X0202 4 2004-03-26 0 0000055362 KENTUCKY INVESTORS INC kinv 0001223505 WATERFIELD HARRY LEE II P O BOX 717 FRANKFORT KY 40602 1 1 0 1 President Group (1) Common Stock 0 2004-03-26 4 S 0 6436 26.55 D 0 0 293631.96 I (3) Common Stock 0 2004-05-25 4 J 0 12075 26.45 D 0 0 281556.96 I (3) N/A N/A TAP & CO. is Trustee for Employee Benefit Plan and receives dividends. Reporting person is a participation in the Plan. Explanation of the Group are Investors Heritage Life Insurance Company, Investors Underwriters, Inc., HLW Investment Corp., TAP & CO., Harry Lee Waterfield II, RoseGayle Waterfield Hardy, Nancy Waterfield Walton, HLW Corporation, Harry Lee Waterfield II, RoseGayle Waterfield Hardy, Nancy Waterfield Trust Fund 1, 2, 3 and 4 and RoseGayle Waterfield Hardy, Nancy Waterfield Walton, Harry Lee Waterfield II Trust dated 12-22-1976 and Kentucky Investors, Inc. Employee Retirement Plan. J - Distribution to Plan participant's rollover account. Jane S. Jackson, Secretary, Kentucky Investors, Inc. 2004-05-27