This Survey covers local and long-distance telecommunications service. The distinctions between these segments, which were clear in the past, are blurring. Although the focus is on the United States, international operations are increasingly important and are also addressed. The local exchange carriers are local or regional telephone companies that own and operate the lines that connect customers with central office switches. They hook up customers to the telephone network, provide local telephone services, and connect their customers with long-distance carriers. The long-distance carriers are national companies that provide telecommunications service between local telephone areas. "Integrated Telecommunications Services" is a GICS sub-industry in the "Telecommunication Services" sector of the S&P 1500. Industry Surveys covers more than 50 of the largest and most significant US industries. The information provided for each follows the same general format: the industry's recent performance, an analysis of trends that will influence it in the future, and a broad and fundamental overview of its structure. Both text and data are provided, as are references to additional sources of industry information, including Web sites. | 
