13D Filing: International Value Advisers and Devry Education Group Inc. (DV)

EXPLANATORY NOTE

This Amendment No. 11 to Schedule 13D (the Amendment) is
being filed with respect to the Reporting Persons beneficial ownership in DeVry
Education Group Inc. (DeVry or the Issuer). This amendment supplements the
Schedule D as previously filed on June 22, 2016 (as amended, the Schedule
13D). Each Item below amends and supplements the information disclosed under
the corresponding Item of the Schedule 13D. Unless otherwise indicated herein,
capitalized terms used but not defined in this Amendment shall have the same
meaning herein as are ascribed to such terms in Schedule 13D.

As of April 20, 2017, the Reporting Persons beneficially own
less than five percent of the Shares of the Issuer. This is the final amendment
to the Schedule 13D and constitutes an exit filing for the Reporting Persons.

Item 2. Identity and Background

Item 2 a. is hereby amended and restated as follows:

The Shares reported herein are held by various separately
managed account clients (the Managed Accounts) and certain funds (the Funds)
under the management and control of International Value Advisers, LLC (IVA), a
Delaware limited liability company and an investment adviser registered under
the Investment Advisers Act of 1940. The Funds are the following: (i) IVA
Worldwide Fund, an investment company registered under the Investment Company
Act of 1940, as amended (WORLD); (ii) IVA Global Delaware Fund, L.P., a
Delaware limited partnership (GLOBAL); and (iii) IVA Global SICAV, an
investment company registered in the Grand Duchy of Luxembourg as an undertaking
for collective investment in transferable securities (SICAV). IVA is also the
managing partner of GLOBALs general partner. Charles de Vaulx and Charles
(Chuck) de Lardemelle are portfolio managers (each a PM, and together, the
PMs) for the Managed Accounts and Funds and, as such, have the authority to
make decisions regarding disposition of all Shares. Charles de Vaulx also acts
as Chief Investment Officer (the CIO) of IVA and has the authority to make
decisions regarding voting of some of the Shares.

Item 5. Interest in Securities of the Issuer

Item 5 a., b. and e. is hereby amended and restated as follows:

The aggregate percentage of Share reportedly owned by each
person named herein is based upon 62,885,000 Shares outstanding, as of January
26, 2017 and reported in the Issuers Form 10-Q filed on February, 2, 2017.

	1.	IVA
		a)	As of April 25, 2017, 2,984,568 Shares in aggregate were deemed to be beneficially owned by IVA, as the investment manager to i) WORLD which owns 1,805,698 Shares constituting 2.9% of the Issuers outstanding Shares, ii) GLOBAL which owns 143,117 Shares constituting 0.2% of the Issuers outstanding Shares, iii) SICAV which owns 212,929 Shares constituting 0.3% of the Issuers outstanding Shares, and iv) the Managed Accounts which own 822,824 Shares constituting 1.3% of the Issuers outstanding Shares.
			Percentage: 4.8%
		b)	Sole power to vote or direct the vote: 0
			Shared power to vote or direct the vote: 2,769,066 Sole power to dispose or direct the disposition: 0 Shared power to dispose or direct the disposition: 2,984,568

	2.	Charles de Vaulx
		a)	Mr. De Vaulx, as the CIO and managing member of IVA, may be deemed the beneficial owner of 2,984,568 Shares owned by the Funds and the Managed Accounts.
			Percentage: 4.8%