X0202 5 2004-12-31 0 0 0 0000055362 KENTUCKY INVESTORS INC KINV 0001223507 WALTON NANCY WATERFIELD P O BOX 717 FRANKFORT KY 40602 0 1 0 0 First Vice President Common Stock 10202.84 D Common Stock 2210 I By spouse Common Stock 15222 I By Family Trust Common Stock 36325 I By Family Trust Common Stock 2004-06-30 5 J 0 568.948 24 A 17890.626 I By 401(k) & Def Comp Plans Common Stock 2004-12-31 5 J 0 488.809 23.25 A 18379.435 I By 401(k) & Def Comp Plans Shares held by RoseGayle Waterfield Hardy, Nancy Waterfield Walton and Harry Lee Waterfield II Trust dated 12/22/1976. Mrs. Walton is a beneficiary of this Trust. Shares held by Harry Lee Waterfield II, RoseGayle Waterfield Hardy and Nancy Waterfield Walton Trust Funds 1, 2, 3 and 4. Mrs. Walton is a beneficiary of these Trust funds. Shares acquired under a 401(k) Plan and/or Deferred Compensation Plan. 401(k) Plan and Deferred Compensation Plan shares were previously recorded on Table II as Derivative Securities. Jane S. Jackson, Corporate Secretary, on behalf of Nancy W. Walton 2005-02-10