N-CSR

                           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








5

EX-99.CODE ETH

	BANK INVESTMENT FUND
	CONFLICT OF INTEREST/
	CODE OF ETHICS POLICY

General

      This policy establishes the standards of ethical business behavior
and personal conduct for the members of the Board of Directors, officers
and employees of the Bank Investment Fund (the ``Corporation`` in
accordance with the provisions of Rule 17j-1 under the Investment
Company Act of 1940, as amended.

      Every director, officer and employee of the Corporation shall avoid
any situation where their personal interest might conflict with, or even
appear to conflict with, the interests of the Corporation and which might
affect independent judgment thereon.

      Each director, officer or employee is expected to report promptly
to the Chairman of the Board or the President the existence of any
relationship or interest which actually or potentially involves, or appears to
involve, a conflict of interest.  This reporting shall also extend to the
general counsel of the Corporation, where applicable.

      Each director, officer or employee shall also comply with all
requirements as to disclosure of conflicts of interest imposed by law and by
rules and regulations of organizations governing the Corporation`s
activities and shall comply with any prohibitions on his/her individual
activities if a conflict of interest exists.

      The Corporation, its directors, officers and employees will at all
times address their responsibilities with the utmost of integrity and the
highest of ethical standards.

Compliance

      The Corporation, through its officers, shall maintain knowledge of
and shall comply with all applicable laws, rules and regulations of any
government, governmental agency and regulatory organization governing
its professional, financial or business activities, as well as with this
policy. The primary regulatory agencies would be the Commissioner of Banks
for the Commonwealth of Massachusetts (state) and the Securities and
Exchange Commission (federal).  Additional (secondary) federal and state
agencies may, or will, also be applicable in this regard on matters of
taxation, labor, etc.

      No officer, director or employee, in accordance with Rule 17j-1,
shall:  employ any device, scheme or artifice to defraud the Corporation;
make any untrue statement of material fact to the Corporation, omit to
make or disclose any material fact to the Corporation, or otherwise mislead
the Corporation; engage in any act, practice or course of business which
operates as a fraud or deceit upon the Corporation; or engage in any
manipulative practice with respect to the Corporation.

      No officer, director or employee of the Corporation shall knowingly
participate in, or assist, any acts in violation of any applicable law, rule
or regulation of any government, governmental





	- 2 -

agency, or regulatory organization governing his/her professional, financial
or business activities, nor any act which would violate any provision of this
policy.

      No officer, director or employee shall commit a criminal act that,
upon conviction, materially reflects adversely on his honesty,
trustworthiness or fitness for service to the Corporation, or engage in
conduct involving dishonesty, fraud, deceit or misrepresentation.

      The officers of the Corporation shall exercise reasonable
supervision over those subordinate employees subject to their control to
prevent any violation by such persons of applicable statutes, regulations or
provisions of this policy.  In so doing, the employee is entitled to rely upon
reasonable procedures established by the Corporation.

      A Compliance officer may be designated by the Board of Directors
to review and test transactions for compliance with SEC regulations,
Massachusetts statute and the corporation`s own policies.  An officer of
the corporation or an independent consultant may be designated.   The
compliance officer will report directly to the Board of Directors. Reports
of review scope and finding will be presented at Quarterly Board meeting
commencing with the December, 2004 meeting.  In the event that a
material violation is found, the compliance officer should expeditiously
communicate such finding to the Board of Directors by telephone,
facsimile, e-mail or overnight mail, as appropriate.

Performance Presentation

      No officer, director or employee shall make any statements, orally
or in writing, which misrepresent the investment performance that the
Corporation (or any of its individual funds) has accomplished or can
reasonably be expected to achieve.  Every reasonable effort should be made
to ensure that such performance information is fair, accurate and complete.

      The Corporation will, at all times, comply with disclosure
requirements of the SEC, especially as they relate to yields and total
returns.

Outside Employment

      No officer or employee shall undertake independent employment
which could result in compensation or other benefit in competition with the
Corporation unless he has received written consent from both the
Corporation and the person for whom he undertakes independent
employment, except to the extent that such officer or employee is
employed by The Co-operative Central Bank.  (This section would apply
for a term of one year following employment termination with the
Corporation.)

Professional Conduct

      Directors, officers and/or employees shall preserve the
confidentiality of any information that he/she may receive in the normal
course of the Corporation`s business which may be deemed insider or
confidential.  In protecting the privacy of investors` account information,
the directors, officers and/or employees shall not share any non-public
information concerning our investor banks with any other party except as
necessary to process transactions or service accounts.  Questions on
confidentiality may be directed to the President or Corporate Counsel.
- -3-

      Directors, officers and/or employees shall use care and good
judgment to achieve and maintain corporate independence and objectivity.

      Directors, officers and/or employees shall use care and good
judgment in determining applicable fiduciary duty and shall comply with
such duty as is owed.



      Directors, officers or employees shall not accept gifts from service
providers whose value exceeds $100 without disclosure to and agreement
of management.

      No director, officer or employee shall offer to pay, pay, offer to
accept or accept any compensation, fee or other benefit for investment
transactions, goods or services.

Personal Securities Transaction Reporting

      Access persons will provide an initial listing to the review officer,
no later than ten days after becoming an access person, of any personal
securities holdings which are ``covered securities``, as defined in Section
2(a)(36) of the Investment Company Act of 1940.  Within ten days after
the end of each quarter thereafter, a report (in the form of Exhibit A) must
be submitted to the review officer reporting certain securities transactions
(reportable) for the quarter then ended.  The report should include the
name of the security, quantity, date of transaction, whether the security
was purchased or sold, the price, and the name of the broker-dealer
through which the transaction was performed.  Reports need not include
mutual fund transactions, money market instruments, direct obligations of
the United States or of a U.S. government agency, purchase or sale of
securities affected in any account over which you or members of your
immediate family residing with you have no direct or indirect influence or
control, automatic dividend reinvestment, rights and tenders of securities
owned, options or futures on broad-based stock indexes (e.g., the S&P
500), gifts or bequests of securities (if these securities are later sold, the
restricted list and reporting requirements could apply), or commodities.
Each quarterly submission should include a statement indicating the
individual`s continuing compliance with policy.  Quarterly reportable
security transactions are all securities except for the exempt categories
indicated above.  An alternate review officer would receive and review the
quarterly reports required hereunder from the review officer; he/she may
also receive and review reports of other officers in the absence of the
review officer.

      The approved list securities (restricted transactions securities) will
be continuously maintained by the Corporation and copies of the list will be
provided to access persons at quarter end.  Additional interim copies of the
list will be provided upon request.

Access persons are restricted from making any purchases or sales of
securities on the approved securities list (restricted transaction securities)
within 15 days following the initial approved listing or within 15 days
following the purchase or sale of such listed security by the Corporation.
Access persons should also seek to avoid purchases and sales of such
securities within 15 days prior to any purchases and sales of such securities
by the Corporation.  Access persons are encouraged to contact the review
officer for pre-approval of any individual proposed purchases and sales of
such securities.

      Any questions on reporting or restrictions may be directed to the
review officer and/or corporate counsel.







	- 4 -
Review of Reports

      The review officer shall compare the reported personal securities
transactions of each access person with portfolio transactions of the
Corporation to determine whether any transactions that violate this Code
may have occurred.  In the case of reports of personal securities
transactions of the review officer, the alternate review officer shall perform
such comparison.  Before making any determination that a violation has
been committed by any access person, the review officer (or alternate
review officer, as the case may be) shall provide such access person an
opportunity to supply additional explanatory material for the purposes of
demonstrating that such transactions did not violate this Code.

      On an annual basis, the review officer shall prepare for the Board of
Directors a summary of the level of compliance by all access persons with
this Code during the previous year, including without limitation the
percentage of reports timely filed and the number and nature of all material
violations.  Also on an annual basis, the review officer shall prepare a
report identifying any recommended changes to existing restrictions or
procedures based upon the Corporation`s experience under this Code,
evolving industry practices and developments in applicable laws or
regulations.  The alternate review officer shall prepare reports with respect
to compliance by the review officer.

      All reports of securities transactions and any other information filed
with the review officer pursuant to this Code shall be treated as
confidential, except that reports of securities transactions hereunder will be
made available to the Commission or any other regulatory or self-
regulatory organization to the extent required by law or regulation or to
the extent the Corporation considers necessary or advisable in cooperating
with an investigation or inquiry by the Commission or any other regulatory
or self-regulatory organization.

Sanctions

      Sanctions for violation of this Code include, but are not limited to,
one or more of the following: removal or suspension from office,
termination of employment, a letter of censure and/or restitution to the
Corporation of an amount equal to the advantage that the offending person
gained by reason of such violation.  In addition, as part of any sanction, the
access person may be required to reverse the trade(s) at issue and forfeit
any profit or absorb any loss from the trade.  It is noted that violations of
this Code by an access person may also result in criminal prosecution or
civil action.


Communication   Suspected Wrongdoing

	Any officer, employee or other person who suspects any instances
of wrongdoing by the corporation, its officer(s) or its employee(s) should
not hesitate to communicate such suspicious activity or event to either
internally:

	William Casey, President
	Phillip Kimball, Comptroller and Compliance Officer



- -5-
At the Corporation offices:

	75 Park Plaza
	Boston, MA  02116-3934

By telephone:

	617-695-0415

By Fax:

	617-695-1464

By e-mail:

	wcasey@bankinvestmentfund.com
	pkimball@bankinvestmentfund.com

Or externally to:

	 Robert Terravecchia
	 Chairman of the Audit Committee

Address:

      Weymouth Bank
	744 Broad Street
	East Weymouth, MA  02189-0004

By Telephone:

	781-337-8000

By Fax:

	781-340-0522

Special Note:

		Persons are encouraged to timely report any suspicious activity and
will be protected from any retaliation for making such a report.



Definitions

      As used herein, the following terms shall have the following
meaning:

      ``Access person`` with respect to the Corporation shall mean all
officers who participate in the daily operations of the Corporation.
						     -6-

      ``Compliance Officer`` shall mean the officer of the corporation or
independent consultant designated from time to time to review and test
transactions for compliance with SEC regulations, Massachusetts statute
and the corporation`s policies.

      ``Review officer`` shall mean the officer of the Corporation
designated from time to time to receive and review reports of purchases
and sales by access persons.

      ``Alternate review officer`` shall mean the officer of the
Corporation designated from time to time to receive and review reports of
purchases and sales by the review officer and who shall act in all respects in
the manner prescribed herein for the review officer.

      ``Security`` shall have the same meaning as that set forth in Section
2(a)(36) of the Investment Company Act (in effect, all securities), except
that it shall not include securities issued by the Government of the United
States or an agency thereof within the meaning of Section 2(a)(16) of the
Investment Company Act, bankers` acceptances, bank certificates of
deposit, commercial paper, shares of registered open-end investment
companies and options on broad based market indices.

Responsibility

      The primary accountability and responsibility for the Code of Ethics
and Conflict of Interest policy rests with each individual director, officer
and employee, and is demonstrated best by example what compliance with
this policy means.





















ADOPTED: 9/18/97
LAST AMENDED:  9/25/03
REVIEWED AND APPROVED BY A VOTE OF THE BOARD OF
DIRECTORS OF THE BANK INVESTMENT FUND ON THE 16TH
DAY OF SEPTEMBER 2004.

EX-99.CERT

Exhibit
99.302

                      SECTION 302 CERTIFICATIONS


I,  William F. Casey, Jr., certify that:

1.  I have reviewed this report on Form N-CSR of Co-operative
Bank Investment Fund;

2.  Based on my knowledge, this report does not contain any
untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3.  Based on my knowledge, the financial statements and other
financial information included in this report, fairly present in
all material respects the financial condition, results of
operations, changes in net assets, and cash flows
(if the financial statements are required to include a statement
of cash flows) of the registrant as of, and for, the periods
presented in this report;

4.  The registrant`s other certifying officer(s) and I are
responsible for establishing and maintaining disclosure controls
and procedures (as defined in rule 30a-3(c) under the Investment
Company Act of 1940) for the registrant and have:

a)  designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during
the period in which this report is being prepared;

b)  designed such internal control over financial reporting, or
caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance
reguarding the reliability of financial reporting and the
preparation of financial statements for external purposes in
accordance with generally accepted accounting principles;

c)  evaluated the effectiveness of the registrant`s disclosure
controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls
and procedures, as of a date within 90 days prior to the filing
date of this report  based on such evaluation; and

d)  disclosed  in this report any change in the registrant`s
internal control over financial reporting that occurred during
the registrant`s most recent fiscal half-year (the registrant`s
second fiscal half-year in the case of an annual report) that has
materially affected, or is reasonably likely to material affect,
the registrant`s internal control over financial reporting; and


5.  The registrant`s other certifying officer(s) and I have
disclosed to the registrant's auditors and the audit committee of
the registrant`s board of directors (or persons performing the
equivalent functions):

a)  all significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant`s
ability to record, process, summarize, and report financial
information; and

b)  any fraud, whether or not material, that involves management
or other employees who have a significant role in the
registrant`s internal control over financial reporting.


Date: March  9, 2005

/s/   William F. Casey, Jr.
President








Exhibit
99.302

        SECTION 302 CERTIFICATIONS


I,  Susan L. Ellis, certify that:

1.  I have reviewed this report on Form N-CSR of Co-operative
Bank Investment Fund;

2.  Based on my knowledge, this report does not contain any
untrue statement of a material fact or omit to state a material
fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3.  Based on my knowledge, the financial statements and other
financial information included in this report, fairly present in
all material respects the financial condition, results of
operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of
cash flows) of the registrant as of, and for, the periods
presented in this report;

4.  The registrant`s other certifying officer(s) and I are
responsible for establishing and maintaining disclosure controls
and procedures (as defined in rule 30a-3(c) under the Investment
Company Act of 1940) for the registrant and have:

a)  designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during
the period in which this report is being prepared;

b)  designed such internal control over financial reporting, or
caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance
reguarding the reliability of financial reporting and the
preparation of financial statements for external purposes in
accordance with generally accepted accounting principles;

c)  evaluated the effectiveness of the registrant`s disclosure
controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls
and procedures, as of a date within 90 days prior to the filing
date of this report  based on such evaluation; and

d)  disclosed  in this report any change in the registrant`s
internal control over financial reporting that occurred during
the registrant`s most recent fiscal half-year (the registrant`s
second fiscal half-year in the case of an annual report) that
has materially affected, or is reasonably likely to material
affect, the registrant`s internal control over financial
reporting; and

5.  The registrant`s other certifying officer(s) and I have
disclosed to the registrant's auditors and the audit committee of
the registrant`s board of directors (or persons performing the
equivalent functions):

a)  all significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant`s
ability to record, process, summarize, and report financial
information; and

b)  any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant`s
internal control over financial reporting.


Date: March 9, 2005

/s/   Susan L. Ellis
Treasurer

EX-99.906 CERT

SECTION 906 CERTIFICATIONS


In connection with this report on Form N-CSR for the Registrant as
furnished to the Securities Exchange Commission on the date hereof
(the ``Report``), the undersigned herby certify, pursuant to Section
906 of the Sarbanes Oxley Act, that:


(1) the Report fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934 as
applicable; and

  (2)  the information contained in the Report fairly presents, in
 all material respects, the financial condition and results of
 operations of the Registrant.

By:     /S/ WILLIAM F. CASEY, JR.
       William F. Casey, Jr.
       President

Date:  March 9, 2005

By:     /S/ SUSAN L. ELLIS
        Susan L. Ellis
        Treasurer

 Date:  March 9, 2005



A signed original of this written statement required by Section
906 has been provided to the Registrant and will be retained by
the Registrant and furnished to the Securities Exchange Commission
or its staff upon request.