Morningstar analysts have dropped three Strong bond funds from their "best-picks" list: Strong High-Yield Bond, Strong Corporate Bond and Strong Ultra Short-Term Income.

Contending that Strong was once a "stellar bond shop," Morningstar said the three funds not only have been underperforming, but the departure of three key members of the fixed-income team have taken their toll on the funds.

"We’ve lost much of the optimism we once had for these three portfolios," Morningstar said in a statement issued today.

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