Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
CORRELL JESSE T
   2. Issuer Name and Ticker or Trading Symbol
UTG INC [UTGN] 		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
(Last)
(First)
(Middle)
FIRST SOUTHERN BANCORP, P. O. BOX 328		 3. Date of Earliest Transaction (Month/Day/Year)
08/27/2012
(Street)

STANFORD, KY 40484		 4. If Amendment, Date 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
(City)
(State)
(Zip)
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 Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock               341,997 I By First Southern Funding, LLC
Common Stock               72,750 I By WCorrell, Limited Partnership
Common Stock 08/27/2012   X   24,160 D $ 10 204,909 I By First Southern Bancorp, Inc. (1)
Common Stock 08/27/2012   X   75,840 D $ 10 1,201,876 I By First Southern Holdings, LLC (2)
Common Stock 08/29/2012   J   11,055 A $ 13.25 11,055 I By Bluegrass Farms & Woodlands, LLC (3)
Common Stock               18,308 D  

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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 Underlying Securities
(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 of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Call Option (obligation to sell) $ 10 08/27/2012   X     100,000 08/27/2009 08/27/2012 Common Stock 100,000 $ 0 0 I See footnote 1
Call Option (obligation to sell) $ 10 08/27/2012   X     100,000 08/27/2009 08/27/2012 Common Stock 100,000 $ 0 0 I See footnote 2

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
CORRELL JESSE T
FIRST SOUTHERN BANCORP
P. O. BOX 328
STANFORD, KY 40484		   X   X   Chairman & CEO  

Signatures

 /s/ Jill Martin, Attorney-in-Fact   08/29/2012
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) By First Southern Bancorp, Inc. (FSB) of which the reporting person is Chairman and President. On August 27, 2009, FSB and First Southern Holdings, LLC (FSH), individually and collectively, granted call options under which a total of 200,000 shares of the Issuer's common stock could be purchased. Under the terms of the options, FSB and FSH, in their sole discretion, could determine the number of shares each of them would sell to the exercising optionee. On August 26, 2011, the holders of the options exercised the options with respect to a total of 100,000 shares of the Issuer's common stock. On August 27, 2012, the holders of the options exercised the remaining options with respect to a total of 100,000 shares of the Isuer's common stock which consisted of 75,840 shares from FSH and 24,160 shares from FSB.
(2) By FSH of which the reporting person is the President. On August 27, 2009, FSB and FSH, individually and collectively, granted call options under which a total of 200,000 shares of the Issuer's common stock could be purchased. Under the terms of the options, FSB and FSH, in their sole discretion, could determine the number of shares each of them could sell to the exercising optionee. On August 26, 2011, the holders of the options exercised the options with respect to a total of 100,000 shares of the Issuer's common stock. On August 27, 2012, the holders of the options exercised the remaining options with respect to a total of 100,000 shares of the Issuer's common stock which consisted of 75,840 shares from FSH and 24,160 from FSB.
(3) Received in payment of previously contracted debt. The reporting person disclaims beneficial ownership of the securities held by Bluegrass Farms & Woodlands, LLC except to the extent of his pecuniary interest therein.

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