NELNET INC — Director's Dealing 2018

Oct 1, 2018

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: NELNET INC (NNI)
CIK: 0001258602
Period of Report: 2018-09-19

Reporting Person: Muhleisen Dan D (10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	2500706	Direct
Class A Common Stock	616639	Indirect
Class A Common Stock	692885	Indirect
Class A Common Stock	515708	Indirect
Class A Common Stock	175000	Indirect
Class A Common Stock	175000	Indirect
Class A Common Stock	88070	Indirect
Class A Common Stock	174930	Indirect
Class A Common Stock	174930	Indirect
Class A Common Stock	88070	Indirect

Footnotes

F1: These shares include 52,344 shares that the reporting person holds jointly with his spouse.

F2: Shares held by a Dynasty Trust, of which the adult daughter of the reporting person is the initial beneficiary. The reporting person is reporting 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 the reporting person's pecuniary interest therein.

F3: Shares held by a Dynasty Trust, of which the adult son of the reporting person is the initial beneficiary. The reporting person is reporting 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 the reporting person's pecuniary interest therein.

F4: Shares held by the Alicia L. Muhleisen Irrevocable Trust dated 8/29/2003, of which the adult daughter of the reporting person is the beneficiary. The reporting person is reporting 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 the reporting person's pecuniary interest therein.

F5: Shares held by the Jason D. Muhleisen Irrevocable Trust dated 8/29/2003, of which the adult son of the reporting person is the beneficiary. The reporting person is reporting 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 the reporting person's pecuniary interest therein.

F6: Shares held by the A. Muhleisen Post-Annuity Irrevocable Trust dated 8/29/2003, of which the adult son of the reporting person is the beneficiary. The reporting person is reporting 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 the reporting person's pecuniary interest therein.

F7: Shares held by the D. Muhleisen Post-Annuity Irrevocable Trust dated 8/29/2003, of which the adult daughter of the reporting person is the beneficiary. The reporting person is reporting 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 the reporting person's pecuniary interest therein.