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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form 11-K

☑	ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934	
 
For the fiscal year ended December 31, 2016
or
☐	TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934	
 
Commission File Number 001-32318

A.	Full title of the plan and the address of the plan, if different from that of the issuer named below:	
 
Devon Energy Corporation Incentive Savings Plan
 
B.	Name of the issuer of the securities held pursuant to the plan and the address of its principal executive office:	
 
Devon Energy Corporation
333 West Sheridan Avenue
Oklahoma City, OK 73102-5015

 

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DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN
FORM 11-K
 TABLE OF CONTENTS
 
Report of Independent Registered Public Accounting Firm	3	
 	 	
Financial Statements	 	
Statements of Net Assets Available for Benefits	4	
Statement of Changes in Net Assets Available for Benefits	5	
Notes to Financial Statements	6	
 	 	
Supplemental Schedule	 	
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)	12	
 	 	
Signature	19	

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 Report of Independent R  egistered Public Accounting Firm
 
Plan Administrator
Devon Energy Corporation Incentive Savings Plan
 
We have audited the accompanying statements of net assets available for benefits of Devon Energy Corporation Incentive Savings Plan (the “Plan”) as of December 31, 2016 and 2015, and the related statement of changes in net assets available for benefits for the year ended December 31, 2016. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Plan’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of Devon Energy Corporation Incentive Savings Plan as of December 31, 2016 and 2015, and the changes in net assets available for benefits for the year ended December 31, 2016 in conformity with accounting principles generally accepted in the United States of America.
 
The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2016 has been subjected to audit procedures performed in conjunction with the audit of Devon Energy Corporation Incentive Savings Plan’s financial statements. The supplemental information is presented for purposes of additional analysis and is not a required part of the basic financial statements but include supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplementary information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the basic financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information referred to above is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole.
 
/s/ GRANT THORNTON LLP
Oklahoma City, Oklahoma
June 7, 2017 
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DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN
 STATEMENTS OF NET  ASSETS AVAILABLE FOR BENEFITS
 
  	 	December 31,	 	
 	 	2016	 	 	2015	 	
ASSETS	 	 	 	 	 	 	 	 	
Investments, at fair value	 	$	683,033,717	 	 	$	686,167,852	 	
Employer contributions receivable	 	 	5,571,103	 	 	 	8,102,953	 	
Notes receivable from participants	 	 	7,998,306	 	 	 	9,136,106	 	
Other receivables	 	 	455,190	 	 	 	1,938,831	 	
Total assets	 	 	697,058,316	 	 	 	705,345,742	 	
LIABILITIES	 	 	 	 	 	 	 	 	
Other liabilities	 	 	699,690	 	 	 	966,696	 	
Total liabilities	 	 	699,690	 	 	 	966,696	 	
NET ASSETS AVAILABLE FOR BENEFITS	 	$	696,358,626	 	 	$	704,379,046	 	
 
See accompanying notes to financial statements.
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DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN
 STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
 
 	 	Year Ended December 31,	 	
 	 	2016	 	
Additions:	 	 	 	 	
Investment income:	 	 	 	 	
Net appreciation in fair value of investments	 	$	50,714,435	 	
Dividend income	 	 	9,744,387	 	
Interest income	 	 	43,146	 	
Net investment gain	 	 	60,501,968	 	
Contributions:	 	 	 	 	
Participant, including rollovers	 	 	34,032,544	 	
Employer, net of forfeitures	 	 	42,718,164	 	
Total contributions	 	 	76,750,708	 	
Interest income on notes receivable from participants	 	 	364,157	 	
Total additions	 	 	137,616,833	 	
Deductions:	 	 	 	 	
Distributions to participants	 	 	143,250,384	 	
Administrative expenses	 	 	2,386,869	 	
Total deductions	 	 	145,637,253	 	
Net decrease in net assets available for benefits	 	 	(8,020,420	)	
Net assets available for benefits:	 	 	 	 	
Beginning of year	 	 	704,379,046	 	
End of year	 	$	696,358,626	 	
 
See accompanying notes to financial statements. 
 
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DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
 
1.	 Descripti on of Plan  	
 
The following description of the Devon Energy Corporation Incentive Savings Plan (the “Plan”) is provided for general information purposes only. Participants should refer to the plan agreement and respective amendments for a more complete description of the Plan’s provisions.
 
General
 
The Plan is a defined contribution plan covering substantially all United States employees of Devon Energy Corporation (“Devon”) and is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). Employees are eligible to participate in the Plan as soon as administratively possible following the completion of one hour of service. There is no minimum age requirement for employees to be eligible.
 
The plan administrator is a committee of Devon employees who are appointed by and serve at the direction of Devon (the “Benefits Committee”). The Benefits Committee is responsible for administration of the Plan, except for the duties related to selecting and monitoring the Plan’s investment options. The selection and monitoring of investment options, and related functions, is the responsibility of a separate committee of Devon employees who are appointed by and serve at the direction of Devon (the “Investments Committee”).
 
Devon’s Board of Directors, or a committee thereof, has the sole responsibility for appointing and removing the Plan’s trustee, which is currently Fidelity Management Trust Company (the “Trustee”). Under the terms of an agreement between the Trustee and the Plan, the Trustee administers the Plan’s trust in accordance with instructions provided by the Benefits Committee.
 
Contributions
 
As defined in the Plan, participants may elect to contribute from 1% to 50% of their compensation to the Plan on a pre-tax basis or on an after-tax, designated Roth basis. The combined pre-tax and designated Roth contributions are subject to limitations under the Internal Revenue Code (the “Code”). Participants who have attained age 50 before the end of the Plan year are eligible to make pre-tax or designated Roth catch-up contributions. Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans (“Rollover Contributions”). Participant Rollover Contributions were approximately $3,787,000 during 2016.
 
New employees who do not take action to either enroll or decline to enroll in the Plan, are automatically enrolled in the Plan with a pre-tax salary deferral contribution rate equal to 3%.
 
Participants may receive an employer match on their contribution to the Plan in an amount determined annually by Devon. The amount of the matching contribution will vary according to the participant’s years of service and whether the participant is eligible for enhanced contributions. Participants employed subsequent to October 1, 2007 and participants who opted out of a separate defined benefit plan sponsored by Devon are eligible for enhanced contributions. During 2016, for all participants with at least five years of service, Devon contributed amounts equal to 100% of each participant’s contributions to the Plan, with the matching contribution being limited to the lesser of 6% of the participant’s compensation or $15,900. For participants with less than five years of service, Devon’s matching contributions in 2016 were limited to the lesser of 3% of the participant’s compensation or $7,950.  
 
Participants eligible for enhanced contributions also receive additional, nondiscretionary contributions by Devon calculated as a percentage of their compensation, as defined in the Plan. In 2016, the enhanced contribution percentage ranged from 8% to 16%, depending upon a participant’s years of service.
 
Participant Accounts
 
Each participant’s account is credited with the participant’s contribution, Devon’s contribution and allocations of earnings or losses on the investments selected by the participant and charged with an allocation of administrative expenses. Allocations are based on participant earnings, account balances or specific participant transactions, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

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DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS – CONTINUED
 
Investments  
 
Participants direct their account balances to be invested in a number of investment options. Participants may change their investment options on a daily basis. Investment options of the Plan as of December 31, 2016 consist of mutual funds, equity securities, Devon common stock, collective trust funds, stable value fund and Brokerage Link. Brokerage Link is a self-directed brokerage account that allows participants to invest in a wide variety of funds.
 
Vesting and Forfeitures
 
Participants are vested immediately in their contributions, plus the associated investment income or losses. For each year of service up to four years, a participant becomes 25% vested in employer contributions to their account and the associated investment income or losses. Participants will become vested upon a change of control of Devon, as defined in the Plan or if the participant dies, becomes totally disabled or reaches age 65 while employed by Devon.
 
Upon a termination of service that results in nonvested amounts in a participant’s account, the nonvested portion is forfeited and used to reduce Devon’s future contributions or pay expenses. Employer contributions were reduced by $2,038,000 in 2016 due to forfeitures. In 2016, Plan expenses of approximately $435,000 were paid by forfeitures. As of December 31, 2016 and 2015, there were approximately $420,000 and $853,000, respectively, of forfeitures available to reduce future employer contributions or pay expenses.
 
As a result of a reduction of Devon’s workforce in 2016, the Plan incurred a partial plan termination as defined by ERISA. Under ERISA, a partial plan termination may occur if a significant percentage of the Plan participants are terminated because of an action taken by the Plan Sponsor. If a partial plan termination occurs, full vesting is required for the terminated participants. All terminated employees who were participants in the Plan were fully vested in their account balances, if they were not already fully vested. As a result, approximately $7,700,000 of previously unvested Devon contributions became fully vested in the plan.

Notes Receivable from Participants
 
Participants may borrow from their fund accounts and may have up to two loans outstanding at any time. Total borrowings may not exceed the lesser of 50% of a participant’s vested balance or $50,000. The loans are secured by the balance in the participants’ accounts. The loans bear interest at a fixed rate, which approximates the rate generally charged for consumer loans secured by certificates of deposit or marketable securities. The interest rates ranged from 4.25% to 9.50% at December 31, 2016. The terms of the loans may not exceed five years, except for loans used to purchase a primary residence, in which case the loan term generally will not exceed 15 years. Maturity dates ranged from January 2017 to October 2031 at December 31, 2016. Principal and interest is repaid through biweekly payroll deductions from the participants’ wages.
 
Payment of Benefits
 
While still employed, a participant who is age 59½ or older may withdraw all or part of the vested interest in their account at any time. Participants who are still employed also may withdraw their Rollover Contributions regardless of age. In addition, participants who are still employed and who have taken all other withdrawals and loans available under the Plan may also request a withdrawal in an amount necessary to satisfy an immediate and heavy financial need.  
 
 On termination of service due to death, disability or upon retirement, participants (or a beneficiary in the case of death) may elect to receive either a lump-sum amount equal to the value of the participant’s vested interest in their account or equal installments (monthly, quarterly, semi-annually or annually) for any period less than the life expectancy of the participant and their beneficiary. For termination of service for other reasons, participants may receive the value of the vested interest in their account as a lump-sum distribution. Depending on the value of the participant’s vested interest in their account at the time of their termination of service, the value of the participant’s
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DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS – CONTINUED
 
veste d interest may be automatically paid in a lump-sum distribution, paid in a direct rollover or automatically rolled over to an individual retirement account or annuity established in the participant’s or beneficiary’s name.
 
2.	Summary of Significant Accounting Policies	
 
The following are the significant accounting policies followed by the Plan in preparing the accompanying financial statements.
 
Basis of Presentation
 
The financial statements have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America.  
 
Use of Estimates
 
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and changes therein and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.
 
Investment Valuation and Income Recognition
 
The Plan’s investments are stated at fair value. Fair value is the price that would be received to sell the investment in an orderly transaction between market participants. This price is commonly referred to as the “exit price.” Fair value measurements are classified according to a hierarchy that prioritizes the inputs underlying the valuation techniques. This hierarchy consists of three broad levels:
 
 	•	Level 1 – Inputs consist of unadjusted quoted prices in active markets for identical assets and have the highest priority. When available, Level 1 inputs are used to measure fair value because they generally provide the most reliable evidence of fair value.	
 
 	•	Level 2 – Inputs consist of quoted prices that are generally observable for the asset. Common examples of Level 2 inputs include quoted prices for similar assets in active markets or quoted prices for identical assets in markets not considered to be active.	
 
 	•	Level 3 – Inputs are not observable from objective sources and have the lowest priority. The most common Level 3 fair value measurement is an internally developed cash flow model.	
 
Realized gains or losses are calculated based on proceeds from the sale of investments and the fair value of the investments at the beginning of the plan year or at time of purchase if acquired during the current plan year. Unrealized appreciation or depreciation of the investments is calculated based on the fair value of the investments at the end of the plan year and the fair value of the investments at the beginning of the plan year or at time of purchase if acquired during the current plan year. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.
 
Notes Receivable from Participants
 
Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. No allowance for credit losses has been recorded as of December 31, 2016 or 2015. Delinquent participant loans are reclassified as distributions based upon the terms of the plan document.

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DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS – CONTINUED
 
Payment of Benefits
 
Benefits are recorded when paid.
 
Administrative Expenses
 
Trustee, audit and certain other administrative fees are paid by Devon on behalf of the Plan and are excluded from these financial statements. Fees related to the administration of notes receivable from participants are charged directly to the participant’s account and are included in administrative expenses. Investment management fees related to the equity securities and collective trusts are included in administrative expenses. All other investment-related expenses are included in net depreciation of fair value of investments.
 
3.	Fair Value Measurements	
 
The following tables provide the Plan’s investments at fair value according to the fair value hierarchy. The Plan had no Level 2 or Level 3 investments as of December 31, 2016 and 2015. There have been no changes in the methodologies used at December 31, 2016 and 2015.
 
  	 	As of December 31, 2016	 	
 	 	Total	 	 	Level 1 Inputs	 	
Mutual funds	 	$	205,891,804	 	 	$	205,891,804	 	
Self-directed brokerage account	 	 	32,305,893	 	 	 	32,305,893	 	
Common stock	 	 	225,588,412	 	 	 	225,588,412	 	
Total assets in the fair value hierarchy	 	$	463,786,109	 	 	$	463,786,109	 	
Investments measured at net asset value	 	 	219,247,608	 	 	 	 	 	
Investments at fair value	 	$	683,033,717	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	
 	 	As of December 31, 2015	 	
 	 	Total	 	 	Level 1 Inputs	 	
Mutual funds	 	$	195,042,593	 	 	$	195,042,593	 	
Self-directed brokerage account	 	 	34,852,794	 	 	 	34,852,794	 	
Common stock	 	 	228,243,491	 	 	 	228,243,491	 	
Total assets in the fair value hierarchy	 	$	458,138,878	 	 	$	458,138,878	 	
Investments measured at net asset value	 	 	228,028,974	 	 	 	 	 	
Investments at fair value	 	$	686,167,852	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	
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DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS – CONTINUED
 
     The following table summarizes investments for which fair value is measured using the net asset value per share practical expedient as of December 31, 201 6 and 201 5 , respectively.
 
December 31, 2016	 	Fair Value	 	 	Unfunded Commitments	 	Redemption Frequency	 	Redemption Notice Period	
Commingled funds:	 	 	 	 	 	 	 	 	 	 	
US Equity	 	$	96,402,679	 	 	None	 	Daily	 	None	
International Equity	 	 	64,197,186	 	 	None	 	Daily	 	None	
World Equity	 	 	11,263,590	 	 	None	 	Daily	 	None	
Real Estate	 	 	5,667,593	 	 	None	 	Daily	 	None	
Total commingled funds	 	 	177,531,048	 	 	 	 	 	 	 	
Stable value collective:	 	 	 	 	 	 	 	 	 	 	
Trust fund	 	 	41,716,560	 	 	None	 	Daily	 	12 months	
Investments measured at net asset value	 	$	219,247,608	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
December 31, 2015	 	Fair Value	 	 	Unfunded Commitments	 	Redemption Frequency	 	Redemption Notice Period	
Commingled funds:	 	 	 	 	 	 	 	 	 	 	
US Equity	 	$	97,016,550	 	 	None	 	Daily	 	None	
International Equity	 	 	63,251,907	 	 	None	 	Daily	 	None	
World Equity	 	 	22,833,683	 	 	None	 	Daily	 	None	
Real Estate	 	 	5,490,498	 	 	None	 	Daily	 	None	
Total commingled funds	 	 	188,592,638	 	 	 	 	 	 	 	
Stable value collective:	 	 	 	 	 	 	 	 	 	 	
Trust fund	 	 	39,436,336	 	 	None	 	Daily	 	12 months	
Investments measured at net asset value	 	$	228,028,974	 	 	 	 	 	 	 	
 
The following methods and assumptions were used to estimate the fair values in the tables above.
 
Mutual funds. Valued at the daily closing price as reported by the fund.
 
Self-directed brokerage accounts. Accounts primarily consist of mutual funds that are valued on the basis of readily determinable market prices.
 
Common stocks. Valued at the closing price reported on the active market on which the individual securities are traded.
 
Commingled funds. Valued based on the net asset value of the commingled funds’ underlying investments using information reported by the investment advisor. The net asset value is used as a practical expedient to estimate fair value.
 
Stable value collective trust fund. Valued at the net asset value of units of the collective trust. The net asset value is used as a practical expedient to estimate fair value. The practical expedient would not be used if it is determined to be probable that the fund will sell the investment for an amount different from the reported net asset value. Participant transactions (purchases and sales) may occur daily. If the Plan initiates a full redemption of the collective trust, the issuer reserves the right to require 12 months’ notification in order to ensure that securities liquidations will be carried out in an orderly business manner.
 
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although these valuation methods are appropriate and consistent with those used by other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.

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DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS – CONTINUED
 
4.	Plan Termination	
 
Although Devon has not expressed any intent to terminate the Plan, it may do so at any time. Benefits owed to participants are not actuarially determined and the aggregate vested benefits are limited to the Plan’s net assets available for plan benefits. In the event of the Plan’s termination, participants would become 100% vested in their accounts.
 
5.	Related Party and Parties in Interest Transactions	
 
The Trustee and Devon are parties in interest as defined by ERISA. Certain plan investments are shares of mutual funds managed by Fidelity Management & Research Company, which is an affiliate of the Trustee. The Trustee also invests certain Plan assets in the Devon Stock Fund. Such transactions qualify as party-in-interest transactions permitted by the Department of Labor regulations.
 
6.	Tax Status	
 
The Internal Revenue Service has determined and informed Devon by a letter dated November 3, 2015 that the Plan and related trusts are designed in accordance with applicable sections of the Code. Prior to November 3, 2015 the Plan operated under a determination letter dated April 16, 2010. Although the Plan has been amended since receiving the determination letter, the Benefits Committee believes that the Plan is designed and is currently being operated in compliance with the applicable provisions of the Code.
 
Accounting principles generally accepted in the United States of America require plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service. The Benefits Committee has analyzed the tax positions taken by the Plan and has concluded that there are no uncertain positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements as of December 31, 2016 and 2015.
 
7.	Risk and Uncertainties	
 
In general, the investments provided by the Plan are exposed to various risks, such as interest rate, credit and overall market volatility risks. Because of the risks associated with investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such change could materially affect the participants’ account balances and the amounts reported in the statements of net assets available for benefits.

 

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Devon Energy Corporation Incentive Savings Plan	 	 	 	 	 	 	 	 	 	 	
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)	 	 	 	 	 	 	 	 	 	 	
December 31, 2016	 	 	 	 	 	 	 	 	 	 	

Identity of issue, borrower, lessor or similar party	 	Description of investment	 	Number of Shares or Units	 	 	Current Value	 	
Devon Energy Corporation**	 	Devon common stock	 	 	713,706	 	 	$	32,594,953	 	
Cash equivalent fund:	 	 	 	 	 	 	 	 	 	 	
THE VANGUARD GROUP	 	Vanguard Money Market Fund	 	 	14,055,961	 	 	 	14,055,961	 	
INTEREST-BEARING CASH	 	Money-market securities	 	 	 	 	 	 	8,896,099	 	
Mutual Funds and Common Trust Funds:	 	 	 	 	 	 	 	 	 	 	
JPMORGAN	 	JPMorgan Core Plus Bond Fund	 	 	1,750,221	 	 	 	14,299,305	 	
   TCW INVESTMENT MANAGEMENT COMPANY	 	TCW Core Fixed Income Fund	 	 	3,446,240	 	 	 	37,495,095	 	
   PIMCO FUNDS	 	PIMCO All Asset All Authority	 	 	4,119,740	 	 	 	34,564,620	 	
   SEI TRUST COMPANY	 	PIMCO Stable Income Fund	 	 	402,903	 	 	 	41,716,560	 	
ABERDEEN	 	Aberdeen Emerging Markets Fund	 	 	645,296	 	 	 	8,104,922	 	
   HARBOR FUNDS	 	Harbor International Fund	 	 	701,706	 	 	 	40,986,624	 	
   NEUBERGER BERMAN	 	Neuberger Berman High Yield Bond Fund	 	 	3,204,290	 	 	 	27,877,325	 	
   BLACKROCK, INC.	 	US Equity Index	 	 	3,884,855	 	 	 	96,402,679	 	
   BLACKROCK, INC.	 	International Equity Index	 	 	5,166,193	 	 	 	64,197,186	 	
   BLACKROCK, INC.	 	Blackrock MSCI ACWI Minimum Volatility Fund	 	 	1,074,207	 	 	 	11,263,590	 	
   CAPITAL RESEARCH & MANAGEMENT COMPANY	 	Europacific Growth Fund	 	 	127,558	 	 	 	5,745,224	 	
   INVESCO	 	Invesco Equity Real Estate Securities Trust	 	 	42,765	 	 	 	5,667,593	 	
   WESTERN ASSET	 	Inflation Indexed Plus Bond Portfolio	 	 	1,258,315	 	 	 	13,866,629	 	
Equity Securities:	 	 	 	 	 	 	 	 	 	 	
2U INC	 	Common stock	 	 	11,616	 	 	 	350,222	 	
3M CO	 	Common stock	 	 	300	 	 	 	53,571	 	
ABIOMED INC	 	Common stock	 	 	3,388	 	 	 	381,760	 	
ACADIA PHARMACEUTICALS	 	Common stock	 	 	5,000	 	 	 	144,200	 	
ACTIVISION BLIZZARD INC	 	Common stock	 	 	4,700	 	 	 	169,717	 	
ADOBE SYSTEMS INC	 	Common stock	 	 	5,900	 	 	 	607,405	 	
AES CORP	 	Common stock	 	 	56,500	 	 	 	656,530	 	
AETNA INC	 	Common stock	 	 	1,900	 	 	 	235,619	 	
AFFILIATED MANAGERS GRP	 	Common stock	 	 	3,579	 	 	 	520,029	 	
AGNC INVESTMENT CORP	 	Common stock	 	 	67,700	 	 	 	1,227,401	 	
AIR PRODUCTS & CHEMICALS	 	Common stock	 	 	11,100	 	 	 	1,596,402	 	
AKAMAI TECHNOLOGIES INC	 	Common stock	 	 	6,816	 	 	 	454,491	 	
AKORN INC	 	Common stock	 	 	17,144	 	 	 	374,253	 	
ALEXION PHARMACEUTICALS	 	Common stock	 	 	2,500	 	 	 	305,875	 	
ALIBABA GROUP HLD SPON AD	 	Common stock	 	 	4,400	 	 	 	386,364	 	
ALIGN TECHNOLOGY INC	 	Common stock	 	 	3,110	 	 	 	298,964	 	
ALLEGHANY CORP DEL	 	Common stock	 	 	1,300	 	 	 	790,556	 	
ALLERGAN PLC	 	Common stock	 	 	6,100	 	 	 	1,281,061	 	
ALLIANT ENERGY CORPORATIO	 	Common stock	 	 	15,700	 	 	 	594,873	 	
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ALLISON TRANSMISSION HLDG	 	Common stock	 	 	3,100	 	 	 	104,439	 	
ALPHABET INC CL C	 	Common stock	 	 	5,000	 	 	 	3,859,100	 	
ALTRIA GROUP INC	 	Common stock	 	 	10,132	 	 	 	685,126	 	
AMAZON.COM INC	 	Common stock	 	 	3,900	 	 	 	2,924,493	 	
AMC ENTERTAINMENT HL CL A	 	Common stock	 	 	7,100	 	 	 	238,915	 	
AMC NETWORKS INC CL A	 	Common stock	 	 	15,000	 	 	 	785,100	 	
AMDOCS LTD	 	Common stock	 	 	10,600	 	 	 	617,450	 	
AMEDISYS INC	 	Common stock	 	 	6,029	 	 	 	257,016	 	
AMERICAN EXPRESS CO	 	Common stock	 	 	13,610	 	 	 	1,008,229	 	
AMERICAN INTL GROUP	 	Common stock	 	 	14,453	 	 	 	943,925	 	
AMERIPRISE FINANCIAL INC	 	Common stock	 	 	5,582	 	 	 	619,267	 	
AMETEK INC NEW	 	Common stock	 	 	3,600	 	 	 	174,960	 	
ANADARKO PETROLEUM CORP	 	Common stock	 	 	9,600	 	 	 	669,408	 	
ANIKA THERAPEUTICS INC	 	Common stock	 	 	7,700	 	 	 	376,992	 	
ANTERO RES CORP	 	Common stock	 	 	31,800	 	 	 	752,070	 	
ANTHEM INC	 	Common stock	 	 	5,592	 	 	 	803,962	 	
APPLE INC	 	Common stock	 	 	32,700	 	 	 	3,787,314	 	
ARISTA NETWORKS INC	 	Common stock	 	 	3,279	 	 	 	317,309	 	
ARRIS INTERNATIONAL PLC	 	Common stock	 	 	20,700	 	 	 	623,691	 	
ASSURED GUARANTY LTD	 	Common stock	 	 	7,200	 	 	 	271,944	 	
AUTODESK INC	 	Common stock	 	 	3,400	 	 	 	251,634	 	
AVNET INC	 	Common stock	 	 	12,800	 	 	 	609,408	 	
AXALTA COATING SYSTEMS	 	Common stock	 	 	12,278	 	 	 	333,962	 	
BABCOCK &WILCOX ENTERPR	 	Common stock	 	 	14,750	 	 	 	244,703	 	
BALL CORP	 	Common stock	 	 	5,522	 	 	 	414,536	 	
BANK OF AMERICA CORPORATI	 	Common stock	 	 	78,304	 	 	 	1,730,518	 	
BANK OF THE OZARKS INC	 	Common stock	 	 	10,610	 	 	 	557,980	 	
BARNES & NOBLE INC	 	Common stock	 	 	41,800	 	 	 	466,070	 	
BAYER AG SPON ADR	 	Common stock	 	 	5,500	 	 	 	573,540	 	
BERKSHIRE HATHAWAY CL B	 	Common stock	 	 	5,600	 	 	 	912,688	 	
BIOGEN INC	 	Common stock	 	 	1,600	 	 	 	453,728	 	
BIOMARIN PHARMACEUTICAL	 	Common stock	 	 	3,100	 	 	 	256,804	 	
BLACKHAWK NETWORK HLDG	 	Common stock	 	 	7,100	 	 	 	267,493	 	
BLACKSTONE GROUP LP	 	Common stock	 	 	22,700	 	 	 	613,581	 	
BLACKSTONE MORTGAGE  CL A	 	Common stock	 	 	10,000	 	 	 	300,700	 	
BLOCK H & R INC	 	Common stock	 	 	36,900	 	 	 	848,331	 	
BLUE BUFFALO PET PRODUCTS	 	Common stock	 	 	11,085	 	 	 	266,483	 	
BOOZ ALLEN HAMILTON  CL A	 	Common stock	 	 	17,335	 	 	 	625,273	 	
BOSTON SCIENTIFIC CORP	 	Common stock	 	 	13,400	 	 	 	289,842	 	
BP PLC SPON ADR	 	Common stock	 	 	26,129	 	 	 	976,702	 	
BRISTOL-MYERS SQUIBB CO	 	Common stock	 	 	1,000	 	 	 	58,440	 	
BROADCOM LTD	 	Common stock	 	 	7,400	 	 	 	1,308,098	 	
BROWN & BROWN INC	 	Common stock	 	 	9,100	 	 	 	408,226	 	
BWX TECHNOLOGIES INC	 	Common stock	 	 	12,592	 	 	 	499,902	 	
CABLE ONE INC W/I	 	Common stock	 	 	278	 	 	 	172,841	 	
CAMBREX CORP	 	Common stock	 	 	8,988	 	 	 	484,903	 	
CAPITAL ONE FIN CORP	 	Common stock	 	 	7,399	 	 	 	645,489	 	
CARDINAL HEALTH INC	 	Common stock	 	 	12,795	 	 	 	920,856	 	
CARNIVAL CORP	 	Common stock	 	 	17,993	 	 	 	936,716	 	
CARRIZO OIL & GAS INC	 	Common stock	 	 	5,546	 	 	 	207,143	 	
CASEY GENERAL STORES	 	Common stock	 	 	5,600	 	 	 	665,728	 	
CAVIUM INC	 	Common stock	 	 	4,700	 	 	 	293,468	 	
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CBOE HOLDINGS INC	 	Common stock	 	 	3,979	 	 	 	294,008	 	
CBS CORP CL B	 	Common stock	 	 	11,200	 	 	 	712,544	 	
CELANESE CORP SER A	 	Common stock	 	 	13,929	 	 	 	1,096,769	 	
CELGENE CORP	 	Common stock	 	 	7,800	 	 	 	902,850	 	
CENTENE CORP	 	Common stock	 	 	11,905	 	 	 	672,752	 	
CHEVRON CORP	 	Common stock	 	 	9,000	 	 	 	1,059,300	 	
CHURCH & DWIGHT CO INC	 	Common stock	 	 	3,100	 	 	 	136,989	 	
CIGNA CORP	 	Common stock	 	 	5,582	 	 	 	744,583	 	
CIT GROUP INC	 	Common stock	 	 	21,500	 	 	 	917,620	 	
CITIGROUP INC	 	Common stock	 	 	25,251	 	 	 	1,500,667	 	
CMS ENERGY CORP	 	Common stock	 	 	15,300	 	 	 	636,786	 	
COCA-COLA EUROPEAN PARTNE	 	Common stock	 	 	25,600	 	 	 	803,840	 	
COGNIZANT TECH SOLUT CL A	 	Common stock	 	 	2,100	 	 	 	117,663	 	
COLLIERS INTL GROUP (US)	 	Common stock	 	 	5,120	 	 	 	188,160	 	
COMCAST CORP CL A	 	Common stock	 	 	24,100	 	 	 	1,664,105	 	
COMPASS MINERALS INTL INC	 	Common stock	 	 	8,100	 	 	 	634,635	 	
CONOCOPHILLIPS	 	Common stock	 	 	21,013	 	 	 	1,053,592	 	
COPART INC	 	Common stock	 	 	9,844	 	 	 	545,456	 	
COSTAR GROUP INC	 	Common stock	 	 	3,722	 	 	 	701,560	 	
COSTCO WHOLESALE CORP	 	Common stock	 	 	2,200	 	 	 	352,242	 	
COVANTA HOLDING CORP	 	Common stock	 	 	38,600	 	 	 	602,160	 	
CRH PLC SPON ADR	 	Common stock	 	 	17,834	 	 	 	613,133	 	
CROWN CASTLE INTL CORP	 	Common stock	 	 	6,500	 	 	 	564,005	 	
CSRA INC	 	Common stock	 	 	15,352	 	 	 	488,808	 	
CTRIP.COM INTL LTD ADR	 	Common stock	 	 	1,500	 	 	 	60,000	 	
CVS HEALTH CORP	 	Common stock	 	 	13,900	 	 	 	1,096,849	 	
DANAHER CORP	 	Common stock	 	 	5,000	 	 	 	389,200	 	
DEERE & CO	 	Common stock	 	 	6,000	 	 	 	618,240	 	
DELPHI AUTOMOTIVE PLC	 	Common stock	 	 	4,600	 	 	 	309,810	 	
DEVRY EDUCATION GROUP INC	 	Common stock	 	 	11,168	 	 	 	348,442	 	
DEXCOM INC	 	Common stock	 	 	6,000	 	 	 	358,200	 	
DIAMONDBACK ENERGY INC	 	Common stock	 	 	4,311	 	 	 	435,670	 	
DIGITALGLOBE INC	 	Common stock	 	 	12,800	 	 	 	366,720	 	
DISCOVER FIN SVCS	 	Common stock	 	 	12,156	 	 	 	876,326	 	
DOLLAR TREE INC	 	Common stock	 	 	900	 	 	 	69,462	 	
DST SYSTEMS INC	 	Common stock	 	 	4,500	 	 	 	482,175	 	
DUN & BRADSTREET DEL NEW	 	Common stock	 	 	2,462	 	 	 	298,690	 	
DUPONT (EI) DE NEMOURS &	 	Common stock	 	 	8,600	 	 	 	631,240	 	
E TRADE FINANCIAL CORP	 	Common stock	 	 	31,977	 	 	 	1,108,003	 	
EBAY INC	 	Common stock	 	 	11,000	 	 	 	326,590	 	
ECHOSTAR CORP CL A	 	Common stock	 	 	12,200	 	 	 	626,958	 	
EDWARDS LIFESCIENCES CORP	 	Common stock	 	 	6,200	 	 	 	580,940	 	
EL PASO ELECTRIC CO	 	Common stock	 	 	17,900	 	 	 	832,350	 	
ELECTRONIC ARTS INC	 	Common stock	 	 	10,500	 	 	 	826,980	 	
ENCORE CAP GROUP INC	 	Common stock	 	 	9,003	 	 	 	257,936	 	
ENVISION HEALTHCARE CORP	 	Common stock	 	 	3,000	 	 	 	189,870	 	
EQUITY COMMONWEALTH	 	Common stock	 	 	22,000	 	 	 	665,280	 	
EVERTEC INC	 	Common stock	 	 	29,200	 	 	 	518,300	 	
EXACT SCIENCES CORP	 	Common stock	 	 	25,256	 	 	 	337,420	 	
EXPRESS SCRIPTS HLDG CO	 	Common stock	 	 	11,500	 	 	 	791,085	 	
FACEBOOK INC A	 	Common stock	 	 	22,200	 	 	 	2,554,110	 	
FACTSET RESEARCH SYS INC	 	Common stock	 	 	2,158	 	 	 	352,682	 	
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FAIRMOUNT SANTROL HLDGS	 	Common stock	 	 	56,860	 	 	 	670,379	 	
FERROGLOBE PLC	 	Common stock	 	 	42,600	 	 	 	461,358	 	
FIFTH THIRD BANCORP	 	Common stock	 	 	13,036	 	 	 	351,581	 	
FINISH LINE INC CL A	 	Common stock	 	 	20,300	 	 	 	381,843	 	
FIRST SOLAR INC	 	Common stock	 	 	14,500	 	 	 	465,305	 	
FIRSTCASH INC	 	Common stock	 	 	6,971	 	 	 	327,637	 	
FMC CORP NEW	 	Common stock	 	 	10,680	 	 	 	604,061	 	
FNF GROUP	 	Common stock	 	 	47,200	 	 	 	1,602,912	 	
FNFV GROUP	 	Common stock	 	 	43,999	 	 	 	602,786	 	
FOSSIL GROUP INC	 	Common stock	 	 	14,100	 	 	 	364,626	 	
FTI CONSULTING INC	 	Common stock	 	 	10,700	 	 	 	482,356	 	
GAMING AND LEISURE PROPRT	 	Common stock	 	 	34,200	 	 	 	1,047,204	 	
GENERAL DYNAMICS CORPORAT	 	Common stock	 	 	3,331	 	 	 	575,130	 	
GENERAL ELECTRIC CO	 	Common stock	 	 	6,200	 	 	 	195,920	 	
GILEAD SCIENCES INC	 	Common stock	 	 	3,500	 	 	 	250,635	 	
GLAUKOS CORP	 	Common stock	 	 	8,264	 	 	 	283,455	 	
GRACE W R & CO	 	Common stock	 	 	1,700	 	 	 	114,988	 	
GREEN DOT CORP CLASS-A	 	Common stock	 	 	25,800	 	 	 	607,590	 	
GRUBHUB INC	 	Common stock	 	 	1,600	 	 	 	60,192	 	
GUIDEWIRE SOFTWARE INC	 	Common stock	 	 	10,753	 	 	 	530,445	 	
HALLIBURTON CO	 	Common stock	 	 	5,100	 	 	 	275,859	 	
HANESBRANDS INC	 	Common stock	 	 	35,491	 	 	 	765,541	 	
HD SUPPLY HLDGS INC	 	Common stock	 	 	14,700	 	 	 	624,897	 	
HEALTHSOUTH CORP	 	Common stock	 	 	8,518	 	 	 	351,282	 	
HEICO CORP CL A	 	Common stock	 	 	5,018	 	 	 	340,722	 	
HERBALIFE LTD	 	Common stock	 	 	4,710	 	 	 	226,739	 	
HESS CORP	 	Common stock	 	 	17,100	 	 	 	1,065,159	 	
HEXCEL CORPORATION	 	Common stock	 	 	8,034	 	 	 	413,269	 	
HOME DEPOT INC	 	Common stock	 	 	6,900	 	 	 	925,152	 	
HONEYWELL INTL INC	 	Common stock	 	 	22,689	 	 	 	2,628,521	 	
HOUGHTON MIFFLIN HARCOURT	 	Common stock	 	 	55,800	 	 	 	605,430	 	
HUMANA INC	 	Common stock	 	 	1,400	 	 	 	285,642	 	
IBERIABANK CORP	 	Common stock	 	 	2,455	 	 	 	205,606	 	
ICON PLC	 	Common stock	 	 	3,300	 	 	 	248,160	 	
IDEXX LABS INC	 	Common stock	 	 	2,340	 	 	 	274,412	 	
IMAX CORPORATION	 	Common stock	 	 	11,599	 	 	 	364,209	 	
INCYTE CORP	 	Common stock	 	 	4,000	 	 	 	401,080	 	
INTERCONTINENTAL EXCHANGE	 	Common stock	 	 	10,700	 	 	 	603,694	 	
IRON MOUNTAIN INC	 	Common stock	 	 	23,400	 	 	 	760,032	 	
J2 GLOBAL INC	 	Common stock	 	 	8,238	 	 	 	673,868	 	
JETBLUE AIRWAYS CORP	 	Common stock	 	 	23,900	 	 	 	535,838	 	
JOHNSON & JOHNSON	 	Common stock	 	 	6,016	 	 	 	693,103	 	
JOHNSON CONTROLS INTERNAT	 	Common stock	 	 	32,004	 	 	 	1,318,245	 	
JONES LANG LASALLE INC	 	Common stock	 	 	2,563	 	 	 	258,966	 	
JPMORGAN CHASE & CO	 	Common stock	 	 	18,865	 	 	 	1,627,861	 	
KEYCORP	 	Common stock	 	 	61,600	 	 	 	1,125,432	 	
KULICKE & SOFFA INDU INC	 	Common stock	 	 	32,300	 	 	 	515,185	 	
LAMAR ADVERTISING CO CL A	 	Common stock	 	 	8,800	 	 	 	591,712	 	
LANNETT INC	 	Common stock	 	 	15,200	 	 	 	335,160	 	
LEUCADIA NATIONAL CORP	 	Common stock	 	 	11,900	 	 	 	276,675	 	
LEVEL 3 COMM INC	 	Common stock	 	 	3,700	 	 	 	208,532	 	
LIBERTY EXPEDIA HLDG CL A	 	Common stock	 	 	12,600	 	 	 	499,842	 	
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LIGAND PHARMACEUTICALS	 	Common stock	 	 	5,331	 	 	 	541,683	 	
LILLY (ELI) & CO	 	Common stock	 	 	4,300	 	 	 	316,265	 	
LOCKHEED MARTIN CORP	 	Common stock	 	 	1,600	 	 	 	399,904	 	
LYONDELLBASELL INDS CLASS	 	Common stock	 	 	6,900	 	 	 	591,882	 	
MADISON SQUARE GARDEN CO/	 	Common stock	 	 	4,766	 	 	 	817,417	 	
MARKEL CORP	 	Common stock	 	 	700	 	 	 	633,150	 	
MARRIOTT INTL INC A	 	Common stock	 	 	3,700	 	 	 	305,916	 	
MARTIN MARIETTA MATERIALS	 	Common stock	 	 	1,692	 	 	 	374,829	 	
MAXIMUS INC	 	Common stock	 	 	11,046	 	 	 	616,256	 	
MBIA INC	 	Common stock	 	 	24,600	 	 	 	263,220	 	
MEDNAX INC	 	Common stock	 	 	7,800	 	 	 	519,948	 	
MEDTRONIC PLC	 	Common stock	 	 	10,998	 	 	 	783,388	 	
MERCK & CO INC NEW	 	Common stock	 	 	9,971	 	 	 	586,993	 	
METHODE ELECTRONICS INC	 	Common stock	 	 	9,000	 	 	 	372,150	 	
METTLER-TOLEDO INTL INC	 	Common stock	 	 	1,404	 	 	 	587,658	 	
MFA FINANCIAL INC	 	Common stock	 	 	111,400	 	 	 	849,982	 	
MICHAEL KORS HOLDINGS LTD	 	Common stock	 	 	11,600	 	 	 	498,568	 	
MICROCHIP TECHNOLOGY	 	Common stock	 	 	13,165	 	 	 	844,535	 	
MICRON TECHNOLOGY INC	 	Common stock	 	 	13,100	 	 	 	287,152	 	
MICROSEMI CORP	 	Common stock	 	 	6,800	 	 	 	366,996	 	
MICROSOFT CORP	 	Common stock	 	 	65,923	 	 	 	4,096,455	 	
MIDDLEBY CORP	 	Common stock	 	 	3,819	 	 	 	491,925	 	
MOLSON COORS BREWING CO B	 	Common stock	 	 	8,100	 	 	 	788,211	 	
MONSANTO CO	 	Common stock	 	 	1,400	 	 	 	147,294	 	
MORGAN STANLEY	 	Common stock	 	 	10,800	 	 	 	456,300	 	
MSG NETWORKS INC CL A	 	Common stock	 	 	34,800	 	 	 	748,200	 	
NATIONAL CINEMEDIA INC	 	Common stock	 	 	28,800	 	 	 	424,224	 	
NATIONSTAR MORTGAGE HLDGS	 	Common stock	 	 	26,800	 	 	 	484,008	 	
NAVIENT CORP	 	Common stock	 	 	46,287	 	 	 	760,495	 	
NELNET INC CL A	 	Common stock	 	 	9,900	 	 	 	502,425	 	
NETAPP INC	 	Common stock	 	 	17,700	 	 	 	624,279	 	
NETFLIX INC	 	Common stock	 	 	700	 	 	 	86,660	 	
NEW FIRSTSERVICE CORP	 	Common stock	 	 	7,307	 	 	 	346,936	 	
NEW SENIOR INVESTMENT GRP	 	Common stock	 	 	63,066	 	 	 	617,416	 	
NEW YORK COMMUNITY BANCOR	 	Common stock	 	 	54,892	 	 	 	873,332	 	
NEWELL BRANDS INC	 	Common stock	 	 	24,800	 	 	 	1,107,320	 	
NEWS CORP NEW CL A	 	Common stock	 	 	69,500	 	 	 	796,470	 	
NIELSEN HOLDINGS PLC	 	Common stock	 	 	15,600	 	 	 	654,420	 	
NIKE INC CL B	 	Common stock	 	 	2,400	 	 	 	121,992	 	
NORTHWESTERN CORP	 	Common stock	 	 	12,900	 	 	 	733,623	 	
NORWEGIAN CRUISE LINE HLG	 	Common stock	 	 	21,607	 	 	 	918,946	 	
NU SKIN ENTERPRISES CL A	 	Common stock	 	 	3,119	 	 	 	149,026	 	
NVR INC	 	Common stock	 	 	358	 	 	 	597,502	 	
NXP SEMICONDUCTORS NV	 	Common stock	 	 	7,000	 	 	 	686,070	 	
OCCIDENTAL PETROLEUM CORP	 	Common stock	 	 	13,525	 	 	 	963,386	 	
OCWEN FINANCIAL CORP	 	Common stock	 	 	49,200	 	 	 	265,188	 	
OLD DOMINION FREIGHT LINE	 	Common stock	 	 	9,590	 	 	 	822,726	 	
OM ASSET MANAGEMENT PLC	 	Common stock	 	 	14,385	 	 	 	208,583	 	
ORACLE CORP	 	Common stock	 	 	18,374	 	 	 	706,480	 	
OWENS CORNING INC	 	Common stock	 	 	16,020	 	 	 	825,991	 	
PALO ALTO NETWORKS INC	 	Common stock	 	 	1,500	 	 	 	187,575	 	
PANDORA MEDIA INC	 	Common stock	 	 	14,326	 	 	 	186,811	 	
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Table of Contents
PEPSICO INC	 	Common stock	 	 	8,400	 	 	 	878,892	 	
PERFORMANCE FOOD GROUP CO	 	Common stock	 	 	13,300	 	 	 	319,200	 	
PFIZER INC	 	Common stock	 	 	20,650	 	 	 	670,712	 	
PHILIP MORRIS INTL INC	 	Common stock	 	 	14,149	 	 	 	1,294,492	 	
PHILLIPS 66	 	Common stock	 	 	10,634	 	 	 	918,884	 	
PINNACLE FOODS INC	 	Common stock	 	 	4,200	 	 	 	224,490	 	
PIONEER NATURAL RESOURCES	 	Common stock	 	 	1,700	 	 	 	306,119	 	
PNC FIN SVCS GRP INC	 	Common stock	 	 	8,950	 	 	 	1,046,792	 	
PORTLAND GEN ELECTRIC CO	 	Common stock	 	 	10,800	 	 	 	467,964	 	
PVH CORP	 	Common stock	 	 	4,100	 	 	 	369,984	 	
QUALCOMM INC	 	Common stock	 	 	16,865	 	 	 	1,099,598	 	
RADIAN GROUP INC	 	Common stock	 	 	26,600	 	 	 	478,268	 	
RANGE RESOURCES CORP	 	Common stock	 	 	16,800	 	 	 	577,248	 	
RAYTHEON CO	 	Common stock	 	 	3,852	 	 	 	546,984	 	
RED HAT INC	 	Common stock	 	 	1,500	 	 	 	104,550	 	
RENT A CTR INC	 	Common stock	 	 	33,500	 	 	 	376,875	 	
REPLIGEN	 	Common stock	 	 	2,294	 	 	 	70,701	 	
RETAIL OPPORTUNITY INVTS	 	Common stock	 	 	30,400	 	 	 	642,352	 	
REYNOLDS AMERICAN INC	 	Common stock	 	 	14,652	 	 	 	821,098	 	
RICE ENERGY INC	 	Common stock	 	 	24,700	 	 	 	527,345	 	
ROYAL CARIBBEAN CRUISES	 	Common stock	 	 	12,028	 	 	 	986,777	 	
RPX CORP	 	Common stock	 	 	34,200	 	 	 	369,360	 	
S&P GLOBAL INC	 	Common stock	 	 	1,200	 	 	 	129,048	 	
SABRE CORP	 	Common stock	 	 	8,000	 	 	 	199,600	 	
SALESFORCE.COM INC	 	Common stock	 	 	10,000	 	 	 	684,600	 	
SBA COMM CORP CL A	 	Common stock	 	 	4,997	 	 	 	515,990	 	
SCANA CORP	 	Common stock	 	 	7,500	 	 	 	549,600	 	
SEAWORLD ENTMT INC	 	Common stock	 	 	40,925	 	 	 	774,710	 	
SERVICEMASTER GLOBAL HLDG	 	Common stock	 	 	6,600	 	 	 	248,622	 	
SERVICENOW INC	 	Common stock	 	 	4,300	 	 	 	319,662	 	
SHERWIN WILLIAMS CO	 	Common stock	 	 	600	 	 	 	161,244	 	
SIGNATURE BANK	 	Common stock	 	 	3,961	 	 	 	594,942	 	
SITEONE LANDSCAPE SUPPLY	 	Common stock	 	 	6,299	 	 	 	218,764	 	
SIX FLAGS ENTERTAINMENT	 	Common stock	 	 	12,785	 	 	 	766,589	 	
SLM CORP	 	Common stock	 	 	67,529	 	 	 	744,170	 	
SOUTHWEST AIRLINES CO	 	Common stock	 	 	6,600	 	 	 	328,944	 	
SPIRIT AEROSYSTEM HL CL A	 	Common stock	 	 	14,859	 	 	 	867,023	 	
STANLEY BLACK & DECKER	 	Common stock	 	 	6,744	 	 	 	773,469	 	
STARBUCKS CORP	 	Common stock	 	 	5,000	 	 	 	277,600	 	
STATE STREET CORP	 	Common stock	 	 	11,453	 	 	 	890,127	 	
STEELCASE INC CLASS A	 	Common stock	 	 	35,800	 	 	 	640,820	 	
STEWART INFORMATION SVCS	 	Common stock	 	 	5,200	 	 	 	239,616	 	
SYNOPSYS INC	 	Common stock	 	 	8,600	 	 	 	506,196	 	
TAKE-TWO INTERACTV SOFTWR	 	Common stock	 	 	7,232	 	 	 	356,465	 	
TEVA PHARMACEUTICAL IND A	 	Common stock	 	 	21,929	 	 	 	794,926	 	
TEXAS INSTRUMENTS INC	 	Common stock	 	 	11,056	 	 	 	806,756	 	
THERMO FISHER SCIENTIFIC	 	Common stock	 	 	2,000	 	 	 	282,200	 	
TIME WARNER INC	 	Common stock	 	 	3,400	 	 	 	328,202	 	
TIVO CORP	 	Common stock	 	 	31,686	 	 	 	662,237	 	
TJX COMPANIES INC NEW	 	Common stock	 	 	2,900	 	 	 	217,877	 	
TORO CO	 	Common stock	 	 	6,537	 	 	 	365,745	 	
TRACTOR SUPPLY CO.	 	Common stock	 	 	10,304	 	 	 	781,146	 	
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TRANSDIGM GROUP INC	 	Common stock	 	 	1,935	 	 	 	481,738	 	
TRANSOCEAN LTD	 	Common stock	 	 	18,400	 	 	 	271,216	 	
TREEHOUSE FOODS INC	 	Common stock	 	 	9,300	 	 	 	671,367	 	
TWENTY FIRST CENTURY FOX	 	Common stock	 	 	29,900	 	 	 	838,396	 	
ULTA BEAUTY INC	 	Common stock	 	 	1,739	 	 	 	443,341	 	
UNION PACIFIC CORP	 	Common stock	 	 	5,800	 	 	 	601,344	 	
UNITED NATURAL FOODS INC	 	Common stock	 	 	6,100	 	 	 	291,092	 	
UNITED RENTALS INC	 	Common stock	 	 	1,500	 	 	 	158,370	 	
UNITED TECHNOLOGIES CORP	 	Common stock	 	 	8,430	 	 	 	924,097	 	
UNITED THERAPEUTICS DEL	 	Common stock	 	 	4,500	 	 	 	645,435	 	
UNITEDHEALTH GROUP INC	 	Common stock	 	 	15,446	 	 	 	2,471,978	 	
UNITI GROUP INC	 	Common stock	 	 	30,485	 	 	 	774,624	 	
UNIVERSAL ELECTRONICS INC	 	Common stock	 	 	5,521	 	 	 	356,381	 	
VANTIV INC	 	Common stock	 	 	8,641	 	 	 	515,176	 	
VASCO DATA SECURITY INTL	 	Common stock	 	 	36,800	 	 	 	502,320	 	
VEEVA SYS INC CL A	 	Common stock	 	 	12,388	 	 	 	504,192	 	
VERISK ANALYTICS INC	 	Common stock	 	 	2,800	 	 	 	227,276	 	
VERIZON COMM INC	 	Common stock	 	 	13,237	 	 	 	706,591	 	
VERSUM MATERIALS INC W/I	 	Common stock	 	 	12,350	 	 	 	346,665	 	
VERTEX PHARMACEUTICALS	 	Common stock	 	 	4,700	 	 	 	346,249	 	
VIRTU FINANCIAL INC CL A	 	Common stock	 	 	9,423	 	 	 	150,297	 	
VISA INC CL A	 	Common stock	 	 	25,600	 	 	 	1,997,312	 	
VONAGE HOLDINGS CORP	 	Common stock	 	 	76,400	 	 	 	523,340	 	
VWR CORP	 	Common stock	 	 	29,700	 	 	 	743,391	 	
WD 40 CO	 	Common stock	 	 	3,276	 	 	 	382,964	 	
WELLS FARGO & CO	 	Common stock	 	 	29,723	 	 	 	1,638,035	 	
WESTERN DIGITAL CORP	 	Common stock	 	 	4,200	 	 	 	285,390	 	
WESTINGHOUSE AIR BRAKE TE	 	Common stock	 	 	4,231	 	 	 	351,258	 	
WHITE MOUNTAINS INS GROUP	 	Common stock	 	 	1,100	 	 	 	919,655	 	
WHITEWAVE FOODS CO CL A	 	Common stock	 	 	2,200	 	 	 	122,320	 	
WHOLE FOODS MARKET INC	 	Common stock	 	 	23,500	 	 	 	722,860	 	
WILLIS TOWERS WATSON PLC	 	Common stock	 	 	4,100	 	 	 	501,348	 	
WNS HLDGS LTD SP ADR	 	Common stock	 	 	9,191	 	 	 	253,212	 	
XL GROUP LTD	 	Common stock	 	 	16,200	 	 	 	603,612	 	
YAHOO INC	 	Common stock	 	 	12,700	 	 	 	491,109	 	
Brokerage Link	 	Participant directed accounts including certain Fidelity investment funds**	 	 	 	 	 	 	32,305,893	 	
Notes receivable from participants**	 	Installment loans due from participants with maturity dates ranging from January 2017 to October 2031 and interest rates ranging from 4.25% to 9.50%.	 	 	 	 	 	 	7,998,306	 	
 	 	 	 	 	 	 	 	$	691,032,023	 	

 	 	 	 	 	 	 	 	 	 	 	
**Represents party in interest to the Plan.	 	 	 	 	 	 	 	 	 	 	

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 SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan Administrator of the Plan has duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 	 	Devon Energy Incentive Savings Plan	
 	 	 	
Date:    June 7, 2017	 	/s/ Tana K. Cashion	
 	 	Tana K. Cashion	
 	 	Senior Vice President Human Resources	
 
19

Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We have issued our report dated June 7, 2017, with respect to the financial statements and supplemental schedule included in the Annual Report of Devon Energy Corporation Incentive Savings Plan on Form 11-K for the year ended December 31, 2016. We consent to the incorporation by reference of said report in the Registration Statement of Devon Energy Corporation on Form S-8 (File No. 333-179181).
/s/ GRANT THORNTON LLP
Oklahoma City, Oklahoma
June 7, 2017