SC 13G 1 butterfield13g021304.txt SCHEDULE 13G SCHEDULE 13G UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 Nelnet, Inc. -------------------------------------------------------------------------------- (Name of Issuer) Class A Common Stock, $0.01 par value -------------------------------------------------------------------------------- (Title of Class of Securities) 64031N 10 8 -------------------------------------------------------------------------------- (CUSIP Number) December 8, 2003 -------------------------------------------------------------------------------- (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) / / Rule 13d-1(c) /X/ 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 disclosures 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). SCHEDULE 13G -2- CUSIP No. 64031N 10 8 -------------------------------------------------------------------------------- 1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). Stephen F. Butterfield -------------------------------------------------------------------------------- 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) / / (b) / / -------------------------------------------------------------------------------- 3. SEC Use Only -------------------------------------------------------------------------------- 4. Citizenship or Place of Organization United States -------------------------------------------------------------------------------- 5. Sole Voting Power 4,193,250 ----------------------------------------------------- Number of 6. Shared Voting Power Shares Beneficially 1,586,691 ----------------------------------------------------- Owned by Each 7. Sole Dispositive Power Reporting Person With: 4,193,250 ----------------------------------------------------- 8. Shared Dispositive Power 1,586,691 -------------------------------------------------------------------------------- 9. Aggregate Amount Beneficially Owned by Each Reporting Person 5,779,941 See Item 4(a) -------------------------------------------------------------------------------- 10. Check box if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) / / -------------------------------------------------------------------------------- 11. Percent of Class Represented by Amount in Row (9) 12.7% -------------------------------------------------------------------------------- 12. Type of Reporting Person (See Instructions) IN, HC SCHEDULE 13G -3- Item 1(a). Name of Issuer: Nelnet, Inc. Item 1(b). Address of Issuer's Principal Executive Offices: 121 South 13th Street, Suite 201, Lincoln, Nebraska 68508 Item 2(a). Name of Person Filing: This statement is filed on behalf of each of the following persons (collectively, the "Reporting Persons") (i) Stephen F. Butterfield Item 2(b). Address of Principal Business Office: (i) 121 South 13th Street Suite 201 Lincoln, Nebraska 68508 Item 2(c). Citizenship: (i) United States Item 2(d). Title of Class of Securities: Class A Common Stock, $0.01 par value Item 2(e). CUSIP Number: 64031N 10 8 Item 3. If this statement is filed pursuant to ss.ss.240.13d-1(b) or 240.13d-2(b) or (c), check whether the person is a: This Item 3 is not applicable Item 4. Ownership: Nelnet, Inc.

(a) Amount beneficially owned: 5,779,941* * This amount includes 1,586,691 shares of Class B common stock (which is convertible into Class A common stock at the option of the holder at any time) owned by Union Financial Services, Inc., of which Mr. Butterfield is a director and president and owns 50.0% of the outstanding voting stock. Mr. Butterfield disclaims beneficial ownership of the shares owned by Union Financial Services, Inc., except to the extent of his pecuniary interest SCHEDULE 13G -4- therein. (b) Percent of class: 12.7% (c) Number of shares as to which such person has: (i) sole power to vote or to direct the vote: 4,193,250 (ii) shared power to vote or to direct the vote: 1,586,691 (iii) sole power to dispose or to direct the disposition of: 4,193,250 (iv) shared power to dispose or to direct the disposition of: 1,586,691

Item 5. Ownership of Five Percent or Less of a Class: Not Applicable Item 6. Ownership of More than Five Percent on Behalf of Another Person: Not Applicable Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person: Not Applicable Item 8. Identification and Classification of Members of the Group: Not Applicable Item 9. Notice of Dissolution of Group: Not Applicable Item 10. Certifications: Not Applicable SCHEDULE 13G -5- SIGNATURES After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: February 13, 2004 /s/ Stephen F. Butterfield -------------------------------- Stephen F. Butterfield