A content addressable memory system, method and computer program product is described. The memory system comprises a location addressable store having data identified by location and multiple levels of content addressable stores each holding ternary content words. The content words are associated with references to data in the location addressable store and the content words containing at least one next entry bit for sorting content words in a physical ordered sequence to create content ordered memory. The content store levels might be implemented using different technologies that have different performance, capacity, and cost attributes. The memory system includes a content based cache for improved performance and a content addressable memory management unit for managing memory access operations and virtual memory addressing.