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, 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.)


P.O. Box 661, 333 W. State St., Milwaukee, Wisconsin              53201
(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 June 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 Six months ended June 30, 2001 and 2000        3

                    Statements of Cash Flows
                    Six months ended June 30, 2001 and 2000                  4

                    Notes to Financial Statements
                    June 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 1-4.                                                         7

          Items 5-6.                                                         8


                                       2
<PAGE>

                         PART 1. FINANCIAL INFORMATION

Item 1. Financial Statements
<TABLE>
                                JOURNAL EMPLOYEES' STOCK TRUST
                                 Statements of Trust Activity
                                         In thousands
                                         (Unaudited)
<CAPTION>

                                          Three Months Ended            Six Months Ended
                                          ------------------            -----------------
                                        06/30/2001  06/30/2000       06/30/2001    06/30/2000
                                        ----------  ----------       ----------    ----------

Dividends on common stock of
 Journal Communications, Inc.
<S>                                        <C>         <C>             <C>           <C>
 held by the Trust                         $8,927      $8,519          $17,403       $15,772
                                           ======      ======          =======       =======



Dividends to holders of units
   of beneficial interest                  $8,927      $8,519          $17,403       $15,772
                                           ======      ======          =======       =======



Dividends per share                        $ 0.35      $ 0.35          $  0.70       $  0.65
                                           ======      ======          =======       =======


</TABLE>

                       See notes to financial statements.

                                       3
<PAGE>

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


                                                         Six Months Ended
                                                         ----------------
                                                   06/30/2001       06/30/2000
                                                   ----------       ----------

Sources of cash:
     Receipts from purchasers of units
         of beneficial interest                      $120,246         $ 95,420

     Dividends received from
         Journal Communications, Inc.                  17,403           15,772
                                                     --------         --------

                                                      137,649          111,192


Uses of cash:
     Disbursements to sellers of
         units of beneficial interest                (120,246)         (95,420)

     Dividends paid to holders of
         units of beneficial interest                ( 17,403)        ( 15,772)
                                                     --------         --------
                                                     (137,649)        (111,192)
                                                     --------         --------


     Net change in cash                                     0                0

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

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


                       See notes to financial statements.

                                       4
<PAGE>

                         JOURNAL EMPLOYEES' STOCK TRUST
                          Notes to Financial Statements
                                  June 30, 2001
                                   (Unaudited)

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

     The only business of Journal Employees' Stock Trust (the Trust), under
     agreement dated May 15, 1937, as amended, is 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 theTrust. 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'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 (option price).  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
                                  June 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 June 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

On June 5, 2001, the Trust held a Special Meeting of Unitholders (Special
Meeting) for the purpose of considering four proposals to amend the Journal
Employees' Stock Trust Agreement, dated May 15, 1937 (JESTA or Trust Agreement).

                         JOURNAL EMPLOYEES' STOCK TRUST

Steven J. Smith and Douglas G. Kiel, as the designated proxies, voted the units
of beneficial interest in the Journal Employees' Stock Trust, as they were
instructed by the employee-eligible unitholders of the Company. 18,055,640 units
were eligible to vote on the proposals to amend JESTA. 2,872,318 units were
withheld for each proposal. 15,183,322 unites were represented at the Annual
Meeting in person or by proxy.

1. The proposal to clarify the definition of "Retirement" under the Trust
Agreement was approved.

     Votes For (% of units represented)      Votes Against       Votes Withheld
              14,634,096 (81%)                   549,226           2,872,318

2. The proposal to specifically allow a sell-back period of up to five years for
unitholders who cease to be employees of a Journal Communications company
because of a downsizing, restructuring, reorganization, job elimination,
divestiture, outsourcing, or similar action was approved.

     Votes For (% of units represented)      Votes Against       Votes Withheld
              14,567,921 (81%)                   615,401           2,872,318

3. The proposal to confirm that units of beneficial interest that Journal
Communications purchases and resells continue to be restricted as to their
transfer was approved.

     Votes For (% of units represented)      Votes Against       Votes Withheld
              14,707,269 (81%)                   476,053           2,872,318

4. The proposal to grant the trustees the discretion to exclude large and
unusual income or expenses from the earnings component of the calculation of the
price at which unitholders may buy or offer to sell units under the Trust
Agreement, subject to certain limitations, was approved.

     Votes For (% of units represented)      Votes Against       Votes Withheld
              14,303,099 (79%)                   880,223           2,872,318

                                       7
<PAGE>
Item 5 - Other Information

None

Item 6 - Exhibits and Reports on Form 8-K

(a) Exhibits
      (4.1)     The Journal Employees' Stock Trust Agreement dated May 15,
                1937, as amended.
      (4.2)     Amendments to Journal Employees' Stock Trust Agreement as
                approved by unitholders on June 5, 2001.

(b) Reports on Form 8-K

None



                                       8
<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:   July 30, 2001                     By: /s/ Steven J. Smith
       ------------------                    ----------------------------------
                                             Steven J. Smith
                                             Trustee



Date:   July 30, 2001                     By: /s/ Paul M. Bonaiuto
       ------------------                    ----------------------------------
                                             Paul M. Bonaiuto
                                             Trustee



                                       9
<PAGE>
                                 EXHIBIT INDEX


     Exhibit No.                Description

      (4.1)     The Journal Employees' Stock Trust Agreement dated May 15,
                1937, as amended.

      (4.2)     Amendments to Journal Employees' Stock Trust Agreement as
                approved by unitholders on June 5, 2001 (incorporated by
                reference to Exhibits B through E to the Definitive Proxy
                Statement of the Journal Employees' Stock Trust and Journal
                Communications, Inc. included in the Schedule 14A filed
                jointly on April 30, 2001).




                                       10