Trustees of the Pallor Corp. pension plan ask consultant Donald Millip to comment on the following statements. What should his response be?

a. Median manager benchmarks are statistically unbiased measures of performance over long periods of time.

b. Median manager benchmarks are unambiguous and are therefore easily replicated by managers wishing to adopt a passive/indexed approach.

c. Median manager benchmarks are not appropriate in all circumstances because the median manager universe encompasses non-uniform investment styles.

.P-96