UTG (UTGN) Form 5 UTG / JESSE T CORRELL ownership change

SEC Form 5

FORM 5

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Form 3 Holdings Reported.

Form 4 Transactions Reported.

1. Name and Address of Reporting Person^*

CORRELL JESSE T

(Last) (First) (Middle)

FIRST SOUTHERN BANCORP, INC.

P. O. BOX 328

(Street)

STANFORD KY 40484

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
UTG INC [ UTG.OB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
Chairman & CEO

3. Statement for Issuer's Fiscal Year Ended (Month/Day/Year)
12/31/2016

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)	4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned at end of Issuer's Fiscal Year (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
				Amount	(A) or (D)	Price
Common Stock	01/01/2016		G	2,052	D	$0	341,997	I	By First Southern Funding, LLC(1)(2)
Common Stock	12/31/2016		G	614	D	$0	341,997	I	By First Southern Funding, LLC(1)(3)
Common Stock							72,750	I	By WCorrell Limited Partnership(4)
Common Stock	01/21/2016		G	34	D	$0	204,909	I	By First Southern Bancorp, Inc.(5)(6)
Common Stock	03/22/2016		G	607	D	$0	204,909	I	By First Southern Bancorp, Inc.(5)(7)
Common Stock	08/10/2016		G	615	D	$0	204,909	I	By First Southern Bancorp, Inc.(5)(8)
Common Stock	12/30/2016		G	158	D	$0	204,909	I	By First Southern Bancorp, Inc.(5)(9)
Common Stock							1,201,876	I	By First Southern Holdings, LLC(10)
Common Stock							42,942	D
Common Stock							13,558	I	Estate of Ward Correll(11)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)	5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
					(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The reporting person is President and manager of First Southern Funding, LLC. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

2. This transaction is being reported to reflect gifts of First Southern Funding, LLC membership interest by the reporting person. On January 1, 2016, the reporting person gifted membership units representing 0.60% of the total outstanding membership units in First Southern Funding, LLC. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

3. This transaction is being reported to reflect gifts of First Southern Funding, LLC membership interest by the reporting person. On December 31, 2016, the reporting person gifted membership units representing 0.18% of the total outstanding membership units in First Southern Funding, LLC. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

4. The reporting person is the managing general partner of WCorrell, Limited Partnership. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

5. The reporting person is Chairman and President of First Southern Bancorp, Inc. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

6. This transaction is being reported to reflect a gift of First Southern Bancorp, Inc. shares by the reporting person. The reporting person gifted 1,340 shares (0.02% of those outstanding) on January 21, 2016. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

7. This transaction is being reported to reflect a gift of First Southern Bancorp, Inc. shares by the reporting person. The reporting person gifted 23,624 shares (0.30% of those outstanding) on March 22, 2016. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

8. This transaction is being reported to reflect a gift of First Southern Bancorp, Inc. shares by the reporting person. The reporting person gifted 23,000 shares (0.30% of those outstanding) on August 10, 2016. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

9. This transaction is being reported to reflect a gift of First Southern Bancorp, Inc. shares by the reporting person. The reporting person gifted 6,000 shares (0.08% of those outstanding) on December 30, 2016. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

10. The reporting person is the President and First Southern Bancorp, Inc. is a 99% member of First Southern Holdings, LLC. See note (5). The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

11. The reporting person is co-executor of the Estate of Ward F. Correll. Includes 234 shares issued as directors compensation to the Estate on December 22, 2016. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

	/s/ Jill Martin, Attorney-in-Fact	02/14/2017
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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