Investors use international stocks to diversify their investment portfolio in an attempt to counteract the movements in the economies of the world. Therefore, many individual investors prefer to invest in a foreign equity mutual fund since it offers the individual investor the expertise of a global fund manager. By investing in foreign mutual funds, the investor is exposed to overseas markets at varying risk levels. The varying risk levels are evident in the economic and currency risks for the various investment vehicles. For this reason, diversification is ideal to manage risk levels. Funds are classified into four basic categories: global, international, emerging-market, and country-specific. 

a. Go to http://finance.yahoo.com. Click on “Market Data” and then “Mutual Funds” to find more information regarding mutual funds.
b. Briefly explain how the following four basic categories of mutual funds differ:
(1) Global fund
(2) International fund
(3) Emerging fund
(4) Country-specific fund