Indiana Code Title 5. State and Local Administration § 5-10.4-3-13

(1) act in a fiduciary capacity;  and

(2) manage custodial accounts;

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

(2) collect the income and other receipts from the securities and other investments and deposit them subject to the instructions of the board or the board's representative;

(3) reinvest the receipts on the direction of the board or the board's representative;

(4) maintain accounting records and prepare reports as may be required for use by the fund and the state board of accounts;  and

(5) perform other services for the board that are appropriate and customary for the custodian.