[DESCRIPTION]	COVER PAGE
                  U.S. SECURITIES AND EXCHANGE COMMISSION
                       Washington, D.C. 20549

                           FORM 10-KSB
(Mark One)

		ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
			THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year beginning January 1, 1999 and ending December 31, 1999


                     Commission file number: 0-2664


                        INVESTORS FINANCE, INC.
     ( Exact name of small business issuer as specified in its charter)
                         ___________________

              HAWAII                                    99-0112763
	(State or other jurisdiction of			(I.R.S. Employer
	incorporation or organization)			Identification No.)

        SUITE C117B 50 SOUTH BERETANIA STREET, HONOLULU, HAWAII
                  96813 	(Address of principal executive offices)	(Zip Code)

               Issuer's telephone number: (808) 533-7437
                         ___________________

Securities registered under Section 12(b) of the Exchange Act:

                                None

Securities registered under Section 12(g) of the Exchange Act:

                       Common Stock, no par value
                          (Title of class)
<PAGE>
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for
such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.
  Yes [   ] No[ x ]

Check if there is no disclosure of delinquent filers in response to Item 405
of Regulation S-B contained in this form, and no disclosure will be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB.  [ x ]

Issuer's revenues for its most recent fiscal year: $143,727

Aggregate market value of the issuer's common stock held by non-affiliates
as of December 31, 1999: $218,871

Number of shares outstanding of the issuer's common stock as of
December 31, 1999: 1,249,976.

                   DOCUMENTS INCORPORATED BY REFERENCE: None

            Transitional Small Business Disclosure Format (check one):

                            Yes [   ]  No [ X ]
<PAGE>
PART I

Item 1.	Description of Business

General

Investors Finance, Inc. (the "Company") is a Hawaii corporation engaged in the
business of mortgage brokerage and real estate, commercial, and consumer loans.

On August 31, 1999, the Company closed its mortgage brokerage business due to
its inability to produce a profit and because of the declining opportunities
presented by an economy where interest rates were increasing.

The Company's executive offices are located at SUITE C117B 50 SOUTH BERETANIA
STREET, HONOLULU, HAWAII 96813.  The Company's phone number is (808) 533-7437.


Development of Business

The Company was organized under the laws of the State of HAWAII
on November 1, 1960.

The company has temporarily suspended all operations pending the development
of a new business or consolidation plan.  The Board of Directors is in the
process of developing this plan, and is considering all options.

Once a plan is developend, shareholders will then be offered an opportunity to
vote on options regarding the Company's future.


Business

Management believes that the company should use its Hawaii Non-Depository
Financial Services Company license as an integral part of any future business
development.

Principal Products and Services

The principal services of the Company are the origination and resale of
Residential and Commercial mortgages.  The Company continues to make
"in house" loans as funds are available.


Competition

The Mortgage originating business in the State of Hawaii is very competitive.
There are a number of Competitors within the state with substantial operating
histories and financial reserves.  Management believes the Company can be
profitable by controlling expenses and operating with a low overhead.


Government Approvals and Regulations

The products and services provided by the Company are not subject to government
approval.  The Company operating as an Industrial Loan Company and is regulated
by the State of Hawaii, Commissioner of Financial Institutions.

<PAGE>
Directors, Executive officers and Significant Employees

<TABLE>
<CAPTION>
NAME			AGE			POSITION
<S>                     <C>             <C>
Daniel Jeffers		46		President & Treasurer, Director

Karen Oani		46		Vice President & Secretary, Director
					Office Manager

Wade Richardson		59		Director

</TABLE>

Directors and Officers received no remuneration for services during 1999 with
the exception of Ms. Oani, who received $28,000 as salary and Mr. Jeffers, who
received $2,800 for administrative services.

PART II

ITEM 1.	Market Price and Dividends on the Company's Equity
        and other Shareholder Matters.

Market Information

There has been only limited trading activity in the Company's common stock
during 1999.  According to the marketmaker, Abel Behnke Sercurities,
who did not execute any trades during 1999, the last known bid was
$0.03 per share.

Holders

The number of record holders of the Company's common stock as of
December 31, 1999 was approximately 1,019.

<PAGE>
Dividends

The Company has not paid dividends with respect to its common stock, and does
not intend to pay dividends in the foreseeable future.  It is the present
intention of management to utilize all available funds for the development of
the Company's business.


Item 2.	Legal Proceedings

Legal proceedings have been brought against the Company by a former mortgage
broker client.  The Company feels that the legal action is without merit and
plans a vigorous defense against such action.

Further, to the knowledge of management, no director, officer, affiliate or
record or beneficial owner of more than 5% of the common voting stock of the
Company is a party adverse to the Company or has a material adverse interest
to the Company in any proceeding.


Item 3.	Changes in and Disagreements with Accountants.

The Company did not change nor have any disagreements with its principal
accountants.


Item 4.	Submissions of Matters to a Vote of Security Holders.

No matter was submitted to a vote of the security holders during the
year ended December 31, 1999.


Item 5.	Reports on Form 8-K.

The Company has insufficient funds available for audited financials.