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:



	December 31, 2016			March 31, 2016
Equipment	$	155,708		$	150,259
Software	300,355			293,844
Leasehold improvements	202,251			199,354
Total cost	658,314			643,457
Less: accumulated depreciation and amortization	(497,483		)	(480,152		)
Fixed assets, net	$	160,831		$	163,305

Depreciation and amortization expense related to fixed assets was $13,021 and $15,648 for the three months ended December 31, 2016 and 2015, respectively, and $41,388 and $41,848 for the nine months ended December 31, 2016 and 2015, respectively. The expense includes accelerated depreciation and amortization of $2,688 for the nine months ended December 31, 2016, primarily related to space vacated in connection with the restructuring of Permal for the combination with EnTrust, and $3,005 for each of the three and nine months ended December 31, 2015, primarily due to reduced space requirements.