5. Fixed Assets

Fixed assets consist of equipment, software and leasehold improvements. Equipment consists primarily of communications and technology hardware and furniture and fixtures. Software includes purchased software and internally developed software. Fixed assets are reported at cost, net of accumulated depreciation and amortization. The following table reflects the components of fixed assets as of:



	June 30, 2016			March 31, 2016
Equipment	$	156,598		$	150,259
Software	296,866			293,844
Leasehold improvements	214,730			199,354
Total cost	668,194			643,457
Less: accumulated depreciation and amortization	(497,390		)	(480,152		)
Fixed assets, net	$	170,804		$	163,305

Depreciation and amortization expense related to fixed assets was $15,215 and $13,318 for the three months ended June 30, 2016 and 2015, respectively. The expense includes accelerated depreciation and amortization of $1,705 for the three months ended June 30, 2016, primarily related to space vacated in connection with the restructuring of Permal for the combination with EnTrust.