5. Fixed Assets

Fixed assets primarily consist of equipment, software and leasehold improvements. Equipment consists primarily of communications and technology hardware and furniture and fixtures. Capitalized software includes both 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, 2017			March 31, 2017
Equipment	$	162,315		$	159,102
Software	309,590			304,943
Leasehold improvements	205,068			204,551
Total cost	676,973			668,596
Less: accumulated depreciation and amortization	(520,965		)	(508,934		)
Fixed assets, net	$	156,008		$	159,662

Depreciation and amortization expense related to fixed assets was $12,134 and $15,215 for the three months ended June 30, 2017, and 2016, 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.