You guys should take a look at Highland Floating Rate Advantage XLACX
Highland Floating Rate Advantage was a highly rated fund by Morningstar (5 star) several years ago. It fell out of favor and now it is now only one star rating but it has outperformed this Fidelity fund for the last several years. Go figure!!!
"It fell out of favor and now it is now only one star rating" for a good reason: it lost 44.62% in 2008. Do you realize how long it can take to dig out of that deep a hole? As for it outperforming FFRHX since '08, it's not hard to find a whole bunch of Floating Rate funds that have also outperformed. But so what? I'll stick with Fidelity with its reasonable expense ratio and conservative manager.
Why are you worried about expenses. What you should be concerned about is the increase in the fund value. XLACX has increased in value 4.6% since January 1. This fund only 1.46%. I think that more than absorbs a higher expense rate. You get what you pay for!!
Fidelity pays Morningstar for its rating. Christine THE IDIOT, by every measure of performance, is the worst performer for this type of fund of all fund managers. Fidelity should have canned her years ago.