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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, 2018
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 and Plan Participants
Devon Energy Corporation Incentive Savings Plan
 
Opinion on the financial statements
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, 2018 and 2017, the related statement of changes in net assets available for benefits for the year ended December 31, 2018, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2018 and 2017, and the changes in net assets available for benefits for the year ended December 31, 2018 in conformity with accounting principles generally accepted in the United States of America.
 
Basis for opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
 
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting 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.
 
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
 
Supplemental information
The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2018 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the 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, 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 is fairly stated, in all material respects, in relation to the financial statements as a whole.
 
/s/ GRANT THORNTON LLP
We have served as the Plan’s auditor since 2006.
Oklahoma City, Oklahoma
June 5, 2019 
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DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN
 STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
 
  	 	December 31,	 	
 	 	2018	 	 	2017	 	
ASSETS	 	 	 	 	 	 	 	 	
Investments, at fair value	 	$	657,107,169	 	 	$	768,781,501	 	
Employer contributions receivable	 	 	4,651,475	 	 	 	5,576,542	 	
Notes receivable from participants	 	 	7,732,609	 	 	 	8,768,683	 	
Other receivables	 	 	738,550	 	 	 	2,138,866	 	
Total assets	 	 	670,229,803	 	 	 	785,265,592	 	
LIABILITIES	 	 	 	 	 	 	 	 	
Other liabilities	 	 	1,679,231	 	 	 	1,665,144	 	
Total liabilities	 	 	1,679,231	 	 	 	1,665,144	 	
NET ASSETS AVAILABLE FOR BENEFITS	 	$	668,550,572	 	 	$	783,600,448	 	
 
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,	 	
 	 	2018	 	
Additions:	 	 	 	 	
Investment income:	 	 	 	 	
Net depreciation in fair value of investments	 	$	(85,762,700)	 	
Dividend income	 	 	28,276,310	 	
Interest income	 	 	205,011	 	
Net investment loss	 	 	(57,281,379)	 	
Contributions:	 	 	 	 	
Participant, including rollovers	 	 	26,053,743	 	
Employer, net of forfeitures	 	 	36,814,131	 	
Total contributions	 	 	62,867,874	 	
Interest income on notes receivable from participants	 	 	393,625	 	
Total additions	 	 	5,980,120	 	
Deductions:	 	 	 	 	
Distributions to participants	 	 	118,719,628	 	
Administrative expenses	 	 	2,310,368	 	
Total deductions	 	 	121,029,996	 	
Net decrease in net assets available for benefits	 	 	(115,049,876)	 	
Net assets available for benefits:	 	 	 	 	
Beginning of year	 	 	783,600,448	 	
End of year	 	$	668,550,572	 	
 
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 (“ERISA”), as amended. 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 $1,765,000 during 2018.
 
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 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. 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 2018, 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 $16,500. For participants with less than five years of service, Devon’s matching contributions in 2018 were limited to the lesser of 3% of the participant’s compensation or $8,250.  
 
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 2018, 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, 2018 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 Plan expenses. Employer contributions were reduced by approximately $1,000,000 in 2018 due to forfeitures. In 2018, Plan expenses of approximately $188,000 were paid by forfeitures. As of December 31, 2018 and 2017, there were approximately $637,000 and $293,000, respectively, of forfeitures available to reduce future employer contributions or pay expenses.
 
Notes Receivable from Participants
 
Participants may borrow from their fund accounts and may have up to two loans outstanding at any time. Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. 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 6.25% at December 31, 2018. 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 2019 to December 2033 at December 31, 2018. 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 vested 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.

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DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS – CONTINUED
 
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, 2018 or 2017. Delinquent participant loans are reclassified as distributions based upon the terms of the plan document.
 
Payment of Benefits
Benefits are recorded when paid.
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DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS – CONTINUED
 
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 appreciation or 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, 2018 and 2017. There have been no changes in the methodologies used at December 31, 2018 and 2017.
  	 	As of December 31, 2018	 	
 	 	Total	 	 	Level 1 Inputs	 	
Mutual funds	 	$	212,599,351	 	 	$	212,599,351	 	
Self-directed brokerage account	 	 	32,895,897	 	 	 	32,895,897	 	
Common stock	 	 	185,329,363	 	 	 	185,329,363	 	
Total assets in the fair value hierarchy	 	$	430,824,611	 	 	$	430,824,611	 	
Investments measured at net asset value	 	 	226,282,558	 	 	 	 	 	
Investments at fair value	 	$	657,107,169	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	
 	 	As of December 31, 2017	 	
 	 	Total	 	 	Level 1 Inputs	 	
Mutual funds	 	$	244,897,426	 	 	$	244,897,426	 	
Self-directed brokerage account	 	 	37,017,592	 	 	 	37,017,592	 	
Common stock	 	 	230,170,187	 	 	 	230,170,187	 	
Total assets in the fair value hierarchy	 	$	512,085,205	 	 	$	512,085,205	 	
Investments measured at net asset value	 	 	256,696,296	 	 	 	 	 	
Investments at fair value	 	$	768,781,501	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	
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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, 2018 and 2017, respectively.
 
December 31, 2018	 	Fair Value	 	 	Unfunded Commitments	 	Redemption Frequency	 	Redemption Notice Period	
Commingled funds:	 	 	 	 	 	 	 	 	 	 	
US Equity	 	$	89,067,100	 	 	None	 	Daily	 	None	
International Equity	 	 	72,355,026	 	 	None	 	Daily	 	None	
World Equity	 	 	23,303,916	 	 	None	 	Daily	 	None	
Real Estate	 	 	1,234,563	 	 	None	 	Daily	 	None	
Total commingled funds	 	 	185,960,605	 	 	 	 	 	 	 	
Stable value collective:	 	 	 	 	 	 	 	 	 	 	
Trust fund	 	 	40,321,953	 	 	None	 	Daily	 	12 months	
Investments measured at net asset value	 	$	226,282,558	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
December 31, 2017	 	Fair Value	 	 	Unfunded Commitments	 	Redemption Frequency	 	Redemption Notice Period	
Commingled funds:	 	 	 	 	 	 	 	 	 	 	
US Equity	 	$	104,968,336	 	 	None	 	Daily	 	None	
International Equity	 	 	86,136,854	 	 	None	 	Daily	 	None	
World Equity	 	 	24,601,478	 	 	None	 	Daily	 	None	
Real Estate	 	 	1,539,780	 	 	None	 	Daily	 	None	
Total commingled funds	 	 	217,246,448	 	 	 	 	 	 	 	
Stable value collective:	 	 	 	 	 	 	 	 	 	 	
Trust fund	 	 	39,449,848	 	 	None	 	Daily	 	12 months	
Investments measured at net asset value	 	$	256,696,296	 	 	 	 	 	 	 	

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. Mutual funds held by the Plan are open-end mutual funds that are registered with the SEC. These funds are required to publish their daily net asset value (“NAV”) and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.
 
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
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DEVON ENERGY CORPORATION INCENTIVE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS – CONTINUED
 
determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.
 
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 July 10, 2017 that the Plan and related trusts are designed in accordance with applicable sections of the Code. Prior to July 10, 2017 the Plan operated under a determination letter dated November 3, 2015. 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 and, therefore, believe that the Plan is qualified and the related trust is tax-exempt.
 
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, 2018 and 2017.
 
The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.
 
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.
 
8.	Subsequent Event	
 
Effective July 15, 2019, the Devon Stock Fund will be removed as an investment fund option under the Plan.  Any participant balances remaining in the Devon Stock Fund in the fourth quarter of 2020 (exact date yet to be determined) will be liquidated and invested in an age-appropriate target date fund.

 

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 Devon Energy Corporation
Incentive Savings Plan	 	 	 	 	 	 	 	 	 	 	
EIN: 73-1567067     Plan Number: 002	 	 	 	 	 	 	 	 	 	 	
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)	 	 	 	 	 	 	 	 	 	 	
December 31, 2018	 	 	 	 	 	 	 	 	 	 	

Identity of issue, borrower, lessor or similar party	 	Description of investment	 	Number of shares or units	 	 	Current Value	 	
Devon Energy Corporation**	 	Devon common stock	 	 	554,343	 	 	$	12,494,891	 	
Cash equivalent fund:	 	 	 	 	 	 	 	 	 	 	
   The Vanguard Group	 	Vanguard Money Market Fund	 	 	9,982,258	 	 	 	9,982,258	 	
   Interest-bearing cash	 	Money-market securities	 	 	 	 	 	 	7,707,736	 	
Mutual Funds and Common Collective Trust:	 	 	 	 	 	 	 	 	 	 	
   TCW Investment Management Company	 	TCW Core Fixed Income Fund	 	 	5,274,562	 	 	 	56,543,303	 	
   PIMCO Funds	 	PIMCO All Asset All Authority	 	 	5,289,049	 	 	 	41,889,268	 	
   SEI Trust Company	 	PIMCO Stable Income Fund	 	 	375,577	 	 	 	40,321,953	 	
   Aberdeen	 	Aberdeen Emerging Markets Fund	 	 	1,149,419	 	 	 	15,586,117	 	
   Harbor Funds	 	Harbor International Fund	 	 	1,232,659	 	 	 	41,577,590	 	
   Neuberger Berman	 	Neuberger Berman High Yield Bond Fund	 	 	2,642,086	 	 	 	21,215,947	 	
   Blackrock, Inc.	 	US Equity Index	 	 	3,126,533	 	 	 	89,067,100	 	
   Blackrock, Inc.	 	International Equity Index	 	 	5,305,982	 	 	 	72,355,026	 	
   Blackrock, Inc.	 	Blackrock MSCI ACWI Minimum Volatility Fund	 	 	1,896,044	 	 	 	23,303,916	 	
   Capital Research & Management Company	 	Europacific Growth Fund	 	 	182,364	 	 	 	8,204,574	 	
   Invesco	 	Invesco Equity Real Estate Securities Trust	 	 	8,880	 	 	 	1,234,563	 	
   Western Asset	 	Inflation Indexed Plus Bond Portfolio	 	 	928,007	 	 	 	9,892,558	 	
Equity Investments:	 	 	 	 	 	 	 	 	 	 	
2U INC	 	Common stock	 	 	5,539	 	 	 	275,399	 	
ABBOTT LAB	 	Common stock	 	 	14,920	 	 	 	1,079,164	 	
ABIOMED INC	 	Common stock	 	 	371	 	 	 	120,590	 	
ACI WORLDWIDE INC	 	Common stock	 	 	7,500	 	 	 	207,525	 	
ACTIVISION BLIZZARD INC	 	Common stock	 	 	2,505	 	 	 	116,658	 	
ADOBE INC	 	Common stock	 	 	8,634	 	 	 	1,953,356	 	
ADTALEM GLOBAL EDUCATION	 	Common stock	 	 	15,710	 	 	 	743,397	 	
ADVANCE AUTO PARTS INC	 	Common stock	 	 	5,132	 	 	 	808,085	 	
ADVANSIX INC	 	Common stock	 	 	12,500	 	 	 	304,250	 	
AECOM	 	Common stock	 	 	18,700	 	 	 	495,550	 	
AERCAP HLDGS NV	 	Common stock	 	 	11,600	 	 	 	459,360	 	
AGNC INVESTMENT CORP	 	Common stock	 	 	21,900	 	 	 	384,126	 	
AIR PRODUCTS & CHEMICALS	 	Common stock	 	 	8,503	 	 	 	1,360,905	 	
ALASKA AIR GROUP INC	 	Common stock	 	 	5,800	 	 	 	352,930	 	
ALIBABA GROUP HLDGS LTD S	 	Common stock	 	 	6,462	 	 	 	885,746	 	
ALLEGHANY CORP DEL	 	Common stock	 	 	1,400	 	 	 	872,648	 	
ALLIANT ENERGY CORPORATIO	 	Common stock	 	 	9,000	 	 	 	380,250	 	
ALLY FIN INC	 	Common stock	 	 	17,200	 	 	 	389,752	 	
ALPHABET INC CL C	 	Common stock	 	 	3,212	 	 	 	3,326,379	 	
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ALTABA INC	 	Common stock	 	 	8,773	 	 	 	508,308	 	
ALTRIA GROUP INC	 	Common stock	 	 	10,710	 	 	 	528,967	 	
AMAZON.COM INC	 	Common stock	 	 	2,874	 	 	 	4,316,662	 	
AMC ENTERTAINMENT HLDS CL	 	Common stock	 	 	10,500	 	 	 	128,940	 	
AMC NETWORKS INC CL A	 	Common stock	 	 	3,400	 	 	 	186,592	 	
AMERCO INC	 	Common stock	 	 	1,905	 	 	 	625,050	 	
AMERICAN EXPRESS CO	 	Common stock	 	 	9,068	 	 	 	864,362	 	
AMERICAN INTL GROUP	 	Common stock	 	 	10,471	 	 	 	412,662	 	
ANTERO RES CORP	 	Common stock	 	 	59,100	 	 	 	554,949	 	
ANTHEM INC	 	Common stock	 	 	4,481	 	 	 	1,176,845	 	
APPLE INC	 	Common stock	 	 	9,527	 	 	 	1,502,789	 	
APPLIED MATERIALS INC	 	Common stock	 	 	23,148	 	 	 	757,865	 	
APTIV PLC	 	Common stock	 	 	4,219	 	 	 	259,764	 	
ARAMARK	 	Common stock	 	 	16,869	 	 	 	488,695	 	
ARCH CAPITAL GROUP LTD	 	Common stock	 	 	14,700	 	 	 	392,784	 	
ASPEN TECH	 	Common stock	 	 	4,766	 	 	 	391,670	 	
AT&T INC	 	Common stock	 	 	11,600	 	 	 	331,064	 	
AUTOMATIC DATA PROCESSING	 	Common stock	 	 	432	 	 	 	56,644	 	
AVNET INC	 	Common stock	 	 	4,900	 	 	 	176,890	 	
AXALTA COATING SYS LTD	 	Common stock	 	 	11,692	 	 	 	273,827	 	
AXIS CAPITAL HLDGS LTD	 	Common stock	 	 	16,700	 	 	 	862,388	 	
BALL CORP	 	Common stock	 	 	18,713	 	 	 	860,424	 	
BANK OF NEW YORK MELLON C	 	Common stock	 	 	18,807	 	 	 	885,245	 	
BERKSHIRE HATHAWAY INC CL	 	Common stock	 	 	4,503	 	 	 	919,423	 	
BIOGEN INC	 	Common stock	 	 	801	 	 	 	241,037	 	
BIOMARIN PHARMACEUTICAL I	 	Common stock	 	 	1,890	 	 	 	160,934	 	
BOEING CO	 	Common stock	 	 	3,018	 	 	 	973,305	 	
BOOZ ALLEN HAMILTON HLDG	 	Common stock	 	 	18,791	 	 	 	846,910	 	
BOSTON SCIENTIFIC CORP	 	Common stock	 	 	41,534	 	 	 	1,467,812	 	
BP PLC SPON ADR	 	Common stock	 	 	21,081	 	 	 	799,391	 	
BRIGHTSPHERE INVESTMENT G	 	Common stock	 	 	14,909	 	 	 	159,228	 	
BRISTOL-MYERS SQUIBB CO	 	Common stock	 	 	1,506	 	 	 	78,282	 	
BROADCOM INC	 	Common stock	 	 	5,891	 	 	 	1,497,963	 	
BROOKDALE SENIOR LIVING I	 	Common stock	 	 	28,800	 	 	 	192,960	 	
BURLINGTON STORES INC	 	Common stock	 	 	4,296	 	 	 	698,830	 	
BWX TECH INC	 	Common stock	 	 	20,472	 	 	 	782,645	 	
CABLE ONE INC W/I	 	Common stock	 	 	284	 	 	 	232,908	 	
CAESARS ENTMT CORP	 	Common stock	 	 	70,600	 	 	 	479,374	 	
CAMBREX CORP	 	Common stock	 	 	8,522	 	 	 	321,791	 	
CASEY GEN STORES	 	Common stock	 	 	3,400	 	 	 	435,676	 	
CATALENT INC	 	Common stock	 	 	14,350	 	 	 	447,433	 	
CBOE GLOBAL MARKETS INC	 	Common stock	 	 	8,712	 	 	 	852,295	 	
CDK GLOBAL INC	 	Common stock	 	 	17,200	 	 	 	823,536	 	
CELANESE CORP	 	Common stock	 	 	5,558	 	 	 	500,053	 	
CENTENNIAL RESOURCE DEVEL	 	Common stock	 	 	14,173	 	 	 	156,186	 	
CHARTER COMM INC A	 	Common stock	 	 	1,291	 	 	 	367,896	 	
CHEVRON CORP	 	Common stock	 	 	7,188	 	 	 	781,982	 	
CIGNA CORP	 	Common stock	 	 	8,764	 	 	 	1,664,459	 	
CINTAS CORP	 	Common stock	 	 	3,255	 	 	 	546,807	 	
CIT GROUP INC	 	Common stock	 	 	15,900	 	 	 	608,493	 	
CITIGROUP INC	 	Common stock	 	 	2,713	 	 	 	141,239	 	
COCA-COLA EUROPEAN PARTNE	 	Common stock	 	 	17,211	 	 	 	789,124	 	
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COLLIERS INTL GROUP INC	 	Common stock	 	 	3,319	 	 	 	182,678	 	
COLONY CAPITAL INC	 	Common stock	 	 	85,200	 	 	 	398,736	 	
COLUMBIA PROPERTY TR INC	 	Common stock	 	 	24,900	 	 	 	481,815	 	
COMCAST CORP CL A	 	Common stock	 	 	26,463	 	 	 	901,065	 	
COMPASS MINERALS INTL INC	 	Common stock	 	 	10,000	 	 	 	416,900	 	
CONAGRA BRANDS INC	 	Common stock	 	 	9,888	 	 	 	211,208	 	
CONOCOPHILLIPS	 	Common stock	 	 	12,847	 	 	 	801,010	 	
COPART INC	 	Common stock	 	 	21,519	 	 	 	1,028,178	 	
CORELOGIC INC	 	Common stock	 	 	22,000	 	 	 	735,240	 	
COSTAR GROUP INC	 	Common stock	 	 	2,757	 	 	 	930,046	 	
COTY INC CL A	 	Common stock	 	 	68,700	 	 	 	450,672	 	
CVS HEALTH CORP	 	Common stock	 	 	13,350	 	 	 	874,692	 	
DANAHER CORP	 	Common stock	 	 	8,908	 	 	 	918,593	 	
DEERE & CO	 	Common stock	 	 	1,413	 	 	 	210,777	 	
DENTSPLY SIRONA INC	 	Common stock	 	 	8,000	 	 	 	297,680	 	
DEXCOM INC	 	Common stock	 	 	4,589	 	 	 	549,762	 	
DIEBOLD NIXDORF INC	 	Common stock	 	 	22,800	 	 	 	56,772	 	
DISH NETWORK CORP A	 	Common stock	 	 	11,300	 	 	 	282,161	 	
DISNEY (WALT) CO	 	Common stock	 	 	7,312	 	 	 	801,761	 	
DOLLAR GEN CORP	 	Common stock	 	 	9,935	 	 	 	1,073,775	 	
DOLLAR TREE INC	 	Common stock	 	 	2,384	 	 	 	215,323	 	
DOMINION ENERGY INC	 	Common stock	 	 	12,821	 	 	 	916,189	 	
DOMINOS PIZZA INC	 	Common stock	 	 	2,148	 	 	 	532,682	 	
DOWDUPONT INC	 	Common stock	 	 	15,896	 	 	 	850,118	 	
DYCOM INDU INC	 	Common stock	 	 	5,500	 	 	 	297,220	 	
E TRADE FIN CORP	 	Common stock	 	 	14,792	 	 	 	649,073	 	
EAST WEST BANCORP INC	 	Common stock	 	 	4,390	 	 	 	191,097	 	
ECHOSTAR CORP CL A	 	Common stock	 	 	27,000	 	 	 	991,440	 	
ENCOMPASS HEALTH CORP	 	Common stock	 	 	10,537	 	 	 	650,133	 	
ENCORE CAP GROUP INC	 	Common stock	 	 	10,152	 	 	 	238,572	 	
EQT CORPORATION	 	Common stock	 	 	20,500	 	 	 	387,245	 	
EQUINIX INC	 	Common stock	 	 	906	 	 	 	319,419	 	
EQUITY COMMONWEALTH	 	Common stock	 	 	23,300	 	 	 	699,233	 	
EURONET WORLDWIDE INC	 	Common stock	 	 	8,028	 	 	 	821,907	 	
EXACT SCIENCES CORP	 	Common stock	 	 	8,263	 	 	 	521,395	 	
EXELON CORP	 	Common stock	 	 	20,052	 	 	 	904,345	 	
FACEBOOK INC CL A	 	Common stock	 	 	12,061	 	 	 	1,581,076	 	
FERROGLOBE REP&WARRANTY I	 	Common stock	 	 	42,600	 	 	 	-	 	
FIDELITY NATIONAL FINL	 	Common stock	 	 	14,201	 	 	 	446,479	 	
FIRSTCASH INC	 	Common stock	 	 	6,694	 	 	 	484,311	 	
FIRSTSVCS CORP	 	Common stock	 	 	4,985	 	 	 	341,373	 	
FOOT LOCKER INC	 	Common stock	 	 	9,100	 	 	 	484,120	 	
FORTINET INC	 	Common stock	 	 	6,081	 	 	 	428,285	 	
GAMING AND LEISURE PROPRT	 	Common stock	 	 	16,500	 	 	 	533,115	 	
GCI LIBERTY INC CL A	 	Common stock	 	 	9,000	 	 	 	370,440	 	
GEN ELECTRIC CO	 	Common stock	 	 	88,710	 	 	 	671,535	 	
GENESEE & WYOMING INC CL	 	Common stock	 	 	5,155	 	 	 	381,573	 	
GLAUKOS CORP	 	Common stock	 	 	8,738	 	 	 	490,813	 	
GODADDY INC CL A	 	Common stock	 	 	8,155	 	 	 	535,131	 	
GRAND CANYON EDUCATION IN	 	Common stock	 	 	6,015	 	 	 	578,282	 	
GRUBHUB INC	 	Common stock	 	 	957	 	 	 	73,507	 	
GUIDEWIRE SOFTWARE INC	 	Common stock	 	 	4,059	 	 	 	325,654	 	
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Table of Contents
GULFPORT ENERGY CORP	 	Common stock	 	 	56,700	 	 	 	371,385	 	
GW PHARMACEUTICALS PLC AD	 	Common stock	 	 	1,957	 	 	 	190,592	 	
HANESBRANDS INC	 	Common stock	 	 	24,584	 	 	 	308,038	 	
HEALTHCARE SVCS GROUP INC	 	Common stock	 	 	13,754	 	 	 	552,636	 	
HEICO CORP CL A	 	Common stock	 	 	9,194	 	 	 	579,222	 	
HESS CORP	 	Common stock	 	 	16,274	 	 	 	659,097	 	
HEWLETT PACKARD ENTERPRIS	 	Common stock	 	 	30,161	 	 	 	398,427	 	
HILTON GRAND VACATIONS IN	 	Common stock	 	 	10,607	 	 	 	279,919	 	
HOME DEPOT INC	 	Common stock	 	 	5,336	 	 	 	916,831	 	
HONEYWELL INTL INC	 	Common stock	 	 	6,270	 	 	 	828,392	 	
HORIZON PHARMA PLC	 	Common stock	 	 	23,193	 	 	 	453,191	 	
HOUGHTON MIFFLIN HARCOURT	 	Common stock	 	 	31,400	 	 	 	278,204	 	
ICHOR HLDGS LTD	 	Common stock	 	 	11,900	 	 	 	193,970	 	
ILLUMINA INC	 	Common stock	 	 	2,702	 	 	 	810,411	 	
INOGEN INC	 	Common stock	 	 	2,092	 	 	 	259,764	 	
INSULET CORP	 	Common stock	 	 	7,316	 	 	 	580,305	 	
INTERCONTINENTAL EXCHANGE	 	Common stock	 	 	9,567	 	 	 	720,682	 	
INTUITIVE SURGICAL INC	 	Common stock	 	 	1,036	 	 	 	496,161	 	
INVESTORS BANCORP INC	 	Common stock	 	 	83,700	 	 	 	870,480	 	
IRON MOUNTAIN INC	 	Common stock	 	 	11,200	 	 	 	362,992	 	
J2 GLOBAL INC	 	Common stock	 	 	4,611	 	 	 	319,911	 	
JEFFERIES FIN GROUP INC	 	Common stock	 	 	64,000	 	 	 	1,111,040	 	
JETBLUE AIRWAYS CORP	 	Common stock	 	 	28,200	 	 	 	452,892	 	
JOHNSON CONTROLS INTL PLC	 	Common stock	 	 	18,448	 	 	 	546,983	 	
JONES LANG LASALLE INC	 	Common stock	 	 	2,696	 	 	 	341,314	 	
JPMORGAN CHASE & CO	 	Common stock	 	 	11,104	 	 	 	1,083,972	 	
KEYCORP	 	Common stock	 	 	40,697	 	 	 	601,502	 	
KOSMOS ENERGY LTD	 	Common stock	 	 	78,718	 	 	 	320,382	 	
L3 TECH INC	 	Common stock	 	 	649	 	 	 	112,705	 	
LAMB WESTON HLDGS INC	 	Common stock	 	 	4,014	 	 	 	295,270	 	
LAREDO PETROLEUM INC	 	Common stock	 	 	51,300	 	 	 	185,706	 	
LEIDOS HLDGS INC	 	Common stock	 	 	12,200	 	 	 	643,184	 	
LENNAR CORP CL A	 	Common stock	 	 	10,981	 	 	 	429,906	 	
LIBERTY EXPEDIA HLDGS INC	 	Common stock	 	 	11,500	 	 	 	449,765	 	
LIBERTY PROPERTY TR - REI	 	Common stock	 	 	13,559	 	 	 	567,851	 	
LIGAND PHARMACEUTICALS	 	Common stock	 	 	3,384	 	 	 	459,209	 	
LINDE PLC	 	Common stock	 	 	5,938	 	 	 	926,565	 	
LIVE NATION ENTERTAINMENT	 	Common stock	 	 	14,968	 	 	 	737,174	 	
LKQ CORP	 	Common stock	 	 	23,800	 	 	 	564,774	 	
LOWES COS INC	 	Common stock	 	 	10,787	 	 	 	996,287	 	
LULULEMON ATHLETICA INC	 	Common stock	 	 	1,655	 	 	 	201,265	 	
LYONDELLBASELL INDS CLASS	 	Common stock	 	 	5,455	 	 	 	453,638	 	
MANPOWERGROUP INC	 	Common stock	 	 	5,800	 	 	 	375,840	 	
MARTIN MARIETTA MATERIALS	 	Common stock	 	 	4,027	 	 	 	692,120	 	
MARVELL TECH GROUP LTD	 	Common stock	 	 	4,805	 	 	 	77,793	 	
MAXIMUS INC	 	Common stock	 	 	5,800	 	 	 	377,522	 	
MAXLINEAR INC	 	Common stock	 	 	8,563	 	 	 	150,709	 	
MCDERMOTT INTL INC	 	Common stock	 	 	28,066	 	 	 	183,552	 	
MCDONALDS CORP	 	Common stock	 	 	1,694	 	 	 	300,804	 	
MEDNAX INC	 	Common stock	 	 	5,300	 	 	 	174,900	 	
MEDTRONIC PLC	 	Common stock	 	 	15,355	 	 	 	1,396,691	 	
MERCK & CO INC NEW	 	Common stock	 	 	5,520	 	 	 	421,783	 	
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Table of Contents
METHODE ELECTRONICS INC	 	Common stock	 	 	24,000	 	 	 	558,960	 	
MFA FINANCIAL INC	 	Common stock	 	 	93,000	 	 	 	621,240	 	
MGM GROWTH PPTYS LLC CL A	 	Common stock	 	 	21,395	 	 	 	565,042	 	
MGM RESORTS INTL	 	Common stock	 	 	12,110	 	 	 	293,789	 	
MICHAELS COS INC	 	Common stock	 	 	30,900	 	 	 	418,386	 	
MICROCHIP TECH	 	Common stock	 	 	8,945	 	 	 	643,324	 	
MICROSOFT CORP	 	Common stock	 	 	58,647	 	 	 	5,956,776	 	
MIDDLEBY CORP	 	Common stock	 	 	5,090	 	 	 	522,896	 	
MOHAWK INDU INC	 	Common stock	 	 	2,300	 	 	 	269,008	 	
MORGAN STANLEY	 	Common stock	 	 	5,439	 	 	 	215,656	 	
MR COOPER GROUP INC	 	Common stock	 	 	24,758	 	 	 	288,926	 	
NATIONAL CINEMEDIA INC	 	Common stock	 	 	29,029	 	 	 	188,108	 	
NATIONAL INSTRUMENT CORP	 	Common stock	 	 	9,259	 	 	 	420,173	 	
NAVIENT CORP	 	Common stock	 	 	37,223	 	 	 	327,935	 	
NCR CORP	 	Common stock	 	 	20,600	 	 	 	475,448	 	
NET 1 UEPS TECH INC	 	Common stock	 	 	41,837	 	 	 	196,216	 	
NETFLIX INC	 	Common stock	 	 	1,656	 	 	 	443,245	 	
NEW YORK COMMUNITY BANCOR	 	Common stock	 	 	54,025	 	 	 	508,375	 	
NEWS CORP NEW CL A	 	Common stock	 	 	49,500	 	 	 	561,825	 	
NICE LTD SPON ADR	 	Common stock	 	 	3,772	 	 	 	408,168	 	
NIELSEN HLDGS PLC	 	Common stock	 	 	39,539	 	 	 	922,445	 	
NORWEGIAN CRUISE LINE HLD	 	Common stock	 	 	25,512	 	 	 	1,081,454	 	
NOVANTA INC	 	Common stock	 	 	3,571	 	 	 	224,973	 	
NU SKIN ENTERPRISES INC C	 	Common stock	 	 	4,241	 	 	 	260,101	 	
NUTANIX INC CL A	 	Common stock	 	 	1,358	 	 	 	56,479	 	
OCCIDENTAL PETROLEUM CORP	 	Common stock	 	 	6,912	 	 	 	424,259	 	
ORACLE CORP	 	Common stock	 	 	18,161	 	 	 	819,969	 	
O'REILLY AUTOMOTIVE INC	 	Common stock	 	 	1,247	 	 	 	429,380	 	
OWENS CORNING INC	 	Common stock	 	 	11,195	 	 	 	492,356	 	
PALO ALTO NETWORKS INC	 	Common stock	 	 	2,094	 	 	 	394,405	 	
PARSLEY ENERGY INC CL A	 	Common stock	 	 	36,911	 	 	 	589,838	 	
PATTERSON COMPANIES INC	 	Common stock	 	 	16,000	 	 	 	314,560	 	
PAYPAL HLDGS INC	 	Common stock	 	 	11,558	 	 	 	971,912	 	
PENUMBRA INC	 	Common stock	 	 	2,752	 	 	 	336,294	 	
PFIZER INC	 	Common stock	 	 	24,201	 	 	 	1,056,374	 	
PG&E CORP	 	Common stock	 	 	11,900	 	 	 	282,625	 	
PHILIP MORRIS INTL INC	 	Common stock	 	 	7,574	 	 	 	505,640	 	
PHILLIPS 66	 	Common stock	 	 	8,429	 	 	 	726,158	 	
PIONEER NATURAL RESOURCES	 	Common stock	 	 	1,647	 	 	 	216,613	 	
PORTOLA PHARMACEUTICALS I	 	Common stock	 	 	8,377	 	 	 	163,519	 	
POST HLDGS INC	 	Common stock	 	 	7,300	 	 	 	650,649	 	
PROGRESSIVE CORP OHIO	 	Common stock	 	 	9,962	 	 	 	601,007	 	
PURE STORAGE INC CL A	 	Common stock	 	 	31,971	 	 	 	514,094	 	
PVH CORP	 	Common stock	 	 	1,443	 	 	 	134,127	 	
QUALCOMM INC	 	Common stock	 	 	11,602	 	 	 	660,270	 	
RADIAN GROUP INC	 	Common stock	 	 	28,900	 	 	 	472,804	 	
RAYONIER ADVANCED MATERIA	 	Common stock	 	 	18,900	 	 	 	201,285	 	
REALOGY HLDGS CORP	 	Common stock	 	 	15,500	 	 	 	227,540	 	
RED HAT INC	 	Common stock	 	 	1,695	 	 	 	297,710	 	
RETAIL OPPORTUNITY INVTS	 	Common stock	 	 	23,100	 	 	 	366,828	 	
RITCHIE BROS AUCTIONEERS	 	Common stock	 	 	11,867	 	 	 	388,288	 	
ROGERS CORP	 	Common stock	 	 	5,114	 	 	 	506,593	 	
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Table of Contents
ROYAL CARIBBEAN CRUISES L	 	Common stock	 	 	10,128	 	 	 	990,417	 	
S&P GLOBAL INC	 	Common stock	 	 	1,834	 	 	 	311,670	 	
SABRE CORP	 	Common stock	 	 	18,984	 	 	 	410,814	 	
SALESFORCE.COM INC	 	Common stock	 	 	14,230	 	 	 	1,949,083	 	
SANOFI SPON ADR	 	Common stock	 	 	13,072	 	 	 	567,455	 	
SAREPTA THERAPEUTICS INC	 	Common stock	 	 	4,339	 	 	 	473,515	 	
SBA COMM CORP	 	Common stock	 	 	2,881	 	 	 	466,405	 	
SHERWIN WILLIAMS CO	 	Common stock	 	 	1,337	 	 	 	526,056	 	
SITEONE LANDSCAPE SUPPLY	 	Common stock	 	 	4,785	 	 	 	264,467	 	
SIX FLAGS ENTERTAINMENT C	 	Common stock	 	 	8,931	 	 	 	496,832	 	
SLM CORP	 	Common stock	 	 	94,357	 	 	 	784,107	 	
SOUTH STATE CORP	 	Common stock	 	 	5,600	 	 	 	335,720	 	
SP PLUS CORP	 	Common stock	 	 	4,400	 	 	 	129,976	 	
SPECTRUM BRANDS HLDGS INC	 	Common stock	 	 	11,800	 	 	 	498,550	 	
SPIRIT AEROSYS HLD INC CL	 	Common stock	 	 	9,871	 	 	 	711,600	 	
STANLEY BLACK & DECKER IN	 	Common stock	 	 	6,966	 	 	 	834,109	 	
STATE STREET CORP	 	Common stock	 	 	11,446	 	 	 	721,899	 	
STERICYCLE INC	 	Common stock	 	 	10,200	 	 	 	374,238	 	
STEWART INFORMATION SVCS	 	Common stock	 	 	11,300	 	 	 	467,820	 	
STONERIDGE INC	 	Common stock	 	 	8,300	 	 	 	204,595	 	
SVCSMASTER GLOBAL HLDGS I	 	Common stock	 	 	4,554	 	 	 	167,314	 	
SYNEOS HEALTH INC	 	Common stock	 	 	7,400	 	 	 	291,190	 	
TANDEM DIABETES CARE INC	 	Common stock	 	 	813	 	 	 	30,870	 	
TELEDYNE TECH INC	 	Common stock	 	 	3,080	 	 	 	637,776	 	
TELEFLEX INC	 	Common stock	 	 	2,658	 	 	 	687,040	 	
TEVA PHARMACEUTICAL IND A	 	Common stock	 	 	17,571	 	 	 	270,945	 	
TEXAS CAPITAL BANCSHARES	 	Common stock	 	 	7,600	 	 	 	388,284	 	
TEXAS INSTRUMENTS INC	 	Common stock	 	 	7,412	 	 	 	700,434	 	
THE STARS GROUP INC	 	Common stock	 	 	19,600	 	 	 	323,792	 	
THERMO FISHER SCIENTIFIC	 	Common stock	 	 	3,459	 	 	 	774,090	 	
TIFFANY & CO	 	Common stock	 	 	2,248	 	 	 	180,986	 	
TIVO CORP	 	Common stock	 	 	49,786	 	 	 	468,486	 	
T-MOBILE US INC	 	Common stock	 	 	7,692	 	 	 	489,288	 	
TORO CO	 	Common stock	 	 	4,028	 	 	 	225,085	 	
TRANSUNION	 	Common stock	 	 	10,981	 	 	 	623,721	 	
TREEHOUSE FOODS INC	 	Common stock	 	 	7,100	 	 	 	360,041	 	
TREX CO INC	 	Common stock	 	 	5,989	 	 	 	355,507	 	
TRINITY INDU INC	 	Common stock	 	 	18,600	 	 	 	382,974	 	
UNION PACIFIC CORP	 	Common stock	 	 	2,714	 	 	 	375,156	 	
UNITED NATURAL FOODS INC	 	Common stock	 	 	27,100	 	 	 	286,989	 	
UNITED TECH CORP	 	Common stock	 	 	8,683	 	 	 	924,566	 	
UNITED THERAPEUTICS CORP	 	Common stock	 	 	3,400	 	 	 	370,260	 	
UNITEDHEALTH GROUP INC	 	Common stock	 	 	4,751	 	 	 	1,183,569	 	
UNITEDHEALTH GROUP INC	 	Common stock	 	 	9,850	 	 	 	2,453,832	 	
UNITI GROUP INC	 	Common stock	 	 	14,785	 	 	 	230,202	 	
UNIVERSAL ELECTRONICS INC	 	Common stock	 	 	4,613	 	 	 	116,617	 	
UNUM GROUP	 	Common stock	 	 	5,700	 	 	 	167,466	 	
US BANCORP DEL	 	Common stock	 	 	11,293	 	 	 	516,090	 	
US FOODS HLDGS CORP	 	Common stock	 	 	18,700	 	 	 	591,668	 	
VAIL RESORTS INC	 	Common stock	 	 	5,294	 	 	 	1,116,081	 	
VALERO ENERGY CORP	 	Common stock	 	 	6,319	 	 	 	473,735	 	
VEEVA SYS INC CL A	 	Common stock	 	 	7,920	 	 	 	707,414	 	
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VEREIT INC	 	Common stock	 	 	76,700	 	 	 	548,405	 	
VERMILION ENERGY (USD)	 	Common stock	 	 	26,106	 	 	 	550,053	 	
VERSUM MATERIALS INC	 	Common stock	 	 	4,958	 	 	 	137,436	 	
VERTEX PHARMACEUTICALS IN	 	Common stock	 	 	6,211	 	 	 	1,029,225	 	
VIACOM INC CL B	 	Common stock	 	 	11,200	 	 	 	287,840	 	
VIRTU FIN INC- CL A	 	Common stock	 	 	13,746	 	 	 	354,097	 	
VISA INC CL A	 	Common stock	 	 	20,976	 	 	 	2,767,573	 	
VONAGE HLDGS CORP	 	Common stock	 	 	21,900	 	 	 	191,187	 	
VULCAN MATERIALS CO	 	Common stock	 	 	9,154	 	 	 	904,415	 	
WEIGHT WATCHERS INTL INC	 	Common stock	 	 	5,987	 	 	 	230,799	 	
WELLS FARGO & CO	 	Common stock	 	 	20,110	 	 	 	926,669	 	
WEST PHARMACEUTICAL SVCS	 	Common stock	 	 	2,784	 	 	 	272,916	 	
WESTINGHOUSE AIR BRAKE TE	 	Common stock	 	 	7,855	 	 	 	551,814	 	
WEX INC	 	Common stock	 	 	2,846	 	 	 	398,611	 	
WHITE MOUNTAINS INS GROUP	 	Common stock	 	 	700	 	 	 	600,383	 	
WILLIS TOWERS WATSON PLC	 	Common stock	 	 	5,953	 	 	 	904,023	 	
WORLDPAY INC	 	Common stock	 	 	4,836	 	 	 	369,615	 	
WYNN RESORTS LTD	 	Common stock	 	 	272	 	 	 	26,904	 	
ZAYO GROUP HLDGS INC	 	Common stock	 	 	18,100	 	 	 	413,404	 	
ZIMMER BIOMET HLDGS INC	 	Common stock	 	 	1,914	 	 	 	198,520	 	
Brokerage Link	 	Participant directed accounts including certain Fidelity investment funds**	 	 	 	 	 	 	32,895,897	 	
NOTES RECEIVABLE FROM PARTICIPANTS**	 	Installment loans due from participants with maturity dates ranging from January 2019 to December 2033 and interest rates ranging from 4.25% to 6.25%.	 	 	 	 	 	 	7,732,609	 	
 	 	 	 	 	 	 	 	$	664,839,778	 	
 	 	 	 	 	 	 	 	 	 	 	
**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 Corporation Incentive Savings Plan	
 	 	 	
Date:    June 5, 2019	 	/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 5, 2019, with respect to the financial statements and supplemental information included in the Annual Report of Devon Energy Corporation Incentive Savings Plan on Form 11-K for the year ended December 31, 2018. 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 5, 2019