,828	I	By Spouse(5)
Class B Common Stock	03/20/2004		G(3)	V	436,828	D	$0	20,000	I	By Spouse(5)
Class B Common Stock	03/20/2004		G(3)(6)	V	1,163,966	A	$0	1,163,966	I	By Spouse in Schermer Investment Partnership(5)
Class B Common Stock								110,020	I	By Spouse Trust(5)

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

Explanation of Responses:

1. In transactions exempt from Section 16(b), trusts for the benefit of Lloyd G. Schermer, Reporting Person's spouse, and Reporting Person each transferred 1,000 shares of Lee Enterprises, Incorporated Class B Common Stock ("Lee Class B") to Schermer Management Corporation ("SMC"), and each trust received in exchange 50% of SMC's outstanding common stock. Trusts for the benefit of Lloyd G. Schermer and Reporting Person each made a gift of 12.5% of SMC's outstanding common stock to a trust for the benefit of Grant E. Schermer. Trusts for the benefit of Lloyd G. Schermer and Reporting Person each made a gift of 12.5% of SMC's outstanding common stock to Gregory P. Schermer, who, together with trusts for the benefit of Reporting Person, Lloyd G. 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), SMC transferred 2,000 shares of Lee Class B to Schermer Investment Partnership, L.P. ("SIP"), and SMC received in exchange 1 general partner unit of SIP.

3. In a transaction 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. In a transaction exempt from Section 16(b), a trust for the benefit of Reporting Person 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. Trusts for the benefit of Lloyd G. Schermer and Reporting Person each made a gift of 5 limited partner units of SIP to a trust for the benefit of Grant E. Schermer. Trusts for the benefit of Lloyd G. Schermer and Reporting Person each made a gift of 5 limited partner units of SIP to Gregory P. Schermer.

4. 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 her trust's pecuniary interest therein.

5. The Reporting Person disclaims beneficial ownership of these securities, except to the extent of her pecuniary interest therein.

6. Reporting Person's spouse's trust disclaims beneficial ownership of all the Lee Class B, including those held indirectly by SMC, except to the extent of his trust's pecuniary interest therein.

	Edmund H, Carroll, Limited POA	03/26/2004
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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