MPC 11-K 2014
Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________
FORM 11-K
_____________________________________________
 
ý
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended December 31, 2014
OR
¨
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File No. 001-35054
_____________________________________________
A.
Full title of the plan and the address of the plan, if different from that of the issuer named below:
MARATHON PETROLEUM THRIFT PLAN
B.
Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
Marathon Petroleum Corporation
539 South Main Street
Findlay, Ohio 45840


Table of Contents



Marathon Petroleum
Thrift Plan
Financial Statements and Supplemental Schedule
December 31, 2014 and 2013


Table of Contents

Marathon Petroleum
Thrift Plan
Index
December 31, 2014 and 2013


  
 
Page(s)
 
 
1

 
 
Financial Statements:
 
 
 
2

 
 
3

 
 
4-13

 
 
Supplemental Schedule:
 
 
 
14-29

 
 
Note: Other schedules required by Section 2520.103–10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under
          ERISA have been omitted because they are not applicable.
 
 
 
30

 
 
Exhibit 23.1
31




Table of Contents

Report of Independent Registered Public Accounting Firm
To the Participants and Plan Administrator of
the Marathon Petroleum Thrift Plan
We have audited the accompanying statements of net assets available for benefits of the Marathon Petroleum Thrift Plan (the “Plan”) as of December 31, 2014 and 2013, and the related statement of changes in net assets available for benefits for the year ended December 31, 2014. 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 auditing standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of its 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 includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Plan’s 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 the Plan as of December 31, 2014 and 2013, and the changes in net assets available for benefits for the year ended December 31, 2014 in conformity with accounting principles generally accepted in the United States of America.

The supplemental schedule listed in the table of contents as of December 31, 2014 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedule is presented for the purpose of additional analysis and is not a required part of the financial statements but is supplementary information required by the Department of Labor's ("DOL") Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). The supplemental schedule is the responsibility of Plan management. Our audit procedures included determining whether the supplemental schedule 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 schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in conformity with the DOL Rules and Regulations for Reporting and Disclosure under ERISA. In our opinion, the supplemental schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ McConnell & Jones LLP
Houston, Texas
June 26, 2015

1

Table of Contents

Marathon Petroleum
Thrift Plan
Statements of Net Assets Available for Benefits
December 31, 2014 and 2013


 
 
 
 
2014
 
2013
Assets
 
 
 
 
Investments, at fair value
 
$
2,038,826,079

 
$
1,910,366,682

Receivable:
 
 
 
 
Notes receivable from participants
 
48,526,824

 
42,611,791

Investment income
 
3,924,573

 
8,554,908

 
 
52,451,397


51,166,699

Net Assets, at fair value
 
2,091,277,476


1,961,533,381

Adjustment from fair value to contract value for fully benefit-responsive investment contracts
 
(6,029,439
)
 
(6,279,574
)
Net Assets Available for Benefits
 
$
2,085,248,037


$
1,955,253,807

The accompanying notes are an integral part of these financial statements.


2

Table of Contents

Marathon Petroleum
Thrift Plan
Statement of Changes in Net Assets Available for Benefits
Year Ended December 31, 2014

 
 
Additions:
 
Additions to net assets attributed to:
 
Investment income:
 
Net appreciation in fair value of investments
$
59,702,705

Interest
6,040,255

Dividends
32,255,744

 
97,998,704

 
 
Interest income from notes receivable from participants
1,466,332

 
 
Contributions:
 
Participants
118,540,617

Employer
72,203,844

Rollovers and direct plan transfers
75,765,883

 
266,510,344

Total additions
365,975,380

 
 
Deductions:
 
Deductions from net assets attributed to:
 
Benefits paid to participants
234,614,012

Plan expenses
1,367,138

Total deductions
235,981,150

 
 
Net increase
129,994,230

 
 
Net assets available for benefits:
 
Beginning of year
1,955,253,807

End of year
$
2,085,248,037

 
 
The accompanying notes are an integral part of these financial statements.



3

Table of Contents

Marathon Petroleum
Thrift Plan
Notes to Financial Statements
December 31, 2014 and 2013

 
1.
Description of Plan
The following brief description of the Marathon Petroleum Thrift Plan (the “Plan”) provides only general information. Participants should refer to the Summary Plan Description or the Plan document for a more complete description of the Plan’s provisions.
General
The Plan is a defined contribution thrift savings plan. The Plan generally covers regular and casual employees of Marathon Petroleum Company LP (the “Company”) and other participating employers if such employees also participate in the Company’s Retirement Plan. Effective January 1, 2014, the eligibility requirements of the Plan were amended to remove the age and service requirements. An eligible employee may participate in the Plan by making contributions to the Plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).
Contributions
Participants may elect to make contributions from 1 percent to a maximum of 18 percent of their gross pay consisting of after-tax contributions, or 1 percent to a maximum of 25 percent of their gross pay consisting of pre-tax contributions, Roth 401(k) contributions, or a combination of both. In addition, catch up contributions and Roth 401(k) catch-up contributions are allowed under the Plan, which allow for additional contributions for participants who have attained age 50 before the close of the Plan year as permitted under the Internal Revenue Code (the “Code”). An active participant may make any combination of after-tax, pre-tax, and Roth 401(k) payroll contributions provided that the participant does not exceed the maximums permitted under the Code or the limits set forth in the Plan document.
The contributions of “highly compensated employees” are subject to additional limitations pursuant to the Plan’s provisions and Code Sections 401(k) and 401(m). Compensation of a participant taken into account under the Plan is limited to $260,000 for 2014, as provided in Code Section 401(a)(17).
Participants may also make rollover contributions or direct-plan transfer contributions of qualified distributions from the qualified plans of the Company, its subsidiaries, its affiliates, and any other qualified plans or individual retirement accounts (“IRA”) upon specific authorization and subject to such terms and conditions as set forth by the Plan administrator.
To the extent that the Company has accumulated earnings and profits, the Company matches on a dollar for dollar basis each participant’s after-tax, Roth 401(k), or pre-tax contributions to the Plan up to an aggregate of 7 percent of each participant’s qualified gross pay for each pay period.
Valuation of Participant Accounts
Each participant’s account is credited with the participant’s contribution and allocations of (a) the Company’s contributions and (b) Plan earnings (losses) based on the participant’s relative investment holdings. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

4

Table of Contents

Marathon Petroleum
Thrift Plan
Notes to Financial Statements
December 31, 2014 and 2013

 
Vesting
Participants are fully and immediately vested in their contributions plus actual earnings thereon. Participants generally become fully vested in the Company contributions, plus actual earnings thereon, upon the earliest of the following: upon retirement under the Retirement Plan of the Company as then in effect; upon the death of an active participant; after three years of service with the Company or a participating employer; upon attainment of age 65; or upon termination or partial termination of the Plan.
Participant Loans
Participants may borrow from their fund accounts a minimum of $500 up to a maximum equal to the lesser of $50,000 or 50 percent of their vested account balance. The loans are collateralized by the balance in the participant’s account and bear interest rates that currently range from 3.25 percent to 9.50 percent, determined in accordance with Plan provisions. Principal and interest is paid ratably through payroll deductions for active employees and through ACH payments for participants not receiving pay and retirees.
Payment of Benefits
On termination of service, unless a participant elects otherwise or as required by the Code, a participant will receive a lump-sum amount equal to the value of the participant’s vested interest in his or her account. In general, the participant alternatively may elect to defer the commencement of benefits until a date no later than the April 1, immediately following the calendar year in which such participant attains age 70-1/2. In accordance with the provisions of the Code, mandatory distributions greater than $1,000 require automatic rollover to an IRA for participants who fail to make an active election otherwise available under the Plan. A retired member or a spouse beneficiary member may withdraw, during any year, all or any portion of the remaining balance in his or her account, subject to certain restrictions. An installment settlement option is available to retired participants, active participants (currently employed) who are at least age 70-1/2 and spouse beneficiary participants, subject to certain requirements and restrictions.
Forfeitures
Non-vested participants whose services with the Company have been terminated will forfeit their entire Company-matching contribution and earnings thereon when either of the following takes place: (1) they remove their participant contributions from the Plan, or (2) they do not regain employment within five years of termination. Company contributions and earnings thereon are eligible for reinstatement, should a member be rehired prior to the limitation indicated under the Plan. Total forfeitures of $148,000 for the year ended December 31, 2014 was used to reduce employer matching contributions made to the Plan. As of December 31, 2014 and 2013, forfeited non-vested accounts totaled $26,980 and $79,427, respectively.
Investment Options
Upon enrollment in the Plan, a participant may direct employee contributions in any of the funds which are made available through the Plan.

5

Table of Contents

Marathon Petroleum
Thrift Plan
Notes to Financial Statements
December 31, 2014 and 2013


2.
Summary of Significant Accounting Policies
Basis of Accounting
The financial statements of the Plan are prepared under the accrual method of accounting in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).
Use of Estimates
The preparation of financial statements in conformity with US GAAP requires the Plan’s 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
Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 4 for discussion of fair value measurements.
Investment contracts held by a defined-contribution plan are required to be reported at fair value. However, contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. The statement of net assets available for benefits presents the fair value of the investment contracts as well as the adjustment of the fully benefit-responsive investment contracts from fair value to contract value. The statement of changes in net assets available for benefits is prepared on a contract value basis.
Purchases and sales of securities are recorded on a trade-date basis. Investment related expenses are also included in net appreciation (depreciation) of fair value of investments. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation includes gains and losses on investments bought and sold as well as held during the year.
Payment of Benefits
Benefits are recorded when paid.
Notes Receivable from Participants
Notes receivable from participants represent loans that are recorded at their unpaid principal balance plus any accrued but unpaid interest. Interest income on notes receivable from participants is recorded when it is earned. No allowance for credit losses has been recorded. Delinquent notes receivable from participants are recorded as a distribution based upon the terms of the Plan document.

6

Table of Contents

Marathon Petroleum
Thrift Plan
Notes to Financial Statements
December 31, 2014 and 2013

 
Administration of Plan Assets
All costs, expenses, and fees incurred in administering the Plan, to the extent not paid by the Company, are incurred by the participants. Fees or charges for investment management services are not paid by the Company but are borne by the participants electing such services. Any taxes applicable to the participants’ account are charged or credited to the participants’ account by Fidelity Management Trust Company (“Fidelity”, the “Trustee”).
The Stable Value Fund (the “Fund”) is managed by the Trustee pursuant to a trust agreement. Any fees charged by the Trustee are deducted from the interest earned by Plan members in the Fund. The total amount of fees charged for 2014 in connection with the Fund was $1,271,323.

3.
Recently Issued Accounting Standards
In May 2015, the FASB issued Accounting Standards Update ("ASU") No. 2015-07, "Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)." ASU 2015-07 removes the requirement to include investments in the fair value hierarchy for which fair value is measured using the net asset value per share practical expedient under ASC 820. ASU 2015-07 is effective for the Plan retrospectively for the year ending December 31, 2016 with early adoption permitted. We believe the adoption of this guidance concerns disclosure only and will not have an impact on the Plan’s financial statements.

4.
Fair Value Measurements
The FASB Accounting Standards codification (ASC) 820, Fair Value Measurement and Disclosures (ASC 820) establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. There are three approaches for measuring the fair value of assets and liabilities: the market approach, the income approach and the cost approach, each of which includes multiple valuation techniques. This hierarchy consists of three broad levels:
Ÿ
Level 1 inputs consist of unadjusted quoted prices in active markets for identical assets and liabilities and have the highest priority;
 
 
Ÿ
Level 2 inputs consist of observable market-based inputs or unobservable inputs that are corroborated by market data, and are either directly or indirectly observable as of the measurements date;
 
 
Ÿ
Level 3 inputs are unobservable inputs that are not corroborated by market data and may be used with internally developed methodologies that result in management’s best estimate of fair value. These inputs have the lowest priority.



7

Table of Contents

Marathon Petroleum
Thrift Plan
Notes to Financial Statements
December 31, 2014 and 2013


The Plan’s investments are reported at fair value in the accompanying statement of net assets available for benefits, adjusted to contract value for the benefit-responsive contracts. The methods used to measure fair value may produce an amount that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The following provides a description of the valuation techniques employed for each major Plan asset category at December 31, 2014 and 2013.

Common stock – Investments in common stocks are valued using a market approach at the closing price reported in an active market and is therefore considered Level 1.

Mutual funds – Investments in mutual funds, including money market mutual funds, are valued using a market approach at the net asset value (“NAV”) of shares held. The NAV is generally based on prices from a public exchange, which is normally the principal market on which a significant portion of the underlying investments are traded, and is considered Level 1.

Common Collective Trusts (“CCTs”) – Investment in CCTs are valued using a market approach at the NAV of units held, but investment opportunities in such funds are limited to institutional investors on behalf of defined contribution plans. A significant portion of the underlying investments are mainly publicly traded. This investment is considered Level 2.

The CCTs are the Pyramis Core Lifecycle (Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050 and 2055) Commingled Pools, the Low Price Commingled Pool, the Growth Commingled Pool, and the Contrafund Commingled Pool. These pools seek active return until the pool’s targeted retirement year. Thereafter, the pool’s objective will be capital preservation. These pools invest in a diversified portfolio of equity, fixed income, and/or short-term products and may use futures, options, swaps, and exchange-traded funds to remain fully invested.

Synthetic Investment Contracts (“SICS”) - A SIC is comprised of two components, an underlying asset and a wrapper contract. The wrapper contract guarantees the SICs value. The underlying assets which are primarily invested in benefit-responsive investment contracts issued by insurance companies and other approved financial institutions, and other short-term investments are determined based on the market values of the contracts’ underlying securities plus any accrued income. Contract value represents contributions made to the fund, plus earnings, less withdrawals and transfers from the fund and administrative expenses. Wrap contracts are fair valued using a replacement cost methodology. This investment, with the exception of cash and equivalent investments, stated at cost which approximates fair value, is considered Level 2.

8

Table of Contents

Marathon Petroleum
Thrift Plan
Notes to Financial Statements
December 31, 2014 and 2013

The following tables set forth by level, within the fair value hierarchy, the Plan’s assets at fair value:
 
 
 
Assets at Fair Value as of December 31, 2014
 
 
Level 1
 
Level 2
 
Level 3
 
Total
Mutual funds:
 
 
 
 
 
 
 
 
Blend
 
$
356,589,537

 

 

 
$
356,589,537

Growth
 
61,831,199

 

 

 
61,831,199

International-Stk
 
28,697,873

 

 

 
28,697,873

Other*
 
72,232,504

 

 

 
72,232,504

Taxable Bond
 
167,891,263

 

 

 
167,891,263

Value
 
61,802,386

 

 

 
61,802,386

Money Market **
 
36,329,320

 

 

 
36,329,320

Common/collective trusts
 

 
611,124,353

 

 
611,124,353

MPC Common stock
 
168,936,259

 

 

 
168,936,259

MOC Common Stock
 
38,515,794

 

 

 
38,515,794

Other - SICs
 
9,084,543

 
425,791,048

 

 
434,875,591

Total assets at fair value
 
$
1,001,910,678

 
$
1,036,915,401

 
$

 
$
2,038,826,079

*
Includes Self-Directed Brokerage Accounts
**
Includes interest-bearing cash

 
 
Assets at Fair Value as of December 31, 2013
 
 
Level 1
 
Level 2
 
Level 3
 
Total
Mutual funds:
 
 
 
 
 
 
 
 
Blend
 
$
408,178,468

 

 

 
$
408,178,468

Growth
 
218,694,031

 

 

 
218,694,031

International-Stk
 
27,174,659

 

 

 
27,174,659

Other*
 
104,533,276

 

 

 
104,533,276

Taxable Bond
 
144,431,448

 

 

 
144,431,448

Value
 
27,804,517

 

 

 
27,804,517

Money Market**
 
31,244,268

 

 

 
31,244,268

Common/collective trusts
 

 
274,046,356

 

 
274,046,356

MPC Common stock
 
158,546,689

 

 

 
158,546,689

MOC Common Stock
 
58,334,489

 

 

 
58,334,489

Other - SICs
 
21,741,720

 
435,636,761

 

 
457,378,481

Total assets at fair value
 
$
1,200,683,565

 
$
709,683,117

 
$

 
$
1,910,366,682

*
Includes Self-Directed Brokerage Accounts
**
Includes interest-bearing cash


9

Table of Contents

Marathon Petroleum
Thrift Plan
Notes to Financial Statements
December 31, 2014 and 2013

  
5.
Investments
The following presents individual investments that represent 5 percent or more of the Plan’s net assets available for benefits at December 31:
 
    
5% Reportable Investments:
 
2014
 
2013
Marathon Petroleum Corporation Common Stock
 
$
168,936,259

 
$
158,546,689

Spartan 500 Index Institutional
 
183,155,724

 
144,116,766

Vanguard Total Bond Market
 
104,603,669

 
82,854,855

 
During 2014, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated in value by $59,702,705 as follows:
 
 
Mutual funds
$
32,465,524

Common/ Collective Trusts
23,183,800

Marathon Oil Corporation Common stock
(9,509,108
)
Marathon Petroleum Corporation Common Stock
13,562,489

 
$
59,702,705

 
 


6.
Stable Value Fund
At December 31, 2014 and 2013 the Plan held SICs of $419,761,609 and $429,357,187, respectively, recorded at contract value. The remaining assets of $9,084,543 and $21,741,720 held by the Fund at December 31, 2014 and 2013, respectively, are invested in cash equivalents and stated at amortized cost which approximates fair value. Ordinarily, participants may direct the withdrawal or transfer of all or a portion of their investment in the fund at contract value.
The following presents the fair value, adjustment to contract value, and the major credit rating of each individual wrap contract held within the Fund at December 31, 2014 and 2013:


10

Table of Contents

Marathon Petroleum
Thrift Plan
Notes to Financial Statements
December 31, 2014 and 2013

 
 
    
December 31, 2014
 
Fair Value
 
Adjustment to
Contract Value
 
S&P
Credit
Rating
State Street Bank & Trust Boston Wrapper Contract 111013
 
82,869,157

 
(1,173,473
)
 
AA-
Chase Manhattan Bank Wrapper Contract MARAPETRO-7-11
 
62,539,262

 
(885,591
)
 
A+
American General Life Wrapper Contract 1627813
 
58,576,677

 
(829,479
)
 
A+
Bank of Tokyo - Mitsubishi Wrapper Contract FID-MARPET12-1
 
59,312,714

 
(839,901
)
 
A+
Prudential Insurance Co America Wrapper Contract 062473001
 
82,832,963

 
(1,172,961
)
 
AA-
Nationwide Life Insurance Wrapper Contract FID_MAP_IP_1013
 
79,660,275

 
(1,128,034
)
 
A+
 
 
$
425,791,048


$
(6,029,439
)
 
 
December 31, 2013
 
 
 
 
 
 
State Street Bank & Trust Boston Wrapper Contract 111013
 
92,171,628

 
(1,328,627
)
 
AA-
Chase Manhattan Bank Wrapper Contract MARAPETRO-7-11
 
69,559,603

 
(1,002,681
)
 
A+
American General Life Wrapper Contract 1627813
 
65,152,199

 
(939,150
)
 
A+
Bank of Tokyo - Mitsubishi Wrapper Contract FID-MARPET12-1
 
65,970,860

 
(950,950
)
 
A+
Prudential Insurance Co America Wrapper Contract 062473001
 
64,242,980

 
(926,043
)
 
AA-
Nationwide Life Insurance Wrapper Contract FID_MAP_IP_1013
 
78,539,491

 
(1,132,123
)
 
A+
 
 
$
435,636,761


$
(6,279,574
)
 
 


As of December 31, 2014 and 2013, the Fund’s average yield was 1.41 percent and 1.39, respectively. As of December 31, 2014 and 2013, the Fund’s crediting rate was 1.56 percent and 1.31 percent, respectively. Wrap contracts use a crediting rate formula to convert market value changes in the underlying assets into income distributions in order to minimize the difference between the market value and contract value of the underlying assets over time. Using the crediting rate formula, an estimated future market value is calculated by compounding the current market value at the current yield to maturity for a period equal to the duration of the wrapped assets. The crediting rate may be affected by many factors, including purchases and redemptions by participants, but the precise impact depends on whether the market value of the underlying assets is higher or lower than the contract value of those assets. Crediting rates are typically reset, if needed, on a monthly basis. The wrap contracts provide a guarantee that the crediting rate will not fall below zero percent.
A wrap issuer may terminate a wrap contract at any time subject to the provisions of the contract agreement. In addition, wrap contracts limit the ability of the Fund to transact at contract value upon the occurrence of certain events (including but not limited to, the complete or partial termination of the Plan, group layoffs, early retirement programs, or the Plan’s failure to qualify under Section 401(a) or Section 401(k) of the Code). However, the Plan administrator believes the occurrence of these types of events is not probable at this time.

11

Table of Contents

Marathon Petroleum
Thrift Plan
Notes to Financial Statements
December 31, 2014 and 2013

 
7.
Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of net assets available for benefits per the financial statements to the net assets per the Form 5500:
 
 
 
Period Ended
December 31,
2014
 
Period Ended
December 31,
2013
Net assets available per the financial statements
 
$
2,085,248,037

 
$
1,955,253,807

Adjustment from fair value to contract value for fully benefit-responsive investment contracts
 
6,029,439

 
6,279,574

Net assets per the Form 5500
 
$
2,091,277,476


$
1,961,533,381

The following is a reconciliation of the changes in net assets available for benefits per the financial statements to the net income per the Form 5500 for the year ended December 31, 2014:

 
2014
Increase in net assets available for benefits per the financial statements
$
129,994,230

Adjustment from fair value to contract value for fully benefit-responsive investment contracts
 
Prior-year adjustment
(6,279,574
)
Current year adjustment
6,029,439

Net income per the Form 5500
$
129,744,095

 
 

8.
Party-in-Interest Transactions
Transactions involving shares of Marathon Petroleum Corporation common stock are performed by the Trustee on the open market, unless otherwise directed by the Company, in which case, shares may be bought or sold directly from Marathon Petroleum Corporation. During 2014, all shares of Marathon Petroleum Corporation stock were purchased on the open market.
Certain Plan investments are shares of mutual funds managed by Fidelity. Fidelity is the trustee as defined by the Plan and, therefore, these transactions qualify as party-in-interest.


12

Table of Contents

Marathon Petroleum
Thrift Plan
Notes to Financial Statements
December 31, 2014 and 2013


9.
Plan Termination

Although it has not expressed any interest to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become 100 percent vested in their accounts.

10.
Tax Status

The Plan, as designed in 2011, received a favorable determination letter from the Internal Revenue Service (“IRS”) dated August 21, 2014 indicating that the Plan is a tax qualified plan in form under Section 401(a) of the Code. The Plan has been amended since its 2011 design. However, the Plan administrator and the Plan’s tax counsel believe the Plan, as amended, is designed and is currently being operated in compliance with the applicable requirements of the Code.
    
US GAAP requires Plan management to evaluate uncertain tax positions taken by the Plan and to recognize a tax liability (or asset) when the position is more likely than not, based on the technical merits, to be sustained upon examination by the IRS. The Plan administrator has analyzed the tax positions taken by the Plan and has concluded that as of December 31, 2014 there were no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan has recognized no interest or penalties related to uncertain tax positions. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan Administrator believes it is no longer subject to income tax examination for the years prior to 2011.

11.
Risks and Uncertainties
The Plan provides for various investment options. These investments are exposed to various risks, such as interest rate, market and credit risk. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is possible that changes in the near or long term could materially affect participants’ account balances and the amounts reported in the statement of net assets available for benefits and the statement of changes in net assets available for benefits.



13

Table of Contents

Marathon Petroleum Thrift Plan
EIN 31-1537655, Plan Number 010
Form 5500, Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2014

 
 
 
 
 
(a)
(b)
(c)
(d)
 
Identity of Issue, Borrower
Lessor or Similar Party
Description of Investment
Current
Value
*
Marathon Petroleum Company
Common Stock - 1,871,663 shares
$
168,936,259

*
Marathon Oil Corporation
Common Stock - 1,361,463 shares
38,515,794

 
 
 
 
 
Investment Trust Shares
 
 
*
Fidelity Government Income Fund
Investment Company - 1,530,298 shares
$
16,083,428

*
Fidelity Retirement Govt. Money Market
Investment Company - 27,098,696 shares
27,098,696

*
Fidelity Mid Cap Value Fund
Investment Company - 1,182,025 shares
29,101,457


Spartan Extended Market Index Advtg
Investment Company - 1,317,783 shares
72,715,267

*
Fidelity International Discovery K
Investment Company - 455,833 shares
17,271,529


Spartan 500 Index Institutional
Investment Company - 2,513,804 shares
183,155,724


Spartan International Index Inst
Investment Company - 2,706,033 shares
100,718,546

*
Fidelity Low-Priced Stock Pool
Investment Company - 6,949,089 shares
75,050,157

*
Fidelity Growth Company Pool
Investment Company - 7,977,514 shares
95,650,394

*
Fidelity Contafund Pool
Investment Company - 8,276,996 shares
90,467,564

*
Pyramis Core Lifecycle 2055 Commingled
Investment Company - 508,677 shares
7,131,652

*
Pyramis Core Lifecycle Income Commingled
Investment Company - 389,900 shares
4,764,582

*
Pyramis Core Lifecycle 2005 Commingled
Investment Company - 214,751 shares
2,746,660

*
Pyramis Core Lifecycle 2010 Commingled
Investment Company - 363,028 shares
4,937,183

*
Pyramis Core Lifecycle 2015 Commingled
Investment Company - 1,605,666 shares
21,756,768

*
Pyramis Core Lifecycle 2020 Commingled
Investment Company - 4,789,377 shares
63,123,994

*
Pyramis Core Lifecycle 2025 Commingled
Investment Company - 4,823,448 shares
65,550,653

*
Pyramis Core Lifecycle 2030 Commingled
Investment Company - 4,311,067 shares
56,604,309

*
Pyramis Core Lifecycle 2035 Commingled
Investment Company - 3,095,061 shares
41,411,918

*
Pyramis Core Lifecycle 2040 Commingled
Investment Company - 2,613,271 shares
34,495,176

*
Pyramis Core Lifecycle 2045 Commingled
Investment Company - 2,119,730 shares
28,128,821

*
Pyramis Core Lifecycle 2050 Commingled
Investment Company - 1,477,010 shares
19,304,522


Columbia Acorn International Z
Investment Company - 394,364 shares
16,456,804


Dodge and Cox Income
Investment Company - 3,425,556 shares
47,204,166


Morgan Stanley Mid Cap Growth
Investment Company - 438,211 shares
17,239,205


Vanguard Value Index Inst
Investment Company - 571,269 shares
18,817,589


Vanguard Small Value Index
Investment Company - 546,803 shares
13,883,340


DFA Emerging Markets Value
Investment Company - 1,114,480 shares
28,697,873


Vanguard Total Bond Market
Investment Company - 9,623,153 shares
104,603,669


Kalmar Growth with Value Small Cap
Investment Company - 550,616 shares
10,863,661


*
Indicates party-in-interest.


14

Table of Contents

Marathon Petroleum Thrift Plan
EIN 31-1537655, Plan Number 010
Form 5500, Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2014

 
(a)
(b)
(c)
(d)
 
 
Identity of Issue, Borrower
Lessor or Similar Party
Description of Investment
Current
Value
 
 
Stable Value Contract Carriers
 
 
 

Chase Manhattan Bank
Actively Managed Global Wrap**



Wrapper Contract MARAPETRO-7-11; 1.65%




Total Contract Value/Fair Market Value

62,539,262

*** 

State Street Bank & Trust Company Boston
Actively Managed Global Wrap**



Wrapper Contract 111013; 1.68%




Total Contract Value/Fair Market Value

82,869,157

*** 

American General Life
Actively Managed Global Wrap**



Wrapper Contract 1627813; 1.65%




Total Contract Value/Fair Market Value

58,576,677

*** 

Bank of Tokyo - Mitsubishi
Actively Managed Global Wrap**



Wrapper Contract FID-MARPETR12-1; 1.65%




Total Contract Value/Fair Market Value

59,312,714

*** 

Prudential Insurance Co. America
Actively Managed Global Wrap**



Wrapper Contract 062473001; 1.70%




Total Contract Value/Fair Market Value

82,832,963

*** 

Nationwide Life Insurance
Actively Managed Global Wrap**



Wrapper Contract FID_MAP_IP-1013; 1.67%




Total Contract Value/Fair Market Value

79,660,275

*** 
*
Fidelity Management Trust Company Variable interest rate - 1.87% as of 12/31/14
Interest-Bearing Cash-Fidelity Institutional Cash
Portfolios; Money Market Portfolio; Class A Money Market Pool
9,084,543

  







Brokerage Link
Self-Directed Brokerage Accounts
81,463,128

  
 
 
 
 
 
*
Fidelity Management Trust Company Interest rates range from 3.25%-9.50% due 1/1/15 - 12/31/19
Loans to Plan Participants
48,526,824

  

Totals

$
2,087,352,903

  
 
*
Indicates party-in-interest.
**
A SIC is comprised of two components, an underlying asset and a wrapper contract. The underlying assets are valued at representative quoted market prices. The wrapper contracts are valued by using replacement cost methodology. Contract value represents contributions made under the contract, plus earnings, less Plan withdrawals and administrative expenses. The wrapper contract guarantees the SIC contract value.
***
Pages 16 thru 29 list the fair value of each underlying investment of the SICs’. Each SIC owns approximately 14 to 20 percent interest in the total fair value of the Fund.

15

Table of Contents


Marathon Petroleum Thrift Plan
EIN 31-1537655, Plan Number 010
Form 5500, Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2014

 
 
 
 
 
(a)
(b)
(c)
(d)
 
Identity of Issue, Borrower
 
Current
 
Lessor or Similar Party
Description of Investment
Value
 
CASH

$
23,060,714

 
ABB FIN USA INC 1.625% 5/08/17
Actively Managed Global Wrap Underlying Investments
164,943

 
ALLYA 2013-1 A3 .63% 5/15/17

457,376

 
ALLYL 2014-SN1 A3 .75% 02/17

553,156

 
AMERICAN EX CRD 2.125% 3/18/19

1,848,878

 
AMXCA 2013-3 A .98% 05/19

784,071

 
AMXCA 2014-2 A 1.26% 1/20

868,403

 
AMXCA 2014-3 A 1.49% 04/20

1,607,682

 
AMXCA 2014-4 A 1.43% 06/20

1,078,580

 
AMERICAN INTL GROUP 2.3% 7/19

201,300

 
AMPHENOL CORP 3.125% 09/15/21

146,722

 
ANGLO AMER CAP 4.125 4/21 144A

906,813

 
AB INBEV FIN 2.15% 2/1/19

891,431

 
APPLE INC 1% 5/3/18

1,608,826

 
APPLE INC 2.85% 5/6/21

698,573

 
AUSTRALIA & NZ 1.875% 10/06/17

468,266

 
AUSTRALIA & NZ 1.45% 5/15/18

430,225

 
AUST & NZ BKG NY 2.25% 6/13/19

905,324

 
BP CAP MKTS PLC 2.521% 1/20

705,623

 
BNP PARIBA 2.45% 03/17/19

459,185

 
BPCE SA 1.625% 2/10/17

685,742

 
BMWLT 2014-1 A3 .73% 02/17

679,530

 
BACM 2006-4 A4 5.634 7/46

437,446

 
BACM 2006-4 A1A CSTR 7/46

794,752

 
BANK AMER NA 1.25% 02/14/17

714,793

 
BANK AMER FDG CRP 2.6% 1/15/19

2,486,187

 
BANK AMERICA CORP 2.65% 4/1/19

1,069,728


16

Table of Contents

Marathon Petroleum Thrift Plan
EIN 31-1537655, Plan Number 010
Form 5500, Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2014


 
 
 
 
(a)
(b)
(c)
(d)
 
Identity of Issue, Borrower
 
Current
 
Lessor or Similar Party
Description of Investment
Value

BAAT 2012-1 A4 1.03 12/16
Actively Managed Global Wrap Underlying Investments
$
461,276


BANK OF MONTREL 2.375% 1/25/19

433,459


BANK NOVA SCOTIA 2.8% 07/21/21

415,273


BANK T-M UFJ 2.35% 9/8/19 144A

1,951,424


BARCLAYS PLC 2.75% 11/8/19

344,236


BARCLAYS BNK PLC 2.5% 02/20/19

306,715


BAYER US FIN2.375% 10/19 144 A

306,871


BAYER US FIN 3% 10/8/21 144A

225,340


BSCMS 2005-T18 A4 4.933% 2/42

110,977


BSCMS 2005-PWR8 A4 4.674 6/41

336,730


BSCMS 2006-T22 A1A CSTR 4/38

696,162


BSCMS 2006-PW12 A1A CSTR 9/38

544,963


BSCMS 2006-PW13 A1A 5.533 9/41

700,910


BSCMS 2006-PW14 A1A 5.189

351,139


BECTON DICKINSO 1.8% 12/15/17

614,794


BERKSHIRE ENG 2.4% 2/1/20 144A

668,289


BIOMED RLTY LP 2.625% 05/01/19

237,829


BMWOT 2014-A A3 0.97% 11/18

1,458,653


BOSTON PT LTD MTN 5.875% 10/19

279,037


BRITISH TELECOM PLC 2.35% 2/19

1,380,285


CD 2005-CD1 A4 CSTR 7/44

257,918


CD 06-CD2 A1B CSTR 1/46

1,086,643


CD 2007-CD5 A1A 5.8% 11/44

778,464


COMM 2012-CR5 A1 0.673% 12/45

225,861


COMM 2012-CR1 A1 1.116% 5/45

7,804


COMM 2012-CR1 A2 2.35% 5/45

345,846


COMM 2012-CR2 A1 .824% 08/45

109,327


17

Table of Contents

Marathon Petroleum Thrift Plan
EIN 31-1537655, Plan Number 010
Form 5500, Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2014


 
 
 
 
(a)
(b)
(c)
(d)
 
Identity of Issue, Borrower
 
Current
 
Lessor or Similar Party
Description of Investment
Value

COMM 2013-CR9 A1 1.3440% 7/45
Actively Managed Global Wrap Underlying Investments
$
142,688


COMM 2014-CR17 A2 3.012% 05/47

674,099


COMM 2014-CR18 A2 2.924% 07/47

504,226


CAPITAL ONE FIN 2.45% 04/24/19

360,817


COMET 2013-A1 A1 .63% 11/18

2,357,804


COMET 2013-A3 A3 .96% 9/19

1,215,030


COMET 2014-A2 A2 1.26% 01/20

1,283,154


COMET 2014-A5 A 1.48% 07/20

1,271,121


CAPITAL ONE BK USA 2.3% 6/5/19

1,123,119


CARMX 2013-3 A3 .97% 11/15/16

416,054


CARMX 2014-3 A3 1.16% 06/19

518,313


CARMX 2014-4 A3 1.25% 11/19

416,088


CHAIT 2013-A8 A8 1.01% 10/18

850,365


CHAIT 2014-A1 A 1.15% 01/19

2,200,044


CHAIT 2014-A7 A 1.38% 11/19

1,078,364


CHEVRON CORP NE 1.104% 12/5/17

871,350


CHEVRON CORP 0.889% 06/24/16

190,566


CISCO SYSTEMS INC 2.125% 3/19

682,957


CITIGROUP 2.5% 09/26/18

1,527,422


CITIGROUP INC 2.55% 04/08/19

2,318,525


CCCIT 13-A3 A3 1.11% 7/23/18

685,191


CCCIT 2013-A6 A6 1.32% 09/18

1,027,899


CCCIT 2013-A10 A10 .73% 02/18

853,636


CCCIT 2014 A2 1.02% 02/19

899,829


CCCIT 2014-A4 A4 1.23% 04/19

896,647


CCCIT 2014-A8 A8 1.73% 04/20

875,298


CGCMT 2006-C5 A4 5.431 10/49

404,110


18

Table of Contents

Marathon Petroleum Thrift Plan
EIN 31-1537655, Plan Number 010
Form 5500, Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2014

 
 
 
 
 
(a)
(b)
(c)
(d)
 
Identity of Issue, Borrower
 
Current
 
Lessor or Similar Party
Description of Investment
Value

CGCMT 2006-C5 A1A 5.425 10/49
Actively Managed Global Wrap Underlying Investments
$
974,944


CGCMT 13-GC11 A1 0.672% 12/17

240,166


CITIZENS BANK NA 1.6% 12/04/17

897,052


COLGATE-PALMOLIVE 0.9% 5/1/18

555,903


COMM 06-C8 A4 5.306% 12/46

812,285


COMM 2006-C8 A1A 5.292 12/46

711,002


COMM 2006-C7 A4 CSTR 6/46

884,552


COMM 2006-C7 A1A CSTR 6/46

796,463


COMM 2013-LC6 A1 .7240% 1/46

181,259


COMMONWLTH BK ASTL 1.125% 3/17

669,936


COMMONWEALTH NY 2.25% 03/13/19

1,153,007


COMMONWEALTH BK NY 1.4% 09/17

429,585


COMMONWEALTH BK NY 2.3% 9/6/19

433,362


RABOBANK NY BRH 2.25% 1/14/19

916,096


CREDIT SUISSE NY 2.3% 5/19

820,321


CREDIT SUISSE NY 3% 10/29/21

400,199


DBUBS 2011-LC3A A1 2.238 8/44

40,664


DAIMLER FIN 2.375% 8/18 144A

1,607,563


DAIMLER FIN NA 2.25% 9/19 144A

417,493


DEUTSCHE BANK AG 1.4% 2/13/17

677,253


DEUTSCHE BANK AG 2.5% 2/13/19

1,701,342


DEVON ENERGY CO 2.25% 12/15/18

907,630


DCENT 2013-A2 A2 .69% 07/18

2,197,918


DCENT 2013-A5 A5 1.04% 04/19

848,556


DCENT 2014-A3 A3 1.22% 10/19

894,957


DCENT 2014-A4 A4 2.12% 12/21

808,556


DCENT 2014-A5 A 1.39% 04/20

1,457,853


19

Table of Contents

Marathon Petroleum Thrift Plan
EIN 31-1537655, Plan Number 010
Form 5500, Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2014

 
 
 
 
 
(a)
(b)
(c)
(d)
 
Identity of Issue, Borrower
 
Current
 
Lessor or Similar Party
Description of Investment
Value

ERP OPERATING LP 2.375% 7/19
Actively Managed Global Wrap Underlying Investments
$
289,409


ENTERPRISE PRD 2.55% 10/15/19

86,598


ESSEX PORTFOLIO LP 5.5% 3/17WI

652,923


FHLG 15YR 4.50% 8/18 #E98688

149,814


FHLG 15YR 4.50% 9/18 #E99205

56,433


FHLG 15YR 4.50% 10/18 #E99833

77,894


FHLM ARM 3.53% 4/40 #1B4657

88,811


FHLM ARM 3.58% 4/40 #1B4702

76,974


FHLG 7.50% 7/34 #G02115

327,636


FHLG 15YR 5.00% 3/19 #G13052

202,775


FHLG 25YR 5.50% 7/35 #G05815

105,346


FHLM ARM 4.941% 11/35 #1J1228

109,519


FHLM ARM 3.717% 05/41#1B8124

61,771


FHLM ARM 3.224% 4/41#1B8179

42,928


FHLM ARM 3.464% 5/1/41#1B8304

46,279


FHLM ARM 3.627% 6/1/41#1B8372

73,481


FHLM ARM 3.283 6/1/41

53,094


FHLM ARM 2.98% 8/41 #1B8533

148,689


FHLM ARM 3.07% 9/41 #1B8608

83,123


FHLM ARM 3.242% 9/1/41#1B8659

49,838


FHLG 5.50% 3/34 #G01665

155,051


FHLG 15YR 5.50% 4/18 #G11389

54,472


FHLG 15YR 4.00% 9/25 #E02787

286,731


FHLG 15YR 4.00% 4/26 #E02867

146,347


FHLG 15YR 4.50% 11/18 #B10931

47,478


FHLB 0.875% 05/24/17

1,539,121


FHLM ARM 4.199% 8/36 #848185

55,662


20

Table of Contents

Marathon Petroleum Thrift Plan
EIN 31-1537655, Plan Number 010
Form 5500, Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2014

 
 
 
 
 
(a)
(b)
(c)
(d)
 
Identity of Issue, Borrower
 
Current
 
Lessor or Similar Party
Description of Investment
Value

FHLM AR 12M+187.9 10/42#849255
Actively Managed Global Wrap Underlying Investments
$
484,444


FHLG 5.50% 5/34 #Z40042

1,192,666


FNMA .875% 10/26/17

576,057


FNMA .875% 2/8/18

521,846


FNMA 1.75% 11/26/19

10,672,005


FNR 2013-9 FA 1ML+35 03/42

889,408


FNR 2011-88 AB 2.5% 9/26

133,264


FNR 2012-15 FP 1ML+38 6/40

559,842


FHR 2011-3938 BE 2% 10/21

477,198


FHR 3943 EF 1ML+25 2/26

290,387


FHR 3763 QA 4% 4/34

269,756


FHR 3820 DA 4% 11/35

292,951


FHR SER 4221 CLS GA 1.4% 7/23

970,287


FHLMC 5.125% 11/17/17

2,196,571


FHLMC 1.25% 5/12/17

842,826


FHLMC 1% 9/29/17

1,076,562


FHLMC .75% 1/12/18

912,087


FHLMC 0.875% 02/22/17

2,374,367


FNMA 15YR 7.00% 2/15 #253033

408


FNMA 5.50% 11/34 #310105

842,460


FNMA ARM 3.228% 7/41#AI3469

76,502


FNMA ARM 3.01% 8/41 #AI4358

55,036


FNMA ARM 3.545% 07/41#AI6050

78,376


FNMA ARM 3.365% 10/41#AI6819

41,153


FNMA ARM 3.37% 9/41 #AI8935

85,694


FNMA ARM 09/41#AI9813

49,556


FNMA ARM 10/41#AJ3399

16,642


21

Table of Contents

Marathon Petroleum Thrift Plan
EIN 31-1537655, Plan Number 010
Form 5500, Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2014

 
 
 
 
 
(a)
(b)
(c)
(d)
 
Identity of Issue, Borrower
 
Current
 
Lessor or Similar Party
Description of Investment
Value

FNMA ARM 2.74% 8/41 #AH5259
Actively Managed Global Wrap Underlying Investments
$
282,140


FNMA ARM 2.69% 9/41 #AH5260

245,966


FNMA ARM 2.57% 10/41 #AH5261

171,513


FNMA 15YR 3.50% 1/26 #AL1168

255,536


FNMA 15YR 3.50% 3/27 #AL1746

963,409


FNMA ARM 06/42#AO2244

63,606


FNMA 6.50% 7/32 #545759

41,714


FNMA 6.50% 7/32 #545762

21,249


FNR 2003-74 PG 4.5% 8/18

90,099


FNR 2005-90 FC 1ML+25 10/35

177,348


FNR 2005-106 UF 1ML+30 11/35

171,779


FHR 3117 JF 1ML+30 2/36

179,260


FNR 2008-29 BG 4.7% 12/35

66,119


FNR 2008-95 AD 4.5% 12/23

213,533


FNR 2011-23 AB 2.75% 6/25/20

107,742


FNR 2010-123 DL 3.5% 11/25

87,033


FHR 3741 HD 3% 11/15/39

236,487


FNR 2010-135 DE 2.25% 4/24

180,072


FNR 2010-143 B 3.5% 12/25

154,176


FNMA ARM 4.68% 11/34 #735011

80,154


FNMA 6.50% 12/32 #735415

21,361


FNMA 6.50% 7/35 #745092

22,480


FNMA ARM 4.53% 12/34 #802852

74,523


FNMA 6.50% 8/36 #888034

30,568


FNMA 6.50% 8/36 #888544

126,463


FNMA ARM 4.21% 5/35 #889946

135,019


FNMA ARM 4.30% 2/35 #995017

154,670


22

Table of Contents

Marathon Petroleum Thrift Plan
EIN 31-1537655, Plan Number 010
Form 5500, Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2014

 
 
 
 
 
(a)
(b)
(c)
(d)
 
Identity of Issue, Borrower
 
Current
 
Lessor or Similar Party
Description of Investment
Value

FNMA ARM 4.53% 10/35 #995414
Actively Managed Global Wrap Underlying Investments
$
130,435


FNMA ARM 4.55% 10/35 #995415

541,587


FNMA ARM 4.512% 12/36 #995606

152,038


FNMA ARM 2.61% 4/35 #995609

51,093


FNMA ARM 3.20% 1/40 #AC0599

131,646


FNMA ARM 4.285% 7/33#AD0066

50,888


FNMA 6.50% 12/35 #AD0723

145,723


FNMA ARM 3.47% 3/40 #AD0820

83,432


FNMA 6.50% 8/36 #AE0746

111,287


FNMA ARM 11/40#AE6806

44,753


FIFTH THIRD BAN 2.375% 4/25/19

504,454


FIFTH THIRD BAN 2.875% 10/1/21

433,940


FORDO 2014-A A4 1.29% 04/19

355,249


FORDL 2014-A A3 .68% 04/17

447,729


FORD MTR CR 2.875% 10/01/18

1,024,733


GMACC 2004-C2 A4 5.301% 8/38

3,033


GSMS 2012-GC6 A1 1.282% 1/45

53,740


GSMS 2013-GC10 A1 .696% 2/46

51,515


GSMS 2013-GC10 A2 1.84% 2/46

190,553


GSMS 2013-GC12 A1 VAR 06/46

239,665


GNMA 30YR 5.5% 06/35#783800

156,590


GSMS 2006-GG6 A4 CSTR 4/38

863,802


GSMS 2006-GG6 A1A CSTR 4/38

375,953


GSMS 2006-GG8 A4 5.56% 11/39

1,177,387


GSMS 2006-GG8 A1A 5.547 11/39

402,316


GECMC 2005-C2 A4 CSTR 5/43

703,561


GECMC 2006-C1 A4 CSTR 3/44

563,928


23

Table of Contents

Marathon Petroleum Thrift Plan
EIN 31-1537655, Plan Number 010
Form 5500, Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2014

 
 
 
 
 
(a)
(b)
(c)
(d)
 
Identity of Issue, Borrower
 
Current
 
Lessor or Similar Party
Description of Investment
Value

GECMC 2006-C1 A1A CSTR 3/44
Actively Managed Global Wrap Underlying Investments
$
984,596


GENERAL ELEC CO 3.375% 3/11/24

815,908


GOLDMAN SACHS GRP 2.625% 1/19

1,061,870


GSINC 2.9% 07/19/18

1,038,930


GNR 2010-99 PT 3.5% 8/33

9,637


GNR 2010-112 PM 3.25% 9/33

7,858


CFGNR 2011-150 D 3% 4/37

42,010


GNR 13-41 PA 2.5% 04/40

514,099


HSBC USA INC 2.25% 06/23/19

659,320


HAROT 2013-3 A3 0.77% 05/17

510,614


HSBC BANK 3.1% 5/24/16 144A

866,009


HUNTINGTON NATL BK 2.2% 4/1/19

679,606


HART 2013-C A3 1.01% 02/18

230,764


HART 2014-A A3 0.79% 07/18

1,001,088


HART 2014-B A3 .90% 12/18

887,963


HYUNDAI CAP AME 2.55 2/19 144A

510,256


INGERSOLL-RND LX 2.625% 5/1/20

110,791


INTERCONT EXCH 2.5% 10/15/18

301,932


JPMC CO 1.625% 5/15/18

867,271


JPMC CO 2.35% 01/28/19

1,087,667


JPMCC 2005-LDP2 A3 4.697 7/42

1,119


JPMCC 2006-LDP7 A4 CSTR 4/45

655,761


JPMCC 2006-LDP7 A1A CSTR 4/45

610,393


JPMCC 2006-CB16 A1A 5.546 5/45

1,016,035


JPMCC 2007-LD11 A2 CSTR 6/49

5,546


JPMCC 2012-C6 A2 2.2058% 5/45

418,335


JPMCC 2013-C10 .7302% 12/15/47

186,789


24

Table of Contents

Marathon Petroleum Thrift Plan
EIN 31-1537655, Plan Number 010
Form 5500, Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2014

 
 
 
 
 
(a)
(b)
(c)
(d)
 
Identity of Issue, Borrower
 
Current
 
Lessor or Similar Party
Description of Investment
Value

JPMCC 13-LC11 A1 .7664% 04/46
Actively Managed Global Wrap Underlying Investments
$
424,741


JPMC CO 2.2% 10/22/19

1,129,999


KEY BANK NA 2.5% 12/15/19

342,266


KINDER MRGN INC 2% 12/01/17

163,317


KINDER MORGAN IC 3.05% 12/1/19

314,425


LBUBS 2006-C6 A4 5.372% 9/39

491,890


LBUBS 2006-C6 A1A CSTR 9/39

930,131


LBUBS 2006-C1 A4 5.156% 02/31

821,561


LBUBS 2007-C7 A3 5.886% 9/45

1,151,959


MARSH & MCLENNAN 2.35% 9/10/19

272,351


MASSMUTUAL GLBL 2% 4/5/17 144A

446,290


MASSMUTUAL GBL 2.1 8/2/18 144A

645,489


MASSMUTUAL GLB 2.35% 4/19 144A

465,319


MCKESSON CO 2.284% 03/15/2019

452,087


MEDTRONIC PLC 2.5% 03/20 144A

903,673


MBALT 2014-A A3 .68% 12/16

804,205


MBART 2013-1 A3 0.78% 08/17

530,933


MLMT 2005-CKI1 A1A CSTR 11/37

190,584


MLMT 2006-C2 A1A CSTR 8/43

666,913


MET LIFE GLBL 1.5 1/18 144A

600,536


MET LIFE 1.875% 6/22/18 144A

373,539


MET LIFE GLB 2.3% 4/10/19 144A

1,150,213


MICROSOFT CORP .875% 11/15/17

135,798


MITSUBISHI 2.45% 10/16/19 144A

622,982


MLCFC 2006-3 A4 CSTR 7/46

1,599,459


MIZUHO CORP 1.85% 3/21/18 144A

929,799


MIZUHO BK LTD 2.45 4/19 144A

499,299


25

Table of Contents

Marathon Petroleum Thrift Plan
EIN 31-1537655, Plan Number 010
Form 5500, Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2014


 
 
 
 
(a)
(b)
(c)
(d)
 
Identity of Issue, Borrower
 
Current
 
Lessor or Similar Party
Description of Investment
Value

MONSANTO CO 2.75% 7/15/21
Actively Managed Global Wrap Underlying Investments
$
158,657


MSBAM 2014-C14 A2 2.916% 1/47

506,465


MSC 2006-IQ11 A1A CSTR 10/42

713,671


MORGAN STANLEY 2.5% 01/24/19

4,482,317


MSC 2006-HQ9 A4 CSTR 7/44

552,616


MSC 2007-IQ13 A1A 5.312% 3/44

281,381


MSC 2007-T27 A1A CSTR 6/42

1,107,957


MSBAM 2012-C5 A1 .916% 8/45

265,558


MSBAM 2012-C5 A2 1.972% 8/45

739,214


NEW YORK LIFE 1.3% 10/17 144A

1,196,759


NALT 2014-A A3 .80% 02/17

490,846


NAROT 2014-B A3 1.11% 05/19

644,063


NORDEA BK AB 2.375% 4/4/19 144

456,552


NORDEA BK AG .875% 5/16 144A

655,321


NEF 2005-1 A5 4.74% 10/45

173,857


ORACLE CORP 2.25% 10/8/19

637,769


PG&E CORP 2.4% 03/01/19

66,628


PNC BANK NA 2.4% 10/18/19

505,534


PLAINS AM/PAA FIN 2.65% 12/19

573,906


PRICOA GLBL F 1.6% 5/18 144A

646,998


ROYAL BK CAN GL .85% 03/08/16

153,494


ROYAL BK CANADA 2.3% 7/20/16

184,562


ROYAL BANK OF CAN 1.2% 1/23/17

602,754


ROYAL BK OF CDA 2.15% 03/15/19

454,932


SLMA 2012-7 A2 1ML+28 9/19

399,462


SLMA 2013-1 A1 1ML+15 1/17

24,823


SIMON PROPERTY 2.2% 02/01/19

1,954,814


26

Table of Contents

Marathon Petroleum Thrift Plan
EIN 31-1537655, Plan Number 010
Form 5500, Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2014

 
 
 
 
 
(a)
(b)
(c)
(d)
 
Identity of Issue, Borrower
 
Current
 
Lessor or Similar Party
Description of Investment
Value

SUMITOMO BKG 2.45% 1/10/19
Actively Managed Global Wrap Underlying Investments
$
569,052


SUNTRUST 2.35% 11/01/18

808,048


SUNTRUST BANK INC 2.5 5/1/19

444,724


SYNCHRONY FIN 1.875% 8/15/17

99,921


SYNCHRONY FIN 3% 8/15/19

148,278


TIAA AST MG 2.95% 11/1/19 144A

117,811


TJX COS INC 2.75% 6/15/21

424,147


TORONTO DOM BK 2.5% 7/14/16

869,411


TORONTO DOMINI 2.375% 10/19/16

411,277


TORONTO DOM 1.4% 4/30/18

886,535


TORONTO DOMINION 2.25% 11/5/19

618,375


TOTAL CAP CDA L 1.45% 01/15/18

484,818


TOTAL CAPITAL SA 1.5% 2/17/17

448,440


TOTAL CAP INTL 2.125% 01/10/19

1,155,214


TOTAL CAP INTL 2.75% 06/19/21

442,049


TYCO ELECTR 6.55% 10/1/17

764,053


UBS AG STAM 2.375% 8/14/19

625,567


UBSBB 2012-C2 A1 1.006% 5/63

228,369


UBSCM 2012-C1 A1 1.032% 5/45

92,576


UBSCM 2012-C1 A2 2.180% 5/45

366,417


UBSBB 2012-C4 A1 .6728 12/45

195,924


USAA CAP CO 2.25% 12/13/16 144

421,778


US BANK NA CIN 2.125% 10/19

892,425


UBSBB 2013-C6 A1 .805% 4/46

208,935


UST NOTES 0.625% 12/15/16

38,685,600


USTN 0.875% 10/15/17

10,593,940


USTN 1% 12/15/17

14,893,159


27

Table of Contents

Marathon Petroleum Thrift Plan
EIN 31-1537655, Plan Number 010
Form 5500, Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2014

 
 
 
 
 
(a)
(b)
(c)
(d)
 
Identity of Issue, Borrower
 
Current
 
Lessor or Similar Party
Description of Investment
Value

USTN .875% 4/30/17
Actively Managed Global Wrap Underlying Investments
$
9,062,732


USTN .750% 6/30/17

23,411,006


USTN .75% 10/31/17

14,793,615


UST NOTE .875% 1/31/18

57,424,407


UST NOTES 1.625% 06/30/2019

21,153,697


UNITEDHELTH GR 2.875% 12/15/21

445,815


VERIZON COM 2.625 2/21/20 144A

2,248,598


VODAFONE 1.625% 3/20/17

590,446


VOLKSWAGEN GR 2.125% 5/19 144A

1,674,952


VALET 2013-2 A4 1.16% 03/20/20

620,602


VWALT 2014-A A3 .80% 4/20/17

645,094


VALET 2014-1 A3 .91% 10/22/18

585,480


WFRBS 13-C14 A1 .836% 6/15/46

149,694


WFRBS 2013-C14 A2 2.133% 6/46

171,617


WFRBS 2011-C5 A1 1.456 11/44

48,129


WFRBS 2012-C8 A1 .864% 8/45

166,272


WFRBS 2012-C8 A2 1.881% 8/45

414,219


WFRBS 2013-C11 A1 .799% 03/45

108,373


WFRBS 2013-C13 A1 0.778% 5/45

148,028


WBCMT 2006-C23 A1A CSTR 1/45

733,202


WBCMT 2006-C23 A5 CSTR 1/45

780,384


WBCMT 2006-C24 A1A CSTR 3/45

646,278


WBCMT 2006-C25 A5 CSTR 5/43

210,410


WBCMT 2006-C25 A1A CSTR 5/43

662,683


WBCMT 2006-C27 A3 CSTR 7/45

531,146


WBCMT 2006-C26 A1A CSTR 6/45

704,783


WBCMT 2006-C29 A1A 5.297 11/48

1,171,310







28

Table of Contents

 
 
 
 
(a)
(b)
(c)
(d)
 
Identity of Issue, Borrower
 
Current
 
Lessor or Similar Party
Description of Investment
Value

WBCMT 2007-C31A A2 5.421% 4/47
Actively Managed Global Wrap Underlying Investments
$
43,036


WAL-MART STORES 1.125% 4/18

898,866


WAL MART STORES 3.3% 04/22/24

459,167


WELLPOINT INC 2.25% 8/15/19

409,452


WELLS FARGO 3% 01/22/21

851,433


WFCM 2013-LC12 A1 1.676% 7/46

622,825


WESTPAC BANKING CRP 2% 8/14/17

817,737


WESTPAC BANK CORP 1.2% 5/19/17

687,947


WESTPAC BANKING 1.5% 12/01/17

660,110


WOART 2013-A A3 .64% 4/16/18

379,868


WOLS 2013-A A3 1.10% 12/16

803,330


WOART 2014-B A3 1.14% 1/20

740,265


WOLS 2014-A A3 1.16% 09/17

621,638







Total Fair Value of Underlying Investments

$
425,791,048

 
 
 
 


29

Table of Contents

SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other person who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
 
 
 
 
 
 
 
Marathon Petroleum Thrift Plan
 
 
 
 
Date: June 26, 2015
 
 
 
By:
 
/s/ Rodney P. Nichols
 
 
 
 
 
 
Rodney P. Nichols
 
 
 
 
 
 
Plan Administrator


30