FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * FRIEDL DONALD G   2. Issuer Name and Ticker or Trading Symbol INVESTORS FINANCIAL SERVICES CORP [IFIN] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) INVESTORS BANK & TRUST COMPANY, 200 CLARENDON STREET 3. Date of Earliest Transaction (Month/Day/Year) 02/02/2005 (Street) BOSTON, MA 02116 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Common Stock (right to buy)

$ 9.8282

02/02/2005

M

5,000

02/11/2000(2)

02/11/2010

Common Stock

5,000

$ 0

23,237

D

Common Stock (right to buy)

$ 37.4375

02/02/2005

M

104

01/02/2001(1)

01/02/2011

Common Stock

104

$ 0

23,133

D

Common Stock (right to buy)

$ 28.344

02/02/2005

M

136

04/02/2001(1)

04/02/2011

Common Stock

136

$ 0

22,997

D

Common Stock (right to buy)

$ 33.98

02/02/2005

M

112

07/02/2001(1)

07/02/2011

Common Stock

112

$ 0

22,885

D

Common Stock (right to buy)

$ 27.5

02/02/2005

M

142

10/01/2001(1)

10/01/2011

Common Stock

142

$ 0

22,743

D

Common Stock (right to buy)

$ 33.27

02/02/2005

M

172

01/02/2002(1)

01/02/2012

Common Stock

172

$ 0

22,571

D

Common Stock (right to buy)

$ 37.46

02/02/2005

M

152

04/01/2002(1)

04/01/2012

Common Stock

152

$ 0

22,419

D

Common Stock (right to buy)

$ 32.9

02/02/2005

M

140

07/01/2002(1)

07/01/2012

Common Stock

140

$ 0

22,279

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
FRIEDL DONALD G INVESTORS BANK & TRUST COMPANY 200 CLARENDON STREET BOSTON, MA 02116	X

Signatures

John E. Henry		02/07/2005
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Options granted pursuant to the Company's 1995 Non-Employee Director Stock Option Plan and became exercisable on the date of the grant.
(2)	Options granted pursuant to the Company's 1995 Non-Employee Director Stock Option Plan and become exercisabe in 48 equal monthly installments beginning on the date of the grant.

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