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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
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SLM CORPORATION
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(Name of Issuer)
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6.97% Cumulative Redeemable Preferred Stock, Series A, par value $.20 per share
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(Title of Class of Securities)
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78442P205
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(CUSIP Number)
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April 15, 2010
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(Date of Event Which Requires Filing of this Statement)
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Rule 13d-1(b)
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Rule 13d-1(c)
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Rule 13d-1(d)
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CUSIP No. 78442P205
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1
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NAME OF REPORTING PERSONS
Donald A. Yacktman
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2
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(b) x
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3
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SEC USE ONLY
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4
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CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
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5
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SOLE VOTING POWER
160,000
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6
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SHARED VOTING POWER
0
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7
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SOLE DISPOSITIVE POWER
160,000
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8
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SHARED DISPOSITIVE POWER
3,200(1)
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9
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
163,200
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10
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Not Applicable
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11
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.9%(2)
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12
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
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(1)
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Represents shares beneficially owned by Yacktman Asset Management Co.; Donald A. Yacktman holds 100% of the outstanding voting securities of Yacktman Asset Management Co.
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(2)
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Based upon an aggregate of 3,300,000 shares outstanding as of December 31, 2009.
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CUSIP No. 78442P205
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1
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NAME OF REPORTING PERSONS
The Yacktman Funds, Inc.
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2
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3
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SEC USE ONLY
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4
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CITIZENSHIP OR PLACE OF ORGANIZATION
Maryland
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NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
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5
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SOLE VOTING POWER
160,000
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6
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SHARED VOTING POWER
0
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7
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SOLE DISPOSITIVE POWER
0
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8
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SHARED DISPOSITIVE POWER
0
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9
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
160,000
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10
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
Not Applicable
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11
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.8%(1)
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12
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IV
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(1)
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Based upon an aggregate of 3,300,000 shares outstanding as of December 31, 2009.
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CUSIP No. 78442P205
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1
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NAME OF REPORTING PERSONS
Yacktman Asset Management Co.
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) o
(b) x
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3
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SEC USE ONLY
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4
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CITIZENSHIP OR PLACE OF ORGANIZATION
Illinois
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NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
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5
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SOLE VOTING POWER
0
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6
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SHARED VOTING POWER
0
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7
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SOLE DISPOSITIVE POWER
3,200
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8
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SHARED DISPOSITIVE POWER
0
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9
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,200
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10
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
Not Applicable
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11
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
Less than 1%(1)
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12
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IA
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(1)
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Based upon an aggregate of 3,300,000 shares outstanding as of December 31, 2009.
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CUSIP No. 78442P205
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Item 1(a).
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Name of Issuer:
SLM Corporation
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Item 1(b).
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Address of Issuer’s Principal Executive Offices:
12061 Bluemont Way
Reston, VA 20190
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Item 2(a).
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Name of Person Filing:
The persons filing this Schedule 13G are: (i) Donald A. Yacktman (“Mr. Yacktman”); (ii) The Yacktman Funds, Inc. (“The Yacktman Funds”), an investment company registered under the Investment Company Act of 1940; and (iii)Yacktman Asset Management Co. (“Yacktman Asset Management”), an investment adviser registered under Section 203 of the Investment Advisers Act of 1940. Mr. Yacktman holds 100% of the outstanding voting securities of Yacktman Asset Management.
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Item 2(b).
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Address of Principal Business Office or, if none, Residence:
(for each of Mr. Yacktman, The Yacktman Funds and Yacktman Asset Management)
6300 Bridgepoint Parkway, Bldg. 1, Suite 320
Austin, TX 78730
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Item 2(c).
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Citizenship:
Mr. Yacktman is a citizen of the United States.
The Yacktman Funds is a Maryland corporation.
Yacktman Asset Management is an Illinois corporation.
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Item 2(d).
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Title of Class of Securities:
6.97% Cumulative Redeemable Preferred Stock, Series A, par value $.20 per share
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Item 2(e).
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CUSIP Number:
78442P205
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CUSIP No. 78442P205
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Item 3.
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If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b) or (c), check whether the person filing is a:
T Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).
T An investment adviser in accordance with section 240.13d-1(b)(1)(ii)(E).
T A parent holding company or control person in accordance with section 240.13d-1(b)(1)(ii)(G) (as to Mr. Yacktman).
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Item 4.
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Ownership
Mr. Yacktman
(a) Amount Beneficially Owned: 163,200
(b) Percent of Class: 4.9%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: 160,000
(ii) shared power to vote or to direct the vote: 0
(iii) sole power to dispose or to direct the disposition of: 160,000
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Mr. Yacktman’s beneficial ownership consists of (i) 160,000 shares of 6.97% Cumulative Redeemable Preferred Stock, Series A, beneficially owned by The Yacktman Funds; and (ii) 3,200 shares of 6.97% Cumulative Redeemable Preferred Stock, Series A, beneficially owned by Yacktman Asset Management.
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The Yacktman Funds
(a) Amount Beneficially Owned: 160,000
(b) Percent of Class: 4.8%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: 160,000
(ii) shared power to vote or to direct the vote: 0
(iii) sole power to dispose or to direct the disposition of: 0
(iv) shared power to dispose or to direct the disposition of: 0
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CUSIP No. 78442P205
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Yacktman Asset Management
(a) Amount Beneficially Owned: 3,200
(b) Percent of Class: Less than 1%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: 0
(ii) shared power to vote or to direct the vote: 0
(iii) sole power to dispose or to direct the disposition of: 3,200
(iv) shared power to dispose or to direct the disposition of: 0
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Item 5.
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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 of securities, check the following T.
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Item 6.
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Ownership of More than Five Percent on Behalf of Another Person.
N/A
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Item 7.
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Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on By the Parent Holding Company.
Mr. Yacktman holds 100% of the outstanding shares of capital stock of Yacktman Asset Management, whose Item 3 classification is Item 3(e), an investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E).
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Item 8.
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Identification and Classification of Members of the Group.
N/A
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Item 9.
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Notice of Dissolution of Group.
N/A
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Item 10.
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Certification.
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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 connection with or as a participant in any transaction having that purpose or effect.
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Exhibits.
1. Agreement to file Schedule 13G jointly (previously filed as Exhibit 1 to the reporting parties’ Schedule 13G filed October 6, 2008).
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CUSIP No. 78442P205
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