KRS 386.023: Investment method alternatives.

Any other provisions of this chapter notwithstanding, and in the absence of an express

provision to the contrary in an instrument establishing a fiduciary relationship, whenever

such instrument requires, directs, authorizes, or permits a fiduciary to inves t funds in

obligations of the United States government or in obligations unconditionally guaranteed

by the United States government, such fiduciary may invest in and hold such obligations

either directly or in the form of securities in any open -end management type investment

company or investment trust registered under the Investment Company Act of 1940, as

from time to time amended, provided that the portfolio of such investment company or

investment trust is limited to such obligations and to repurchase a greements fully

collateralized by obligations of the United States government or obligations

unconditionally guaranteed by the United States government and provided further that

any such investment company or investment trust shall take delivery of such co llateral

either directly or through an authorized custodian.