KRS 95.945: Allocation of charges for services.

(1) Charges for investment and custodial or other services which by nature benefit all

fund participants shall be allocated by general rules over all fund participants

enjoying those services:

(a) Charges for investment services shall be allocated among the pa rticipants in

direct proportion to their degree of ownership of the assets invested;

(b) Charges for custodial services may include both an asset charge directly

proportional to the degree of ownership of the assets held, and a fixed charge

associated with participation of any magnitude.

(2) Charges for services which clearly benefit individual participants, such as

accounting services or preparation of reports for individual participants, shall be

paid for by the individual participant.

(3) The board shall approve all charges prior to payment. In no event shall charges

pursuant to subsection (1)(a) of this section exceed one percent (1%) of the

principal amount of the fund.