Indiana Code Title 5. State and Local Administration § 5-10.3-5-5

(1) act in a fiduciary capacity;  and

(2) manage custodial accounts;

(1) hold securities and other investments in the name of the fund, in the name of a nominee of the custodian, or in bearer form;

(2) collect and receive income, interest, proceeds of sale, maturities, redemptions, and all other receipts from the securities and other investments;

(3) deposit all the receipts collected and received under subdivision (2) in a custodian account or checking account as instructed by the board;

(4) reinvest the receipts collected and received under subdivision (2) as directed by the board;

(5) maintain accounting records and prepare reports which are required by the board and the state board of accounts;  and

(6) perform other services for the board as are customary and appropriate for custodians.