UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
1940 Act File No. 811-4421
REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940
CO-OPERATIVE BANK INVESTMENT FUND
d/b/a Bank Investment Fund
(Exact Name of Registrant as Specified in Charter)
75 Park Plaza
Boston, Massachusetts 02116-3934
(Address of Principal Executive Offices)
(617) 695-0415
(Registrant's Telephone Number)
WILLIAM F.CASEY, JR.
President
Bank Investment Fund
75 Park Plaza
Boston, Massachusetts 02116-3934
(Name and Address of Agent for Service)
Date of fiscal year end: 12/31/2004
Date of reporting period: 12/31/2004
Form N-CSR is to be used by management investment companies to file reports
with the Commission not later than 10 days after the transmission to
stockholders of any report that is required to be transmitted to stockholders
under Rule 30e-1under the Investment Company Act of 1940 (17 CFR270.30e-1).
The Commission may use the information provided on Form N-CSR in its
regulatory, disclosure review, inspection and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
(``OMB``) control number. Please direct comments concerning the accuracy of
the information collection burden estimate and any suggestions for reducing
the burden to Secretary, Securities and Exchange Commission, 450 Fifth
Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection
of information under the clearance requirements of 44 U.S.C. 3507.
Item 1. Reports to Stockholders.
BANK INVESTMENT FUND FUND ONE
(Series 1)
BANK INVESTMENT FUND LIQUIDITY FUND
(Series 2)
ANNUAL REPORTS
December 31, 2004
Item 2. Code of Ethics.
The Corporation has adopted a code of ethics that applies to the
Corporation`s principal executive officer, principal financial
officer, principal accounting officer or controller, or persons
performing similar functions. There were no amendments to or waivers
from the Code during the period covered by this report.
Item 3. Audit committee Financial Expert.
The Corporation`s Board of Directors has determined that Robert W.
Terravecchia, Jr., a member of the Audit Committee of the Board, is a
financial expert as defined by the Securities and Exchange Commission
(the ``SEC``). Mr. Terravecchia is ``independent`` as defined by the
SEC for purposes of audit committee financial expert determinations.
Item 4. Principal Account Fees and Services.
(a) Audit Fees. The aggregate fees billed for each of the last two
fiscal years for professional services by the Corporation`s principal
accountant for the audit of the Corporation`s annual financial
statements were $36,000 in 2003 and $38,000 in 2004.
(b) Audit Related Fees. The aggregate fees billed for the assurance
and related services by the accountant that are reasonably related to
the performance of the audit of the Corporation`s (Series 2) financial
statements and are not reported under paragraph (a) of this Item 4
were $2,100 in 2003 and $2,100 in 2004. These services consisted of
security verifications required by Rule 17f-2 under the Investment
Company Act of 1940, as amended.
(c) Tax Fees. The aggregate fees billed for professional services
rendered by the accountant for tax return preparation were $4,000 in
2003 and $4,000 in 2004. These services consisted of preparation of
U.S. Federal income and excise tax returns.
(d) All Other Fees. No other fees were billed by the accountant for
any products and services.
Audit Committee Pre-Approval Policies and Procedures. The
Corporation`s Audit Committee has established procedures for pre-
approval of the accountant`s engagement letter for all audit, audit
related tax or other non-audit, if any, services.
Auditor Independence. The Corporation`s Audit Committee considers the
$4,000 annual tax return preparation fees, which were pre-approved, to
be compatible with maintaining auditor`s independence.
Item 5. Audit Committee of Listed Companies.
Not applicable
Item 6. Schedule of Investments. Schedule of investments in securities
of unaffiliated issuers is included under Item 1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-
End Funds. Not applicable
Item 8. Purchases of Equity Securities by Closed-End Funds.
Not applicable
Item 9. Submission of Matters to a Vote of Security Holders.
Not applicable
Item 10. Controls and Procedures.
(a) The Corporation`s principal executive officer and principal
financial officer have evaluated the Corporation`s disclosure controls
and procedures within 90 days of this filing of this report and have
concluded that they are effective in ensuring that the information
required to be disclosed by the registrant in its reports or
statements is recorded, processed, summarized and reported within the
time periods specified in the rules and forms of the Securities and
Exchange Commission.
(b) There were no significant changes in the registrant`s internal
controls or in other factors that could significantly affect these
controls subsequent to the date of the last evaluation. No significant
deficiencies or material weaknesses were noted that would require any
corrective action.
Item 11. Exhibits.
(a)(1) Code of Ethics referred to in Item 2
(a)(2) Certifications pursuant to Section 302 of the principal
executive and principal financial officers as required by Rule 30a-
2(a) under the Investment Company Act of 1940.
(b) Certifications pursuant to Section 906 of the principal
executive and principal financial officers as required by Rule 30a-
2(b) under the Investment Company Act of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
CO-OPERATIVE BANK INVESTMENT FUND
d/b/a Bank Investment Fund
By / s/William F. Casey, Jr.
William F. Casey Jr.
President
Date: March 9, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, this report has been signed
below by the following persons on behalf of the registrant and in the
capacities and on the dates indicated.
By / s/William F. Casey, Jr.
William F. Casey Jr.
President
By /s/Susan L. Ellis
Susan L. Ellis
Treasurer
Date: March 9, 2005
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