Not so, say analysts at Morningstar Inc., the fund researchers in Chicago.

According to the mutual fund researchers in Chicago, the only exception was a group funds that invest in health-and-biotechnology issues, which dropped 8.1 percent.

As a result, the various risk ratings created by fund researchers, newsletter editors and financial publications are all flawed.

The tables, produced by Morningstar Inc., mutual fund researchers in Chicago, have more information about funds than before.

It rose 14.8 percent in 1994, while the group lost 2 percent, according to Morningstar Inc., fund researchers in Chicago.

But in general, the funds register above-average returns and below-average risk over nearly every time span, according to Morningstar Inc., the fund researchers.

That compares with a 9.4 percent rise for all stock funds, according to Morningstar Inc., mutual fund researchers in Chicago.

Don Phillips, president of Morningstar Inc., the fund researchers in Chicago, is also wary.

Too bad if you picked Contrarian, which lost 5.5 percent, according to the fund researchers at Morningstar Inc.

Tax-free funds now have an average maturity of 16.6 years, according to Morningstar Inc., mutual fund researchers in Chicago.