FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Karas Kevin R 		2. Issuer Name and Ticker or Trading Symbol

NATIONAL RESEARCH CORP [ NRCIA/B ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
SVP Finance, CFO, Treas & Secy
(Last)          (First)          (Middle)

C/O NATIONAL RESEARCH CORPORATION, 1245 Q STREET 		3. Date of Earliest Transaction (MM/DD/YYYY)

1/3/2018
(Street)

LINCOLN, NE 68508
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Class A Common Stock                  13805   D    
Class B Common Stock                  2355   D    

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (right to buy)   $10.75                      (1) 1/5/2022   Class A Common Stock   26403     26403   D    
Employee Stock Option (right to buy)   $14.5                      (2) 1/7/2023   Class A Common Stock   20088     20088   D    
Employee Stock Option (right to buy)   $18.8                      (3) 1/7/2024   Class A Common Stock   5334     5334   D    
Employee Stock Option (right to buy)   $13.17                      (4) 1/6/2025   Class A Common Stock   19313     19313   D    
Employee Stock Option (right to buy)   $10.75                      (5) 1/5/2026   Class A Common Stock   20458     20458   D    
Employee Stock Option (right to buy)   $18.8                      (6) 1/4/2027   Class A Common Stock   16728     16728   D    
Employee Stock Option (right to buy)   $36.80   1/3/2018     A      11617         (7) 1/3/2028   Class A Common Stock   11617   $0   11617   D    
Employee Stock Option (right to buy)   $21.5                      (1) 1/5/2022   Class B Common Stock   4400     4400   D    
Employee Stock Option (right to buy)   $27.13                      (2) 1/7/2023   Class B Common Stock   3348     3348   D    
Employee Stock Option (right to buy)   $34.15                      (3) 1/7/2024   Class B Common Stock   489     489   D    
Employee Stock Option (right to buy)   $35.48                      (4) 1/6/2025   Class B Common Stock   3219     3219   D    
Employee Stock Option (right to buy)   $34                      (5) 1/5/2026   Class B Common Stock   3410     3410   D    
Employee Stock Option (right to buy)   $40.54                      (6) 1/4/2027   Class B Common Stock   2788     2788   D    

Explanation of Responses:
(1)  This option became fully exercisable on January 5, 2017.
(2)  This option becomes fully exercisable on January 7, 2018.
(3)  This option becomes fully exercisable on January 7, 2019.
(4)  This option becomes fully exercisable on January 6, 2020.
(5)  This option becomes fully exercisable on January 5, 2021.
(6)  This option becomes fully exercisable on January 4, 2022.
(7)  This option becomes fully exercisable on January 3, 2023.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Karas Kevin R
C/O NATIONAL RESEARCH CORPORATION
1245 Q STREET
LINCOLN, NE 68508

SVP Finance, CFO, Treas & Secy

Signatures
/s/ Russell E. Ryba, Attorney-in-Fact for Kevin R. Karas 1/4/2018
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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