1	NAME OF REPORTING PERSONS   Friedlander & Co., Inc.
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)   Not Applicable			(a) ¨ (b) o
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION   Wisconsin
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		5	SOLE VOTING POWER   0
		6	SHARED VOTING POWER   0
		7	SOLE DISPOSITIVE POWER   403,683
		8	SHARED DISPOSITIVE POWER   0
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON   403,683 (1)
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)   Not Applicable				o
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)   6.1% (1)
12	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)   IA

(1)

The percent ownership calculated is based upon an aggregate of 6,632,390 shares outstanding as of November 14, 2011.  This amount includes the 46,963 shares in which Theodore Friedlander III reports beneficial ownership as a result of having sole voting power over such shares.

1	NAME OF REPORTING PERSONS   Theodore Friedlander III
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)   Not Applicable			(a) ¨ (b) o
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION   United States
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		5	SOLE VOTING POWER   46,963
		6	SHARED VOTING POWER   0
		7	SOLE DISPOSITIVE POWER   See Item 2(a) below
		8	SHARED DISPOSITIVE POWER   0
9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON   46,963 (1)
10	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)   Not Applicable				o
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)   0.7% (1)
12	TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)   HC

(1)

The percent ownership calculated is based upon an aggregate of 6,632,390 shares outstanding as of November 14, 2011.

Item 1(a).

Name of Issuer:

Jefferson Bancshares, Inc.

Item 1(b).

Address of Issuer’s Principal Executive Offices:

120 Evans Avenue, Morristown, TN  37814

Item 2(a).

Name of Person Filing:

The persons filing this Schedule 13G are Friedlander & Co., Inc. (“Friedlander”)  and Theodore Friedlander III.  Theodore Friedlander III is a controlling person of Friedlander and as such may be deemed to beneficially own the shares of Common Stock of Jefferson Bancshares, Inc. beneficially owned by Friedlander.  Mr. Friedlander beneficially owns less than 1% of the shares held by Friedlander and disclaims beneficial ownership of all other shares held by Friedlander.

Item 2(b).

Address of Principal Business Office or, if none, Residence:

322 East Michigan Street, Suite 250, Milwaukee, WI 53202

Item 2(c).

Citizenship:

Friedlander is a Wisconsin corporation.

Theodore Friedlander III is a citizen of the United States.

Item 2(d).

Title of Class of Securities:

Common Stock

Item 2(e).

CUSIP Number:

472375104

Item 3.

If this statement is filed pursuant to sections 240.13d-1(b), or 240.13d-2(b) or (c), check whether the person filing is a:

T

An investment adviser in accordance with section 240.13d-1(b)(1)(ii)(E).

T

A parent holding company or control person in accordance with section 240.13d-1(b)(1)(ii)G).

Item 4.

Ownership:

Friedlander & Co., Inc.

(a)

Amount Beneficially Owned:  403,683 *

(b)

Percent of Class:  6.1%

(c)

Number of shares as to which such person has:

(i)

sole power to vote or to direct the vote:  0

(ii)

shared power to vote or to direct the vote:  0

(iii)

sole power to dispose or to direct the disposition of:  403,683

(iv)

shared power to dispose or to direct the disposition of:  0

Theodore Friedlander III

(a)

Amount Beneficially Owned:  46,963 *

(b)

Percent of Class:  0.7%

(c)

Number of shares as to which such person has:

(i)

sole power to vote or to direct the vote:  46,963

(ii)

shared power to vote or to direct the vote:  0

(iii)

sole power to dispose or to direct the disposition of:  See Item 2(a) above

(iv)

shared power to dispose or to direct the disposition of:  0

____________________

*

Friedlander & Co., Inc. and Theodore Friedlander III share beneficial ownership over the same 46,963 shares, and these shares are part of the aggregate 403,683 shares in which Friedlander & Co., Inc. reports beneficial ownership as a result of having sole dispositive power over such shares.

Item 5.

Ownership of Five Percent or Less of a Class:

N/A

 

Item 6.

Ownership of More than Five Percent on Behalf of Another Person:

N/A

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person:

N/A

Item 8.

Identification and Classification of Members of the Group:

N/A

Item 9.

Notice of Dissolution of Group:

N/A

Item 10.

Certification:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

Exhibits.

1.

Agreement to file Schedule 13G jointly (previously filed as Exhibit 1 to the reporting parties’ Schedule 13G filed February 8, 2006).