Sec Form 4 Filing - SCHERMER BETTY A @ LEE ENTERPRISES, INC - 2011-03-02

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FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
SCHERMER BETTY A
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)
(Last) (First) (Middle)
C/O REED SMITH LLP, 10 SOUTH WACKER DRIVE
3. Date of Earliest Transaction (MM/DD/YY)
03/02/2011
(Street)
CHICAGO, IL60606-7507
4. If Amendment, Date Original Filed (MM/DD/YY)
6. Individual or Joint/Group Filing (Check Applicable Line)
__ X __ Form filed by One Reporting Person
_____ Form filed by More than One Reporting Person
(City) (State) (Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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
Common Stock 03/02/2011 C 19,992 A 19,992 D
Common Stock 03/02/2011 C 1,163,966 A 1,163,966 I By Schermer Investment Partnership ( 2 ) ( 3 ) ( 4 )
Common Stock 03/02/2011 C 49,316 A 49,316 I By Trust ( 4 )
Common Stock 03/02/2011 C 20,000 A 20,000 I By Spouse ( 5 )
Common Stock 03/02/2011 C 1,163,966 A 1,163,966 I By Spouse in Schermer Investment Partnership ( 2 ) ( 3 ) ( 5 )
Common Stock 03/02/2011 C 110,020 A 110,020 I By Spouse in 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. T ransaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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
(MM/DD/YY)
7. Title and Amount of Underlying Securities
(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 of Derivative Security: 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
Class B Common Stock ( 1 ) 03/02/2011 C 19,992 ( 1 ) ( 1 ) Common Stock 19,992 $ 0 0 D
Class B Common Stock ( 1 ) 03/02/2011 C 1,163,966 ( 1 ) ( 1 ) Common Stock 1,163,966 $ 0 0 I By Schermer Investment Partnership ( 2 ) ( 3 ) ( 4 )
Class B Common Stock ( 1 ) 03/02/2011 C 49,316 ( 1 ) ( 1 ) Common Stock 49,316 $ 0 0 I By Trust ( 4 )
Class B Common Stock ( 1 ) 03/02/2011 C 20,000 ( 1 ) ( 1 ) Common Stock 20,000 $ 0 0 I By Spouse ( 5 )
Class B Common Stock ( 1 ) 03/02/2011 C 1,163,966 ( 1 ) ( 1 ) Common Stock 1,163,966 $ 0 0 I By Spouse in Schermer Investment Partnership ( 2 ) ( 3 ) ( 5 )
Class B Common Stock ( 1 ) 03/02/2011 C 110,020 ( 1 ) ( 1 ) Common Stock 110,020 $ 0 0 I By Spouse in Trust ( 5 )
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
SCHERMER BETTY A
C/O REED SMITH LLP
10 SOUTH WACKER DRIVE
CHICAGO, IL60606-7507
X
Signatures
Edmund H. Carroll, Lmtd. POA, Attorney-in-Fact 04/10/2011
Signature of Reporting Person Date
Explanation of Responses:
( 1 )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.
( 2 )Reporting Person disclaims beneficial ownership of all the shares of Lee Common Stock held by SIP, including those held indirectly by Schermer Management Corporation ("SMC"), except to the extent of her pecuniary interest therein. Lloyd G. Schermer holds 23.20 limited partnership units of Schermer Investment Partnership, L.P. ("SIP"); Reporting Person 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); Grant E. Schermer holds 2 limited partnership units of SIP; Grant E. Schermer, 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 Reporting Person during its term and for his benefit upon its
( 3 )termination, holds 6.3361 limited partnership units of SIP; and SMC holds one general partnership unit of SIP.
( 4 )The Reporting Person disclaims beneficial ownership of these securities, except to the extent of her pecuniary interest, if any, therein.
( 5 )Reporting Person disclaims beneficial ownership of all the shares of Lee Common Stock of Reporting Person's spouse except to the extent of his pecuniary interest therein.

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