Investors Capital Holdings Ltd.

Investors Capital Holdings Ltd. is listed on AMEX (ICH). Incorporated in July of 1995, ICH is a financial services holding company that operates primarily through its subsidiaries, ICC and EPA, in two segments of the financial services industry. These two segments provide for the offering of (1) broker-dealer services in support of trading and investment in corporate equity and debt securities, U.S. Government securities, municipal securities, mutual funds, variable annuities and variable life insurance, including provision of market information, internet trading and portfolio tracking facilities and records management, and (2) investment advisory and asset management services, including management of two retail mutual funds. Financial information pertaining to the Company for each of the three fiscal years ended March 31, 2005, 2004 and 2003 is included in the selected financial data in Item 6 of this document.

Investors Financial Services Corp.

Investors Financial Services Corp. is listed on NASDAQ (IFIN). Unless otherwise indicated or unless the context requires otherwise, all references in this Report to Investors Financial, we, us, our, or similar references mean Investors Financial Services Corp., together with our subsidiaries. Investors Bank or the Bank will be used to mean our subsidiary, Investors Bank & Trust Company, alone. We provide a broad range of services to financial asset managers, such as mutual fund complexes, investment advisors, family offices, banks and insurance companies. We define these services as core services and value-added services. Our core services include middle office outsourcing, global custody, multicurrency accounting and fund administration. Our value-added services include securities lending, foreign exchange, cash management, performance measurement, institutional transfer agency, investment advisory services, lines of credit and brokerage and transition management services.

Lexington Corporate Properties Trust ..d Maryland statutory real estate investment trust that acquires, owns and manages a geographically diverse portfolio of net leased office, industrial ..

Libbey Inc. ..eware products in the U.S. and Canada, in addition to supplying to other key export markets. We were established in 1818 and are the largest manufactu..

Lithia Motors Inc. .. Risk Factors, Management's Discussion and Analysis of Financial Condition and Results of Operations and Business and elsewhere in this Form 10-K cons..

Lightbridge Inc. ..and supports products and services primarily for businesses that sell products or services online and for communications providers. Lightbridge's four..

National Mercantile Bancorp ..e principal assets are the capital stock of two bank subsidiaries: Mercantile National Bank (Mercantile) and South Bay Bank, N.A. (South Bay). Nationa..

Madeco SA ..lic of Chile in 1944 as a sociedad annima abierta, or open stock corporation, and operates under the laws of Chile. The Company also has operations in..

Midway Games Inc. ..oftware. We, and our predecessors, have been in the business of creating videogames for more than 20 years and have published over 400 titles in that ..

Midwest Air Group Inc. ..he State of Wisconsin in 1996. It is a holding company and its principal subsidiary is Midwest Airlines, Inc., (Midwest Airlines). Midwest Airlines cu..

Middlesex Water Company ..r utility company in 1897 and owns and operates regulated water utility systems in central and southern New Jersey and in Delaware as well as a regula..

MIND C.T.I. Ltd. ..l as well as commercial purposes. We were incorporated under the laws of the State of Israel on April 6, 1995 as a company with limited liability, and..

MetaSolv Inc ..e design, develop, market and support a comprehensive portfolio of software solutions that automate and streamline service fulfillment processes for c..

M&T Bank Corporation ..York business corporation which is registered as a bank holding company under the Bank Holding Company Act of 1956, as amended (BHCA) and under Articl..

Mattson Technology Inc. ..rocessing equipment used in the fabrication of integrated circuits (ICs). According to Gartner Dataquest, an independent research firm, in 2003, we we..

Macronix International Co. Ltd ..ucer and supplier. Our product portfolio includes Mask ROM, Flash, EPROM, strategic manufacturing services, or SMS, and system logic center, or SLC, p..

NBTY Inc. ..mpany, NBTY, we or us) is a leading vertically integrated manufacturer, marketer and retailer of a broad line of high quality, value-priced nutritiona..

Northgate Minerals Corporation .. summarizes the approximate impact on the Corporations 2005 earnings and cash flow of the variations in the commodity prices and foreign exchange rate..

Nelnet Inc. ..e companies in the United States and is focused on providing quality student loan products and services to students and schools nationwide. The Compan..

National Research Corporation .. a leading provider of ongoing survey-based performance measurement, analysis, tracking and improvement services to the healthcare industry in the Uni..

Insightful Corporation .. analysis solutions designed to facilitate decision-making by revealing patterns, trends and relationships. We are a supplier of software and services..

Northern Technologies International Corporation ..ern Technologies International Corporation, was incorporated in the State of Minnesota on August 4, 1970. In 1976, Northern Instruments, Inc. changed ..

NB Capital Corporation ..corporated under the laws of the State of Maryland for the purposes of providing U.S. investors with the opportunity to invest in Canadian residential..

OceanFirst Financial Corp. ..oard of Directors of OceanFirst Bank for the purpose of acquiring all of the capital stock of the Bank issued in connection with the Bank's conversion..

On Assignment Inc. ..staffing firm providing flexible and permanent staffing solutions in specialty skills including Laboratory-Scientific, Healthcare, and Medical Financi..

Oceaneering International Inc. ..lied technology company that provides a comprehensive range of integrated technical services and hardware to customers who operate in harsh environmen..

Oil States International Inc. ..diaries, is a leading provider of specialty products and services to oil and gas drilling and production companies throughout the world. We operate in..

Palomar Medical Technologies Inc. ..leading researcher and developer of light based systems for hair removal and other cosmetic procedures. Throughout its history, Palomar has remained o..

Precision Drilling Corporation ..recisions continuing operations are carried out in two segments consisting of Contract Drilling Services and Completion and Production Services. The C..

Perry Ellis International Inc. .. United States. We control a portfolio of major men's and women's brands, some of which were established over 100 years ago. We design, source, market..

Kookmin Bank ..story of the Former Kookmin Bank The former Kookmin Bank was established by the Korean government in 1963 under its original name of Citizens National..

PLX Technology Inc. .. established in May 1986, develops and supplies semiconductor devices that accelerate and manage the transfer of data in microprocessor-based systems ..

PolyMedica Corporation ..y, through our primary segment, Liberty Diabetes, we are a leading provider of direct-to-consumer diabetes testing supplies, primarily to seniors. We ..

Pinnacle Financial Partners Inc. .. was incorporated on February 28, 2000 to organize and serve as the holding company for Pinnacle National, a national bank chartered under the laws of..

Portugal Telecom SGPS S.A . ..l Telecom's legal and commercial name is Portugal Telecom, SGPS, S.A. Portugal Telecom is a limited liability holding company, organized as a Sociedad..

PSi Technologies Holdings Inc. ..evelopment of our Company Our legal name is PSi Technologies Holdings, Inc. We are incorporated under the Corporation Code of the Philippines, Batas P..

Prudential Public Limited Company ..ading international financial services group, providing retail financial services and fund management in the markets in which it operates: the United ..

QAD Inc. ..nd is a provider of enterprise resource planning (ERP) software applications for global manufacturing companies. QAD enterprise applications provide r..

Questcor Pharmaceuticals Inc. ..rein, the following discussion contains forward-looking statements that involve risks and uncertainties. Questcor's actual results could differ materi..

Ralcorp Holdings Inc. ..ncorporated on October 23, 1996. Our principal executive offices are located at 800 Market Street, Suite 2900, St. Louis, Missouri 63101. The terms we..

Resources Connection Inc. ..nal services firm that provides experienced accounting and finance, risk management and internal audit, information technology, human resources, suppl..

Transocean Inc. ..d predecessors, unless the context requires otherwise, Transocean, the Company) is a leading international provider of offshore contract drilling serv..

GigaMedia Limited ..rcial name is GigaMedia Limited. We were incorporated in September 1999 as a company limited by shares organized under the laws of the Republic of Sin..

Rentrak Corporation .. statements and other information with the Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934 as amended (Exchange Act..

Ryder System Inc. ..d in 1955, is a leader in transportation and supply chain management solutions. Our business is divided into three business segments: Fleet Management..

Banco Santiago S.A. ..merger of Santiago and Old Santander-Chile, both of which were subsidiaries of our controlling shareholder, Banco Santander Central Hispano. We are th..

Schweitzer-Mauduit International Inc. ..nless the context indicates otherwise, references to we, us, our, SWM, Schweitzer-Mauduit or similar terms include Schweitzer-Mauduit International, I..

Senesco Technologies Inc .., a Delaware corporation incorporated in 1999, and its wholly-owned subsidiary, Senesco, Inc., a New Jersey corporation incorporated in 1998, collecti..

Shinhan Financial Group Co Ltd ..ction We are the largest financial holding company in Korea on the basis of total assets, total deposits and stockholders' equity. We were formed in 2..

SCS Transportation Inc. ..portation company that provides a variety of trucking transportation and supply chain solutions to a broad range of industries, including the retail, ..

Smart and Final Inc. ..porated in 1991 and headquartered in Commerce, California that conducts its business through various subsidiaries. References in this Annual Report to..

Sun Communities Inc. ..state investment trust, or REIT. We own, operate, develop and finance manufactured housing communities concentrated in the midwestern and southeastern..

SpatiaLight Inc. ..ution LCoS microdisplays. Our current customers and current prospective customers are OEMs engaged in the businesses of manufacturing high definition ..

Starwood Hotels & Resorts Worldwide Inc. ..eisure companies. Starwood's status as one of the leading hotel and leisure companies resulted from the 1998 acquisitions of Westin Hotels & Resorts W..

StemCells Inc. ..t of therapies that would use stem and progenitor cells to treat, and possibly cure, human diseases and injuries such as neurodegenerative diseases (f..

Sun Healthcare Group Inc. .., subacute and related specialty healthcare services in the United States. We currently operate through various direct and indirect subsidiaries that ..

Silverstar Holdings Ltd ..inesses fitting a predefined investment strategy. We are the parent company of Fantasy Sports, Inc., which operates the Fantasycup.com website, and sp..

Safeway Inc. ..e 2004 Annual Report to Stockholders of Safeway Inc. (Safeway) is incorporated herein by this reference. Safeway was incorporated in the state of Dela..

Transgenomic Inc. ..e synthesis, purification and analysis of nucleic acids. Our operations fall into two principal business units, BioSystems and Nucleic Acids. Our BioS..

Telefonos de Mexico SA de CV Ser A Spons ADR ..lecommunications system in Mexico, where we are the only nationwide provider of fixed-line telephony services and the leading provider of fixed local ..

Orckit Communications Limited ..rated in 1990 under the laws of the State of Israel. Our principal executive offices are located at 126 Yigal Allon Street, Tel Aviv 67443 Israel and ..

THERMOGENESIS Corp. ..rated in Delaware in July 1986, designs, manufactures and distributes blood processing devices and single-use, sterile blood processing disposables th..

Todd Shipyards Corporation ..and has operated a shipyard in Seattle, Washington (the Shipyard) since incorporation. The Company is incorporated under the laws of the State of Dela..

Maritrans Inc. ..the Registrant or Maritrans), serve the petroleum and petroleum product industry by using tank barges, tugboats and oil tankers to provide marine tran..

United America Indemnity Ltd. ..nounced merger with Penn-America Group, Inc. (NYSE: PNG) as well as the previously announced acquisition of Penn Independent Corporation. In connectio..

Knightsbridge Tankers Limited ..Bermuda on September 18, 1996. The Companys registered and principal executive offices are located at Par-la-Ville Place, 14 Par-la-Ville Road, Hamilt..

MEMC Electronic Materials Inc. ..the semiconductor industry. We are one of the top three wafer suppliers in the world. We are one of four wafer suppliers having more than a 10% share ..