Hi Jetmaker
If one looks at the SF at a hole, as per Niu, "Airframe Structual Design" (blue/green book) pp 238 et seq., then the full Kt at the hole is assumed inside the parenthesis of the SF formula. But the severity is reduced by the alpha and beta factors which account for the condition of the hole and the fit of the fastener. With no other reference that I can think of immediately, I would use this approach.
Hope this helps.
Regards,
Ed.