请问 B 的意思是？

问题如下：

Question Which of the following is least likely true for a separately managed account (SMA) compared with a mutual fund?

选项：

A.Assets are directly owned by the individual.

B.The minimum investment required to open a SMA is lower than that of a mutual fund.

C.Transactions can be tailored to the specific tax needs of the investor.

解释：

B is correct. The minimum investment required to open a separately managed account is usually much higher than that to open a mutual fund.

A is incorrect because SMA assets are directly owned by the individual. The investor has control over which assets are bought and sold as well as the timing of the transactions.

C is incorrect because SMA transactions can be tailored to the specific tax needs of the investor.