<PAGE>
<PAGE>
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 MARCH 31, 2000
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)
March 31, December 31,
(Amounts in thousands) 2000 1999
- ----------------------------------------------------------------------------------------
<S> <C> <C>
Cash and cash equivalents $ 179,233 $ 142,545
Securities purchased under agreements to resell - 75,000
Receivable from:
Customers 1,886,830 1,662,257
Brokers, dealers and clearing
organizations 26,576 25,517
Mortgages and loans 86,303 82,724
Securities owned, at market value:
Inventory securities 119,125 122,078
Investment securities 209,999 210,510
Equipment, property and improvements 227,050 224,792
Other assets 177,170 147,818
-------------------------
Total assets $2,912,286 $2,693,241
========================================================================================
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)
March 31, December 31,
(Amounts in thousands) 2000 1999
- -----------------------------------------------------------------------------------------
<S> <C> <C>
Bank loans $ 388,169 $ 109,897
Securities sold under agreements to repurchase - 188,880
Payable to:
Customers 1,242,572 1,155,884
Brokers, dealers and clearing organizations 51,561 57,218
Depositors 75,891 77,252
Securities sold, not yet purchased, at market value 22,717 18,666
Accounts payable and accrued expenses 91,579 83,386
Accrued compensation and employee benefits 227,247 216,934
Long-term debt 33,346 34,540
---------- ----------
2,133,082 1,942,657
---------- ----------
Liabilities subordinated to claims of general creditors 259,050 259,050
---------- ----------
Partnership capital 468,204 445,137
Partnership capital reserved for anticipated withdrawals 51,950 46,397
---------- ----------
Total partnership capital 520,154 491,534
---------- ----------
Total liabilities and capital $2,912,286 $2,693,241
========================================================================================
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
(Amounts in thousands, March 31, March 26,
except per unit information) 2000 1999
- ----------------------------------------------------------------------------
<S> <C> <C>
Revenues:
Commissions $393,090 $267,484
Principal transactions 64,025 46,110
Investment banking 11,603 9,387
Interest and dividends 47,982 30,413
Other 61,179 43,389
-------- --------
Total revenue 577,879 396,783
Interest expense 18,321 11,765
-------- --------
Net Revenue 559,558 385,018
-------- --------
Operating expenses:
Compensation and benefits 334,151 230,245
Communications and data processing 51,489 38,622
Occupancy and equipment 41,113 30,452
Payroll and other taxes 21,122 16,145
Floor brokerage and clearance fees 4,527 3,047
Other operating expenses 38,619 27,122
-------- --------
Total operating expenses 491,021 345,633
-------- --------
Net income $ 68,537 $ 39,385
======== ========
Net income allocated to:
Limited partners $ 7,938 $ 5,556
Subordinated limited partners 6,669 3,728
General partners 53,930 30,101
-------- --------
$ 68,537 $ 39,385
======== ========
Net income per weighted average $1,000
equivalent partnership units outstanding:
Limited partners $ 53.39 $ 36.56
======== ========
Subordinated limited partners $ 108.51 $ 72.54
======== ========
Weighted average $1,000 equivalent
partnership units outstanding:
Limited partners 148,678 151,984
======== ========
Subordinated limited partners 61,457 51,392
======== ========
============================================================================
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>
Three Months Ended
March 31, March 26,
(Amounts in thousands) 2000 1999
- ----------------------------------------------------------------------------------------
<S> <C> <C>
Cash Flows Provided by Operating Activities:
Net income $ 68,537 $ 39,385
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization 15,720 13,440
Changes in operating assets & liabilities:
Securities purchased under
agreements to resell 75,000 115,000
Net receivable from customers (137,885) (193,150)
Net payable to
brokers, dealers and clearing organizations (6,716) 11,511
Receivable from mortgages and loans (3,579) (1,595)
Securities owned, net 7,515 21,403
Other assets (29,352) (7,697)
Bank loans 278,272 38,978
Securities sold under agreements to repurchase (188,880) -
Payables to depositors (1,361) 861
Accounts payable and accrued expenses 18,506 671
--------- ---------
Net cash provided by operating activities 95,777 38,807
--------- ---------
Cash Flows Used by Investing Activities:
Purchase of equipment, property and improvements (17,978) (18,815)
--------- ---------
Net cash used by investing activities (17,978) (18,815)
--------- ---------
Cash Flows Used by Financing Activities:
Repayment of long-term debt (1,194) (1,351)
Issuance of partnership interests 8,994 6,496
Redemption of partnership interests (812) (1,200)
Withdrawals and distributions from
partnership capital (48,099) (41,242)
--------- ---------
Net cash used by financing activities (41,111) (37,297)
--------- ---------
Net increase (decrease) in cash and cash equivalents 36,688 (17,305)
Cash and Cash Equivalents, beginning of period 142,545 143,745
--------- ---------
Cash and Cash Equivalents, end of period $ 179,233 $ 126,440
========= =========
Cash paid for interest $ 19,389 $ 11,487
========================================================================================
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
THREE MONTHS ENDED MARCH 31, 2000 AND MARCH 26, 1999
(Unaudited)
<CAPTION>
Subordinated
Limited Limited General
partnership partnership partnership
(Amounts in thousands) capital capital capital Total
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Balance, December 31, 1998 $152,732 $44,896 $204,734 $402,362
Net income 5,556 3,728 30,101 39,385
Issuance of partnership interests - 6,496 - 6,496
Redemption of partnership interests (1,200) - - (1,200)
Withdrawals and distributions (17) (102) (761) (880)
Reserved for anticipated withdrawals (5,539) (3,626) (21,032) (30,197)
-------- ------- -------- --------
Balance, March 26, 1999 $151,532 $51,392 $213,042 $415,966
Balance, December 31, 1999 $149,009 $52,463 $243,665 $445,137
Net income 7,938 6,669 53,930 68,537
Issuance of partnership interests - 8,994 - 8,994
Redemption of partnership interests (812) - - (812)
Withdrawals and distributions (14) (200) (1,488) (1,702)
Reserved for anticipated withdrawals (7,924) (6,469) (37,557) (51,950)
-------- ------- -------- --------
Balance, March 31, 2000 $148,197 $61,457 $258,550 $468,204
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, A MISSOURI
LIMITED LIABILITY LIMITED PARTNERSHIP
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Amounts in thousands)
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 under 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 under the accrual
basis of accounting which requires the use of certain estimates by
management in determining the Partnership's assets, liabilities,
revenues and expenses. Where appropriate, prior years' financial
statements have been reclassified to conform with the 2000 presentation.
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 three months ended March 31, 2000
and March 26, 1999 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 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 March 31, 2000, EDJ's Net Capital of $313,639 was 17% of
aggregate debit items and its Net Capital in excess of the minimum
required was $277,099. Net Capital as a percentage of aggregate debits
after anticipated withdrawals was 16%. 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. ("Boone") 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 March 31, 2000.
9
<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
QUARTER ENDED MARCH 31, 2000, VERSUS
QUARTER ENDED MARCH 26, 1999
RESULTS OF OPERATIONS
The Partnership experienced a record quarter in terms of both
revenue and net income. Active securities markets, growth in the sales
force and an increased number of selling days contributed to a 46%
increase ($181.1 million) in total revenue to $577.9 million for the
first quarter of 2000. Net income increased 74% ($29.2 million) to
$68.5 million for the first quarter of 2000.
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 69% of
total revenue for the first quarters of 2000 and 1999. Fee revenue
sources, such as service fees, management fees, IRA fees and interest
income, represented the remaining 31% of total revenues for the same
periods.
Trade revenue increased 47% ($127.8 million) to $401.0 million
during the first quarter of 2000. Revenue increased primarily due to
an increase in the number of investment representatives (IRs), customer
dollars invested, and an increase in the number of selling days in the
current period. The Partnership added 1,342 IRs since March 26, 1999
(27%), ending the quarter with 6,274 IRs in the United States, Canada
and the United Kingdom. Total customer dollars invested were $18.3
billion during the first quarter of 2000, representing a 51% ($6.2
billion) increase compared to the first quarter of 1999. Continued
growth and productivity of the sales force, combined with five
additional selling days, significantly contributed to the increase in
customer dollars invested to record levels. These positive factors were
partially offset by a shift in product mix to lower margin products
which resulted in a 4% decrease in revenue per $1,000 invested from
$2.23 in the first quarter of 1999 to $2.15 in the first quarter of
2000.
Fee revenue sources, which include service fees, revenue sharing
agreements with mutual funds and insurance companies, interest income,
IRA custodial fee and other fees, increased 43% ($53.3 million) to
$176.9 million during the first quarter of 2000. A significant amount
of fee
10
<PAGE>
<PAGE>
Part I. FINANCIAL INFORMATION
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
revenue is associated with the value of customers' assets. Total
customers' assets increased 29% ($54.4 billion) year over year.
Additionally, the Partnership's continued expansion of its product and
service offerings has had a positive impact on fee revenue.
Focusing on changes in major revenue categories, commissions
revenue, including service fees, increased 47% ($125.6 million) during
the first quarter of 2000. Mutual fund commissions increased 50% ($67.0
million) and accounted for 53% of commission revenue growth. Listed and
over-the-counter (OTC) agency commissions increased 52% ($46.9 million)
accounting for 37% of the total commission growth for the first quarter
of 2000. The remaining commission growth resulted primarily from a 26%
($11.1 million) increase in insurance commissions. The firm experienced
strong growth in commissions due to the highly active securities markets
during the first quarter of 2000 and to the growth in the number of IRs.
Principal transactions revenue increased 39% ($17.9 million)
during the first quarter of 2000. Fixed income products, including CDs,
municipal bonds and corporate bonds all increased in revenue compared to
the prior year period. Rising interest rates combined with growth in
the number of IRs contributed to the increase.
Interest and dividend revenues increased 58% ($17.6 million) over
the comparable prior year period. Interest from customer loans
increased 66% ($16.4 million) as the Partnership's customer loan
balances increased 13% ($218.5 million) to $1.8 billion during the first
quarter of 2000.
Other revenue, comprised of various fee revenue sources, increased
41% ($17.8 million) compared to the first quarter of 1999. Fee revenue
received from money market, mutual fund and insurance products
increased 41% ($12.8 million). Additionally, the number of IRA accounts
increased, resulting in custodial fee revenue growth of 52% ($2.9
million). The remaining increase is due to continued growth in the
breadth of the firm's product and service offerings.
Interest expense increased 56% ($11.8 million) during the current
period, due primarily to an increase in bank loans outstanding to fund
customer loan balances.
11
<PAGE>
<PAGE>
Part I. FINANCIAL INFORMATION
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
Operating expenses increased 42% ($145.4 million) to $491.0
million during the first quarter of 2000. Compensation costs represent
71% ($103.9 million) of the total expense growth for the quarter. Sales
compensation increased 42% ($58.3 million) due to increased revenue and
increased number of IRs. 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 profit margin, increased 72% ($27.4 million) due to the
Partnership's strong revenue and earning levels. Remaining increases in
compensation expense are primarily attributable to increased payroll for
existing personnel and additional support at both the headquarters and
in the branches as the firm grows its sales force.
Communications and data processing expenses account for 9% ($12.9
million) of the total expense growth during the first quarter of 2000.
Additionally, occupancy and equipment expenses increased 35% ($10.7
million), comprising 7% of the total operating expense increase. The
Partnership continues to expand its headquarters, branch locations and
communications systems to enable it to continue to increase the number
of IRs, locations and customers.
LIQUIDITY AND CAPITAL RESOURCES
The Partnership's equity capital at March 31, 2000 including the
reserve for anticipated withdrawals, was $520.2 million, compared to
$446.2 million at March 26, 1999. Equity capital has increased
primarily due to retention of General Partner earnings and to an
increase in Subordinated Limited Partner capital.
At March 31, 2000, the Partnership has $179.2 million in cash and
cash equivalents. Lines of credit are in place at ten banks aggregating
$665.0 million ($615.0 million 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 Partnership's 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 $210.0 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
12
<PAGE>
<PAGE>
Part I. FINANCIAL INFORMATION
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
balances, borrowing arrangements, and investment securities will be
sufficient to meet the Partnership capital and liquidity requirements.
The Partnership's growth in recent years has been financed through
sales of limited partnership interests to its employees, retention of
earnings, and private placements of long-term and subordinated debt.
For the quarter ended March 31, 2000, cash and cash equivalents
increased $36.7 million. Cash provided by operating activities was $95.8
million. Sources include increased net borrowing ($89.4 million)
required to fund the Partnership's growth, net income ($68.5 million)
and proceeds from disposition of securities purchased under agreements
to resell ($75.0 million). These sources were partially offset by an
increase in net receivable from customers ($137.9 million) due primarily
to increased customer loan balances. Cash used for investing activities
consisted of $18.0 million in capital expenditures primarily
attributable to the firm's expansion of its headquarters and branch
facilities required as the firm grows its sales force. Cash used by
financing activities was $41.1 million consisting primarily of
partnership withdrawals.
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 $250,000 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 March 31, 2000, EDJ's
Net Capital of $313.6 million was 17% of aggregate debit items and its
Net Capital in excess of the minimum required was $277.1 million. Net
Capital as a percentage of aggregate debits after anticipated
withdrawals was 16%. 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 three months ended March 31, 2000,
compared with the three months ended March 26, 1999. The Partnership's
consolidated statement of financial condition is comprised primarily
13
<PAGE>
<PAGE>
Part I. FINANCIAL INFORMATION
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
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 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.
YEAR 2000 SYSTEM ISSUES
As of May 12, 2000, the Partnership has not encountered any
significant business disruptions as a result of internal or external
Year 2000 issues. However, while no such occurence has developed, Year
2000 issues may arise that may not become immediately apparent.
Therefore, the Partnership will continue to monitor and work to
remediate any issues that may arise. Although the Partnership expects
not to be materially impacted, such future events cannot be known with
certainty.
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, including the discussion
under "Year 2000 System Issues," 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, third-party or
Partnership failures to achieve timely, effective remediation of the
Year 2000 issue, general
14
<PAGE>
<PAGE>
Part I. FINANCIAL INFORMATION
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations
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.
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 March 31, 2000.
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
Reference is made to the Exhibit Index contained hereinafter.
(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: May 12, 2000 /s/ John W. Bachmann
-------------------------------
John W. Bachmann
Managing Partner
Dated: May 12, 2000 /s/ Steven Novik
-------------------------------
Steven Novik
Chief Financial Officer
17
<PAGE>
<PAGE>
Part II. OTHER INFORMATION
EXHIBIT INDEX
THE JONES FINANCIAL COMPANIES, L.L.L.P.
For the quarter ended March 31, 2000
Exhibit No. Description
- ------------------------------------------------------------------------
27.0 Financial Data Schedule (provided for the Securities
and Exchange Commission only)
18
<TABLE> <S> <C>
<ARTICLE> BD
<LEGEND>
This schedule contains summary financial information
extracted from the financial statements for The
Jones Financial Companies, L.L.L.P. for the 3 months ended
March 31, 2000 and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 179,233
<RECEIVABLES> 1,997,632
<SECURITIES-RESALE> 0
<SECURITIES-BORROWED> 2,077
<INSTRUMENTS-OWNED> 329,124
<PP&E> 227,050
<TOTAL-ASSETS> 2,912,286
<SHORT-TERM> 388,169
<PAYABLES> 1,338,484
<REPOS-SOLD> 0
<SECURITIES-LOANED> 31,540
<INSTRUMENTS-SOLD> 22,717
<LONG-TERM> 292,396
0
0
<COMMON> 0
<OTHER-SE> 520,154
<TOTAL-LIABILITY-AND-EQUITY> 2,912,286
<TRADING-REVENUE> 0
<INTEREST-DIVIDENDS> 47,982
<COMMISSIONS> 457,115
<INVESTMENT-BANKING-REVENUES> 11,603
<FEE-REVENUE> 61,179
<INTEREST-EXPENSE> 18,321
<COMPENSATION> 334,151
<INCOME-PRETAX> 68,537
<INCOME-PRE-EXTRAORDINARY> 68,537
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 68,537
<EPS-BASIC> 0
<EPS-DILUTED> 0
</TABLE>
