SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* Paul Robert A (Last) (First) (Middle) 3005 HIGHLAND PARKWAY (Street) DOWNERS GROVE IL 60515 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 08/24/2011	3. Issuer Name and Ticker or Trading Symbol DEVRY INC [ DV ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) President, Carrington Group	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock(1)	4,372	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Non-qualified Stock Option (Right to Buy)	(2)	08/31/2017	Common Stock	312	$34.53	D
Incentive Stock Option (Right to Buy)	(2)	08/31/2017	Common Stock	5,792	$34.53	D
Non-qualified Stock Option (Right to Buy)	(3)	08/28/2018	Common Stock	2,737	$51.23	D
Non-qualified Stock Option (Right to Buy)	(4)	08/28/2019	Common Stock	3,119	$52.28	D
Incentive Stock Option (Right to Buy)	(4)	08/28/2019	Common Stock	406	$52.28	D
Non-qualified Stock Option (Right to Buy)	(4)	08/27/2020	Common Stock	2,737	$38.71	D
Incentive Stock Option (Right to Buy)	(4)	08/27/2020	Common Stock	2,738	$38.71	D

Explanation of Responses:

1. The common stock is a restricted stock unit which represents a right to receive one share of common stock for each restricted stock unit. Stock units vest in four equal installments beginning on the anniversary of the transaction date.

2. This option vests at 20% per year. This option will be fully vested at the end of the 4th year. This option was issued in two parts- one as an ISO and the other as a non-qualified option due to the ISO limitations.

3. This option vests at 25% per year. This option will be fully vested at the end of the 4th year.

4. This option vests at 25% per year. This option will be fully vested at the end of the 4th year. This option was issued in two parts- one as an ISO and the other as a non-qualified option due to the ISO limitations.

	By: Robyn B. Martin For: Robert Paul	08/25/2011
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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