Jones Financial Companies LLLP – ‘10-K’ for 12/31/95

As of:  Tuesday, 3/26/96   ·   For:  12/31/95   ·   Accession #:  815917-96-1   ·   File #:  0-16633

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Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                         48    187K 
 2: EX-27       Financial Data Schedule (Pre-XBRL)                     2±     7K 

10-K   —   Annual Report
Document Table of Contents

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SECURITIES AND EXCHANGE COMMISSION        
Washington, D.C.  20549         
_______________________         

FORM 10-K           

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d)          

OF THE SECURITIES EXCHANGE ACT OF 1934          

For the fiscal year ended December 31, 1995                                     
Commission file number 0-16633                                                  

THE JONES FINANCIAL COMPANIES, A LIMITED PARTNERSHIP          
___________________________________________________________________             
(Exact name of registrant as specified in its Partnership                 
Agreement)                                                              

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

201 Progress Parkway                                              
Maryland Heights, Missouri                63043                   
___________________________________________________________________             
(Address and principal executive office)       (Zip Code)                       

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

Securities registered pursuant to Section 12(b) of the act:                     

                     Name of each exchange
Title of each class            on which registered            

NONE                             NONE             
____________                     ____________             

Securities registered pursuant to Section 12(g) of the Act:                     

NONE        
___________________________________________________________________             
(Title of Class)          

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 March 26, 1996 there were no voting securities held by non-               
affiliates of the registrant.                                                   

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DOCUMENTS INCORPORATED BY REFERENCE                                             

Part 1                                                                          

None                                                                            

ITEM 1. BUSINESS                                                                

The Jones Financial Companies, a Limited Partnership (the                       
"Registrant" and also referred to herein as the "Partnership") is               
organized under the Revised Uniform Limited Partnership Act of the              
State of Missouri.  The terms "Registrant" and "Partnership" used               
throughout, refer to The Jones Financial Companies, a Limited                   
Partnership and any or all of its consolidated subsidiaries.  The               
Partnership is the successor to Whitaker & Co., which was                       
established in 1871 and dissolved on October 1, 1943, said date                 
representing the organization date of Edward D. Jones & Co., L.P.               
("EDJ"), the Partnership's principal subsidiary.  EDJ was                       
reorganized on August 28, 1987, which date represents the                       
organization date of The Jones Financial Companies, a Limited                   
Partnership.                                                                    

The Partnership's principal operating subsidiary, EDJ, is a                     
registered broker/dealer primarily serving individual investors.                
EDJ derives its revenues from listed and unlisted securities,                   
investment banking, principal transactions, insurance products and              
is a distributor of mutual fund shares.  EDJ conducts business                  
throughout the United States and in Canada with its customers,                  
various brokers and dealers, clearing organizations, depositories               
and banks.                                                                      

The Partnership is a member firm of the New York, American,                     
Chicago, Toronto and Montreal exchanges, and is a registered                    
broker/dealer with the National Association of Securities Dealers,              
Inc.                                                                            

As of February 23, 1996, the Partnership was comprised of 122                   
general partners, 2,792 limited partners and 57 subordinated                    
limited partners.  The Partnership employed 10,998 persons,                     
including 2,920 part-time employees.  As of said date, the                      
Partnership employed 3,226 full-time investment representatives                 
actively engaged in sales in 3,210 offices in 49 states and Canada.             

The Partnership owns 100 percent of the outstanding common stock of             
EDJ Holding Company, Inc., a Missouri corporation and 100 percent               
of the outstanding common stock of LHC, Inc., a Missouri                        
corporation.  The Partnership also holds all of the partnership                 
equity of Edward D. Jones & Co., L.P., a Missouri limited                       
partnership and EDJ Leasing Co., L.P. a Missouri limited                        
partnership.  EDJ Holding Company, Inc. and LHC, Inc. are the                   
general partners of Edward D. Jones & Co., L.P. and EDJ Leasing                 
Co., L.P., respectively.  In addition, the Partnership owns 100                 
percent of the outstanding common stock of Conestoga Securities,                
Inc., a Missouri corporation and also owns, as a limited partner,               
49.5 percent of Passport Research Ltd., a Pennsylvania limited                  
partnership, which acts as an investment advisor to a money market              
mutual fund.  The Partnership owns 100% of the equity of Edward D.              
Jones & Co., an Ontario limited partnership and the general partner             
is Edward D. Jones & Co. Canada Holding Co. Inc., which is wholly               
owned by the Partnership.  The Partnership owns 100% of the equity              

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of Boone National Savings and Loan Association, F.A.,                           
`` Association'', a federally chartered stock savings and loan                  
association. The Partnership has an equity position in several                  
entities formed to act as general partners of various direct                    
participation programs sponsored by the Nooney Corporation as                   
follows:  Nooney Capital Corp. (a Missouri corporation), 66-2/3% of             
outstanding Class B non-voting stock; Nooney-Five Capital Corp. (a              
Missouri Corporation), 100% of outstanding Class B non-voting                   
stock; Nooney-Six Capital Corp. (a Missouri corporation), 100% of               
outstanding Class B non-voting stock; Nooney-Seven Capital Corp. (a             
Missouri corporation), 100% of outstanding Class B non-voting                   
stock; Nooney Income Investments, Inc. (a Missouri corporation),                
100% of outstanding Class B non-voting stock; Nooney Income                     
Investments Two, Inc. (a Missouri corporation), 100% of outstanding             
Class B non-voting stock; Nooney Income Investment Three, Inc., (a              
Missouri corporation), 100% of outstanding Class B non-voting                   
stock.  The Partnership holds all of the partnership equity in a                
Missouri limited partnership, EDJ                                               
Ventures, Ltd.  Conestoga Securities, Inc. is the general partner               
of EDJ Ventures, Ltd.  The Partnership is the sole shareholder of               
Tempus Corporation, a Missouri corporation, which was formed                    
strictly to facilitate the issuance of certain debt securities of               
the Partnership in a private transaction.                                       

The Partnership is a limited partner of EDJ Insurance Agency of New             
Jersey, L.P., a New Jersey limited partnership; EDJ Insurance                   
Agency of Arkansas, an Arkansas limited partnership; EDJ Insurance              
Agency of Montana, a Montana limited partnership; EDJ Insurance                 
Agency of New Mexico, a New Mexico limited partnership; EDJ                     
Insurance Agency of Utah, a Utah limited partnership; and is a                  
general partner in EDJ Insurance Agency of California, a California             
general partnership; each of which engage in general insurance                  
brokerage activities. Affiliates of the Partnership include EDJ                 

Insurance Agency of Nevada, EDJ Insurance Agency of Texas, Inc.,                
EDJ Insurance Agency of Alabama, EDJ Insurance Agency of Ohio,                  
Inc., EDJ Insurance Agency of Florida, EDJ Insurance Agency of                  
Wyoming, EDJ Insurance Agency of Arizona and EDJ Insurance Agency               
of Massachusetts.  The Partnership holds all of the Partnership                 
equity of Unison Investment Trusts, L.P., d/b/a Unison Investment               
Trusts, Ltd., a Missouri limited partnership, which has sponsored               
unit investment trust programs.  The general partner of Unison                  
Investment Trusts, L.P. is Unison Capital Corp., Inc., a Missouri               
corporation wholly owned by the Partnership. The Partnership owns               
100% of the outstanding common stock of Cornerstone Mortgage                    
Investment Group, Inc., a Delaware limited purpose corporation                  
which has issued and sold collateralized mortgage obligation bonds,             
and Cornerstone Mortgage Investment Group II, Inc., a Delaware                  
limited purpose corporation which has structured and sold secured               
mortgage bonds.  The Partnership owns 100% of the outstanding stock             
of CIP Management, Inc., which is the managing general partner of               
CIP Management, L.P.  CIP Management, L.P. is the managing general              
partner of Community Investment Partners, L.P. and Community                    
Investment Partners II, L.P., business development companies.                   

Other affiliates of the Partnership include Patronus, Inc. and EDJ              
Investment Advisory Services.  Neither has conducted an active                  
business.                                                                       

Revenues by Source.  The following table sets forth, for the past               

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three years the sources of the Partnership's revenues by dollar                 
amounts, (all amounts in thousands):                                            

                1995        1994        1993
Commissions                                                                     
Listed                       $   86,589  $   63,903   $   70,634              

Mutual Funds                    227,832     202,698      269,818              

O-T-C                            30,929      18,985       20,786              

Insurance                       105,497      85,759       72,536              

Other                             1,105         580          596              

Principal Transactions           125,762     163,050       92,471               

Investment Banking                35,478      36,359       45,001               

Interest & Dividends              61,684      52,143       38,084               

Money-Market Fees                 12,272      10,110       10,048               

IRA Custodial Service Fees         7,247       5,614        4,387               

Other Revenues                    25,057      18,844       15,203               

                  ____________ ____________ ____________

Total Revenues               $  719,452  $  658,045   $  639,564              

Because of the interdependence of the activities and departments of             
the Partnership's investment business and the arbitrary assumptions             
involved in allocating overhead, it is impractical to identify and              
specify expenses applicable to each aspect of the Partnership's                 
operations.  Furthermore, the net income of firms principally                   
engaged in the securities business, including the Partnership's, is             
effected by interest savings as a result of customer and other                  
credit balances and interest earned on customer margin accounts.                

Listed Brokerage Transactions.  A large portion of the                          
Partnership's revenue is derived from customers' transactions in                
which the Partnership acts as agent in the purchase and sale of                 
listed corporate securities.  These securities include common and               
preferred stocks and corporate debt securities traded on and off                
the securities exchanges.  Revenue from brokerage transactions is               
highly influenced by the volume of business and securities prices.              

Customers' transactions in securities are effected on either a cash             
or a margin basis.  In a margin account, the Partnership lends the              
customer a portion of the purchase price up to the limits imposed               
by the margin regulations of the Federal Reserve Board (Regulation              
T), New York Stock Exchange (NYSE) margin requirements, or the                  
Partnership's internal policies, which may be more stringent than               
the regulatory minimum requirements.  Such loans are secured by the             
securities held in customers' margin accounts.  These loans provide             
a source of income to the Partnership since it is able to lend to               
customers at rates which are higher than the rates at which it is               
able to borrow on a secured basis.  The Partnership is permitted to             
use as collateral for the borrowings, securities owned by margin                

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customers having an aggregate market value generally up to 140                  
percent of the debit balance in margin accounts.  The Partnership               
may also use funds provided by free credit balances in customers'               
accounts to finance customers' margin account borrowings.                       

In permitting customers to purchase securities on margin, the                   
Partnership assumes the risk of a market decline which could reduce             
the value of its collateral below a customer's indebtedness before              
the collateral is sold.  Under the NYSE rules, the Partnership is               
required in the event of a decline in the market value of the                   
securities in a margin account to require the customer to deposit               
additional securities or cash so that at all times the loan to the              
customer is no greater than 75 percent of the value of the                      
securities in the account ( or to sell a sufficient amount of                   
securities in order to maintain this percentage).  The Partnership,             
however, imposes a more stringent maintenance requirement.                      

Variations in revenues from listed brokerage commissions between                
periods is largely a function of market conditions; however, some               
portion of the overall increases in recent years is due to the                  
growth in the number of registered representatives over these                   
periods.                                                                        

Mutual Funds.  The Partnership distributes mutual fund shares in                
continuous offerings and new underwritings.  As a dealer in mutual              
fund shares, the Partnership receives a dealers' discount which                 
generally ranges from 1 percent to 5 3/4 percent of the purchase                
price of the shares, depending on the terms of the dealer agreement             
and the amount of the purchase.  The Partnership also earns service             
fees which are generally based on 15 to 25 basis points of its                  
customers' assets which are held by the mutual funds.  The                      
Partnership does not manage any mutual fund, although it is a                   
limited partner of Passport Research, Ltd., an advisor to a money               
market mutual fund.                                                             

Over-the-Counter Transactions.  Partnership activities in unlisted              
(over-the-counter) transactions are essentially similar to its                  
activities as a broker in listed securities.  In connection with                
customers' orders to buy or sell securities, the Partnership                    
charges a commission for both principal and agency transactions.                

Principal Transactions.  The Partnership makes a market in over-                
the-counter corporate securities, municipal obligations, including              
general obligations and revenue bonds, unit investment trusts and               
mortgage-backed securities.  The Partnership's market-making                    
activities are conducted with other dealers in the "wholesale"                  
market and "retail" market wherein the Partnership acts as a dealer             
buying from and selling to its customers.  In making markets in                 
over-the-counter securities, the Partnership exposes its capital to             
the risk of fluctuation in the market value of its security                     
positions.  It is the Partnership's policy not to trade for its own             
account.                                                                        

As in the case of listed brokerage transactions, revenue from over-             
the-counter and principal transactions is highly influenced by the              
volume of business and securities prices, as well as by the varying             
number of registered representatives employed by the Partnership                
over the periods indicated.                                                     

Insurance.  The Partnership has executed several agency agreements              

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with various national insurance companies.  Through its 3,006                   
investment representatives who hold insurance sales licenses, EDJ               
is able to offer life insurance, long term care insurance, and                  
fixed and variable annuities to its customers.                                  

Investment Banking.  The Partnership's investment banking                       
activities are performed by its Syndicate and Underwriting                      
Departments.  The principal service which the Partnership renders               
as an investment banker is the underwriting and distribution of                 
securities either in a primary distribution on behalf of the issuer             
of such securities or in a secondary distribution on behalf of a                
holder of such securities.  The distributions of corporate and                  
municipal securities are, in most cases, underwritten by a group or             
syndicate of underwriters.  Each underwriter has a participation in             
the offering.                                                                   

Unlike many larger firms against which the Partnership competes,                
the Partnership does not presently engage in other investment                   
banking activities such as assisting in mergers and acquisitions,               
arranging private placement of securities issues with institutions              
or providing consulting and financial advisory services to                      
corporations.                                                                   

The Syndicate and Underwriting Departments are responsible for the              
largest portion of the Partnership's investment banking business.               
In the case of an underwritten offering managed by the Partnership,             
these departments may form underwriting syndicates and work closely             
with the branch office system for sales of the Partnership's own                
participation and with other members of the syndicate in the                    
pricing and negotiation of other terms.  In offerings managed by                
others in which the Partnership participates as a syndicate member,             
these departments serve as active coordinators between the managing             
underwriter and the Partnership's branch office system.                         

The underwriting activity of the Partnership involves substantial               
risks.  An underwriter may incur losses if it is unable to resell               
the securities it is committed to purchase or if it is forced to                
liquidate all or part of its commitment at less than the agreed                 
purchase price.  Furthermore, the commitment of capital to                      
underwriting may adversely affect the Partnership's capital                     
position and, as such, its participation in an underwriting may be              
limited by the requirement that it must at all times be in                      
compliance with the Securities and Exchange Commission's uniform                
Net Capital rule.                                                               

The Securities Act of 1933 and other applicable laws and                        
regulations impose substantial potential liabilities on                         
underwriters for material misstatements or omissions in the                     
prospectus used to describe the offered securities.  In addition,               
there exists a potential for possible conflict of interest between              
an underwriter's desire to sell its securities and its obligation               
to its customers not to recommend unsuitable securities.  In recent             
years there has been an increasing incidence of litigation in these             
areas.  These lawsuits are frequently brought for the benefit of                
large classes of purchasers of underwritten securities.  Such                   
lawsuits often name underwriters as defendants and typically seek               
substantial amounts in damages.                                                 

Interest and Dividends.  Interest and dividend income is earned                 
primarily on securities held and margin account balances.  Interest             

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is also earned by the Association on its loan portfolio.                        

Money Market Fees, IRA Custodial Service Fees and Other Revenues.               
Other revenue sources include money market management fees, IRA                 
custodial services fees, accommodation transfer fees, gains from                
sales of certain assets, and other product and service fees.  Also              
included is non-commission revenue received from mutual funds the               
Partnership distributes.  The Partnership has an interest in the                
investment advisor to its money market fund, Daily Passport Cash                
Trust.  Revenue from this source has increased over the periods due             
to growth in the fund, both in dollars invested and number of                   
accounts.  In 1991 EDJ became the custodian for its IRA accounts.               
Each account is charged an annual service fee for services rendered             
to it by the Partnership.                                                       

The Partnership has registered an investment advisory program with              
the SEC under the Investment Advisors Act of 1940.  This service is             
offered firmwide and involves income and estate tax planning and                
analysis for clients.  Revenues from this source are insignificant              
and included under "Other Revenues."                                            

Research Department.  The Partnership maintains a Research                      
Department to provide specific investment recommendations and                   
market information for retail customers.  The Department                        
supplements its own research with the services of various                       
independent research services.  The Partnership competes with many              
other securities firms with substantially larger research staffs in             
its research activities.                                                        

Customer Account Administration and Operations.  Operations                     
employees are responsible for activities relating to customers'                 
securities and the processing of transactions with other                        
broker/dealers.  These activities include receipt, identification,              
and delivery of funds and securities, internal financial controls,              
accounting and personnel functions, office services, storage of                 
customer securities and the handling of margin accounts.  The                   
Partnership processes substantially all of its own transactions.                
It is important that the Partnership maintains current and accurate             
books and records from both a profit viewpoint as well as for                   
regulatory compliance.                                                          

To expedite the processing of orders, the Partnership's branch                  
office system is linked to the St. Louis headquarters office                    
through an extensive communications network.  Orders for all                    
securities are centralized and executed in St. Louis.  The                      
Partnership's processing of paperwork following the execution of a              
security transaction is automated, and operations are generally on              
a current basis.                                                                

There is considerable fluctuation during any one year and from year             
to year in the volume of transactions the Partnership processes.                
The Partnership records transactions and posts its books on a daily             
basis.  Operations' personnel monitor day-to-day operations to                  
determine compliance with applicable laws, rules and regulations.               
Failure to keep current and accurate books and records can render               
the Partnership liable to disciplinary action by governmental and               
self-regulatory organizations.                                                  

The Partnership has a computerized branch office communication                  
system which is principally utilized for entry of security orders,              

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quotations, messages between offices, research of various customer              
account information and cash receipts functions.                                

The Partnership clears and settles virtually all of its listed                  
transactions through the National Securities Clearing Corporation               
("NSCC"), New York, New York.  NSCC effects clearing of securities              
on the New York, American and Midwest Stock Exchanges.                          

In conjunction with clearing and settling transactions with NSCC                
the Partnership holds customers' securities on deposit with the                 
Depository Trust Company ("DTC") in lieu of maintaining physical                
custody of the certificates.                                                    

The Partnership is substantially dependent upon the operational                 
capacity and ability of NSCC/DTC.  Any serious delays in the                    
processing of securities transactions encountered by NSCC/DTC may               
result in delays of delivery of cash or securities to the                       
Partnership's customers.  These services are performed for the                  
Partnership under contracts which may be changed or terminated at               
will by either party.                                                           

Automated Data Processing, Inc., ("ADP") provides automated data                
processing services for customer account activity and records.                  

The Partnership does not employ its own floor broker for                        
transactions on exchanges.  The Partnership has arrangements with               
other brokers to execute the Partnership's transactions in return               
for a commission based on the size and type of trade.  If for any               
reason any of the Partnership's clearing, settling or executing                 
agents were to fail, the Partnership and its customers would be                 
subject to possible loss.  While the coverages provided by the                  
Securities Investors Protection Corporation (SIPC) and protection               
in excess of SIPC limits would be available to customers of the                 
Partnership, to the extent that the Partnership would not be able               
to meet the obligations of the customers, such customers might                  
experience delays in obtaining the protections afforded them by the             
SIPC and the Partnership's insurance carrier.                                   

The Partnership believes that its internal controls and safeguards              
concerning the risks of securities thefts are adequate.  Although               
the possibility of securities thefts is a risk of the industry, the             
Partnership has not had, to date, a significant problem with such               
thefts.  The Partnership maintains fidelity bonding insurance                   
which, in the opinion of management, provides adequate coverage.                

Employees.  Including its general partners, the Partnership has                 
approximately 10,998 full and part-time employees, including 3,226              
who are registered salespeople as of February 23, 1996.  The                    
Partnership's salespersons are compensated on a commission basis                
and may, in addition, be entitled to bonus compensation based on                
their respective branch office profitability and the profitability              
of the Partnership.  The Partnership has no formal bonus plan for               
its non-registered employees.  The Partnership has, however, in the             
past paid bonuses to its non-registered employees on an informal                
basis, but there can be no assurance that such bonuses will be paid             
for any given period or will be within any specific range of                    
amounts.                                                                        

Employees of the Partnership are bonded under a blanket policy as               
required by NYSE rules.  The annual aggregate amount of coverage is             

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$40,000,000 subject to a $2,000,000 deductible provision, per                   
occurrence.                                                                     

The Partnership maintains a training program for prospective                    
salespeople which includes nine weeks of concentrated instruction               
and on-the-job training in a branch office.  The first phase of                 
training is spent studying Series 7 examination materials and                   
preparing for and taking the examination.  The first week of the                
training after passing the examination is spent in a comprehensive              
training program in St. Louis.  The next five weeks include on-the-             
job training in branch locations reviewing investments, office                  
procedures and sales techniques.  The salesperson is then sent to a             
designated location, for four weeks, to establish the EDJ office,               
conduct market research and prepare for opening the office.  After              
the salesperson has opened a branch office, one final week is spent             
in a central location to complete the initial training program.                 
Two and four months later, the investment representative attends                
additional training classes in St. Louis, and subsequently, EDJ                 
offers periodic continuing training to its experienced sales force.             
EDJ's basic brokerage payout is similar to its competitors.  A                  
bonus may also be paid based on the profitability of the branch and             
the profitability of the Partnership.                                           

The Partnership considers its employee relations to be good and                 
believes that its compensation and employee benefits which include              
medical, life, and disability insurance plans and profit sharing                
and deferred compensation retirement plans, are competitive with                
those offered by other firms principally engaged in the securities              
business.                                                                       

Competition.  The Partnership is subject to intensive competition               
in all phases of its business from other securities firms, many of              
which are substantially larger than the Partnership in terms of                 
capital, brokerage volume and underwriting activities.  In                      
addition, the Partnership encounters competition from other                     
organizations such as banks, insurance companies, and others                    
offering financial services and advice.  The Partnership also                   
competes with a number of firms offering discount brokerage                     
services, usually with lower levels of service to individual                    
customers.  In recent periods, many regulatory requirements                     
prohibiting non-securities firms from engaging in certain aspects               
of brokerage firms' business have been eliminated and further                   
removal of such prohibitions is anticipated.  With minor                        
exceptions, customers are free to transfer their business to                    
competing organizations at any time.  There is intense                          
competition among securities firms for salespeople                              
with good sales production records.  In recent periods, the                     
Partnership has experienced increasing efforts by competing firms               
to hire away its registered representatives although the                        
Partnership believes that its rate of turnover of investment                    
representatives is not higher than that of other firms comparable               
to the Partnership.                                                             

Regulation.  The securities industry in the United States is                    
subject to extensive regulation under both federal and state laws.              
The SEC is the federal agency responsible for the administration of             
the federal securities laws.  The Partnership's principal                       
subsidiary is registered as a broker-dealer and investment advisor              
with the SEC.  Much of the regulation of broker-dealers has been                
delegated to self-regulatory organizations, principally the NASD                

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and national securities exchanges such as the NYSE, which has been              
designated by the SEC as the Partnership's primary regulator.                   
These self-regulatory organizations adopt rules (which are subject              
to approval by the SEC) that govern the industry and conduct                    
periodic examinations of the Partnership's operations.  Securities              
firms are also subject to regulation by state securities                        
administrators in those states in which they conduct business.  EDJ             
or an affiliate is registered as a broker-dealer in 50 states,                  
Puerto Rico and Canada.                                                         

Broker-dealers are subject to regulations which cover all aspects               
of the securities business, including sales methods, trade                      
practices among broker-dealers, use and safekeeping of customers'               
funds and securities, capital structure of securities firms,                    
record-keeping and the conduct of directors, officers and                       
employees.  Additional legislation, changes in rules promulgated by             
the SEC and self-regulatory organizations, or changes in the                    
interpretation or enforcement of existing laws and rules, may                   
directly affect the mode of operation and profitability of broker-              
dealers.  The SEC, self-regulatory organizations and state                      
securities commissions may conduct administrative proceedings which             
can result in censure, fine, suspension or expulsion of a broker-               
dealer, its officers or employees.  The principal purpose of                    
regulation and discipline of broker-dealers is the protection of                
customers and the securities markets, rather than protection of the             
creditors and stockholders of broker-dealers.  In addition, EDJ                 
conducts business in Canada, through a subsidiary partnership which             
is regulated by the Investment Dealers Association of Canada.  As a             
federally chartered savings and loan, the Association is subject to             
regulation by the Office of Thrift Supervision "OTS".                           

Uniform Net Capital Rule.  As a broker-dealer and a member firm of              
the NYSE, the Partnership is subject to the Uniform Net Capital                 
Rule (Rule) promulgated by the SEC.  The Rule is designed to                    
measure the general financial integrity and liquidity of a broker-              
dealer and the minimum Net Capital deemed necessary to meet the                 
broker-dealer's continuing commitments to its customers.  The Rule              
provides for two methods of computing Net Capital and the                       
Partnership has adopted what is generally referred to as the                    
alternative method.  Minimum required Net Capital under the                     
alternative method is equal to 2% of the customer debit balances,               
as defined.  The Rule prohibits withdrawal of equity capital                    
whether by payment of dividends, repurchase of stock or other                   
means, if Net Capital would thereafter be less than 5% of customer              
debit balances.  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.  In computing Net Capital, various                 
adjustments are made to exclude assets which are not readily                    
convertible into cash and to provide a conservative statement of                
other assets such as a company's inventories.  Failure to maintain              
the required Net Capital may subject a firm to suspension or                    
expulsion by the NYSE, the SEC and other regulatory bodies and may              
ultimately require its liquidation.  The Partnership has, at all                
times, been in compliance with the Net Capital rules.                           

ITEM 2. PROPERTIES                                                              

The Partnership conducts its headquarters operations from two                   
locations in St. Louis County, Missouri which are comprised of 18               

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separate buildings containing approximately 761,700 usable square               
feet.  In addition, the Partnership leases approximately 12,000                 
square feet of office space for its Canadian headquarters                       
operations in Mississauga, Ontario.  The Partnership also maintains             
facilities in 3,195  branch locations which (as of December 31,                 
1995) are predominantly rented under cancelable leases.                         

ITEM 3. LEGAL PROCEEDINGS                                                       

In recent years there has been an increasing incidence of                       
litigation involving the securities industry.  Such suits often                 
seek to benefit large classes of industry customers; many name                  
securities dealers as defendants along with exchanges in which they             
hold membership and seek large sums as damages under federal and                
state securities laws, anti-trust laws, and common law.                         

Various legal actions, primarily relating to the distribution of                
securities, are pending against the Partnership.  Certain cases are             
class actions (or purported class actions) claiming substantial                 
damages.  These actions are in various stages and the results of                
such actions cannot be predicted with certainty.  In the opinion of             
management, after consultation with legal counsel, the ultimate                 
resolution of these actions is not expected to have a material                  
adverse impact on the Partnership's operations or financial                     
condition.                                                                      

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS                     

None.                                                                           

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED                       
STOCKHOLDER MATTERS                                             

There is no market for the Limited or Subordinated Limited                      
Partnership interests and their assignment is prohibited.                       

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ITEM 6. SELECTED FINANCIAL DATA                                                 

The following information sets forth, for the past five years,                  
selected financial data.  (All amounts in thousands, except per                 
unit information.)                                                              

Summary Income Statement Data:                                                  

      1995      1994      1993      1992      1991

Revenues         $719,452  $658,045  $639,564  $553,970  $411,588               
Net income         58,186    53,857    66,211    62,282    40,875               

Net income per                                                                  
weighted average                                                              
$1,000 equivalent                                                             
limited partnership                                                           
unit outstanding $125.01   $127.59   $194.62   $238.41   $185.92              

Weighted average                                                                
$1,000 equivalent                                                             
limited partnership                                                           
units outstanding 67,345    63,165    50,381    41,160    42,616              

Net income per                                                                  
weighted average                                                              
$1,000 equivalent                                                             
subordinated limited                                                          
partnership unit                                                              
outstanding      $225.00   $237.83   $350.32   $418.21   $322.38              

Weighted average                                                                
$1,000 equivalent                                                             
subordinated limited                                                          
partnership units                                                             
outstanding       27,720    21,789    16,936    12,941    10,624              

Summary Balance Sheet Data:                                                     

      1995      1994      1993      1992      1991

Total assets   $1,045,501  $953,359  $800,478  $653,253  $513,730               

  ========   =======   =======   =======   =======

Long-term debt    $70,127 $  41,779  $ 33,317  $ 23,847  $ 24,769               

Other liabilities,                                                              
exclusive of                                                                  
subordinated                                                                  
liabilities      605,080   585,057   514,386   414,110   326,229              

Subordinated                                                                    
liabilities      122,000   136,000    73,000    78,000    48,000              

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Total partnership                                                               
capital          248,294   190,523   179,775   137,296   114,732              

 _________  ________  ________  ________  ________

Total liabilities                                                               
and partnership                                                                 
capital        $1,045,501  $953,359  $800,478  $653,253  $513,730               

  ========  ========  ========  ========  ========

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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL                       
CONDITION AND RESULTS OF OPERATIONS                                             

The following table summarizes the changes in major categories of               
revenues and expenses for the last two years (Dollar amounts in                 
thousands.)                                                                     

      1995 vs. 1994        1994 vs. 1993
         Increase - (Decrease)
          Amount  Percentage  Amount  Percentage

Revenues                                                                        
Commissions          $   80,027        22%   $  (62,445)  (14)%               
Principal transactions  (37,288)      (23)       70,579    76                 
Investment banking         (881)        (2)       (8,642)  (19)                 
Interest and dividends    9,541         18        14,059    37                  
Other                    10,008         29         4,930    17                  

      _______        ___    __________   ___

       61,407          9        18,481     3

     ________        ___    __________   ___
Expenses                                                                        
Employee and partner                                                          
compensation and                                                          
benefits              22,964          6        (6,997)   (2)              
Occupancy and equipment 15,430         22         9,916    17                 
Communications and data                                                       
processing             4,021          8        13,724    40               
Interest                 2,687          9         9,616    50                 
Payroll and other taxes  2,373         11         3,108    17                 
Floor brokerage and                                                           
clearance fees           (20)         0          (371)   (6)              
Other operating expenses 9,623         20         1,839     4                 
         ________      ___     __________    ___
       57,078          9        30,835     5

         ________      ___     __________    ___
Net income           $   4,329          8%    $ (12,354)   (19)%              

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RESULTS OF OPERATIONS (1995 VERSUS 1994)                                        

Revenues increased 9% ($61 million) over 1994 to $719 million.                  
Expenses increased by 9% ($57 million), resulting in net income of              
$58 million, an increase of 8% ($4 million) over 1994.                          

The firm slowed its salesforce growth to focus on implementing a                
redesigned sales training program during 1995.  As a result, the                
firm decreased its number of Investment Representatives from 3,384              
at the end of 1994 to 3,188 as of December 31, 1995.                            

Throughout 1995, the firm's product mix shifted significantly due               
to changes in the economic environment during the year.  Early in               
1995, investors trended towards lower margin fixed income products.             
As the year progressed, the product mix shifted to higher margin                
mutual funds and insurance products.  Although the number of                    
Investment Representatives was slightly lower in 1995, an overall               
increased margin on customer dollars invested, combined with an                 
increase in customer dollars handled caused related revenue to                  
increase 7% ($42 million).  Interest and other revenue also                     
increased during 1995.                                                          

Commission revenues increased 22% ($80 million) over 1994 levels                
due primarily to a 12% ($25 million) increase in mutual fund                    
commissions and service fees and a 42% ($35 million) increase in                
Listed and OTC agency commissions.  The majority of mutual fund                 
commission revenues (81%) were derived from equity products.                    
Commission revenues benefited from an active stock market and                   
rising securities prices in 1995.                                               

Principal transaction revenues decreased 23% ($37 million).                     
Government, Municipal, and Corporate bond revenue decreased 55%                 
($21 million), 21% ($12 million), and 13% ($3 million),                         
respectively.  Additionally, Collateralized Mortgage Obligation                 
revenue declined 7% ($2 million).  Offsetting these decreases was               
an increase in Over-the-Counter equity revenue of 69% ($3 million).             
During the first and second quarters of 1995, investors deferred                
their investment decisions and purchased certificates of deposit                
and short term fixed income securities.  Later in the year,                     
influenced by a low inflation climate and interest rates, investors             
sought higher returns in equity products, shifting away from fixed              
income products.                                                                

Investment Banking revenues declined $1 million due to a decline in             
municipal bond originations.                                                    

Interest and dividend revenues increased 18% ($9.5 million).                    
Interest earned on margin balances rose 16% ($6.5 million),                     
primarily due to higher interest rates in 1995 compared with 1994.              
Interest income from the Association contributed $2 million in                  
interest revenue during 1995.                                                   

Other revenues increased 29% ($10 million) over 1994.  Revenues                 
from non-bank custodian IRA accounts increased 29% ($2 million) due             
to an increased number of accounts.  Additionally, revenues                     
generated from money market management fees and non-commission                  
revenue received from mutual fund and insurance products increased              
38% ($4.3 million) and 20% ($2.4 million), respectively.                        

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Expenses increased 9% ($57 million).  The Partnership continues to              
make the investment necessary to support a larger salesforce in                 
future years.  Increased expenses are primarily attributable to                 
payroll and occupancy costs both in the St. Louis headquarters and              
the branches, as well as to technology related expenditures.                    

Overall, compensation costs increased by 6% ($23 million).                      
Commissions paid to Investment Representatives increased due to                 
increased revenues.  The Partnership's compensation structure for               
its investment representatives is designed to expand or contract                
substantially as a result of changes in revenues, net income and                
profit margins.  Similarly, a portion of the non-sales personnel                
compensation, which may be paid in the form of bonuses and profit               
sharing contributions, expands and contracts in the same fashion.               
In 1995, due to the variability in product mix and profitability as             
measured during certain periods throughout the year, variable                   
compensation decreased by $8 million.  Compensation costs in the                
St. Louis headquarters as well as the branch offices increased in               
order to support changing technology and to support a larger                    
salesforce in the future.                                                       

RESULTS OF OPERATIONS (1994 VERSUS 1993)                                        

Revenues increased 3% ($18.5 million) over 1993 to $658 million.                
Expenses increased by 5% ($31 million) resulting in net income of               
$54 million, a decrease of 19% ($12 million) over 1993.                         

In 1994, the Partnership increased its salesforce by 23% to 3,378               
investment representatives compared with 2,745 at the end of 1993.              
The growth in the salesforce contributed to a 7% increase in                    
dollars invested by EDJ customers which grew from $17.8 billion in              
1993 to $19.1 billion in 1994.  Productivity measured on an                     
individual investment representative basis, however, has decreased              
as EDJ has increased its investment representatives.  Many of the               
new investment representatives are beginners in the industry who                
generally achieve profitability after about 30 months.  In                      
addition, the product mix of the firm has shifted away from mutual              
funds and into Certificates of Deposit, Corporate, Government and               
Municipal bonds, which has reduced the margin on customer dollars               
invested compared with 1993.  As the yield curve has flattened,                 
customers were inclined to purchase shorter term investments, which             
carry lower margins compared with longer term investments and                   
equities.  These factors combined caused an overall increase in                 
revenues of 3% ($18.5 million) over 1993 to $658 million.                       

Commission revenues decreased $62 million primarily from a $79                  
million (35%) decrease in mutual fund commissions offset by a $10               
million increase in mutual fund service fees.  Listed and over-the-             
counter agency commissions decreased $8.5 million or 10% over 1993.             
Insurance commissions increased 18%, with variable and fixed                    
annuities increasing by $12.8 million.  With rising interest rates              
over the year, customers increased their investments in short and               
intermediate term fixed income securities.                                      

Principal transaction revenues increased 76% ($71 million) with                 
government and municipal bond revenues increasing $46 million.                  
Revenues from collateralized mortgage obligations (CMOs) increased              
123% ($15.5 million) and corporate bonds increased 38% ($6.3                    
million).  At the same time, O-T-C principal stock sales decreased              
by $1 million.                                                                  

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Investment banking revenues declined 19% ($8.6 million) from                    
substantial decreases in equity originations and syndicate equity               
participations ($7.2 million).  Syndicate CMOs decreased 89% ($5.5              
million) with the decrease partially offset by certificate of                   
deposit revenue increasing 110% ($9.1 million).                                 

Interest and dividend revenues increased 37% or $14 million.                    
Customers' margin loan balances increased 4% in 1994 ($17 million)              
ending the year at $468 million.  Customer margin loan revenue                  
increased 38% ($11.1 million) primarily due to the increase in                  
interest rates during the year.  U.S. Government and agency                     
interest income increased 42% ($2.8 million) from $6.5 million as               
the Partnership increased Investment Securities by approximately                
$60 million during the year.                                                    

Other revenues increased $5 million (17%) over 1993.  Revenues from             
non-bank custodian IRA accounts resulted in an increase of $1.2                 
million in 1994.                                                                

Overall expenses increased 5% ($31 million) as the Partnership                  
continued to incur significant costs related to the growth of its               
salesforce, which has increased approximately 23% for each of the               
last three years.  The Partnership incurred approximately $28                   
million of training, salary and other costs in order to support the             
growth in the salesforce compared with $21 million in 1993.                     

The Partnership's compensation structure for its investment                     
representatives and non-sales personnel is designed to expand or                
contract substantially as a result of changes in revenues, net                  
income and profit margins.  As a result of decreased revenues and               
net income in 1994, variable compensation, including bonuses and                
profit sharing contributions, declined by $35 million or 44% from               
1993 levels.  This was offset by increases in headquarter, branch               
and trainee compensation which increased to support the 23% growth              
in the salesforce.  Overall, compensation decreased by $7 million.              

Other operating expenses are less influenced by decreasing revenues             
and net income.  In total, these expenses increased by $38 million,             
or 21%, and were primarily related to the headquarters and                      
increased branch expenses necessary to support a rapidly growing                
salesforce.                                                                     

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.                                  

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Liquidity and Capital Resources                                                 

The Partnership's equity capital at December 31, 1995, was $248.3               
million compared to $190.5 million at December 31, 1994.  Overall,              
equity capital increased 30%, primarily due to the issuance of                  
partnership interests and retention of earnings.  The Partnership               
issued additional limited partnership interests in October 1995 of              
$39.7 million and additional subordinated limited partnership                   
interests of $10.8 and $5.2 million in 1995 and 1994, respectively.             

At December 31, 1995, the Partnership had a $44.1 million balance               
of cash and cash equivalents.  Lines of credit are in place at ten              
banks aggregating $570 million ($545 million through uncommitted                
facilities).  Actual borrowing availability is primarily based on               
securities owned and customers' margin securities.  The Partnership             
believes that the liquidity provided by existing cash balances and              
borrowing arrangements will be sufficient to meet the Partnership               
capital and liquidity requirements.                                             

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.              

For the year ended December 31, 1995, cash and cash equivalents                 
increased $7.4 million.  Cash flows from operating activities                   
provided $175 million, primarily attributable to a decrease in                  
securities owned, decreases in net receivables from customers,                  
accounts payable, and net income, adjusted for depreciation and                 
amortization.  Investing activities used $42 million primarily for              
the purchase of fixed assets.  Cash flows from financing activities             
used $125 million primarily to decrease bank loans, repay                       
subordinated liabilities and fund withdrawals and distributions                 
from partnership capital.  Financing activities providing cash were             
the issuance of long-term debt and partnership capital.                         

For the year ended December 31, 1994, cash and cash equivalents                 
increased $7.9 million.  Cash flows from operating activities used              
$3.6 million, primarily attributable to an increase in securities               
owned, decreases in net receivables from customers and net income,              
adjusted for depreciation and amortization.  Investing activities               
used $43 million primarily for the purchase of fixed assets.  Cash              
flows from financing activities provided $54 million primarily from             
the issuance of subordinated and long-term debt and bank loans.                 
Financing activities using cash were the repayment of long-term and             
subordinated debt and withdrawals and distributions from                        
partnership capital.                                                            

For the year ended December 31, 1993, cash and cash equivalents                 
decreased $8.9 million.  Cash flows from operating activities                   
provided $41 million, primarily attributable to a decrease in                   
securities owned, increases in net receivables from customers and               
net income, adjusted for depreciation and amortization.  Investing              
activities used $47 million primarily for the purchase of fixed                 
assets.  Cash flows from financing activities used $3 million                   
primarily for withdrawals and distributions from partnership                    
capital.  Financing activities providing cash were from the                     
issuance of partnership interests and long-term debt.                           

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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 the 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 December 31, 1995, EDJ's Net              
Capital of $181,965,000 was 38% of aggregate debit items and its                
net capital in excess of the minimum required was $172,401,000.                 
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 year ended December 31, 1995,                    
compared with the year ended December 31, 1994.  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.  The firm carried higher trading inventory levels in                
1995 as compared to 1994.  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.                             

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.                                                                           

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA                             

Financial Statements Included in this Item                                      

                                          Page No.

Report of Independent Public Accountants ................20               

Consolidated Statements of Financial Condition as of                      
December 31, 1995 and 1994 ..............................21               

Consolidated Statements of Income for the years ended                     
December 31, 1995, 1994 and 1993 ........................23               

Consolidated Statements of Cash Flows for the years ended                 
December 31, 1995, 1994 and 1993 ........................24               

Consolidated Statements of Changes in Partnership Capital                 
for the years ended December 31, 1995, 1994 and  1993 ...25               

Notes to Consolidated Financial Statements ..............26               

REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS      

To The Jones Financial Companies, a Limited Partnership:                        

We have audited the accompanying consolidated statements of                     
financial condition of The Jones Financial Companies, a Limited                 
Partnership (a Missouri limited partnership) and subsidiaries as of             
December 31, 1995 and 1994, and the related consolidated statements             
of income, cash flows and changes in partnership capital for each               
of the three years in the period ended December 31, 1995.  These                
financial statements are the responsibility of the Partnership's                
management.  Our responsibility is to express an opinion on these               
financial statements based on our audits.                                       

We conducted our audits in accordance with generally accepted                   
auditing standards.  Those standards require that we plan and                   
perform the audit to obtain reasonable assurance about whether the              
financial statements are free of material misstatement.  An audit               
includes examining, on a test basis, evidence supporting the                    
amounts and disclosures in the financial statements.  An audit also             
includes assessing the accounting principles used and significant               
estimates made by management, as well as evaluating the overall                 
financial statement presentation.  We believe that our audits                   
provide a reasonable basis for our opinion.                                     

In our opinion, the financial statements referred to above present              
fairly, in all material respects, the financial position of The                 
Jones Financial Companies, a Limited Partnership and subsidiaries               
as of December 31, 1995 and 1994, and the results of their                      
operations, their cash flows and the changes in their partnership               
capital for each of the three years in the period ended December                
31, 1995, in conformity with generally accepted accounting                      
principles.                                                                     

         ARTHUR ANDERSEN LLP

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St. Louis, Missouri,                                                            
February 20, 1996                                                               

THE JONES FINANCIAL COMPANIES, A LIMITED PARTNERSHIP      

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION      

ASSETS        

                           December 31,   December 31,
(Amounts in thousands)                    1995           1994                   

Cash and cash equivalents               $   44,112     $   36,682               

Receivable from:                                                                
Customers (Note 2)                        489,041        497,961              

Brokers or dealers and clearing                                               
organizations (Note 3)                   22,094         16,604            
Mortgages and loans (Note 4)               58,836              -              

Securities Owned, at market value (Note 5):                                     

Inventory securities                       88,295         86,191              

Investment securities                     123,060        137,066              

Equipment, property and improvements                                            
(Note 6)                                 145,095        125,764             

Other assets                                74,968         53,091               
                         __________     __________

                         $ 1,045,501    $  953,359
                         ===========    ==========

The accompanying notes are an integral part of these statements.            

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THE JONES FINANCIAL COMPANIES, A LIMITED PARTNERSHIP      

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION      

LIABILITIES AND PARTNERSHIP CAPITAL       

                           December 31,   December 31,
(Amounts in thousands)                    1995           1994                   

Bank loans (Note 7)                     $   32,503     $  165,000               

Payable to:                                                                     
Customers (Note 2)                        360,754        293,324              
Brokers or dealers and clearing                                               
organizations (Note 3)                   13,025         13,225            
Depositors (Note 8)                        61,189              -              

Securities sold but not yet purchased, at                                       
market value (Note 5)                      18,428         16,037              

Accounts payable and accrued expenses       49,097         39,425               

Accrued compensation and employee                                               
benefits                                  70,084         58,046             

Long-term debt (Note 9)                     70,127         41,779               
                           __________     ____________

                            675,207        626,836

Liabilities subordinated to claims                                              
of general creditors (Note 10)            122,000        136,000              

Partnership capital (Notes 11 and 13):                                          
Limited partners                          103,972         67,461              
Subordinated limited partners              31,524         23,722              
General partners                          112,798         99,340              
                           __________     ____________

                            248,294        190,523
                           __________     ____________

                         $1,045,501     $  953,359
                           ==========     ============
The accompanying notes are an integral part of these statements.                

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THE JONES FINANCIAL COMPANIES, A LIMITED PARTNERSHIP        

CONSOLIDATED STATEMENTS OF INCOME             

                     Years Ended

(Amounts in thousands,        December 31,December 31, December 31,             
except per unit information)    1995         1994        1993                 

Revenues:                                                                       
Commissions                  $  451,952  $  371,925   $  434,370              
Principal transactions          125,762     163,050       92,471              
Investment banking               35,478      36,359       45,001              
Interest and dividends           61,684      52,143       38,084              
Other                            44,576      34,568       29,638              
                  _______     _______      _______

                  719,452     658,045      639,564
                  _______     ________     _______
Expenses:                                                                       
Employee and partner                                                          
compensation and benefits                                                 
(Note 14)                     405,884     382,920      389,917            
Occupancy and equipment                                                       
(Notes 6 and 15)               84,895      69,465       59,549            
Communications and data                                                       
processing                     51,912      47,891       34,167            
Interest                                                                      
(Notes 7, 8, 9 and 10)         31,431      28,744       19,128            
Payroll and other taxes          23,661      21,288       18,180              
Floor brokerage and clearance                                                 
fees                            5,750       5,770        6,141            
Other operating expenses         57,733      48,110       46,271              
                  _______     _______      _______
                  661,266     604,188      573,353
                  _______     _______      _______

Net income                    $   58,186  $   53,857   $   66,211               
               ==========  ==========   ==========
Net income allocated to:                                                        
Limited partners             $    8,419  $    8,059   $    9,805              
Subordinated limited partners     6,237       5,182        5,933              
General partners                 43,530      40,616       50,473              
               __________  ___________  __________
               $   58,186  $   53,857   $   66,211
               ==========  ==========   ==========
Net income per weighted average                                                 
$1,000 equivalent partnership                                               
units outstanding:                                                          
Limited partners             $   125.01  $   127.59   $   194.62              
               ==========  ==========   ==========
Subordinated limited partners $   225.00  $   237.83      $350.32               
               ==========  ==========   ==========
Weighted average $1,000 equivalent                                              
partnership units outstanding:                                                  
Limited partners                 67,345      63,165       50,381              
               ==========  ==========   ==========
Subordinated limited partners    27,720      21,789       16,936              
               ==========  ==========   ==========
The accompanying notes are an integral part of these statements.                

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THE JONES FINANCIAL COMPANIES, A LIMITED PARTNERSHIP          
CONSOLIDATED STATEMENTS OF CASH FLOWS             
                     Years Ended
                 December 31,December 31, December 31,
(Amounts in thousands)          1995        1994         1993                   
CASH FLOWS PROVIDED (USED)                                                      
BY OPERATING ACTIVITIES:                                                      
Net income                   $   58,186  $   53,857   $   66,211              
Adjustments to reconcile net                                                  
income to net cash provided                                                 
(used) by operating activities:                                             
Depreciation and amortization   22,340      19,236       16,800             
Decrease (increase) in net                                                  
receivable from/payable                                                 
to customers                 76,350      17,539      (37,374)         
(Increase) decrease in net                                                  
receivable from/payable to                                              
brokers or dealers and                                                
clearing organizations       (5,690)     21,079      (24,493)         
Increase in receivable from                                                 
mortgages and loans           (3,011)          -            -           
Decrease (increase) in securities                                           
owned, net                    14,293     (94,154)      22,789           
Increase in payable to                                                      
depositors                     2,464           -             -          
Increase (decrease) in accounts                                             
payable and other accrued                                               
expenses                      21,382      (9,212)       6,960           
Increase in other assets       (11,382)    (11,987)      (9,715)            
                  _______     _______      _______
Net cash provided (used) by                                                     
operating activities        174,932      (3,642)      41,178          
                  _______     _______      _______
CASH FLOWS USED BY INVESTING ACTIVITIES:                                        
Purchase of equipment,                                                        
property and improvements      (40,199)    (42,566)     (47,109)            
Purchase of Boone National Savings                                            
and Loan Association, F.A.,                                                   
net of cash acquired (Note 12)   (2,103)          -            -              
               __________     ________      ______
Net cash used by investing                                                  
activities                   (42,302)    (42,566)     (47,109)          
                __________     ________     ________
CASH FLOWS (USED) PROVIDED BY                                                   
FINANCING ACTIVITIES:                                                           
(Decrease) increase in bank                                                   
loans                        (135,505)     25,739       16,261            
Issuance of long-term debt       30,512      44,859       11,700              
Repayment of long-term debt      (5,792)    (36,397)      (2,230)             
Issuance of subordinated                                                      
liabilities                         -      92,000            -            
Repayment of subordinated                                                     
liabilities                   (14,000)    (29,000)      (5,000)           
Issuance of partnership                                                       
interests                      50,523       5,167       29,195            
Redemption of partnership                                                     
interests                      (7,565)     (2,343)      (1,193)           
Withdrawals and distributions from                                            
partnership capital            (43,373)    (45,933)     (51,734)            
                  _______     _______      _______

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Net cash (used) provided by                                                     
financing activities          (125,200)     54,092       (3,001)            
                 ________     _______      _______
Net increase (decrease) in cash                                               
and cash equivalents             7,430       7,884       (8,932)            
CASH AND CASH EQUIVALENTS,                                                      
beginning of year                36,682      28,798       37,730              
                _________  __________   __________
end of year                  $   44,112  $   36,682   $   28,798              
               ==========  ==========   ==========
Cash paid for interest       $   32,892  $   27,291   $   17,840              
               ==========  ==========   ==========
The accompanying notes are an integral part of these statements.                

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THE JONES FINANCIAL COMPANIES, A LIMITED PARTNERSHIP      

CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERSHIP CAPITAL       

YEARS ENDED DECEMBER 31, 1995, 1994 and 1993            

Subordinated
Limited    Limited    General 
Prtnship  Prtnship    Prtnship  
(Amounts in thousands)   Capital    Capital   Capital    Total                  

Balance, December 31,                                                           
1992                  $  47,328 $  14,716 $  75,252 $ 137,296                 
Issuance of partnership                                                         
interests               24,763     4,432         -    29,195                
Redemption of partnership                                                       
interests               (1,193)        -         -    (1,193)               
Net income                 9,805     5,933    50,473    66,211                  
Withdrawals and                                                                 
distributions           (9,481)   (5,918)  (36,335)  (51,734)               
    __________   _______   ______ __________

Balance, December 31,                                                           
1993                     71,222    19,163    89,390   179,775                 
Issuance of partnership                                                         
interests                    -     5,167         -     5,167                
Redemption of partnership                                                       
interests               (1,905)     (438)        -    (2,343)               
Net income                 8,059     5,182    40,616    53,857                  
Withdrawals and                                                                 
distributions           (9,915)   (5,352)  (30,666)  (45,933)               
     __________ __________ __________ ________

Balance, December 31,                                                           
1994                     67,461    23,722    99,340   190,523                 
Issuance of partnership                                                         
interests               39,681    10,842         -    50,523                
Redemption of partnership                                                       
interest                (3,646)   (3,919)        -    (7,565)               
Net income                 8,419     6,237    43,530    58,186                  
Withdrawals and                                                                 
distributions           (7,943)   (5,358)  (30,072)  (43,373)               
      __________ __________   _______ __________
Balance, December 31,                                                           
1995                 $ 103,972 $  31,52   $ 112,79   $ 248,294              
      ========  ========   =======  ========

The accompanying notes are an integral part of these statements.                

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THE JONES FINANCIAL COMPANIES, A LIMITED PARTNERSHIP    

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS      

DECEMBER 31, 1995, 1994 AND 1993        

(Amounts in thousands)        

NOTE 1 - SUMMARY OF ACCOUNTING POLICIES                                         

The Partnership's Business and Basis of Accounting.  The                        
accompanying consolidated financial statements include the accounts             
of The Jones Financial Companies, a Limited Partnership, 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 listed and unlisted                       
securities, investment banking, principal transactions, insurance               
products and is a distributor of mutual fund shares.  The                       
Partnership conducts business throughout the United States and in               
Canada with its customers, various brokers and dealers, clearing                
organizations, depositories and banks.                                          

The Partnership acquired Boone National Savings and Loan                        
Association, F.A. (``Association'') on July 21, 1995 (Note 12).  The            
Association operates primarily in Central Missouri and plans to                 
provide trust services to EDJ customers.                                        

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.                                                          

Cash and Cash Equivalents.  The Partnership considers all short-                
term investments with original maturities of three months or less,              
that are not held for sale to customers, to be cash equivalents.                

Transactions. The Partnership's securities activities involve                   
execution, settlement and financing of various securities                       
transactions for customers.  These transactions (and related                    
revenue and expense) are recorded on a settlement date basis,                   
generally representing the third business day following the                     
transaction date, which is not materially different than 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.  The Association makes secured commercial, real estate,             
and consumer loans primarily to customers in Central Missouri.                  

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Securities Owned.  Securities owned are valued at current market                
prices.  Unrealized gains or losses are reflected in principal                  
transactions revenue.                                                           

Equipment, Property and Improvements.   Equipment, including                    
furniture and fixtures, is depreciated using straight-line and                  
accelerated methods over estimated useful lives of five to ten                  
years.  Buildings are depreciated using the straight-line method                
over estimated useful lives approximating thirty to thirty two                  
years.  Amortization of property improvements is computed based on              
the remaining life of the property or economic useful life of the               
improvement, whichever is less.  When assets are retired or                     
otherwise disposed of, the cost and related accumulated                         
depreciation or amortization are removed from the accounts, and any             
resulting gain or loss is reflected in income for the period.  The              
cost of maintenance and repairs is charged against income as                    
incurred, whereas significant renewals and betterments are                      
capitalized.                                                                    

Segregated Cash Equivalents and Securities Owned. Rule 15c3-3 of                
the Securities and Exchange Commission requires deposits of cash or             
securities to a special reserve bank account for the benefit of                 
customers if total customer related credits exceed total customer               
related debits, as defined.  No deposits of cash or securities were             
required as of December 31, 1995 or 1994.                                       

Income Taxes.  Income taxes have not been provided for in the                   
consolidated financial statements since The Jones Financial                     
Companies, a Limited Partnership, is organized as a partnership,                
and each partner is liable for its own tax payments.                            

NOTE 2 - RECEIVABLE FROM AND PAYABLE TO CUSTOMERS                               

Accounts receivable from and payable to customers include margin                
balances and amounts due on uncompleted transactions.  Values of                
securities owned by customers and held as collateral for these                  
receivables are not reflected in the financial statements.                      
Substantially all amounts payable to customers are subject to                   
withdrawal upon customer request.                                               

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NOTE 3 -  RECEIVABLE FROM AND PAYABLE TO BROKERS OR DEALERS                     
AND CLEARING ORGANIZATIONS                                  

The components of receivable from and payable to brokers or dealers             
and clearing organizations are as follows:                                      

                           1995           1994
Securities failed to deliver            $    3,880     $    3,864               

Deposits paid for securities borrowed       14,742          8,604               

Deposits with clearing organizations         2,369          2,448               

Other                                        1,103          1,688               
                             ______        _______
Total receivable from brokers or dealers                                        
and clearing organizations            $   22,094     $   16,604             
                         ==========     ==========

Securities failed to receive            $    7,889     $   10,064               

Deposits received for securities loaned      4,889          2,735               

Other                                          247            426               
                          _________     __________
Total payable to brokers or dealers and                                         
clearing organizations                 $   13,025     $   13,225              
                          =========     ==========

"Fails" represent the contract value of securities that have not                
been received or delivered by settlement date.                                  

NOTE 4 - RECEIVABLE FROM MORTGAGES AND LOANS                                    

Receivables from mortgages and loans are comprised of the                       
Association's mortgage loans, primarily adjustable rate, net of                 
discounts, deferred origination fees and the allowance for loan                 
losses.  The carrying amounts of the receivables approximate their              
fair values.                                                                    

NOTE 5 - SECURITIES OWNED                                                       

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Securities owned are summarized as follows (at market value):                   

                1995                1994
          ____________________________________________
                      Securities          Securities
                    Sold but            Sold but
        Securities not yet  Securities not yet
               Owned Purchased     Owned Purchased
Inventory Securities:                                                           
Certificates of deposit  $   4,740 $       - $ 3,113   $   246                
U.S. and Canadian government                                                  
and agency obligations    9,680    13,320  18,501    11,201             
State and municipal                                                           
obligations               56,514       450    42,860       726            
Corporate bonds and notes   12,167     2,615    16,342     3,145              
Corporate stocks             5,194     2,043     5,375       719              
           __________ _________ __________ _______

           $  88,295 $  18,428   $86,191   $16,037
           =========  ========  ========  ========

Investment Securities:                                                        
U.S. government and                                                           
agency obligations     $ 123,060            $137,066                      
 =========            ========

The Partnership attempts to reduce its exposure to market price                 
fluctuations of its inventory securities through the sale of                    
futures contracts and U.S. government securities.  The amount of                
the securities purchased or sold will fluctuate on a daily basis                
due to changes in interest rates and market conditions.  Any gain               
or loss on the hedging activities is recognized in principal                    

NOTE 6 - EQUIPMENT, PROPERTY AND IMPROVEMENTS                                   

Equipment, furniture and fixtures, property and improvements are                
summarized as follows:                                                          

                         1995           1994

Land                                    $   13,671     $   13,705               
Buildings and improvements                  92,704         76,142               
Equipment                                   94,367         78,902               
Furniture and fixtures                      62,145         51,557               
                           ____________   ____________

Total equipment, property and                                                 
improvements                             262,887        220,306             

Accumulated depreciation and                                                    
amortization                             (117,792)       (94,542)             
                           ____________   ____________
Equipment, property  and improvements,                                        
net                                   $  145,095     $  125,764             
                             ==========     ==========

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NOTE 7 - BANK LOANS                                                             

The Partnership borrows from banks on a short-term basis primarily              
to finance customer margin balances and inventory securities.  As               
of December 31, 1995, the Partnership had bank lines of credit                  
aggregating $570,000 of which $545,000 were through uncommitted                 
facilities.  Actual borrowing availability is primarily based on                
securities owned and customers' margin securities. At December 31,              
1995 and 1994, collateral of $416,645 and $475,594, respectively,               
was available to support secured bank loans of EDJ.  As of December             
31, 1995, the Association had a $1.5 million loan from the Federal              
Home Loan Bank secured by mortgage loans.  All loans outstanding                
approximate their fair value.                                                   

Interest is at a fluctuating rate (weighted average rate of 5.8%                
and 7.0% at December 31, 1995, and 1994, respectively) based on                 
short-term lending rates.  The average of the aggregate short-term              
bank loans outstanding was $97,527, $159,600 and $99,100 and the                
average interest rate (computed on the basis of the average                     
aggregate loans outstanding) was 6.8%, 5.2% and 4.0% for the years              
ended December 31, 1995, 1994 and 1993, respectively.                           

NOTE 8 - PAYABLE TO DEPOSITORS                                                  

Amounts payable to depositors is comprised of the Association's                 
various savings instruments offered to its customers, which include             
transaction accounts and certificates of deposit with maturities                
ranging from 90 days to 72 months.  The carrying amounts of the                 
deposits approximate their fair values.                                         

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NOTE 9 - LONG-TERM DEBT                                                         

Long-term debt is comprised of the following:                                   

                           1995           1994

Notes payable, secured by equipment,                                            
interest at variable rates ranging                                              
from 7.325% to 8.5% at December 31,                                             
1995, due in monthly installments                                               
of principal plus interest,                                                     
maturing from May 1, 1997 through                                               
December 6, 2000.                       $   14,274     $    6,450               

Notes payable, secured by property, interest                                    
rates ranging from 7.59% to 8.72% at                                            
December 31, 1995, principal and interest due                                   
in monthly installments, maturing from                                          
June 5, 2003 through April 5, 2008.         47,747         35,329               

Notes payable, secured by the Association's                                     
stock and a letter of credit, interest at variable                              
rates ranging from 5.97% to 7.325% at December                                  
31, 1995, annual principal due plus                                             
interest, maturing from July 24, 1998 through                                   
June 30, 2000.                               8,106              -               
                           ____________   ____________

                         $   70,127     $   41,779
                         ==========     ==========
Required annual principal payments, as of December 31, 1995, are as             
follows:                                                                        

Year                Principal Payment   
_____             ___________________   

1996              $     9,265           
1997                    9,019           
1998                    7,567           
1999                    7,837           
2000                    9,610           
Thereafter             26,829           
         _____________
       $    70,127
         =============

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The Partnership has land, buildings and equipment with a carrying               
value of $70,716 at December 31, 1995, which are subject to                     
security agreements which collateralize various notes payable.                  
Certain agreements contain restrictions that among other things,                
require maintenance of certain financial ratios, levels of                      
indebtedness and limit the withdrawal of partnership capital.  The              
Partnership has estimated the fair value of the long-term debt to               
be approximately $68,159 and $38,199 as of December 31, 1995 and                
1994, respectively.                                                             

NOTE 10 - LIABILITIES SUBORDINATED TO CLAIMS OF GENERAL CREDITORS               

Liabilities subordinated to the claims of general creditors consist             
of:                                                                             

                           1995           1994

Capital notes, 7.95%, due in annual                                             
installments of $10,225, commencing on                                          
April 15, 1998, with a final installment                                        
of $10,200 due on April 15, 2006.       $   92,000     $   92,000               

Capital notes, 8.96%, due in annual                                             
installments of $6,000  commencing on                                           
May 1, 1998, with a final installment on                                        
May 1, 2002                                 30,000         30,000               

Capital notes, 10.6%, retired during 1995              -                        
14,000                                                                        
                           ____________   ____________

                         $  122,000     $  136,000
                           ============   ============

The capital note agreements contain restrictions that among other               
things, require maintenance of certain financial ratios, restrict               
encumbrance of assets and creation of indebtedness and limit the                
withdrawal of partnership capital.  As of December 31, 1995, the                
Partnership was required, under the note agreements, to maintain                
minimum partnership capital of $110,000 and Net Capital as computed             
in accordance with the uniform Net Capital rule of 7.5% of                      
aggregate debit items (See Note 13).                                            

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The subordinated liabilities are subject to cash subordination                  
agreements approved by the New York Stock Exchange and, therefore,              
are included in the Partnership's computation of Net Capital under              
the Securities and Exchange Commission's uniform Net Capital rule.              
The Partnership has estimated the fair value of the subordinated                
capital notes to be approximately $128,156 and $130,520 as of                   
December 31, 1995 and 1994, respectively.                                       

NOTE 11 - PARTNERSHIP CAPITAL                                                   

The limited partnership capital, consisting of 98,410 and 62,375                
$1,000 units at December 31, 1995 and 1994, respectively, is held               
by current and former employees and general partners of the                     
Partnership.  Each limited partner receives interest at seven and               
one-half percent on the principal amount of capital contributed and             
a varying percentage of the net income of the Partnership.                      
Interest expense includes $5,055, $4,741, and $3,781 for the years              
ended December 31, 1995, 1994 and  1993, respectively, paid to                  
limited partners on capital contributed.                                        

The subordinated limited partnership capital, consisting of 28,943              
and 22,020 $1,000 units at December 31, 1995 and 1994,                          
respectively, is held by current and former general partners of the             
Partnership.  Each subordinated limited partner receives a varying              
percentage of the net income of the Partnership.  The subordinated              
limited partner capital is subordinated to the limited partnership              
capital.                                                                        

Included in partnership capital at December 31, 1995 and 1994, are              
undistributed profits of $17,477 and $14,679, respectively, to be               
withdrawn by the partners.                                                      

NOTE 12 - ACQUISITION                                                           

Effective July 21, 1995, the Partnership purchased Boone National               
Savings and Loan Association, F.A., in a stock purchase transaction             
for approximately $8.6 million.  The acquisition has been accounted             
for as a purchase, and accordingly, the operating results of the                
Association have been included in the Partnership's consolidated                
results since the effective acquisition date.  The acquisition was              
funded with $5 million of long-term debt and a $3.6 million note                
held by the sellers.  The acquisition did not have a material                   
effect on the results of operations or financial position of the                
Partnership in 1995.  As of December 31, 1995, the total assets of              
the Association were approximately $72.3 million.                               

NOTE 13 - 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.                        

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At December 31, 1995, EDJ's Net Capital of $181,965 was 38% of                  
aggregate debit items and its Net Capital in excess of the minimum              
required was $172,401.  Net Capital and the related capital                     
percentage may fluctuate on a daily basis.                                      

The Association is required under federal regulation to maintain                
specified levels of liquidity and capital standards.  The                       
Association has been in compliance with these regulations at all                
times.                                                                          

NOTE 14 - EMPLOYEE BENEFIT PLAN                                                 

The Partnership maintains a profit sharing plan covering all                    
eligible employees.  Contributions to the plan are at the                       
discretion of the Partnership.  However, participants may                       
contribute on a voluntary basis.  Approximately $14,951, $13,835,               
and $16,716 were provided by the Partnership for its contributions              
to the plan for the years ended December 31, 1995, 1994 and 1993,               
respectively.  No post retirement benefits are provided.                        

NOTE 15 - COMMITMENTS                                                           

Furniture, fixtures, computer and communication equipment are                   
rented under various operating leases.  Additionally, branch                    
offices are leased on a three to five year basis and are                        
cancellable at the option of the Partnership.  The Partnership's                
non-cancelable lease commitments greater than one year are                      
summarized below:                                                               

1996               $   16,188           
1997                   16,342           
1998                   12,864           
1999                    5,434           
2000                    2,202           
Thereafter              7,760           

Rent expense was $44,486, $35,558, and $28,385 for the years ended              
December 31, 1995, 1994 and 1993, respectively.                                 

NOTE 16 - CONTINGENCIES                                                         

Various legal actions, primarily relating to the distribution of                
securities, are pending against the Partnership.  Certain cases are             
class actions (or purported class actions) claiming substantial                 
damages.  These actions are in various stages and the results of                
such actions cannot be predicted with certainty.  In the opinion of             
management, after consultation with legal counsel, the ultimate                 
resolution of these actions is not expected to have a material                  
adverse impact on the Partnership's results of operations or                    
financial condition.                                                            

ITEM 9. CHANGE IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING              
AND FINANCIAL DISCLOSURE                                                        

None                                                                            

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ITEM 10.DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT                      

The Jones Financial Companies, a Limited Partnership, being                     
organized as a partnership, does not have individuals associated                
with it designated as officers or directors.  As of February 23,                
1996, the Partnership is comprised of 122 general partners, 2,792               
limited partners and 57 subordinated limited partners.  Under the               
terms of the Partnership Agreement, John W. Bachmann is designated              
Managing Partner and in said capacity has primary responsibility                
for administering the Partnership's business, determining its                   
policies, controlling the management and conduct of the                         
Partnership's business and has the power to appoint and dismiss                 
general partners of the Partnership and to fix the proportion of                
their respective interests in the Partnership.  Subject to the                  
foregoing, the Partnership is managed by its 122 general partners.              

The Management Committee of the Partnership is comprised of John W.             
Bachmann, Douglas E. Hill, Charles R. Larimore, Richie L. Malone,               
Steven Novik, Darryl L. Pope, Gary D. Reamey, Connie M.                         
Silverstein, Robert Virgil, Jr., and James D. Weddle.  The purpose              
of the Management Committee is to provide counsel and advice to the             
Managing Partner in discharging his functions.  Furthermore, in the             
event the position of Managing Partner is vacant, the Management                
Committee shall succeed to all of the powers and duties of the                  
managing partner.                                                               

None of the general partners are appointed for any specific term                
nor are there any special arrangements or understandings pursuant               
to their appointment other than as contained in the Partnership                 
Agreement.                                                                      

No general partner is or has been individually, nor in association              
with any prior business, the subject of any action under any                    
insolvency law or criminal proceeding or has ever been enjoined                 
temporarily or permanently from engaging in any business or                     
business practice.                                                              

A listing of the names, ages, dates of becoming a general partner               
and area of responsibility for each general partner follows at                  
February 23, 1996:                                                              

Became          
General         
Name                      Age   Partner   Area of Responsibility                

Warren K. Akerson         53      1974    Sales                                 
Allan J. Anderson         53      1992    Sales Management                      
Charles E. Armstrong      56      1996    Sales                                 
John W. Bachmann          57      1970    Managing Partner                      
Thomas M. Bartow          46      1989    Sales Training                        
James D. Bashor           41      1990    Regional Sales Leader                 
Robert J. Beck            41      1983    Municipal Trading                     
Roger W. Bennett          40      1995    Regional Sales Leader                 
John D. Beuerlein         42      1979    Sales Management                      
John S. Borota            55      1978    Sales Hiring                          
William H. Broderick, III 43      1986    On-line Marketing                     
                          and Communications
Morton L. Brown           49      1978    Managed Investments                   
Daniel A. Burkhardt       48      1979    Investment Banking                    
Jack L. Cahill            46      1980    Sales Training                        

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Brett A. Campbell         37      1993    Sales Training                        
Donald H. Carter          52      1994    Regional Sales Leader                 
John J. Caruso            49      1988    Information Systems                   
Guy R. Cascella           38      1992    Sales Management                      

Became          
General         
Name                      Age   Partner   Area of Responsibility                

Pamela K. Cavness         33      1995    Compliance                            
Craig E. Christell        39      1994    Regional Sales Leader                 
Richard A. Christensen, Jr.48     1978    Mutual Funds Processing               
Robert J. Ciapciak        40      1988    HeadquartersAdministration            
Stephen P. Clement        46      1990    Video Communications                  
Cheryl J. Cook-Schneider  37      1995    Compliance                            
Loyola A. Cronin          38      1987    Branch Operations                     
Stanley A. Cunningham     52      1995    Regional Sales Leader                 
Harry J. Daily, Jr.       49      1985    Regional Sales Leader                 
Paul R. Daniels           50      1995    Regional Sales Leader                 
Douglas E. Davis          39      1996    Regional Sales Leader                 
James E. Docksey          35      1995    Regional Sales Leader                 
Cynthia A. Doria          40      1995    Legal                                 
Brian T. Duffy            43      1996    Regional Sales Leader                 
William T. Dwyer, Jr.     40      1994    Regional Sales Leader                 
Abe W. Dye                51      1984    Regional Sales Leader                 
Allen R. Eaker            49      1989    Regional Sales Leader                 
Norman L. Eaker           39      1984    Securities Processing                 
Kevin Eberle              45      1993    Regional Sales Leader                 
Michael J. Esser          47      1983    Sales Training                        
Kevin N. Flatt            47      1989    Corporate Bond Trading                
Steve Fraser              40      1993    Securities Processing                 
Colleen A. Geraty         34      1995    Advertising                           
Chris A. Gilkison         42      1994    Branch Locations                      
Barbara G. Gilman         57      1988    Trust Marketing                       
Steven L. Goldberg        37      1987    Central Services                      
Ronald Gorgen             46      1993    Field Services                        
Robert L. Gregory         53      1974    Sales Hiring                          
Kevin C. Haarberg         41      1995    Regional Sales Leader                 
Patricia F. Hannum        35      1988    Marketing Services                    
Stephen P. Harrison       47      1990    Regional Sales Leader                 
James W. Harrod           60      1974    Sales Training                        
David L. Hayes            40      1994    Regional Sales Leader                 
Randy K. Haynes           40      1994    Operations                            
Peter R. Heisler          42      1996    Regional Sales Leader                 
Clifton L. Helbert        37      1996    Regional Sales Leader                 
John M. Hess              48      1992    Regional Sales Leader                 
Mary Beth Heying          38      1994    Communications                        
Douglas E. Hill           51      1974    Marketing                             
Alan J. Holmes            42      1996    Regional Sales Leader                 
Don R. Howard             44      1995    Regional Sales Leader                 
Stephen M. Hull           51      1994    Regional Sales Leader                 
Earl H. Hull, Jr.         50      1990    Regional Sales Leader                 
Glennon D. Hunn           53      1984    Information Systems                   
Gary R. Hunziker          55      1994    Regional Sales Leader                 
Thomas G. Iorio           35      1994    Regional Sales Leader                 
James J. Johnston         49      1995    Regional Sales Leader                 
Myles P. Kelly            42      1989    Accounting                            
Timothy J. Kirley         42      1994    Customer SegmentsMktg.                

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Became          
General         
Name                      Age   Partner   Area of Responsibility                

Thomas M. Kliethemes      34      1995    Regional Sales Leader                 
James A. Krekeler         31      1995    Investment Banking                    
Frederick H. Kruse, Jr.   49      1995    CEO Boone National                    
Charles R. Larimore       55      1981    Branch Administration                 
Mark Leverenz             40      1995    Securities Processing                 
Michele Liebman           39      1994    Information Systems                   
Rhonda L. Liesenfeld      34      1996    Government Bonds Trading              
Richie L. Malone          47      1979    Information Systems                   
Richard G. McCarty        56      1990    Regional Sales Leader                 
Timothy J. McCoy          35      1995    Customer Retention                    
Thomas Migneron           35      1993    Internal Audit                        
Richard G. Miller, Jr.    40      1991    Regional Sales Leader                 
Thomas W. Miltenberger    48      1985    Mutual Funds Marketing                
Merry L. Mosbacher        37      1986    Insurance/Annuities Mktg.             
Matt B. Myre              39      1988    Regional Sales Leader                 
Rodger W. Naugle          54      1992    Regional Sales Leader                 
Steven Novik              46      1983    Accounting                            
Cynthia Paquette          35      1993    Information Systems                   
George C. Picogna         38      1995    Regional Sales Leader                 
Darryl L. Pope            56      1971    Operations                            
Ray W. Raley              42      1996    Equity Marketing                      
Gary D. Reamey            40      1984    Canada Division                       
James L. Regnier          38      1994    Sales Training                        
Ray L. Robbins, Jr.       51      1975    Research                              
Wann V. Robinson          45      1992    Regional Sales Leader                 
Douglas Rosen             35      1993    Regional Sales Leader                 
Harry John Sauer, III     38      1988    Dividend Processing                   
Arthur C. Schlappi        41      1995    Regional Sales Leader                 
Thomas D. Schlosser       47      1995    Regional Sales Leader                 
Philip R. Schwab          47      1978    Syndicate/Equity Trading              
Robert D. Seibel          61      1974    Regional Sales Leader                 
Festus W. Shaughnessy, III40      1988    InformationSystemsMktg.               
Connie M. Silverstein     40      1988    Market Development                    
Alan F. Skrainka          34      1989    Research                              
John S. Sloop             47      1990    Sales Management                      
Randall L. Smith          40      1996    Regional Sales Leader                 
Ronald H. Smith           56      1984    Regional Sales Leader                 
Lawrence R. Sobol         45      1977    General Counsel                       
Lawrence E. Thomas        40      1983    Sales Management                      
Terry R. Tucker           41      1988    Information Systems                   
Richard G. Unnerstall     40      1989    Information Systems                   
Steven A. Vanvoorhis      45      1995    Regional Sales Leader                 
Susan S. Venn             33      1995    Accounting                            
Robert Virgil, Jr.        61      1994    HeadquartersAdministration            
JoAnn Von Bergen          46      1986    Cash Processing                       
Donald E. Walter          50      1983    Compliance Director                   
James D. Weddle           42      1984    Sales Management                      

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General         
Name                      Age   Partner   Area of Responsibility                

Vicki Westall             36      1993    Investment Banking                    
Thomas J. Westphal        37      1989    Customer Information                  
Heidi Whitfield           35      1993    Product Review                        
Robert D. Williams        34      1994    Regional Sales Leader                 
A. Thomas Woodward        49      1985    Sales Management                      
Price P. Woodward         33      1993    Customer Segments Mktg.               
Alan T. Wright            49      1994    Investment Banking                    
Bradley A. Ytterberg      41      1994    Customer Segments Mktg.               

Except as indicated below, each of the General Partners has been a              
general partner of the Partnership for more than the preceding five             
years.                                                                          

Allan J. Anderson, joined the Partnership in 1984 as a registered               
representative and became a general partner in 1992.                            

Charles E. Armstrong, joined the Partnership in 1977 as a                       
registered representative and became a general partner in 1996.                 

Roger W. Bennett, joined the Partnership in 1982 as a registered                
representative and became a general partner in 1995.                            

Brett A. Campbell, joined the Partnership in 1984 as a registered               
representative and became a general partner in January 1993.                    

Donald H. Carter, joined the Partnership in 1982 as a registered                
representative and became a general partner in January 1994.                    

Guy Cascella, joined the Partnership in 1983 as a registered                    
representative and became a general partner in 1992.                            

Pamela K. Cavness, joined the Partnership in 1987  as an attorney               
in the Compliance Department and became a general partner in 1995.              

Craig E. Christell, joined the Partnership in 1982 as a registered              
representative and became a general partner in January 1994.                    

Cheryl Cook-Schneider, joined the Partnership in 1987 as an                     
attorney in the Compliance Department and became a general partner              
in January 1995.                                                                

Stanley A. Cunningham, joined the Partnership in 1981 as a                      
registered representative and became a general partner in January               
1995.                                                                           

Paul R. Daniels, joined the Partnership in 1984 as a registered                 
representative and became a general partner in 1995.                            

Douglas E. Davis, joined the Partnership in 1987 as a registered                
representative and became a general partner in 1996.                            

James E. Docksey, joined the Partnership in 1982 as a registered                
representative and became a general partner in 1995.                            

Cynthia A. Doria, joined the Partnership in 1984 as an attorney in              
the Legal Department and became a general partner in January 1995.              

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Terry Doyle, joined the Partnership in 1981 as a registered                     
representative and became a general partner in 1992.                            

Brian T. Duffy, joined the Partnership in 1987 as a registered                  
representative and became a general partner in 1996.                            

William T. Dwyer, joined the Partnership in 1982 as a registered                
representative and became a general partner in January 1994.                    

Kevin Eberle, joined the Partnership in 1985 as a registered                    
representative and became a general partner in 1993.                            

Steve Fraser, joined the Partnership in 1985 in the Operations                  
Department and became a general partner in January, 1993.                       

Colleen A. Geraty, joined the Partnership in 1987 in the                        
Advertising Department and became a general partner in January                  
1995.                                                                           

Chris A. Gilkison, joined the Partnership in 1987 as a registered               
representative and became a general partner in January 1994.                    

Ronald Gorgen, joined the Partnership in 1980 as a registered                   
representative and became a general partner in January 1993.                    

Kevin C. Haarberg, joined the Partnership in 1984 as a registered               
representative and became a general partner in January 1995.                    

David L. Hayes, joined the Partnership in 1977 active in hiring and             
training and became a general partner in January 1994.                          

Randy K. Haynes, joined the Partnership in 1984 as a registered                 
representative and became a general partner in January 1994.                    

Peter R. Heisler, joined the Partnership in 1985 as a registered                
representative and became a general partner in 1996.                            

Clifton L. Helbert, joined the Partnership in 1989 as a registered              
representative and became a general partner in 1996.                            

John M. Hess, joined the Partnership in 1982 as a registered                    
representative and became a general partner in 1992.                            

Mary Beth Heying, joined the Partnership in 1984 in the                         
Communications Department and became a general partner in January               
1994.                                                                           

Alan J. Holmes, joined the Partnership in 1989 as a registered                  
representative and became a general partner in 1996.                            

Don R. Howard, joined the Partnership in 1984 as a registered                   
representative and became a general partner in January 1995.                    

Steven M. Hull, joined the Partnership in 1973 as a registered                  
representative and became a general partner in 1994.                            

Gary R. Hunziker, joined the Partnership in 1986 as a registered                
representative and became a general partner in January 1994.                    

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Thomas G. Iorio, joined the Partnership in 1982 as a registered                 
representative and became a general partner in January 1994.                    

James J. Johnston, joined the Partnership in 1975 as a registered               
representative and became a general partner in 1995.                            

Timothy J. Kirley, joined the Partnership in 1983 as a registered               
representative and became a general partner in 1994.                            

Thomas M. Kliethermes, joined the Partnership in 1987 as a                      
registered representative and became a general partner in 1995.                 

James A. Krekeler, joined the Partnership in 1988 in the Research               
Department and became a general partner in January 1995.                        

Frederick H. Kruse, joined the Partnership in 1995 as a general                 
partner.  Prior to this, he served as the President and Chief                   
Executive Officer of Boone National Savings and Loan Association,               
F.A.                                                                            

Mark Leverenz, joined the Partnership in 1988 in the Operations                 
Department and became a general partner in January 1995.                        

Michele M. Liebman, joined the Partnership in 1985 in the Data                  
Processing Department and became a general partner in January 1994.             

Rhonda L. Liesenfeld, joined the Partnership in 1985 in the                     
corporate bond department, and became a general partner in 1996                 

Timothy J. McCoy, joined the Partnership in 1982 in the municipal               
bond department and became a general partner in 1995.                           

Thomas W. Migneron, joined the Partnership in 1985 as an internal               
auditor and became a general partner in January, 1993.                          

Rodger W. Naugle, joined the Partnership in 1981 as a registered                
representative and became a general partner in 1992.                            

Cynthia Paquette, joined the Partnership in 1985 in the Information             
Systems Department and became a general partner in January 1993.                

Gregory C. Picogna, joined the Partnership in 1985 as a registered              
representative and became a general partner in 1995.                            

Ray W. Raley, joined the Partnership in 1976 as a registered                    
representative and became a general partner in 1996 in the Equity               
Marketing department.                                                           

James L. Regnier, joined the Partnership in 1983 as a registered                
representative and became a general partner in January 1994.                    

Wann V. Robinson, joined the Partnership in 1985 as a registered                
representative and became a general partner in 1992.                            

Douglas Rosen, joined the Partnership in 1982 as a registered                   
representative and became a general partner in January 1993.                    

Arthur C. Schlappi, joined the Partnership in 1986 as a registered              
representative and became a general partner in 1995.                            

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Thomas D. Schlosser, joined the Partnership in 1978 as a registered             
representative and became a general partner in 1995.                            

Randall L. Smith, joined the Partnership in 1980 as a registered                
representative and became a general partner in 1996.                            

Steven A. VanVoorhis, joined the Partnership in 1976 as a                       
registered representative and became a general partner in 1995.                 

Susan S. Venn, joined the Partnership in 1986 in the Unit Trust                 
Area and became a general partner in 1995 in the Accounting                     
Department.                                                                     

Robert Virgil, Jr., joined the Partnership in 1993 as a general                 
partner.  Prior to this, he served as dean of the John M. Olin                  
School of Business at Washington University.                                    

Vicki Westall, joined the Partnership in 1984 in the Product Review             
Department and became a general partner in January, 1993.                       

Heidi Whitfield, joined the Partnership in 1982 as an equity                    
analyst and became a general partner in January 1993.                           

Robert D. Williams, joined the Partnership in 1986 as a registered              
representative and became a general partner in 1994.                            

Price P. Woodward, joined the Partnership in 1984 as a registered               
representative and became a general partner in January 1993.                    

Alan T. Wright, joined the Partnership in 1985 in Investment                    
Banking Department and became a general partner in January 1994.                

Bradley A. Ytterberg, joined the Partnership in 1984 as a                       
registered representative and became a general partner in 1994.                 

Daniel A. Burkhardt is a director of Essex County Gas Company,                  
Amsebury, Massachusetts; Galaxy Cablevision Management, Inc.,                   
Sikeston, Missouri; Mid-American Reality Investments, Inc., Omaha,              
Nebraska;  Southeastern Michigan Gas Enterprises Inc., Port Huron,              
Michigan; St. Joseph Light & Power Co., St. Joseph, Missouri;  and              
Community Investment Partners, L.P.  John C. Heisler, Philip R.                 
Schwab and John D. Beuerlein are directors of Cornerstone Mortgage              
Investment Group, Inc. and Cornerstone Mortgage Investment Group                
II, Inc.  Ray L. Robbins, Jr. is a director of Community Investment             
Partners, L.P.  Robert Virgil, Jr. is a director of CPI Corp., St.              
Louis, Missouri.                                                                

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ITEM 11.EXECUTIVE COMPENSATION                                                  

The following table sets forth all compensation paid by the                     
Partnership during the three most recent years to the five general              
partners receiving the greatest compensation (including respective              
shares of profit participation).                                                
      Returns to General
       Partner Capital
           ___________________
(1)      (2)    (3) & (4)                 
                Net income General Partner
          Deferred allocated  invested     Total
          Compen-  to General Capital at  (1)(2)
Year  Salaries sation   Partners   12/31          (3)     

John W.                                                                         
Bachmann   1995  120,000  6,077  1,721,341  4,500,612 1,847,418                 

1994  120,000  5,55   1,681,517  4,115,163 1,807,070      
1993  120,000 10,707  2,350,562  3,971,779 2,481,269      

Douglas E.                                                                      
Hill       1995  118,000  6,077  1,631,400   4,241,95 1,755,477                 

1994  118,000  5,55   1,513,365  3,703,647 1,636,918      
1993  118,000 10,707  1,994,416  3,369,994 2,123,123      

Ron                                                                             
Larimore   1995  118,000  6,077  1,641,246  4,293,687 1,765,323                 

1994  118,000  5,553  1,513,365  3,703,647 1,636,918      
1993  118,000 10,707  1,994,416  3,369,994 2,123,123      

Richie L.                                                                       
Malone     1995  118,000  6,077  1,610,391  4,293,687 1,734,468                 

1994  118,000  5,553  1,513,365  3,703,647 1,636,918      
1993  118,000 10,707  1,899,444  3,209,518 2,028,151      

Darryl W.                                                                       
Pope       1995  118,000  6,077  1,629,819  4,241,956 1,753,896                 

1994  118,000  5,553  1,513,365  3,703,647 1,636,918      
1993  118,000 10,707  1,994,416  3,369,994 2,123,123      

(1)Each non-selling general partner receives a salary generally                 
ranging from $90,000 - $120,000 annually.  Selling general                
partners do not receive a specified salary, rather, they                  
receive the net sales commissions earned by them (none of the             
five individuals listed above earned any such commissions).               
Additionally, general partners who are principally engaged in             
sales are entitled to office bonuses based on the profitability           
of their respective branch office, on the same basis as the               
office bonus program established for all investment                       
representative employees.                                                 

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(2)Each general partner is a participant in the Partnership's                   
profit sharing plan which covers all eligible employees.                  
Contributions to the plan, which are within the discretion of             
the Partnership, are made annually and have historically been             
determined based on approximately twenty-four percent of the              
Partnership's net income.  Allocation of the Partnership's                
contribution among participants is determined by each                     
participant's relative level of eligible earnings, including in           
the case of general partners, their profit participation.                 

(3)Each general partner is entitled to participate in the annual                
net income of the Partnership based upon the respective                   
percentage interest in the Partnership of each partner.  These            
interests in the Partnership held by each general partner                 
currently range from 1/10 of 1% to 4.65% in 1995, (1/10 of 1%             
to 4.50% in 1994 and 1/10 of 1% to 4.95% in 1993).    At the              
discretion of the Managing Partner, the partnership agreement             
provides that, generally, the first eight percent of net income           
allocable to general partners be distributed on the basis of              
individual merit or otherwise as determined by the Managing               
Partner.  Thereafter, the remaining net income allocable to               
general partners is distributed based upon each individual's              
percentage interest in the Partnership.                                   

(4)Net income allocable to general partners is the amount                       
remaining after payment of interest and earnings on capital               
invested to limited partners and subordinated limited partners.           

ITEM 12.SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND                     
MANAGEMENT                                                      

Being organized as a limited partnership, management is vested in               
the general partners thereof and there are no other outstanding                 
"voting" or "equity" securities.  It is the opinion of the                      
Partnership that the general partnership interests are not                      
securities within the meaning of federal and state securities laws              
primarily because each of the general partners participates in the              
management and conduct of the business.                                         

In connection with outstanding limited and subordinated limited                 
partnership interests (non-voting securities), 82 of the general                
partners also own limited partnership interests and 26 of the                   
general partners also own subordinated limited partnership                      
interests, as noted in the table below.                                         

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As of February 23, 1996:                                                        
Name of       Amount of 
             Beneficial    Beneficial   Percent of
Title of Class              Owner         Ownership    Class                    

Limited Partnership         All General                                         
Interests                   Partners as                                         
        a Group       $7,583,000      8%

Subordinated                All General                                         
Limited Partnership         Partners as                                         
Interests                   a Group       15,644,000     50%                    

ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS                        

In the ordinary course of its business the Partnership has extended             
credit to certain of its partners and employees in connection with              
their purchase of securities.  Such extensions of credit have been              
made on substantially the same terms, including interest rates and              
collateral, as those prevailing at the time for comparable                      
transactions with non-affiliated persons, and did not involve more              
than the normal risk of collectibility or present other unfavorable             
features.  The Partnership also, from time to time and in the                   
ordinary course of business, enters into transactions involving the             
purchase or sale of securities from or to partners or employees and             
members of their immediate families, as principal.  Such purchases              
and sales of securities on a principal basis are effected on                    
substantially the same terms as similar transactions with                       
unaffiliated third parties.                                                     

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ITEM 14.EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON                 
FORM 8-K                                                        

INDEX         

(a)  (1)  The following financial statements are included in Part               
II,Item 8:                                                  

                                          Page No.

Report of Independent Public Accountants ................20         

Consolidated Statements of Financial Condition as of                
December 31, 1995 and 1994 ..............................21         

Consolidated Statements of Income for the years ended               
December 31, 1995, 1994 and 1993 ........................23         

Consolidated Statements of Cash Flows for the years                 
ended December 31, 1995, 1994 and 1993 ..................24         

Consolidated Statements of Changes in Partnership Capital           
for the years ended December 31, 1995, 1994 and 1993 ....25         

Notes to Consolidated Financial Statements ..............26         

All schedules are omitted because they are not                      
required, inapplicable, or the information is otherwise             
shown in the financial statements or notes thereto.                 

(b)   Report on Form 8-K                                                        

No reports on Form 8-K were filed in the fourth quarter of          
1995.                                                               

(c)   Exhibits                                                                  

Reference is made to the Exhibit Index hereinafter contained.       

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SIGNATURES            

Pursuant to the requirements of Section 13 or 15(d) 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:                                                      

(Registrant) THE JONES FINANCIAL COMPANIES, A LIMITED PARTNERSHIP               
__________________________________________________________  

By (Signature and Title)            /s/  John W. Bachmann                       
     _____________________________________________
              John W. Bachmann, Managing Partner

Date            March 26, 1996                                                  
__________________________________________________________        

Pursuant to the requirements of the Securities Exchange Act of                  
1934, this report has been signed below by the following person on              
behalf of the registrant and in the capacity and on the date                    
indicated.                                                                      

By (Signature and Title)           /s/  John W. Bachmann                        
     _____________________________________________
              John W. Bachmann, Managing Partner

Date            March 26, 1996                                                  
__________________________________________________________        

SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED                     
PURSUANT TO SECTION 15(D) OF THE ACT BY REGISTRANTS WHICH HAVE NOT              
REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT.                        

There have been no annual reports sent to security holders covering             
the registrant's last fiscal year nor have there been any proxy                 
statements, form of proxy or other proxy soliciting material sent               
to any of registrant's security holders.                                        

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EXHIBIT INDEX TO ANNUAL REPORT ON FORM 10-K           

FOR THE YEAR ENDED DECEMBER 31, 1995          

Exhibit                                                                         
Number         Page      Description                                            

3.1           *         Fifth Amended and Restated Limited                    
            Partnership Agreement of Edward D. Jones &
  Co., L.P., dated April 28, 1994,
     incorporated herein by reference to
        Exhibit 3.1 to the Company's Quarterly
           Report on Form 10-Q for the quarter ended
June 24, 1994.                

3.2           *         Form of Limited Partnership Agreement of              
Edward D. Jones & Co., L.P.   

10.1           *         Form of Cash Subordination Agreement                   
            between the Registrant and Edward D. Jones
            & Co., incorporated herein by reference to
            Exhibit 10.1 to the Company's registration
            statement of Form S-1 (Reg. No. 33-14955).

10.2           *         Note Purchase Agreement between Tempus                 
        Corporation and Edward D. Jones & Co.,
  L.P. dated as of March 15, 1988,
     incorporated herein by reference to
         Exhibit 10.1 to the Company's Quarterly
           Report on Form 10-Q for the quarter ended
March 25, 1988.               

10.3           *         Complaint for Permanent Injunction and                 
            Other Equitable Relief and Final Judgement
        of Permanent Injunction in re:  SEC v.
           Edward D. Jones & Co. (U.S. Dist. Ct. for
         Dist. of Columbia; Civil Action No. 85-
            3078), incorporated herein by reference to
        Exhibit 10(I) to the Company's current
        report on Form 8-K dated September 24,
1985.                         

10.4           *         Volume Discount Agreement dated May 27,                
 1987, between Digital Equipment
        Corporation and Edward D. Jones & Co.,
     incorporated herein by reference to
   Exhibit 10.13(c) to the Company's
          registration statement on Form S-1 (Reg.
No. 33-14955).                

10.5           *         Master Lease Agreement dated as of May 29,             
 1987, between Digital Equipment
        Corporation and Edward D. Jones & Co.,
     incorporated herein by reference to
   Exhibit 10.13(b) to the Company's
          registration statement on Form S-1 (Reg.
No. 33-14955).                

10.6           *         Master Lease Agreement dated as of October             
          17, 1988, between Edward D. Jones & Co.,
            L.P., and BancBoston Leasing, incorporated
            herein by reference to Exhibit 10.1 to the
          Company's Annual Report on Form 10-K for
    the year ended September 30, 1988.

10.16          *         Satellite Communications Agreement dated               
          as of September 12, 1988, between Hughes
            Network Systems and Edward D. Jones & Co.,
           L.P., incorporated herein by reference to
      Exhibit 10.1 to the Company's Annual
        Report on Form 10-K for the year ended
September 30, 1988.           

10.18          *         Agreements of Lease between EDJ Leasing                
          Company and Edward D. Jones & Co., L.P.,
           dated August 1, 1991, incorporated herein
      by reference to Exhibit 10.18 to the
           Company's Annual Report or Form 10-K  for
    the year ended September 27, 1991.

10.20          *         Edward D. Jones & Co., L.P. Note Purchase              
    Agreement dated as of May 8, 1992,
     incorporated herein by reference to
         Exhibit 10.1 to the Company's Quarterly
           Report on Form 10-Q for the quarter ended
June 26, 1992.                

10.21          *         Purchase and Sale Agreement by and between             
          EDJ Leasing Co., L.P. and the Resolution
          Trust Corporation incorporated herein by
   reference to Exhibit 10.21 to the
          Company's Annual Report or Form 10-K for
   the year ended December 31, 1992.

10.22                    Master Lease Agreement between EDJ Leasing             
          Company and Edward D. Jones & Co., L.P.,
          dated March 9, 1993, and First Amendment
to Lease dated March 9, 1994. 

10.23                    Purchase Agreement by and between Edward               
  D. Jones & Co., L.P. and Genicom
      Corporation dated November 25, 1992.

10.24                    Mortgage Note and Deed of Trust and                    
        Security Agreement between EDJ Leasing
            Co., L.P. and Nationwide Insurance Company
dated March 9, 1993.          

10.25                    Mortgage Note and Amendment to Deed of                 
         Trust between EDJ Leasing Co., L.P. and
          Nationwide Insurance Company dated March
9, 1994.                      

10.26                    Mortgage Note; Deed of Trust and Security              
            Agreement; Assignment of Leases, Rents and
           Profits; and Subordination and Attornment
         Agreement between EDJ Leasing Co., L.P.
        and Nationwide Insurance Company dated
          April 6, 1994, incorporated by reference
            to exhibit 10.1 to the Company's Quarterly
           Report on Form 10-Q for the quarter ended
March 25, 1994.               

10.27                    Note Purchase Agreement by Edward D. Jones             
        & Co., L.P., for $92,000,000 aggregate
        principal amount of 7.95% subordinated
   capital notes due April 15, 2006,
     incorporated herein by reference to
         Exhibit 10.1 to the Company's Quarterly
           Report on Form 10-Q for the quarter ended
June 24, 1994.                

10.28                    Equipment Lease Agreement between IFA                  
    Incorporated and Edward D. Jones &
    Company, L.P., dated June 8, 1994,
     incorporated herein by reference to
         Exhibit 10.2 to the Company's Quarterly
           Report on Form 10-Q for the quarter ended
June 24, 1994.                

10.29                    Master Lease Agreement and Addendum by and             
         between Edward D. Jones & Co., L.P. and
           General Electric Capital Corporated dated
        April 21, 1994, incorporated herein by
            reference to Exhibit 10.3 to the Company's
       Quarterly Report on Form 10-Q for the
quarter ended June 24, 1994.  

10.30                    Equipment Lease by and between Edward D.               
         Jones & Co., L.P., and EDJ Leasing Co.,
        L.P. dated April 1, 1994, incorporated
      herein by reference to the Company's
       Quarterly Report on Form 10-Q for the
quarter ended June 24, 1994.  

10.31                    $8,200,000 Promissory Note to Commerce                 
          Bank National Association by EDJ Leasing
 Co., L.P., dated April 5, 1994,
     incorporated herein by reference to
         Exhibit 10.5 to the Company's Quarterly
           Report on Form 10-Q for the quarter ended
June 24, 1994.                

10.32                    Agreement and Plan of Acquisition between              
         The Jones Financial Companies and Boone
        National Savings and Loan Association,
           F.A., incorporated herein by reference to
         Exhibit 10.1 to the Company's Quarterly
           Report on Form 10-Q for the quarter ended
September 30, 1994.           

10.33                    Credit Agreement between EDJ Leasing Co.,              
           L.P. and Southtrust Bank of Alabama, N.A.
dated October 26, 1994.       

10.34                    Master Lease Agreement between EDJ Leasing             
         Company and Edward D. Jones & Co., L.P.
dated October 26, 1994.       

10.35                    Lease Financing Line of Credit Agreement               
     and Term Note Agreement between EDJ
       Leasing Co., L.P. and Enterprise Bank
dated December 6, 1994.       

10.36                    Master Lease Agreement between EDJ Leasing             
            Co. and Edward D. Jones & Co., L.P., dated
December 6, 1994.             

10.37                    Purchase Agreement by and between Edward               
         D. Jones & Co., L.P. and Tektronix Inc.
dated February 28, 1995.      

10.38                    Loan Agreement between Edward D. Jones &               
          Co., L.P. and Boatmen's Bank dated April
            28, 1995, incorporated herein by reference
           to the Company's Quarterly Report on Form
            10-Q for the quarter ended March 25, 1995.

10.39                    Sixth Amended and Restated Limited                     
            Partnership Agreement of Edward D. Jones &
Co., L.P., dated May 31, 1995,
         incorporated herein by reference to the
         Company's Quarterly Report on Form 10-Q
      for the quarter ended June 30, 1995.

10.40                    Conforming Systems Agreement between Tri-              
          Tek Information Systems, Inc. and Edward
            D. Jones & Co.., L.P., dated May 31, 1995,
         incorporated herein by reference to the
         Company's Quarterly Report on Form 10-Q
      for the quarter ended June 30, 1995.

10.41                    Mortgage Note; South Second Deed of Trust              
            and Security Agreement between EDJ Leasing
         Co., L.P. and Nationwide Life Insurance
Company dated August 31, 1995,
         incorporated herein by reference to the
         Company's Quarterly Report on Form 10-Q
           for the quarter ended September 29, 1995.

10.42                    Mortgage Note; North Second Deed of Trust              
            and Security Agreement between EDJ Leasing
         Co., L.P. and Nationwide Life Insurance
Company dated August 31, 1995,
         incorporated herein by reference to the
         Company's Quarterly Report on Form 10-Q
           for the quarter ended September 29, 1995.

24.1                     Consent of Independent Public Accountants.             

25            *         Delegation of Power of Attorney to                    
           Managing Partner contained within Exhibit
3.1                           

27                      Financial Data Schedule (provided for the             
           Securities and Exchange Commission only).

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘10-K’ Filing		Date		First		Last			Other Filings
		4/5/08		32
		4/15/06		33		48
		6/5/03		32
		12/6/00		32
		6/30/00		32					10-Q
		7/24/98		32
		5/1/98		33
		4/15/98		33
		5/1/97		32
		3/27/96
Filed on:		3/26/96		1		47
		2/23/96		2		45
		2/20/96		21
For Period End:		12/31/95		1		48
		9/29/95		48					10-Q
		8/31/95		48					S-2/A
		7/21/95		27		34
		6/30/95		48					10-Q
		5/31/95		48
		4/28/95		48
		3/25/95		48
		2/28/95		48
		12/31/94		18		46			10-K
		12/6/94		48
		10/26/94		48
		9/30/94		48					10-Q
		6/24/94		48					10-Q
		6/8/94		48
		4/28/94		48
		4/21/94		48
		4/6/94		48
		4/5/94		48
		4/1/94		48
		3/25/94		48					10-Q
		3/9/94		48
		12/31/93		18		46			10-K
		3/9/93		48
		12/31/92		26		48
		11/25/92		48
		6/26/92		48
		5/8/92		48
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