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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 27, 2026


	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________ to _________

Commission file number 0-16633

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

(Exact name of registrant as specified in its Charter)

     Missouri

     43-1450818

     (State or other jurisdiction of
incorporation or organization)

     (IRS Employer 
Identification No.)

12555 Manchester Road

Des Peres, Missouri 63131

(Address of principal executive office) (Zip Code)

(314) 515-2000

(Registrant’s telephone number, including area code)

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


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	N/A	N/A

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  NO 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  NO 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large accelerated filer		Accelerated filer	
Non-accelerated filer		Smaller reporting company	
Emerging growth company	

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicated by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

As of April 24, 2026, 1,725,019 units of Class A limited partner interests were outstanding, each representing $1,000 of Class A limited partner capital, and $719,048,000 of notional capital in limited partnership Profits Interests were outstanding. There is no public or private market for the Class A limited partner interests or the limited partnership Profits Interests.

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

INDEX


		Page

PART I.	FINANCIAL INFORMATION

Item 1.	Financial Statements	3

	Consolidated Statements of Financial Condition	3
	Consolidated Statements of Income	4
	Consolidated Statements of Comprehensive Income	5
	Consolidated Statements of Changes in Partnership Capital and Profits Interests Subject to Mandatory Redemption	6
	Consolidated Statements of Cash Flows	7
	Notes to Consolidated Financial Statements	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	28

Item 4.	Controls and Procedures	28

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	29

Item 1A.	Risk Factors	29

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	29

Item 3.	Defaults Upon Senior Securities	29

Item 4.	Mine Safety Disclosures	29

Item 5.	Other Information	29

Item 6.	Exhibits	30

	Signatures	31

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

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

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Unaudited)


(Dollars in millions)	March 27, 2026		December 31, 2025
ASSETS:
Cash and cash equivalents	$	2,625	$	3,782
Cash and investments segregated under federal regulations		12,877		14,069
Securities purchased under agreements to resell		583		687
Receivables from:
Clients		5,577		5,369
Mutual funds, insurance companies and other		1,140		1,047
Brokers, dealers and clearing organizations		502		520
Securities owned, at fair value:
Investment securities		1,051		477
Inventory securities		48		54
Fixed assets, at cost, net of accumulated depreciation and amortization		1,796		1,759
Lease right-of-use assets		1,183		1,169
Other assets		1,629		1,575

TOTAL ASSETS	$	29,011	$	30,508

LIABILITIES:
Payables to:
Clients	$	17,844	$	18,605
Brokers, dealers and clearing organizations		118		95
Accrued compensation and employee benefits		2,887		3,600
Accounts payable, accrued expenses and other		1,560		2,190
Lease liabilities		1,226		1,216
		23,635		25,706
Contingencies (Note 8)

Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals and partnership loans:
Limited partners		1,726		1,713
Subordinated limited partners		746		742
General partners		2,453		1,669
Total		4,925		4,124
Reserve for anticipated withdrawals		451		678
Total partnership capital and Profits Interests subject to mandatory redemption		5,376		4,802

TOTAL LIABILITIES	$	29,011	$	30,508

The accompanying notes are an integral part of these Consolidated Financial Statements.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

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

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)


	Three Months Ended
(Dollars in millions, except per unit information and units outstanding)	March 27, 2026			March 28, 2025
Revenue:
Fee revenue
Asset-based	$	3,882		$	3,294
Account and activity		187			186
Total fee revenue		4,069			3,480
Trade revenue		450			443
Interest and dividends		229			270
Other (loss) revenue, net		(30	)		25
Total revenue		4,718			4,218
Interest expense		41			51
Net revenue		4,677			4,167
Operating expenses:
Compensation and benefits		3,279			2,890
Communications and data processing		317			267
Occupancy and equipment		167			163
Fund sub-adviser fees		101			84
Professional and consulting fees		62			61
Advertising		43			39
Other operating expenses		167			150
Total operating expenses		4,136			3,654

Income before allocations		541			513

Allocations:
Limited partners		68			71
Profits Interests		27			17
Subordinated limited partners		60			56
General partners		386			369
Net income	$	—		$	—

Income allocated to limited partners per weighted average $1,000 equivalent limited partner unit outstanding	$	37.87		$	38.89

Weighted average $1,000 equivalent limited partner units outstanding		1,728,647			1,736,683

The accompanying notes are an integral part of these Consolidated Financial Statements.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

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

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)


	Three Months Ended
(Dollars in millions)	March 27, 2026		March 28, 2025
Net income	$	—	$	—
Other comprehensive income:
Foreign currency translation		5		(5	)
Comprehensive income (loss) before allocations		5		(5	)

Allocations		5		(5	)
Total comprehensive income	$	—	$	—

The accompanying notes are an integral part of these Consolidated Financial Statements.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

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

CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERSHIP CAPITAL AND PROFITS INTERESTS

SUBJECT TO MANDATORY REDEMPTION

FOR THE THREE MONTHS ENDED MARCH 27, 2026 AND MARCH 28, 2025

(Unaudited)


(Dollars in millions)	Limited Partner Capital			Profits Interests			Subordinated Limited Partner Capital			General Partner Capital			Total
2026
TOTAL PARTNERSHIP CAPITAL AND PROFITS INTERESTS SUBJECT TO MANDATORY REDEMPTION, DECEMBER 31, 2025	$	1,913		$	25		$	820		$	2,044		$	4,802
Reserve for anticipated withdrawals		(200	)		(25	)		(78	)		(375	)		(678	)
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals, December 31, 2025	$	1,713		$	—		$	742		$	1,669		$	4,124
Partnership loans outstanding, December 31, 2025		—			—			—			424			424
Total partnership capital, including capital financed with partnership loans, net of reserve for anticipated withdrawals, December 31, 2025		1,713			—			742			2,093			4,548
Issuance of partnership interests		20			—			39			308			367
Redemption of partnership interests		(7	)		—			(35	)		(27	)		(69	)
Net income allocations		68			27			60			386			541
Other comprehensive income allocations		1			—			1			3			5
Distributions		15			(1	)		—			(21	)		(7	)
Total partnership capital, including capital financed with partnership loans, and Profits Interests, March 27, 2026		1,810			26			807			2,742			5,385
Partnership loans outstanding, March 27, 2026		—			—			—			(9	)		(9	)
TOTAL PARTNERSHIP CAPITAL AND PROFITS INTERESTS SUBJECT TO MANDATORY REDEMPTION, MARCH 27, 2026	$	1,810		$	26		$	807		$	2,733		$	5,376
Reserve for anticipated withdrawals		(84	)		(26	)		(61	)		(280	)		(451	)
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals, March 27, 2026	$	1,726		$	—		$	746		$	2,453		$	4,925


(Dollars in millions)	Limited Partner Capital			Profits Interests			Subordinated Limited Partner Capital			General Partner Capital			Total
2025
TOTAL PARTNERSHIP CAPITAL AND PROFITS INTERESTS SUBJECT TO MANDATORY REDEMPTION, DECEMBER 31, 2024	$	1,926		$	14		$	794		$	2,175		$	4,909
Reserve for anticipated withdrawals		(199	)		(14	)		(73	)		(422	)		(708	)
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals, December 31, 2024	$	1,727		$	—		$	721		$	1,753		$	4,201
Partnership loans outstanding, December 31, 2024		—			—			—			473			473
Total partnership capital, including capital financed with partnership loans, net of reserve for anticipated withdrawals, December 31, 2024		1,727			—			721			2,226			4,674
Issuance of partnership interests		14			—			56			302			372
Redemption of partnership interests		(7	)		—			(17	)		(42	)		(66	)
Net income allocations		71			17			56			369			513
Other comprehensive loss allocations		—			—			(1	)		(4	)		(5	)
Distributions		15			—			—			(23	)		(8	)
Total partnership capital, including capital financed with partnership loans, and Profits Interests, March 28, 2025		1,820			17			815			2,828			5,480
Partnership loans outstanding, March 28, 2025		—			—			—			(625	)		(625	)
TOTAL PARTNERSHIP CAPITAL AND PROFITS INTERESTS SUBJECT TO MANDATORY REDEMPTION, MARCH 28, 2025	$	1,820		$	17		$	815		$	2,203		$	4,855
Reserve for anticipated withdrawals		(86	)		(17	)		(55	)		(291	)		(449	)
Partnership capital subject to mandatory redemption, net of reserve for anticipated withdrawals, March 28, 2025	$	1,734		$	—		$	760		$	1,912		$	4,406

The accompanying notes are an integral part of these Consolidated Financial Statements.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

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

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Three Months Ended
(Dollars in millions)	March 27, 2026			March 28, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	—		$	—
Adjustments to reconcile net income to net cash provided by operating activities:
Income before allocations		541			513
Foreign currency translation		5			(5	)
Depreciation and amortization		194			164

Changes in assets and liabilities:
Investments segregated under federal regulations		1,503			465
Securities purchased under agreements to resell		104			406
Net payable to clients		(969	)		(317	)
Net receivable from brokers, dealers and clearing organizations		41			33
Receivable from mutual funds, insurance companies and other		(93	)		(95	)
Securities owned		(568	)		(21	)
Other assets		(57	)		(64	)
Lease liabilities		(94	)		(90	)
Accrued compensation and employee benefits		(713	)		(692	)
Accounts payable, accrued expenses and other		(629	)		(201	)
Net cash (used in) provided by operating activities		(735	)		96

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of fixed assets		(139	)		(131	)
Cash used in investing activities		(139	)		(131	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of partnership loans		264			41
Issuance of partner interests		358			70
Redemption of partner interests		(69	)		(66	)
Distributions from partnership capital		(525	)		(607	)
Net cash provided by (used in) financing activities		28			(562	)
Net decrease in cash, cash equivalents and restricted cash		(846	)		(597	)

CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
Beginning of period		8,380			6,350
End of period	$	7,534		$	5,753

See Note 10 for additional cash flow information.

The accompanying notes are an integral part of these Consolidated Financial Statements.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Dollars in millions)

NOTE 1 – INTRODUCTION AND BASIS OF PRESENTATION

The accompanying Consolidated Financial Statements include the accounts of The Jones Financial Companies, L.L.L.P. and all wholly-owned subsidiaries (collectively, the “Partnership,” "JFC" or the "Firm"). The financial position of the Partnership’s subsidiaries in Canada as of February 28, 2026 and November 30, 2025 are included in the Partnership’s Consolidated Statements of Financial Condition and the results for the three-month periods ended February 28, 2026 and 2025 are included in the Partnership’s Consolidated Statements of Income, Consolidated Statements of Comprehensive Income, Consolidated Statements of Changes in Partnership Capital and Profits Interests Subject to Mandatory Redemption and Consolidated Statements of Cash Flows because of the timing of the Partnership’s financial reporting process.

The Partnership’s principal operating subsidiary, Edward D. Jones & Co., L.P. (“Edward Jones”), is a registered broker-dealer and investment adviser in the United States (“U.S.”), and the Partnership's operating subsidiary in Canada, Edward Jones (an Ontario limited partnership), is a registered investment dealer in Canada ("EJ Canada"). The Partnership is a leading financial services firm and conducts business throughout North America through its U.S. and Canada business units with its clients, various brokers, dealers, clearing organizations, depositories and banks. Through these retail brokerage entities, the Partnership primarily serves individual investors in the U.S. and Canada and primarily derives revenues from fees for providing investment advisory and other account services to its clients, fees for assets held by clients and commissions for the distribution of mutual fund shares and insurance products and the purchase or sale of securities. For financial information related to the Partnership’s two operating segments for the three-month periods ended March 27, 2026 and March 28, 2025, see Note 4 to the Consolidated Financial Statements. Trust services are offered to Edward Jones’ U.S. clients through Edward Jones Trust Company (“Trust Co.”), a wholly-owned subsidiary of the Partnership. Olive Street Investment Advisers, LLC, a wholly-owned subsidiary of the Partnership, provides investment advisory services to the Edward Jones Money Market Fund (the "Money Market Fund") and the twelve sub-advised mutual funds comprising the Bridge Builder® Trust.

The Consolidated Financial Statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles, which require the use of certain estimates by management in determining the Partnership’s assets, liabilities, revenues and expenses. Actual results could differ from these estimates.

The interim financial information included herein is unaudited. However, in the opinion of management, such information includes all adjustments, consisting primarily of normal recurring accruals, which are necessary for a fair statement of the results of interim operations. The Partnership evaluated subsequent events for recognition or disclosure through the date these Consolidated Financial Statements were issued and identified no matters requiring disclosure.

There have been no material changes to the Partnership's significant accounting policies or disclosures of recently issued accounting standards as described in Part II, Item 8 – Financial Statements and Supplementary Data – Note 1 of the Partnership's Annual Report on Form 10-K for the year ended December 31, 2025 (the "Annual Report"). The results of operations for the three-month period ended March 27, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026. These unaudited Consolidated Financial Statements should be read in conjunction with Management's Discussion and Analysis of Financial Condition and Results of Operations and the Consolidated Financial Statements and notes thereto included in the Partnership's Annual Report.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

NOTE 2 – LEASES

For the three-month periods ended March 27, 2026 and March 28, 2025, cash paid for amounts included in the measurement of operating lease liabilities was $94 and $90, respectively, and lease right-of-use assets obtained in exchange for new operating lease liabilities were $105 and $98, respectively. As of March 27, 2026 and December 31, 2025, the weighted-average remaining lease term was five years for both periods and the weighted-average discount rate was 4.4% for both periods.

The following table summarizes the Partnership's operating lease cost, variable lease cost not included in the lease liability and total lease cost for the:


	Three Months Ended
	March 27, 2026		March 28, 2025
Operating lease cost	$	93	$	88
Variable lease cost		20		19
Total lease cost	$	113	$	107

The Partnership's future undiscounted cash outflows for operating leases are summarized below as of:


	March 27, 2026
2026	$	276
2027		326
2028		264
2029		191
2030		119
Thereafter		202
Total lease payments		1,378
Less: Interest		152
Total present value of lease liabilities	$	1,226

While the rights and obligations for leases that have not yet commenced are not significant, the Partnership regularly enters into new branch office leases.

NOTE 3 – RECEIVABLES AND REVENUE

As of March 27, 2026 and December 31, 2025, collateral held for receivables from clients was $7,912 and $7,224, respectively, and collateral held for securities purchased under agreements to resell was $591 and $697, respectively. Given the nature of the agreements for receivables from clients and given the counterparties for resale agreements are financial institutions that the Partnership considers to be reputable and reliable, the Partnership does not expect the fair value of collateral to fall below the value of the agreements frequently or for an extended period of time. Therefore, the allowance for credit loss was zero for each period.

As of March 27, 2026, December 31, 2025 and December 31, 2024, $1,091, $1,056 and $883, respectively, of the receivable from clients balance and $390, $368 and $377, respectively, of the receivable from mutual funds, insurance companies and other balance related to revenue contracts with customers. The related fees are paid out of client accounts or third-party products consisting of cash and securities, the value of those accounts continues to exceed the amortized cost basis of these receivables and the receivables have a short duration. As a result, the Partnership does not expect an event or change which would result in the receivables being undercollateralized or unpaid. The allowance for credit loss for receivables from contracts with customers was zero as of March 27, 2026 and December 31, 2025.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

The following table shows the Partnership's disaggregated revenue information. See Note 4 for segment information.


	Three Months Ended						Three Months Ended
	March 27, 2026						March 28, 2025
	U.S.		Canada		Total		U.S.		Canada		Total
Fee revenue:
Asset-based fee revenue:
Advisory programs fees	$	3,021	$	68	$	3,089	$	2,496	$	49	$	2,545
Service fees		413		28		441		384		26		410
Cash solutions fees		135		—		135		145		—		145
Other asset-based fees		217		—		217		194		—		194
Total asset-based fee revenue		3,786		96		3,882		3,219		75		3,294
Account and activity fee revenue:
Shareholder accounting services fees		114		—		114		118		—		118
Other account and activity fee revenue		70		3		73		65		3		68
Total account and activity fee revenue		184		3		187		183		3		186
Total fee revenue		3,970		99		4,069		3,402		78		3,480
Trade revenue:
Commissions		381		14		395		370		14		384
Principal transactions		53		2		55		56		3		59
Total trade revenue		434		16		450		426		17		443
Total revenue from customers		4,404		115		4,519		3,828		95		3,923
Net interest and dividends and other revenue		144		14		158		219		25		244
Net revenue	$	4,548	$	129	$	4,677	$	4,047	$	120	$	4,167

NOTE 4 – SEGMENT INFORMATION

The Partnership has determined it has two operating and reportable segments based upon geographic location, the U.S. and Canada. Canada segment information, as reported in the following table, is based upon the consolidated financial statements of the Partnership's Canada operations, which primarily occur through a non-guaranteed subsidiary of the Partnership. The U.S. segment information is derived from the Consolidated Financial Statements less the Canada segment information as presented. Income before allocations margin represents income before allocations as a percentage of total revenue. The following table shows financial information for the Partnership’s reportable segments:


	Three Months Ended									Three Months Ended
	March 27, 2026									March 28, 2025
	U.S.			Canada			Total			U.S.			Canada			Total
Net revenue	$	4,548		$	129		$	4,677		$	4,047		$	120		$	4,167
FA compensation and benefits		1,821			54			1,875			1,605			48			1,653
Home office operating expense		856			32			888			778			27			805
Branch office operating expense		606			19			625			568			17			585
Variable compensation		732			16			748			598			13			611
Operating expenses		4,015			121			4,136			3,549			105			3,654
Income before allocations	$	533		$	8		$	541		$	498		$	15		$	513

Income before allocations margin		11.6	%		6.2	%		11.5	%		12.1	%		12.8	%		12.2	%
Net interest and dividends revenue	$	179		$	9		$	188		$	206		$	13		$	219
Depreciation and amortization	$	190		$	4		$	194		$	159		$	5		$	164
Total assets	$	27,507		$	1,504		$	29,011		$	26,758		$	1,222		$	27,980

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued

NOTE 5 – FAIR VALUE

The Partnership's valuation methodologies for financial assets and financial liabilities measured at fair value and the fair value hierarchy are described in Part II, Item 8 – Financial Statements and Supplementary Data – Note 1 of the Partnership's Annual Report. There have been no material changes to the Partnership's valuation methodologies since December 31, 2025. The Partnership records fractional shares at fair value in other assets with associated liabilities in accounts payable, accrued expenses and other in the Consolidated Statements of Financial Condition. The liabilities are initially recorded at the dollar amount received from the clients, but the Partnership makes an election to record the liabilities at fair value. Changes in the fair value of the assets and liabilities offset in other revenue in the Consolidated Statements of Income, with no impact on income before allocations.

The Partnership did not have any assets or liabilities categorized as Level III during the three- and twelve-month periods ended March 27, 2026 and December 31, 2025, respectively. The following tables show the Partnership’s financial assets and liabilities measured at fair value as of:


	March 27, 2026
	Level I		Level II		Level III		Total
Assets:
Cash equivalents:
Certificates of deposit	$	—	$	95	$	—	$	95
Money market funds		36		—		—		36
Total cash equivalents	$	36	$	95	$	—	$	131

Investments segregated under federal regulations:
U.S. treasuries		7,968		—		—		7,968
Total investments segregated under federal regulations	$	7,968	$	—	$	—	$	7,968

Securities owned:
Investment securities:
Government and agency obligations	$	699	$	—	$	—	$	699
Mutual funds(1)		344		—		—		344
Equities		8		—		—		8
Total investment securities	$	1,051	$	—	$	—	$	1,051

Inventory securities:
Municipal obligations	$	—	$	17	$	—	$	17
Equities		10		—		—		10
Mutual funds		9		—		—		9
Corporate bonds and notes		—		6		—		6
Certificates of deposit		—		4		—		4
Government and agency obligations		2		—		—		2
Total inventory securities	$	21	$	27	$	—	$	48

Other assets:
Client fractional share ownership assets	$	1,087	$	—	$	—	$	1,087

Liabilities:
Accounts payable, accrued expenses and other:
Client fractional share redemption obligations	$	1,087	$	—	$	—	$	1,087

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements, continued


	December 31, 2025
	Level I		Level II		Level III		Total
Assets:
Cash equivalents:
Money market funds	$	107	$	—	$	—	$	107
Certificates of deposit		—		95		—		95
Total cash equivalents	$	107	$	95	$	—	$	202

Investments segregated under federal regulations:
U.S. treasuries	$	9,271	$	—	$	—	$	9,271
Certificates of deposit		—		200		—		200
Total investments segregated under federal regulations	$	9,271	$	200	$	—	$	9,471

Securities owned:
Investment securities:
Mutual funds(1)	$	393	$	—	$	—	$	393
Certificates of deposit		—		75		—		75
Equities		9		—		—		9
Total investment securities	$	402	$	75	$	—	$	477

Inventory securities:
Municipal obligations	$	—	$	23	$	—	$	23
Equities		17		—		—		17
Certificates of deposit		—		6		—		6
Corporate bonds and notes		—		5		—		5
Mutual funds		2		—		—		2
Government and agency obligations		1		—		—		1
Total inventory securities	$	20	$	34	$	—	$	54

Other assets:

JONES FINANCIAL COMPANIES LLLP 10-Q