SECURITIES & EXCHANGE COMMISSION
                             WASHINGTON, D. C. 20549
                                    FORM 10-K

(X)    Annual Report Pursuant to Section 13 or 15(d) of the Securities  Exchange
       Act of 1934 For the fiscal year ended December 31, 1999

                         Commission File Number: 0-7832


                         JOURNAL EMPLOYEES' STOCK TRUST
             (Exact name of Registrant as specified in its charter)

     Wisconsin                                            39-0382060
(State of incorporation)                 (I.R.S. Employer identification number)

333 West State Street, Milwaukee, Wisconsin                53203
(Address of principal executive offices)                  (Zip Code)

       Registrant's telephone number, including area code: (414) 224-2374

          Securities registered pursuant to Section 12(b) of the Act:
                                      NONE

          Securities registered pursuant to Section 12(g) of the Act:
                          Units of Beneficial Interest
                                (title of class)

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  Registrant  was
required  to file  such  reports)  and  (2)  has  been  subject  to such  filing
requirements for the past 90 days. Yes X No ___

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation S-K (Section 229.405 of this chapter) is not contained herein, and
will not be  contained,  to the best of  registrant's  knowledge,  in definitive
proxy or information  statements  incorporated  by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. [ x ]

State the aggregate market value of the voting stock held by  non-affiliates  of
Registrant: Not Applicable.

Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common stock, as of March 13, 2000:

                       Class                       Outstanding at March 13, 2000
         Units of Beneficial Interest                         25,920,000

Portions  of Parts I, II and III are  incorporated  by  reference  to the Annual
Report of Journal  Communications  Inc. on Form 10-K for the year ended December
31, 1999, filed herewith as Exhibit 99.1.  Portions of Part III are incorporated
by reference to the Proxy  Statement of Journal  Communications,  Inc.,  for the
2000 Annual Meeting of Journal Communications, Inc., to be filed as Exhibit 99.2
upon its publication on or about May 1, 2000.

<PAGE>

                                     PART I
                                ITEM 1. BUSINESS

The  Registrant  is a trust  created  under the Journal  Employees'  Stock Trust
Agreement,  dated May 15, 1937, as amended (the "Trust  Agreement"),  by all the
stockholders of The Journal Company,  Inc.(now known as Journal  Communications,
Inc.), a Wisconsin  corporation  (the  "Company"),  to promote  stability and to
enable its employees to acquire ownership and control of the Company.

Under the Trust  Agreement  establishing  the  Registrant,  stockholders  of the
Company and the Company itself  deposited  shares of the Company's  stock in the
Trust and received in exchange units of beneficial interest ("Units"),  which in
turn have been sold to active  employees  of the Company  and its  subsidiaries.
Each Unit represents a beneficial  interest in one share of the Company's common
stock.  When  Unitholders  sell all or a portion of their units,  they must sell
only  through the  corporate  treasury  to active  employees  designated  by the
President of the Company or the Company at the formula  price  ("Option  Price")
defined in the Trust  Agreement.  Unitholders  are required to sell all of their
Units when they die or terminate  employment,  except that (i) retired employees
may retain a decreasing percentage of their Units for ten years after retirement
and (ii)  employees who are  terminated  due to downsizing  or  divestiture  may
retain a decreasing  percentage  of their Units for up to five (5) years.  As of
the date hereof,  the  Registrant  holds  25,920,000  shares,  or ninety percent
(90%), of the outstanding common stock of the Company.

The  Registrant  engages in no business other than the record holding of Company
shares,  the issuing of Units and, in limited  instances,  the voting of Company
shares held by it. Most  expenses  of  administering  the Trust are borne by the
Company.

There are five trustees of the Registrant, all employees of the Company, none of
whom receives any compensation in his capacity as trustee. The Registrant has no
employees.

For a further  discussion of the Trust's operation and Unit ownership,  see Item
5, "Market for Registrant's  Common Stock and Related Stock Holder Matters," and
Item 12, "Security  Ownership of Certain  Beneficial  Owners and Management," in
the Annual Report of Journal  Communications,  Inc. on Form 10-K, filed herewith
as Exhibit 99.1 and incorporated herein by reference.

                               ITEM 2. PROPERTIES

The  Registrant  owns no  physical  properties.  Its  records  are  kept and its
administrative functions are performed in the offices of Journal Communications,
Inc., in Milwaukee, Wisconsin.

                            ITEM 3. LEGAL PROCEEDINGS
                                      None.

           ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
                                      None.



                                      -2-
<PAGE>

                                     PART II
            ITEM 5. MARKET FOR REGISTRANT'S COMMON STOCK AND RELATED
                             SECURITY HOLDER MATTERS

Reference is made to Item 5, "Market For  Registrant's  Common Stock and Related
Stock Holder Matters," of the Annual Report of Journal Communications,  Inc., on
Form 10-K filed herewith as Exhibit 99.1, and incorporated by reference.

                         ITEM 6. SELECTED FINANCIAL DATA

Registrant  incorporates  herein by reference Item 6, "Selected Financial Data,"
of the  Annual  Report of  Journal  Communications,  Inc.,  on Form  10-K  filed
herewith as Exhibit 99.1.

            ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                       CONDITION AND RESULTS OF OPERATIONS

Registrant incorporates herein by reference Item 7, "Management's Discussion and
Analysis of Financial Condition and Results of Operations," of the Annual Report
of Journal Communications, Inc., on Form 10-K filed herewith as Exhibit 99.1.

       ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
                                      None.

                    ITEM 8. CONSOLIDATED FINANCIAL STATEMENTS
                             AND SUPPLEMENTARY DATA

The  Financial  Statements  With  Report  of  Independent  Public  Auditors  are
presented on the pages immediately following.


                                      -3-
<PAGE>


Report of Ernst & Young LLP, Independent Auditors




The Trustees of Journal
Employees' Stock Trust


We have audited the accompanying  statement of assets and liabilities of Journal
Employees'  Stock Trust (the Trust) as of December 31, 1999, 1998, and 1997, and
the related  statements of Journal  Communications,  Inc.  common stock held and
Trust certificates outstanding,  Trust income, and cash flows for the years then
ended. These financial  statements are the responsibility of the Trustees of the
Trust. Our responsibility is to express an opinion on these financial statements
based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable  assurance about whether the financial  statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting  the amounts and  disclosures in the financial  statements.  An audit
also includes assessing the accounting principles used and significant estimates
made by the Trustees,  as well as  evaluating  the overall  financial  statement
presentation.  We believe  that our audits  provide a  reasonable  basis for our
opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material  respects,  the assets and liabilities of Journal  Employees' Stock
Trust at December 31, 1999, 1998 and 1997, Journal  Communications,  Inc. common
stock held and Trust certificates outstanding,  Trust income, and cash flows for
the years then ended in conformity with accounting principles generally accepted
in the United States.


ERNST & YOUNG LLP




Milwaukee, Wisconsin
January 28, 2000





                                      -4-
<PAGE>

                         JOURNAL EMPLOYEES' STOCK TRUST

                       STATEMENT OF ASSETS AND LIABILITIES

                        December 31, 1999, 1998 and 1997


                                                      1999       1998      1997
                                                     ------     ------   -------
Assets:
  Cash in bank                                     $    0     $    0      $ 100
                                                     ======     ======     =====

Liabilities:
  Note payable to Journal Communications, Inc.     $    0     $    0      $ 100
                                                     ======     ======     =====















                             See accompanying notes.


                                      -5-
<PAGE>

                         JOURNAL EMPLOYEES' STOCK TRUST
<TABLE>
                    STATEMENT OF JOURNAL COMMUNICATIONS INC.
                    COMMON STOCK HELD AND TRUST CERTIFICATES
                                   OUTSTANDING

                  Years ended December 31, 1999, 1998 and 1997
<CAPTION>
                                                         1999         1998         1997
                                                      ----------   ----------   ---------


<S>                                                   <C>          <C>          <C>
Shares of Journal Communications, Inc.
  common stock:
    Held at beginning and end of year                 25,920,000   25,920,000   25,920,000
                                                      ==========   ==========   ==========

Trust certificates evidencing Units
  of Beneficial Interest in Journal
  Communications, Inc. common stock:
    Outstanding at beginning and end of year          25,920,000   25,920,000   25,920,000
                                                      ==========   ==========   ==========


</TABLE>







                             See accompanying notes.



                                      -6-
<PAGE>

<TABLE>
                         JOURNAL EMPLOYEES' STOCK TRUST

                            STATEMENT OF TRUST INCOME

                  Years ended December 31, 1999, 1998 and 1997
<CAPTION>
                                                                  1999             1998            1997
                                                               -------------    -------------   -------------
<S>                                                              <C>              <C>              <C>
Dividends on common stock of Journal Communications, Inc.
     held by the Trust                                           $28,002,626      $27,887,406      $27,075,494
                                                                 ===========      ===========      ===========


Dividends to holders of Units of
     Beneficial Interest                                         $28,002,626      $27,887,406      $27,075,494
                                                                 ===========      ===========      ===========

Dividends per share                                                    $1.14            $1.10            $1.10


</TABLE>






                             See accompanying notes.


                                      -7-
<PAGE>

<TABLE>
                         JOURNAL EMPLOYEES' STOCK TRUST

                             STATEMENT OF CASH FLOWS

                  Years ended December 31, 1999, 1998 and 1997

<CAPTION>
                                                    1999                  1998                 1997
                                             ------------------     ----------------     -----------------

<S>                                                <C>                   <C>                 <C>
Sources of cash:
     Receipts from purchasers of
      Units of Beneficial Interest                 $118,444,786          $142,497,943        $113,015,360


     Dividends received from
      Journal Communications, Inc.                   28,002,626            27,887,406          27,075,494
                                                   ------------            ----------          ----------

                                                    146,447,412           170,385,349         140,090,854

Uses of cash:
     Disbursements to sellers of
      Units of Beneficial Interest                 (118,444,786)         (142,498,043)       (113,015,360)


     Dividends paid to holders of
      Units of Beneficial Interest                  (28,002,626)          (27,887,406)        (27,075,494)
                                                    ------------          ------------        -----------


Net decrease in cash                                        ---                  (100)                ---

Cash at beginning of year                                   ---                   100                (100)
                                                    -----------          ------------         -----------

Cash at end of year                                 $         0         $           0         $       100
                                                    ===========          ============          ==========




</TABLE>





                             See accompanying notes.


                                      -8-
<PAGE>

                         JOURNAL EMPLOYEES' STOCK TRUST
                          NOTES TO FINANCIAL STATEMENTS

                        December 31, 1999, 1998 and 1997
1.   Organization
The only business of Journal Employees' Stock Trust (the Trust), under agreement
dated May 15, 1937, as amended, is the record holding of common stock of Journal
Communications, Inc. (the Company), the issuance of Units of Beneficial Interest
in such shares  (Units) and, in limited  instances,  the voting of shares of the
Company's  common stock held by it. The Trust is  administered  by five trustees
who are  officers/directors  of the  Company  and  receive no  remuneration  for
services  performed for the Trust.  The trustees are required to distribute  all
Trust income  (consisting  solely of dividends  paid by the Company),  less such
amounts as the trustees deem necessary for payment of  administrative  expenses,
as soon as practicable after receipt.  Since its origination,  substantially all
expenses of the Trust have been paid by the Company,  and cash dividends payable
to the Trust have been paid  directly to the  unitholders  by the  Company.  The
Trust distributes all of its income and,  therefore,  pays no income taxes under
applicable income tax codes.

2.   Common Stock of the Company
Upon deposit by the Company of shares of common  stock,  the Trust issues a like
number of Units and the Company offers such Units to its employees, or employees
of its subsidiaries  (Employees).  Sales of Units by the Company are made at the
formula price determined in accordance with the Trust Agreement.

3.  Unitholders' Sales of Units of Beneficial Interest
Unitholders  may sell all or a portion of their  Units  only to other  employees
designated by the President of the Company or, under certain  circumstances,  to
shareholders  of the Company,  at the current  formula price under the terms and
conditions of the Trust Agreement. If the Units are not sold in this manner, the
Units are freely  transferable,  subject to a five-year  right of the Company to
purchase the Units at any time at the formula price.  Payments for Units sold by
employees  are  deposited  with the Trust by the  purchaser  and remitted by the
Trust to the seller.


                                      -9-
<PAGE>

            ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
                       ACCOUNTING AND FINANCIAL DISCLOSURE
                                      None.

                                    PART III
           ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

All  trustees  are  directors  of Journal  Communications,  Inc.,  and have been
employed by Journal  Communications,  Inc., in key  management  positions for at
least five years.  Following are the names and ages of the Registrant's trustees
and the year in which  each  became a  trustee  and the  positions  held by each
trustee with Journal Communications, Inc.

Steven J. Smith (49)
Trustee  since  March  1990;  Chairman  of the  Board of  Directors  of  Journal
Communications, Inc. since December 1998 and Chief Executive Officer since March
1998;  President of Journal  Communications,  Inc. from  September 1992 December
1998; Director of Journal Communications, Inc. since 1987.

Douglas G. Kiel (51)
Trustee  since March  1995;  President  of Journal  Communications,  Inc.  since
December 1998; Executive Vice President of Journal Communications,  Inc. between
June 1997 and December 1998;  President of Journal  Broadcast Group,  Inc.* from
June 1992 to December 1998; Director of Journal Communications, Inc. since 1991.

Paul M. Bonaiuto (49)
Trustee since February 1996; Executive Vice President of Journal Communications,
Inc. since June 1997 and Chief Financial Officer since January 1996; Senior Vice
President   between  March  1996  and  June  1997;  Vice  President  of  Journal
Communications,  Inc. and  President of NorthStar  Print Group,  Inc.* from June
1994 to January 1996; Director of Journal Communications, Inc. since June 1993.

Keith K. Spore (57)
Trustee  since  January  1999;  Director  and Senior Vice  President  of Journal
Communications,  Inc. and President of Journal  Sentinel  Inc.* since  September
1995;  Publisher of the Milwaukee Journal Sentinel since June 1996 and President
of Journal  Sentinel  Inc.* since July 1995.  Previously,  he was Editorial Page
Editor of the Milwaukee Journal Sentinel.


James J. Ditter (38)
Trustee since July 1999; Director and Vice President of Journal  Communications,
Inc. since September 1995; President of Norlight Telecommunications, Inc.* since
September 1995; Vice President-General  Manager of Norlight  Telecommunications,
Inc. from April 1995 to September  1995;  Vice  President of Finance of Norlight
Telecommunications, Inc. from June 1994 to April 1995.

*    A subsidiary of Journal Communications, Inc.


                                      -10-
<PAGE>

                         ITEM 11. EXECUTIVE COMPENSATION

The five trustees, all employees of Journal Communications, Inc., do not receive
any compensation in their capacity as trustee.  Information  about  compensation
paid to  some  of  these  trustees  by  Journal  Communications,  Inc.,  in such
trustees'  capacities  as employees  of Journal  Communications,  Inc.,  will be
presented in the Proxy Statement of Journal Communications, Inc., to be filed as
Exhibit 99.2 on or about May 1, 2000, and incorporated herein by reference.

          ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
                                   MANAGEMENT

Reference is made to Item 6, "Security  Ownership of Certain  Beneficial  Owners
and Management," of the Proxy Statement of Journal  Communications,  Inc., to be
filed as  Exhibit  99.2 on or about  May 1,  2000,  and  incorporated  herein by
reference.

             ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
                                      None.

                                     PART IV
          ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS
                                   ON FORM 8-K

(a)  l.  Financial Statements and Schedules

         The financial statements and schedules listed in the accompanying index
         are filed as part of this  annual  report.  All  schedules  are omitted
         since the required  information  is not  present,  or is not present in
         amounts  sufficient to require  submission of the schedule,  or because
         the  information  required is included  in the  consolidated  financial
         statements and notes thereto.

     2.  Exhibits

         The exhibits listed in the accompanying  index to exhibits are filed as
         part of this Annual Report on Form 10-K.

(b)      Reports on Form 8-K

         No reports on Form 8-K were filed by the Registrant  during the quarter
         ended December 31, 1999.


                                      -11-
<PAGE>

                         JOURNAL EMPLOYEES' STOCK TRUST

                         INDEX TO FINANCIAL STATEMENTS,
                          FINANCIAL STATEMENT SCHEDULES
                                  AND EXHIBITS

                                  (Item 14(a))

1.   Financial Statements                                        Form 10-K

     Statement of Assets and Liabilities at
        December 31, 1999, 1998 and 1997                               5
     Statement of Journal Communications, Inc.
        Common Stock Held and Trust Certificates
        Outstanding for each of the three years in the
        period ended December 31, 1999                                 6
     Statement of Trust Income for each of the three
        years in the period ended December 31, 1999                    7
     Statement of Cash Flows for each of the three
        years in the period ended December 31, 1999                    8
     Notes to Financial Statements                                     9

2.   Financial Statement Schedule                                      None

3.   Exhibits

         (3.1)    Articles of  Association of Journal  Communications,  Inc., as
                  amended  (incorporated  by reference to Exhibit 3.1 to Journal
                  Communications, Inc.'s Annual Report on Form 10-K for the year
                  ended December 31, 1995 [Commission File No. 0-7831]).

         (3.2)    By-Laws  of  Journal  Communications,  Inc.  (incorporated  by
                  referenced  to Exhibit 3.1 to Journal  Communications,  Inc.'s
                  Current  Report  on Form 8-K dated  March 5, 1996  [Commission
                  File No. 0-7831]).

         (4)      The Journal  Employees'  Stock Trust  Agreement  dated May 15,
                  1937,  as amended  (incorporated  by reference to Exhibit 9 to
                  the Annual Report on Form 10-K of Journal Communications, Inc.
                  for the fiscal year ended December 31, 1995  [Commission  File
                  No. 0-7831]).

         (4.2)    Further  amendment  to Stock  Trust  Agreement  as approved by
                  unitholders on October 30, 1996  (incorporated by reference to
                  Exhibit A to the  Definitive  Proxy  Statement  of the Journal
                  Employees'  Stock Trust  included in the Trust's  Schedule 14A
                  filed October 1, 1996 [Commission File No. 0-7832]).

         (23)     Consent  of Ernst & Young  LLP,  Independent  Auditors,  filed
                  herewith.

         (27)     Financial Data Schedule, filed herewith


                                      -12-
<PAGE>


         (99.1)   Annual Report to Shareholders of Journal Communications, Inc.,
                  on Form 10-K, filed herewith (incorporated by reference to the
                  Annual Report on Form 10-K of Journal Communications, Inc. for
                  the  year  ended  December  31,  1999   [Commission  File  No.
                  0-7831]).

         (99.2)   Proxy Statement of Journal  Communications,  Inc., to be filed
                  upon its publication on or about May 1, 2000.

         Pursuant to the  requirements  of Section 13 or 15(d) of the Securities
Exchange Act of 1934,  the  Registrant  has duly caused this Annual Report to be
signed on its behalf by the undersigned, hereunto duly authorized.

                                           JOURNAL EMPLOYEES' STOCK TRUST



                                           By:  /s/ Steven J. Smith
                                                    Steven J. Smith, Trustee


         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
this report has been signed by the following persons on behalf of the Registrant
and in the capacities and on the dates indicated:


                   TRUSTEES OF JOURNAL EMPLOYEES' STOCK TRUST



Date: March 30, 2000              /s/ Steven J. Smith
                                      Steven J. Smith


Date: March 30, 2000              /s/ Douglas G. Kiel
                                      Douglas G. Kiel


Date: March 30, 2000              /s/ Paul M. Bonaiuto
                                      Paul M. Bonaiuto


Date: March 30, 2000              /s/ Keith K. Spore
                                      Keith K. Spore


Date: March 30, 2000              /s/ James J. Ditter
                                      James J. Ditter



                                      -13-