<PAGE>

                                UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION

                           Washington, D.C. 20549

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


                                  FORM 10-Q


              QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d)

                   OF THE SECURITIES EXCHANGE ACT OF 1934



For the quarterly period ended JUNE 29, 2001     Commission file number 0-16633


                   THE JONES FINANCIAL COMPANIES, L.L.L.P.
-------------------------------------------------------------------------------
           (Exact name of registrant as specified in its charter)


           MISSOURI                                          43-1450818
-------------------------------------------------------------------------------
           (State or other jurisdiction of               (IRS Employer
           incorporation or organization)                Identification No.)

           12555 Manchester Road
           St. Louis, Missouri                             63131
-------------------------------------------------------------------------------
           (Address of principal executive offices)      (Zip Code)


Registrant's telephone number, including area code         (314) 515-2000
                                                       -----------------------


     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 the filing date, there are no voting
            securities held by non-affiliates of the Registrant.



<PAGE>
<PAGE>


                   THE JONES FINANCIAL COMPANIES, L.L.L.P.

                                    INDEX


                                                                           Page
                                                                         Number
Part I.    FINANCIAL INFORMATION

Item 1.    Financial Statements

           Consolidated Statements of Financial Condition..................3
           Consolidated Statements of Income ..............................5
           Consolidated Statements of Cash Flows...........................6
           Consolidated Statements of Changes in Partnership Capital.......7
           Notes to Consolidated Financial Statements......................8

Item 2.    Management's Discussion and Analysis of Financial
           Condition and Results of Operations.............................10

Item 3.    Quantitative and Qualitative Disclosures About Market Risk......15


Part II.   OTHER INFORMATION

Item 1.    Legal Proceedings...............................................16

Item 6.    Exhibits and Reports on Form 8-K ...............................16

           Signatures......................................................17

                                     2



<PAGE>
<PAGE>


                        Part I. FINANCIAL INFORMATION

Item 1.  Financial Statements

<TABLE>

                                       THE JONES FINANCIAL COMPANIES, L.L.L.P.

                                   CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

                                                       ASSETS

<CAPTION>
                                                                           (Unaudited)
                                                                             June 29,                 December 31,
(Amounts in thousands)                                                         2001                       2000
--------------------------------------------------------------------------------------------------------------------

<S>                                                                      <C>                        <C>
Cash and cash equivalents                                                $       152,905            $       176,356

Receivable from:
     Customers                                                                 1,914,116                  2,008,469
     Brokers, dealers and clearing organizations                                  76,269                     80,626
     Mortgages and loans                                                         103,574                     98,946

Securities owned, at market value:
     Inventory securities                                                        159,922                    118,260
     Investment securities                                                       188,014                    203,741

Equipment, property and improvements                                             253,745                    248,290

Other assets                                                                     245,494                    235,697
                                                                         ---------------            ---------------

     Total assets                                                        $     3,094,039            $     3,170,385
                                                                         ===============            ===============

The accompanying notes are an integral part of these financial statements.
</TABLE>

                                     3


<PAGE>
<PAGE>

                        Part I. FINANCIAL INFORMATION

Item 1.  Financial Statements

<TABLE>

                                       THE JONES FINANCIAL COMPANIES, L.L.L.P.

                                   CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

                                         LIABILITIES AND PARTNERSHIP CAPITAL

<CAPTION>
                                                                           (Unaudited)
                                                                            June 29,                  December 31,
(Amounts in thousands)                                                        2001                        2000
--------------------------------------------------------------------------------------------------------------------
<S>                                                                      <C>                        <C>
Bank loans                                                               $       405,223            $       218,314

Securities sold under agreements to repurchase                                         -                     24,969

Securities loaned                                                                130,017                    140,596

Payable to:
     Customers                                                                 1,206,789                  1,382,088
     Brokers, dealers and clearing organizations                                  35,656                     22,268
     Depositors                                                                   94,635                     87,550

Securities sold, not yet purchased, at market value                               27,488                     18,064

Accounts payable and accrued expenses                                            129,899                    126,119

Accrued compensation and employee benefits                                       173,512                    232,993

Long-term debt                                                                    24,005                     29,618
                                                                         ---------------            ---------------

                                                                               2,227,224                  2,282,579
                                                                         ---------------            ---------------

Liabilities subordinated to claims of general creditors                          216,100                    232,325
                                                                         ---------------            ---------------

Partnership capital                                                              627,653                    603,090

Partnership capital reserved for anticipated withdrawals                          23,062                     52,391
                                                                         ---------------            ---------------

     Total partnership capital                                                   650,715                    655,481
                                                                         ---------------            ---------------

     Total liabilities and partnership capital                           $     3,094,039            $     3,170,385
                                                                         ===============            ===============

The accompanying notes are an integral part of these financial statements.
</TABLE>

                                     4


<PAGE>
<PAGE>

                        Part I. FINANCIAL INFORMATION

Item 1.  Financial Statements


<TABLE>
                                      THE JONES FINANCIAL COMPANIES, L.L.L.P.

                                         CONSOLIDATED STATEMENTS OF INCOME
                                                    (Unaudited)

<CAPTION>
                                                        Three Months Ended                 Six Months Ended
(Amounts in thousands,                              June 29,         June 30,          June 29,         June 30,
except per unit information)                          2001             2000              2001             2000
--------------------------------------------------------------------------------------------------------------------
<S>                                              <C>              <C>               <C>              <C>
Net revenue:
   Commissions                                   $     314,905    $      358,676    $     644,648    $      751,766
   Principal transactions                               91,303            73,357          161,543           137,382
   Investment banking                                    6,180             4,950            9,647            16,553
   Interest and dividends                               46,118            57,243           96,170           105,225
   Other                                                80,311            72,706          155,841           133,885
                                                 -------------    --------------    -------------    --------------

       Total revenue                                   538,817           566,932        1,067,849         1,144,811
   Interest expense                                     17,247            22,399           35,519            40,720
                                                 -------------    --------------    -------------    --------------
       Net revenue                                     521,570           544,533        1,032,330         1,104,091
                                                 -------------    --------------    -------------    --------------

Operating expenses:
   Compensation and benefits                           301,037           319,105          593,655           653,256
   Communications and data processing                   55,588            53,802          109,065           105,291
   Occupancy and equipment                              51,439            44,890          101,496            86,003
   Payroll and other taxes                              19,919            17,036           44,181            38,158
   Floor brokerage and clearance fees                    3,746             4,756            7,704             9,283
   Other operating expenses                             49,138            41,716           97,740            80,335
                                                 -------------    --------------    -------------    --------------
       Total operating expenses                        480,867           481,305          953,841           972,326
                                                 -------------    --------------    -------------    --------------

   Net income                                    $      40,703    $       63,228    $      78,489    $      131,765
                                                 =============    ==============    =============    ==============

Net income allocated to:
   Limited partners                              $       6,283    $        7,282    $      12,148    $       15,220
   Subordinated limited partners                         4,096             5,852            7,985            12,521
   General partners                                     30,324            50,094           58,356           104,024
                                                 -------------    --------------    -------------    --------------
                                                 $      40,703    $       63,228    $      78,489    $      131,765
                                                 =============    ==============    =============    ==============

Net income per weighted average $1,000
  equivalent partnership unit outstanding:
   Limited partners                              $       26.44    $        49.28    $       50.98    $       102.58
                                                 =============    ==============    =============    ==============
   Subordinated limited partners                 $       50.03    $        95.22    $       97.54    $       203.73
                                                 =============    ==============    =============    ==============

Weighted average $1,000 equivalent
  partnership units outstanding:
   Limited partners                                    237,633           147,752          238,290           148,367
                                                 =============    ==============    =============    ==============
   Subordinated limited partners                        81,855            61,457           81,855            61,457
                                                 =============    ==============    =============    ==============

The accompanying notes are an integral part of these financial statements.
</TABLE>

                                     5


<PAGE>
<PAGE>

                        Part I. FINANCIAL INFORMATION

Item 1.  Financial Statements

<TABLE>
                                     THE JONES FINANCIAL COMPANIES, L.L.L.P.

                                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                  (Unaudited)

<CAPTION>

                                                                                     Six Months Ended
                                                                             June 29,                 June 30,
(Amounts in thousands)                                                         2001                     2000
-----------------------------------------------------------------------------------------------------------------
<S>                                                                       <C>                      <C>
Cash Flows Provided by Operating Activities:
     Net income                                                           $       78,489           $     131,765

     Adjustments to reconcile net income to
       net cash provided by operating activities:
         Depreciation and amortization                                            33,902                  32,333

     Changes in assets and liabilities:
         Securities purchased under agreements to resell                               -                  75,000

         Securities sold under agreement to repurchase                           (24,969)                (52,706)

         Net receivable from customers                                           (80,946)               (370,892)

         Net receivable from brokers, dealers
           and clearing organizations                                             17,745                   7,496

         Receivable from mortgages and loans                                      (4,628)                (12,898)

         Securities owned, net                                                   (16,511)                (29,118)

         Other assets                                                             (9,797)                (29,010)

         Bank loans                                                              186,909                 343,028

         Securities loaned                                                       (10,579)                 88,092

         Payables to depositors                                                    7,085                     724

         Accounts payable and other accrued expenses                             (55,701)                  4,349
                                                                          --------------           -------------
     Net cash provided by operating activities                                   120,999                 188,163
                                                                          --------------           -------------

Cash Flows Used in Investing Activities:
     Purchase of equipment, property and improvements                            (39,357)                (44,576)
                                                                          --------------           -------------

     Net cash used in investing activities                                       (39,357)                (44,576)
                                                                          --------------           -------------

Cash Flows Used in Financing Activities:
     Repayment of long-term debt                                                  (5,613)                 (2,412)
     Repayment of subordinated debt                                              (16,225)                (16,225)
     Issuance of partnership interests                                            11,450                   8,994

     Redemption of partnership interests                                          (2,994)                 (1,499)

     Withdrawals and distributions from
       partnership capital                                                       (91,711)               (114,393)
                                                                          --------------           -------------
     Net cash used in financing activities                                      (105,093)               (125,535)
                                                                          --------------           -------------
     Net (decrease) increase in cash and cash equivalents                        (23,451)                 18,052

Cash and Cash Equivalents, beginning of period                                   176,356                 142,545
                                                                          --------------           -------------

Cash and Cash Equivalents, end of period                                  $      152,905           $     160,597
                                                                          ==============           =============

Cash paid for interest                                                    $       35,535           $      40,161
                                                                          ==============           =============

The accompanying notes are an integral part of these financial statements.
</TABLE>


                                     6


<PAGE>
<PAGE>

                        Part I. FINANCIAL INFORMATION

Item 1.  Financial Statements

<TABLE>
                                      THE JONES FINANCIAL COMPANIES, L.L.L.P.

                            CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERSHIP CAPITAL

                                SIX MONTHS ENDED JUNE 29, 2001 AND JUNE 30, 2000
                                                    (Unaudited)

<CAPTION>
                                                                 Subordinated
                                                     Limited          limited           General
                                                 partnership      partnership       partnership
(Amounts in thousands)                               capital          capital           capital            Total
-----------------------------------------------------------------------------------------------------------------
<S>                                            <C>              <C>               <C>              <C>
Balance, December 31, 1999                     $     149,009    $      52,463     $     243,665    $     445,137

Net income                                            15,220           12,521           104,024          131,765

Issuance of partnership interests                          -            8,994                 -            8,994

Redemption of partnership interests                   (1,499)               -                 -           (1,499)

Withdrawals and distributions                         (1,103)         (10,585)          (56,308)         (67,996)

Reserved for anticipated withdrawals                 (14,117)          (1,936)          (19,005)         (35,058)
                                               -------------    -------------     -------------    -------------

Balance, June 30, 2000                         $     147,510    $      61,457     $     272,376    $     481,343
                                               =============    =============     =============    =============


Balance, December 31, 2000                     $     240,144    $      70,405     $     292,541    $     603,090

Net income                                            12,148            7,985            58,356           78,489

Issuance of partnership interests                          -           11,450                 -           11,450

Redemption of partnership interests                   (2,994)               -                 -           (2,994)

Withdrawals and distributions                         (1,210)          (6,686)          (31,424)         (39,320)

Reserved for anticipated withdrawals                 (10,938)          (1,299)          (10,825)         (23,062)
                                               -------------    -------------     -------------    -------------

Balance, June 29, 2001                         $     237,150    $      81,855     $     308,648    $     627,653
                                               =============    =============     =============    =============



The accompanying notes are an integral part of these financial statements.
</TABLE>


                                     7


<PAGE>
<PAGE>

                        Part I. FINANCIAL INFORMATION

Item 1.  Financial Statements


                   THE JONES FINANCIAL COMPANIES, L.L.L.P

                 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 (Unaudited)


BASIS OF PRESENTATION

         The accompanying consolidated financial statements include the
accounts of The Jones Financial Companies, L.L.L.P. and all wholly owned
subsidiaries (the "Partnership"). All material intercompany balances and
transactions have been eliminated. Investments in nonconsolidated companies
which are at least 20% owned are accounted for using the equity method.

         The Partnership's principal operating subsidiary, Edward D. Jones &
Co., L.P. ("EDJ"), is engaged in business as a registered broker/dealer
primarily serving individual investors. The Partnership derives its revenues
from the sale of listed and unlisted securities and insurance products,
investment banking and principal transactions and is a distributor of mutual
fund shares. The Partnership conducts business throughout the United States,
Canada and the United Kingdom with its customers, various brokers, dealers,
clearing organizations, depositories and banks.

         The financial statements have been prepared using the accrual basis
of accounting which requires the use of certain estimates by management in
determining the Partnership's assets, liabilities, revenues and expenses.

         The financial information included herein is unaudited. However, in
the opinion of management, such information includes all adjustments,
consisting solely of normal recurring accruals, which are necessary for a
fair presentation of the results of interim operations.

         The results of operations for the six months ended June 29, 2001
and June 30, 2000 are not necessarily indicative of the results to be
expected for the full year.

                                     8


<PAGE>
<PAGE>

                        Part I. FINANCIAL INFORMATION

Item 1.  Financial Statements


NET CAPITAL REQUIREMENTS

         As a result of its activities as a broker/dealer, EDJ is subject to
the Net Capital provisions of Rule 15c3-1 of the Securities Exchange Act of
1934 and the capital rules of the New York Stock Exchange. Under the
alternative method permitted by the rules, EDJ must maintain minimum Net
Capital, as defined, equal to the greater of $250,000 or 2% of aggregate
debit items arising from customer transactions. The Net Capital rule also
provides that partnership capital may not be withdrawn if resulting Net
Capital would be less than 5% of aggregate debit items. Additionally,
certain withdrawals require the consent of the SEC to the extent they exceed
defined levels even though such withdrawals would not cause Net Capital to
be less than 5% of aggregate debit items.

         At June 29, 2001, EDJ's Net Capital of $384.0 million was 21% of
aggregate debit items and its Net Capital in excess of the minimum required
was $346.7 million. Net Capital as a percentage of aggregate debits after
anticipated withdrawals was 20%. Net Capital and the related capital
percentage may fluctuate on a daily basis.

         The firm has other operating subsidiaries, including Boone National
Savings and Loan Association, F.A. (the "Association") and broker/dealer
subsidiaries in Canada and the United Kingdom. These wholly owned
subsidiaries are required to maintain specified levels of liquidity and
capital standards. Each subsidiary is in compliance with the applicable
regulations as of June 29, 2001.

                                     9



<PAGE>
<PAGE>

                        Part I. FINANCIAL INFORMATION

Item 2.  Management's Discussion And Anaylsis Of Financial Condition And
         Results Of Operations


                   THE JONES FINANCIAL COMPANIES, L.L.L.P.

                      MANAGEMENT'S FINANCIAL DISCUSSION

             QUARTER AND SIX MONTHS ENDED JUNE 29, 2001, VERSUS

                 QUARTER AND SIX MONTHS ENDED JUNE 30, 2000


RESULTS OF OPERATIONS

         For the second quarter of 2001, compared to the second quarter of
2000, total revenue decreased 5% ($28.1 million) to $538.8 million and net
income decreased 36% ($22.5 million) to $40.7 million. For the six months
ended June 29, 2001, total revenue decreased 7% ($77.0 million) to $1.1
billion, and net income decreased 40% ($53.3 million) to $78.5 million. The
decrease in revenue and net income is due primarily to lower customer
activity due to market conditions.

         The partnership segments its revenues between trade revenue
(revenue from buy or sell transactions on securities) and fee revenue
(sources other than trade revenues). Trade revenue comprised 64% of total
revenue for both the second quarter of 2001 and 2000 and 63% and 67% for the
first six months of 2001 and 2000, respectively. Fee revenue sources, such
as service fees, management fees, IRA fees and interest income, represented
the remaining 36% for the second quarters of 2001 and 2000 and 37% and 33%
for the first six months of 2001 and 2000, respectively.

         Trade revenue decreased 6% ($20.2 million) during the second
quarter and 11% ($87.4 million) during the first six months of 2001. Trade
revenue decreased primarily due to a decrease in customer dollars invested.
Total customer dollars invested were $12.9 billion and $25.6 billion during
the second quarter and first six months of 2001, respectively, representing
a 20% ($3.3 billion) and 26% ($8.9 billion) decrease from the comparable
prior year periods. The impact of lower customer activity was partially
offset by an increase in the margin on each $1,000 invested, to $25.80 in
the first six months of 2001 from $21.70 in the first six months of 2000.
Year over year, the composition of the product mix has shifted from
individual equities and CDs, which have the lower margins, to higher margin
mutual funds, fixed income and insurance products.

         Fee revenue sources, which include service fees, revenue sharing
agreements with mutual funds and insurance companies, interest income, IRA
custodial fees and other fees, decreased 4% ($7.9 million) for the quarter
and increased 3% ($10.4 million) for the six months ended June 29, 2001.
Service fees decreased 7% ($5.0 million) for the quarter and 2% ($2.2
million) year to date as the underlying assets

                                     10



<PAGE>
<PAGE>

                        Part I. FINANCIAL INFORMATION

Item 2.  Management's Discussion And Anaylsis Of Financial Condition And
         Results Of Operations


have been negatively impacted by market conditions. Interest income
decreased 19% ($11.2 million) for the second quarter and 9% ($9.1 million)
year to date due to the impact of rate reductions in the current year and to
a decrease in customer loans outstanding. Customer loans were $2.0 billion
at June 30, 2000 compared to $1.9 billion at June 29, 2001. However, other
fee revenue sources increased 11% ($8.3 million) for the quarter and 16%
($21.7 million) for the six month period due primarily to growth in revenue
from money market and mutual fund fees, subtransfer agent services and IRA
fees.

         Focusing on changes in major revenue categories, commissions
revenue, including service fees, decreased 12% ($43.8 million) during the
second quarter and 14% ($107.1 million) during the first six months of 2001.
Listed and over-the-counter (OTC) agency commissions decreased 33% ($36.2
million) for the quarter and 36% ($88.2 million) for the first six months,
accounting for 83% and 82%, respectively, of the total decrease in commissions
revenue. Insurance product commissions decreased 10% ($5.5 million) and 7%
($7.5 million) for the periods, and accounted for 13% and 7%, respectively,
of the decline in commissions revenue. Mutual fund commissions decreased 5%
($2.1 million) for the quarter and 10% ($11.1 million) year to date.

         Principal transactions revenue increased 25% ($17.9 million) during
the second quarter and 18% ($24.2 million) during the first six months of
2001. The increase is primarily attributable to an increase in corporate and
municipal bonds, offset by a decrease in CD sales.

         Other revenue, comprised of various fee revenue sources, increased
11% ($7.6 million) for the quarter and 16% ($22.0 million) for the first six
months of 2001. Revenue received from money market, mutual fund and
insurance products increased 6% ($3.2 million) for the quarter and 16%
($16.3 million) for the first six months. Additionally, the number of IRA
accounts increased, resulting in custodial fee revenue growth of 25% ($2.1
million) for the quarter and 23% ($3.9 million) for the first six months.

         Interest expense decreased 23% ($5.2 million) during the quarter
and 13% ($5.2 million) for the six months ended June 29, 2001, due to a
decrease in bank loans outstanding and lower interest rates.

         Operating expenses decreased 0.1% ($0.4 million) to $480.9 million
during the quarter, and decreased 2% ($18.5 million) to $953.8 million for
the six months ended June 29, 2001. Within operating expenses, compensation
costs decreased 6% ($18.1 million) and 9% ($59.6 million) for the quarter
and six month periods, respectively. Sales compensation decreased 4% ($6.7
million) and 8% ($29.4 million) for the quarter and six months,
respectively, due to decreased trade revenue and service fees. Variable
compensation, including bonuses and profit sharing paid to investment
representatives ("IRs"), branch office assistants and headquarters
associates, which expands and contracts in relation to revenues, net

                                     11


<PAGE>
<PAGE>

                        Part I. FINANCIAL INFORMATION

Item 2.  Management's Discussion And Anaylsis Of Financial Condition And
         Results Of Operations

income and profit margin, decreased 55% ($31.0 million) for the quarter and
58% ($71.7 million) year to date due to the lower revenue and earning levels.
Offsetting these decreases in compensation expense was an increase in
payroll expense for existing personnel and additional support personnel at
both the headquarters and in the branches due to growth in the sales force.
On a full time equivalent basis, the firm had 3,701 headquarters associates
and 8,270 branch staff as of June 29, 2001, compared to 3,323 headquarters
associates and 6,990 branch staff as of June 30, 2000. The Partnership added
1,298 IRs since June 30, 2000, ending the second quarter with 7,937 IRs in
the United States, Canada and the United Kingdom.

         Occupancy and equipment expenses increased 15% ($6.5 million) for
the quarter and 18% ($15.5 million) year to date. Other operating expenses
increased 18% ($7.4 million) and 22% ($17.4 million) for the quarter and six
months ended June 29, 2001. The increases are due to the Partnership
continuing to expand its headquarters and branch locations to enable it to
continue to increase its number of IRs, locations and customers.

LIQUIDITY AND CAPITAL RESOURCES

         The Partnership's equity capital at June 29, 2001, excluding the
reserve for anticipated withdrawals, was $627.7 million, compared to $603.1
million at December 31, 2000. Equity capital has increased primarily due to
retention of General Partner earnings ($16.1 million) and to an increase in
Subordinated Limited Partner capital ($11.5 million), offset by redemption
of Limited Partner interests ($3.0 million).

         At June 29, 2001, the Partnership had $152.9 million in cash and
cash equivalents. Lines of credit are in place aggregating $1.145 billion
($1.095 billion of which is through uncommitted lines of credit). Actual
borrowing availability is based on securities owned and customers' margin
securities which serve as collateral for the loans.

         A substantial portion of the Partnerships' assets are primarily
liquid, consisting mainly of cash and assets readily convertible into cash.
These assets are financed primarily by customer credit balances, equity
capital, bank lines of credit and other payables. The Partnership has $188.0
million in U.S. agency and treasury securities (Investment Securities) which
can be sold to meet liquidity needs. The Partnership believes that the
liquidity provided by existing cash balances, borrowing arrangements, and
investment securities will be sufficient to meet the Partnership capital and
liquidity requirements.

                                     12


<PAGE>
<PAGE>

                        Part I. FINANCIAL INFORMATION

Item 2.  Management's Discussion And Anaylsis Of Financial Condition And
         Results Of Operations


         The Partnership's growth in recent years has been financed through
sales of limited partnership interests to its employees, retention of
earnings, private placements of subordinated debt and operating leases under
which the firm rents furniture, fixtures, computers and communication
equipment.

         For the six months ended June 29, 2001, cash and cash equivalents
decreased $23.5 million. Cash provided by operating activities was $121.0
million. Sources include increased bank loans ($186.9 million) and net
income ($78.5 million). These sources were partially offset by an increase
in net receivable from customers ($80.9 million) and an increase in accounts
payable and accrued expenses ($55.7 million). Cash used in investing
activities consisted of $39.4 million in capital expenditures primarily
attributable to the firm's expansion of its headquarters and branch
facilities due to growth in the sales force, and to investment in
information technology hardware and software. Cash used in financing
activities was $105.1 million, primarily for partnership withdrawals ($91.7
million) and repayment of subordinated debt ($16.2 million) partially offset
by issuance of Subordinated Limited Partner interests ($11.5 million).

         As a result of its activities as a broker/dealer, EDJ, the
Partnership's principal subsidiary, is subject to the Net Capital provisions
of Rule 15c3-1 of the Securities Exchange Act of 1934 and the capital rules
of the new York Stock Exchange. Under the alternative method permitted by
the rules, EDJ must maintain minimum Net Capital, as defined, equal to the
greater of $250 or 2% of aggregate debit items arising from customer
transactions. The Net Capital Rule also provides that partnership capital
may not be withdrawn if resulting Net Capital would be less than 5% of
aggregate debit items. Additionally, certain withdrawals require the consent
of the SEC to the extent they exceed defined levels even though such
withdrawals would not cause Net Capital to be less than 5% of aggregate
debit items. At June 29, 2001, EDJ's Net Capital of $384.0 million was 21%
of aggregate debit items and its Net Capital in excess of the minimum
required was $346.7 million. Net Capital as a percentage of aggregate debits
after anticipated withdrawals was 20%. Net capital and the related capital
percentage may fluctuate on a daily basis.

         There were no material changes in the Partnership's overall
financial condition during the six months ended June 29, 2001, compared with
the six months ended June 30, 2000. The Partnership's consolidated statement
of financial condition is comprised primarily of cash and assets readily
convertible into cash. Securities inventories are carried at market value
and are readily marketable. Customer margin accounts are collateralized by
marketable securities. Other customer receivables and receivables and
payables with other broker/dealers normally settle on a current basis.
Liabilities, including amounts payable to customers, checks and accounts
payable and accrued expenses are sources of funds to the

                                     13


<PAGE>
<PAGE>
                        Part I. FINANCIAL INFORMATION

Item 2.  Management's Discussion And Anaylsis Of Financial Condition And
         Results Of Operations


Partnership. These liabilities, to the extent not utilized to finance assets,
are available to meet liquidity needs and provide funds for short-term
investments, which favorably impacts profitability.

THE EFFECTS OF INFLATION

         The Partnership's net assets are primarily monetary, consisting of
cash, securities inventories and receivables less liabilities. Monetary net
assets are primarily liquid in nature and would not be significantly
affected by inflation. Inflation and future expectations of inflation
influence securities prices, as well as activity levels in the securities
markets. As a result, profitability and capital may be impacted by inflation
and inflationary expectations. Additionally, inflation's impact on the
Partnership's operating expenses may affect profitability to the extent that
additional costs are not recoverable through increased prices of services
offered by the Partnership.

FORWARD-LOOKING STATEMENTS

         The Management's Financial Discussion contains forward-looking
statements within the meaning of federal securities laws. Actual results are
subject to risks and uncertainties, including both those specific to the
Partnership and those specific to the industry which could cause results to
differ materially from those contemplated. The risks and uncertainties
include, but are not limited to, general economic conditions, actions of
competitors, regulatory actions, changes in legislation and technology
changes. Undue reliance should not be placed on the forward-looking
statements, which speak only as of the date of this Quarterly Report on Form
10-Q. The Partnership does not undertake any obligation to publicly update
any forward-looking statements.

                                     14



<PAGE>
<PAGE>


                        Part 1. FINANCIAL INFORMATION

Item 3.  Quantitative and Qualitative Disclosures About Market Risk


         The SEC issued market risk disclosure requirements to enhance
disclosures of accounting policies for derivatives and other financial
instruments and to provide quantitative and qualitative disclosures about
market risk inherent in derivatives and other financial instruments. Various
levels of management within the Partnership manage the firm's risk exposure.
Position limits in trading and inventory accounts are established and
monitored on an ongoing basis. Credit risk related to various financing
activities is reduced by the industry practice of obtaining and maintaining
collateral. The Partnership monitors its exposure to counterparty risk
through the use of credit exposure information, the monitoring of collateral
values and the establishment of credit limits.

         There were no significant changes in the Partnership's exposure to
interest rate risk during the quarter ended June 29, 2001.

                                     15



<PAGE>
<PAGE>

                         Part II. OTHER INFORMATION



                   THE JONES FINANCIAL COMPANIES, L.L.L.P.

Item 1.  Legal Proceedings

     There have been no material changes in the legal proceedings previously
reported.


Item 6.  Exhibits and Reports on Form 8-K

     (a) Exhibits
         None
     (b) Reports on Form 8-K
         None


                                     16


<PAGE>
<PAGE>

                         Part II. OTHER INFORMATION


                                 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.

                   THE JONES FINANCIAL COMPANIES, L.L.L.P.
                                (Registrant)



Dated: August 3, 2001                              /s/  Steven Novik
                                                   -------------------------
                                                   Steven Novik
                                                   Chief Financial Officer


                                     17