the global industry classification standard (gics) july 22, 2002 standard & poor’s the global...
TRANSCRIPT
July 22, 2002
Standard & Poor’s
The Global Industry Classification Standard (GICS)SM An Overview for Standard & Poor’s U.S. Sector Indices
�� The Global Industry Classification Standard (GICS)SM is the
exclusive industry classification structure used for Standard & Poor's U.S. industry index calculations.
�� On December 31, 2001, Standard & Poor's discontinued the use of the its old industry classification methodology for the purpose of U.S. industry index calculations.
�� While the old classification system and GICS sector indices have distinct differences, they also have some significant common characteristics.
�� We present the structure of the GICS system and show similar statistical characteristics of the old sector indices and GICS sector indices.
�� Market participants who use Standard & Poor's U.S. GICS indices for historical returns may choose to use this analysis to create a continuous time series of index returns, with history that extends prior to the official GICS index history.
�� We show the correlation of historical returns between industry index returns of the two classification systems, and overlap of market capitalization and number of companies at the date when the old industry indices were discontinued.
�� The analysis presented here is illustrative and should not be construed as Standard & Poor's recommendation for mapping of the two different industries return series. Users should exercise judgment depending upon their situational requirements.
Standard & Poor's Quantitative Services Maureen Maitland (212) 438 1178 [email protected] David M. Blitzer (212) 438 3907 [email protected] Index Information Index Services (212) 438 2046 [email protected]
A GICS Overview for Standard & Poor's U.S. Indices
Standard & Poor’s Page 2
Introduction On January 2nd, 2001, Standard & Poor’s officially released GICS
(Global Industry Classification Standard) sector, industry group, industry, and sub-industry level price indices for all Standard & Poor’s U.S. indices – the S&P 500, the S&P MidCap 400, the S&P SmallCap 600 and the S&P SuperComposite 1500. Total return index values were also released for the GICS-level S&P 500, S&P MidCap 400, and S&P SmallCap 600 sub-indices.
All sector and industry indices under Standard & Poor's old industry classification system were discontinued effective December 31st, 2001. At that time, GICS became the only industry classification system managed and maintained at Standard & Poor's for U.S. index calculation purposes.
What Is GICS? GICS is an industry classification system, developed by Standard &
Poor's in collaboration with Morgan Stanley Capital International (MSCI). GICS is currently comprised of:
�� 10 Sectors
�� 23 Industry Groups
�� 59 Industries
�� 122 Sub-Industries
A company is assigned to a single GICS sub-industry according to the definition of its principal business activity as determined by Standard & Poor's and MSCI. Revenues are a significant factor in defining principal business activity; however, earnings analysis and market perception are also important criteria for classification.
GICS was developed in response to the financial community’s need for one complete, consistent set of global sector and industry definitions. The GICS standard can be applied to companies globally, in both developed and developing markets, and currently comprises a universe of over 25,000 companies worldwide. See Appendix D for a table detailing the current GICS structure.
GICS Classification Methodology and Maintenance A company is assigned a classification at each of the four levels of
GICS; however, a company may only belong to one group at any level. The classification is generally determined by the business activity that generates a majority of the company’s revenues and/or earnings. For those companies that are engaged in more than one substantially different business activity the
A GICS Overview for Standard & Poor's U.S. Indices
Standard & Poor’s Page 3
company is classified where the majority of revenues and profits are derived or, if no majority, the sub-industry that best reflects the company’s principal business. Companies whose business activities are dispersed across three or more sectors will be classified in Industrial Conglomerates or Multi-Sector Holdings. Standard & Poor’s and MSCI must agree on the current company classification for it to be labeled as ‘officially’ classified under the GICS structure.
A company’s industry classification is reviewed upon significant corporate events or when new information is made publicly available. Standard & Poor’s and MSCI meet annually to review the overall structure of the GICS system. This will keep the structure up to date with industry trends.
U.S. Sector Indices
The GICS Structure Vs. S&P’s Old Industry Classification System For Standard & Poor's U.S. sub-indices, all GICS sector, industry group,
industry, and sub-industry indices have been calculated with a common base of 100 at a start date of December 31st, 1994. In those cases when the first date of the index is subsequent to this date the index assumes a value of 100 on its start date.
Standard & Poor’s old classification methodology had two levels of detail -- 11 economic sectors and 115 industry groups. As stated above, the GICS structure currently has four levels of detail -- 10 sectors, 23 industry groups, 59 industries, and 122 sub-industries.
At the sector level, transportation has been eliminated as an individual GICS sector, but is represented by a GICS industry group. In the last decade alone, the transportation sector had shrunken from 2% to ½% of the S&P 500. Under GICS, transportation related industries are included in the GICS Industrials sector. The GICS Industrials sector -- comprised largely of the old capital goods and transportation sectors -- should not be confused with the S&P Industrials Composite Index (the S&P 500 excluding transportation, financials, and utilities). The GICS Industrials sector is one of the 10 economic sectors that are part of this new standard. Standard & Poor's continues to calculate values for the S&P Industrials Composite Index; however, this is a stand-alone index and not a part of the GICS structure. For more detail on specific differences between S&P GICS indices and S&P old industry indices refer to Appendix E.
Extension Of U.S. GICS Index History In the summer of 2001, Standard & Poor's conducted an analysis of
the S&P 500 industry index constituents and price returns history for the time period covering December 1994 through September 2000. At that time,
A GICS Overview for Standard & Poor's U.S. Indices
Standard & Poor’s Page 4
Standard & Poor's concluded that index histories for 58 of the, then, 123 GICS sub-industries and the ten GICS economic sectors had high correlation and market capitalization overlap with the corresponding industry or sector under the old industry classification system.
Standard & Poor's clients found this information useful, since S&P GICS index history often does not contain as much history as some of the corresponding old industry indices.
Standard & Poor's has extended this analysis to cover the additional history it has since generated for the S&P 500 GICS indices – now extending back to September 1989 – and to include the S&P MidCap 400 and the S&P SmallCap 600 GICS sub-indices for the time periods they exist.
Aligning of Old S&P Sector Returns with GICS Sector Returns Merging two distinct industry return series can depend on two
factors. First, correlations provide a quantitative judgement on whether the two return series are distinct or not. Second, the overlap of the constituents of the two different industry indices can be used to provide subjective judgement. These two variables must be used in conjunction.
Correlations Appendix A1 shows the correlation of price returns of old sector
indices, old composite indices and old industry indices with related GICS indices for the S&P 500. GICS sector indices are mapped into old sector indices, while GICS sub-industry indices are mapped into old industry indices. Appendixes B1 and C1 show similar information for the S&P MidCap 400 and the S&P SmallCap 600 indices, respectively.
We also show a statistical test of significance for the correlation coefficient. The test: For n observations and an observed correlation coefficient of r,
t = r √(n-2) √(1 - r2)
Degrees of freedom = n-2 At a 99% degree of significance, most of our chosen pairs reject the null hypothesis of the two return series having no correlation.
Overlap Of Index Composition Appendix A2 shows the composition of the companies in each S&P GICS
index as represented by percent of market capitalization and number of
A GICS Overview for Standard & Poor's U.S. Indices
Standard & Poor’s Page 5
companies in the corresponding old index, and the composition of the companies in each old index as represented by percent of market capitalization and number of companies in the corresponding GICS index, for the S&P 500 industry indices. Appendices B2 and C2 show similar information for the S&P MidCap 400 and the S&P SmallCap 600 indices, respectively. The information on the number of matching companies and market capitalization shown is as of December 31, 2001. As discussed, this is the date when the old industry indices were discontinued. This analysis is illustrative only. Users may wish to perform this analysis at multiple periods in time, depending upon their specific situations. Index Services clients may be able to get the old industry index composition and GICS index compositions by contacting their account representative or the client services number listed at the front of this document.
Conclusion The purpose of this analysis is to give Standard & Poor's index
clients additional information for potentially supplementing historic GICS indices with old indices. While indices with high correlations and high overlap of constituents are good candidates for merging of index histories; users, depending upon situational requirements, should determine specific ranges for either variable.
Appe
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Appe
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Stan
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PPLI
ES)
100.
0%ye
s13
225
5040
40SP
ECIA
LTY
STO
RES
44
9R
ETAI
L (S
PEC
IALT
Y)90
.0%
yes
132
S&P
500
GIC
S Su
b-In
dust
ry In
dice
s Ve
rsus
Old
Indu
stry
Indi
ces,
Cor
rela
tion
Sum
mar
y (c
ont'd
)
Appe
ndix
A1 (c
ont’d
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Stan
dard
& P
oor’
s
Pa
ge 8
GIC
S co
deS&
P G
ICS
Inde
x
Old
In
dust
ry
code
S&P
Old
Inde
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orre
latio
n
Stat
istic
ally
Si
gnifi
cant
at
99%
?
Num
ber o
f M
onth
ly
Obs
erva
tions
3010
1010
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UG
RET
AIL
435
RET
AIL
(DR
UG
STO
RES
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0.0%
yes
132
3010
1020
FOO
D D
ISTR
IBU
TOR
S 21
7D
ISTR
IBU
TOR
S (F
OO
D &
HEA
LTH
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.0%
yes
132
3010
1030
FOO
D R
ETAI
L 44
0R
ETAI
L (F
OO
D C
HAI
NS)
100.
0%ye
s13
230
2010
10BR
EWER
S 14
0BE
VER
AGES
(ALC
OH
OLI
C)
100.
0%ye
s13
230
2010
20D
ISTI
LLER
S &
VIN
TNER
S 14
0BE
VER
AGES
(ALC
OH
OLI
C)
31.0
%ye
s11
230
2010
30SO
FT D
RIN
KS
145
BEVE
RAG
ES (N
ON
-ALC
OH
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100.
0%ye
s13
230
2020
10AG
RIC
ULT
UR
AL P
RO
DU
CTS
11
2AG
RIC
ULT
UR
AL P
RO
DU
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100.
0%ye
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3020
2030
PAC
KAG
ED F
OO
DS
250
FOO
DS
100.
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s13
230
2030
10TO
BAC
CO
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BAC
CO
100.
0%ye
s13
230
3010
10H
OU
SEH
OLD
PR
OD
UC
TS
320
HO
USE
HO
LD P
RO
DU
CTS
(NO
N-D
UR
ABLE
S)10
0.0%
yes
132
3030
2010
PER
SON
AL P
RO
DU
CTS
21
5PE
RSO
NAL
CAR
E10
0.0%
yes
132
3510
1010
HEA
LTH
CAR
E EQ
UIP
MEN
T 30
0H
EALT
H C
ARE
(MED
ICAL
PR
OD
UC
TS &
SU
PPLI
ES)
100.
0%ye
s13
235
1010
20H
EALT
H C
ARE
SUPP
LIES
30
0H
EALT
H C
ARE
(MED
ICAL
PR
OD
UC
TS &
SU
PPLI
ES)
89.0
%ye
s13
235
1020
10SE
RVI
CES
21
7D
ISTR
IBU
TOR
S (F
OO
D &
HEA
LTH
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.0%
yes
132
3510
2020
HEA
LTH
CAR
E FA
CIL
ITIE
S 29
5H
EALT
H C
ARE
(HO
SPIT
AL M
ANAG
EMEN
T)86
.0%
yes
132
3510
2030
MAN
AGED
HEA
LTH
CAR
E 28
7H
EALT
H C
ARE
(MAN
AGED
CAR
E)10
0.0%
yes
9335
2010
10BI
OTE
CH
NO
LOG
Y 14
7BI
OTE
CH
NO
LOG
Y10
0.0%
yes
120
3520
2010
PHAR
MAC
EUTI
CAL
S 28
5H
EALT
H C
ARE
(DR
UG
S-M
AJO
R P
HAR
MAC
EUTI
CAL
S)10
0.0%
yes
132
3520
2010
PHAR
MAC
EUTI
CAL
S 28
0H
EALT
H C
ARE
(DIV
ERSI
FIED
)99
.0%
yes
132
4010
1010
BAN
KS
815
BAN
KS (M
AJO
R R
EGIO
NAL
)99
.0%
yes
132
4020
1010
CO
NSU
MER
FIN
ANC
E 84
5C
ON
SUM
ER F
INAN
CE
100.
0%ye
s13
240
2010
20D
IVER
SIFI
ED F
INAN
CIA
L SE
RVI
CES
85
0FI
NAN
CIA
L (D
IVER
SIFI
ED)
100.
0%ye
s13
240
3010
10IN
SUR
ANC
E BR
OKE
RS
330
INSU
RAN
CE
BRO
KER
S10
0.0%
yes
132
4030
1020
LIFE
& H
EALT
H IN
SUR
ANC
E 82
5IN
SUR
ANC
E (L
IFE/
HEA
LTH
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0.0%
yes
132
4030
1030
MU
LTI-
LIN
E IN
SUR
ANC
E 83
0IN
SUR
ANC
E (M
ULT
I-LIN
E)10
0.0%
yes
132
4030
1040
PRO
PER
TY &
CAS
UAL
TY IN
SUR
ANC
E 83
5IN
SUR
ANC
E (P
RO
PER
TY-C
ASU
ALTY
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0.0%
yes
132
4510
1010
INTE
RN
ET S
OFT
WAR
E &
SER
VIC
ES
185
CO
MPU
TER
S (S
OFT
WAR
E &
SER
VIC
ES)
91.0
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s36
4510
2010
IT C
ON
SULT
ING
& S
ERVI
CES
45
4SE
RVI
CES
(CO
MPU
TER
SYS
TEM
S)96
.0%
yes
132
4510
3020
SYST
EMS
SOFT
WAR
E 18
5C
OM
PUTE
RS
(SO
FTW
ARE
& SE
RVI
CES
)10
0.0%
yes
132
4520
1010
NET
WO
RKI
NG
EQ
UIP
MEN
T 18
7C
OM
PUTE
RS
(NET
WO
RKI
NG
)10
0.0%
yes
7945
2010
20TE
LEC
OM
S EQ
UIP
MEN
T 18
0C
OM
MU
NIC
ATIO
NS
EQU
IPM
ENT
100.
0%ye
s13
245
2020
10C
OM
PUTE
R H
ARD
WAR
E 19
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OM
PUTE
RS
(HAR
DW
ARE)
100.
0%ye
s13
245
2020
20C
OM
PUTE
R S
TOR
AGE
& PE
RIP
HER
ALS
188
CO
MPU
TER
S (P
ERIP
HER
ALS)
100.
0%ye
s67
4520
3010
INST
RU
MEN
TS
230
ELEC
TRIC
AL (I
NST
RU
MEN
TATI
ON
)96
.0%
yes
132
4520
4010
OFF
ICE
ELEC
TRO
NIC
S 40
3PH
OTO
GR
APH
Y/IM
AGIN
G98
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yes
6745
2050
10SE
MIC
ON
DU
CTO
R E
QU
IPM
ENT
247
EQU
IPM
ENT
(SEM
ICO
ND
UC
TOR
S)99
.0%
yes
6745
2050
20SE
MIC
ON
DU
CTO
RS
235
ELEC
TRO
NIC
S (S
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ON
DU
CTO
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100.
0%ye
s13
250
1010
20IN
TEG
RAT
ED T
ELEC
OM
SER
VIC
ES
715
TELE
PHO
NE
97.0
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s13
250
1020
10W
IREL
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TELE
CO
M S
ERVI
CES
46
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LEC
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MU
NIC
ATIO
NS
(CEL
LULA
R/W
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ESS)
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0%ye
s93
5510
1010
ELEC
TRIC
UTI
LITI
ES
705
ELEC
TRIC
CO
MPA
NIE
S99
.0%
yes
132
5510
2010
GAS
UTI
LITI
ES
710
NAT
UR
AL G
AS97
.0%
yes
132
5510
3010
MU
LTI-
UTI
LITI
ES
710
NAT
UR
AL G
AS94
.0%
yes
29
S&P
500
GIC
S Su
b-In
dust
ry In
dice
s Ve
rsus
Old
Indu
stry
Indi
ces,
Cor
rela
tion
Sum
mar
y (c
ont'd
)
Appe
ndix
A2
Stan
dard
& P
oor’
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Pa
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GIC
S co
deS&
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Inde
x
Num
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f Co
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nies
in
GIC
S in
dex
Old
In
dust
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code
S&P
Old
Inde
x
Num
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f C
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Old
inde
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Num
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Com
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arke
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Old
In
dex
Old
Mar
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Cap
in G
ICS
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ENER
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5EN
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2410
0.0%
100.
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MAT
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LS
4097
0BA
SIC
MAT
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LS
3938
96.6
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20IN
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STR
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68
925
CAP
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CO
NSU
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DIS
CR
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NAR
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CO
NSU
MER
CYC
LIC
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93.6
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SUM
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64.8
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35H
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ARE
4590
5H
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40FI
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7280
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INFO
RM
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55U
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GIC
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Num
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Num
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Num
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Old
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92.8
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1010
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stry
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4030
INSU
RAN
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stry
Gro
up22
923
INSU
RAN
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CO
MPO
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2020
100.
0%91
.2%
1010
2010
INTE
GR
ATED
OIL
& G
AS, S
ub-In
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OIL
CO
MPO
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88
100.
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0.0%
3520
20PH
ARM
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TIC
ALS,
Indu
stry
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TE13
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ETAI
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600
TRAN
SPO
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1010
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GIC
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Num
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code
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Num
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Old
Mar
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AS (D
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UIP
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ES
339
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QU
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GR
ATED
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& G
AS
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EXP
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1010
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& G
AS R
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100.
0%15
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IVER
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EMIC
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CO
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9
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2010
BUIL
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G P
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11
100.
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5M
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MER
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L PR
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A PR
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A PR
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IVER
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MER
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7
175
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VIC
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510
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88.4
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40EM
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RVI
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MPL
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NM
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RVI
CES
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UPP
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59.6
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3010
10AI
R F
REI
GH
T &
CO
UR
IER
S 1
620
AIR
FR
EIG
HT
11
100.
0%10
0.0%
2030
2010
AIR
LIN
ES
460
5AI
RLI
NES
44
100.
0%10
0.0%
2030
4010
RAI
LRO
ADS
461
0R
AILR
OAD
S4
410
0.0%
100.
0%20
3040
20TR
UC
KIN
G
161
5TR
UC
KER
S1
110
0.0%
100.
0%25
1010
10AU
TO P
ARTS
& E
QU
IPM
ENT
513
0AU
TO P
ARTS
& E
QU
IPM
ENT
84
55.1
%69
.9%
2510
1020
TIR
ES &
RU
BBER
2
130
AUTO
PAR
TS &
EQ
UIP
MEN
T8
217
.0%
100.
0%25
1020
10AU
TOM
OBI
LE M
ANU
FAC
TUR
ERS
212
0AU
TOM
OBI
LES
22
100.
0%10
0.0%
2510
2020
MO
TOR
CYC
LE M
ANU
FAC
TUR
ERS
147
5LE
ISU
RE
TIM
E (P
RO
DU
CTS
)4
157
.5%
100.
0%25
2010
20H
OM
E FU
RN
ISH
ING
S 1
315
HO
USE
HO
LD F
UR
NIS
HIN
GS
& AP
PLIA
NC
ES.
31
38.3
%10
0.0%
2520
1030
HO
MEB
UIL
DIN
G
330
5H
OM
EBU
ILD
ING
33
100.
0%10
0.0%
2520
1040
HO
USE
HO
LD A
PPLI
ANC
ES
531
5H
OU
SEH
OLD
FU
RN
ISH
ING
S &
APPL
IAN
CES
.3
261
.7%
44.9
%25
2010
50H
OU
SEW
ARES
& S
PEC
IALT
IES
432
5H
OU
SEW
ARES
33
100.
0%94
.3%
2520
2020
PHO
TOG
RAP
HIC
PR
OD
UC
TS
140
3PH
OTO
GR
APH
Y/IM
AGIN
G2
153
.3%
100.
0%25
2030
10AP
PAR
EL &
AC
CES
SOR
IES
346
5TE
XTIL
ES (A
PPAR
EL)
33
100.
0%10
0.0%
2520
3020
FOO
TWEA
R
245
5FO
OTW
EAR
22
100.
0%10
0.0%
2530
1010
CAS
INO
S &
GAM
ING
2
262
GAM
ING
, LO
TTER
Y, &
PAR
I-MU
TUEL
CO
MPA
NIE
S2
210
0.0%
100.
0%25
3010
20H
OTE
LS
431
0LO
DG
ING
/HO
TELS
44
100.
0%10
0.0%
2530
1030
LEIS
UR
E PR
OD
UC
TS
347
5LE
ISU
RE
TIM
E (P
RO
DU
CTS
)4
342
.5%
100.
0%25
3010
40R
ESTA
UR
ANTS
5
420
RES
TAU
RAN
TS5
510
0.0%
100.
0%25
4010
10AD
VER
TISI
NG
3
456
SER
VIC
ES (A
DVE
RTI
SIN
G/M
ARKE
TIN
G)
33
100.
0%10
0.0%
2540
1020
BRO
ADC
ASTI
NG
& C
ABLE
TV
315
0BR
OAD
CAS
TIN
G (T
ELEV
ISIO
N, R
ADIO
& C
ABLE
)3
310
0.0%
100.
0%25
4010
30M
OVI
ES &
EN
TER
TAIN
MEN
T 3
245
ENTE
RTA
INM
ENT
33
100.
0%10
0.0%
2540
1040
PUBL
ISH
ING
& P
RIN
TIN
G
741
5PU
BLIS
HIN
G (N
EWSP
APER
S)5
510
0.0%
77.1
%25
5030
10D
EPAR
TMEN
T ST
OR
ES
743
0R
ETAI
L (D
EPAR
TMEN
T ST
OR
ES)
66
100.
0%77
.7%
2550
3020
GEN
ERAL
MER
CH
AND
ISE
STO
RES
7
445
RET
AIL
(GEN
ERAL
MER
CH
AND
ISE)
54
95.4
%96
.6%
2550
4010
APPA
REL
RET
AIL
345
2R
ETAI
L (S
PEC
IALT
Y-AP
PAR
EL)
33
100.
0%10
0.0%
2550
4020
CO
MPU
TER
& E
LEC
TRO
NIC
S R
ETAI
L 3
426
RET
AIL
(CO
MPU
TER
S &
ELEC
TRO
NIC
S)3
310
0.0%
100.
0%25
5040
30H
OM
E IM
PRO
VEM
ENT
RET
AIL
345
0R
ETAI
L (B
UIL
DIN
G S
UPP
LIES
)3
310
0.0%
100.
0%25
5040
40SP
ECIA
LTY
STO
RES
6
449
RET
AIL
(SPE
CIA
LTY)
66
100.
0%10
0.0%
Com
posi
tion
of S
&P
500
GIC
S Su
b-In
dust
ry In
dice
s Ve
rsus
Old
Indu
stry
Indi
ces,
as
of 1
2/31
/200
1 (c
ont'd
)
Appe
ndix
A2 (c
ont’d
)
Stan
dard
& P
oor’
s
Pa
ge 1
1
GIC
S co
deS&
P G
ICS
Inde
x
Num
ber o
f C
ompa
nies
in
GIC
S in
dex
Old
In
dust
ry
code
S&P
Old
Inde
x
Num
ber o
f C
ompa
nies
in
Old
inde
x
Num
ber o
f Co
mpa
nies
in
Com
mon
GIC
S M
arke
t C
ap in
Old
In
dex
Old
Mar
ket
Cap
in G
ICS
Inde
x30
1010
10D
RU
G R
ETAI
L 2
435
RET
AIL
(DR
UG
STO
RES
)2
210
0.0%
100.
0%30
1010
20FO
OD
DIS
TRIB
UTO
RS
221
7D
ISTR
IBU
TOR
S (F
OO
D &
HEA
LTH
)5
230
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100.
0%30
1010
30FO
OD
RET
AIL
444
0R
ETAI
L (F
OO
D C
HAI
NS)
44
100.
0%10
0.0%
3020
1010
BREW
ERS
214
0BE
VER
AGES
(ALC
OH
OLI
C)
32
90.7
%10
0.0%
3020
1020
DIS
TILL
ERS
& VI
NTN
ERS
114
0BE
VER
AGES
(ALC
OH
OLI
C)
31
9.3%
100.
0%30
2010
30SO
FT D
RIN
KS
414
5BE
VER
AGES
(NO
N-A
LCO
HO
LIC
)4
410
0.0%
100.
0%30
2020
10AG
RIC
ULT
UR
AL P
RO
DU
CTS
1
112
AGR
ICU
LTU
RAL
PR
OD
UC
TS1
110
0.0%
100.
0%30
2020
30PA
CKA
GED
FO
OD
S 9
250
FOO
DS
99
100.
0%10
0.0%
3020
3010
TOBA
CC
O
247
0TO
BAC
CO
22
100.
0%10
0.0%
3030
1010
HO
USE
HO
LD P
RO
DU
CTS
4
320
HO
USE
HO
LD P
RO
DU
CTS
(NO
N-D
UR
ABLE
S)4
410
0.0%
100.
0%30
3020
10PE
RSO
NAL
PR
OD
UC
TS
321
5PE
RSO
NAL
CAR
E3
310
0.0%
100.
0%35
1010
10H
EALT
H C
ARE
EQU
IPM
ENT
1130
0H
EALT
H C
ARE
(MED
ICAL
PR
OD
UC
TS &
SU
PPLI
ES)
1211
98.8
%10
0.0%
3510
1020
HEA
LTH
CAR
E SU
PPLI
ES
130
0H
EALT
H C
ARE
(MED
ICAL
PR
OD
UC
TS &
SU
PPLI
ES)
121
1.2%
100.
0%35
1020
10SE
RVI
CES
4
217
DIS
TRIB
UTO
RS
(FO
OD
& H
EALT
H)
53
69.4
%96
.0%
3510
2020
HEA
LTH
CAR
E FA
CIL
ITIE
S 5
295
HEA
LTH
CAR
E (H
OSP
ITAL
MAN
AGEM
ENT)
33
100.
0%84
.1%
3510
2030
MAN
AGED
HEA
LTH
CAR
E 5
287
HEA
LTH
CAR
E (M
ANAG
ED C
ARE)
55
100.
0%10
0.0%
3520
1010
BIO
TEC
HN
OLO
GY
614
7BI
OTE
CH
NO
LOG
Y6
610
0.0%
100.
0%35
2020
10PH
ARM
ACEU
TIC
ALS
1328
5H
EALT
H C
ARE
(DR
UG
S-M
AJO
R P
HAR
MAC
EUTI
CAL
S)7
710
0.0%
56.7
%35
2020
10PH
ARM
ACEU
TIC
ALS
1328
0H
EALT
H C
ARE
(DIV
ERSI
FIED
)4
410
0.0%
42.0
%40
1010
10BA
NKS
26
815
BAN
KS (M
AJO
R R
EGIO
NAL
)21
2110
0.0%
69.7
%40
2010
10C
ON
SUM
ER F
INAN
CE
584
5C
ON
SUM
ER F
INAN
CE
55
100.
0%10
0.0%
4020
1020
DIV
ERSI
FIED
FIN
ANC
IAL
SER
VIC
ES
1785
0FI
NAN
CIA
L (D
IVER
SIFI
ED)
1010
100.
0%85
.1%
4030
1010
INSU
RAN
CE
BRO
KER
S 2
330
INSU
RAN
CE
BRO
KER
S2
210
0.0%
100.
0%40
3010
20LI
FE &
HEA
LTH
INSU
RAN
CE
882
5IN
SUR
ANC
E (L
IFE/
HEA
LTH
)8
810
0.0%
100.
0%40
3010
30M
ULT
I- LI
NE
INSU
RAN
CE
383
0IN
SUR
ANC
E (M
ULT
I-LIN
E)3
310
0.0%
100.
0%40
3010
40PR
OPE
RTY
& C
ASU
ALTY
INSU
RAN
CE
983
5IN
SUR
ANC
E (P
RO
PER
TY-C
ASU
ALTY
)9
910
0.0%
100.
0%45
1010
10IN
TER
NET
SO
FTW
ARE
& SE
RVI
CES
1
185
CO
MPU
TER
S (S
OFT
WAR
E &
SER
VIC
ES)
171
1.8%
100.
0%45
1020
10IT
CO
NSU
LTIN
G &
SER
VIC
ES
445
4SE
RVI
CES
(CO
MPU
TER
SYS
TEM
S)4
388
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91.3
%45
1030
20SY
STEM
S SO
FTW
ARE
718
5C
OM
PUTE
RS
(SO
FTW
ARE
& SE
RVI
CES
)17
788
.4%
100.
0%45
2010
10N
ETW
OR
KIN
G E
QU
IPM
ENT
218
7C
OM
PUTE
RS
(NET
WO
RKI
NG
)3
295
.0%
100.
0%45
2010
20TE
LEC
OM
S EQ
UIP
MEN
T 12
180
CO
MM
UN
ICAT
ION
S EQ
UIP
MEN
T12
1210
0.0%
100.
0%45
2020
10C
OM
PUTE
R H
ARD
WAR
E 9
190
CO
MPU
TER
S (H
ARD
WAR
E)9
910
0.0%
100.
0%45
2020
20C
OM
PUTE
R S
TOR
AGE
& PE
RIP
HER
ALS
318
8C
OM
PUTE
RS
(PER
IPH
ERAL
S)2
210
0.0%
83.8
%45
2030
10IN
STR
UM
ENTS
9
230
ELEC
TRIC
AL (I
NST
RU
MEN
TATI
ON
)3
310
0.0%
36.2
%45
2040
10O
FFIC
E EL
ECTR
ON
ICS
140
3PH
OTO
GR
APH
Y/IM
AGIN
G2
146
.7%
100.
0%45
2050
10SE
MIC
ON
DU
CTO
R E
QU
IPM
ENT
424
7EQ
UIP
MEN
T (S
EMIC
ON
DU
CTO
RS)
44
100.
0%10
0.0%
4520
5020
SEM
ICO
ND
UC
TOR
S 18
235
ELEC
TRO
NIC
S (S
EMIC
ON
DU
CTO
RS)
1818
100.
0%10
0.0%
5010
1020
INTE
GR
ATED
TEL
ECO
M S
ERVI
CES
10
715
TELE
PHO
NE
77
100.
0%75
.6%
5010
2010
WIR
ELES
S TE
LEC
OM
SER
VIC
ES
346
2TE
LEC
OM
MU
NIC
ATIO
NS
(CEL
LULA
R/W
IREL
ESS)
33
100.
0%10
0.0%
5510
1010
ELEC
TRIC
UTI
LITI
ES
2970
5EL
ECTR
IC C
OM
PAN
IES
2727
100.
0%94
.6%
5510
2010
GAS
UTI
LITI
ES
771
0N
ATU
RAL
GAS
97
68.0
%10
0.0%
5510
3010
MU
LTI-
UTI
LITI
ES
271
0N
ATU
RAL
GAS
92
32.0
%10
0.0%
Com
posi
tion
of S
&P
500
GIC
S Su
b-In
dust
ry In
dice
s Ve
rsus
Old
Indu
stry
Indi
ces,
as
of 1
2/31
/200
1 (c
ont'd
)
Appe
ndix
B1
Stan
dard
& P
oor’
s
Pa
ge 1
2
GIC
S co
deS&
P G
ICS
Inde
xO
ld In
dust
ry
code
S&P
Old
Inde
xC
orre
latio
n
Stat
istic
ally
Si
gnifi
cant
at
99%
?
Num
ber o
f M
onth
ly
Obs
erva
tions
10EN
ERG
Y93
5EN
ERG
Y 10
0%ye
s85
15M
ATER
IALS
970
BASI
C M
ATER
IALS
10
0%ye
s85
20IN
DU
STR
IALS
925
CAP
ITAL
GO
OD
S 94
%ye
s85
25C
ON
SUM
ER D
ISC
RET
ION
ARY
976
CO
NSU
MER
CYC
LIC
ALS
99%
yes
8530
CO
NSU
MER
STA
PLES
978
CO
NSU
MER
STA
PLES
87
%ye
s67
35H
EALT
H C
ARE
905
HEA
LTH
CAR
E 99
%ye
s85
40FI
NAN
CIA
LS80
0FI
NAN
CIA
LS
100%
yes
6745
INFO
RM
ATIO
N T
ECH
NO
LOG
Y94
0TE
CH
NO
LOG
Y 99
%ye
s85
50TE
LEC
OM
SER
VIC
ES97
4C
OM
MU
NIC
ATIO
N S
ERVI
CES
99
%ye
s80
55U
TILI
TIES
700
UTI
LITI
ES
100%
yes
67
GIC
S co
deS&
P G
ICS
Inde
xO
ld In
dust
ry
code
S&P
Old
Inde
xC
orre
latio
n
Stat
istic
ally
Si
gnifi
cant
at
99%
?
Num
ber o
f M
onth
ly
Obs
erva
tions
1010
1010
OIL
& G
AS D
RIL
LIN
G39
5O
IL &
GAS
(DR
ILLI
NG
& E
QU
IPM
ENT)
99%
yes
8510
1010
20O
IL &
GAS
EQ
UIP
MEN
T &
SER
VIC
ES39
5O
IL &
GAS
(DR
ILLI
NG
& E
QU
IPM
ENT)
99%
yes
8510
1020
10IN
TEG
RAT
ED O
IL &
GAS
710
NAT
UR
AL G
AS94
%ye
s9
1010
2020
OIL
& G
AS E
XPLO
RAT
ION
& P
RO
DU
CTI
ON
380
OIL
& G
AS (E
XPLO
RAT
ION
& P
RO
DU
CTI
ON
)10
0%ye
s85
1010
2030
OIL
& G
AS R
EFIN
ING
& M
ARKE
TIN
G38
2O
IL &
GAS
(REF
ININ
G &
MAR
KETI
NG
)10
0%ye
s85
1510
1010
CO
MM
OD
ITY
CH
EMIC
ALS
160
CH
EMIC
ALS
93%
yes
8515
1010
20D
IVER
SIFI
ED C
HEM
ICAL
S16
5C
HEM
ICAL
S (D
IVER
SIFI
ED)
98%
yes
8515
1010
20D
IVER
SIFI
ED C
HEM
ICAL
S16
0C
HEM
ICAL
S84
%ye
s85
1510
1030
FER
TILI
ZER
S &
AGR
ICU
LTU
RAL
CH
EMIC
ALS
160
CH
EMIC
ALS
91%
yes
8515
1010
40IN
DU
STR
IAL
GAS
ES16
0C
HEM
ICAL
S38
%no
1215
1010
50SP
ECIA
LTY
CH
EMIC
ALS
167
CH
EMIC
ALS
(SPE
CIA
LTY)
93%
yes
8515
1020
10C
ON
STR
UC
TIO
N M
ATER
IALS
202
CO
NST
RU
CTI
ON
(CEM
ENT
& AG
GR
EGAT
ES)
100%
yes
8515
1030
20PA
PER
PAC
KAG
ING
210
CO
NTA
INER
S &
PAC
KAG
ING
(PAP
ER)
96%
yes
8515
1040
50ST
EEL
460
IRO
N &
STE
EL10
0%ye
s85
1510
5010
FOR
EST
PRO
DU
CTS
400
PAPE
R &
FO
RES
T PR
OD
UC
TS82
%ye
s85
1510
5020
PAPE
R P
RO
DU
CTS
400
PAPE
R &
FO
RES
T PR
OD
UC
TS94
%ye
s85
2010
1010
AER
OSP
ACE
& D
EFEN
SE11
0AE
RO
SPAC
E/D
EFEN
SE98
%ye
s85
2010
3010
CO
NST
RU
CTI
ON
& E
NG
INEE
RIN
G24
0EN
GIN
EER
ING
& C
ON
STR
UC
TIO
N10
0%ye
s85
2010
4010
ELEC
TRIC
AL C
OM
PON
ENTS
& E
QU
IPM
ENT
220
ELEC
TRIC
AL E
QU
IPM
ENT
97%
yes
8520
1050
10IN
DU
STR
IAL
CO
NG
LOM
ERAT
ES35
5M
ANU
FAC
TUR
ING
(DIV
ERSI
FIED
)85
%ye
s85
2010
6010
CO
NST
RU
CTI
ON
& F
ARM
MAC
HIN
ERY
345
MAC
HIN
ERY
(DIV
ERSI
FIED
)89
%ye
s85
2010
6020
IND
UST
RIA
L M
ACH
INER
Y35
5M
ANU
FAC
TUR
ING
(DIV
ERSI
FIED
)77
%ye
s85
2020
1010
CO
MM
ERC
IAL
PRIN
TIN
G45
8SP
ECIA
LTY
PRIN
TIN
G10
0%ye
s85
2020
1020
DAT
A PR
OC
ESSI
NG
SER
VIC
ES45
3SE
RVI
CES
(DAT
A PR
OC
ESSI
NG
)84
%ye
s85
2020
1030
DIV
ERSI
FIED
CO
MM
ERC
IAL
SER
VIC
ES17
5SE
RVI
CES
(CO
MM
ERC
IAL
& C
ON
SUM
ER)
95%
yes
8520
2010
40EM
PLO
YMEN
T SE
RVI
CES
457
SER
VIC
ES (E
MPL
OYM
ENT)
79%
yes
8520
2010
60O
FFIC
E SE
RVI
CES
& S
UPP
LIES
370
OFF
ICE
EQU
IPM
ENT
& SU
PPLI
ES10
0%ye
s85
2030
1010
AIR
FR
EIG
HT
& C
OU
RIE
RS
620
AIR
FR
EIG
HT
100%
yes
8520
3020
10AI
RLI
NES
605
AIR
LIN
ES10
0%ye
s85
S&P
Mid
Cap
400
GIC
S Se
ctor
Indi
ces
Vers
us O
ld S
ecto
r Ind
ices
, Cor
rela
tion
Sum
mar
y
S&P
Mid
Cap
400
GIC
S Su
b-In
dust
ry In
dice
s Ve
rsus
Old
Indu
stry
Indi
ces,
Cor
rela
tion
Sum
mar
y
Appe
ndix
B1 (c
ont’d
)
Stan
dard
& P
oor’
s
Pa
ge 1
3
GIC
S co
deS&
P G
ICS
Inde
xO
ld In
dust
ry
code
S&P
Old
Inde
xC
orre
latio
n
Stat
istic
ally
Si
gnifi
cant
at
99%
?
Num
ber o
f M
onth
ly
Obs
erva
tions
2030
3010
MAR
INE
612
SHIP
PIN
G10
0%ye
s85
2030
4010
RAI
LRO
ADS
610
RAI
LRO
ADS
100%
yes
1120
3040
20TR
UC
KIN
G61
5TR
UC
KER
S10
0%ye
s85
2510
1010
AUTO
PAR
TS &
EQ
UIP
MEN
T13
0AU
TO P
ARTS
& E
QU
IPM
ENT
100%
yes
8525
1010
20TI
RES
& R
UBB
ER13
0AU
TO P
ARTS
& E
QU
IPM
ENT
61%
yes
4825
2010
20H
OM
E FU
RN
ISH
ING
S31
5H
OU
SEH
OLD
FU
RN
ISH
ING
S. &
APP
LIAN
CES
93%
yes
8525
2010
20H
OM
E FU
RN
ISH
ING
S46
7TE
XTIL
ES (H
OM
E FU
RN
ISH
ING
S)80
%ye
s67
2520
1030
HO
MEB
UIL
DIN
G30
5H
OM
EBU
ILD
ING
100%
yes
8525
2010
50H
OU
SEW
ARES
& S
PEC
IALT
IES
203
CO
NSU
MER
(JEW
ELR
Y, N
OVE
LTIE
S, &
GIF
TS)
92%
yes
8525
2020
10LE
ISU
RE
PRO
DU
CTS
475
LEIS
UR
E TI
ME
(PR
OD
UC
TS)
13%
no85
2520
3030
TEXT
ILES
468
TEXT
ILES
(SPE
CIA
LTY)
100%
yes
8525
3010
10C
ASIN
OS
& G
AMIN
G26
2G
AMIN
G, L
OTT
ERY,
& P
ARI-M
UTU
EL C
OM
PAN
IES
90%
yes
8525
3010
30LE
ISU
RE
FAC
ILIT
IES
475
LEIS
UR
E TI
ME
(PR
OD
UC
TS)
61%
yes
2925
3010
40R
ESTA
UR
ANTS
420
RES
TAU
RAN
TS10
0%ye
s85
2540
1010
ADVE
RTI
SIN
G45
6SE
RVI
CES
(AD
VER
TISI
NG
/MAR
KETI
NG
)96
%ye
s85
2540
1020
BRO
ADC
ASTI
NG
& C
ABLE
TV
150
BRO
ADC
ASTI
NG
(TEL
EVIS
ION
, RAD
IO, &
CAB
LE)
100%
yes
8525
4010
40PU
BLIS
HIN
G &
PR
INTI
NG
415
PUBL
ISH
ING
(NEW
SPAP
ERS)
98%
yes
8525
5020
10C
ATAL
OG
RET
AIL
447
RET
AIL
(HO
ME
SHO
PPIN
G)
100%
yes
8525
5030
10D
EPAR
TMEN
T ST
OR
ES43
0R
ETAI
L (D
EPAR
TMEN
T ST
OR
ES)
100%
yes
6625
5030
20G
ENER
AL M
ERC
HAN
DIS
E ST
OR
ES43
2R
ETAI
L (D
ISC
OU
NTE
RS)
99%
yes
8525
5030
20G
ENER
AL M
ERC
HAN
DIS
E ST
OR
ES44
5R
ETAI
L (G
ENER
AL M
ERC
HAN
DIS
E)93
%ye
s85
2550
4010
APPA
REL
RET
AIL
452
RET
AIL
(SPE
CIA
LTY-
APPA
REL
)10
0%ye
s40
2550
4020
CO
MPU
TER
& E
LEC
TRO
NIC
S R
ETAI
L42
6R
ETAI
L (C
OM
PUTE
RS
& EL
ECTR
ON
ICS)
99%
yes
8225
5040
40SP
ECIA
LTY
STO
RES
449
RET
AIL
(SPE
CIA
LTY)
100%
yes
8530
1010
30FO
OD
RET
AIL
440
RET
AIL
(FO
OD
CH
AIN
S)10
0%ye
s85
3020
1030
SOFT
DR
INKS
145
BEVE
RAG
ES (N
ON
-ALC
OH
OLI
C)
100%
yes
8530
2020
20M
EAT
POU
LTR
Y &
FISH
250
FOO
DS
69%
yes
8530
2020
30PA
CKA
GED
FO
OD
S25
0FO
OD
S94
%ye
s85
3020
3010
TOBA
CC
O47
0TO
BAC
CO
100%
yes
3135
1010
10H
EALT
H C
ARE
EQU
IPM
ENT
300
SUPP
LIES
)98
%ye
s85
3510
1020
HEA
LTH
CAR
E SU
PPLI
ES30
0SU
PPLI
ES)
39%
yes
7635
1020
20H
EALT
H C
ARE
FAC
ILIT
IES
295
400
HEA
LTH
CAR
E (H
OSP
ITAL
MAN
AGEM
ENT)
81%
yes
5435
1020
30M
ANAG
ED H
EALT
H C
ARE
287
HEA
LTH
CAR
E (M
ANAG
ED C
ARE)
100%
yes
8535
2010
10BI
OTE
CH
NO
LOG
Y14
7BI
OTE
CH
NO
LOG
Y10
0%ye
s85
3520
2010
PHAR
MAC
EUTI
CAL
S28
0H
EALT
H C
ARE
(DIV
ERSI
FIED
)89
%ye
s85
3520
2010
PHAR
MAC
EUTI
CAL
S28
3H
EALT
H C
ARE
(DR
UG
S-G
ENER
IC &
OTH
ER)
76%
yes
8540
1010
10BA
NKS
817
BAN
KS (R
EGIO
NAL
)10
0%ye
s85
4020
1010
CO
NSU
MER
FIN
ANC
E84
5C
ON
SUM
ER F
INAN
CE
97%
yes
1140
2010
20D
IVER
SIFI
ED F
INAN
CIA
L SE
RVI
CES
822
INVE
STM
ENT
BAN
KIN
G/B
RO
KER
AGE
99%
yes
8540
3010
20LI
FE &
HEA
LTH
INSU
RAN
CE
825
INSU
RAN
CE
(LIF
E/H
EALT
H)
100%
yes
8540
3010
30M
ULT
I-LIN
E IN
SUR
ANC
E83
5IN
SUR
ANC
E (P
RO
PER
TY-C
ASU
ALTY
)66
%ye
s85
4030
1040
PRO
PER
TY &
CAS
UAL
TY IN
SUR
ANC
E83
5IN
SUR
ANC
E (P
RO
PER
TY-C
ASU
ALTY
)90
%ye
s85
S&P
Mid
Cap
400
GIC
S Su
b-In
dust
ry In
dice
s Ve
rsus
Old
Indu
stry
Indi
ces,
Cor
rela
tion
Sum
mar
y
Appe
ndix
B1 (c
ont’d
)
Stan
dard
& P
oor’
s
Pa
ge 1
4
GIC
S co
deS&
P G
ICS
Inde
xO
ld In
dust
ry
code
S&P
Old
Inde
xC
orre
latio
n
Stat
istic
ally
Si
gnifi
cant
at
99%
?
Num
ber o
f M
onth
ly
Obs
erva
tions
4510
1010
INTE
RN
ET S
OFT
WAR
E &
SER
VIC
ES18
5C
OM
PUTE
RS
(SO
FTW
ARE
& SE
RVI
CES
)77
%ye
s53
4510
2010
IT C
ON
SULT
ING
& S
ERVI
CES
454
SER
VIC
ES (C
OM
PUTE
R S
YSTE
MS)
93%
yes
6745
1030
10AP
PLIC
ATIO
N S
OFT
WAR
E18
5C
OM
PUTE
RS
(SO
FTW
ARE
& SE
RVI
CES
)97
%ye
s85
4510
3020
SYST
EMS
SOFT
WAR
E18
5C
OM
PUTE
RS
(SO
FTW
ARE
& SE
RVI
CES
)96
%ye
s85
4520
1010
NET
WO
RKI
NG
EQ
UIP
MEN
T18
7C
OM
PUTE
RS
(NET
WO
RKI
NG
)10
0%ye
s19
4520
1020
TELE
CO
MS
EQU
IPM
ENT
180
CO
MM
UN
ICAT
ION
S EQ
UIP
MEN
T10
0%ye
s85
4520
2020
CO
MPU
TER
STO
RAG
E &
PER
IPH
ERAL
S18
8C
OM
PUTE
RS
(PER
IPH
ERAL
S)10
0%ye
s85
4520
3010
ELEC
TRO
NIC
EQ
UIP
MEN
T &
INST
RU
MEN
TS23
0EL
ECTR
ON
ICS
(INST
RU
MEN
TATI
ON
)78
%ye
s81
4520
5010
SEM
ICO
ND
UC
TOR
EQ
UIP
MEN
T24
7EQ
UIP
MEN
T (S
EMIC
ON
DU
CTO
RS)
100%
yes
7045
2050
20SE
MIC
ON
DU
CTO
RS
235
ELEC
TRO
NIC
S (S
EMIC
ON
DU
CTO
RS)
100%
yes
8550
1010
20IN
TEG
RAT
ED T
ELEC
OM
SER
VIC
ES71
5TE
LEPH
ON
E95
%ye
s85
5010
2010
WIR
ELES
S TE
LEC
OM
SER
VIC
ES46
2TE
LEC
OM
MU
NIC
ATIO
NS
(CEL
LULA
R/W
IREL
ESS)
19%
no85
5510
1010
ELEC
TRIC
UTI
LITI
ES70
5EL
ECTR
IC C
OM
PAN
IES
96%
yes
8555
1020
10G
AS U
TILI
TIES
710
NAT
UR
AL G
AS10
0%ye
s85
5510
3010
MU
LTI -
UTI
LITI
ES70
5EL
ECTR
IC C
OM
PAN
IES
82%
yes
8555
1040
10W
ATER
UTI
LITI
ES72
5W
ATER
UTI
LITI
ES10
0%ye
s73
S&P
Mid
Cap
400
GIC
S Su
b-In
dust
ry In
dice
s Ve
rsus
Old
Indu
stry
Indi
ces,
Cor
rela
tion
Sum
mar
y
Appe
ndix
B2
Stan
dard
& P
oor’
s
Pa
ge 1
5
GIC
S co
deS&
P G
ICS
Inde
x
Num
ber o
f C
ompa
nies
in
GIC
S in
dex
Old
In
dust
ry
code
S&P
Old
Inde
x
Num
ber o
f Co
mpa
nies
in
Old
inde
x
Num
ber o
f C
ompa
nies
in
Com
mon
GIC
S M
arke
t Ca
p in
Old
In
dex
Old
Mar
ket
Cap
in G
ICS
Inde
x10
ENER
GY
2393
5EN
ERG
Y 21
2110
0%94
%15
MAT
ERIA
LS29
970
BASI
C M
ATER
IALS
30
2997
%10
0%20
IND
UST
RIA
LS67
925
CAP
ITAL
GO
OD
S 37
2973
%39
%25
CO
NSU
MER
DIS
CR
ETIO
NAR
Y57
976
CO
NSU
MER
CYC
LIC
ALS
6146
75%
81%
30C
ON
SUM
ER S
TAPL
ES19
978
CO
NSU
MER
STA
PLES
36
1854
%97
%35
HEA
LTH
CAR
E37
905
HEA
LTH
CAR
E 34
3410
0%93
%40
FIN
ANC
IALS
6080
0FI
NAN
CIA
LS
6059
99%
99%
45IN
FOR
MAT
ION
TEC
HN
OLO
GY
7394
0TE
CH
NO
LOG
Y 71
6487
%89
%50
TELE
CO
M S
ERVI
CES
397
4C
OM
MU
NIC
ATIO
N S
ERVI
CES
4
388
%10
0%55
UTI
LITI
ES32
700
UTI
LITI
ES
3432
95%
100%
GIC
S co
deS&
P G
ICS
Inde
x
Num
ber o
f C
ompa
nies
in
GIC
S in
dex
Old
In
dust
ry
code
S&P
Old
Inde
x
Num
ber o
f Co
mpa
nies
in
Old
inde
x
Num
ber o
f C
ompa
nies
in
Com
mon
GIC
S M
arke
t Ca
p in
Old
In
dex
Old
Mar
ket
Cap
in G
ICS
Inde
x10
1010
10O
IL &
GAS
DR
ILLI
NG
439
5O
IL &
GAS
(DR
ILLI
NG
& E
QU
IPM
ENT)
134
28%
100%
1010
1020
OIL
& G
AS E
QU
IPM
ENT
& SE
RVI
CES
939
5O
IL &
GAS
(DR
ILLI
NG
& E
QU
IPM
ENT)
139
72%
100%
1010
2010
INTE
GR
ATED
OIL
& G
AS1
710
NAT
UR
AL G
AS9
115
%10
0%10
1020
20O
IL &
GAS
EXP
LOR
ATIO
N &
PR
OD
UC
TIO
N5
380
OIL
& G
AS (E
XPLO
RAT
ION
& P
RO
DU
CTI
ON
)5
510
0%10
0%10
1020
30O
IL &
GAS
REF
ININ
G &
MAR
KETI
NG
438
2O
IL &
GAS
(REF
ININ
G &
MAR
KETI
NG
)3
310
0%87
%15
1010
10C
OM
MO
DIT
Y C
HEM
ICAL
S1
160
CH
EMIC
ALS
51
21%
100%
1510
1020
DIV
ERSI
FIED
CH
EMIC
ALS
316
5C
HEM
ICAL
S (D
IVER
SIFI
ED)
11
100%
16%
1510
1020
DIV
ERSI
FIED
CH
EMIC
ALS
316
0C
HEM
ICAL
S5
247
%84
%15
1010
30FE
RTI
LIZE
RS
& AG
RIC
ULT
UR
AL C
HEM
ICAL
S1
160
CH
EMIC
ALS
51
19%
100%
1510
1040
IND
UST
RIA
L G
ASES
116
0C
HEM
ICAL
S5
113
%10
0%15
1010
50SP
ECIA
LTY
CH
EMIC
ALS
1016
7C
HEM
ICAL
S (S
PEC
IALT
Y)10
1010
0%10
0%15
1020
10C
ON
STR
UC
TIO
N M
ATER
IALS
120
2C
ON
STR
UC
TIO
N (C
EMEN
T &
AGG
REG
ATES
)1
110
0%10
0%15
1030
20PA
PER
PAC
KAG
ING
321
0C
ON
TAIN
ERS
& PA
CKA
GIN
G (P
APER
)2
210
0%88
%15
1040
50ST
EEL
346
0IR
ON
& S
TEEL
33
100%
100%
1510
5010
FOR
EST
PRO
DU
CTS
140
0PA
PER
& F
OR
EST
PRO
DU
CTS
61
21%
100%
1510
5020
PAPE
R P
RO
DU
CTS
440
0PA
PER
& F
OR
EST
PRO
DU
CTS
64
70%
100%
2010
1010
AER
OSP
ACE
& D
EFEN
SE3
110
AER
OSP
ACE/
DEF
ENSE
22
100%
36%
2010
3010
CO
NST
RU
CTI
ON
& E
NG
INEE
RIN
G4
240
ENG
INEE
RIN
G &
CO
NST
RU
CTI
ON
44
100%
100%
2010
4010
ELEC
TRIC
AL C
OM
PON
ENTS
& E
QU
IPM
ENT
422
0EL
ECTR
ICAL
EQ
UIP
MEN
T6
111
%32
%20
1050
10IN
DU
STR
IAL
CO
NG
LOM
ERAT
ES2
355
MAN
UFA
CTU
RIN
G (D
IVER
SIFI
ED)
81
7%38
%20
1060
10C
ON
STR
UC
TIO
N &
FAR
M M
ACH
INER
Y2
345
MAC
HIN
ERY
(DIV
ERSI
FIED
)3
141
%49
%20
1060
20IN
DU
STR
IAL
MAC
HIN
ERY
1035
5M
ANU
FAC
TUR
ING
(DIV
ERSI
FIED
)8
324
%24
%20
2010
10C
OM
MER
CIA
L PR
INTI
NG
245
8SP
ECIA
LTY
PRIN
TIN
G2
210
0%10
0%20
2010
20D
ATA
PRO
CES
SIN
G S
ERVI
CES
645
3SE
RVI
CES
(DAT
A PR
OC
ESSI
NG
)5
510
0%87
%20
2010
30D
IVER
SIFI
ED C
OM
MER
CIA
L SE
RVI
CES
1117
5SE
RVI
CES
(CO
MM
ERC
IAL
& C
ON
SUM
ER)
1211
93%
100%
2020
1040
EMPL
OYM
ENT
SER
VIC
ES4
457
SER
VIC
ES (E
MPL
OYM
ENT)
44
100%
100%
2020
1060
OFF
ICE
SER
VIC
ES &
SU
PPLI
ES3
370
OFF
ICE
EQU
IPM
ENT
& SU
PPLI
ES4
371
%10
0%20
3010
10AI
R F
REI
GH
T &
CO
UR
IER
S4
620
AIR
FR
EIG
HT
44
100%
100%
2030
2010
AIR
LIN
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Pa
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SPEC
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DIV
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6615
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PAPE
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T PR
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6620
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STR
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s66
2010
4010
ELEC
TRIC
AL C
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PON
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& E
QU
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220
ELEC
TRIC
AL E
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6620
1050
10IN
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STR
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NG
LOM
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355
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6620
1060
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M M
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PAR
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s66
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6020
IND
UST
RIA
L M
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INER
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5M
ANU
FAC
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(DIV
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FIED
)85
%ye
s66
2010
6020
IND
UST
RIA
L M
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ANU
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CIA
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6620
1060
20IN
DU
STR
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MAC
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345
MAC
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s66
2020
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CO
MM
ERC
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SPEC
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6620
2010
20D
ATA
PRO
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SIN
G S
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45
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RVI
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OC
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DIV
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CO
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VIC
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175
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EMPL
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MPL
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Indi
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Vers
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S&P
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Sum
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Appe
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Stan
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& P
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Obs
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IES
& EN
VIR
ON
MEN
TAL)
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no66
2020
1060
OFF
ICE
SER
VIC
ES &
SU
PPLI
ES
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OFF
ICE
EQU
IPM
ENT
& SU
PPLI
ES18
%no
2920
3020
10AI
RLI
NES
60
5AI
RLI
NES
100%
yes
6620
3030
10M
ARIN
E 61
2SH
IPPI
NG
100%
yes
6620
3040
10R
AILR
OAD
S 61
0R
AILR
OAD
S99
%ye
s8
2030
4020
TRU
CKI
NG
61
5TR
UC
KER
S98
%ye
s66
2510
1010
AUTO
PAR
TS &
EQ
UIP
MEN
T 13
0AU
TO P
ARTS
& E
QU
IPM
ENT
98%
yes
6625
1020
10AU
TOM
OBI
LE M
ANU
FAC
TUR
ERS
475
LEIS
UR
E TI
ME
(PR
OD
UC
TS)
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no66
2520
1020
HO
ME
FUR
NIS
HIN
GS
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HO
USE
HO
LD F
UR
NIS
HIN
GS.
& A
PPLI
ANC
ES89
%ye
s66
2520
1030
HO
MEB
UIL
DIN
G
305
HO
MEB
UIL
DIN
G10
0%ye
s66
2520
1040
HO
USE
HO
LD A
PPLI
ANC
ES
325
HO
USE
WAR
ES91
%ye
s66
2520
1050
HO
USE
WAR
ES &
SPE
CIA
LTIE
S 20
3C
ON
SUM
ER (J
EWEL
RY,
NO
VELT
IES
& G
IFTS
)97
%ye
s66
2520
2010
LEIS
UR
E PR
OD
UC
TS
475
LEIS
UR
E TI
ME
(PR
OD
UC
TS)
98%
yes
6625
2020
20PH
OTO
GR
APH
IC P
RO
DU
CTS
40
3PH
OTO
GR
APH
Y/IM
AGIN
G95
%ye
s25
2520
3010
APPA
REL
& A
CC
ESSO
RIE
S 46
5TE
XTIL
ES (A
PPAR
EL)
97%
yes
6625
2030
20FO
OTW
EAR
45
5FO
OTW
EAR
100%
yes
6625
2030
30TE
XTIL
ES
468
TEXT
ILES
(SPE
CIA
LTY)
100%
yes
6625
3010
10C
ASIN
OS
& G
AMIN
G
262
GAM
ING
, LO
TTER
Y &
PAR
I-MU
TUEL
CO
MPA
NIE
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0%ye
s66
2530
1020
HO
TELS
31
0LO
DG
ING
-HO
TELS
100%
yes
6625
3010
30LE
ISU
RE
FAC
ILIT
IES
475
LEIS
UR
E TI
ME
(PR
OD
UC
TS)
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no11
2530
1040
RES
TAU
RAN
TS
420
RES
TAU
RAN
TS10
0%ye
s66
2540
1010
ADVE
RTI
SIN
G
456
SER
VIC
ES (A
DVE
RTI
SIN
G/M
ARKE
TIN
G)
92%
yes
6625
4010
40PU
BLIS
HIN
G &
PR
INTI
NG
41
0PU
BLIS
HIN
G10
0%ye
s66
2550
2010
CAT
ALO
G R
ETAI
L 44
7R
ETAI
L (H
OM
E SH
OPP
ING
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%ye
s66
2550
3020
GEN
ERAL
MER
CH
AND
ISE
STO
RES
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2R
ETAI
L (D
ISC
OU
NTE
RS)
98%
yes
6625
5040
10AP
PAR
EL R
ETAI
L 45
2R
ETAI
L (S
PEC
IALT
Y-AP
PAR
EL)
89%
yes
6625
5040
20C
OM
PUTE
R &
ELE
CTR
ON
ICS
RET
AIL
426
RET
AIL
(CO
MPU
TER
S &
ELEC
TRO
NIC
S)10
0%ye
s13
2550
4030
HO
ME
IMPR
OVE
MEN
T R
ETAI
L 45
0R
ETAI
L (B
UIL
DIN
G S
UPP
LIES
)97
%ye
s66
2550
4040
SPEC
IALT
Y ST
OR
ES
449
RET
AIL
(SPE
CIA
LTY)
97%
yes
6630
1010
20FO
OD
DIS
TRIB
UTO
RS
217
DIS
TRIB
UTO
RS
(FO
OD
& H
EALT
H)
75%
yes
6630
1010
30FO
OD
RET
AIL
440
RET
AIL
(FO
OD
CH
AIN
S)99
%ye
s66
3020
1020
DIS
TILL
ERS
& VI
NTN
ERS
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BEVE
RAG
ES (A
LCO
HO
LIC
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0%ye
s56
3020
1030
SOFT
DR
INKS
14
5BE
VER
AGES
(NO
N-A
LCO
HO
LIC
)10
0%ye
s66
3020
2010
AGR
ICU
LTU
RAL
PR
OD
UC
TS
112
AGR
ICU
LTU
RAL
PR
OD
UC
TS93
%ye
s66
3020
2030
PAC
KAG
ED F
OO
DS
250
FOO
DS
91%
yes
6630
2030
10TO
BAC
CO
47
0TO
BAC
CO
97%
yes
5530
3020
10PE
RSO
NAL
PR
OD
UC
TS
215
PER
SON
AL C
ARE
100%
yes
6635
1010
10H
EALT
H C
ARE
EQU
IPM
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300
HEA
LTH
CAR
E (M
EDIC
AL P
RO
DU
CTS
& S
UP
97%
yes
6635
1010
20H
EALT
H C
ARE
SUPP
LIES
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0H
EALT
H C
ARE
(MED
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PR
OD
UC
TS &
SU
P-2
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1020
10H
EALT
H C
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DIS
TRIB
UTO
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& SE
RVI
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EALT
H C
ARE
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CIA
LIZE
D S
ERVI
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s66
3510
2020
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LTH
CAR
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EALT
H C
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SPIT
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6635
1020
30M
ANAG
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EALT
H C
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287
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LTH
CAR
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ANAG
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yes
6635
2010
10BI
OTE
CH
NO
LOG
Y 14
7BI
OTE
CH
NO
LOG
Y10
0%ye
s66
3520
2010
PHAR
MAC
EUTI
CAL
S 28
3H
EALT
H C
ARE
(DR
UG
S-G
ENER
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OTH
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Smal
lCap
600
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b-In
dust
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dice
s Ve
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Old
Indu
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Cor
rela
tion
Sum
mar
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Appe
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Stan
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Num
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4020
1010
CO
NSU
MER
FIN
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5C
ON
SUM
ER F
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100%
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6640
2010
20D
IVER
SIFI
ED F
INAN
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L SE
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2IN
VEST
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T BA
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1010
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SUR
ANC
E BR
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100%
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6640
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825
INSU
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(LIF
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EALT
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6640
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OPE
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& C
ASU
ALTY
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835
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RAN
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(PR
OPE
RTY
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UAL
TY)
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yes
6645
1010
10IN
TER
NET
SO
FTW
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& SE
RVI
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18
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OM
PUTE
RS
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FTW
ARE
& SE
RVI
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4510
2010
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& S
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RVI
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SYS
TEM
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APPL
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SO
FTW
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185
CO
MPU
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S (S
OFT
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VIC
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6645
1030
20SY
STEM
S SO
FTW
ARE
185
CO
MPU
TER
S (S
OFT
WAR
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SER
VIC
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yes
6645
2010
10N
ETW
OR
KIN
G E
QU
IPM
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187
CO
MPU
TER
S (N
ETW
OR
KIN
G)
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yes
6645
2010
20TE
LEC
OM
S EQ
UIP
MEN
T 18
0C
OM
MU
NIC
ATIO
NS
EQU
IPM
ENT
88%
yes
6645
2020
10C
OM
PUTE
R H
ARD
WAR
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OTO
GR
APH
Y/IM
AGIN
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3745
2020
20C
OM
PUTE
R S
TOR
AGE
& PE
RIP
HER
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188
CO
MPU
TER
S (P
ERIP
HER
ALS)
97%
yes
6645
2030
10EL
ECTR
ON
IC E
QU
IPM
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& IN
STR
UM
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23
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ECTR
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ICS
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RU
MEN
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3010
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TRO
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EQ
UIP
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INST
RU
MEN
TS
220
ELEC
TRIC
AL E
QU
IPM
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6645
2040
10O
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3745
2050
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DU
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QU
IPM
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247
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IPM
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ICO
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TOR
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SEM
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TOR
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1020
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GR
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2010
WIR
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S TE
LEC
OM
SER
VIC
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LEC
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MU
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LULA
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IREL
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1155
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10EL
ECTR
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5EL
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IC C
OM
PAN
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6655
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10G
AS U
TILI
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ATU
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GAS
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6655
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10M
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ILLI
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QU
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2020
OIL
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AS E
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RO
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CTI
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16
380
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RAT
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RO
DU
CTI
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1510
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CO
MM
OD
ITY
CH
EMIC
ALS
116
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0%15
1010
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IVER
SIFI
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S 1
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CH
EMIC
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ERSI
FIED
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1010
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RTI
LIZE
RS
& AG
RIC
ULT
UR
AL C
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S 2
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CH
EMIC
ALS
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1510
1050
SPEC
IALT
Y C
HEM
ICAL
S 9
167
CH
EMIC
ALS
(SPE
CIA
LTY)
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100%
94%
1510
2010
CO
NST
RU
CTI
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MAT
ERIA
LS
220
2C
ON
STR
UC
TIO
N (C
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PAC
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210
CO
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11
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1510
4010
ALU
MIN
UM
3
115
ALU
MIN
UM
33
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100%
1510
4020
DIV
ERSI
FIED
MET
ALS
& M
ININ
G
335
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ETAL
FAB
RIC
ATO
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52
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22%
1510
4040
PREC
IOU
S M
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S &
MIN
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S 1
265
GO
LD &
PR
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MET
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STEE
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RES
T PR
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TS
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EST
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CTS
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PAPE
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FO
RES
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1010
10AE
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SPAC
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9
110
AER
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ENSE
54
85%
44%
2010
2010
BUIL
DIN
G P
RO
DU
CTS
7
155
BUIL
DIN
G M
ATER
IALS
55
100%
75%
2010
3010
CO
NST
RU
CTI
ON
& E
NG
INEE
RIN
G
624
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MPO
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TS &
EQ
UIP
MEN
T 17
220
ELEC
TRIC
AL E
QU
IPM
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2510
37%
57%
2010
5010
IND
UST
RIA
L C
ON
GLO
MER
ATES
3
355
MAN
UFA
CTU
RIN
G (D
IVER
SIFI
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162
11%
86%
2010
6010
CO
NST
RU
CTI
ON
& F
ARM
MAC
HIN
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513
5TR
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KS &
PAR
TS3
310
0%68
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7M
ANU
FAC
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249
33%
34%
2010
6020
IND
UST
RIA
L M
ACH
INER
Y 23
345
MAC
HIN
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(DIV
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FIED
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%20
2010
10C
OM
MER
CIA
L PR
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SPEC
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INTI
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33
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100%
2020
1020
DAT
A PR
OC
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SER
VIC
ES
445
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RVI
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A PR
OC
ESSI
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0%91
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2010
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IVER
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OM
MER
CIA
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RVI
CES
18
175
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ES (C
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MER
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CO
NSU
MER
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2010
40EM
PLO
YMEN
T SE
RVI
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8
457
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VIC
ES (E
MPL
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Com
posi
tion
of S
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GIC
S Se
ctor
Indi
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Vers
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ld S
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r Ind
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1
Com
posi
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of S
&P
Smal
lCap
600
GIC
S Su
b-In
dust
ry In
dice
s Ve
rsus
Old
Indu
stry
Indi
ces,
as
of 1
2/31
/200
1
Appe
ndix
C2 (c
ont’d
)
Stan
dard
& P
oor’
s
Pa
ge 2
2
GIC
S co
deS&
P G
ICS
Inde
x
Num
ber o
f Co
mpa
nies
in
GIC
S in
dex
Old
In
dust
ry
code
S&P
Old
Inde
x
Num
ber o
f Co
mpa
nies
in
Old
inde
x
Num
ber o
f Co
mpa
nies
in
Com
mon
GIC
S M
arke
t Ca
p in
Old
In
dex
Old
Mar
ket
Cap
in G
ICS
Inde
x20
2010
50EN
VIR
ON
MEN
TAL
SER
VIC
ES
345
9SE
RVI
CES
(FAC
ILIT
IES
& EN
VIR
ON
MEN
TAL)
21
58%
43%
2020
1060
OFF
ICE
SER
VIC
ES &
SU
PPLI
ES
437
0O
FFIC
E EQ
UIP
MEN
T &
SUPP
LIES
33
100%
89%
2030
2010
AIR
LIN
ES
560
5AI
RLI
NES
55
100%
100%
2030
3010
MAR
INE
161
2SH
IPPI
NG
11
100%
100%
2030
4010
RAI
LRO
ADS
161
0R
AILR
OAD
S1
110
0%10
0%20
3040
20TR
UC
KIN
G
761
5TR
UC
KER
S8
788
%10
0%25
1010
10AU
TO P
ARTS
& E
QU
IPM
ENT
413
0AU
TO P
ARTS
& E
QU
IPM
ENT
64
57%
100%
2510
2010
AUTO
MO
BILE
MAN
UFA
CTU
RER
S 4
475
LEIS
UR
E TI
ME
(PR
OD
UC
TS)
144
31%
100%
2520
1020
HO
ME
FUR
NIS
HIN
GS
431
5H
OU
SEH
OLD
FU
RN
ISH
ING
S. &
APP
LIAN
CES
43
97%
92%
2520
1030
HO
MEB
UIL
DIN
G
930
5H
OM
EBU
ILD
ING
99
100%
100%
2520
1040
HO
USE
HO
LD A
PPLI
ANC
ES
532
5H
OU
SEW
ARES
53
41%
43%
2520
1050
HO
USE
WAR
ES &
SPE
CIA
LTIE
S 6
203
CO
NSU
MER
(JEW
ELR
Y, N
OVE
LTIE
S &
GIF
TS)
74
41%
57%
2520
2010
LEIS
UR
E PR
OD
UC
TS
1047
5LE
ISU
RE
TIM
E (P
RO
DU
CTS
)14
959
%88
%25
2020
20PH
OTO
GR
APH
IC P
RO
DU
CTS
1
403
PHO
TOG
RAP
HY/
IMAG
ING
31
9%10
0%25
2030
10AP
PAR
EL &
AC
CES
SOR
IES
1046
5TE
XTIL
ES (A
PPAR
EL)
99
100%
83%
2520
3020
FOO
TWEA
R
445
5FO
OTW
EAR
44
100%
100%
2520
3030
TEXT
ILES
1
468
TEXT
ILES
(SPE
CIA
LTY)
11
100%
100%
2530
1010
CAS
INO
S &
GAM
ING
4
262
GAM
ING
, LO
TTER
Y &
PAR
I-MU
TUEL
CO
MPA
NIE
S4
410
0%10
0%25
3010
20H
OTE
LS
231
0LO
DG
ING
-HO
TELS
22
100%
100%
2530
1030
LEIS
UR
E FA
CIL
ITIE
S 1
475
LEIS
UR
E TI
ME
(PR
OD
UC
TS)
141
9%10
0%25
3010
40R
ESTA
UR
ANTS
17
420
RES
TAU
RAN
TS17
1710
0%10
0%25
4010
10AD
VER
TISI
NG
1
456
SER
VIC
ES (A
DVE
RTI
SIN
G/M
ARKE
TIN
G)
31
64%
100%
2540
1040
PUBL
ISH
ING
& P
RIN
TIN
G
341
0PU
BLIS
HIN
G3
310
0%10
0%25
5020
10C
ATAL
OG
RET
AIL
244
7R
ETAI
L (H
OM
E SH
OPP
ING
)1
110
0%72
%25
5030
20G
ENER
AL M
ERC
HAN
DIS
E ST
OR
ES
443
2R
ETAI
L (D
ISC
OU
NTE
RS)
54
86%
100%
2550
4010
APPA
REL
RET
AIL
1445
2R
ETAI
L (S
PEC
IALT
Y-AP
PAR
EL)
1212
100%
90%
2550
4020
CO
MPU
TER
& E
LEC
TRO
NIC
S R
ETAI
L 1
426
RET
AIL
(CO
MPU
TER
S &
ELEC
TRO
NIC
S)1
110
0%10
0%25
5040
30H
OM
E IM
PRO
VEM
ENT
RET
AIL
245
0R
ETAI
L (B
UIL
DIN
G S
UPP
LIES
)2
210
0%10
0%25
5040
40SP
ECIA
LTY
STO
RES
15
449
RET
AIL
(SPE
CIA
LTY)
1511
85%
74%
3010
1020
FOO
D D
ISTR
IBU
TOR
S 4
217
DIS
TRIB
UTO
RS
(FO
OD
& H
EALT
H)
64
59%
100%
3010
1030
FOO
D R
ETAI
L 3
440
RET
AIL
(FO
OD
CH
AIN
S)2
210
0%82
%30
2010
20D
ISTI
LLER
S &
VIN
TNER
S 1
140
BEVE
RAG
ES (A
LCO
HO
LIC
)1
110
0%10
0%30
2010
30SO
FT D
RIN
KS
114
5BE
VER
AGES
(NO
N-A
LCO
HO
LIC
)1
110
0%10
0%30
2020
10AG
RIC
ULT
UR
AL P
RO
DU
CTS
2
112
AGR
ICU
LTU
RAL
PR
OD
UC
TS3
287
%10
0%30
2020
30PA
CKA
GED
FO
OD
S 5
250
FOO
DS
55
100%
100%
3020
3010
TOBA
CC
O
247
0TO
BAC
CO
11
100%
52%
3030
2010
PER
SON
AL P
RO
DU
CTS
2
215
PER
SON
AL C
ARE
22
100%
100%
3510
1010
HEA
LTH
CAR
E EQ
UIP
MEN
T 15
300
HEA
LTH
CAR
E (M
EDIC
AL P
RO
DU
CTS
& S
UP
2414
64%
96%
3510
1020
HEA
LTH
CAR
E SU
PPLI
ES
930
0H
EALT
H C
ARE
(MED
ICAL
PR
OD
UC
TS &
SU
P24
931
%10
0%35
1020
10H
EALT
H C
ARE
DIS
TRIB
UTO
RS
& SE
RVI
CES
12
292
HEA
LTH
CAR
E (S
PEC
IALI
ZED
SER
VIC
ES)
139
77%
78%
3510
2020
HEA
LTH
CAR
E FA
CIL
ITIE
S 3
295
HEA
LTH
CAR
E (H
OSP
ITAL
MAN
AGEM
ENT)
11
100%
62%
3510
2030
MAN
AGED
HEA
LTH
CAR
E 6
287
HEA
LTH
CAR
E (M
ANAG
ED C
ARE)
33
100%
55%
3520
1010
BIO
TEC
HN
OLO
GY
914
7BI
OTE
CH
NO
LOG
Y9
910
0%10
0%35
2020
10PH
ARM
ACEU
TIC
ALS
328
3H
EALT
H C
ARE
(DR
UG
S-G
ENER
IC &
OTH
ER)
53
85%
100%
Com
posi
tion
of S
&P
Smal
lCap
600
GIC
S Su
b-In
dust
ry In
dice
s Ve
rsus
Old
Indu
stry
Indi
ces,
as
of 1
2/31
/200
1
Appe
ndix
C2 (c
ont’d
)
Stan
dard
& P
oor’
s
Pa
ge 2
3
GIC
S co
deS&
P G
ICS
Inde
x
Num
ber o
f Co
mpa
nies
in
GIC
S in
dex
Old
In
dust
ry
code
S&P
Old
Inde
x
Num
ber o
f Co
mpa
nies
in
Old
inde
x
Num
ber o
f Co
mpa
nies
in
Com
mon
GIC
S M
arke
t Ca
p in
Old
In
dex
Old
Mar
ket
Cap
in G
ICS
Inde
x40
1010
10BA
NKS
30
817
BAN
KS (R
EGIO
NAL
)24
2410
0%80
%40
2010
10C
ON
SUM
ER F
INAN
CE
284
5C
ON
SUM
ER F
INAN
CE
11
100%
29%
4020
1020
DIV
ERSI
FIED
FIN
ANC
IAL
SER
VIC
ES
382
2IN
VEST
MEN
T BA
NKI
NG
/BR
OKE
RAG
E3
310
0%10
0%40
3010
10IN
SUR
ANC
E BR
OKE
RS
133
0IN
SUR
ANC
E BR
OKE
RS
11
100%
100%
4030
1020
LIFE
& H
EALT
H IN
SUR
ANC
E 2
825
INSU
RAN
CE
(LIF
E/H
EALT
H)
22
100%
100%
4030
1040
PRO
PER
TY &
CAS
UAL
TY IN
SUR
ANC
E 9
835
INSU
RAN
CE
(PR
OPE
RTY
-CAS
UAL
TY)
109
93%
100%
4510
1010
INTE
RN
ET S
OFT
WAR
E &
SER
VIC
ES
218
5C
OM
PUTE
RS
(SO
FTW
ARE
& SE
RVI
CES
)36
24%
100%
4510
2010
IT C
ON
SULT
ING
& S
ERVI
CES
9
454
SER
VIC
ES (C
OM
PUTE
R S
YSTE
MS)
75
75%
49%
4510
3010
APPL
ICAT
ION
SO
FTW
ARE
2418
5C
OM
PUTE
RS
(SO
FTW
ARE
& SE
RVI
CES
)36
2070
%81
%45
1030
20SY
STEM
S SO
FTW
ARE
818
5C
OM
PUTE
RS
(SO
FTW
ARE
& SE
RVI
CES
)36
711
%79
%45
2010
10N
ETW
OR
KIN
G E
QU
IPM
ENT
718
7C
OM
PUTE
RS
(NET
WO
RKI
NG
)2
210
0%6%
4520
1020
TELE
CO
MS
EQU
IPM
ENT
1618
0C
OM
MU
NIC
ATIO
NS
EQU
IPM
ENT
1714
77%
88%
4520
2010
CO
MPU
TER
HAR
DW
ARE
140
3PH
OTO
GR
APH
Y/IM
AGIN
G3
119
%10
0%45
2020
20C
OM
PUTE
R S
TOR
AGE
& PE
RIP
HER
ALS
518
8C
OM
PUTE
RS
(PER
IPH
ERAL
S)5
361
%75
%45
2030
10EL
ECTR
ON
IC E
QU
IPM
ENT
& IN
STR
UM
ENTS
25
230
ELEC
TRO
NIC
S (IN
STR
UM
ENTA
TIO
N)
97
67%
22%
4520
3010
ELEC
TRO
NIC
EQ
UIP
MEN
T &
INST
RU
MEN
TS
2522
0EL
ECTR
ICAL
EQ
UIP
MEN
T25
933
%31
%45
2040
10O
FFIC
E EL
ECTR
ON
ICS
140
3PH
OTO
GR
APH
Y/IM
AGIN
G3
172
%10
0%45
2050
10SE
MIC
ON
DU
CTO
R E
QU
IPM
ENT
1324
7EQ
UIP
MEN
T (S
EMIC
ON
DU
CTO
R)
1413
92%
100%
4520
5020
SEM
ICO
ND
UC
TOR
S 13
235
ELEC
TRO
NIC
S (S
EMIC
ON
DU
CTO
RS)
1311
72%
83%
5010
1020
INTE
GR
ATED
TEL
ECO
M S
ERVI
CES
1
463
TELE
CO
MM
UN
ICAT
ION
S(LO
NG
DIS
TAN
CE)
11
100%
100%
5010
2010
WIR
ELES
S TE
LEC
OM
SER
VIC
ES2
462
TELE
CO
MM
UN
ICAT
ION
S (C
ELLU
LAR
/WIR
ELES
S)2
210
0%10
0%55
1010
10EL
ECTR
IC U
TILI
TIES
7
705
ELEC
TRIC
CO
MPA
NIE
S9
778
%10
0%55
1020
10G
AS U
TILI
TIES
12
710
NAT
UR
AL G
AS12
1210
0%10
0%55
1030
10M
ULT
I-UTI
LITI
ES
270
5EL
ECTR
IC C
OM
PAN
IES
92
22%
100%
5510
4010
WAT
ER U
TILI
TIES
2
725
WAT
ER U
TILI
TIES
22
100%
100%
Com
posi
tion
of S
&P
Smal
lCap
600
GIC
S Su
b-In
dust
ry In
dice
s Ve
rsus
Old
Indu
stry
Indi
ces,
as
of 1
2/31
/200
1
Appe
ndix
D – T
he G
ICS
Stru
cture
Stan
dard
& P
oor’
s
Page
24
GIC
S C
ode
SEC
TOR
IN
DU
STR
Y G
RO
UP
IND
UST
RY
SU
B-I
ND
UST
RY
10
1010
10
Ener
gy
Ener
gy
Ener
gy E
quip
men
t & S
ervi
ces
Oil
& G
as D
rillin
g 10
1010
20
O
il &
Gas
Equ
ipm
ent &
Ser
vice
s 10
1020
10
Oil
& G
as
Inte
grat
ed O
il &
Gas
10
1020
20
O
il &
Gas
Exp
lora
tion
& P
rodu
ctio
n 10
1020
30
O
il &
Gas
Ref
inin
g, M
arke
ting
&
Tran
spor
tatio
n 15
1010
10
Mat
eria
ls
Mat
eria
ls
Che
mic
als
Com
mod
ity C
hem
ical
s 15
1010
20
D
iver
sifie
d C
hem
ical
s 15
1010
30
Fe
rtiliz
ers &
Agr
icul
tura
l Che
mic
als
1510
1040
Indu
stria
l Gas
es
1510
1050
Spec
ialty
Che
mic
als
1510
2010
C
onst
ruct
ion
Mat
eria
ls
Con
stru
ctio
n M
ater
ials
15
1030
10
Con
tain
ers &
Pac
kagi
ng
Met
al &
Gla
ss C
onta
iner
s 15
1030
20
Pa
per P
acka
ging
15
1040
10
Met
als &
Min
ing
Alu
min
um
1510
4020
Div
ersi
fied
Met
als &
Min
ing
1510
4030
Gol
d 15
1040
40
Pr
ecio
us M
etal
s & M
iner
als
1510
4050
Stee
l 15
1050
10
Pape
r & F
ores
t Pro
duct
s Fo
rest
Pro
duct
s 15
1050
20
Pa
per P
rodu
cts
2010
1010
In
dust
rials
C
apita
l Goo
ds
Aer
ospa
ce &
Def
ense
A
eros
pace
& D
efen
se
2010
2010
B
uild
ing
Prod
ucts
B
uild
ing
Prod
ucts
20
1030
10
Con
stru
ctio
n &
Eng
inee
ring
Con
stru
ctio
n &
Eng
inee
ring
2010
4010
El
ectri
cal E
quip
men
t El
ectri
cal C
ompo
nent
s & E
quip
men
t 20
1040
20
H
eavy
Ele
ctric
al E
quip
men
t 20
1050
10
Indu
stria
l Con
glom
erat
es
Indu
stria
l Con
glom
erat
es
2010
6010
M
achi
nery
C
onst
ruct
ion
& F
arm
Mac
hine
ry &
Hea
vy
Truc
ks
2010
6020
Indu
stria
l Mac
hine
ry
2010
7010
Tr
adin
g C
ompa
nies
& D
istri
buto
rs
Trad
ing
Com
pani
es &
Dis
tribu
tors
20
2010
10
C
omm
erci
al S
ervi
ces &
Sup
plie
s C
omm
erci
al S
ervi
ces &
Sup
plie
s C
omm
erci
al P
rintin
g 20
2010
20
D
ata
Proc
essi
ng S
ervi
ces
2020
1030
Div
ersi
fied
Com
mer
cial
Ser
vice
s 20
2010
40
Em
ploy
men
t Ser
vice
s 20
2010
50
En
viro
nmen
tal S
ervi
ces
Appe
ndix
D – T
he G
ICS
Stru
cture
(con
t’d)
Stan
dard
& P
oor’
s
Page
25
G
ICS
Cod
e SE
CTO
R
IND
UST
RY
GR
OU
P IN
DU
STR
Y
SUB
-IN
DU
STR
Y
2020
1060
In
dust
rials
(con
t’d)
Com
mer
cial
Ser
vice
s & S
uppl
ies
Com
mer
cial
Ser
vice
s & S
uppl
ies
Off
ice
Serv
ices
& S
uppl
ies
2030
1010
Tran
spor
tatio
n A
ir Fr
eigh
t & L
ogis
tics
Air
Frei
ght &
Log
istic
s 20
3020
10
Airl
ines
A
irlin
es
2030
3010
M
arin
e M
arin
e 20
3040
10
Roa
d &
Rai
l R
ailro
ads
2030
4020
Truc
king
20
3050
10
Tran
spor
tatio
n In
fras
truct
ure
Airp
ort S
ervi
ces
2030
5020
Hig
hway
s & R
ailtr
acks
20
3050
30
M
arin
e Po
rts &
Ser
vice
s 25
1010
10
Con
sum
er D
iscr
etio
nary
A
utom
obile
s & C
ompo
nent
s A
uto
Com
pone
nts
Aut
o Pa
rts &
Equ
ipm
ent
2510
1020
Tire
s & R
ubbe
r 25
1020
10
Aut
omob
iles
Aut
omob
ile M
anuf
actu
rers
25
1020
20
M
otor
cycl
e M
anuf
actu
rers
25
2010
10
C
onsu
mer
Dur
able
s & A
ppar
el
Hou
seho
ld D
urab
les
Con
sum
er E
lect
roni
cs
2520
1020
Hom
e Fu
rnis
hing
s 25
2010
30
H
omeb
uild
ing
2520
1040
Hou
seho
ld A
pplia
nces
25
2010
50
H
ouse
war
es &
Spe
cial
ties
2520
2010
Le
isur
e Eq
uipm
ent &
Pro
duct
s Le
isur
e Pr
oduc
ts
2520
2020
Phot
ogra
phic
Pro
duct
s 25
2030
10
Text
iles,
App
arel
& L
uxur
y G
oods
A
ppar
el, A
cces
sorie
s & L
uxur
y G
oods
25
2030
20
Fo
otw
ear
2520
3030
Text
iles
2530
1010
Hot
els R
esta
uran
ts &
Lei
sure
H
otel
s Res
taur
ants
& L
eisu
re
Cas
inos
& G
amin
g 25
3010
20
H
otel
s, R
esor
ts &
Cru
ise
Line
s 25
3010
30
Le
isur
e Fa
cilit
ies
2530
1040
Res
taur
ants
25
4010
10
M
edia
M
edia
A
dver
tisin
g 25
4010
20
B
road
cast
ing
& C
able
TV
25
4010
30
M
ovie
s & E
nter
tain
men
t 25
4010
40
Pu
blis
hing
25
5010
10
R
etai
ling
Dis
tribu
tors
D
istri
buto
rs
2550
2010
In
tern
et &
Cat
alog
Ret
ail
Cat
alog
Ret
ail
2550
2020
Inte
rnet
Ret
ail
2550
3010
M
ultil
ine
Ret
ail
Dep
artm
ent S
tore
s 25
5030
20
G
ener
al M
erch
andi
se S
tore
s
Appe
ndix
D – T
he G
ICS
Stru
cture
(con
t’d)
Stan
dard
& P
oor’
s
Page
26
G
ICS
Cod
e SE
CTO
R
IND
UST
RY
GR
OU
P IN
DU
STR
Y
SUB
-IN
DU
STR
Y
2550
4010
C
onsu
mer
Dis
cret
iona
ry
(con
t’d)
Ret
ailin
g Sp
ecia
lty R
etai
l A
ppar
el R
etai
l 25
5040
20
C
ompu
ter &
Ele
ctro
nics
Ret
ail
2550
4030
Hom
e Im
prov
emen
t Ret
ail
2550
4040
Spec
ialty
Sto
res
3010
1010
C
onsu
mer
Sta
ple
Food
& D
rug
Ret
ailin
g Fo
od &
Dru
g R
etai
ling
Dru
g R
etai
l 30
1010
20
Fo
od D
istri
buto
rs
3010
1030
Food
Ret
ail
3020
1010
Food
Bev
erag
e &
Tob
acco
B
ever
ages
B
rew
ers
3020
1020
Dis
tille
rs &
Vin
tner
s 30
2010
30
So
ft D
rinks
30
2020
10
Food
Pro
duct
s A
gric
ultu
ral P
rodu
cts
3020
2020
Mea
t Pou
ltry
& F
ish
(Dis
cont
inue
d, 3
/28/
02)
3020
2030
Pack
aged
Foo
ds &
Mea
ts
3020
3010
To
bacc
o To
bacc
o 30
3010
10
H
ouse
hold
& P
erso
nal P
rodu
cts
Hou
seho
ld P
rodu
cts
Hou
seho
ld P
rodu
cts
3030
2010
Pe
rson
al P
rodu
cts
Pers
onal
Pro
duct
s 35
1010
10
Hea
lth C
are
Hea
lth C
are
Equi
pmen
t & S
ervi
ces
Hea
lth C
are
Equi
pmen
t & S
uppl
ies
Hea
lth C
are
Equi
pmen
t 35
1010
20
H
ealth
Car
e Su
pplie
s 35
1020
10
Hea
lth C
are
Prov
ider
s & S
ervi
ces
Hea
lth C
are
Dis
tribu
tors
& S
ervi
ces
3510
2020
Hea
lth C
are
Faci
litie
s 35
1020
30
M
anag
ed H
ealth
Car
e 35
2010
10
Ph
arm
aceu
tical
s & B
iote
chno
logy
B
iote
chno
logy
B
iote
chno
logy
35
2020
10
Phar
mac
eutic
als
Phar
mac
eutic
als
4010
1010
Fi
nanc
ials
B
anks
B
anks
B
anks
40
2010
10
D
iver
sifie
d Fi
nanc
ials
D
iver
sifie
d Fi
nanc
ials
C
onsu
mer
Fin
ance
40
2010
20
D
iver
sifie
d Fi
nanc
ial S
ervi
ces
4020
1030
Mul
ti-Se
ctor
Hol
ding
s 40
3010
10
In
sura
nce
Insu
ranc
e In
sura
nce
Bro
kers
40
3010
20
Li
fe &
Hea
lth In
sura
nce
4030
1030
Mul
ti-lin
e In
sura
nce
4030
1040
Prop
erty
& C
asua
lty In
sura
nce
4030
1050
Rei
nsur
ance
40
4010
10
R
eal E
stat
e R
eal E
stat
e R
eal E
stat
e In
vest
men
t Tru
sts
4040
1020
Rea
l Est
ate
Man
agem
ent &
Dev
elop
men
t
Appe
ndix
D – T
he G
ICS
Stru
cture
(con
t’d)
Stan
dard
& P
oor’
s
Page
27
G
ICS
Cod
e SE
CTO
R
IND
UST
RY
GR
OU
P IN
DU
STR
Y
SUB
-IN
DU
STR
Y
4510
1010
In
form
atio
n Te
chno
logy
So
ftwar
e &
Ser
vice
s In
tern
et S
oftw
are
& S
ervi
ces
Inte
rnet
Sof
twar
e &
Ser
vice
s 45
1020
10
IT C
onsu
lting
& S
ervi
ces
IT C
onsu
lting
& S
ervi
ces
4510
3010
So
ftwar
e A
pplic
atio
n So
ftwar
e 45
1030
20
Sy
stem
s Sof
twar
e 45
2010
10
Te
chno
logy
Har
dwar
e &
Equ
ipm
ent
Com
mun
icat
ions
Equ
ipm
ent
Net
wor
king
Equ
ipm
ent
4520
1020
Tele
com
mun
icat
ions
Equ
ipm
ent
4520
2010
C
ompu
ter &
Per
iphe
rals
C
ompu
ter H
ardw
are
4520
2020
Com
pute
r Sto
rage
& P
erip
hera
ls
4520
3010
El
ectro
nic
Equi
pmen
t & In
stru
men
ts
Elec
troni
c Eq
uipm
ent &
Inst
rum
ents
45
2040
10
Off
ice
Elec
troni
cs
Off
ice
Elec
troni
cs
4520
5010
Se
mic
ondu
ctor
Equ
ipm
ent &
Pro
duct
s Se
mic
ondu
ctor
Equ
ipm
ent
4520
5020
Sem
icon
duct
ors
5010
1010
Te
leco
mm
unic
atio
n Se
rvic
es
Tele
com
mun
icat
ion
Serv
ices
D
iver
sifie
d Te
leco
mm
unic
atio
n Se
rvic
es
Alte
rnat
ive
Car
riers
5010
1020
Inte
grat
ed T
elec
omm
unic
atio
n Se
rvic
es
5010
2010
W
irele
ss T
elec
omm
unic
atio
n Se
rvic
es
Wire
less
Tel
ecom
mun
icat
ion
Serv
ices
55
1010
10
Util
ities
U
tiliti
es
Elec
tric
Util
ities
El
ectri
c U
tiliti
es
5510
2010
G
as U
tiliti
es
Gas
Util
ities
55
1030
10
Mul
ti-U
tiliti
es
Mul
ti-U
tiliti
es &
Unr
egul
ated
Pow
er
5510
4010
W
ater
Util
ities
W
ater
Util
ities
Appendix E
Standard & Poor’s Page 28
Standard & Poor's U.S. Indices and GICS The Standard & Poor's Global 1200 and its regional components were
created and designed with GICS as their original industry scheme. The Standard & Poor's family of U.S. indices pre-date GICS and were developed using an alternate industry classification system.
In January, 2001, GICS became the primary industry classification system for all Standard & Poor’s U.S. indices – the S&P 500, the S&P MidCap 400, the S&P SmallCap 600 and the S&P 1500 SuperComposite. All sector and industry indices under the old industry classification scheme were officially discontinued on December 31st, 2001.
Listed below are some of the more meaningful changes that occurred to industry definitions in the movement of the Standard & Poor's U.S. Indices to the Global Industry Classification Standard.
GICS Consumer Discretionary Sector: �� The old Consumer Cyclicals Sector name has been changed to the
Consumer Discretionary Sector under GICS.
�� The old S&P 500 Retail Stores Composite Index has been largely replaced by the S&P 500 Retailing Industry Group Index in the GICS Consumer Discretionary Sector. The only sub-industries that do not fall under the new GICS Retailing Industry Group are companies classified under the Food & Drug Retailing Industry Group in the GICS Consumer Staples Sector.
�� Introduction of a Media Industry Group, which includes the Advertising, Broadcasting & Cable TV, Movies & Entertainment and Publishing GICS sub-industries. As a result of this consolidation, traditional Entertainment and Broadcasting companies are now classified under the GICS Consumer Discretionary Sector; they are no longer under Consumer Staples.
�� Introduction of a Hotels, Restaurants & Leisure Industry Group, which includes the Casinos & Gaming, Hotels, Resorts & Cruise Lines, Leisure Facilities and Restaurants GICS sub-industries. As a result of this consolidation, traditional Restaurant companies are now classified under the GICS Consumer Discretionary Sector, they are no longer under Consumer Staples.
GICS Consumer Staples Sector: �� Introduction of a Food Products Industry, which includes the Agricultural
Products, and Packaged Foods & Meats GICS sub-industries. As a result of this consolidation, traditional Agricultural Products companies are now
Appendix E (cont’d)
Standard & Poor’s Page 29
classified under the GICS Consumer Staples Sector, they are no longer under Basic Materials.
GICS Energy Sector: �� The old S&P 500 Oil Composite Index has been replaced by the S&P 500
Integrated Oil & Gas Sub-Industry Index in the GICS Energy Sector and GICS Oil & Gas Industry.
GICS Financials Sector: �� The old S&P 500 Banks Composite Index has been largely replaced by the
S&P 500 Banks Industry Group Index in the GICS Financials Sector, the major difference being the addition of traditional Savings & Loans companies to this GICS Industry Group.
�� The old S&P 500 Insurance Composite Index has been largely replaced by the S&P 500 Insurance Industry Group Index in the GICS Financials Sector, the major difference being the addition of traditional Insurance Brokers companies to this GICS Industry Group.
�� The REITs sub-industry is a part of the Financials Sector and is aligned with the Real Estate Management & Development sub-industry to form a Real Estate Industry and Industry Group.
GICS Health Care Sector: �� � The old S&P 500 Pharmaceuticals Composite Index has been replaced by
the S&P 500 Pharmaceuticals Industry and Sub-Industry Indices in the GICS Health Care Sector.
GICS Industrials Sector: �� The old Transportation Sector has been discontinued. Transportation has
become an Industry Group within the GICS Industrials Sector. In the last decade alone, the transportation sector shrank from 2% to ½% of the S&P 500. Now transportation related industries are included in the GICS Industrials Sector. The S&P 500 GICS Industrials Sector Index -- comprised largely of the old capital goods and transportation sectors -- should not be confused with the S&P Industrials Composite Index (the S&P 500 excluding Transportation, Financials, and Utilities).
�� The old Capital Goods Sector has been discontinued. Most of these companies are classified within a Capital Goods Industry Group in the GICS Industrials Sector.
Appendix E (cont’d)
Standard & Poor’s Page 30
�� Data Processing Services is now a sub-industry within the GICS Industrials Sector. Companies classified as Data Processors are no longer in the Information Technology Sector.
�� Employment Services, Environmental Services, and Diversified Commercial Services are now sub-industries the Commercial Services & Supplies Industry Group, which is part of the GICS Industrials Sector. Companies belonging to these industries are no longer classified in the Consumer Sectors.
�� The Building Products sub-industry is part of the GICS Industrials Sector to align with the Construction & Engineering GICS sub-industry. These companies are no longer considered Consumer Cyclicals.
GICS Materials Sector: �� The old S&P 500 Chemicals Composite Index has been replaced by the
S&P 500 Chemicals Industry Index in the GICS Materials Sector.
�� Introduction of a Containers & Packaging Industry, which includes the Metal & Glass Containers and Paper Packaging GICS sub-industries. As a result of this consolidation, traditional Containers companies are now classified as Materials, no longer Capital Goods.
Standard & Poor’s Page 31
Notes
Standard & Poor’s Page 32
This report is published by Standard & Poor’s, 55 Water Street, New York NY 10041. Copyright © 2001. Standard & Poor’s is a division of The McGraw-Hill Companies, Inc. All rights reserved. Standard & Poor’s does not undertake to advise you of changes in the information. These materials have been prepared solely for informational purposes based upon information generally available to the public from sources believed to be reliable. Standard & Poor’s makes no representation with respect to the accuracy or completeness of these materials, the content of which may change without notice. Standard & Poor’s disclaims any and all liability relating to these materials, including, without limitation, and makes no express or implied representations or warranties concerning the statements made contained in, or omissions from, these materials. No portion of this publication may be reproduced in any format or by any means including electronically or mechanically, by photocopying, recording or by any information storage or retrieval system, or by any other form of manner whatsoever, without the prior written consent of Standard & Poor’s. Occasionally, The McGraw-Hill Companies may use information you have provided to offer you products and services that may be of interest to you. If you do not wish us to share your information outside of The McGraw-Hill Companies, if you have questions about our privacy practices, or wish to confirm the accuracy of the information you may have provided, please contact us at 212-438-3534 or refer to http://www.mcgraw-hill.com/privacy.html. The Global Industry Classification Standard (GICS) SM was developed by and is the exclusive property and a service mark of Standard & Poor's and MSCI. Neither Standard & Poor's, MSCI nor any other party involved in making or compiling any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the forgoing, in not event shall Standard & Poor's, MSCI, any of their affiliates or any third party involved in making or compiling any GICS classification have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.