<PERIOD>     03/31/03
              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, 2003

[   ]	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.)

	345 Queen Street, Suite 900, Honolulu, Hawaii	96813
	(Address of principal executive offices)	(Zip Code)

                 Issuer's telephone number: (808)791-6830

___________________

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, 2003: 5,000,000

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-31-2003
<PERIOD-END>                               MAR-31-2003
<CASH>                                      26,290.96
<SECURITIES>                                        0
<RECEIVABLES>                               82,887.78
<ALLOWANCES>                                  (12,000)
<INVENTORY>                                         0
<CURRENT-ASSETS>                            97,178.74
<PP&E>                                   1,355,762.39
<DEPRECIATION>                             (15,144.34)
<TOTAL-ASSETS>                           1,437,796.79
<CURRENT-LIABILITIES>                       35,491.41
<BONDS>                                             0
<PREFERRED-MANDATORY>                               0
<PREFERRED>                                         0
<COMMON>                                 2,822,303.00
<OTHER-SE>                                          0
<RETAINED EARNINGS>                     (1,419,997.62)
<TOTAL-LIABILITY-AND-EQUITY>             1,437,796.79
<SALES>                                    137,453.35
<TOTAL-REVENUES>                           137,453.35
<CGS>                                               0
<TOTAL-COSTS>                               51,493.12
<OTHER-EXPENSES>                           130,496.96
<LOSS-PROVISION>                                    0
<INTEREST-EXPENSE>                                  0
<INCOME-PRETAX>                            (44,536.73)
<INCOME-TAX>                                (1,600.00)
<INCOME-CONTINUING>                                 0
<DISCONTINUED>                                      0
<EXTRAORDINARY>                                     0
<CHANGES>                                           0
<NET-INCOME>                               (46,136.73)
<EPS-PRIMARY>                                 (0.0092)
<EPS-DILUTED>                                 (0.0092)
</TABLE>

Item 2. Plan of Operations

The Company plans to continue to deliver its current principal services
of the origination, brokerage and servicing of residential and
commercial mortgages. In addition, IFI may conduct other activities as
it explores the profitable opportunity to operate using its license as
a non-depository financial services loan company under Hawaii statute.

Item 3. Controls and Procedures

The financial statements, and other financial information included in
this quarterly report, are believed to fairly present in all material
respects the financial condition, results of operations and cash flows
of the registrant as of, and for, the periods presented in this quarterly
report, however, the financial statements presented herein have been
prepared by management and to the best of our knowledge and belief correctly
reflect the financial condition of the Company as to March 31, 2003. The
financial statements as such have not been audited nor have they been
reviewed by a certified public accountant nor has such provided any opinion
as to the correctness of the information contained therein.


PART II

Item 1. Legal Proceedings

Currently the Company is engaged in no litigation and to the best of
its knowledge has no pending or threatened litigation. However, from time
to time, the Company is involved in litigation 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 a party adverse to the Company or
has a material adverse interest to the any proceeding.

Item 2. Changes In Securities (NONE)

Item 3. Defaults Upon Senior Securities (NONE)

Item 4. Submission of Matters to a Vote of Security Holders.
No matter was submitted to a vote of security holders during the year
ended December 31, 2002.

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




                                        By:   /s/ Wade Richardson
                                              ------------------------
                                              Wade Richardson,
                                              President




                                        By:    /s/ Richard R. Weaver
                                               ------------------------
                                               Richard R. Weaver,
                                               Chief Financial Officer




<PAGE>


                                  CERTIFICATION

         I, Michael S. Monaco, certify that:

         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, in light of the circumstances
         under which such statements were 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
         periods presented in this quarterly report, however, the financial
         statements presented herein have been prepared by management and
         to the best of our knowledge and belief correctly reflect the
         financial condition of the Company as to March 31, 2003. The
         financial statements as such have not been audited nor have they
         been reviewed by a certified public accountant nor has such
         provided any opinion as to the correctness of the information
         contained therein;


         4. The registrant's other certifying officers 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 officers and I have modified
         this certification from it's standard format in accordance with the
         above disclosure that the financial statements presented herein have
         been prepared by management and to the best of our knowledge and
         belief correctly reflect the financial condition of the Company as
         to March 31, 2003. The financial statements as such have not been
         audited nor have they been reviewed by a certified public accountant
         nor has such provided any opinion as to the correctness of the
         information contained therein. The Company intends to conduct an
         audit at such time as it has the financial resources to do so and
         will amend this filing when said audit is complete; and

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


Date:  May 1, 2003            /s/ Michael S. Monaco
                              ----------------------------------------
                              Michael S. Monaco
                              Chief Executive Officer





<PAGE>

                                  CERTIFICATION

         I, Wade Richardson, certify that:

         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, in light of the circumstances
         under which such statements were 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
         periods presented in this quarterly report, however, the financial
         statements presented herein have been prepared by management and
         to the best of our knowledge and belief correctly reflect the
         financial condition of the Company as to March 31, 2003. The
         financial statements as such have not been audited nor have they
         been reviewed by a certified public accountant nor has such
         provided any opinion as to the correctness of the information
         contained therein;


         4. The registrant's other certifying officers 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 officers and I have modified
         this certification from it's standard format in accordance with the
         above disclosure that the financial statements presented herein have
         been prepared by management and to the best of our knowledge and
         belief correctly reflect the financial condition of the Company as
         to March 31, 2003. The financial statements as such have not been
         audited nor have they been reviewed by a certified public accountant
         nor has such provided any opinion as to the correctness of the
         information contained therein. The Company intends to conduct an
         audit at such time as it has the financial resources to do so and
         will amend this filing when said audit is complete; and

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


Date:  May 1, 2003            /s/ Wade Richardson
                              ----------------------------------------
                              Wade Richardson
                              President





<PAGE>

                                  CERTIFICATION

         I, Richard R. Weaver, certify that:

         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, in light of the circumstances
         under which such statements were 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
         periods presented in this quarterly report, however, the financial
         statements presented herein have been prepared by management and
         to the best of our knowledge and belief correctly reflect the
         financial condition of the Company as to March 31, 2003. The
         financial statements as such have not been audited nor have they
         been reviewed by a certified public accountant nor has such
         provided any opinion as to the correctness of the information
         contained therein;


         4. The registrant's other certifying officers 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 officers and I have modified
         this certification from it's standard format in accordance with the
         above disclosure that the financial statements presented herein have
         been prepared by management and to the best of our knowledge and
         belief correctly reflect the financial condition of the Company as
         to March 31, 2003. The financial statements as such have not been
         audited nor have they been reviewed by a certified public accountant
         nor has such provided any opinion as to the correctness of the
         information contained therein. The Company intends to conduct an
         audit at such time as it has the financial resources to do so and
         will amend this filing when said audit is complete; and

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


Date:  May 1, 2003          /s/  Richard R. Weaver
                            ------------------------------------------
                            Richard R. Weaver
                            Chief Financial Officer