<SEC-DOCUMENT>0001398344-25-009407.txt : 20250514
<SEC-HEADER>0001398344-25-009407.hdr.sgml : 20250514
<ACCEPTANCE-DATETIME>20250514160519
ACCESSION NUMBER:		0001398344-25-009407
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250514
DATE AS OF CHANGE:		20250514

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NATIONAL RESEARCH CORP
		CENTRAL INDEX KEY:			0000070487
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH [8731]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				470634000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-52417
		FILM NUMBER:		25945296

	BUSINESS ADDRESS:	
		STREET 1:		1245 Q STREET
		CITY:			LINCOLN
		STATE:			NE
		ZIP:			68508
		BUSINESS PHONE:		4024752525

	MAIL ADDRESS:	
		STREET 1:		1245 Q STREET
		CITY:			LINCOLN
		STATE:			NE
		ZIP:			68508

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC
		CENTRAL INDEX KEY:			0001021223
		ORGANIZATION NAME:           	
		EIN:				954575414
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, SUITE 1110
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		3105562721

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS, SUITE 1110
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KAYNE ANDERSON INVESTMENT MANAGEMENT LLC
		DATE OF NAME CHANGE:	19990326

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KAIM TRADITIONAL L L C
		DATE OF NAME CHANGE:	19980223
</SEC-HEADER>
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<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
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      <eventDateRequiresFilingThisStatement>03/31/2025</eventDateRequiresFilingThisStatement>
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        <issuerName>National Research Corp</issuerName>
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      <reportingPersonName>Kayne Anderson Rudnick Investment Management, LLC</reportingPersonName>
      <citizenshipOrOrganization>CA</citizenshipOrOrganization>
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      <reportingPersonName>Virtus Investment Advisers, LLC</reportingPersonName>
      <citizenshipOrOrganization>MA</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
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      <comments>FOOTNOTES - The amounts reported on this page are also included in the amounts reported by Kayne Anderson Rudnick Investment Management, LLC on this Schedule 13G.</comments>
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      <reportingPersonName>Virtus Equity Trust on behalf of Virtus KAR Small Cap Growth Fund</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
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      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>2008009.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
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      <classPercent>8.75</classPercent>
      <typeOfReportingPerson>IV</typeOfReportingPerson>
      <comments>FOOTNOTES - The amounts reported on this page are also included in the amounts reported by Virtus Investment Advisers, LLC on this Schedule 13G.</comments>
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      <item1>
        <issuerName>National Research Corp</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>1245 Q Street, Lincoln, NE 68508</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>(1) Kayne Anderson Rudnick Investment Management, LLC
(2) Virtus Investment Advisers, LLC
(3) Virtus Equity Trust on behalf of Virtus KAR Small Cap Growth Fund</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>(1) Kayne Anderson Rudnick Investment Management, LLC: 2000 Avenue of the Stars, Suite 1110, Los Angeles, CA 90067
(2) Virtus Investment Advisers, LLC: One Financial Plaza, Hartford, CT 06103
(3) Virtus Equity Trust on behalf of Virtus KAR Small Cap Growth Fund: 101 Munson Street, Greenfield, MA 01301</principalBusinessOfficeOrResidenceAddress>
        <citizenship>(1) Kayne Anderson Rudnick Investment Management, LLC: A California Limited Liability Company
(2) Virtus Investment Advisers, LLC: Massachusetts
(3) Virtus Equity Trust on behalf of Virtus KAR Small Cap Growth Fund: Delaware</citizenship>
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        <notApplicableFlag>N</notApplicableFlag>
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(2) Virtus Investment Advisers, LLC: 2047353
(3) Virtus Equity Trust on behalf of Virtus KAR Small Cap Growth Fund: 2008009</amountBeneficiallyOwned>
        <classPercent>(1) Kayne Anderson Rudnick Investment Management, LLC: 12.92%
(2) Virtus Investment Advisers, LLC: 8.92%
(3) Virtus Equity Trust on behalf of Virtus KAR Small Cap Growth Fund: 8.75%</classPercent>
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          <solePowerOrDirectToVote>(1) Kayne Anderson Rudnick Investment Management, LLC: 449090
(2) Virtus Investment Advisers, LLC: 0
(3) Virtus Equity Trust on behalf of Virtus KAR Small Cap Growth Fund: 0</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>(1) Kayne Anderson Rudnick Investment Management, LLC: 2484023
(2) Virtus Investment Advisers, LLC: 2047353
(3) Virtus Equity Trust on behalf of Virtus KAR Small Cap Growth Fund: 2008009</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>(1) Kayne Anderson Rudnick Investment Management, LLC: 480058
(2) Virtus Investment Advisers, LLC: 0
(3) Virtus Equity Trust on behalf of Virtus KAR Small Cap Growth Fund: 0</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>(1) Kayne Anderson Rudnick Investment Management, LLC: 2484023
(2) Virtus Investment Advisers, LLC: 2047353
(3) Virtus Equity Trust on behalf of Virtus KAR Small Cap Growth Fund: 2008009</sharedPowerOrDirectToDispose>
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        <notApplicableFlag>N</notApplicableFlag>
        <ownershipMoreThan5PercentOnBehalfOfAnotherPerson>With respect to securities owned by a registered investment company included in this filing, only the custodian for such investment company, has the right to receive dividends paid with respect to, and proceeds from the sale of, such securities. No other person is known to have such right, except that the shareholders of such investment company participate proportionately in any dividends and distributions so paid.</ownershipMoreThan5PercentOnBehalfOfAnotherPerson>
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        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
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      <reportingPersonName>Kayne Anderson Rudnick Investment Management, LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Michael Shoemaker</signature>
        <title>Michael Shoemaker, Chief Compliance Officer</title>
        <date>05/14/2025</date>
      </signatureDetails>
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    <signatureInformation>
      <reportingPersonName>Virtus Investment Advisers, LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Chetram Persaud</signature>
        <title>Chetram Persaud, Chief Compliance Officer</title>
        <date>05/14/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Virtus Equity Trust on behalf of Virtus KAR Small Cap Growth Fund</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Daphne Chisolm</signature>
        <title>Daphne Chisolm, Vice President, Counsel and Assistant Secretary</title>
        <date>05/14/2025</date>
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<TYPE>EX-99.1
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<FILENAME>fp0093506-15_ex991.htm
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<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">AGREEMENT</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">JOINT FILING OF SCHEDULE 13G</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Kayne Anderson Rudnick Investment Management, LLC (an investment adviser
registered under the Investment Advisers Act of 1940), and Virtus Investment Advisers, LLC (an investment adviser registered under the
Investment Advisers Act of 1940) and Virtus Equity Trust (on behalf of Virtus KAR Small-Cap Growth Fund), a Delaware statutory trust,
hereby agree to file jointly the statement on Schedule 13G to which this Agreement is attached, and any amendments thereto which may be
deemed necessary, pursuant to Regulation 13D-G under the Securities Exchange Act of 1934.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">It is understood and agreed that each of the parties hereto is responsible
for the timely filing of such statement and any amendments thereto, and for the completeness and accuracy of the information concerning
such party contained therein, but such party is not responsible for the completeness or accuracy of information concerning the other party
unless such party knows or has reason to believe that such information is inaccurate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">It is understood and agreed that a copy of this Agreement shall be attached
as an exhibit to the statement on Schedule 13G, and any amendments thereto, filed on behalf of each of the parties hereto.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Dated: May 14, 2025</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT, LLC</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; font-size: 11pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">By: </FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt; width: 95%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Michael Shoemaker </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Michael Shoemaker </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chief Compliance Officer </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">VIRTUS INVESTMENT ADVISERS, LLC</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 95%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">By: </FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Chetram Persaud</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chetram Persaud</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chief Compliance Officer</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">VIRTUS EQUITY TRUST, on behalf of </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">VIRTUS KAR SMALL-CAP GROWTH FUND </FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">By: </FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/ Daphne Chisolm</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Daphne Chisolm</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Vice President, Counsel and Assistant Secretary</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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