<PAGE>

                                UNITED STATES
                     SECURITIES AND EXCHANGE COMMISSION

                           Washington, D.C. 20549

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

                                 FORM 10-Q/A
                               AMENDMENT NO. 1

              QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

                   OF THE SECURITIES EXCHANGE ACT OF 1934


             For the quarterly period ended SEPTEMBER 26, 2003
                       Commission file number 0-16633


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


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

           12555 Manchester Road
           St. Louis, Missouri                             63131
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           (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.



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<PAGE>




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

                                    INDEX

                                                                        Page
                                                                      Number

           EXPLANATORY NOTE..............................................3


Part I.    FINANCIAL INFORMATION

Item 2.    Management's Discussion and Analysis of Financial
           Condition and Results of Operations...........................4


Part II.   OTHER INFORMATION

Item 6.    Exhibits and Reports on Form 8-K.............................13


           Signatures...................................................14



                                     2

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<PAGE>



                              EXPLANATORY NOTE

         This Form 10-Q/A is being filed solely for the purpose of amending
a certain disclosure in Item 2 of Part I. The last sentence in the final
paragraph of the quarterly Management's Discussion and Analysis of Financial
Condition and Results of Operations is being amended. The sentence, as
originally filed, read, "The Partnership derived 41% of its revenue from
mutual fund related revenue in the third quarter and year to date September
26, 2003." The sentence now reads, "The Partnership derived 53% of its
revenue from mutual fund related revenue in the third quarter and year to
date September 26, 2003."



                                     3

<PAGE>
<PAGE>


                        Part I. FINANCIAL INFORMATION

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


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

                      MANAGEMENT'S FINANCIAL DISCUSSION

                            RESULTS OF OPERATIONS

         Net income of $132.4 million year to date in 2003 has increased by
7.6% from $123.1 million in 2002, while third quarter results of $53.8
million in 2003 have increased by 72% over $31.4 million earned in third
quarter 2002. The firm has experienced very different trends in 2003 and
2002. In 2002, customer activity and the related operating results started
out strong and weakened significantly in the second and third quarters. In
early 2003, customer activity and the related operating results were similar
to the third and fourth quarters of 2002 and have strengthened significantly
beginning in the second quarter.

 QUARTER ENDED SEPTEMBER 26, 2003 VERSUS QUARTER ENDED SEPTEMBER 27, 2002

         For the third quarter of 2003, net revenue increased 19% ($103.2
million) to $638.0 million, and net income increased 72% ($22.4 million) to
$53.8 million. The Partnership's net profit margin (net income as a
percentage of net revenue) increased to 8.4% for the third quarter of 2003
from 5.9% for the third quarter of 2002. Net revenue and net income were
positively impacted by both a shift in product mix to higher margin products
and an increase in customer activity.

         The Partnership broadly categorizes its revenues as trade revenue
(revenue from buy or sell transactions of securities) or net fee revenue
(sources other than trade revenue including asset fees, account and activity
fees and net interest income). In the Partnership's Consolidated Statements
of Income, trade revenue is included in commissions, principal transactions
and investment banking. Net fee revenue comprises the asset fee component of
commissions, interest and dividends net of interest expense, and other
revenues.


                                     4

<PAGE>
<PAGE>

                        Part I. FINANCIAL INFORMATION

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


The following tables reconcile the components of net revenue discussed here
in the Results of Operations to the components reported in the Consolidated
Statements of Income.

<TABLE>
<CAPTION>
Quarter ended Sept. 26, 2003     Trade         Asset      Acct/Act.    Net Interest &       Gain on           Net
(in thousands):                Revenue          Fees   & Other Fees   Dividend Income   Investments       Revenue
                              --------      --------   ------------   ---------------   -----------      --------

<S>                           <C>           <C>             <C>              <C>               <C>       <C>
Commissions                   $319,679      $ 81,494        $     -          $      -          $  -      $401,173
Principal Transactions         105,729             -         (1,900)                -             -       103,829
Investment Banking               9,318             -              -                 -             -         9,318
Interest and Dividends               -             -              -            33,104             -        33,104
Other                                -        40,556         64,416                 -             -       104,972
Interest Expense                     -             -              -           (14,380)            -       (14,380)
                              --------      --------        -------          --------          ----      --------
Net Revenue                   $434,726      $122,050        $62,516          $ 18,724          $  -      $638,016
                              ========      ========        =======          ========          ====      ========


<CAPTION>
Quarter ended Sept. 27, 2002     Trade         Asset      Acct/Act.    Net Interest &       Gain on           Net
(in thousands):                Revenue          Fees   & Other Fees   Dividend Income   Investments       Revenue
                              --------      --------   ------------   ---------------   -----------      --------

<S>                           <C>           <C>            <C>               <C>            <C>          <C>
Commissions                   $235,406      $ 64,199       $      -          $      -       $     -      $299,605
Principal Transactions         102,607             -            148                 -             -       102,755
Investment Banking              16,612             -              -                 -             -        16,612
Interest and Dividends               -             -              -            35,192             -        35,192
Gain on Investment                   -             -              -                 -         3,625         3,625
Other                                -        38,936         53,823                 -             -        92,759
Interest Expense                     -             -              -           (15,743)            -       (15,743)
                              --------      --------       --------          --------       -------      --------
Net Revenue                   $354,625      $103,135       $ 53,971          $ 19,449       $ 3,625      $534,805
                              ========      ========       ========          ========       =======      ========
</TABLE>

         Trade revenue increased 23% ($80.1 million) due to a 36% ($84.3
million) increase in commission revenue, and a 3% ($3.1 million) increase in
principal transactions. These were partially offset by a 44% ($7.3 million)
decrease in investment banking revenues. Customer dollars invested
(customers' buy and sell transactions generating trade revenue) were $15.5
billion during the second quarter of 2003, representing an 18% ($2.4
billion) increase from the comparable prior year period. The firm's gross
margin earned on each $1,000 invested increased 3% from $26.30 to $27.10
during the third quarter due primarily to a shift in product mix from fixed
income products to higher margin mutual fund products.

         Commissions revenue, excluding asset based fees, increased 36%
($84.3 million) due to an increase in customer dollars invested and an
increased margin earned on customer dollars invested. The increased margin
resulted from a shift in product mix from fixed income products, which
decreased from $5.2 billion or 39% of the customer dollars invested in 2002
to $4.8 billion or 31% in 2003, to mutual funds, which increased from $3.4
billion or 26% of the customer dollars invested in 2002 to $5.7 billion or
37% in 2003. Mutual fund commissions increased 57% ($76.0 million) due to a
68% increase in customer dollars invested in mutual funds, from $3.4 billion
invested in the third quarter of 2002 to $5.7

                                     5

<PAGE>
<PAGE>

                        Part I. FINANCIAL INFORMATION

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


billion invested in the third quarter of 2003. In addition, commissions from
insurance products increased 12% ($4.5 million) due to a 13% increase in
customer dollars invested, from $0.8 billion during the third quarter of
2002 to $0.9 billion during the third quarter of 2003.

         Principal transactions revenue increased 3% ($3.1 million) during
the third quarter due to a slight increase in customer dollars invested in
fixed income products. Customers invested $5.5 billion for the third quarter
of 2003 compared to $5.4 billion for the same period in 2002.

         Investment banking revenue decreased 44% ($7.3 million) from the
third quarter of 2002. Several of the underwritings completed in 2002 were
significantly larger than those completed in 2003.

         Net fee revenue (fee revenue less interest expense) increased 13%
($23.1 million) during the third quarter.

         Asset fees, including service fees and revenue sharing from mutual
fund and insurance companies increased 18% ($18.9 million). These revenues
are primarily comprised of service fees and revenue sharing from mutual fund
and insurance vendors which are based on customers' asset values. Average
mutual fund and insurance customer assets were $137.0 billion for the third
quarter of 2003 compared to $108.6 billion for the third quarter of 2002.

         Account, activity and other fees increased 16% ($8.5 million)
during the third quarter 2003. The firm offers a variety of financial
services to customers, including credit cards and mortgages which are
offered through relationships with other financial institutions. Revenues
from these and other financial services have increased due to growth in the
firm's number of customers and customer accounts. Revenue received from
mutual fund subtransfer agent services increased 16% ($4.9 million) due to
growth in the number of accounts. Additionally, the number of retirement
accounts increased, resulting in custodial fee revenue growth of 21% ($2.2
million). Also included in account, activity and other fees is a $1.9
million loss on inventory that the firm holds for principal transactions.

         Net interest and dividend income decreased 4% ($0.7 million) during
the third quarter due to reduced interest rates charged on customers' margin
loans. Interest income from customer loans outstanding decreased 8% ($2.2
million). The average rate earned on customer loan balances decreased to
approximately 5.0% during the third quarter from approximately 5.7% during
the third quarter in 2002. Average customer margin loan balances increased
slightly year over year, from $1.91 billion during the third quarter of 2002
to $2.02 billion during the third quarter of 2003. Partially offsetting this
decrease in interest income is $0.5 million in increased interest income
earned from investing excess funds in reverse repurchase agreements, $0.4
million in reduced subordinated debt interest expense due to regularly
scheduled principal payments throughout the year, and $0.2 million in
reduced interest expense paid to depositors at the Association.

         Operating expenses increased 16% ($80.8 million) due to variable
expenses which increased in accordance with increased revenue as well as the
firm's continued emphasis on expanding its sales force.

                                     6

<PAGE>
<PAGE>

                        Part I. FINANCIAL INFORMATION

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


The Partnership added 341 Investment Representatives ("IRs") in the twelve
months ended September 26, 2003, ending the quarter with 9,304 IRs, an
increase of 4%. The primary areas of operating expense increase include
compensation ($74.5 million) and occupancy and equipment ($5.0 million). At
the same time, the firm has focused on containing costs which is reflected
in reduced costs in other areas.

         Compensation and benefits increased 24% ($74.5 million) during the
third quarter. Sales compensation increased 24% ($40.5 million) due to
increased revenue. Variable compensation, including bonuses and profit
sharing paid to investment representatives, branch office assistants and
headquarters associates more than tripled ($25.4 million increase from $11.4
million in the third quarter of 2002) due to increased profitability.
Payroll expense for branch office associates increased 13% ($7.7 million)
due to increased costs for existing personnel and additional support as the
firm grows its sales force.

         Recently a task force organized by the Securities and Exchange
Commission, National Association of Securities Dealers ("NASD"), the
Securities Industry Association, and the Investment Company Institute
examined the ability of broker-dealers to deliver breakpoint discounts in
the sale of front-end sales load mutual fund shares. The task force has
recommended significant changes in procedures for gathering information from
clients and sharing information with mutual funds to better enable
broker-dealers to meet their obligations to deliver breakpoint discounts. In
addition, NASD has issued a Notice to Members (August 2003, NtM 03-47) which
orders restitution where members are aware that customers did not receive
the breakpoint discounts to which they were entitled. The Partnership has
not yet determined the amount of restitution that it will ultimately be
required to make, although it has paid $18 thousand to date. In the opinion
of management we do not believe the total amount of restitution will have a
material adverse effect on the Partnership and its subsidiaries as a whole,
nonetheless the amounts involved could be substantial.

         Regulators at the state and federal level, as well as the Congress,
are also investigating the manner in which mutual funds compensate
broker-dealers in connection with the sale of the mutual funds' shares by
the broker-dealer. It is likely in the future that broker-dealers will be
required to provide more disclosure to their clients with respect to such
payments and possible that such payments may be restricted. Any further
resultant action from the task force and regulatory studies concerning
mutual funds could negatively affect the Partnership. The Partnership
derived 53% of its revenue from Mutual Fund related revenue in the third
quarter and year to date September 26, 2003.

NINE MONTHS ENDED SEPTEMBER 26, 2003 VERSUS NINE MONTHS ENDED SEPTEMBER 27, 2002

         For the nine months ended September 26, 2003, net revenue increased
5% ($85.1 million), and net income increased 8% ($9.4 million). The
Partnership's net profit margin increased to 7.4% for the first nine months
of 2003 from 7.2% for the first nine months of 2002. Net revenue and net
income were

                                     7

<PAGE>
<PAGE>

                        Part I. FINANCIAL INFORMATION

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


impacted by a slight increase in customer activity as well as a shift in
product mix to higher margin products.

         Although net revenue and net income have increased year over year,
the underlying trends have been very different. The first quarter of 2002
was strong, and due to decreased customer activity, the second and third
quarters were progressively weaker. In 2002, net income for the first nine
months was earned 34% in the first quarter, 41% in the second quarter and
25% in the third quarter. During 2003, the year started out very similar to
late 2002, and has progressively improved. Net income for 2003 to date has
been earned 19% in the first quarter, 41% in the second quarter and 40% in
the third quarter.

         The following tables reconcile the components of net revenue
discussed here in the Results of Operations to the components reported in
the Consolidated Statements of Income.

<TABLE>
<CAPTION>
Nine months ended Sept. 26,      Trade         Asset      Acct/Act.    Net Interest &       Gain on           Net
2003 (in thousands):           Revenue          Fees   & Other Fees   Dividend Income   Investments       Revenue
                              --------      --------   ------------   ---------------   -----------      --------

<S>                         <C>             <C>            <C>               <C>               <C>     <C>
Commissions                 $  894,017      $221,411       $      -          $      -          $  -    $1,115,428
Principal Transactions         266,121             -         (1,870)                -             -       264,251
Investment Banking              35,246             -              -                 -             -        35,246
Interest and Dividends               -             -              -            97,401             -        97,401
Other                                -       114,186        205,758                 -             -       319,944
Interest Expense                     -             -              -           (43,750)            -       (43,750)
                            ----------      --------       --------          --------          ----    ----------
Net Revenue                 $1,195,384      $335,597       $203,888          $ 53,651          $  -    $1,788,520
                            ==========      ========       ========          ========          ====    ==========


<CAPTION>
Nine months ended Sept. 27,      Trade         Asset      Acct/Act.    Net Interest &       Gain on           Net
2002 (in thousands):           Revenue          Fees   & Other Fees   Dividend Income   Investments       Revenue
                              --------      --------   ------------   ---------------   -----------      --------

<S>                         <C>             <C>            <C>               <C>             <C>       <C>
Commissions                 $  793,735      $211,982       $      -          $      -        $    -    $1,005,717
Principal Transactions         312,157             -            (85)                -             -       312,072
Investment Banking              31,503             -              -                 -             -        31,503
Interest and Dividends               -             -              -           103,714             -       103,714
Gain on Investment                   -             -              -                 -         3,625         3,625
Other                                -       118,727        168,599                 -             -       287,326
Interest Expense                     -             -              -           (40,580)            -       (40,580)
                            ----------      --------       --------          --------          ----    ----------
Net Revenue                 $1,137,395      $330,709       $168,514          $ 63,134        $3,625    $1,703,377
                            ==========      ========       ========          ========        ======    ==========
</TABLE>

         Trade revenue increased 5% ($58.0 million) during the first nine
months of 2003. Customer dollars invested were $42.0 billion during the
first nine months of 2003, representing a 1% ($0.4 billion) increase from
the comparable prior year period. The firm's gross margin earned on each
$1,000 invested increased 4% from $26.50 to $27.60 during the first nine
months of 2003 due primarily to a shift in product mix. Customer purchases
shifted from equity and fixed income products to higher margin mutual fund
products.

         Commission revenue, excluding asset based fees, increased 13%
($100.3 million) year to date due to increased margins earned on customer
dollars invested as a result of a shift in product mix. Mutual fund
commissions increased 27% ($125.7 million), offset by decreases in
commissions from individual

                                     8

<PAGE>
<PAGE>

                        Part I. FINANCIAL INFORMATION

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


equity products of 8% ($16.9 million) and insurance products of 7% ($8.5
million). Approximately $15.5 billion or 37% of customer dollars invested in
2003 were invested in mutual funds, compared to $11.8 billion or 28% for the
same period in 2002. Equity and insurance products together decreased from
$12.4 billion or 30% of the firms product mix in the first nine months of
2002 to $11.1 billion or 27% in the first nine months of 2003.

         Principal transactions revenue decreased 15% ($46.0 million) during
the first nine months of 2003 due to a decrease in customer dollars invested
in fixed income products and to a lower margin earned on principal
transactions. Customers invested $14.6 billion in principal transactions
during the first nine months of 2003 compared to $16.3 billion for the same
period in 2002. As a result, revenue from government bonds decreased 39%
($19.1 million), and revenue from municipal bonds decreased 13% ($17.1
million). The firm's margin earned on each $1,000 invested decreased from
$18.60 from the nine months ended September 2002 to $18.00 in the nine
months ended September 2003. The product mix has shifted to lower margin
shorter maturity fixed income products in 2003.

         Net fee revenue increased 5% ($27.2 million) year to date. Included
in other revenue in account, activity and other fees in 2003 is
approximately $7.0 million in revenue from a September 11, 2001 business
interruption insurance claim. Net fee revenue in 2002 includes a $3.6
million investment gain from a partial sale of the firm's London Stock
Exchange shares when the London Stock Exchange demutualized. Excluding these
two non-recurring revenue items, net fee revenue increased 4% ($23.8
million).

         Asset fees, including service fees and revenue sharing from mutual
funds and insurance products increased 1% ($4.9 million), due to the impact
of market conditions on the value of customer assets. Customer mutual fund
and insurance assets averaged $124.3 billion for the first nine months of
2003 compared to $115.3 billion for the first nine months of 2002.

         Excluding the business interruption insurance claim, account,
activity and other fees increased 17% ($28.4 million). Revenues from credit
cards, mortgages and other financial services have increased due to growth
in the firm's number of customers and customer accounts. Revenue received
from mutual fund subtransfer agent services increased 16% ($14.0 million)
due to growth in the number of accounts. The number of retirement accounts
increased, resulting in custodial fee revenue growth of 20% (7.6 million)
during the first nine months of 2003.

         Net interest and dividend income decreased 15% ($9.5 million)
during the first nine months of 2003 as the interest rates charged on
customers' margin loans continued to decrease, and the source of funds
borrowed shifted. Interest income from customer loans outstanding decreased
9% ($7.2 million). The average rate earned on customer loan balances
decreased to approximately 5.1% during the first nine months of 2003 from
approximately 5.7% during the same period in 2002. Average customer margin
loan balances were $1.95 billion in the first nine months of 2003, compared
to $1.92 billion in the

                                     9

<PAGE>
<PAGE>

                        Part I. FINANCIAL INFORMATION

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


corresponding period of 2002, an increase of 1%. Subordinated debt interest
expense increased $6.9 million due to the issuance of $250 million
subordinated debt in June 2002. Partially offsetting these decreases to net
interest income is a $1.8 million year to date decrease in bank loan
interest expense due to reduced borrowings and $1.3 million increase in year
to date interest income from investing excess funds in reverse repurchase
agreements. The firm has been in a net investing position for substantially
all of 2003 compared with a net borrowing position in 2002 up to the
issuance of the subordinated debt in June 2002.

         Operating expenses increased 5% ($75.8 million) during the first
nine months of 2003. Compensation and benefits increased 6% ($59.1 million).
Sales compensation increased 6% ($29.8 million) year to date due to
increased revenue. Variable compensation, including bonuses and profit
sharing paid to IRs, branch office assistants and headquarters associates,
which expands and contracts in relation to revenues, net income and the
firm's profit margin, increased 3% ($1.8 million). Payroll expense for
branch office associates increased 15% ($24.5 million) due to increased
costs for existing personnel and additional support as the firm grows its
sales force. The Partnership added 341 Investment Representatives ("IRs") in
the twelve months ended September 26, 2003, ending the quarter with 9,304
IRs, an increase of 4%.

         Occupancy and equipment expenses increased 9% ($14.7 million), due
primarily to growth in the number of branch offices as the firm expands its
sales force.

LIQUIDITY AND CAPITAL RESOURCES

         The Partnership's capital at September 26, 2003, net of the reserve
for anticipated withdrawals, was $712.9 million, compared to $681.4 million
at December 31, 2002. Capital has increased primarily due to the issuance,
net of redemptions, of Subordinated Limited Partner interests ($8.6 million)
and the retention of General Partner earnings ($28.2 million), offset by
redemption of Limited Partner interests ($5.3 million).

         At September 26, 2003, the Partnership had $163.3 million in cash
and cash equivalents. Lines of credit are in place aggregating $1.16 billion
($1.11 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. No amounts were
outstanding under these lines at September 26, 2003. The Association had
loans from the Federal Home Loan Bank of $21.3 million as of September 26,
2003, which were secured by mortgage loans. The Partnership also
participates in securities loaned transactions, under which it receives
collateral in the form of cash or other collateral in an amount in excess of
the market value of securities loaned. Securities loaned outstanding were
$13.9 million at September 26, 2003, for which the Partnership received cash
collateral.


                                     10

<PAGE>
<PAGE>

                        Part I. FINANCIAL INFORMATION

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


         The Partnership believes that the liquidity provided by existing
cash balances, other highly liquid assets and borrowing arrangements will be
sufficient to meet the Partnership's capital and liquidity requirements.
Depending on conditions in the capital markets and other factors, the
Partnership will, from time to time, consider the issuance of debt, the
proceeds of which could be used to meet growth needs or for other purposes.
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, long-term secured debt and
operating leases under which the firm rents facilities, furniture, fixtures,
computers and communication equipment. During the second quarter of 2003,
the Partnership purchased two buildings for $60.4 million, one in Tempe,
Arizona, and one in St. Louis, Missouri. Both buildings were previously
occupied by the Partnership and leased under synthetic operating leases. The
purchases were funded from Partnership working capital. There were no
significant changes in the Partnership's financial commitments and
obligations for the nine months ended September 26, 2003.

         For the nine months ended September 26, 2003, cash and cash
equivalents decreased $12.7 million. Cash provided by operating activities
was $218.8 million. The primary sources of cash from operating activities
include net income adjusted for depreciation, a decrease in inventory, and
an increase in accrued expenses during the nine months. Securities owned,
net, decreased $112.3 million from December 31, 2002. Cash invested in
overnight securities purchased under agreements to resell increased $105.0
million.

         Cash used in investing activities was $105.2 million, including
capital expenditures of $60.4 million for two headquarter buildings
previously leased under synthetic operating leases. Cash used in financing
activities was $126.2 million, consisting primarily of partnership
withdrawals and distributions ($104.9 million) and scheduled repayments of
subordinated debt ($20.7 million), offset by cash proceeds from the issuance
of subordinated limited partnership capital of $9.8 million.

         On September 12, 2003, the Partnership filed a Form S-8 with the
Securities and Exchange Commission to register $150 million additional
Limited Partnership Interests. The Partnership intends to issue these
interests on December 31, 2003. The funds received will be used for general
purposes.

         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 thousand or 2% of aggregate debit items arising from
customer transactions. The Net Capital rule 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 September 26, 2003, EDJ's Net Capital of $589.2 million was
29% of aggregate debit items and its Net

                                     11

<PAGE>
<PAGE>

                        Part I. FINANCIAL INFORMATION

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


Capital in excess of the minimum required was $548.8 million. Net Capital as
a percentage of aggregate debit items after anticipated withdrawals was 29%.
Net Capital and the related capital percentage may fluctuate on a daily
basis.

CRITICAL ACCOUNTING POLICIES

         The Partnership's financial statements are prepared in accordance
with accounting principles generally accepted in the United States of
America, which may require judgement and involve estimation processes to
determine its assets, liabilities, revenues and expenses which affect its
results of operations. The Partnership believes that of its significant
accounting policies, the following critical policies, estimates and
assumptions may involve a higher degree of judgement and complexity.

         Customer's transactions are recorded on a settlement date basis
with the related revenue and expenses recorded on a trade date basis. The
Partnership may be exposed to risk of loss in the event customers, other
brokers and dealers, banks, depositories or clearing organizations are
unable to fulfill contractual obligations. For transactions in which it
extends credit to customers, the Partnership seeks to control the risks
associated with these activities by requiring customers to maintain margin
collateral in compliance with various regulatory and internal guidelines.

         Securities owned and sold, not yet purchased, including inventory
securities and investment securities, are valued at market value which is
determined by using quoted market or dealer prices.

         For additional discussions of the Partnership's accounting
policies, refer to "Management's Discussion and Analysis of Financial
Condition and Results of Operations - Critical Accounting Policies" included
in the December 31, 2002 Form 10-K.

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.

                                     12

<PAGE>
<PAGE>

                        Part I. FINANCIAL INFORMATION

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


FORWARD-LOOKING STATEMENTS

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

                         Part II. OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K

         (a)  Exhibits
              Reference is made to the Exhibit Index contained
              hereinafter
         (b)  Reports on Form 8-K
              None


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<PAGE>
<PAGE>


                                 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: December 3, 2003                              /s/  Steven Novik
                                                     -----------------------
                                                     Steven Novik
                                                     Chief Financial Officer


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