UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934
     For the quarterly period ended: June 30, 2003

                                       Or

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURIIES EXCHANGE
     ACT OF 1934
     For the transition period from to Commission File Number: 0-7832



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


                WISCONSIN                                 39-6153189
    (State or other jurisdiction of         (I.R.S. Employer Identification No.)
     incorporation or organization)

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


                                  414-224-2728
               Registrant's telephone number, including area code


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 whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act)    Yes        No  X
                                                  -----    -----

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of July 23, 2003:

              Class                            Outstanding at July 23, 2003
   Units of Beneficial Interest                         25,920,000*

* 2,884,263 of which were held by Journal Communications, Inc. in treasury

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<PAGE>

                         JOURNAL EMPLOYEES' STOCK TRUST
                                      INDEX

                                                                            Page
                                                                             No.
                                                                            ----
Part I.   Financial Information

          Item 1.  Financial Statements

                   Statements of Financial Position
                   As of June 30, 2003 (Unaudited) and December 31, 2002     3

                   Unaudited Statements of Trust Activity
                   Three and Six Months ended June 30, 2003 and 2002         4

                   Unaudited Statements of Cash Flows
                   Six Months ended June 30, 2003 and 2002                   5

                   Notes to Financial Statements
                   June 30, 2003                                             6


          Item 2.  Management's Discussion and Analysis of
                   Financial Condition and Results of Operations             8


          Item 3.  Quantitative and Qualitative Disclosure
                   About Market Risk                                         8


          Item 4.  Controls and Procedures                                   8


Part II.  Other Information


          Items 1 - 4.                                                       8


          Items 5 - 6.                                                       9


                                       2
<PAGE>


                          PART I. FINANCIAL INFORMATION

ITEM 1.   FINANCIAL STATEMENTS

                         JOURNAL EMPLOYEES' STOCK TRUST
                        Statements of Financial Position



                                         June 30, 2003         December 31, 2002
                                         -------------         -----------------
                                          (Unaudited)


Assets                                      $    --                 $    --
                                            =======                 =======


Liabilities and Stock Trust Equity          $    --                 $    --
                                            =======                 =======


See accompanying notes.




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<PAGE>


<TABLE>
                             JOURNAL EMPLOYEES' STOCK TRUST
                         Unaudited Statements of Trust Activity
                        (in thousands, except per share amounts)


<CAPTION>
                                  Three Months Ended June 30    Six Months Ended June 30
                                  --------------------------    ------------------------

                                       2003         2002             2003       2002
                                     -------      -------          -------    -------


<S>                                  <C>          <C>              <C>        <C>
Dividends on common stock of
 Journal Communications, Inc.
 held by the stock trust             $ 6,911      $ 7,175          $13,822    $14,254
                                     =======      =======          =======    =======

Dividends to holders of units
   of beneficial interest            $ 6,483      $ 7,175          $13,119    $14,254

Distribution in lieu of
 dividends to holders of
 units of beneficial interest            428           --              703         --
                                     -------      -------          -------    -------

                                     $ 6,911      $ 7,175          $13,822    $14,254
                                     =======      =======          =======    =======


Dividends per share                  $  0.30      $  0.30          $  0.60    $  0.60
                                     =======      =======          =======    =======
</TABLE>



See accompanying notes.




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<PAGE>

                         JOURNAL EMPLOYEES' STOCK TRUST
                       Unaudited Statements of Cash Flows
                                 (in thousands)


                                                    Six Months Ended June 30
                                                -------------------------------
                                                    2003                2002
                                                -----------         -----------


Sources of cash:
   Receipts from purchasers of units
    of beneficial interest                      $        --         $   136,534

   Dividends received from
    Journal Communications, Inc.                     13,821              14,254
                                                -----------         -----------
                                                $    13,821         $   150,788

Uses of cash:
   Disbursements to sellers of
    units of beneficial interest                         --            (136,534)

   Dividends paid to holders of
    units of beneficial interest                   (13,118)            (14,254)

   Distributions in lieu of dividends to
    holders of units of beneficial interest           (703)                   --
                                                -----------         -----------
                                                $  (13,821)         $  (150,788)

   Net change in cash                           $        --         $        --

   Cash at beginning of year                             --                  --
                                                -----------         -----------

   Cash at June 30                              $        --         $        --
                                                ===========         ===========





See accompanying notes.




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<PAGE>

                         JOURNAL EMPLOYEES' STOCK TRUST
                          NOTES TO FINANCIAL STATEMENTS
        Quarter ended June 30, 2003 (in thousands, except share amounts)


1.   Organization

The primary business of Journal Employees' Stock Trust (the Stock Trust) is
being the holder of record of certain shares of common stock of Journal
Communications, Inc. (the Company), the issuance of, record keeping and
transactions in units of beneficial interest (units) that represent shares of
common stock of the Company owned by the Stock Trust, voting (including issuance
and tabulation of unitholder proxies) of the common stock of the Company owned
by the Stock Trust, and such other matters as are specified in the Journal
Employees Stock Trust Agreement, dated May 15, 1937, as amended (the Trust
Agreement). The Stock Trust is administered by five trustees who are currently
officers and directors of the Company and receive no remuneration for services
performed for the Stock Trust. The trustees are required to distribute all Stock
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 Stock Trust have been paid by the Company, and cash dividends
payable to the Stock Trust have been paid by the Company directly to the
employees and former employees who own units (unitholders).

2.   Common Stock of the Company

The Stock Trust is the holder of record of 90% of the Company's common stock.
The Stock Trust has issued one unit for each share of common stock which the
Stock Trust holds.

3.   Suspension of Purchase and Sale of Units

On October 25, 2002, the Company's board of directors directed management and
the Company's financial adviser to explore potential sources for additional
permanent capital for the Company. The Company indicated at that time that it
expected the process could take from six to nine months. As a result, the
Company suspended the purchase and sale of units under the Trust Agreement while
the Company explores additional permanent capital.

On May 14, 2003, the Company announced a plan for a new permanent capital
structure, including a share exchange, an initial public offering and the
amendment and termination of JESTA. In the share exchange, current shareholders
and unitholders would receive shares of class B common stock, which would have
10 votes per share. A Registration Statement on Form S-1 was filed with the
Securities and Exchange Commission related to the initial public offering. Class
A common stock with one vote per share would be offered to the public. The
Company filed a joint proxy statement/prospectus with the SEC relating to the
new capital structure on Form S-4. The plan is subject to the approval of the
Company's shareholders and unitholders, including approvals required under
JESTA. The Company also filed a Registration Statement on Form S-2 offering to
rescind the sale of all of the units of beneficial interest purchased during
certain periods by employees or former employees who purchased the units in
California, Idaho, Louisiana, Maryland, Minnesota, Missouri, Nebraska and
Tennessee because our sales of these units may have been in violation of certain
state securities laws' requirements.


                                       6
<PAGE>


4.   Unitholders' Sales of Units of Beneficial Interest

Unitholders may offer to sell their units only in accordance with the terms and
conditions of the Trust Agreement, which provides four classes of optionees the
right to elect to purchase units offered for sale. Units sold to the Company are
sold at the option price in effect on the date of the sale.

The Company, as one of the optionees under the Trust Agreement, is not obligated
to purchase units, though in recent years for the convenience of unitholders, it
has elected to do so. There is no assurance the Company will elect to buy units
offered for sale in the future. For the past few years until the October 25,
2002 suspension of purchasing and selling of units, the Company had elected to
offer units owned by the Company for sale to eligible Company employees through
a rotation system.

5.   Distributions in Lieu of Dividends During Suspension of Trading

The Trust Agreement provides that a unitholder will receive the unit price for
units subject to an option event when they are sold, plus either (i) interest,
as set by the trustees, (currently at 3.4%, or 60 basis points below the prime
interest rate) if other unitholders or the Grant family shareholders ultimately
buy the units subject to the option event, or (ii) the dividends declared by the
Company's Board of Directors if the Company ultimately buys the units subject to
the option event. The Company suspended the purchase and sales of units on
October 25, 2002; however, option events still occur pursuant to the terms of
the Trust Agreement (for example, when a unitholder leaves employment of the
Company). As a result, it cannot be determined who will purchase units subject
to option events during the suspension period (and, similarly, it cannot be
determined whether the unitholder whose units are subject to an option event
during the suspension period will eventually receive interest or dividends). In
order to avoid inconvenience to unitholders that may result from the delay in
paying either interest or dividends during the suspension period, the trustees
have determined that the Stock Trust will make payments to unitholders whose
units become subject to option events during the suspension period in an amount
equal to the dividends paid by the Company during this period. When the units
are eventually sold, the unitholder will receive the sale proceeds calculated in
accordance with the terms of the Trust Agreement, less the amount of these
payments. These payments were $428,000 and $703,000 in the three and six months
ended June 30, 2003, respectively.

6.   Common Stock Held and Units Outstanding

At June 30, 2003 and December 31, 2002, the Stock Trust held 25,920,000 shares
of the Company's common stock and has issued a like number of units of
beneficial interest.


                                       7
<PAGE>


                         JOURNAL EMPLOYEES' STOCK TRUST

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
          RESULTS OF OPERATIONS

Distributable stock trust income is based solely on dividends from Journal
Communications, Inc.

ITEM 3.   QUANTITATIVE AND QUALITATIVE DISCLOSURE OF MARKET RISK

None.

ITEM 4.   CONTROLS AND PROCEDURES

The Stock Trust carried out an evaluation, under the supervision and with the
participation of certain of the Trustees of the Stock Trust, of the
effectiveness of the design and operation of the Stock Trust's disclosure
controls and procedures, as defined in Exchange Act Rules 13a-14(c) and
15d-14(c), as of the end of the end of the period covered by this Quarterly
Report on Form 10-Q. Based on that evaluation, they concluded that our
disclosure controls and procedures are effective to ensure that information
required to be disclosed in the Stock Trust's Exchange Act reports is recorded,
processed, summarized and reported within the time periods specified in the
Securities and Exchange Commission's rules and forms, and that such information
is accumulated and communicated to them to allow timely decisions regarding
required disclosure.

There has been no change in the Stock Trust's internal control over financial
reporting that occurred during the Stock Trust's last fiscal quarter that has
materially affected, or is reasonably likely to materially affect, the Stock
Trust's internal control over financial reporting.


                           PART II. OTHER INFORMATION

ITEM 1.   LEGAL PROCEEDINGS

None.

ITEM 2.   CHANGES IN SECURITIES AND USE OF PROCEEDS

None.

ITEM 3.   DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

None.


                                       8
<PAGE>


                         JOURNAL EMPLOYEES' STOCK TRUST

ITEM 5.   OTHER INFORMATION

The primary business of the Stock Trust is being the holder of record of certain
shares of common stock of the Company, the issuance of, record keeping and
transactions in units that represent shares of common stock of the Company owned
by the Stock Trust, voting (including issuance and tabulation of unitholder
proxies) of the common stock of the Company owned by the Stock Trust, and such
other matters as are specified in the Trust Agreement. The Company files annual,
quarterly and special reports, proxy statements and other information with the
SEC, some of which contain information about the Company and its operations. SEC
filings of the Company are available to the public over the Internet at the
SEC's web site at http://www.sec.gov. You may read and copy any filed document
at the SEC's public reference rooms in Washington, D.C. at 450 Fifth Street,
N.W., Judiciary Plaza, Washington, D.C. 20549, and at the SEC's regional offices
in New York, New York and Chicago, Illinois.

ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K

a)   Exhibits

     Exhibit No.           Description
     -----------           -----------

        99.1               Certification by Steven J. Smith (Trustee) pursuant
                           to Section 302 of the Sarbanes-Oxley Act of 2002.
                           (This certification, required as Exhibit 31 under
                           Item 601(a) of Regulation S-K, is filed as Exhibit
                           99.1 pursuant to SEC interim filing guidance.)

        99.2               Certification by Paul M. Bonaiuto (Trustee) pursuant
                           to Section 302 of the Sarbanes-Oxley Act of 2002.
                           (This certification, required as Exhibit 31 under
                           Item 601(a) of Regulation S-K, is filed as Exhibit
                           99.2 pursuant to SEC interim filing guidance.)

        99.3               Certification by Steven J. Smith and Paul M. Bonaiuto
                           (Trustees) pursuant to Section 906 of the
                           Sarbanes-Oxley Act of 2002. (This certification,
                           required as Exhibit 32 under Item 601(a) of
                           Regulation S-K, is furnished in accordance with Item
                           601(b)(32)(ii) of Regulation S-K as Exhibit 99.3
                           pursuant to SEC interim filing guidance.)


b)   Reports on Form 8-K

     The Stock Trust did not file any report on Form 8-K during the period
     covered by this quarterly report.


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<PAGE>



Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


Date:  July 23, 2003                         By: /s/ Steven J. Smith
                                                 -------------------------------
                                                 Steven J. Smith
                                                 Trustee

Date:  July 23, 2003                         By: /s/ Paul M. Bonaiuto
                                                 -------------------------------
                                                 Paul M. Bonaiuto
                                                 Trustee



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