Ownership Submission
FORM 5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Form 3 Holdings Reported
Form 4 Transactions Reported
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person *
Waters Andy D
 2. Issuer Name and Ticker or Trading Symbol
COMMUNITY TRUST BANCORP INC /KY/ [CTBI] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Executive Vice President
(Last)
(First)
(Middle)

100 EAST VINE STREET		 3. Statement for Issuer's Fiscal Year Ended (Month/Day/Year)
12/31/2011
(Street)


LEXINGTON, KY 40507-1406		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Reporting
(check applicable line)

_X_ Form Filed by One Reporting Person
___ Form Filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned at end of Issuer's Fiscal Year
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Amount (A) or (D) Price
Common Stock 01/03/2011   J(1) 3.2675 A $ 29.76 322.0953 D  
Common Stock 04/01/2011   J(1) 19.804 A $ 27.6 1,811.8993 D  
Common Stock 07/01/2011   J(1) 19.6665 A $ 28.1 1,831.5658 D  
Common Stock 10/03/2011   J(1) 25.3139 A $ 22.43 1,856.8797 D  
Common Stock 12/31/2011   J(2) 326.9332 (2) A $ 0 (2) 1,441.987 I By ESOP

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 2270 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned at End of Issuer's Fiscal Year
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
(A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Option (3) $ 30.88           01/28/2009 01/28/2015 Common Stock
222
  222
D
 
Option (3) $ 32.44           01/27/2009 01/27/2016 Common Stock
222.25
  444.25
D
 
Option (3) $ 32.44           01/27/2010 01/27/2016 Common Stock
222.25
  666.5
D
 
Option (4) $ 38.95           01/23/2008 01/23/2017 Common Stock
453.75
  1,120.25
D
 
Option (4) $ 38.95           01/23/2009 01/23/2017 Common Stock
453.75
  1,574
D
 
Option (4) $ 38.95           01/23/2010 01/23/2017 Common Stock
453.75
  2,027.75
D
 
Option (4) $ 38.95           01/23/2011 01/23/2017 Common Stock
453.75
  2,481.5
D
 
Option (5) $ 28.32           01/29/2013 01/29/2018 Common Stock
1,250
  3,731.5
D
 
Option (4) $ 29.82           01/27/2010 01/27/2019 Common Stock
62.5
  3,856.5
D
 
Option (4) $ 29.82           01/27/2011 01/27/2019 Common Stock
62.5
  3,981.5
D
 
Option (4) $ 29.82           01/27/2012 01/27/2019 Common Stock
62.5
  4,106.5
D
 
Option (4) $ 29.82           01/27/2013 01/27/2019 Common Stock
62.5
  4,231.5
D
 
Option (5) $ 25.09           01/26/2015 01/26/2020 Common Stock
200
  4,431.5
D
 

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Waters Andy D
100 EAST VINE STREET
LEXINGTON, KY 40507-1406		       Executive Vice President  

Signatures

Andy D. Waters By: Marilyn T. Justice, Attorney-in-Fact 02/13/2012
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Community Trust Bancorp, Inc. Dividend Reinvestment Plan Shares.
(2) These shares were acquired during the fiscal year under the Community Trust Bancorp, Inc. Employee Stock Ownership Plan at a price range of $22.43-$29.76 per share in transactions that were exempt from Section 16(b) by virtue of old rule 16a-8(b). The information reported herein is based on plan statement dated December 31, 2011.
(3) Right to buy pursuant to Incentive Stock Option Agreement (CTBI 1998 Stock Option Plan).
(4) Right to buy pursuant to Incentive Stock Option Agreement (CTBI 2006 Stock Option Plan).
(5) Right to buy pursuant to Non-Qualified Stock Option Agreement (CTBI 2006 Stock Ownership Incentive Plan).

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