﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2011v1.2" xsi:schemaLocation="http://www.irs.gov/efile">
  <ReturnHeader binaryAttachmentCount="0">
    <Timestamp>2012-11-20T13:18:47-08:00</Timestamp>
    <TaxPeriodEndDate>2011-12-31</TaxPeriodEndDate>
    <PreparerFirm>
      <PreparerFirmBusinessName>
        <BusinessNameLine1>LEWIS BARLETT KLEES PC</BusinessNameLine1>
      </PreparerFirmBusinessName>
      <PreparerFirmUSAddress>
        <AddressLine1>41 BROADWAY</AddressLine1>
        <City>MILTON</City>
        <State>PA</State>
        <ZIPCode>17847</ZIPCode>
      </PreparerFirmUSAddress>
    </PreparerFirm>
    <ReturnType>990PF</ReturnType>
    <TaxPeriodBeginDate>2011-01-01</TaxPeriodBeginDate>
    <Filer>
      <EIN>036080173</EIN>
      <Name>
        <BusinessNameLine1>KENNEDY FELLOWS ASSOCIATION TRUST INC</BusinessNameLine1>
      </Name>
      <NameControl>KENN</NameControl>
      <Phone>4439239136</Phone>
      <USAddress>
        <AddressLine1>707 N BROADWAY</AddressLine1>
        <City>BALTIMORE</City>
        <State>MD</State>
        <ZIPCode>21205</ZIPCode>
      </USAddress>
    </Filer>
    <Officer>
      <Name>TREASURER</Name>
      <Title>TEASURER</Title>
      <Phone>4439239136</Phone>
      <DateSigned>2012-11-13</DateSigned>
      <AuthorizeThirdParty>true</AuthorizeThirdParty>
    </Officer>
    <Preparer>
      <Name>DOUGLAS A WINNER CPA</Name>
      <Phone>5707422613</Phone>
    </Preparer>
    <TaxYear>2011</TaxYear>
    <BuildTS>2016-02-24 21:20:13Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCount="4">
    <IRS990PF documentId="00000001" referenceDocumentName="ReasonableCauseExplanation GeneralExplanationAttachment">
      <AddressChange>X</AddressChange>
      <ExemptPF>X</ExemptPF>
      <FMVAssetsEOY>779833</FMVAssetsEOY>
      <MethodOfAccountingCash>X</MethodOfAccountingCash>
      <AnalysisOfRevenueAndExpenses>
        <NotRequiredToAttachScheduleB>X</NotRequiredToAttachScheduleB>
        <DividendsRevAndExpnss>22689</DividendsRevAndExpnss>
        <DividendsNetInvstIncm>22689</DividendsNetInvstIncm>
        <DividendsAdjNetIncm>22689</DividendsAdjNetIncm>
        <CapitalGainNetIncmNetInvstIncm>0</CapitalGainNetIncmNetInvstIncm>
        <OtherIncomeRevAndExpnss referenceDocumentId="00000004" referenceDocumentName="OtherIncomeSchedule2">50701</OtherIncomeRevAndExpnss>
        <OtherIncomeAdjNetIncm>50701</OtherIncomeAdjNetIncm>
        <TotalRevenueAndExpenses>73390</TotalRevenueAndExpenses>
        <TotalNetInvestmentIncome>22689</TotalNetInvestmentIncome>
        <TotalAdjustedNetIncome>73390</TotalAdjustedNetIncome>
        <OtherExpensesRevAndExpnss referenceDocumentId="00000003" referenceDocumentName="AmortizationSchedule OtherExpensesSchedule">95</OtherExpensesRevAndExpnss>
        <OtherExpensesNetInvstIncm>95</OtherExpensesNetInvstIncm>
        <TotOprExpensesRevAndExpnss>95</TotOprExpensesRevAndExpnss>
        <TotOprExpensesNetInvstIncm>95</TotOprExpensesNetInvstIncm>
        <TotOprExpensesDsbrsChrtblPrps>0</TotOprExpensesDsbrsChrtblPrps>
        <ContriGiftsPaidRevAndExpnss>0</ContriGiftsPaidRevAndExpnss>
        <ContriGiftsPaidDsbrsChrtblPrps>0</ContriGiftsPaidDsbrsChrtblPrps>
        <TotalExpensesRevAndExpnss>95</TotalExpensesRevAndExpnss>
        <TotalExpensesNetInvstIncm>95</TotalExpensesNetInvstIncm>
        <TotalExpensesDsbrsChrtblPrps>0</TotalExpensesDsbrsChrtblPrps>
        <ExcessOfRevenueOverExpenses>73295</ExcessOfRevenueOverExpenses>
        <NetInvestmentIncome>22594</NetInvestmentIncome>
        <AdjustedNetIncome>73390</AdjustedNetIncome>
      </AnalysisOfRevenueAndExpenses>
      <BalanceSheets>
        <InvestmentsOtherBOY>587013</InvestmentsOtherBOY>
        <InvestmentsOtherEOY referenceDocumentId="00000002" referenceDocumentName="InvestmentsOtherSchedule2">660308</InvestmentsOtherEOY>
        <InvestmentsOtherEOYFMV>779833</InvestmentsOtherEOYFMV>
        <TotalAssetsBOY>587013</TotalAssetsBOY>
        <TotalAssetsEOY>660308</TotalAssetsEOY>
        <TotalAssetsEOYFMV>779833</TotalAssetsEOYFMV>
        <TotalLiabilitiesEOY>0</TotalLiabilitiesEOY>
        <OrgThatFollowSFAS117>X</OrgThatFollowSFAS117>
        <UnrestrictedBOY>587013</UnrestrictedBOY>
        <UnrestrictedEOY>660308</UnrestrictedEOY>
        <TotalNetAssetsBOY>587013</TotalNetAssetsBOY>
        <TotalNetAssetsEOY>660308</TotalNetAssetsEOY>
        <TotalLiabilitiesNetAssetsBOY>587013</TotalLiabilitiesNetAssetsBOY>
        <TotalLiabilitiesNetAssetsEOY>660308</TotalLiabilitiesNetAssetsEOY>
      </BalanceSheets>
      <ChangesInNetAssetsFundBalances>
        <TotalNetAssetsFundBalancesBOY>587013</TotalNetAssetsFundBalancesBOY>
        <ExcessOfRevenueOverExpenses>73295</ExcessOfRevenueOverExpenses>
        <Subtotal>660308</Subtotal>
        <TotalNetAssetsFundBalancesEOY>660308</TotalNetAssetsFundBalancesEOY>
      </ChangesInNetAssetsFundBalances>
      <QlfyUndSect4940eForReducedTax>
        <QualifyingDistributionsYear1>13500</QualifyingDistributionsYear1>
        <NoncharitableAssetsYear1>734856</NoncharitableAssetsYear1>
        <DistributionRatioYear1>0.018371</DistributionRatioYear1>
        <QualifyingDistributionsYear2>4500</QualifyingDistributionsYear2>
        <NoncharitableAssetsYear2>562675</NoncharitableAssetsYear2>
        <DistributionRatioYear2>0.007998</DistributionRatioYear2>
        <QualifyingDistributionsYear3>3000</QualifyingDistributionsYear3>
        <NoncharitableAssetsYear3>598125</NoncharitableAssetsYear3>
        <DistributionRatioYear3>0.005016</DistributionRatioYear3>
        <QualifyingDistributionsYear4>15500</QualifyingDistributionsYear4>
        <NoncharitableAssetsYear4>688218</NoncharitableAssetsYear4>
        <DistributionRatioYear4>0.022522</DistributionRatioYear4>
        <QualifyingDistributionsYear5>15000</QualifyingDistributionsYear5>
        <NoncharitableAssetsYear5>577742</NoncharitableAssetsYear5>
        <DistributionRatioYear5>0.025963</DistributionRatioYear5>
        <TotalDistributionRatio>0.079870</TotalDistributionRatio>
        <AverageDistributionRatio>0.015974</AverageDistributionRatio>
        <NetNoncharitableAssets>780638</NetNoncharitableAssets>
        <AdjustedNoncharitableAssets>12470</AdjustedNoncharitableAssets>
        <OnePercentNetInvestmentIncome>226</OnePercentNetInvestmentIncome>
        <AdjNonchrtblAssetsAndOnePct>12696</AdjNonchrtblAssetsAndOnePct>
        <QualifyingDistributions>0</QualifyingDistributions>
      </QlfyUndSect4940eForReducedTax>
      <ExciseTaxBasedOnInvestmentIncm>
        <InvestmentIncomeExciseTax>452</InvestmentIncomeExciseTax>
        <TaxUnderSection511>0</TaxUnderSection511>
        <Subtotal>452</Subtotal>
        <TaxBasedOnInvestmentIncome>452</TaxBasedOnInvestmentIncome>
        <TaxPaidOriginalReturn>0</TaxPaidOriginalReturn>
        <TaxDue>452</TaxDue>
        <AmountCreditedToNextYear>0</AmountCreditedToNextYear>
      </ExciseTaxBasedOnInvestmentIncm>
      <StatementsRegardingActivities>
        <LegislativePoliticalActivities>false</LegislativePoliticalActivities>
        <MoreThan100Spent>false</MoreThan100Spent>
        <Form1120POLFiled>false</Form1120POLFiled>
        <ActivitiesNotPrevReported>false</ActivitiesNotPrevReported>
        <ChangesToArticlesOrBylaws>false</ChangesToArticlesOrBylaws>
        <UnrelatedBusIncomeOver1000>false</UnrelatedBusIncomeOver1000>
        <TerminationEtc>false</TerminationEtc>
        <RequirementsOfSect508e>false</RequirementsOfSect508e>
        <AtLeast5000InAssets>true</AtLeast5000InAssets>
        <Form990PFFiledWithAG>true</Form990PFFiledWithAG>
        <PrivateOperatingFoundation>false</PrivateOperatingFoundation>
        <NewSubstantialContributors>false</NewSubstantialContributors>
        <InterestInControlledEntity>false</InterestInControlledEntity>
        <ApplicableInsuranceContract>false</ApplicableInsuranceContract>
        <ComplyWithPublicInspectionRqr>true</ComplyWithPublicInspectionRqr>
        <WebsiteAddress>N/A</WebsiteAddress>
        <BooksInCareOfPersonName>THOMAS D CHALLMAN MD</BooksInCareOfPersonName>
        <BooksInCareOfPhoneNumber>5708984787</BooksInCareOfPhoneNumber>
        <BooksInCareOfUSAddress>
          <AddressLine1>358 TIMBERWOOD DRIVE</AddressLine1>
          <City>WINFIELD</City>
          <State>PA</State>
          <ZIPCode>17889</ZIPCode>
        </BooksInCareOfUSAddress>
        <ForeignBank>false</ForeignBank>
      </StatementsRegardingActivities>
      <StatementsRegardingActy4720>
        <SaleOrExchangeWithDsqflyPerson>false</SaleOrExchangeWithDsqflyPerson>
        <BorrowOrLendWithDsqflyPerson>false</BorrowOrLendWithDsqflyPerson>
        <FurnishedGoodsWithDsqflyPerson>false</FurnishedGoodsWithDsqflyPerson>
        <PayCompensationToDsqflyPerson>false</PayCompensationToDsqflyPerson>
        <TransferAssetsToDsqflyPerson>false</TransferAssetsToDsqflyPerson>
        <PaymentToGovernmentOffical>false</PaymentToGovernmentOffical>
        <UncorrectedPriorActs>false</UncorrectedPriorActs>
        <UndistributedIncomePriorYears>false</UndistributedIncomePriorYears>
        <BusinessHoldings>false</BusinessHoldings>
        <JeopardyInvestments>false</JeopardyInvestments>
        <UncorrectedJeopardyInvestments>false</UncorrectedJeopardyInvestments>
        <InfluenceLegislation>false</InfluenceLegislation>
        <InfluenceElection>false</InfluenceElection>
        <GrantsToIndividuals>false</GrantsToIndividuals>
        <GrantsToOrganizations>false</GrantsToOrganizations>
        <NoncharitablePurpose>false</NoncharitablePurpose>
        <RcvFundsToPayPrsnlBnftContract>false</RcvFundsToPayPrsnlBnftContract>
        <PayPremiumsPrsnlBnftContract>false</PayPremiumsPrsnlBnftContract>
        <ProhibitedTaxShelterTransactn>false</ProhibitedTaxShelterTransactn>
      </StatementsRegardingActy4720>
      <OfcrDirTrusteesKeyEmployeeInfo>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>BRIAN ROGERS</PersonName>
          <USAddress>
            <AddressLine1>C/O 707 N BROADWAY</AddressLine1>
            <City>BALTIMORE</City>
            <State>MD</State>
            <ZIPCode>21205</ZIPCode>
          </USAddress>
          <Title>Chairman</Title>
          <AvgHoursPerWkDevotedToPosition>0</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>PAQUALE ACCARDO</PersonName>
          <USAddress>
            <AddressLine1>C/O 707 N BROADWAY</AddressLine1>
            <City>BALTIMORE</City>
            <State>MD</State>
            <ZIPCode>21205</ZIPCode>
          </USAddress>
          <Title>Secretary</Title>
          <AvgHoursPerWkDevotedToPosition>0</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>THOMAS CHALLMAN</PersonName>
          <USAddress>
            <AddressLine1>358 TIMBERWOOD DRIVE</AddressLine1>
            <City>WINFIELD</City>
            <State>PA</State>
            <ZIPCode>17889</ZIPCode>
          </USAddress>
          <Title>Treasurer</Title>
          <AvgHoursPerWkDevotedToPosition>0</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>BRUCE K SHAPIRO</PersonName>
          <USAddress>
            <AddressLine1>C/O 707 N BROADWAY</AddressLine1>
            <City>BALTIMORE</City>
            <State>MD</State>
            <ZIPCode>21205</ZIPCode>
          </USAddress>
          <Title>Director</Title>
          <AvgHoursPerWkDevotedToPosition>0</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>THOMAS LOCK</PersonName>
          <USAddress>
            <AddressLine1>C/O 707 N BROADWAY</AddressLine1>
            <City>BALTIMORE</City>
            <State>MD</State>
            <ZIPCode>21205</ZIPCode>
          </USAddress>
          <Title>Director</Title>
          <AvgHoursPerWkDevotedToPosition>0</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
          <ContriToEmplBenefitPlansEtc>0</ContriToEmplBenefitPlansEtc>
          <ExpenseAccountOtherAllowances>0</ExpenseAccountOtherAllowances>
        </OfcrDirTrusteesOrKeyEmployee>
        <CompOfHighestPaidEmplNONE>NONE</CompOfHighestPaidEmplNONE>
        <TotNumberOfOthEmplPaidOver50k>0</TotNumberOfOthEmplPaidOver50k>
        <CompOfHghstPaidCntrctNONE>NONE</CompOfHghstPaidCntrctNONE>
        <TotNumberOfCntrctPaidOver50k>0</TotNumberOfCntrctPaidOver50k>
      </OfcrDirTrusteesKeyEmployeeInfo>
      <MinimumInvestmentReturn>
        <AvgMonthlyFMVOfSecurities>792526</AvgMonthlyFMVOfSecurities>
        <AvgMonthlyCashBalances>0</AvgMonthlyCashBalances>
        <FMVAllOtherNoncharitableAssets>0</FMVAllOtherNoncharitableAssets>
        <TotalFMVOfUnusedAssets>792526</TotalFMVOfUnusedAssets>
        <AdjTotalFMVOfUnusedAssets>792526</AdjTotalFMVOfUnusedAssets>
        <CashDeemedCharitable>11888</CashDeemedCharitable>
        <NetNoncharitableAssets>780638</NetNoncharitableAssets>
        <MinimumInvestmentReturn>39032</MinimumInvestmentReturn>
      </MinimumInvestmentReturn>
      <DistributableAmount>
        <MinimumInvestmentReturn>39032</MinimumInvestmentReturn>
        <TaxBasedOnInvestmentIncome>452</TaxBasedOnInvestmentIncome>
        <TotalTax>452</TotalTax>
        <DistributableAmountBeforeAdj>38580</DistributableAmountBeforeAdj>
        <DistributableAmountBeforeDed>38580</DistributableAmountBeforeDed>
        <DistributableAmountAsAdjusted>38580</DistributableAmountAsAdjusted>
      </DistributableAmount>
      <QualifyingDistributions>
        <ExpensesAndContributions>0</ExpensesAndContributions>
      </QualifyingDistributions>
      <UndistributedIncome>
        <DistributableAmountAsAdjusted>38580</DistributableAmountAsAdjusted>
        <UndistributedIncomeCY>38580</UndistributedIncomeCY>
      </UndistributedIncome>
      <SupplementaryInformation>
        <ContributingManager>NONE</ContributingManager>
        <ShareholderManager>NONE</ShareholderManager>
        <OnlyContributesToPreselected>X</OnlyContributesToPreselected>
      </SupplementaryInformation>
      <AnalysisIncomeProducingActy>
        <ProgramServiceRevenuePartVII>
          <Description>Seminars</Description>
          <RelatedOrExemptFunctionIncome>50701</RelatedOrExemptFunctionIncome>
        </ProgramServiceRevenuePartVII>
        <DividendsAndIntFromSecPartVII>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>22689</ExclusionAmount>
        </DividendsAndIntFromSecPartVII>
        <SubtotalsPartXVIA>
          <ExclusionAmount>22689</ExclusionAmount>
          <RelatedOrExemptFunctionIncome>50701</RelatedOrExemptFunctionIncome>
        </SubtotalsPartXVIA>
        <TotalPartXVIA>73390</TotalPartXVIA>
      </AnalysisIncomeProducingActy>
      <RlnOfActyToAccomOfExemptPrps>
        <RlnOfActyToAccomOfExemptPrps>
          <LineNumber>1</LineNumber>
          <RelationshipStatement>Educational seminars on various medical related issues.</RelationshipStatement>
        </RlnOfActyToAccomOfExemptPrps>
      </RlnOfActyToAccomOfExemptPrps>
      <TrnsfrTrRlnWithNoncharitableEO>
        <TrnsfrOfCashToNoncharitableEO>false</TrnsfrOfCashToNoncharitableEO>
        <TrnsfrOthAssetsNoncharitableEO>false</TrnsfrOthAssetsNoncharitableEO>
        <SalesOrExchangesOfAssets>false</SalesOrExchangesOfAssets>
        <PurchaseAssetsNoncharitableEO>false</PurchaseAssetsNoncharitableEO>
        <RentalOfFacilitiesEtc>false</RentalOfFacilitiesEtc>
        <ReimbursementArrangements>false</ReimbursementArrangements>
        <LoansOrLoanGuarantees>false</LoansOrLoanGuarantees>
        <PerformanceOfServicesEtc>false</PerformanceOfServicesEtc>
        <SharingOfFacilitiesEtc>false</SharingOfFacilitiesEtc>
        <RelationshipsNoncharitableEOs>false</RelationshipsNoncharitableEOs>
      </TrnsfrTrRlnWithNoncharitableEO>
    </IRS990PF>
    <InvestmentsOtherSchedule2 documentId="00000002">
      <InvestmentsOther>
        <CategoryOrItem>T Rowe Price Mutual Funds</CategoryOrItem>
        <BookValue>197650</BookValue>
        <EOYFMV>157826</EOYFMV>
      </InvestmentsOther>
      <InvestmentsOther>
        <CategoryOrItem>Legg Mason Value Trust</CategoryOrItem>
        <BookValue>462658</BookValue>
        <EOYFMV>622007</EOYFMV>
      </InvestmentsOther>
    </InvestmentsOtherSchedule2>
    <OtherExpensesSchedule documentId="00000003">
      <OtherExpenses>
        <Description>Investment management fee</Description>
        <RevenueAndExpensesPerBooks>95</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>95</NetInvestmentIncome>
      </OtherExpenses>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="00000004">
      <OtherIncome>
        <Description>Seminars</Description>
        <RevenueAndExpensesPerBooks>50701</RevenueAndExpensesPerBooks>
        <AdjustedNetIncome>50701</AdjustedNetIncome>
      </OtherIncome>
    </OtherIncomeSchedule2>
  </ReturnData>
</Return>