4. FIXED ASSETS

The following table reflects the components of fixed assets as of March 31:



	2017			2016
Equipment	$	159,102		$	150,259
Software	304,943			293,844
Leasehold improvements	204,551			199,354
Total cost	668,596			643,457
Less: accumulated depreciation and amortization	(508,934		)	(480,152		)
Fixed assets, net	$	159,662		$	163,305

Depreciation and amortization expense related to fixed assets was $54,023, $55,318, and $52,461 for the years ended March 31, 2017, 2016, and 2015, respectively. The expense includes accelerated depreciation and amortization of $2,688 and $4,147 for the years ended March 31, 2017 and 2016, respectively, primarily related to space vacated in connection with the restructuring of Permal for the combination with EnTrust, and $1,265 for the year ended March 31, 2015, primarily related to the integration of Batterymarch into QS Investors.