Among the four funds, VWX International Small-Cap Equity Fund is most likely to have the highest management expense ratio (MER). An MER reflects management fees and operating expenses charged against fund assets and therefore reduces the investor ' s net return. International small-cap investing normally requires comparatively intensive security research, analysis of less-followed companies, foreign-market administration, currency-related operations, and active portfolio management. The IFC material also indicates that international small-cap funds may experience higher portfolio turnover, which reflects the greater management activity associated with this strategy. U.S. large-cap and broad Canadian equity portfolios generally involve more widely researched securities, while a high-yield bond fund is specialized but not necessarily as operationally intensive. Therefore, C. VWX is the most likely answer.

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