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: September 30, 2001

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OF 15 (d) OF THE SECURITIES
    EXCHANGE ACT OF 1934


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                           (I.R.S. Employer
     of incorporation or organization)                     Identification No.)

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



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




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____

As of September 30, 2001 there were 25,920,000 shares of Registrant's Units of
Beneficial Interest outstanding.

<PAGE>
                         JOURNAL EMPLOYEES' STOCK TRUST
                                      INDEX

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

          Item 1.   Financial Statements (Unaudited)

                    Statements of Trust Activity
                    Three and Nine months ended September 30, 2001 and 2000    3

                    Statements of Cash Flows
                    Nine months ended September 30, 2001 and 2000              4

                    Notes to Financial Statements
                    September 30, 2001                                         5

          Item 2.   Management's Discussion and Analysis of
                    Financial Condition and Results of Operations              7

          Item 3.   Quantitative and Qualitative Disclosure
                    of Market Risk                                             7

Part II.  Other Information

          Items 1-6                                                            7

<PAGE>

                          PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

                         JOURNAL EMPLOYEES' STOCK TRUST
                          Statements of Trust Activity
                                  In thousands
                                   (Unaudited)


                                   Three Months Ended         Nine Months Ended
                                   ------------------         -----------------
                                 09/30/2001  09/30/2000   09/30/2001  09/30/2000
                                 ----------  ----------   ----------  ----------

Dividends on common stock of
 Journal Communications, Inc.
 held by the Trust                 $8,956      $8,411         $26,359   $24,183
                                   ======      ======         =======   =======


Dividends to holders of units
   of beneficial interest          $8,956      $8,411         $26,359   $24,183
                                   ======      ======         =======   =======


Dividends per share                $ 0.35      $ 0.35         $  1.05   $  1.00
                                   ======      ======         =======   =======



                       See notes to financial statements.


                                       3
<PAGE>
                         JOURNAL EMPLOYEES' STOCK TRUST
                            Statements of Cash Flows
                                  In thousands
                                   (Unaudited)


                                                        Nine Months Ended
                                                        -----------------
                                                  09/30/2001        09/30/2000
                                                  ----------        ----------

Sources of cash:
     Receipts from purchasers of units
         of beneficial interest                     $164,323          $123,813

     Dividends received from
         Journal Communications, Inc.                 26,359            24,183
                                                   ---------         ---------

                                                     190,682           147,996

Uses of cash:
     Disbursements to sellers of
         units of beneficial interest               (164,323)         (123,813)

     Dividends paid to holders of
         units of beneficial interest               ( 26,359)         ( 24,183)
                                                   ---------         ---------
                                                    (190,682)         (147,996)
                                                   ---------         ---------

     Net change in cash                                    0                 0

     Cash at beginning of year                             0                 0
                                                   ---------         ---------

     Cash at September 30, 2001 and 2000           $       0         $       0
                                                   =========         =========


                       See notes to financial statements.

                                       4
<PAGE>
                         JOURNAL EMPLOYEES' STOCK TRUST
                          Notes to Financial Statements
                               September 30, 2001
                                   (Unaudited)

1.   Organization
     ------------

     The only business of Journal Employees' Stock Trust (the Trust), under
     agreement dated May 15, 1937, as amended, is being the record holder of
     common stock of Journal Communications, Inc. (the Company), the issuance of
     units of beneficial interest in such shares (units), registering transfers
     of units and, in limited instances, voting shares of the Company's common
     stock held by it. The Trust is administered by five trustees who are
     employees and 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
     employees who own units (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
     ---------------------------

     The Trust is the recordholder of ninety percent of the shares of common
     stock of the Company. The Trust has issued one unit for each share of
     common stock the Trust holds. The Company offers such units to its
     employees or employees of its subsidiaries (employees).

3.   Unitholders' Sales of Units of Beneficial Interest
     --------------------------------------------------

     Unitholders may sell their units only in accordance with the terms and
     conditions of the Journal Employees' Stock Trust Agreement (the Trust
     Agreement). Since 1996, the procedure under which employees have bought and
     sold units has essentially been that the Company has purchased units under
     the Trust Agreement and resold them to active employees in lieu of the
     Trust Agreement's more cumbersome procedure under which selling unitholders
     sell units directly to "optionees" designated in accordance with the Trust
     Agreement. Purchases and sales of units by the Company are made at the
     formula price determined in accordance with the Trust Agreement. Payments
     for units sold by unitholders are deposited with the Trust by the purchaser
     and remitted by the Trust to the seller.


                                       5
<PAGE>
                         JOURNAL EMPLOYEES' STOCK TRUST
                    Notes to Financial Statements, continued
                               September 30, 2001
                                   (Unaudited)


4.   Statement of Assets and Liabilities
     -----------------------------------

     The Trust does not own any assets or have any liabilities; therefore, a
     statement of assets and liabilities is not provided.

5.   Common Stock Held and Trust Certificates Outstanding
     ----------------------------------------------------

     At September 30, 2001 and 2000, the Trust held 25,920,000 Trust shares of
     the Company's common stock and has issued certificates evidencing a like
     number of units of beneficial interest.



                                       6
<PAGE>
                         JOURNAL EMPLOYEES' STOCK TRUST


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

Income is based solely on dividends from Journal Communications, Inc.

Item 3.  Quantitative and Qualitative Disclosure of Market Risk

None

                           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

Item 5 - Other Information

None

Item 6 - Exhibits and Reports on Form 8-K

(a)      Exhibits

          None

(b)      Reports on Form 8-K

          None

                                       7
<PAGE>
                         JOURNAL EMPLOYEES' STOCK TRUST


                                   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: November 13, 2001                   By: /s/ Steven J. Smith
     ------------------                       ---------------------------------
                                              Steven J. Smith
                                              Trustee


Date: November 13, 2001                   By: /s/ Paul M. Bonaiuto
     ------------------                       ---------------------------------
                                              Paul M. Bonaiuto
                                              Trustee


                                       8