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 June 30, 2000            Commission file number      0-7832
  (6 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



Quarter Ended June 30, 2000                        Commission file number 0-7832
              -------------                                               ------



                                      INDEX


                                                                        Page No.
                                                                        --------

Part I.    Financial Information

           Item 1.   Financial Statements (Unaudited)

                     Statements of Trust Income
                     Six and three months ended June 30, 2000 and 1999         3

                     Statements of Cash Flow
                     Six and three months ended June 30, 2000 and 1999         4

                     Notes to Financial Statements
                     June 30, 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 June 30, 2000                    Commission file number 0-7832
                  -------------                                           ------

                      Part 1, Item 1 Financial Information

                           Statements of Trust Income
                           --------------------------
          (Dollars in thousands, except per share and per unit amounts)
                                   (Unaudited)

                                  Three Months Ended         Six Months Ended
                                  ------------------         ----------------
                               06/30/2000   06/30/1999   06/30/2000   06/30/1999
                               ----------   ----------   ----------   ----------

Dividends on common stock
  of Journal Communications,
  Inc. held by the Trust         $ 8,519      $ 6,913     $ 15,772     $ 13,834
                                 =======      =======     ========     ========




         Per Share               $  0.35      $  0.28     $   0.65     $   0.56
                                 =======      =======     ========     ========



Dividends to holders of Units
  of Beneficial Interest         $ 8,519      $ 6,913     $ 15,772     $ 13,834
                                 =======      =======     ========     ========




         Per Unit                $  0.35      $  0.28     $   0.65     $   0.56
                                 =======      =======     ========     ========



                       See notes to financial statements.



                                       3
<PAGE>


                                    FORM 10-Q
                         JOURNAL EMPLOYEES' STOCK TRUST


For Quarter Ended June 30, 2000                    Commission file number 0-7832
                  -------------                                           ------


                             Statements of Cash Flow
                             -----------------------
          (Dollars in thousands, except per share and per unit amounts)
                                   (Unaudited)

                                                        Six Months Ended
                                                        ----------------
                                                06/30/2000            06/30/1999
                                                ----------            ----------

Sources of cash:
  Receipts from purchasers of Units
  of Beneficial Interest                        $   95,420            $  75,006

  Dividends received from
  Journal Communications, Inc.                      15,772               13,834
                                                ----------            ---------

                                                   111,192               88,840


Uses of cash:
  Disbursements to sellers of
  Units of Beneficial Interest                     (95,420)             (75,006)

  Dividends paid to holders of
  Units of Beneficial Interest                     (15,772)             (13,834)
                                                ----------            ---------

                                                  (111,192)             (88,840)

Net change in cash                                       0                    0

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

Cash at June 30                                 $        0            $       0
                                                ==========             ========


                       See notes to financial statements.




                                       4
<PAGE>


                                    FORM 10-Q
                         JOURNAL EMPLOYEES' STOCK TRUST


For Quarter Ended June 30, 2000                    Commission file number 0-7832
                  -------------                                           ------


                          Notes to Financial Statements
                                  June 30, 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  June 30, 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 each year.
That information was widely known and understood. The memorandum



                                       6
<PAGE>


                                    FORM 10-Q
                         JOURNAL EMPLOYEES' STOCK TRUST


For Quarter Ended  June 30, 2000                   Commission file number 0-7832
                   -------------                                          ------


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. This appeal was denied and the
Company will proceed to trial. 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

Not applicable

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

The Company held its Annual Meeting of Stockholders on June 6, 2000 for the
purpose of electing twenty-seven (27) directors.

Steven J. Smith and Douglas G. Kiel, as the designated proxies, voted the shares
of common stock of Journal Communications, Inc., as they were instructed by the
shareholders and unitholders of the Company and the Trustees of the Journal
Employees Stock Trust. 84% of all shares eligible to vote were represented at
the Annual Meeting in person or by proxy. All nominees for Director were elected
by the affirmative vote of at least 99% of the shares voted.

The following nominees were elected to the Board of Directors for the 2000-2001
term:

Todd K. Adams              Joseph O. Hoffman         David G. Meissner
David A. Anderson          Stephanie E. Hughes       Roger D. Peirce
Paul M. Bonaiuto           Stephen O. Huhta          James P. Prather
James J. Ditter            Mark J. Keefe             Philippe L. Secker
Carl L. Dittoe             Douglas G. Kiel           Steven J. Smith
Robert M. Dye              Kenneth L. Kozminski      Keith K. Spore
James L. Forbes            Paul E. Kritzer           Thomas J. Szews
Carl D. Gardner            Ronald G. Kurtis          Joseph C. Taschler III
Richard J. Gasper          Judith A. Leonard         Karen O. Trickle



                                       7
<PAGE>


                                    FORM 10-Q
                         JOURNAL EMPLOYEES' STOCK TRUST


For Quarter Ended  June 30, 2000                   Commission file number 0-7832
                   -------------                                          ------



                           Item 5 - Other Information

None

                    Item 6 - Exhibits and Reports on Form 8-K

(a)  Exhibit (27) Financial Data Schedule




                                       8

<PAGE>

                                    FORM 10-Q
                         JOURNAL EMPLOYEES' STOCK TRUST


For Quarter Ended June 30, 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: August 1, 2000                     By: /s/  Steven J. Smith
      ---------------------                  -----------------------------------
                                             Steven J. Smith
                                             Trustee





Date: August 1, 2000                     By: /s/  Paul M. Bonaiuto
      ---------------------                  -----------------------------------
                                             Paul M. Bonaiuto
                                             Trustee



                                       9

<PAGE>


                                   FORM 10-Q
                         JOURNAL EMPLOYEES' STOCK TRUST


For Quarter Ended June 30, 2000                    Commission file number 0-7832
                  -------------                                           ------



                                 EXHIBIT INDEX


EXHIBIT NO.              DESCRIPTION

    27                   FINANCIAL DATA SCHEDULE




                                       10