The Collaborative International Dictionary of English v.0.48:

Fellowship \Fel"low*ship\, n. [Fellow + -ship.]
   1. The state or relation of being or associate.
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   2. Companionship of persons on equal and friendly terms;
      frequent and familiar intercourse.
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            In a great town, friends are scattered, so that
            there is not that fellowship which is in less
            neighborhods.                         --Bacon.
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            Men are made for society and mutual fellowship.
                                                  --Calamy.
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   3. A state of being together; companionship; partnership;
      association; hence, confederation; joint interest.
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            The great contention of the sea and skies
            Parted our fellowship.                --Shak.
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            Fellowship in pain divides not smart. --Milton.
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            Fellowship in woe doth woe assuage.   --Shak.
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            The goodliest fellowship of famous knights,
            Whereof this world holds record.      --Tennyson.
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   4. Those associated with one, as in a family, or a society; a
      company.
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            The sorrow of Noah with his fellowship. --Chaucer.
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            With that a joyous fellowship issued
            Of minstrels.                         --Spenser.
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   5. (Eng. & Amer. Universities) A foundation for the
      maintenance, on certain conditions, of a scholar called a
      fellow, who usually resides at the university.
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   6. (Arith.) The rule for dividing profit and loss among
      partners; -- called also partnership, company, and
      distributive proportion.
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   Good fellowship, companionableness; the spirit and
      disposition befitting comrades.
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            There's neither honesty, manhood, nor good
            fellowship in thee.                   --Shak.
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The Collaborative International Dictionary of English v.0.48:

Fellowship \Fel"low*ship\, v. t. [imp. & p. p. Fellowshiped;
   p. pr. & vb. n.. Fellowshiping.] (Eccl.)
   To acknowledge as of good standing, or in communion according
   to standards of faith and practice; to admit to Christian
   fellowship.
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WordNet (r) 3.0 (2006):

fellowship
    n 1: an association of people who share common beliefs or
         activities; "the message was addressed not just to
         employees but to every member of the company family"; "the
         church welcomed new members into its fellowship" [syn:
         family, fellowship]
    2: the state of being with someone; "he missed their company";
       "he enjoyed the society of his friends" [syn: company,
       companionship, fellowship, society]
    3: money granted (by a university or foundation or other agency)
       for advanced study or research