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SC 13G 1 nrc13g.txt NATIONAL RESEARCH CORP. ---------------------------------- OMB APPROVAL ------------ OMB Number: 3235-0145 Expires: October 31, 2002 Estimated average burden hours per response 14.90 ---------------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. )* NATIONAL RESEARCH CORP. -------------------------------------------------------------------------------- (Name of Issuer) COMMON STOCK -------------------------------------------------------------------------------- (Title of Class Securities) 637372103 ------------------------------------ (CUSIP Number) December 31, 2000 ------------------------------------------------------------------------------- (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: |_| Rule 13d-1(b) |X| Rule 13d-1(c) |_| Rule 13d-1(d) *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosure provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). Page 2 of 15 Pages ........................ CUSIP No. 637372103 --------- ........................ -------------------------------------------------------------------------------- NAME OF REPORTING PERSONS. 1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY). Cannell Capital LLC 94-3366999 -------------------------------------------------------------------------------- CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) 2 (A) |X| (B) |_| -------------------------------------------------------------------------------- SEC USE ONLY 3 -------------------------------------------------------------------------------- CITIZENSHIP OR PLACE OF ORGANIZATION 4 California -------------------------------------------------------------------------------- 5 SOLE VOTING POWER ------------------------------------------------------------------- NUMBER OF SHARES 6 SHARED VOTING POWER BENEFICIALLY OWNED BY 538,500 EACH ------------------------------------------------------------------- REPORTING PERSON WITH 7 SOLE DISPOSITIVE POWER ------------------------------------------------------------------- 8 SHARED DISPOSITIVE POWER 538,500 -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 538,500 -------------------------------------------------------------------------------- 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 7.7% -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IA -------------------------------------------------------------------------------- Page 3 of 15 Pages ........................ CUSIP No. 637372103 --------- ........................ -------------------------------------------------------------------------------- NAME OF REPORTING PERSONS. 1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY). J. Carlo Cannell -------------------------------------------------------------------------------- CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) 2 (A) |X| (B) |_| -------------------------------------------------------------------------------- SEC USE ONLY 3 -------------------------------------------------------------------------------- CITIZENSHIP OR PLACE OF ORGANIZATION 4 USA -------------------------------------------------------------------------------- 5 SOLE VOTING POWER ------------------------------------------------------------------- NUMBER OF SHARES 6 SHARED VOTING POWER BENEFICIALLY OWNED BY 538,500 EACH ------------------------------------------------------------------- REPORTING PERSON WITH 7 SOLE DISPOSITIVE POWER ------------------------------------------------------------------- 8 SHARED DISPOSITIVE POWER 538,500 -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 538,500 -------------------------------------------------------------------------------- 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 7.7% -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN, HC -------------------------------------------------------------------------------- Page 4 of 15 Pages ........................ CUSIP No. 637372103 --------- ........................ -------------------------------------------------------------------------------- NAME OF REPORTING PERSONS. 1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY). The Anegada Fund Limited -------------------------------------------------------------------------------- CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) 2 (A) |X| (B) |_| -------------------------------------------------------------------------------- SEC USE ONLY 3 -------------------------------------------------------------------------------- CITIZENSHIP OR PLACE OF ORGANIZATION 4 Cayman Islands -------------------------------------------------------------------------------- 5 SOLE VOTING POWER ------------------------------------------------------------------- NUMBER OF SHARES 6 SHARED VOTING POWER BENEFICIALLY OWNED BY 62,450 EACH ------------------------------------------------------------------- REPORTING PERSON WITH 7 SOLE DISPOSITIVE POWER ------------------------------------------------------------------- 8 SHARED DISPOSITIVE POWER 62,450 -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 62,450 -------------------------------------------------------------------------------- 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.9% -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) CO -------------------------------------------------------------------------------- Page 5 of 15 Pages ........................ CUSIP No. 637372103 --------- ........................ -------------------------------------------------------------------------------- NAME OF REPORTING PERSONS. 1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY). The Cuttyhunk Fund Limited -------------------------------------------------------------------------------- CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) 2 (A) |X| (B) |_| -------------------------------------------------------------------------------- SEC USE ONLY 3 -------------------------------------------------------------------------------- CITIZENSHIP OR PLACE OF ORGANIZATION 4 Bermuda -------------------------------------------------------------------------------- 5 SOLE VOTING POWER 0 ------------------------------------------------------------------- NUMBER OF SHARES 6 SHARED VOTING POWER BENEFICIALLY OWNED BY 149,400 EACH ------------------------------------------------------------------- REPORTING PERSON WITH 7 SOLE DISPOSITIVE POWER 0 ------------------------------------------------------------------- 8 SHARED DISPOSITIVE POWER 149,400 -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 149,400 -------------------------------------------------------------------------------- 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 2.1% -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) CO -------------------------------------------------------------------------------- Page 6 of 15 Pages ........................ CUSIP No. 637372103 --------- ........................ -------------------------------------------------------------------------------- NAME OF REPORTING PERSONS. 1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY). Tonga Partners, L.P. 94-3164039 -------------------------------------------------------------------------------- CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) 2 (A) |X| (B) |_| -------------------------------------------------------------------------------- SEC USE ONLY 3 -------------------------------------------------------------------------------- CITIZENSHIP OR PLACE OF ORGANIZATION 4 Delaware -------------------------------------------------------------------------------- 5 SOLE VOTING POWER ------------------------------------------------------------------- NUMBER OF SHARES 6 SHARED VOTING POWER BENEFICIALLY OWNED BY 207,750 EACH ------------------------------------------------------------------- REPORTING PERSON WITH 7 SOLE DISPOSITIVE POWER ------------------------------------------------------------------- 8 SHARED DISPOSITIVE POWER 207,750 -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 207,750 -------------------------------------------------------------------------------- 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 3.0% -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) PN -------------------------------------------------------------------------------- Page 7 of 15 Pages ........................ CUSIP No. 637372103 --------- ........................ -------------------------------------------------------------------------------- NAME OF REPORTING PERSONS. 1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY). GS Cannell Portfolio, LLC 98-0232642 -------------------------------------------------------------------------------- CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) 2 (A) |X| (B) |_| -------------------------------------------------------------------------------- SEC USE ONLY 3 -------------------------------------------------------------------------------- CITIZENSHIP OR PLACE OF ORGANIZATION 4 Delaware -------------------------------------------------------------------------------- 5 SOLE VOTING POWER ------------------------------------------------------------------- NUMBER OF SHARES 6 SHARED VOTING POWER BENEFICIALLY OWNED BY 82,000 EACH ------------------------------------------------------------------- REPORTING PERSON WITH 7 SOLE DISPOSITIVE POWER ------------------------------------------------------------------- 8 SHARED DISPOSITIVE POWER 82,000 -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 82,000 -------------------------------------------------------------------------------- 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 1.2% -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) OO -------------------------------------------------------------------------------- Page 8 of 15 Pages ........................ CUSIP No. 637372103 --------- ........................ -------------------------------------------------------------------------------- NAME OF REPORTING PERSONS. 1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY). Pleiades Investment Partners, L.P. 23-2688812 -------------------------------------------------------------------------------- CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) 2 (A) |X| (B) |_| -------------------------------------------------------------------------------- SEC USE ONLY 3 -------------------------------------------------------------------------------- CITIZENSHIP OR PLACE OF ORGANIZATION 4 Delaware -------------------------------------------------------------------------------- 5 SOLE VOTING POWER 0 ------------------------------------------------------------------- NUMBER OF SHARES 6 SHARED VOTING POWER BENEFICIALLY OWNED BY 26,000 EACH ------------------------------------------------------------------- REPORTING PERSON WITH 7 SOLE DISPOSITIVE POWER 0 ------------------------------------------------------------------- 8 SHARED DISPOSITIVE POWER 26,000 -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 26,000 -------------------------------------------------------------------------------- 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.4% -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) PN -------------------------------------------------------------------------------- Page 9 of 15 Pages ........................ CUSIP No. 637372103 --------- ........................ -------------------------------------------------------------------------------- NAME OF REPORTING PERSONS. 1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY). George S. Sarlo 1995 Charitable Remainder Trust 94-6685897 -------------------------------------------------------------------------------- CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) 2 (A) |X| (B) |_| -------------------------------------------------------------------------------- SEC USE ONLY 3 -------------------------------------------------------------------------------- CITIZENSHIP OR PLACE OF ORGANIZATION 4 California -------------------------------------------------------------------------------- 5 SOLE VOTING POWER ------------------------------------------------------------------- NUMBER OF SHARES 6 SHARED VOTING POWER BENEFICIALLY OWNED BY 10,900 EACH ------------------------------------------------------------------- REPORTING PERSON WITH 7 SOLE DISPOSITIVE POWER ------------------------------------------------------------------- 8 SHARED DISPOSITIVE POWER 10,900 -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 10,900 -------------------------------------------------------------------------------- 10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.2% -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) OO -------------------------------------------------------------------------------- Page 10 of 15 Item 1. (a) Name of Issuer National Research Corp. (b) Address of Issuer's Principal Executive Offices 1245 "Q" Street Lincoln, NE 68508 Item 2. (a) Name of Person Filing This statement is being filed by (i) Cannell Capital, LLC, a California limited liability company and registered investment adviser ("IA"), (ii) J. Carlo Cannell ("Managing Member"), (iii) The Anegada Fund Limited ("Anegada"), (iv) The Cuttyhunk Fund Limited ("Cuttyhunk"), (v) Tonga Partners, L.P. ("Tonga"), (vi) GS Cannell Portfolio, LLC ("GS Cannell"), (vii) Pleiades Investment Partners, LP ("Pleiades"), and (viii) George S. Sarlo 1995 Charitable Remainder Trust ("Trust") (collectively, the "Reporting Persons"). Managing Member controls IA by virtue of Managing Member's position as managing member and majority owner of IA. IA's beneficial ownership of the Common Stock is direct as a result of IA's discretionary authority to buy, sell, and vote shares of such Common Stock for its investment advisory clients. Managing Member's beneficial ownership of Common Stock is indirect as a result of Managing Member's ownership and management of IA. The beneficial ownership of Managing Member is reported solely because Rules 13d-1(a) and (b) under the Securities Exchange Act of 1934, as amended, require any person who is "directly or indirectly" the beneficial owner of more than five percent of any equity security of a specified class to file a Schedule 13G. The answers in blocks 6, 8, 9 and 11 above and the response to item 4 by Managing Member are given on the basis of the "indirect" beneficial ownership referred to in such Rule, based on the direct beneficial ownership of Common Stock by IA and the relationship of Managing Member to IA referred to above. Information with respect to each Reporting Person is given solely by the respective Reporting Person, and no Reporting Person undertakes hereby any responsibility for the accuracy or completeness of such information concerning any other Reporting Person. (b) Address of Principal Business office or, if none, Residence IA's principal business office is located at: 2500 18th Street, Third Floor, San Francisco, CA 94110 Managing Member's principal business office is located at: Page 11 of 15 2500 18th Street, Third Floor, San Francisco, CA 94110 Anegada's principal business office is located at: c/o Goldman Sachs (Cayman) Trust, Limited, 2nd Floor, Harbour Centre, George Town, Cayman Islands, BWI Cuttyhunk's principal business office is located at: 73 Front Street, Hamilton, Bermuda HM 12 Tonga's principal business office is located at: 2500 18th Street, Third Floor, San Francisco, CA 94110 GS Cannell's principal business office is located at: 701 Mount Lucas Road, CN 850, Princeton, NJ 08542 Pleiades' principal business office is located at: 6022 West Chester Pike, Newtown Square, PA 19073 Trust's principal business office is located at: 750 Battery Street, Suite 700, San Francisco, CA 94111 (c) Citizenship Item 4 of each cover page is incorporated by reference (d) Title of Class Securities Common (e) CUSIP Number 637372103 Item 3. If this statement is filed pursuant to Sections 240.13d-1(b), or 240.13d-2(b) or (c), check whether the person filing is a: (a) |_| Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o). (b) |_| Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c). (c) |_| Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c). (d) |_| Investment company registered under section 8 of the Investment Company Act (15 U.S.C. 80a-8). (e) |_| An investment adviser in accordance with Section 240.13d-1(b)(1)(ii)(E). (f) |_| An employee benefit plan or endowment fund in accordance with Section 240.13d-1(b)(ii)(F). (g) |_| A parent holding company or control person in accordance with Section 240.13d-1(b)(1)(ii)(G). (h) |_| A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813). Page 12 of 15 (i) |_| A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3). (j) |_| Group in accordance with Section 240.13d-1(b)(ii)(J). Item 4. Ownership Common Stock: Items 5-9 and 11 of each cover sheet are incorporated by reference Item 5. Ownership of Five Percent or Less of a Class. If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class securities, check the following |_|. N/A Item 6. Ownership of More than Five Percent on Behalf of Another Person. IA, a registered investment adviser, and Managing Member, the majority owner and managing member of IA, have the right or the power to direct the receipt of dividends from Common Stock, and to direct the receipt of proceeds from the sale of Common Stock to IA's investment advisory clients. No single investment advisory client of IA owns more than 5% of the Common Stock. Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company. Not Applicable Item 8. Identification and Classification of Members of the Group. See Exhibit A Item 9. Notice of Dissolution of Group. Not Applicable. Item 10. Certification: (a) The following certification shall be included if the statement is filed pursuant to Section 240.13d-1(b): 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 Page 13 of 15 connection with or as a participant in any transaction having that purpose or effect. SIGNATURE Date: ___________, 2001 CANNELL CAPITAL LLC /s/ Carlo Cannell -------------------------------------------- J. Carlo Cannell, Managing Member J. CARLO CANNELL /s/ Carlo Cannell -------------------------------------------- J. Carlo Cannell THE ANEGADA FUND LIMITED /s/ Carlo Cannell -------------------------------------------- J. Carlo Cannell, Managing Member Cannell Capital LLC, Investment Adviser THE CUTTYHUNK FUND LIMITED /s/ Carlo Cannell -------------------------------------------- J. Carlo Cannell, Managing Member Cannell Capital LLC, Investment Adviser TONGA PARTNERS, L.P. /s/ Carlo Cannell -------------------------------------------- J. Carlo Cannell, Managing Member Cannell Capital LLC, General Partner GS Cannell Portfolio, LLC /s/ Carlo Cannell -------------------------------------------- J. Carlo Cannell, Managing Member Cannell Capital LLC, Investment Adviser PLEIADES INVESTMENT PARTNERS, LP /s/ Carlo Cannell -------------------------------------------- J. Carlo Cannell, Managing Member Cannell Capital LLC, Investment Adviser GEORGE S. SARLO 1995 CHARITABLE REMAINDER TRUST Page 14 of 15 /s/ Carlo Cannell -------------------------------------------- J. Carlo Cannell, Managing Member Cannell Capital LLC, Investment Adviser Page 15 of 15 EXHIBIT A - Identification and Classification of Members of the Group --------------------------------------------------------- Pursuant to Rule 13d-1(b)(ii)(J) and Rule 13d-1(k)(1) under the Securities and Exchange Act of 1934, the members of the group making this joint filing are identified and classified as follows: Name Classification ---- -------------- Cannell Capital LLC California limited liability company, Investment Adviser J. Carlo Cannell Individual, control person of Cannell Capital LLC The Anegada Fund Limited A Cayman Islands company The Cuttyhunk Fund Limited A Bermuda company Tonga Partners, L.P. A Delaware limited partnership GS Cannell Portfolio, LLC A Delaware limited liability company Pleiades Investment Partners, LP A Delaware limited partnership George S. Sarlo 1995 Charitable A charitable trust organized in California Remainder Trust