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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1. Name and Address of Reporting Person * ROGERS MICHAEL F   2. Issuer Name and Ticker or Trading Symbol INVESTORS FINANCIAL SERVICES CORP [IFIN] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) President (Last) (First) (Middle) INVESTORS BANK & TRUST COMPANY, 200 CLARENDON STREET 3. Date of Earliest Transaction (Month/Day/Year) 08/11/2005 (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 Common Stock 08/11/2005   F   4,683 D $ 34.9 1,115,996 D   Common Stock 08/11/2005   A   22,024 A $ 7.4219 1,138,020 D   Common Stock 08/11/2005   F   5,587 D $ 34.9 1,132,433 D   Common Stock 08/11/2005   A   26,000 A $ 7.5 1,158,433 D   Common Stock 08/11/2005   F   18,100 D $ 34.9 1,140,333 D   Common Stock 08/11/2005   A   58,088 A $ 10.875 1,198,421 D   Common Stock 08/11/2005   F   2,599 D $ 34.9 1,195,822 D   Common Stock 08/11/2005   A   8,428 A $ 10.7657 1,204,250 D   Common Stock 08/11/2005   F   1,073 D $ 34.9 1,203,177 D   Common Stock 08/11/2005   A   3,484 A $ 10.7579 1,206,661 D   Common Stock 08/11/2005   F   1,930 D $ 34.9 1,204,731 D   Common Stock 08/11/2005   A   2,326 A $ 28.969 1,207,057 D   Common Stock 08/11/2005   F   27,422 (3) D $ 34.9 1,179,635 D

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)

$ 7.4219

08/11/2005

M

22,024

01/12/1999(1)

11/08/2005

Common Stock

22,024

$ 0

864,044

D

Common Stock (right to buy)

$ 7.5

08/11/2005

M

26,000

02/23/1999(1)

11/08/2005

Common Stock

26,000

$ 0

838,044

D

Common Stock (right to buy)

$ 10.875

08/11/2005

M

58,088

11/15/1999(2)

11/15/2009

Common Stock

58,088

$ 0

779,956

D

Common Stock (right to buy)

$ 34.9

08/11/2005

A

18,100

11/15/1999(1)

11/15/2009

Common Stock

18,100

$ 0

798,056

D

Common Stock (right to buy)

$ 10.7657

08/11/2005

M

8,428

12/13/1999(1)

11/18/2005

Common Stock

8,428

$ 0

789,628

D

Common Stock (right to buy)

$ 10.7579

08/11/2005

M

3,484

01/14/2000(1)

11/08/2005

Common Stock

3,484

$ 0

786,144

D

Common Stock (right to buy)

$ 28.969

08/11/2005

M

2,326

10/17/2000(1)

11/08/2005

Common Stock

2,326

$ 0

783,818

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
ROGERS MICHAEL F INVESTORS BANK & TRUST COMPANY 200 CLARENDON STREET BOSTON, MA 02116			President

Signatures

John E. Henry		08/15/2005
**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 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.
(3)	Shares surrendered in payment of tax liability generated from stock option exercise on 8/11/05.

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