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Published: 2021-06-10 16:46:57 ET
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11-K 1 a2020investmentplusplan11k.htm 11-K Document

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
(X) ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2020
   OR
( ) TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________
Commission file number 1-4174
A. Full title of the plan:
The Williams Investment Plus Plan
B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
The Williams Companies, Inc.
One Williams Center
Tulsa, Oklahoma 74172




THE WILLIAMS INVESTMENT PLUS PLAN

INDEX TO FINANCIAL STATEMENTS







Report of Independent Registered Public Accounting Firm

To the Plan Participants and the Plan Administrator of
The Williams Investment Plus Plan

Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of The Williams Investment Plus Plan (the Plan) as of December 31, 2020 and 2019, and the related statement of changes in net assets available for benefits for the year ended December 31, 2020, 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 at December 31, 2020 and 2019, and the changes in its net assets available for benefits for the year ended December 31, 2020, in conformity with U.S. generally accepted accounting principles.

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 Schedule
The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2020, has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The information in the supplemental schedule is the responsibility of
1

the Plan’s management. Our audit procedures included determining whether the 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 schedule. In forming our opinion on the information, we evaluated whether such 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 information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Ernst & Young LLP

We have served as the Plan’s auditor since 1998.
Tulsa, Oklahoma
June 10, 2021



2


THE WILLIAMS INVESTMENT PLUS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 2020 and 2019




20202019
Assets:
Investments (at fair value)
$1,524,022,016 $1,415,754,781 
Notes receivable from participants
20,738,59622,610,631
Non-interest bearing cash
872,572408,879
Receivables
3,243,8804,480,485
Contribution receivable
10,852,778936,501
Total assets
1,559,729,842 1,444,191,277 
Liabilities:
Accrued liabilities
2,103,288 3,336,665 
Total liabilities
2,103,288 3,336,665 
Net assets available for benefits
$1,557,626,554 $1,440,854,612 
        













See accompanying notes.
3

THE WILLIAMS INVESTMENT PLUS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year Ended December 31, 2020



Additions to net assets:
   Contributions:
Participant
$50,237,348 
Employer
43,269,260 
Rollovers
7,610,114 
 Total contributions
101,116,722 
   Net investment income:
Net increase in fair value of investments
217,568,006 
Dividends
13,548,516 
Interest
98,665 
Total net investment income
231,215,187 
   Interest income on notes receivable from participants1,262,573 
Total additions to net assets
333,594,482 
Deductions from net assets:
Withdrawals
214,253,419 
Administrative expenses
2,500,983 
Dividend distributions
68,138 
Total deductions from net assets
216,822,540 
Net increase during the year116,771,942 
Net assets available for benefits at beginning of year1,440,854,612 
Net assets available for benefits at end of year$1,557,626,554 



See accompanying notes.
4
THE WILLIAMS INVESTMENT PLUS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2020


Note 1--Description of plan

The information included below regarding The Williams Investment Plus Plan (the “Plan”) provides only a general description of the Plan. Participants should refer to the Plan document, as amended and restated, and Summary Plan Description for a more complete description of the Plan’s provisions.

General

The Plan is a defined contribution plan maintained for the benefit of substantially all employees of The Williams Companies, Inc., and its participating subsidiaries (collectively, “Williams” or “Employer”) as provided in the Plan. A small amount of the Plan is an employee stock ownership plan (“ESOP”) and includes shares of Williams common stock held in the Transtock and Williams Companies Employee Stock Ownership Plan (“WESOP”) Accounts, as defined in the Plan.

The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The Plan is intended to constitute a plan described in Section 404(c) of ERISA and Title 29 of the Code of Federal Regulations Section 2550.404c-1, and the fiduciaries of the Plan may be relieved of liability for any losses that are the direct and necessary result of investment instructions given by a participant or beneficiary.

Administration

The Administrative Committee is the Plan administrator. The Investment Committee has the responsibility to monitor the performance of the trustee, investment funds and investment managers, and select, remove, and replace the trustee, any investment fund and any investment manager. The Benefits Committee has the authority and responsibility with respect to overriding the terms of the Plan which require the availability of common stock issued by The Williams Companies, Inc. The Benefits Committee, in its settlor capacity, may amend the Plan, provided it is a nonmaterial amendment as detailed in the Plan. Fidelity Management Trust Company (“FMTC”) is the trustee and record keeper. Additionally, Fidelity Investments Institutional Operations Company, Inc., provides certain other record keeping services for the Plan.

Contributions

Each eligible participant has employee contribution accounts consisting primarily of, as applicable, a Pre-Tax Account, as well as various after-tax contribution accounts, Roth accounts, catchup accounts, rollover contribution accounts, and employer contribution accounts. Certain participants may also have additional contribution accounts, as applicable.

5
THE WILLIAMS INVESTMENT PLUS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2020

Each eligible employee participant may contribute from 1 percent to a maximum of 50 percent of their eligible compensation per pay period on a pre-tax and/or Roth basis. The maximum pre-tax and/or Roth contribution percentage for Highly Compensated Employees is subject to periodic adjustment in order to meet discrimination testing requirements and certain annual maximum statutory limits imposed by the Internal Revenue Service (“IRS”). The Employer will contribute an amount equal to 100 percent of each participant’s contribution per pay period up to a maximum of 6 percent of their eligible compensation. In addition, the Plan allows for discretionary Employer contributions. No such discretionary Employer contributions were made in 2020.

Additionally, eligible active employees who are not eligible to receive compensation credits under Williams’ defined benefit pension plan are eligible to receive a 4.5 percent Employer Fixed Annual Contribution made by Williams. The Employer Fixed Annual Contribution is made after the end of each Plan year and eligible employees generally must be an active employee at year end to receive this contribution, with exceptions for retirement, disability, death, divestiture, and reduction in force. For 2020 and 2019, the Employer Fixed Annual contributions were $10,853 thousand and $937 thousand, respectively.

The Plan also includes an automatic enrollment feature. Eligible participants who do not make an affirmative election to contribute or an affirmative election not to contribute within 60 days of hire are automatically enrolled in the Plan. If automatically enrolled, 3 percent of the participant’s eligible compensation is withheld on a pre-tax basis and invested in the default investment option designated by the Investment Committee. The participant has the right to change the contribution percentage, elect to discontinue contributions to the Plan, or make investment changes at any time.

Participants may elect to invest in various investment options provided they allocate their contribution in multiples of 1 percent and subject to certain other restrictions. Investment options include common/collective trusts, common stocks including common stocks held within separately managed accounts, mutual funds, and a self-directed brokerage fund. A participant may change their investment election at any time. Participants may also exchange or rebalance any investment in their Plan account in accordance with the Plan’s investment provisions.

The Plan does not allow participants’ contributions, including employer and employee contributions, loan payments, and rollovers to be made or invested in shares of Williams common stock. A small amount of Williams common stock continues to be held in the Transtock and WESOP Accounts within the Plan’s Legacy WMB Stock Fund. Dividend payments on Williams common stock not passed through to the participant continue to be reinvested in additional shares of Williams common stock until the participant elects to receive such dividends in cash.


6
THE WILLIAMS INVESTMENT PLUS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2020

Vesting

Participants have a nonforfeitable vested interest in the current fair value of the assets purchased with their contributions. Eligible participants become 20 percent vested in the employer contributions made on their behalf after one year of service as defined by the Plan. Such vesting increases an additional 20 percent for each year of service, and participants become 100 percent vested upon five years of service. In addition, a participant may become totally vested in their account by reason of their death, total and permanent disability, attainment of age 65, eligibility to receive early retirement benefits under a pension plan of Williams, reduction in work force, complete discontinuance of employer contributions, or termination or partial termination of the Plan. Upon certain sales of assets or companies, participants that have an involuntary termination of employment as a result of such sale are also 100 percent vested.

Employer contributions that are not vested at the time a participant withdraws from the Plan by reason of termination of employment, other than permanent job elimination or permanent reduction in work force, are used for certain items as specified in the Plan document, including the reduction of future employer contributions and payment of Plan expenses. During 2020, employer contributions were reduced by $599 thousand from forfeited nonvested accounts.

Distributions and in-service withdrawals

Participants are entitled to receive the vested portion of their account when they cease to be an employee of Williams for any reason including retirement. Upon termination of service, a participant has distribution options available as outlined in the Plan.

Generally, the payment of benefits under the Plan shall be made in cash. However, with respect to amounts held in the Plan’s common stock funds, the participant may request payment of benefits under the Plan in the common stock held within such funds.

Eligible employee participants may request a partial withdrawal from the Plan of their rollover contribution accounts and a portion, as defined in the Plan document, of their Prior Plans After-Tax Account. Eligible employee participants may make two such withdrawals during any Plan year and are not suspended from participation in the Plan following such a withdrawal. Outstanding loans will reduce the amount available for partial withdrawals.

Eligible participants who have completed two years of service and who are employees may request an additional in-service withdrawal from the Plan. The amount available for this withdrawal is calculated as defined in the Plan, but in no event shall it exceed the vested portion of the participant’s Employer Matching Contribution Account, Employer Cash Contribution Account, and the balance of the After-Tax Account. Outstanding loans will reduce the amount available for additional in-service withdrawals. Upon electing an additional in-service withdrawal, a participant is suspended from participation in the Plan for three months. Only one such withdrawal may be made every 12 months.
7
THE WILLIAMS INVESTMENT PLUS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2020


A participant who is at least age 59½ may request a post-59½ withdrawal from the Plan. The withdrawal can include the vested portion of certain of the participant’s employer and employee contribution accounts. Outstanding loans will reduce the amount available for post-59½ withdrawals. Such withdrawal may be requested at any time and does not cause the participant to be suspended from the Plan.

An eligible employee participant who has a balance in a WESOP Account or Transtock Account may withdraw such balance at any time. Such withdrawal does not cause the participant to be suspended from the Plan.

Withdrawals from an eligible employee participant’s Pre-Tax Account and Roth Account before age 59½ may be made if the participant has suffered a financial hardship condition, as defined in the Plan. Such withdrawal does not cause the participant to be suspended from the Plan.

A participant who is under age 59½ and is totally and permanently disabled, as defined in the Plan, may make a withdrawal from the eligible amounts in their Pre-Tax Account and Roth Account or request a full distribution from the Plan.

COVID-19

The Plan adopted certain required minimum distribution provisions of the Setting Every Community Up for Retirement Enhancement Act that are effective beginning with the 2020 plan year, including not requiring minimum distributions until age 72. Additionally, required minimum distributions beginning in 2020 were delayed by one year as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES), but may still be received at the request of a participant.

The Plan also adopted certain participant withdrawal provisions of the CARES Act that were effective for portions of the 2020 Plan Year in order to provide relief to participants affected by COVID-19. The early withdrawal tax was waived for COVID-19 withdrawals up to $100,000 through December 2020.

Participant loans

The Plan permits eligible employee participants to obtain up to two loans from their account balances within specified limitations. Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 reduced by the aggregate of the highest outstanding balances of such loans during the immediately preceding 12-month period, or 50 percent of their vested balance. Loan terms may not exceed 58 months unless the loan is for the purchase of a primary residence, in which case the loan term may not exceed 25 years. Periodic principal and interest payments are reinvested according to the participant’s
8
THE WILLIAMS INVESTMENT PLUS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2020

current investment election on file. The interest rate is equal to the prime rate of interest plus one percentage point or such other rate as the Administrative Committee shall specify. Principal and interest are paid ratably through payroll deductions. If the participant’s employment is terminated, the participant may continue to make principal and interest payments subject to certain limitations. Participants may make additional partial payments of the loan at any time and in such form as required by the record keeper.

Other
Each participant has their own individual account. Contributions and investment earnings are recorded to individual participant accounts. Plan investments are valued daily. The fair value per share of each fund is multiplied by the number of shares of the fund held in the participant’s account to arrive at their account balance.

Net investment income (loss), including the net change in fair value of investments, on assets held in allocated accounts is applied to the individual participant accounts based on each participant’s account balances.

The ESOP allows for the election of dividend pass-through, which are cash dividends paid directly to participants, for the dividends received on the shares of Williams common stock held within the Plan’s ESOP.

While the Compensation and Management Development Committee of the Williams Board of Directors has not expressed any intent to terminate the Plan, it may do so, in its settlor capacity, at any time. In the event of any Plan termination, assets of the Plan will be distributed in accordance with the Plan document.

Note 2--Summary of significant accounting policies

Basis of accounting

The accompanying financial statements of the Plan are prepared on the accrual basis of accounting. However, benefit payments to participants are recorded when paid.

Notes receivable from participants

Notes receivable from participants are measured at their unpaid principal balance plus any estimated accrued and unpaid interest. No allowance for credit losses has been recorded as of December 31, 2020 or 2019. If a participant ceases to make loan repayments and the plan administrator deems the participant loan to be a distribution, the participant loan balance is reduced, and a withdrawal is recorded.

9
THE WILLIAMS INVESTMENT PLUS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2020

Use of estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires the Plan’s Administrative Committee to make estimates that affect the amounts reported in the financial statements, accompanying notes, and supplemental schedule. Actual results could differ from those estimates.

Risks and uncertainties

The Plan provides for various investment securities. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility risk. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the Statements of Net Assets Available for Benefits and participants’ account balances.

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 an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A discussion of fair value measurements is included in Note 3.

Purchases and sales of securities are recorded on a trade-date basis, which may result in amounts due to or from brokers related to unsettled trades. Dividend income is recorded on the ex-dividend date. Net increase (decrease) in fair value of investments includes the Plan’s gains and losses on investments bought and sold as well as held during the year.

Contributions

Participant contributions are recorded when Williams makes payroll deductions from eligible Plan participants. Employer contributions are accrued in the period in which they become obligations of Williams.

Administrative expenses

Certain administrative expenses, including audit and legal fees, of the Plan are paid by Williams.

Note 3--Fair value measurements

The fair value hierarchy prioritizes the inputs used to measure fair value, giving the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1
10
THE WILLIAMS INVESTMENT PLUS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2020

measurement) and the lowest priority to unobservable inputs (Level 3 measurement). Fair value balances are classified based on the observability of those inputs. The fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The Plan’s Level 1 investments primarily consist of mutual funds, common stocks, and money market funds that are traded on U.S. exchanges, as well as interest-bearing cash. The Plan’s Level 2 investments primarily consist of common stocks traded on foreign exchanges, certificates of deposit, and government and corporate bonds. The Plan’s Level 3 investments consist of a private placement common stock that is not traded on an exchange.

The fair values of common stocks traded on U.S. exchanges and exchange-traded funds within the self-directed brokerage fund are derived from quoted market prices as of the close of business on the last business day of the Plan year. The fair value of common stocks traded on foreign exchanges are also derived from quoted market prices as of the close of business on an active foreign exchange on the last business day of the Plan year. The valuation requires translation of the foreign currency to U.S. dollars, and the foreign exchange rate used in the translation is considered an observable input to the valuation. Shares of money market funds and mutual funds are valued at fair value based on published market prices as of the close of business on the last business day of the Plan year, which represent the net asset values (“NAV”) of the shares held by the Plan. The carrying value of interest-bearing cash approximates fair value because of the short-term nature of this investment. The units of the common/collective trusts are valued at fair value using the NAV practical expedient as determined by the issuer based on the current fair values of the underlying assets of the fund (see Note 4). There have been no significant changes in the preceding valuation methodologies used at December 31, 2020 and 2019.

The valuation methods described above may produce a fair value that may not be indicative of net realizable value or reflective of future fair values. The use of different methodologies or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

11
THE WILLIAMS INVESTMENT PLUS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2020

The following table sets forth, by level within the fair value hierarchy, the Plan’s assets that are measured at fair value as of December 31, 2020 and 2019, with the exception of the common/collective trusts measured at fair value using the NAV practical expedient. The combined fair value for the common/collective trusts is provided to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Net Assets Available for Benefits.

Level 1Level 2Level 3Total
2020:
Interest-bearing cash
$2,707,054 $— $— $2,707,054 
Mutual funds
225,624,504 — — 225,624,504 
Self-directed brokerage fund
99,892,988 1,985,527 — 101,878,515 
Common stocks
430,647,088 7,289,670 709,801 438,646,559 
$758,871,634 $9,275,197 $709,801 768,856,632 
Common/collective trusts
755,165,384 
Total investments at fair value
$1,524,022,016 
2019:
Interest-bearing cash
$1,723,655 $— $— $1,723,655 
Mutual funds
208,386,003 — — 208,386,003 
Self-directed brokerage fund
80,332,518 3,467,620 — 83,800,138 
Common stocks
398,761,704 5,499,755 606,632 404,868,091 
$689,203,880 $8,967,375 $606,632 698,777,887 
Common/collective trusts
716,976,894 
Total investments at fair value
$1,415,754,781 

Note 4--Common/collective trusts

The Plan holds investments in several common/collective trusts that invest primarily in mutual funds, fixed income securities, and international equity securities. These common/collective trusts have no unfunded commitments. Generally, participant-directed redemptions occur daily. In some cases, FMTC may require up to ten days to settle these redemptions. However, FMTC may require additional notice for redemptions directed by a plan sponsor.

Additionally, the Plan holds investments in the Fidelity Managed Income Portfolio II Fund (“MIP II Fund”), a common/collective trust, which is managed by FMTC as trustee (“MIP II Fund Trustee”). Participant-directed withdrawals of MIP II Fund units may be made on any business day. Participant-directed exchanges to another investment option may be made on any business day as long as the exchange is not directed into a competing fund (money market funds or certain other types of fixed income funds). Transferred amounts must be held in a noncompeting investment option for 90 days before subsequent transfers to a competing fund may occur. Withdrawals directed by a plan sponsor must be preceded by 12-months written
12
THE WILLIAMS INVESTMENT PLUS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2020

notice to the MIP II Fund Trustee. The MIP II Fund Trustee may in its discretion complete any such plan-level withdrawals before the expiration of such 12-month period. Additionally, the MIP II Fund Trustee may defer completing a withdrawal directed by a participant or plan sponsor where doing so might adversely affect the MIP II Fund portfolio. The MIP II Fund Trustee shall make the payments available as quickly as cash flows and prudent portfolio management permit.

Note 5--Transactions with parties-in-interest

Certain investments held by the Plan are managed by the trustee. Additionally, certain investments held within the Plan are in Williams common stock. Therefore, these transactions qualify as party-in-interest transactions. These transactions are exempt from the prohibited transaction rules.

Note 6--Tax status and federal income taxes

The Plan has received a determination letter from the IRS dated July 24, 2015, stating that the Plan, as amended, is qualified under Section 401(a) of the Internal Revenue Code (the “Code”) and, therefore, the related trust is exempt from taxation. Subsequent to this determination by the IRS, the Plan has been further amended and restated. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualified status. The Plan administrator has indicated it will take the necessary steps, if any, to maintain the Plan’s compliance with the Code.

Plan management is required by generally accepted accounting principles to evaluate uncertain tax positions taken by the Plan. The financial statement impact of a tax position must be recognized when the position is more likely than not, based on its technical merits, to be sustained upon examination by the IRS. As of December 31, 2020 and 2019, there are no uncertain positions taken or expected to be taken.

Note 7--Differences between financial statements and Form 5500

The following is a reconciliation of Net Assets Available for Benefits per the financial statements to the Form 5500 at December 31:
20202019
Net assets available for benefits per the financial statements
$1,557,626,554 $1,440,854,612 
Amounts allocated to withdrawing participants (1,355,343)(1,254,125)
Net assets available for benefits per the Form 5500$1,556,271,211 $1,439,600,487 

13
THE WILLIAMS INVESTMENT PLUS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2020

The following is a reconciliation of Net increase during the year per the Statement of Changes in Net Assets Available for Benefits to net income (loss) per the Form 5500 for the year ended December 31, 2020:

Net increase during the year$116,771,942 
Less: Amounts allocated to withdrawing participants at December 31, 2020(1,355,343)
Add: Amounts allocated to withdrawing participants at December 31, 2019$1,254,125 
Net income per Form 5500$116,670,724 

Amounts allocated to withdrawing participants are recorded on the Form 5500 for benefit payments that have been processed and approved for payment prior to December 31, but not yet paid as of that date.

14























SUPPLEMENTAL SCHEDULE


15

THE WILLIAMS INVESTMENT PLUS PLAN

EIN:  73‑0569878 PLAN:  008
Schedule H, line 4i - Schedule of Assets (held at end of year)
December 31, 2020



(a)(b) Identity of issue, borrower, lessor,
or similar party		(c) Description of investment including maturity date,
rate of interest, collateral, par, or maturity value		(d) Cost**(e) Current value
Common/Collective Trusts
*FidelityFidelity Managed Income Portfolio II Class 2 – 545 shares$545 
*FidelityFidelity Managed Income Portfolio II Class 4 – 83,488,015 shares83,488,015
*FidelityFidelity Diversified International Commingled Pool – 3,733,256 shares64,174,674
PrudentialPrudential Core Plus Bond Fund Class 5 – 230,238 shares45,267,045
VanguardVanguard Target Retirement Income Trust I – 214,724 shares13,456,760
VanguardVanguard Target Retirement 2015 Trust I – 78,534 shares4,965,722
VanguardVanguard Target Retirement 2020 Trust I – 844,588 shares56,663,385
VanguardVanguard Target Retirement 2025 Trust I – 901,924 shares62,079,418
VanguardVanguard Target Retirement 2030 Trust I – 1,940,923 shares136,078,092
VanguardVanguard Target Retirement 2035 Trust I – 530,385 shares38,346,839
VanguardVanguard Target Retirement 2040 Trust I – 1,504,604 shares113,236,490
VanguardVanguard Target Retirement 2045 Trust I – 496,355 shares37,822,217
VanguardVanguard Target Retirement 2050 Trust I – 899,399 shares69,028,882
VanguardVanguard Target Retirement 2055 Trust I – 226,390 shares21,185,573
VanguardVanguard Target Retirement 2060 Trust I – 142,716 shares7,015,907
VanguardVanguard Target Retirement 2065 Trust I – 77,878 shares2,355,820
755,165,384 
Registered Investment Companies
PIMCOPIMCO Real Return Fund Institutional Class – 701,481 shares8,607,171
*FidelityFidelity U.S. Bond Index Fund – 1,443,956 shares17,977,251
VanguardVanguard Extended Market Index Fund Institutional Shares – 241,856 shares30,169,073
VanguardVanguard Institutional Index Fund Institutional Plus Shares – 464,360 shares153,926,169
VanguardVanguard Total International Stock Index Fund Institutional Shares – 114,506 shares14,861,688
225,541,352 
Common Stock
Chesapeake Energy Co.Common stock – 1,329 shares2,021
*The Williams Companies, Inc.Common stock – 241,305 shares4,840,646
4,842,667
Investments held in Separately Managed Accounts
Macquarie U.S. Large Cap Value Equity Portfolio:
Interest-bearing Cash:
BROWN BROTHERS HARRIMANShort-term bank deposit695,390
16

THE WILLIAMS INVESTMENT PLUS PLAN

EIN:  73‑0569878 PLAN:  008
Schedule H, line 4i - Schedule of Assets (held at end of year)
December 31, 2020



(a)(b) Identity of issue, borrower, lessor,
or similar party		(c) Description of investment including maturity date,
rate of interest, collateral, par, or maturity value		(d) Cost**(e) Current value
Common Stock:
ALLSTATE CORPORATIONCommon stock – 15,958 shares1,754,263
AMERICAN INTERNATIONAL GROUPCommon stock – 42,600 shares1,612,836
ARCHER DANIELS MIDLAND COCommon stock – 30,715 shares1,548,343
AT&T INCCommon stock – 53,982 shares1,552,522
BROADCOM INCCommon stock – 4,200 shares1,838,970
CARDINAL HEALTH INCCommon stock – 39,320 shares1,763,195
CATERPILLAR INCCommon stock – 9,141 shares1,663,845
CIGNA CORPCommon stock – 7,868 shares1,637,960
CISCO SYSTEMS INCCommon stock – 40,146 shares1,796,534
COGNIZANT TECH SOLUTIONS CL ACommon stock – 22,714 shares1,861,412
COMCAST CORP CL ACommon stock – 33,185 shares1,738,894
CONAGRA BRANDS INCCommon stock – 42,016 shares1,559,470
CONOCOPHILLIPSCommon stock – 42,181 shares1,686,818
CVS HEALTH CORPCommon stock – 24,984 shares1,706,407
DISCOVER FIN SVCSCommon stock – 20,727 shares1,876,415
DISNEY (WALT) COCommon stock – 9,734 shares1,763,606
DOLLAR TREE INCCommon stock – 15,000 shares1,620,600
DOWDUPONT INCCommon stock – 26,336 shares1,872,753
EDISON INTLCommon stock – 26,100 shares1,639,602
EQUITY RESIDENTIAL REITCommon stock – 28,389 shares1,682,900
HONEYWELL INTL INCCommon stock – 8,056 shares1,713,511
INTEL CORPCommon stock – 32,634 shares1,625,826
JOHNSON & JOHNSONCommon stock – 10,518 shares1,655,323
LOWES COS INCCommon stock – 10,014 shares1,607,347
MERCK & CO INC NEWCommon stock – 18,849 shares1,541,848
MONDELEZ INTERNATIONAL INCCommon stock – 28,602 shares1,672,359
MOTOROLA SOLUTIONS INCCommon stock – 9,800 shares1,666,588
NORTHROP GRUMMAN CORPCommon stock – 4,693 shares1,430,051
ORACLE CORPCommon stock – 27,538 shares1,781,433
RAYTHEON COCommon stock – 24,034 shares1,718,672
TRUST FINANCIAL CORPCommon stock – 34,300 shares1,643,999
VERIZON COMMUNICATIONS INCCommon stock – 26,422 shares1,552,292
VIATRIS INCCommon stock – 93,311 shares1,748,648
LSV U.S. Small/Mid Cap Value Equity Portfolio:
Common Stock:
AARONS INC ACommon stock – 450 shares8,532
ACUITY BRANDS INCCommon stock – 1,825 shares220,989
17

THE WILLIAMS INVESTMENT PLUS PLAN

EIN:  73‑0569878 PLAN:  008
Schedule H, line 4i - Schedule of Assets (held at end of year)
December 31, 2020



(a)(b) Identity of issue, borrower, lessor,
or similar party		(c) Description of investment including maturity date,
rate of interest, collateral, par, or maturity value		(d) Cost**(e) Current value
AIR LEASE CORP CL ACommon stock – 3,100 shares137,702
ALLISON TRANSMISSION HLDGS INCCommon stock – 6,500 shares280,345
AMC NETWORKS INC CL ACommon stock – 3,600 shares128,772
AMERICAN FINL GROUP INC OHIOCommon stock – 3,050 shares267,241
APPLE HOSPITALITY REIT INCCommon stock – 8,900 shares114,899
ARCONIC INCCommon stock – 825 shares24,585
ARROW ELECTRONICS INCCommon stock – 4,700 shares457,310
ASSURED GUARANTY LTDCommon stock – 7,600 shares239,324
ATKORE INCCommon stock – 5,400 shares221,994
BANKUNITED INCCommon stock – 9,900 shares344,322
BERKSHIRE HILLS BANCORP INCCommon stock – 6,400 shares109,568
BERRY GLOBAL GROUP INCCommon stock – 2,930 shares164,637
BLOCK H & R INCCommon stock – 5,300 shares84,058
BORGWARNER INCCommon stock – 4,600 shares177,744
BRIDGEWATER BANCSHARES INCCommon stock – 15,800 shares197,342
BRIXMOR PPTY GROUP INCCommon stock – 17,000 shares281,350
C N A FINANCIAL CORPCommon stock – 8,800 shares342,848
CABOT CORPCommon stock – 2,900 shares130,152
CAPRI HOLDINGS LTDCommon stock – 5,200 shares218,400
CARS.COM INCCommon stock – 11,300 shares127,690
CATALYST PHARMACEUTICALS INCCommon stock – 19,400 shares64,796
CHATHAM LODGING TRUSTCommon stock – 9,100 shares98,280
CHEMOURS CO/ THECommon stock – 4,000 shares99,160
CIENA CORPCommon stock – 3,700 shares195,545
CIRRUS LOGIC INCCommon stock – 1,100 shares90,420
CITY OFFC REIT INCCommon stock – 15,100 shares147,527
CNO FINANCIAL GROUP INCCommon stock – 16,200 shares360,126
CONCENTRIX CORPCommon stock – 1,313 shares129,593
CORECIVIC INCCommon stock – 8,000 shares52,400
CORENERGY INFRASTR TR INCCommon stock – 4,800 shares32,880
CSG SYSTEMS INTL INCCommon stock – 3,300 shares148,731
CUSTOMERS BANCORP INCCommon stock – 7,500 shares136,350
DANA INCCommon stock – 8,800 shares171,776
DAVITA INCCommon stock – 1,600 shares187,840
DELUXE CORPCommon stock – 4,300 shares125,560
DILLARDS INC CL ACommon stock – 1,700 shares107,185
DIODES INCCommon stock – 1,900 shares133,950
DOMTAR CORPCommon stock – 5,600 shares177,240
EASTMAN CHEMICAL COCommon stock – 2,200 shares220,616
FEDERAL AGRI MTG NON VTG CL CCommon stock – 4,200 shares311,850
18

THE WILLIAMS INVESTMENT PLUS PLAN

EIN:  73‑0569878 PLAN:  008
Schedule H, line 4i - Schedule of Assets (held at end of year)
December 31, 2020



(a)(b) Identity of issue, borrower, lessor,
or similar party		(c) Description of investment including maturity date,
rate of interest, collateral, par, or maturity value		(d) Cost**(e) Current value
FINANCIAL INSTITUTIONS INCCommon stock – 5,000 shares112,500
FIRST AMERICAN FINANCIAL CORPCommon stock – 2,300 shares118,749
FOOT LOCKER INCCommon stock – 3,700 shares149,628
FRANKLIN STREET PPTYS CORPCommon stock – 14,600 shares63,802
GOODYEAR TIRE & RUBBER COCommon stock – 10,000 shares109,100
GRAY TELEVISION INCCommon stock – 6,800 shares121,652
HANMI FINANCIAL CORPORATIONCommon stock – 4,900 shares55,566
HARLEY-DAVIDSON INCCommon stock – 5,800 shares212,860
HAVERTY FURNITURE COS INCCommon stock – 8,200 shares226,894
HAWAIIAN HLDGS INCCommon stock – 5,900 shares104,430
HOLLYFRONTIER CORPCommon stock – 5,500 shares142,175
HOPE BANCORP INCCommon stock – 16,800 shares183,288
HUNTINGTON INC W/ICommon stock – 1,000 shares170,480
HUNTSMAN CORPCommon stock – 9,000 shares226,260
INDUSTRIAL LOGISTICS PPTY TRCommon stock – 7,587 shares176,701
INGREDION INCCommon stock – 2,200 shares173,074
INNOVIVA INCCommon stock – 10,100 shares125,139
INVESTORS BANCORP INCCommon stock – 23,700 shares250,272
J2 GLOBAL INCCommon stock – 1,900 shares185,611
JABIL INCCommon stock – 11,000 shares467,830
JAZZ PHARMA PLCCommon stock – 2,860 shares472,043
JETBLUE AIRWAYS CORPCommon stock – 9,200 shares133,768
JM SMUCKER COCommon stock – 2,700 shares312,120
JUNIPER NETWORKS INCCommon stock – 6,700 shares150,817
KELLY SERVICES INC CL ACommon stock – 6,500 shares133,705
KOHLS CORPCommon stock – 5,300 shares215,657
KRATON CORPCommon stock – 5,300 shares147,287
LANNETT INCCommon stock – 6,900 shares44,988
LANTHEUS HLDGS INCCommon stock – 5,100 shares68,799
LEAR CORP NEWCommon stock – 1,400 shares222,642
M D C HOLDINGS INCCommon stock – 4,700 shares228,420
MANPOWERGROUP INCCommon stock – 3,400 shares306,612
MASTEC INCCommon stock – 2,500 shares170,450
MDU RESOURCES GROUP INCCommon stock – 4,500 shares118,530
MEDNAX INCCommon stock – 2,000 shares31,902
MERITOR INCCommon stock – 11,500 shares320,965
MGIC INVESTMENT CORPCommon stock – 11,100 shares139,305
MIDLAND STATES BANCORP INCCommon stock – 7,200 shares128,664
MILLER HERMAN INCCommon stock – 7,000 shares236,600
MOLSON COORS BEVERAGE CO BCommon stock – 3,900 shares176,241
19

THE WILLIAMS INVESTMENT PLUS PLAN

EIN:  73‑0569878 PLAN:  008
Schedule H, line 4i - Schedule of Assets (held at end of year)
December 31, 2020



(a)(b) Identity of issue, borrower, lessor,
or similar party		(c) Description of investment including maturity date,
rate of interest, collateral, par, or maturity value		(d) Cost**(e) Current value
NATIONAL FUEL GAS COCommon stock – 5,500 shares226,215
NAVIENT CORPCommon stock – 16,900 shares165,958
NCR CORPCommon stock – 6,500 shares244,205
NEW MOUNTAIN FINANCE CORPCommon stock – 11,800 shares134,048
NEWTEK BUSINESS SERVICES CORPCommon stock – 7,500 shares147,675
NEXSTAR MEDIA GROUP INC ACommon stock – 1,520 shares165,969
NRG ENERGY INCCommon stock – 6,900 shares259,095
O-I GLASS INCCommon stock – 14,200 shares168,980
ODP CORP/THECommon stock – 4,170 shares122,181
OFFICE PROPERTIES INCOME TRUSTCommon stock – 7,076 shares160,767
OMEGA HEALTHCARE INVESTORS INCCommon stock – 4,700 shares170,704
ON SEMICONDUCTOR CORPCommon stock – 4,700 shares153,831
OSHKOSH CORPCommon stock – 3,500 shares301,245
OUTFRONT MEDIA INCCommon stock – 4,300 shares84,108
OWENS CORNING INCCommon stock – 2,600 shares196,976
PATTERSON COMPANIES INCCommon stock – 4,300 shares127,409
PENNANTPARK INVESTMENT CORPCommon stock – 23,300 shares107,413
PENSKE AUTOMOTIVE GROUP INCCommon stock – 4,300 shares255,377
PIEDMONT OFFICE REALTY TRUST ACommon stock – 9,900 shares160,677
PREMIER FINANCIAL CORPCommon stock – 7,600 shares174,800
PROG HOLDINGS INCCommon stock – 900 shares48,483
PROSPECT CAPITAL CORP FDCommon stock – 27,200 shares147,152
PULTEGROUP INCCommon stock – 6,300 shares271,656
PVH CORPCommon stock – 2,400 shares225,336
QUANTA SVCS INCCommon stock – 1,200 shares86,424
RADIAN GROUP INCCommon stock – 9,800 shares198,450
REGAL BELOIT CORPCommon stock – 1,200 shares147,372
REGIONAL MANAGEMENT CORPCommon stock – 6,500 shares194,090
REINSURANCE GROUP OF AMERICACommon stock – 2,300 shares266,570
RETAIL VALUE INCCommon stock – 986 shares14,662
ROCKY BRANDS INCCommon stock – 4,000 shares112,280
SABRA HEALTHCARE REIT INCCommon stock – 11,900 shares206,703
SANMINA CORPCommon stock – 5,700 shares181,773
SCANSOURCE INCCommon stock – 3,400 shares89,692
SELECT MEDICAL HLDGS CORPCommon stock – 7,900 shares218,514
SERVICE PPTYS TRCommon stock – 7,000 shares80,430
SILGAN HOLDINGS INCCommon stock – 6,235 shares231,194
SITE CENTERS CORPCommon stock – 9,250 shares93,610
SNAP-ON INCCommon stock – 1,000 shares171,140
SONIC AUTOMOTIVE INC CL ACommon stock – 6,000 shares231,420
20

THE WILLIAMS INVESTMENT PLUS PLAN

EIN:  73‑0569878 PLAN:  008
Schedule H, line 4i - Schedule of Assets (held at end of year)
December 31, 2020



(a)(b) Identity of issue, borrower, lessor,
or similar party		(c) Description of investment including maturity date,
rate of interest, collateral, par, or maturity value		(d) Cost**(e) Current value
SOUTHWESTERN ENERGY COCommon stock – 32,000 shares95,360
SPROUTS FMRS MKT INCCommon stock – 8,700 shares174,870
STEELCASE INC CLASS ACommon stock – 15,500 shares210,025
SYNNEX CORPCommon stock – 1,313 shares106,931
TCF FINANCIAL CORPORATIONCommon stock – 2,550 shares94,401
TEXTRON INCCommon stock – 3,500 shares169,155
TRAVEL & LEISURE COCommon stock – 4,800 shares215,328
TRITON INTERNATIONAL LTDCommon stock – 4,004 shares194,234
TTM TECHNOLOGIES INCCommon stock – 9,000 shares124,155
ULTRA CLEAN HOLDINGS INCCommon stock – 5,040 shares156,996
UNITED RENTALS INCCommon stock – 2,200 shares510,202
UNITED THERAPEUTICS CORP DELCommon stock – 1,300 shares197,327
UNUM GROUPCommon stock – 9,300 shares213,342
VEREIT INCCommon stock – 5,880 shares222,205
VIACOMCBS INC CL BCommon stock – 7,400 shares275,724
VILLAGE SUPER MKT INC CL A NEWCommon stock – 3,400 shares75,004
VISHAY INTERTECHNOLOGY INCCommon stock – 6,300 shares130,473
VISTRA ENERGY CORPCommon stock – 13,200 shares259,512
VOYA FINANCIAL INCCommon stock – 4,800 shares282,288
W&T OFFSHORE INCCommon stock – 27,800 shares60,326
WALKER & DUNLOP INCCommon stock – 1,500 shares138,030
WASHINGTON PRIME GROUP INCCommon stock – 4,688 shares30,519
WEIS MARKETS INCCommon stock – 2,200 shares105,182
WESTERN UNION COCommon stock – 5,200 shares114,088
WESTROCK COCommon stock – 7,300 shares317,769
WHIRLPOOL CORPCommon stock – 1,400 shares252,686
WILLIAMS-SONOMA INCCommon stock – 3,300 shares336,072
WORLD FUEL SERVICES CORPCommon stock – 4,100 shares127,756
XEROX CORPCommon stock – 8,825 shares204,652
ZIONS BANCORPCommon stock – 8,200 shares356,208
T. Rowe Price U.S. Large-Cap Core Growth Equity Portfolio:
Interest-bearing Cash:
BROWN BROTHERS HARRIMANShort-term bank deposit750,000
Registered Investment Company:
*T ROWE PRICET Rowe Price Government Reserve Fund - 83,152 shares83,152
Common Stock:
ABBVIE INCCommon stock – 300 shares32,145
ADOBE INCCommon stock – 69 shares34,508
ADVANCED MICRO DEVICES INCCommon stock – 30,587 shares2,805,134
21

THE WILLIAMS INVESTMENT PLUS PLAN

EIN:  73‑0569878 PLAN:  008
Schedule H, line 4i - Schedule of Assets (held at end of year)
December 31, 2020



(a)(b) Identity of issue, borrower, lessor,
or similar party		(c) Description of investment including maturity date,
rate of interest, collateral, par, or maturity value		(d) Cost**(e) Current value
AGILENT TECHNOLOGIES INCCommon stock – 166 shares19,669
AIRBNB INC CLASS ACommon stock – 1,253 shares183,940
ALIBABA GROUP HLD LTD SPON ADRCommon stock – 37,357 shares8,601,003
ALIGN TECHNOLOGY INCCommon stock – 299 shares159,780
ALPHABET INC CL ACommon stock – 1,861 shares3,261,663
ALPHABET INC CL CCommon stock – 8,484 shares14,862,950
AMAZON.COM INCCommon stock – 9,786 shares31,872,317
ANT INTL CO CLASS C PPCommon stock – 82,535 shares709,801
ANTHEM INCCommon stock – 4,681 shares1,503,022
APPLE INCCommon stock – 105,553 shares14,005,828
APPLIED MATERIALS INCCommon stock – 6,773 shares584,510
APTIV PLCCommon stock – 1,480 shares192,829
ATLASSIAN CORP PLC CLS ACommon stock – 2,574 shares601,981
BECTON DICKINSON & COCommon stock – 114 shares28,525
CANADIAN PACIFIC RAIL LTD (US)Common stock – 76 shares26,348
CARVANA CO CL ACommon stock – 3,483 shares834,318
CENTENE CORPCommon stock – 18,967 shares1,138,589
CHARTER COMMUNICATIONS INC ACommon stock – 42 shares27,785
CHIPOTLE MEXICAN GRILL INCCommon stock – 1,272 shares1,763,895
CHUBB LTDCommon stock – 3,673 shares565,348
CIGNA CORPCommon stock – 16,155 shares3,363,148
CINTAS CORPCommon stock – 2,881 shares1,018,318
CLARIVATE PLCCommon stock – 2,900 shares86,159
COSTAR GROUP INCCommon stock – 1,856 shares1,715,464
COUPA SOFTWARE INCCommon stock – 642 shares217,580
CROWDSTRIKE HOLDINGS INCCommon stock – 500 shares148,274
DANAHER CORPCommon stock – 13,730 shares3,005,554
DISNEY (WALT) COCommon stock – 2,500 shares452,950
DOCUSIGN INCCommon stock – 4,569 shares948,999
DOLLAR GENERAL CORPCommon stock – 15,156 shares3,187,307
DOLLAR TREE INCCommon stock – 252 shares27,226
DOMINOS PIZZA INCCommon stock – 532 shares204,001
DOORDASH INCCommon stock – 1,016 shares145,034
EQUIFAX INCCommon stock – 1,255 shares242,014
ETSY INCCommon stock – 3,245 shares577,318
EXACT SCIENCES CORPCommon stock – 286 shares37,892
FACEBOOK INC CL ACommon stock – 65,106 shares17,784,355
FIDELITY NATL INFORM SVCS INCCommon stock – 21,150 shares2,949,441
FISERV INCCommon stock – 26,822 shares3,053,953
FORTIVE CORPCommon stock – 8,351 shares633,910
22

THE WILLIAMS INVESTMENT PLUS PLAN

EIN:  73‑0569878 PLAN:  008
Schedule H, line 4i - Schedule of Assets (held at end of year)
December 31, 2020



(a)(b) Identity of issue, borrower, lessor,
or similar party		(c) Description of investment including maturity date,
rate of interest, collateral, par, or maturity value		(d) Cost**(e) Current value
GENERAL ELECTRIC COCommon stock – 43,288 shares467,510
GLOBAL PAYMENTS INCCommon stock – 27,633 shares5,952,701
GOLDMAN SACHS GROUP INCCommon stock – 9,426 shares2,485,730
HCA HEALTHCARE INCCommon stock – 7,661 shares1,259,928
HILTON WORLDWIDE HOLDINGS INCCommon stock – 574 shares63,863
HONEYWELL INTL INCCommon stock – 633 shares177,179
HUMANA INCCommon stock – 1,641 shares673,253
INCYTE OCRPCommon stock – 11,583 shares1,007,489
INTERCONTINENTAL EXCHANGE INCCommon stock – 9,283 shares1,070,237
INTUIT INCCommon stock – 15,518 shares5,894,512
INTUITIVE SURGICAL INCCommon stock – 5,220 shares4,270,482
JD.COM INC SPON ADRCommon stock – 2,100 shares184,590
KANSAS CITY SOUTHERNCommon stock – 96 shares19,597
KLA CORPCommon stock – 162 shares41,943
LAM RESEARCH CORPCommon stock – 325 shares106,261
LINDE PLCCommon stock – 3,796 shares1,000,284
LULULEMON ATHLETICA INCCommon stock – 5,415 shares1,884,582
MARRIOTT INTERNATIONAL INC ACommon stock – 1,493 shares196,957
MARSH & MCLENNAN COS INCCommon stock – 2,262 shares264,654
MARVELL TECHNOLOGY GROUP LTDCommon stock – 46,643 shares2,217,408
MASTERCARD INC CL ACommon stock – 18,199 shares6,495,951
MATCH GROUP INCCommon stock – 18,889 shares2,855,828
MAXIM INTEGRATED PRODUCTS INCCommon stock – 9,282 shares858,309
MCDONALDS CORPCommon stock – 147 shares31,543
MICROSOFT CORPCommon stock – 65,263 shares14,515,796
MONGODB INC CL ACommon stock – 300 shares143,616
MONOLITHIC POWER SYS INCCommon stock – 1,300 shares501,003
MORGAN STANLEYCommon stock – 13,502 shares925,292
MSCI INCCommon stock – 53 shares23,666
NETFLIX INCCommon stock – 11,959 shares6,466,590
NIKE INC CL BCommon stock – 18,408 shares2,604,180
NORFOLK SOUTHERN CORPCommon stock – 2,673 shares635,132
NVIDIA CORPCommon stock – 7,616 shares4,029,295
PARKER HANNIFIN CORPCommon stock – 766 shares208,666
PAYCOM SOFTWARE INCCommon stock – 1,696 shares767,016
PAYPAL HLDGS INCCommon stock – 33,229 shares7,782,232
PINDUODUO INC ADRCommon stock – 3,473 shares617,048
PPD INCCommon stock – 6,022 shares206,073
PPG INDUSTRIES INCCommon stock – 1,400 shares201,908
QUALCOMM INCCommon stock – 8,327 shares1,268,535
23

THE WILLIAMS INVESTMENT PLUS PLAN

EIN:  73‑0569878 PLAN:  008
Schedule H, line 4i - Schedule of Assets (held at end of year)
December 31, 2020



(a)(b) Identity of issue, borrower, lessor,
or similar party		(c) Description of investment including maturity date,
rate of interest, collateral, par, or maturity value		(d) Cost**(e) Current value
RINGCENTRAL INC CL ACommon stock – 400 shares151,588
ROKU INC CLASS ACommon stock – 200 shares66,404
ROPER TECHNOLOGIES INCCommon stock – 3,425 shares1,476,483
ROSS STORES INCCommon stock – 16,936 shares2,079,910
S&P GLOBAL INCCommon stock – 5,025 shares1,651,868
SALESFORCE.COM INCCommon stock – 25,024 shares5,568,591
SCHWAB CHARLES CORPCommon stock – 26,118 shares1,385,299
SEA LTD ADRCommon stock – 18,897 shares3,761,448
SEAGEN INCCommon stock – 242 shares42,384
SERVICENOW INCCommon stock – 12,811 shares7,051,559
SHERWIN WILLIAMS COCommon stock – 418 shares307,192
SHOPIFY INC CL ACommon stock – 926 shares1,048,186
SNAP INC - ACommon stock – 49,689 shares2,487,928
SNOWFLAKE INC CL ACommon stock – 335 shares94,269
SPLUNK INCCommon stock – 9,388 shares1,594,927
SPOTIFY TECHNOLOGY SACommon stock – 5,533 shares1,741,014
SQUARE INC CL ACommon stock – 1,100 shares239,404
STARBUCKS CORPCommon stock – 1,700 shares213,960
STATE STREET CORPCommon stock – 445 shares32,387
STRYKER CORPCommon stock – 15,521 shares3,803,266
SYNOPSYS INCCommon stock – 8,315 shares2,155,581
T-MOBILE US INCCommon stock – 121,365 shares121,365
TE CONNECTIVITY LTDCommon stock – 4,665 shares564,792
TENCENT HOLDINGS LTDCommon stock – 100,200 shares7,289,670
TEXAS INSTRUMENTS INCCommon stock – 4,221 shares692,793
THE BOOKING HOLDINGS INCCommon stock – 1,037 shares2,309,679
THERMO FISHER SCIENTIFIC INCCommon stock – 5,861 shares2,683,359
TJX COMPANIES INC NEWCommon stock – 7,810 shares533,345
TWILIO INC CLASS ACommon stock – 800 shares270,800
UNION PACIFIC CORPCommon stock – 3,294 shares685,877
UNITED AIRLINES HOLDINGS INCCommon stock – 123 shares5,320
UNITEDHEALTH GROUP INCCommon stock – 15,940 shares5,589,839
VEEVA SYS INC CL ACommon stock – 2,660 shares724,185
VERTEX PHARMACEUTICALS INCCommon stock – 12,182 shares2,879,094
VF CORPCommon stock – 2,900 shares247,689
VISA INC CL ACommon stock – 39,809 shares8,707,423
WILLIS TOWERS WATSON PLCCommon stock – 2,331 shares491,095
WIX.COM LTDCommon stock – 4,623 shares1,155,565
WORKDAY INC CL ACommon stock – 4,914 shares1,129,522
YUM BRANDS INCCommon stock – 7,924 shares860,229
24

THE WILLIAMS INVESTMENT PLUS PLAN

EIN:  73‑0569878 PLAN:  008
Schedule H, line 4i - Schedule of Assets (held at end of year)
December 31, 2020



(a)(b) Identity of issue, borrower, lessor,
or similar party		(c) Description of investment including maturity date,
rate of interest, collateral, par, or maturity value		(d) Cost**(e) Current value
ZOETIS INC CL ACommon stock – 6,126 shares1,013,853
ZOOM VIDEO COMM INC CL ACommon stock – 1,432 shares449,310
William Blair U.S. Small/Mid Cap Growth Equity Portfolio:
Interest-bearing Cash:
BROWN BROTHERS HARRIMANShort-term bank deposit1,261,664
Common Stock:
10X GENOMICS INCCommon stock – 6,169 shares873,530
ABIOMED INCCommon stock – 2,066 shares669,797
ACADIA HEALTHCARE CO INCCommon stock – 11,332 shares569,546
ADVANCE AUTO PARTS INCCommon stock – 5,395 shares849,766
ALARM.COM HOLDINGS INCCommon stock –12,067 shares1,248,331
AMEDISYS INCCommon stock – 3,836 shares1,125,214
ARES MANAGEMENT CORP CL ACommon stock – 16,382 shares770,773
ASPEN TECHNOLOGIESCommon stock – 7,419 shares966,325
AVALARA INCCommon stock – 6,583 shares1,085,471
AXON ENTERPRISE INCCommon stock – 8,771 shares1,074,711
BIO TECHNE CORPCommon stock – 3,553 shares1,128,255
BJS WHSL CLUB HLDGS INCCommon stock – 28,379 shares1,057,969
BLUEPRINT MEDICINES CORPCommon stock – 4,486 shares503,105
BOOZ ALLEN HAMILTON HLDG CL ACommon stock – 6,030 shares525,695
BRIGHT HORIZONS FAMILY SOL INCCommon stock – 5,708 shares987,427
BRINKS COCommon stock – 20,674 shares1,488,528
BROOKS AUTOMATION INCCommon stock – 15,946 shares1,081,936
BUILDERS FIRSTSOURCECommon stock – 22,934 shares935,937
BURLINGTON STORES INCCommon stock – 2,448 shares640,274
BWX TECHNOLOGIES INCCommon stock – 29,528 shares1,779,948
CABLE ONE INC W/ICommon stock – 509 shares1,133,909
CAMECO CORPCommon stock – 58,210 shares780,014
CREE INCCommon stock – 7,798 shares825,808
CROWN HOLDINGS INCCommon stock – 14,843 shares1,487,269
ENCOMPASS HEALTH CORPCommon stock – 19,335 shares1,598,811
ENTEGRIS INCCommon stock – 7,367 shares707,969
ETSY INCCommon stock – 10,033 shares1,784,971
EURONET WORLDWIDE INCCommon stock – 7,923 shares1,148,201
FIRSTCASH INCCommon stock – 8,552 shares598,982
FIRSTSERVICE CORP (US)Common stock – 5,751 shares786,507
GENERAC HOLDINGS INCCommon stock – 3,983 shares905,774
GODADDY INC CL ACommon stock – 11,210 shares929,869
GRAND CANYON EDUCATION INCCommon stock – 17,539 shares1,633,056
25

THE WILLIAMS INVESTMENT PLUS PLAN

EIN:  73‑0569878 PLAN:  008
Schedule H, line 4i - Schedule of Assets (held at end of year)
December 31, 2020



(a)(b) Identity of issue, borrower, lessor,
or similar party		(c) Description of investment including maturity date,
rate of interest, collateral, par, or maturity value		(d) Cost**(e) Current value
GUIDEWIRE SOFTWARE INCCommon stock – 4,631 shares596,149
HALOZYME THERAPEUTICS INCCommon stock – 28,091 shares1,199,767
HEALTHEQUITY INCCommon stock – 16,232 shares1,131,533
HEICO CORP CL ACommon stock – 4,842 shares566,805
HELEN OF TROY LTDCommon stock – 4,646 shares1,032,295
HORIZON THERAPEUTICS PLCCommon stock – 22,864 shares1,672,502
INSMED INCCommon stock – 14,756 shares491,227
INSPIRE MEDICAL SYSTEMS INCCommon stock – 2,699 shares507,655
INSULET CORPCommon stock – 4,190 shares1,071,090
J2 GLOBAL INCCommon stock – 7,757 shares757,781
LIGAND PHARMACEUTICALSCommon stock – 7,971 shares792,716
LINCOLN ELECTRIC HLDGS INCCommon stock – 4,724 shares549,165
LIVE NATION ENTERTAINMENT INCCommon stock – 10,614 shares779,917
LIVERAMP HOLDINGS INCCommon stock – 12,658 shares926,439
MARTIN MARIETTA MATERIALS INCCommon stock – 5,725 shares1,625,728
MASIMO CORPCommon stock – 2,246 shares602,781
MAXIMUS INCCommon stock – 5,436 shares397,861
MERCURY SYSTEMS INCCommon stock – 15,335 shares1,350,400
MERIT MEDICAL SYSTEMS INCCommon stock – 12,279 shares681,607
MONGODB INC CL ACommon stock – 2,506 shares899,754
NATIONAL INSTRUMENT CORPCommon stock – 17,305 shares760,382
NATIONAL VISION HOLDINGS INCCommon stock – 15,842 shares717,484
NEW FORTRESS ENERGY INCCommon stock – 11,275 shares604,227
NICE LTD SPON ADRCommon stock – 5,651 shares1,602,285
NOVANTA INCCommon stock – 4,549 shares537,783
PENUMBRA INCCommon stock – 5,957 shares1,042,475
PROOFPOINT INCCommon stock – 4,790 shares653,404
PURE STORAGE INC CL ACommon stock – 60,906 shares1,377,085
RITCHIE BROS AUCTIONEERS (USA)Common stock – 18,132 shares1,261,081
SOLAREDGE TECHNOLOGIES INCCommon stock – 3,820 shares1,219,038
STAR PEAK ENERGY TRANSITIONCommon stock – 19,943 shares408,034
STERIS PLCCommon stock – 5,197 shares985,039
TELEDYNE TECHNOLOGIES INCCommon stock – 2,100 shares823,158
TELEFLEX INCCommon stock – 2,226 shares916,155
TERMINIX GLOBAL HLDGS INCCommon stock – 13,281 shares677,464
TREX CO INCCommon stock – 15,032 shares1,258,479
TWIST BIOSCIENCE CORPCommon stock – 2,968 shares419,349
ULTA BEAUTY INCCommon stock – 1,716 shares492,767
VARONIS SYSTEMS INCCommon stock – 5,494 shares898,873
VERACYTE INCCommon stock – 22,721 shares1,111,966
26

THE WILLIAMS INVESTMENT PLUS PLAN

EIN:  73‑0569878 PLAN:  008
Schedule H, line 4i - Schedule of Assets (held at end of year)
December 31, 2020



(a)(b) Identity of issue, borrower, lessor,
or similar party		(c) Description of investment including maturity date,
rate of interest, collateral, par, or maturity value		(d) Cost**(e) Current value
VIRTU FINANCIAL INC CL ACommon stock – 28,430 shares715,583
WESTERN ALLIANCE BANCORPCommon stock – 9,154 shares548,782
ZENDESK INCCommon stock – 5,128 shares733,919
ZYNGA INCCommon stock – 94,666 shares934,353
436,594,098 
*Self-Directed Brokerage FundA self-directed brokerage fund allowing participants to invest in a wide array of securities including but not limited to publicly traded stocks, mutual funds, exchange-traded funds, bonds, certificates of deposit, and money market funds at their discretion.101,878,515
Investments (at fair value)1,524,022,016
*Participant LoansLoans extended to participants at interest rates of 4.25% to 9.5%20,738,596
$1,544,760,612 

*Party-in-interest
**Column not applicable for participant-directed investments.
27



    SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
THE WILLIAMS INVESTMENT PLUS PLAN
(Name of Plan)
/s/Robert Biffle        
Robert Biffle
Chairman, Administrative Committee
The Williams Companies, Inc.
Date: June 10, 2021

28



EXHIBIT INDEX


Exhibit
No.		                                                                 Description                                                               
23Consent of Independent Registered Public Accounting Firm

29