<PERIOD>     03/31/04
              U.S. SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C. 20549

                           FORM 10-QSB
(Mark One)

[ x ]	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
        SECURITIES EXCHANGE ACT OF 1934

        For the quarterly period ended March 31, 2004

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

	For the transition period from __________ to __________

                      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.)

	820 Mililani, Suite 300, Honolulu, Hawaii	96813
	(Address of principal executive offices)	(Zip Code)

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

___________________

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 ]

Number of shares outstanding of the issuer's common stock as of March
31, 2004: 5,000,000.  However, the number of authorized shares of common
stock was increased during September, 2003 to 9,000,000, although these
additional shares were not issued.

Transitional Small Business Disclosure Format (check one): Yes [ ]  No [x]

Part 1 - Financial Information

Item 1. Financial Statements

                        (UNAUDITED)
<TABLE>
<S>                                              <C>
<PERIOD-TYPE>                                  3-MOS
<FISCAL-YEAR-END>                          DEC-31-2004
<PERIOD-END>                               MAR-31-2004
<CASH>                                       1,183,277
<SECURITIES>                                        0
<RECEIVABLES>                                   75,297
<ALLOWANCES>                                  (12,000)
<INVENTORY>                                         0
<CURRENT-ASSETS>                             1,246,574
<PP&E>                                        178,727
<DEPRECIATION>                                (77,472)
<TOTAL-ASSETS>                              2,595,211
<CURRENT-LIABILITIES>                       1,370,578
<BONDS>                                             0
<PREFERRED-MANDATORY>                               0
<PREFERRED>                                         0
<COMMON>                                 2,822,303.00
<OTHER-SE>                                          0
<RETAINED EARNINGS>                        (1,460,001)
<TOTAL-LIABILITY-AND-EQUITY>                2,595,211
<SALES>                                       807,756
<TOTAL-REVENUES>                              807,756
<CGS>                                               0
<TOTAL-COSTS>                                 849,547
<OTHER-EXPENSES>                                    0
<LOSS-PROVISION>                                    0
<INTEREST-EXPENSE>                                  0
<INCOME-PRETAX>                             (137,669)
<INCOME-TAX>                                        0
<INCOME-CONTINUING>                                 0
<DISCONTINUED>                                      0
<EXTRAORDINARY>                                     0
<CHANGES>                                           0
<NET-INCOME>                                (137,669)
<EPS-PRIMARY>                                 (0.0275)
<EPS-DILUTED>                                 (0.0275)
</TABLE>

Item 2. Plan of Operations

The Company is a Hawaiian corporation licensed under the
Hawaiian Code of Financial Institutions to operate as a
non-depository financial services loan company for the
purposes of originating, brokering and servicing of loans
and extensions of credit.  In July, 2003 the Company was
granted a license to operate a branch office at 9750
Miramar Road, Suite 133, San Diego, CA 92126 and on
December 31, 2003 the Company moved to its current location,
10080 Carroll Canyon Rd., San Diego, Ca. 92131. During the
time period of this report, the Company continued to deliver
its principal services of the origination, brokerage and
servicing of residential and commercial mortgages from its
new offices in Hawaii at 820 Miliani St., Ste. 300, Honolulu,
HI. 96813, having moved there during the time of this report
from its old office at 345 Queen St, Ste. 900, Honolulu, HI
96813, as well as from the branch office in California. In
addition, IFI continued to explore other profitable
opportunities to utilize its license as a non-depository
financial services loan company under Hawaiian law.


Item 3. Controls and Procedures

The financial statements, and other financial information included
in this quarterly report, are believed to fairly present in all mater
ial respects the financial condition, results of operations and cash
flows of the registrant as of, and for, the period presented in this
quarterly report.  The Company's Chief Financial Officer during the
firsttwo months of the first quarter was terminated by management on
February 27, 2004. The Company appointed a new CFO on March 22, 2004.
Management subsequently retained the services of a certified public
accountant to prepare a compilation of its books and records and to
the best of our knowledge and belief, this report correctly reflects
the financial condition of the Company as of March 31, 2004. While the
financial statements have not been audited, the Company anticipates
having audited financial statements prepared when it is financially
able to do so.

PART II

Item 1. Legal Proceedings

The Company engaged in no litigation during the time period of this
report. However, from time to time, the Company is involved in liti-
gation in the ordinary course of its business. As a result of legal
defenses and insurance arrangements, the Company does not believe that
any such litigation, if decided unfavorably to the Company, would have
a material adverse effect on its business or assets.

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

Item 2. Changes In Securities.  As addressed in greater detail in Item
4 below, an additional four million shares of stock were authorized by
the Board of Directors but were never issued.

Item 3. Defaults Upon Senior Securities (NONE)

a. Item 4. Submission of Matters to a Vote of Security Holders.
During the time period of this report, no matters were submitted to a
vote of security holders.

Item 5. Other Information (None)

Item 6. Exhibits and Reports on Form 8-K (NONE)


SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.

                                        (Registrant)
                                        Investors Finance, Inc.

                                        By:   /s/ James M. Hester
                                              ------------------------
                                              James M. Hester,
    					      Chief Financial Officer




                                  CERTIFICATION

         I, Michael S. Monaco, the Chief Executive Officer and Board Member
of Investors Finance, Inc. certify as follows:

         1. I have reviewed this quarterly report on Form 10-QSB of
Investors Finance, Inc.;

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

         3. Based on my knowledge, the financial statements, and other
financial information included in this quarterly report, fairly present
in all material respects the financial condition, results of operations
and cash flows of the registrant as of, and for, the period presented in
this quarterly report.  On February 27, 2004, the Company's Chief Financial
Officer was terminated and a new CFO was appointed on March 22, 2004.
Management subsequently retained the services of a certified public accountant
to prepare a compilation of its books and records and to the best of our
knowledge and belief, this report correctly reflects the financial condition
of the Company as of March 31, 2004. While the financial statements have not
been audited, the Company anticipates having audited financial statements
prepared when it is financially able to do so.


         4. The registrant's other certifying officer and I are responsible
for establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

                  a) designed such disclosure controls and procedures 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 quarterly
                report is being prepared;

                  b) evaluated the effectiveness of the registrant's
                90 days prior to the filing date of this quarterly
                report (the "Evaluation Date"); and

                  c) presented in this quarterly report our conclusions about
                the effectiveness of the disclosure controls and procedures
                based on our evaluation as of the Evaluation Date;

         5. The registrant's other certifying officer and I have indicated in
this quarterly report whether or not there were significant changes in
internal controls or in other factors that could have significantly affected
internal controls subsequent to the date of our most recent evaluation,
including any corrective actions with regard to significant deficiencies and
material weaknesses.


			            /s/ Michael S. Monaco
                              ----------------------------------------
                              Michael S. Monaco
                              Chief Executive Officer






                                  CERTIFICATION

         I, James M. Hester, the Chief Financial Officer and corporate
secretary of Investors Finance, Inc. certify as follows:

         1.	I have reviewed this quarterly report on Form 10-QSB of Investors
Finance, Inc.;


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

	 3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the period presented in this quarterly report.  On
February 27, 2004, the Company's Chief Financial Officer was terminated and I
was appointed as the new CFO on March 22, 2004.  Management subsequently
retained the services of a certified public accountant to prepare a compilation
of its books and records and to the best of our knowledge and belief, this
report correctly reflects the financial condition of the Company as of March 31,
2004. While the financial statements have not been audited, the Company
anticipates having audited financial statements prepared when it is financially
able to do so.

         4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant
and have:

                  a) designed such disclosure controls and procedures
		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 quarterly
                report is being prepared;

                  b) evaluated the effectiveness of the registrant's
                disclosure controls and procedures as of a date within
                90 days prior to the filing date of this quarterly
                report (the "Evaluation Date"); and

                  c) presented in this quarterly report our conclusions about
                the effectiveness of the disclosure controls and procedures
                based on our evaluation as of the Evaluation Date;

         5. The registrant's other certifying officer and I have indicated
in this quarterly report whether or not there were significant changes
in internal controls or in other factors that could have significantly
affected internal controls subsequent to the date of our most recent eval-
uation, including any corrective actions with regard to significant
deficiencies and material weaknesses.



				      	 /s/ James M. Hester
                       			 -----------------------------
				         James M. Hester
				         Chief Financial Officer