NATIONAL RESEARCH CORP — Director's Dealing 2004

Jun 2, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NATIONAL RESEARCH CORP (NRCI)
CIK: 0000070487
Period of Report: 2004-05-27

Reporting Person: RAASCH JONA S (VP & Chief Operations Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-27	Common Stock	S	90	$16.45	Disposed	0	Indirect
2004-05-27	Common Stock	S	50	$16.45	Disposed	50	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	66090	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option (Right to Buy)	$4.00	2004-12-13	Common Stock (5000)	5000	Direct
Employee Stock Option (Right to Buy)	$5.75	2006-12-04	Common Stock (10435)	10435	Direct
Employee Stock Option (Right to Buy)	$11.00	2013-06-26	Common Stock (34091)	34091	Direct
Employee Stock Option (Right to Buy)	$16.10	2014-01-05	Common Stock (13388)	13388	Direct

Footnotes

F1: This option became exercisable in 33-1/3% increments on December 13, 2000, 2001 and 2002, respectively.

F2: This option becomes exercisable in 33-1/3% increments on December 4, 2002, 2003 and 2004, respectively.

F3: This option becomes fully exercisable on June 26, 2008.

F4: This option becomes fully exercisable on January 5, 2009.