NELNET INC — Director's Dealing 2017

Jan 10, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NELNET INC (NNI)
CIK: 0001258602
Period of Report: 2016-12-21

Reporting Person: MUHLEISEN ANGIE (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-12-21	Class A Common Stock	G	59565	—	Disposed	661093	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	2589646	Direct
Class A Common Stock	529165	Indirect
Class A Common Stock	527708	Indirect
Class A Common Stock	175000	Indirect
Class A Common Stock	175000	Indirect
Class A Common Stock	174930	Indirect
Class A Common Stock	174930	Indirect
Class A Common Stock	174930	Indirect
Class A Common Stock	174930	Indirect

Footnotes

F1: The gift reported in this Form 4 was effected pursuant to a Rule 10b5-1 Gift Plan entered into by the spouse of the reporting person on November 14, 2016.

F2: These shares include 105,327 shares that the reporting person holds jointly with her spouse.

F3: Shares held by a Dynasty Trust, of which an adult son of the reporting person is the initial beneficiary. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.

F4: Shares held by a Dynasty Trust, of which an adult daughter of the reporting person is the initial beneficiary. The reporting person continues to report beneficial ownership of all the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.

F5: Shares held by the Alicia L. Muhleisen Irrevocable Trust, dated 8/29/2003, of which an adult daughter of the reporting person is the beneficiary. The reporting person continues to report beneficial ownership of all of the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.

F6: Shares held by the Jason D. Muhleisen Irrevocable Trust, dated 8/29/2003, of which an adult son of the reporting person is the beneficiary. The reporting person continues to report beneficial ownership of all of the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.

F7: Shares held by the A. Muhleisen Post Annuity Irrevocable Trust, dated 8/29/2003, of which an adult son of the reporting person is the beneficiary. The reporting person continues to report beneficial ownership of all of the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.

F8: Shares held by the D. Muhleisen Post Annuity Irrevocable Trust, dated 8/29/2003, of which an adult daughter of the reporting person is the beneficiary. The reporting person continues to report beneficial ownership of all of the shares held by the trust, but disclaims beneficial ownership of the shares held by the trust except to the extent of her pecuniary interest therein.