SECURITIES AND EXCHANGE COMMISSION

                                WASHINGTON, D.C.

                                   FORM 10-Q
                                QUARTERLY REPORT

       Under Section 13 or 15 (d) of the Securities Exchange Act of 1934

                             FOR  SIX MONTHS ENDED

                                 June 30, 1997

                            Commission File:  0-1999

                            KENTUCKY INVESTORS, INC.
               (Exact name of registrant as specified in Charter)

                                    KENTUCKY
         (State of Other Jurisdiction of Incorporation or Organization)

                                   61-6030333
                      (IRS Employer Identification Number

                       200 Capital Avenue, P. O. Box 717
                           Frankfort, Kentucky  40602
                    (Address of Principal Executive Offices)

                 Registrant's Telephone Number - (502) 223-2361

          Securities registered pursuant to Section 13(g) of the Act:

                 Common Capital Stock par value $1.00 per share
                                (Title of Class)

           Number of outstanding shares as of  June 30, 1997- 831,682

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days Yes X    No ____




                          PART II - OTHER INFORMATION

ITEM 1.  Legal Proceedings.

There are no legal proceedings to which the Registrant is a party.

ITEM 2.  Changes in Securities.

Not Applicable.

ITEM 3.  Defaults Upon Senior Securities.

Not Applicable.

ITEM 4.  Submission of matters to a Vote of Security Holders.

(a)  The annual meeting of the stockholders was held May 8, 1997 at 11:00 a.m.
The purpose of the meeting was to elect directors.

(b)  Three (3) directors were elected to hold office for a term of three (3)
years or until their successors are duly elected and qualified.

The following individuals were elected for a term of three (3) years and the
number of votes cast was as follows:

Harry Lee Waterfield II -- Number of Votes Cast FOR - 638,101; WITHHELD - 1,032
H. Glenn Doran -- Number of Votes Cast FOR - 638,101; WITHHELD - 1,032 
Jerry F. Howell -- Number of Votes Cast FOR - 638,101; WITHHELD - 1,032

The other directors whose terms will continue after the meeting are:

Dr. Jerry F. Howell, Jr.
David W. Reed
Helen S. Wagner
Gordon C. Duke
Robert M. Hardy, Jr.

(c)  No other matter was voted on at this meeting.  Proxies for the meeting
were solicited pursuant to Regulation 14 under the Act.

ITEM  5.  Other Information.

Not Applicable.


ITEM 6.  Exhibits and Reports on Form 8-K.

(a)  Definitive Proxy Statements and Annual Reviews were filed with the
Securities and Exchange Commission.

(b)  There were no reports filed on Form 8-K during the quarter ended  June 30,
1997.

(c)      Exhibit 27 - Financial Data Schedule.


                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

KENTUCKY INVESTORS, INC.

/s/
BY:  HARRY LEE WATERFIELD II
PRESIDENT
DATE:  August 7, 1997


/s/
BY:  JIMMY R. MCIVER
TREASURER
DATE:  August 7, 1997