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
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 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*
STROME STEPHEN
(Last) (First) (Middle)
500 KIRTS BOULEVARD
(Street)
TROY MI 48084
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
HANDLEMAN CO /MI/ [ HDL ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
X Officer (give title below) Other (specify below)
Chairman of the Board and CEO
3. Date of Earliest Transaction (Month/Day/Year)
03/01/2005
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
Common stock one cent par value 03/01/2005 M 60,000 A $12.219 256,474(1) D
Common stock one cent par value 03/01/2005 F 42,754(2) D(2) $20.805 213,720 D
Common stock one cent par value 03/01/2005 S 1,100 D $20.449 212,620 D
Common stock one cent par value 03/01/2005 S 200 D $20.519 212,420 D
Common stock one cent par value 03/01/2005 S 400 D $20.539 212,020 D
Common stock one cent par value 03/01/2005 S 3,200 D $20.549 208,820 D
Common stock one cent par value 03/01/2005 S 1,100 D $20.599 207,720 D
Common stock one cent par value 03/01/2005 S 500 D $20.609 207,220 D
Common stock one cent par value 03/01/2005 S 1,500 D $20.619 205,720 D
Common stock one cent par value 03/01/2005 S 1,200 D $20.639 204,520 D
Common stock one cent par value 03/01/2005 S 1,000 D $20.649 203,520 D
Common stock one cent par value 03/01/2005 S 900 D $20.689 202,620 D
Common stock one cent par value 03/01/2005 S 100 D $20.719 202,520 D
Common stock one cent par value 03/01/2005 S 100 D $20.729 202,420 D
Common stock one cent par value 03/01/2005 S 1,500 D $20.759 200,920 D
Common stock one cent par value 03/01/2005 S 500 D $20.769 200,420 D
Common stock one cent par value 03/01/2005 S 900 D $20.779 199,520 D
Common stock one cent par value 03/01/2005 S 500 D $20.799 199,020 D
Common stock one cent par value 03/01/2005 S 100 D $20.809 198,920 D
Common stock one cent par value 03/01/2005 S 300 D $20.849 198,620 D
Common stock one cent par value 03/01/2005 S 900 D $20.899 197,720 D
Common stock one cent par value 2,112(3) I By 401(k) Plan
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) $12.219 03/01/2005 M 60,000 (4) 06/01/2008 Common stock one cent par value 60,000 $0.00 0 D
Explanation of Responses:
1. Includes 396 shares of Handleman Company common stock which the reporting person acquired through the Handleman Company Employee Stock Purchase Plan between 12/09/2004 and 03/01/2005.
2. Payment of the exercise price and tax liability on the 60,000 options exercised on 03/01/2005 by withholding 42,754 shares of common stock incident to the exercise of the options issued in accordance with rule 16b-3.
3. Between 12/09/2004 and 03/01/2005 the reporting person acquired 84 shares of Handleman Company common stock under the Handleman Company 401(k) Plan. The information in this report is based on a 401(k) Plan report dated 03/01/2005.
4. Fifty percent of the shares were exercisable on or after 06/02/1999; One hundred percent of the shares were exercisable 06/02/2000.
Remarks:
Exhibit List ------- Exhibit 24 Power of Attorney
Stephen Strome by Kenneth P. Kartje Attorney-In-Fact 03/02/2005
** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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