X0202 5 2005-12-31 0 0 0 0000055362 KENTUCKY INVESTORS INC kinv 0001223505 WATERFIELD HARRY LEE II P O BOX 717 FRANKFORT KY 40602 1 1 1 1 President Group see (1) under Remarks Common Stock 2005-06-30 5 J 0 87.678 23.4 A 1714.099 I By daughter's 401(k) Plan Common Stock 2005-06-30 5 J 0 240.516 23.4 A 22113.57 I By 401(k) Plan Common Stock 2005-12-31 5 J 0 174.145 23.5 A 1888.244 I By daughter's 401(k) Plan Common Stock 2005-12-31 5 J 0 568.273 23.5 A 22681.843 I By 401(k) Plan Shares acquired under a 401(k) Plan. (1) 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 Walton Trust Funds 1, 2, 3 and 4 and RoseGayle Waterfield Hardy, Nancy Waterfield Walton and Harry Lee Waterfield II Trust dated 12-22-1976 and Kentucky Investors, Inc. Employee Retirement Plan. Jane S. Jackson, Corporate Secretary on behalf of Harry Lee Waterfield II 2006-02-07