FORM 10-Q
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                   Quarterly Report Under Section 13 or 15(d)
                     of the Securities Exchange Act of 1934



For Quarter Ending March 31, 2000                  Commission file number 0-7832
                   --------------                                         ------
    (3 Months)


                         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
    incorporation or organization)                   Identification No.)

P.O. Box 661,     333 W. State St.,                 Milwaukee, Wisconsin 53201
--------------------------------------------------------------------------------
(Address of principal executive offices)                  (Zip Code)



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



--------------------------------------------------------------------------------
(Former  name,  former  address and former  fiscal year,  if changed  since last
report)


          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 __
<PAGE>

                                    FORM 10-Q
                         JOURNAL EMPLOYEES' STOCK TRUST


For Quarter Ending March 31, 2000                  Commission file number 0-7832
                   --------------                                         ------


                                      INDEX

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

           Item 1.    Financial Statements (Unaudited)


                      Statements of Trust Income
                      Three months ended March 31, 2000 and 1999              3

                      Statements of Cash Flows
                      Three months ended March 31, 2000 and 1999              4

                      Notes to Financial Statements
                      March 31, 2000                                          5

           Item 2.    Management's Discussion and Analysis of
                      Financial Condition and Results of Operations           6

           Item 3.    Quantitative and Qualitative Disclosure
                      of Market Risk                                          6


Part II.   Other Information

           Items 1-6.                                                         6


                                       2
<PAGE>

                                    FORM 10-Q
                         JOURNAL EMPLOYEES' STOCK TRUST


For Quarter Ended March 31, 2000                   Commission file number 0-7832
                  --------------                                          ------


                      Part 1, Item 1. Financial Information
                      -------------------------------------

                           Statements of Trust Income
                           --------------------------

                                                     Three Months Ended
                                                     ------------------
                                                  03/31/2000     03/31/1999
                                                 -----------    -----------
                                                 (Unaudited)    (Unaudited)

Dividends on common stock of
 Journal Communications, Inc.
 held by the Trust                               $ 7,253,834    $ 6,921,514
                                                 -----------    -----------

                                                 $ 7,253,834    $ 6,921,514
                                                 ===========    ===========


         Per Share                               $      0.30    $      0.28
                                                 -----------    -----------

                                                 $      0.30    $      0.28
                                                 ===========    ===========

Dividends to holders of Units
   of Beneficial Interest                        $ 7,253,834    $ 6,921,514
                                                 -----------    -----------

                                                 $ 7,253,834    $ 6,921,514
                                                 ===========    ===========


         Per Unit                                $      0.30    $      0.28
                                                 -----------    -----------

                                                 $      0.30    $      0.28
                                                 ===========    ===========


                       See notes to financial statements.


                                       3
<PAGE>

                                    FORM 10-Q
                         JOURNAL EMPLOYEES' STOCK TRUST


For Quarter Ended March 31, 2000                   Commission file number 0-7832
                  --------------                                          ------


                            Statements of Cash Flows
                            ------------------------


                                                     Three Months Ended
                                                     ------------------
                                                 03/31/2000      03/31/1999
                                                ------------    ------------
                                                 (Unaudited)     (Unaudited)

Source of cash:
     Receipts from purchasers of Units
     of Beneficial Interest (Note 3)            $ 33,470,430    $ 29,515,975

     Dividends received from
     Journal Communications, Inc.                  7,253,834       6,921,514
                                                ------------    ------------

                                                 125,370,911     147,134,313


Uses of cash:
     Disbursements to sellers of
     Units of Beneficial Interest                (33,470,430)    (29,515,975)

     Dividends paid to holders of
     Units of Beneficial Interest                 (7,253,834)     (6,921,514)
                                                ------------    ------------

     Net decrease in cash                                  0               0

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

     Cash at March 31                           $          0    $          0
                                                ============    ============


                       See notes to financial statements.


                                       4
<PAGE>

                                    FORM 10-Q
                         JOURNAL EMPLOYEES' STOCK TRUST


For Quarter Ended March 31, 2000                   Commission file number 0-7832
                  --------------                                          ------


                          Notes to Financial Statements
                          -----------------------------
                                 March 31, 2000
                                 --------------
                                   (Unaudited)


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

     The  only  business  of  Journal  Employees'  Stock  Trust  (Trust),  under
     agreement  dated May 15, 1937, as amended,  is the record holding of common
     stock of Journal Communications, Inc. ("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 taxes and 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.

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 employees of the
     Company ("Employees").  Sales of Units by the Trust 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.

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
<PAGE>

                                    FORM 10-Q
                         JOURNAL EMPLOYEES' STOCK TRUST


For Quarter Ended  March 31, 2000                  Commission file number 0-7832
                   --------------                                         ------


                 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
                           --------------------------

On April 14, 2000, the Milwaukee  County Circuit Court (J.  Donegan) on a motion
for summary  judgement in Gauthier v. Journal  Communications,  Inc., ruled that
the Company was contractually liable to a class of plaintiffs for requiring them
to sell back their Journal units prematurely.  The suit was filed by five former
employees who owned Journal units (unitholders). The unitholders were terminated
at the  time of the 1995  merger  of The  Milwaukee  Journal  and the  Milwaukee
Sentinel. The judge previously ruled that the lawsuit could be a class action to
include other former  unitholders who terminated during the newspaper merger. As
a result of the merger,  some  full-time  employees  took early  retirement  and
others received voluntary  separation  incentives.  Under the Journal Employees'
Stock Trust Agreement  (JESTA),  employees whose employment is terminated before
retirement are required to sell back all units to the Company upon  termination.
In January 1995, a stock sell-back  policy was approved by the trustees of JESTA
that employees who lose their jobs because of corporate restructuring were given
more time to sell back their stock.  Employees with twenty (20) or more years as
a unitholder had up to five (5) years to sell their stock,  one-fifth each year;
fifteen  (15) to  twenty  (20)  years a  unitholder  had up to four  (4)  years,
one-fourth  each year;  ten (10) to fifteen (15) years as a unitholder had three
(3) years,  one-third each year;  five (5) to ten (10) years as a unitholder had
two (2) years, one-half each year; and two (2) to five (5) years as a unitholder
had one year. The judge ruled that the former  employees,  who signed separation
agreements  in 1995,  should  have been  allowed to sell back units at any point
during the time  period.  He based his decision on a Journal  Sentinel  internal
memorandum that outlined termination  incentives,  including the stock sell-back
schedule but without the language specifying the portion to be sold


                                       6
<PAGE>

                                    FORM 10-Q
                         JOURNAL EMPLOYEES' STOCK TRUST


For Quarter Ended  March 31, 2000                  Commission file number 0-7832
                   --------------                                         ------


                           Item 1 - Legal Proceedings
                           --------------------------

each year. That information was widely known and understood.  The memorandum was
not part of the separation  agreement that employees signed, but it was referred
to in the agreement.  Under the judge's ruling, for instance, a twenty (20) year
unitholder  would be  permitted  to hold all units  until five years had passed,
rather than selling some each year.  The Company  disagrees with this ruling and
on April 21, it filed an  interlocutory  appeal  before the  Wisconsin  Court of
Appeals to have this decision reversed. At this time the impact of this decision
on the Company or JESTA cannot be determined.


               Item 2 - Changes in Securities and Use of Proceeds
               --------------------------------------------------

None


                    Item 3 - Defaults upon Senior Securities
                    ----------------------------------------

None


           Item 4- Submission of Matter to a Vote of Security Holders
           ----------------------------------------------------------

None


                           Item 5 - Other Information
                           --------------------------

None


                    Item 6 - Exhibits and Reports on Form 8-K
                    -----------------------------------------

(a)      Exhibit (27) Financial Data Schedule
(b)      None


                                       7
<PAGE>

                                    FORM 10-Q
                         JOURNAL EMPLOYEES' STOCK TRUST


For Quarter Ended March 31, 2000                   Commission file number 0-7832
                  --------------                                          ------


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.



                         JOURNAL EMPLOYEES' STOCK TRUST
                         ------------------------------



Date: May 11, 2000                      By: /s/ Steven J. Smith
      ------------                          ------------------------------------
                                            Steven J. Smith
                                            Trustee



Date: May 11, 2000                      By: /s/ Douglas G. Kiel
      ------------                          ------------------------------------
                                            Douglas G. Kiel
                                            Trustee




                                       9
<PAGE>

                                    FORM 10-Q
                         JOURNAL EMPLOYEES' STOCK TRUST


For Quarter Ended March 31, 2000                   Commission file number 0-7832
                  --------------                                          ------



                                 EXHIBIT INDEX

Exhibit        Description

27             Financial Data Schedule



                                       10