Ownership Submission
FORM 5
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
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

ANNUAL 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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1. Name and Address of Reporting Person *
DRAUGHN JAMES B
 2. Issuer Name and Ticker or Trading Symbol
COMMUNITY TRUST BANCORP INC /KY/ [CTBI] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Executive Vice President
(Last)
(First)
(Middle)

C/O COMMUNITY TRUST BANCORP INC, PO BOX 2947		 3. Statement for Issuer's Fiscal Year Ended (Month/Day/Year)
12/31/2008
(Street)


PIKEVILLE, KY 41502-2947		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Reporting
(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 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 12/31/2008   J(1) 409.59 A $ 0 (1) 4,347.4446 I By ESOP
Common Stock 12/31/2008   J(2) 253.3865 A $ 0 (2) 4,456.2899 I By 401(k)
Common Stock             852 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 2270 (9-02)

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 at End of Issuer's Fiscal Year
(Instr. 4)		 10. Ownership Form of Derivative Security: 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
Option (3) $ 27.109 (4)           01/27/2009 01/27/2014 Common Stock
2,750 (4)
  2,750
D
 
Option (3) $ 32.44 (6)           01/27/2011 01/27/2016 Common Stock
10,000 (6)
  12,750
D
 
Option (5) $ 20.983           01/27/2007 01/27/2013 Common Stock
1,406
  14,156
D
 
Option (5) $ 30.88           01/28/2006 01/28/2015 Common Stock
1,052
  15,208
D
 
Option (5) $ 30.88           01/28/2007 01/28/2015 Common Stock
1,052
  16,260
D
 
Option (5) $ 30.88           01/28/2008 01/28/2015 Common Stock
1,052
  17,312
D
 
Option (5) $ 30.88           01/28/2009 01/28/2015 Common Stock
1,052
  18,364
D
 
Option (5) $ 32.44           01/27/2007 01/27/2016 Common Stock
1,040.25
  19,404.25
D
 
Option (5) $ 32.44           01/27/2008 01/27/2016 Common Stock
1,040.25
  20,444.5
D
 
Option (5) $ 32.44           01/27/2009 01/27/2016 Common Stock
1,040.25
  21,484.75
D
 
Option (5) $ 32.44           01/27/2010 01/27/2017 Common Stock
1,040.25
  22,525
D
 
Option (7) $ 38.95           01/23/2008 01/23/2017 Common Stock
1,203.5
  23,728.5
D
 
Option (7) $ 38.95           01/23/2009 01/23/2017 Common Stock
1,203.5
  24,932
D
 
Option (7) $ 38.95           01/23/2011 01/23/2017 Common Stock
1,203.5
  26,135.5
D
 
Option (7) $ 28.32           01/29/2013 01/29/2018 Common Stock
3,750
  29,885.5
D
 
Option (7) $ 38.95           01/23/2010 01/23/2017 Common Stock
1,203.5
  31,089
D
 

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
DRAUGHN JAMES B
C/O COMMUNITY TRUST BANCORP INC
PO BOX 2947
PIKEVILLE, KY 41502-2947		       Executive Vice President  

Signatures

James B. Draughn By: Marilyn T. Justice Attorney-in-Fact 02/12/2009
**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) These shares were acquired during the fiscal year under the Community Trust Bancorp, Inc. Employee Stock Ownership Plan at a price range of $26.79-$34.94 per share in transactions that were exempt from Section 16(b) by virtue of old rule 16a-8(b). The information reported herein is based on plan statement dated December 31, 2008.
(2) These shares were acquired during the fiscal year under the Community Trust Bancorp, Inc. 401(k) Plan at a price range of $26.79-$34.94 per share in transactions that were exempt by virtue of old rule 16a-8(b) and new Rule 16b-3(d) (2). The information reported herein is based on plan statement dated December 31, 2008.
(3) Right to buy pursuant to Management Retention Incentive Stock Option Agreement (CTBI 1998 Stock Option Plan).
(4) Option previously reported as covering 2,500 shares @$29.82 per share, adjusted to reflect 10% stock dividend effective 12/15/04.
(5) Right to buy pursuant to Incentive Stock Option Agreement (CTBI 1998 Stock Option Plan).
(6) Option previously reported as covering 1,161.75 shares @$25.39 per share, adjusted to reflect 10% stock dividends effective 12/15/03 and 12/15/04.
(7) Right to buy pursuant to Incentive Stock Option Agreement (CTBI 2006 Stock Option Plan).

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