STRATEGY: SMALL CAP VALUE

Portfolio Characteristics

September 30, 2011

	NSCM SMALL CAP VALUE	RUSSELL 2000	RUSSELL 2000 VALUE
Number of Positions	29	1,959	1,345
Weighted Average Market Cap (in mil)	$1,420	$1,050	$930
Median Market Cap (in mil)	$886	$408	$349
Five Year Average Portfolio Turnover	27%	16%	28%
Top Ten Holdings (% weighting)	48.0%	2.6%	4.5%

Notes
*The NSCM Small Cap sector weights are included as supplemental information and complement a full disclosure. Please call Patrick Danehy (901)761-5561 for a complete list of composites and GIPS disclosures. The accounts included in the composites will invest primarily in companies with market capitalizations similar in size to those found in the benchmark.

Small Cap Performance Disclosure
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