At September-end 2015, there were 76 listed investment companies (LICs) and Listed Investment Trusts (LITs) on the ASX, with a collective market capitalisation of $27.8B. Over the 12 months to 30 September 2015, the market cap of LICs & LITs grew 24.6%, with 15 new listings over the 12-month period. As shown in the chart in the research attached, the number and market cap of LICs and LITs has accelerated over the last 12 months. The broader Australian market continued its decline over the September quarter, with the ASX All Ordinaries Accumulation Index declining 5.8%, taking the 12-month return to -0.2%. Both the large and small end of the market declined, although the top 50 declined much more than the Small end of the market. Energy, Resources and the Financial sectors were the biggest drag on the market over the quarter. The Energy sector has had a very weak year with the S&P/ASX 200 Energy Accumulation Index declining 39.5% over the 12 months to 30 September 2015. For more details, see the research attached.