FII's Q4 net income came in at $54.3 million, which beat analyst expectation and was above the $52.7 million from 1 year ago.
After the credit market began to seize up, FII wrote down 4.9 million of its 5 million investment in its Enhanced Reserve cash fund. Investors were allowed to withdraw from the fund without losses. Enhanced cash funds such as the Enhanced Reserve are riskier than FII's money market funds because they include assets such as mortgage-based securities, although the Enhanced Reserve did not contain subprime mortgage-backed bonds.