NMF Asset Management, LLC
Experience
NMF Asset Management, LLC values excellence
Email: nfalcone@nmfasset.com
Experience

Performance

Small Cap Composite

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NMF Asset Management, LLC
Small Cap Composite
Annual Performance Results Composite Assets
Year
Ended		 Gross Of Fees
Return
(percent)		 Net Of Fees
Return
(percent)		 Russell 2000
Return
(percent)		 Composite
Dispersion
Return
(percent)		 Number
Of
Portfolios		 Total
Composite
Assets
USD Million		 Total
Firm
Assets
(USD Million)
2009 13.42 12.50 27.17 2.7 28 85 153
2008 -29.86 -30.65 -33.79 3.0 34 32 132
2007 5.04 4.01 -1.57 3.4 32 55 167
2006 22.37 21.09 18.37 4.3 25 45 157
2005 15.75 14.59 4.55 4.1 15 22 118
2004 27.65 26.28 18.33 N.A 12 11 86
2003 40.53 39.02 47.25 N.A Five or
Fewer		 5 65
2002 -2.20 -3.25 -20.48 N.A Five or
Fewer		 2 41
2001 11.56 10.44 2.49 N.A Five or
Fewer		 1 32

N.A. - Information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year.
Small Cap Composite contains fully discretionary small cap equity accounts. For comparison purposes the composite is measured against the Russell 2000 Index.
NMF Asset Management, LLC has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPSŪ).
NMF Asset Management, LLC is an independent registered investment adviser. For the period June 1, 2002 through November 15, 2002, NMF Asset Management, LLC was known as Seacoast Asset Management, LLC and no material change in personnel responsible for the investment management process occurred. The firm maintains a complete list and description of composites, which is available upon request.
Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Past performance is not indicative of future results.
The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. Gross of fees performance figures are presented ross of management fees and custodial fees, but net of all trading expenses. Net of fees performance was calculated using actual management fees. The annual composite dispersion is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. Additional information regarding policies and procedures for calculating and reporting returns is available upon request.
The management fee schedule is as follows: 1.00% under $5 million; 0.75% on $5 million - under $15 million; 0.65% on $15 million - under $30 million; accounts $30 million and over are negotiable. Actual investment advisory fees incurred by clients may vary.
The Small Cap Composite was created January 1, 2001. NMF Asset Management, LLC’s compliance with the GIPSŪ standards has been verified for the period January 1, 2001 through December 31, 2009, by Ashland Partners & Company LLP. In addition, a performance examination was conducted on the Small Cap Composite beginning January 1, 2001. A copy of the verification report is available upon request.
Certain information herein has been obtained from third parties without independent verification. Although NMF Asset Management, LLC believes that such information is reliable, it does not make any representation as to the accuracy or completeness of such information nor does NMF Asset Management, LLC accept any liability arising from its use.




Small Cap Composite
Historical Performance Numbers
Quarter Ended NMF
Gross of Fees
Quarterly 		NMF
Net of Fees
Quarterly 		Russell
2000
Quarterly
March 31, 2009 -19.25%           -19.40%        -14.95%      
June 30, 2009 23.67%           23.33%        20.69%      
September 30, 2009 8.03%           7.84%        19.28%      
December 31, 2009 5.13%           4.94%        3.87%      
YEAR ENDED 2009 13.42%           12.50%        27.17%      
March 31, 2008 -8.60%           -8.86%        -9.90%      
June 30, 2008 2.68%           2.40%        0.58%      
September 30, 2008 -4.53%           -4.78%        -1.11%      
December 31, 2008 -21.72%           -21.96%        -26.12%      
YEAR ENDED 2008 -29.86%           -30.65%        -33.79%      
March 31, 2007 1.24%           0.98%        1.95%      
June 30, 2007 4.55%           4.32%        4.42%      
September 30, 2007 0.69%           0.43%        -3.09%      
December 31, 2007 -1.44%           -1.69%        -4.58%      
YEAR ENDED 2007 5.04%           4.01%        -1.57%      
March 31, 2006 14.71%           14.42%        13.94%      
June 30, 2006 1.86%           1.59%        -5.02%      
September 30, 2006 -2.67%           -2.93%        0.44%      
December 31, 2006 7.60%           7.32%        8.90%      
YEAR ENDED 2006 22.37%           21.09%        18.37%      
March 31, 2005 -2.23%           -2.44%        -5.34%      
June 30, 2005 3.05%           2.76%        4.32%      
September 30, 2005 9.83%           9.55%        4.69%      
December 31, 2005 4.59%           4.33%        1.13%      
YEAR ENDED 2005 15.75%           14.59%        4.55%      
March 31, 2004 8.00%           7.74%        6.26%      
June 30, 2004 3.38%           3.09%        0.47%      
September 30, 2004 2.35%           2.06%        -2.85%      
December 31, 2004 11.69%           11.39%        14.09%      
YEAR ENDED 2004 27.65%           26.28%        18.33%      
March 31, 2003 -1.86%           -2.17%        -4.49%      
June 30, 2003 18.21%           17.83%        23.42%      
September 30, 2003 4.13%           3.80%        9.08%      
December 31, 2003 16.36%           16.19%        14.52%      
YEAR ENDED 2003 40.53%           39.02%        47.25%      
March 31, 2002 10.62%           10.34%        3.98%      
June 30, 2002 -0.83%           -1.08%        -8.35%      
September 30, 2002 -14.65%           -14.89%        -21.40%      
December 31, 2002 4.45%           4.15%        6.16%      
YEAR ENDED 2002 -2.20%           -3.25%        -20.48%      
March 31, 2001 -2.67%           -2.91%        -6.51%      
June 30, 2001 11.71%           11.43%        14.29%      
September 30, 2001 -14.27%           -14.49%        -20.79%      
December 31, 2001 19.68%           19.38%        21.09%      
YEAR ENDED 2001 11.56%           10.44%        2.49%      

(1) The gross of fees performance figures do not reflect the deduction of advisory fees.
(2) The client's return will be reduced by the advisory fees and any other expenses it may incur in the management of the investment advisory account.
(3) The investment advisory fees are described in Part II of the adviser's Form ADV.
(4) The chart below shows NMF Asset Management, LLC performance growth of an $1,000 investment in the Small Cap Composite with and without fees.
(5) Past performance not indicative of future performance. Please refer to the full disclosure presentation. Click to view report.

 12/2008 -
12/2009		  12/2007 -
12/2009		  12/2006 -
12/2009		  12/2005 -
12/2009		  12/2004 -
12/2009		  12/2003 -
12/2009		  12/2002 -
12/2009		  12/2001 -
12/2009		  12/2000 -
12/2009
NMF Small Cap (Gross) 1,134   795   836   1,022   1,183   1,510   2,123   2,076   2,316  
NMF Small Cap (Net) 1,125   780   811   983   1,126   1,422   1,976   1,912   2,112  
Russell 2000 1,272   842   829   981   1,026   1,214   1,787   1,421   1,457  



Multi Cap Composite

Click here to view the Independent Verification Report

NMF Asset Management, LLC
Multi Cap Composite
Annual Performance Results Composite Assets
Year
Ended 		Gross Of Fees
Return
(percent) 		Net Of Fees
Return
(percent) 		S&P 500
Return
(percent) 		Composite
Dispersion
Return
(percent) 		Number
Of
Portfolios 		Total
Composite
Assets
USD Million 		Total
Firm
Assets
(USD Million)
2009 26.64  25.33 26.46 3.4 33  27 153
2008 -38.39  -39.09 -37.00 5.4 38  25 132
2007 14.1  12.91 5.49 4.2 40  47 167
2006 10.95  9.86 15.80 3.1 32  44 157
2005 13.78  12.59 4.91 4.1 24  24 118
2004 17.82  16.58  10.88  3.2  22  19  86
2003 32.29  31.04  28.68  2.1  12  11  65
2002 -7.68 -8.63 -22.06 N.A Five or
Fewer		 3  41
2001 -4.60  -5.54  -11.93  N.A Five or
Fewer		 1 32

N.A. - Information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year.
Multi Cap Composite contains fully discretionary multi cap equity accounts. For comparison purposes the composite is measured against the S&P 500 Index.
NMF Asset Management, LLC has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPSŪ).
NMF Asset Management, LLC is an independent registered investment adviser. For the period June 1, 2002 through November 15, 2002, NMF Asset Management, LLC was known as Seacoast Asset Management, LLC and no material change in personnel responsible for the investment management process occurred. The firm maintains a complete list and description of composites, which is available upon request.
Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Past performance is not indicative of future results.
The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. Gross of fee performance figures are presented gross of management fees and custodial fees, but net of all trading expenses. Net of fee performance was calculated using actual management fees. The annual composite dispersion is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. Additional information regarding policies and procedures for calculating and reporting returns is available upon request.
The management fee schedule is as follows: 1.00% under $5 million; 0.75% on $5 million - under $15 million; 0.65% on $15 million - under $30 million; accounts $30 million and over are negotiable. Actual investment advisory fees incurred by clients may vary.
The Multi Cap Composite was created January 1, 2001. NMF Asset Management, LLC's compliance with the GIPSŪ standards has been verified for the period January 1, 2001 through December 31, 2009, by Ashland Partners & Company LLP. In addition, a performance examination was conducted on the Multi Cap Composite beginning January 1, 2001. A copy of the verification report is available upon request.
Certain information herein has been obtained from third parties without independent verification. Although NMF Asset Management, LLC believes that such information is reliable, it does not make any representation as to the accuracy or completeness of such information nor does NMF Asset Management, LLC accept any liability arising from its use.




Multi Cap Composite
Historical Performance Numbers
Quarter Ended NMF
Gross of Fees
Quarterly 		NMF
Net of Fees
Quarterly 		S&P 500
Total Return
Quarterly
March 31, 2009 -8.01%           -8.27%        -11.01%      
June 30, 2009 14.64%           14.39%        15.93%      
September 30, 2009 13.38%           13.07%        15.61%      
December 31, 2009 5.92%           5.64%        6.04%      
YEAR ENDED 2009 26.64%           25.33%        26.46%      
March 31, 2008 -9.43%           -9.68%        -9.44%      
June 30, 2008 4.85%           4.59%        -2.73%      
September 30, 2008 -14.05%           -14.28%        -8.37%      
December 31, 2008 -24.53%           -24.77%        -21.94%      
YEAR ENDED 2008 -38.39%           -39.09%        -37.00%      
March 31, 2007 3.05%           2.78%        0.64%      
June 30, 2007 10.35%           10.07%        6.28%      
September 30, 2007 1.31%           1.04%        2.03%      
December 31, 2007 -0.97%           -1.23%        -3.33%      
YEAR ENDED 2007 14.10%           12.91%        5.49%      
March 31, 2006 6.89%           6.63%        4.21%       
June 30, 2006 -0.11%           -0.35%        -1.44%       
September 30, 2006 -1.90%           -2.15%        5.67%       
December 31, 2006 5.93%           5.67%        6.70%       
YEAR ENDED 2006 10.95%           9.86%        15.80%       
March 31, 2005 1.11%           0.86%        -2.15%       
June 30, 2005 1.94%           1.66%        1.37%       
September 30, 2005 7.81%           7.54%        3.60%       
December 31, 2005 2.39%           2.11%        2.09%       
YEAR ENDED 2005 13.78%           12.59%        4.91%       
March 31, 2004 4.26%           3.99%        1.69%       
June 30, 2004 1.94%           1.68%        1.72%       
September 30, 2004 1.80%           1.52%        -1.87%       
December 31, 2004 8.89%           8.60%        9.23%       
YEAR ENDED 2004 17.82%           16.58%        10.88%       
March 31, 2003 -1.81%           -2.07%        -3.15%       
June 30, 2003 15.78%           15.50%        15.39%       
September 30, 2003 2.31%           2.08%        2.65%       
December 31, 2003 13.73%           13.50%        12.18%       
YEAR ENDED 2003 32.29%           31.04%        28.68%       
March 31, 2002 6.93%           6.66%        0.32%       
June 30, 2002 -5.94%           -6.16%        -13.40%       
September 30, 2002 -14.22%           -14.45%        -17.28%       
December 31, 2002 7.00%           6.70%        8.44%       
YEAR ENDED 2002 -7.68%           -8.63%        -22.06%       
March 31, 2001 -11.96%           -12.18%        -11.86%       
June 30, 2001 12.52%           12.24%        5.85%       
September 30, 2001 -13.38%           -13.59%        -14.68%       
December 31, 2001 11.17%           10.89%        10.63%       
YEAR ENDED 2001 -4.60%           -5.54%        -11.93%       

1) The gross of fees performance figures do not reflect the deduction of advisory fees.
2) The client's return will be reduced by the advisory fees and any other expenses it may incur in the management of the investment advisory account.
3) The investment advisory fees are described in Part II of the adviser's Form ADV.
4) The chart below shows NMF Asset Management, LLC performance growth of an $1,000 investment in the Multi Cap Composite with and without fees.
5) Past performance not indicative of future performance. Please refer to the full disclosure presentation. Click to view report.

 12/2008 -
12/2009		  12/2007 -
12/2009		  12/2006 -
12/2009		  12/2005 -
12/2009		  12/2004 -
12/2009		  12/2003 -
12/2009		  12/2002 -
12/2009		  12/2001 -
12/2009		  12/2000 -
12/2009
NMF Multi Cap (Gross) 1,266    780   890   988   1,124   1,324   1,751   1,616   1,542  
NMF Multi Cap (Net) 1,253    764   862   947   1,066   1,243   1,629   1,488   1,406  
S&P 500 1,265   797   841   973   1,021   1,132   1,457   1,135   1,000