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




2020 2019
Assets:
Investments (at fair value)
$ 1,524,022,016  $ 1,415,754,781 
Notes receivable from participants
20,738,596 22,610,631
Non-interest bearing cash
872,572 408,879
Receivables
3,243,880 4,480,485
Contribution receivable
10,852,778 936,501
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 participants 1,262,573 
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 year 116,771,942 
Net assets available for benefits at beginning of year 1,440,854,612 
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 1 Level 2 Level 3 Total
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:
2020 2019
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
* Fidelity Fidelity Managed Income Portfolio II Class 2 – 545 shares $ 545 
* Fidelity Fidelity Managed Income Portfolio II Class 4 – 83,488,015 shares 83,488,015
* Fidelity Fidelity Diversified International Commingled Pool – 3,733,256 shares 64,174,674
Prudential Prudential Core Plus Bond Fund Class 5 – 230,238 shares 45,267,045
Vanguard Vanguard Target Retirement Income Trust I – 214,724 shares 13,456,760
Vanguard Vanguard Target Retirement 2015 Trust I – 78,534 shares 4,965,722
Vanguard Vanguard Target Retirement 2020 Trust I – 844,588 shares 56,663,385
Vanguard Vanguard Target Retirement 2025 Trust I – 901,924 shares 62,079,418
Vanguard Vanguard Target Retirement 2030 Trust I – 1,940,923 shares 136,078,092
Vanguard Vanguard Target Retirement 2035 Trust I – 530,385 shares 38,346,839
Vanguard Vanguard Target Retirement 2040 Trust I – 1,504,604 shares 113,236,490
Vanguard Vanguard Target Retirement 2045 Trust I – 496,355 shares 37,822,217
Vanguard Vanguard Target Retirement 2050 Trust I – 899,399 shares 69,028,882
Vanguard Vanguard Target Retirement 2055 Trust I – 226,390 shares 21,185,573
Vanguard Vanguard Target Retirement 2060 Trust I – 142,716 shares 7,015,907
Vanguard Vanguard Target Retirement 2065 Trust I – 77,878 shares 2,355,820
755,165,384 
Registered Investment Companies
PIMCO PIMCO Real Return Fund Institutional Class – 701,481 shares 8,607,171
* Fidelity Fidelity U.S. Bond Index Fund – 1,443,956 shares 17,977,251
Vanguard Vanguard Extended Market Index Fund Institutional Shares – 241,856 shares 30,169,073
Vanguard Vanguard Institutional Index Fund Institutional Plus Shares – 464,360 shares 153,926,169
Vanguard Vanguard Total International Stock Index Fund Institutional Shares – 114,506 shares 14,861,688
225,541,352 
Common Stock
Chesapeake Energy Co. Common stock – 1,329 shares 2,021
* The Williams Companies, Inc. Common stock – 241,305 shares 4,840,646
4,842,667
Investments held in Separately Managed Accounts
Macquarie U.S. Large Cap Value Equity Portfolio:
Interest-bearing Cash:
BROWN BROTHERS HARRIMAN Short-term bank deposit 695,390
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 CORPORATION Common stock – 15,958 shares 1,754,263
AMERICAN INTERNATIONAL GROUP Common stock – 42,600 shares 1,612,836
ARCHER DANIELS MIDLAND CO Common stock – 30,715 shares 1,548,343
AT&T INC Common stock – 53,982 shares 1,552,522
BROADCOM INC Common stock – 4,200 shares 1,838,970
CARDINAL HEALTH INC Common stock – 39,320 shares 1,763,195
CATERPILLAR INC Common stock – 9,141 shares 1,663,845
CIGNA CORP Common stock – 7,868 shares 1,637,960
CISCO SYSTEMS INC Common stock – 40,146 shares 1,796,534
COGNIZANT TECH SOLUTIONS CL A Common stock – 22,714 shares 1,861,412
COMCAST CORP CL A Common stock – 33,185 shares 1,738,894
CONAGRA BRANDS INC Common stock – 42,016 shares 1,559,470
CONOCOPHILLIPS Common stock – 42,181 shares 1,686,818
CVS HEALTH CORP Common stock – 24,984 shares 1,706,407
DISCOVER FIN SVCS Common stock – 20,727 shares 1,876,415
DISNEY (WALT) CO Common stock – 9,734 shares 1,763,606
DOLLAR TREE INC Common stock – 15,000 shares 1,620,600
DOWDUPONT INC Common stock – 26,336 shares 1,872,753
EDISON INTL Common stock – 26,100 shares 1,639,602
EQUITY RESIDENTIAL REIT Common stock – 28,389 shares 1,682,900
HONEYWELL INTL INC Common stock – 8,056 shares 1,713,511
INTEL CORP Common stock – 32,634 shares 1,625,826
JOHNSON & JOHNSON Common stock – 10,518 shares 1,655,323
LOWES COS INC Common stock – 10,014 shares 1,607,347
MERCK & CO INC NEW Common stock – 18,849 shares 1,541,848
MONDELEZ INTERNATIONAL INC Common stock – 28,602 shares 1,672,359
MOTOROLA SOLUTIONS INC Common stock – 9,800 shares 1,666,588
NORTHROP GRUMMAN CORP Common stock – 4,693 shares 1,430,051
ORACLE CORP Common stock – 27,538 shares 1,781,433
RAYTHEON CO Common stock – 24,034 shares 1,718,672
TRUST FINANCIAL CORP Common stock – 34,300 shares 1,643,999
VERIZON COMMUNICATIONS INC Common stock – 26,422 shares 1,552,292
VIATRIS INC Common stock – 93,311 shares 1,748,648
LSV U.S. Small/Mid Cap Value Equity Portfolio:
Common Stock:
AARONS INC A Common stock – 450 shares 8,532
ACUITY BRANDS INC Common stock – 1,825 shares 220,989
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 A Common stock – 3,100 shares 137,702
ALLISON TRANSMISSION HLDGS INC Common stock – 6,500 shares 280,345
AMC NETWORKS INC CL A Common stock – 3,600 shares 128,772
AMERICAN FINL GROUP INC OHIO Common stock – 3,050 shares 267,241
APPLE HOSPITALITY REIT INC Common stock – 8,900 shares 114,899
ARCONIC INC Common stock – 825 shares 24,585
ARROW ELECTRONICS INC Common stock – 4,700 shares 457,310
ASSURED GUARANTY LTD Common stock – 7,600 shares 239,324
ATKORE INC Common stock – 5,400 shares 221,994
BANKUNITED INC Common stock – 9,900 shares 344,322
BERKSHIRE HILLS BANCORP INC Common stock – 6,400 shares 109,568
BERRY GLOBAL GROUP INC Common stock – 2,930 shares 164,637
BLOCK H & R INC Common stock – 5,300 shares 84,058
BORGWARNER INC Common stock – 4,600 shares 177,744
BRIDGEWATER BANCSHARES INC Common stock – 15,800 shares 197,342
BRIXMOR PPTY GROUP INC Common stock – 17,000 shares 281,350
C N A FINANCIAL CORP Common stock – 8,800 shares 342,848
CABOT CORP Common stock – 2,900 shares 130,152
CAPRI HOLDINGS LTD Common stock – 5,200 shares 218,400
CARS.COM INC Common stock – 11,300 shares 127,690
CATALYST PHARMACEUTICALS INC Common stock – 19,400 shares 64,796
CHATHAM LODGING TRUST Common stock – 9,100 shares 98,280
CHEMOURS CO/ THE Common stock – 4,000 shares 99,160
CIENA CORP Common stock – 3,700 shares 195,545
CIRRUS LOGIC INC Common stock – 1,100 shares 90,420
CITY OFFC REIT INC Common stock – 15,100 shares 147,527
CNO FINANCIAL GROUP INC Common stock – 16,200 shares 360,126
CONCENTRIX CORP Common stock – 1,313 shares 129,593
CORECIVIC INC Common stock – 8,000 shares 52,400
CORENERGY INFRASTR TR INC Common stock – 4,800 shares 32,880
CSG SYSTEMS INTL INC Common stock – 3,300 shares 148,731
CUSTOMERS BANCORP INC Common stock – 7,500 shares 136,350
DANA INC Common stock – 8,800 shares 171,776
DAVITA INC Common stock – 1,600 shares 187,840
DELUXE CORP Common stock – 4,300 shares 125,560
DILLARDS INC CL A Common stock – 1,700 shares 107,185
DIODES INC Common stock – 1,900 shares 133,950
DOMTAR CORP Common stock – 5,600 shares 177,240
EASTMAN CHEMICAL CO Common stock – 2,200 shares 220,616
FEDERAL AGRI MTG NON VTG CL C Common stock – 4,200 shares 311,850
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 INC Common stock – 5,000 shares 112,500
FIRST AMERICAN FINANCIAL CORP Common stock – 2,300 shares 118,749
FOOT LOCKER INC Common stock – 3,700 shares 149,628
FRANKLIN STREET PPTYS CORP Common stock – 14,600 shares 63,802
GOODYEAR TIRE & RUBBER CO Common stock – 10,000 shares 109,100
GRAY TELEVISION INC Common stock – 6,800 shares 121,652
HANMI FINANCIAL CORPORATION Common stock – 4,900 shares 55,566
HARLEY-DAVIDSON INC Common stock – 5,800 shares 212,860
HAVERTY FURNITURE COS INC Common stock – 8,200 shares 226,894
HAWAIIAN HLDGS INC Common stock – 5,900 shares 104,430
HOLLYFRONTIER CORP Common stock – 5,500 shares 142,175
HOPE BANCORP INC Common stock – 16,800 shares 183,288
HUNTINGTON INC W/I Common stock – 1,000 shares 170,480
HUNTSMAN CORP Common stock – 9,000 shares 226,260
INDUSTRIAL LOGISTICS PPTY TR Common stock – 7,587 shares 176,701
INGREDION INC Common stock – 2,200 shares 173,074
INNOVIVA INC Common stock – 10,100 shares 125,139
INVESTORS BANCORP INC Common stock – 23,700 shares 250,272
J2 GLOBAL INC Common stock – 1,900 shares 185,611
JABIL INC Common stock – 11,000 shares 467,830
JAZZ PHARMA PLC Common stock – 2,860 shares 472,043
JETBLUE AIRWAYS CORP Common stock – 9,200 shares 133,768
JM SMUCKER CO Common stock – 2,700 shares 312,120
JUNIPER NETWORKS INC Common stock – 6,700 shares 150,817
KELLY SERVICES INC CL A Common stock – 6,500 shares 133,705
KOHLS CORP Common stock – 5,300 shares 215,657
KRATON CORP Common stock – 5,300 shares 147,287
LANNETT INC Common stock – 6,900 shares 44,988
LANTHEUS HLDGS INC Common stock – 5,100 shares 68,799
LEAR CORP NEW Common stock – 1,400 shares 222,642
M D C HOLDINGS INC Common stock – 4,700 shares 228,420
MANPOWERGROUP INC Common stock – 3,400 shares 306,612
MASTEC INC Common stock – 2,500 shares 170,450
MDU RESOURCES GROUP INC Common stock – 4,500 shares 118,530
MEDNAX INC Common stock – 2,000 shares 31,902
MERITOR INC Common stock – 11,500 shares 320,965
MGIC INVESTMENT CORP Common stock – 11,100 shares 139,305
MIDLAND STATES BANCORP INC Common stock – 7,200 shares 128,664
MILLER HERMAN INC Common stock – 7,000 shares 236,600
MOLSON COORS BEVERAGE CO B Common stock – 3,900 shares 176,241
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 CO Common stock – 5,500 shares 226,215
NAVIENT CORP Common stock – 16,900 shares 165,958
NCR CORP Common stock – 6,500 shares 244,205
NEW MOUNTAIN FINANCE CORP Common stock – 11,800 shares 134,048
NEWTEK BUSINESS SERVICES CORP Common stock – 7,500 shares 147,675
NEXSTAR MEDIA GROUP INC A Common stock – 1,520 shares 165,969
NRG ENERGY INC Common stock – 6,900 shares 259,095
O-I GLASS INC Common stock – 14,200 shares 168,980
ODP CORP/THE Common stock – 4,170 shares 122,181
OFFICE PROPERTIES INCOME TRUST Common stock – 7,076 shares 160,767
OMEGA HEALTHCARE INVESTORS INC Common stock – 4,700 shares 170,704
ON SEMICONDUCTOR CORP Common stock – 4,700 shares 153,831
OSHKOSH CORP Common stock – 3,500 shares 301,245
OUTFRONT MEDIA INC Common stock – 4,300 shares 84,108
OWENS CORNING INC Common stock – 2,600 shares 196,976
PATTERSON COMPANIES INC Common stock – 4,300 shares 127,409
PENNANTPARK INVESTMENT CORP Common stock – 23,300 shares 107,413
PENSKE AUTOMOTIVE GROUP INC Common stock – 4,300 shares 255,377
PIEDMONT OFFICE REALTY TRUST A Common stock – 9,900 shares 160,677
PREMIER FINANCIAL CORP Common stock – 7,600 shares 174,800
PROG HOLDINGS INC Common stock – 900 shares 48,483
PROSPECT CAPITAL CORP FD Common stock – 27,200 shares 147,152
PULTEGROUP INC Common stock – 6,300 shares 271,656
PVH CORP Common stock – 2,400 shares 225,336
QUANTA SVCS INC Common stock – 1,200 shares 86,424
RADIAN GROUP INC Common stock – 9,800 shares 198,450
REGAL BELOIT CORP Common stock – 1,200 shares 147,372
REGIONAL MANAGEMENT CORP Common stock – 6,500 shares 194,090
REINSURANCE GROUP OF AMERICA Common stock – 2,300 shares 266,570
RETAIL VALUE INC Common stock – 986 shares 14,662
ROCKY BRANDS INC Common stock – 4,000 shares 112,280
SABRA HEALTHCARE REIT INC Common stock – 11,900 shares 206,703
SANMINA CORP Common stock – 5,700 shares 181,773
SCANSOURCE INC Common stock – 3,400 shares 89,692
SELECT MEDICAL HLDGS CORP Common stock – 7,900 shares 218,514
SERVICE PPTYS TR Common stock – 7,000 shares 80,430
SILGAN HOLDINGS INC Common stock – 6,235 shares 231,194
SITE CENTERS CORP Common stock – 9,250 shares 93,610
SNAP-ON INC Common stock – 1,000 shares 171,140
SONIC AUTOMOTIVE INC CL A Common stock – 6,000 shares 231,420
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 CO Common stock – 32,000 shares 95,360
SPROUTS FMRS MKT INC Common stock – 8,700 shares 174,870
STEELCASE INC CLASS A Common stock – 15,500 shares 210,025
SYNNEX CORP Common stock – 1,313 shares 106,931
TCF FINANCIAL CORPORATION Common stock – 2,550 shares 94,401
TEXTRON INC Common stock – 3,500 shares 169,155
TRAVEL & LEISURE CO Common stock – 4,800 shares 215,328
TRITON INTERNATIONAL LTD Common stock – 4,004 shares 194,234
TTM TECHNOLOGIES INC Common stock – 9,000 shares 124,155
ULTRA CLEAN HOLDINGS INC Common stock – 5,040 shares 156,996
UNITED RENTALS INC Common stock – 2,200 shares 510,202
UNITED THERAPEUTICS CORP DEL Common stock – 1,300 shares 197,327
UNUM GROUP Common stock – 9,300 shares 213,342
VEREIT INC Common stock – 5,880 shares 222,205
VIACOMCBS INC CL B Common stock – 7,400 shares 275,724
VILLAGE SUPER MKT INC CL A NEW Common stock – 3,400 shares 75,004
VISHAY INTERTECHNOLOGY INC Common stock – 6,300 shares 130,473
VISTRA ENERGY CORP Common stock – 13,200 shares 259,512
VOYA FINANCIAL INC Common stock – 4,800 shares 282,288
W&T OFFSHORE INC Common stock – 27,800 shares 60,326
WALKER & DUNLOP INC Common stock – 1,500 shares 138,030
WASHINGTON PRIME GROUP INC Common stock – 4,688 shares 30,519
WEIS MARKETS INC Common stock – 2,200 shares 105,182
WESTERN UNION CO Common stock – 5,200 shares 114,088
WESTROCK CO Common stock – 7,300 shares 317,769
WHIRLPOOL CORP Common stock – 1,400 shares 252,686
WILLIAMS-SONOMA INC Common stock – 3,300 shares 336,072
WORLD FUEL SERVICES CORP Common stock – 4,100 shares 127,756
XEROX CORP Common stock – 8,825 shares 204,652
ZIONS BANCORP Common stock – 8,200 shares 356,208
T. Rowe Price U.S. Large-Cap Core Growth Equity Portfolio:
Interest-bearing Cash:
BROWN BROTHERS HARRIMAN Short-term bank deposit 750,000
Registered Investment Company:
* T ROWE PRICE T Rowe Price Government Reserve Fund - 83,152 shares 83,152
Common Stock:
ABBVIE INC Common stock – 300 shares 32,145
ADOBE INC Common stock – 69 shares 34,508
ADVANCED MICRO DEVICES INC Common stock – 30,587 shares 2,805,134
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 INC Common stock – 166 shares 19,669
AIRBNB INC CLASS A Common stock – 1,253 shares 183,940
ALIBABA GROUP HLD LTD SPON ADR Common stock – 37,357 shares 8,601,003
ALIGN TECHNOLOGY INC Common stock – 299 shares 159,780
ALPHABET INC CL A Common stock – 1,861 shares 3,261,663
ALPHABET INC CL C Common stock – 8,484 shares 14,862,950
AMAZON.COM INC Common stock – 9,786 shares 31,872,317
ANT INTL CO CLASS C PP Common stock – 82,535 shares 709,801
ANTHEM INC Common stock – 4,681 shares 1,503,022
APPLE INC Common stock – 105,553 shares 14,005,828
APPLIED MATERIALS INC Common stock – 6,773 shares 584,510
APTIV PLC Common stock – 1,480 shares 192,829
ATLASSIAN CORP PLC CLS A Common stock – 2,574 shares 601,981
BECTON DICKINSON & CO Common stock – 114 shares 28,525
CANADIAN PACIFIC RAIL LTD (US) Common stock – 76 shares 26,348
CARVANA CO CL A Common stock – 3,483 shares 834,318
CENTENE CORP Common stock – 18,967 shares 1,138,589
CHARTER COMMUNICATIONS INC A Common stock – 42 shares 27,785
CHIPOTLE MEXICAN GRILL INC Common stock – 1,272 shares 1,763,895
CHUBB LTD Common stock – 3,673 shares 565,348
CIGNA CORP Common stock – 16,155 shares 3,363,148
CINTAS CORP Common stock – 2,881 shares 1,018,318
CLARIVATE PLC Common stock – 2,900 shares 86,159
COSTAR GROUP INC Common stock – 1,856 shares 1,715,464
COUPA SOFTWARE INC Common stock – 642 shares 217,580
CROWDSTRIKE HOLDINGS INC Common stock – 500 shares 148,274
DANAHER CORP Common stock – 13,730 shares 3,005,554
DISNEY (WALT) CO Common stock – 2,500 shares 452,950
DOCUSIGN INC Common stock – 4,569 shares 948,999
DOLLAR GENERAL CORP Common stock – 15,156 shares 3,187,307
DOLLAR TREE INC Common stock – 252 shares 27,226
DOMINOS PIZZA INC Common stock – 532 shares 204,001
DOORDASH INC Common stock – 1,016 shares 145,034
EQUIFAX INC Common stock – 1,255 shares 242,014
ETSY INC Common stock – 3,245 shares 577,318
EXACT SCIENCES CORP Common stock – 286 shares 37,892
FACEBOOK INC CL A Common stock – 65,106 shares 17,784,355
FIDELITY NATL INFORM SVCS INC Common stock – 21,150 shares 2,949,441
FISERV INC Common stock – 26,822 shares 3,053,953
FORTIVE CORP Common stock – 8,351 shares 633,910
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 CO Common stock – 43,288 shares 467,510
GLOBAL PAYMENTS INC Common stock – 27,633 shares 5,952,701
GOLDMAN SACHS GROUP INC Common stock – 9,426 shares 2,485,730
HCA HEALTHCARE INC Common stock – 7,661 shares 1,259,928
HILTON WORLDWIDE HOLDINGS INC Common stock – 574 shares 63,863
HONEYWELL INTL INC Common stock – 633 shares 177,179
HUMANA INC Common stock – 1,641 shares 673,253
INCYTE OCRP Common stock – 11,583 shares 1,007,489
INTERCONTINENTAL EXCHANGE INC Common stock – 9,283 shares 1,070,237
INTUIT INC Common stock – 15,518 shares 5,894,512
INTUITIVE SURGICAL INC Common stock – 5,220 shares 4,270,482
JD.COM INC SPON ADR Common stock – 2,100 shares 184,590
KANSAS CITY SOUTHERN Common stock – 96 shares 19,597
KLA CORP Common stock – 162 shares 41,943
LAM RESEARCH CORP Common stock – 325 shares 106,261
LINDE PLC Common stock – 3,796 shares 1,000,284
LULULEMON ATHLETICA INC Common stock – 5,415 shares 1,884,582
MARRIOTT INTERNATIONAL INC A Common stock – 1,493 shares 196,957
MARSH & MCLENNAN COS INC Common stock – 2,262 shares 264,654
MARVELL TECHNOLOGY GROUP LTD Common stock – 46,643 shares 2,217,408
MASTERCARD INC CL A Common stock – 18,199 shares 6,495,951
MATCH GROUP INC Common stock – 18,889 shares 2,855,828
MAXIM INTEGRATED PRODUCTS INC Common stock – 9,282 shares 858,309
MCDONALDS CORP Common stock – 147 shares 31,543
MICROSOFT CORP Common stock – 65,263 shares 14,515,796
MONGODB INC CL A Common stock – 300 shares 143,616
MONOLITHIC POWER SYS INC Common stock – 1,300 shares 501,003
MORGAN STANLEY Common stock – 13,502 shares 925,292
MSCI INC Common stock – 53 shares 23,666
NETFLIX INC Common stock – 11,959 shares 6,466,590
NIKE INC CL B Common stock – 18,408 shares 2,604,180
NORFOLK SOUTHERN CORP Common stock – 2,673 shares 635,132
NVIDIA CORP Common stock – 7,616 shares 4,029,295
PARKER HANNIFIN CORP Common stock – 766 shares 208,666
PAYCOM SOFTWARE INC Common stock – 1,696 shares 767,016
PAYPAL HLDGS INC Common stock – 33,229 shares 7,782,232
PINDUODUO INC ADR Common stock – 3,473 shares 617,048
PPD INC Common stock – 6,022 shares 206,073
PPG INDUSTRIES INC Common stock – 1,400 shares 201,908
QUALCOMM INC Common stock – 8,327 shares 1,268,535
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 A Common stock – 400 shares 151,588
ROKU INC CLASS A Common stock – 200 shares 66,404
ROPER TECHNOLOGIES INC Common stock – 3,425 shares 1,476,483
ROSS STORES INC Common stock – 16,936 shares 2,079,910
S&P GLOBAL INC Common stock – 5,025 shares 1,651,868
SALESFORCE.COM INC Common stock – 25,024 shares 5,568,591
SCHWAB CHARLES CORP Common stock – 26,118 shares 1,385,299
SEA LTD ADR Common stock – 18,897 shares 3,761,448
SEAGEN INC Common stock – 242 shares 42,384
SERVICENOW INC Common stock – 12,811 shares 7,051,559
SHERWIN WILLIAMS CO Common stock – 418 shares 307,192
SHOPIFY INC CL A Common stock – 926 shares 1,048,186
SNAP INC - A Common stock – 49,689 shares 2,487,928
SNOWFLAKE INC CL A Common stock – 335 shares 94,269
SPLUNK INC Common stock – 9,388 shares 1,594,927
SPOTIFY TECHNOLOGY SA Common stock – 5,533 shares 1,741,014
SQUARE INC CL A Common stock – 1,100 shares 239,404
STARBUCKS CORP Common stock – 1,700 shares 213,960
STATE STREET CORP Common stock – 445 shares 32,387
STRYKER CORP Common stock – 15,521 shares 3,803,266
SYNOPSYS INC Common stock – 8,315 shares 2,155,581
T-MOBILE US INC Common stock – 121,365 shares 121,365
TE CONNECTIVITY LTD Common stock – 4,665 shares 564,792
TENCENT HOLDINGS LTD Common stock – 100,200 shares 7,289,670
TEXAS INSTRUMENTS INC Common stock – 4,221 shares 692,793
THE BOOKING HOLDINGS INC Common stock – 1,037 shares 2,309,679
THERMO FISHER SCIENTIFIC INC Common stock – 5,861 shares 2,683,359
TJX COMPANIES INC NEW Common stock – 7,810 shares 533,345
TWILIO INC CLASS A Common stock – 800 shares 270,800
UNION PACIFIC CORP Common stock – 3,294 shares 685,877
UNITED AIRLINES HOLDINGS INC Common stock – 123 shares 5,320
UNITEDHEALTH GROUP INC Common stock – 15,940 shares 5,589,839
VEEVA SYS INC CL A Common stock – 2,660 shares 724,185
VERTEX PHARMACEUTICALS INC Common stock – 12,182 shares 2,879,094
VF CORP Common stock – 2,900 shares 247,689
VISA INC CL A Common stock – 39,809 shares 8,707,423
WILLIS TOWERS WATSON PLC Common stock – 2,331 shares 491,095
WIX.COM LTD Common stock – 4,623 shares 1,155,565
WORKDAY INC CL A Common stock – 4,914 shares 1,129,522
YUM BRANDS INC Common stock – 7,924 shares 860,229
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 A Common stock – 6,126 shares 1,013,853
ZOOM VIDEO COMM INC CL A Common stock – 1,432 shares 449,310
William Blair U.S. Small/Mid Cap Growth Equity Portfolio:
Interest-bearing Cash:
BROWN BROTHERS HARRIMAN Short-term bank deposit 1,261,664
Common Stock:
10X GENOMICS INC Common stock – 6,169 shares 873,530
ABIOMED INC Common stock – 2,066 shares 669,797
ACADIA HEALTHCARE CO INC Common stock – 11,332 shares 569,546
ADVANCE AUTO PARTS INC Common stock – 5,395 shares 849,766
ALARM.COM HOLDINGS INC Common stock –12,067 shares 1,248,331
AMEDISYS INC Common stock – 3,836 shares 1,125,214
ARES MANAGEMENT CORP CL A Common stock – 16,382 shares 770,773
ASPEN TECHNOLOGIES Common stock – 7,419 shares 966,325
AVALARA INC Common stock – 6,583 shares 1,085,471
AXON ENTERPRISE INC Common stock – 8,771 shares 1,074,711
BIO TECHNE CORP Common stock – 3,553 shares 1,128,255
BJS WHSL CLUB HLDGS INC Common stock – 28,379 shares 1,057,969
BLUEPRINT MEDICINES CORP Common stock – 4,486 shares 503,105
BOOZ ALLEN HAMILTON HLDG CL A Common stock – 6,030 shares 525,695
BRIGHT HORIZONS FAMILY SOL INC Common stock – 5,708 shares 987,427
BRINKS CO Common stock – 20,674 shares 1,488,528
BROOKS AUTOMATION INC Common stock – 15,946 shares 1,081,936
BUILDERS FIRSTSOURCE Common stock – 22,934 shares 935,937
BURLINGTON STORES INC Common stock – 2,448 shares 640,274
BWX TECHNOLOGIES INC Common stock – 29,528 shares 1,779,948
CABLE ONE INC W/I Common stock – 509 shares 1,133,909
CAMECO CORP Common stock – 58,210 shares 780,014
CREE INC Common stock – 7,798 shares 825,808
CROWN HOLDINGS INC Common stock – 14,843 shares 1,487,269
ENCOMPASS HEALTH CORP Common stock – 19,335 shares 1,598,811
ENTEGRIS INC Common stock – 7,367 shares 707,969
ETSY INC Common stock – 10,033 shares 1,784,971
EURONET WORLDWIDE INC Common stock – 7,923 shares 1,148,201
FIRSTCASH INC Common stock – 8,552 shares 598,982
FIRSTSERVICE CORP (US) Common stock – 5,751 shares 786,507
GENERAC HOLDINGS INC Common stock – 3,983 shares 905,774
GODADDY INC CL A Common stock – 11,210 shares 929,869
GRAND CANYON EDUCATION INC Common stock – 17,539 shares 1,633,056
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 INC Common stock – 4,631 shares 596,149
HALOZYME THERAPEUTICS INC Common stock – 28,091 shares 1,199,767
HEALTHEQUITY INC Common stock – 16,232 shares 1,131,533
HEICO CORP CL A Common stock – 4,842 shares 566,805
HELEN OF TROY LTD Common stock – 4,646 shares 1,032,295
HORIZON THERAPEUTICS PLC Common stock – 22,864 shares 1,672,502
INSMED INC Common stock – 14,756 shares 491,227
INSPIRE MEDICAL SYSTEMS INC Common stock – 2,699 shares 507,655
INSULET CORP Common stock – 4,190 shares 1,071,090
J2 GLOBAL INC Common stock – 7,757 shares 757,781
LIGAND PHARMACEUTICALS Common stock – 7,971 shares 792,716
LINCOLN ELECTRIC HLDGS INC Common stock – 4,724 shares 549,165
LIVE NATION ENTERTAINMENT INC Common stock – 10,614 shares 779,917
LIVERAMP HOLDINGS INC Common stock – 12,658 shares 926,439
MARTIN MARIETTA MATERIALS INC Common stock – 5,725 shares 1,625,728
MASIMO CORP Common stock – 2,246 shares 602,781
MAXIMUS INC Common stock – 5,436 shares 397,861
MERCURY SYSTEMS INC Common stock – 15,335 shares 1,350,400
MERIT MEDICAL SYSTEMS INC Common stock – 12,279 shares 681,607
MONGODB INC CL A Common stock – 2,506 shares 899,754
NATIONAL INSTRUMENT CORP Common stock – 17,305 shares 760,382
NATIONAL VISION HOLDINGS INC Common stock – 15,842 shares 717,484
NEW FORTRESS ENERGY INC Common stock – 11,275 shares 604,227
NICE LTD SPON ADR Common stock – 5,651 shares 1,602,285
NOVANTA INC Common stock – 4,549 shares 537,783
PENUMBRA INC Common stock – 5,957 shares 1,042,475
PROOFPOINT INC Common stock – 4,790 shares 653,404
PURE STORAGE INC CL A Common stock – 60,906 shares 1,377,085
RITCHIE BROS AUCTIONEERS (USA) Common stock – 18,132 shares 1,261,081
SOLAREDGE TECHNOLOGIES INC Common stock – 3,820 shares 1,219,038
STAR PEAK ENERGY TRANSITION Common stock – 19,943 shares 408,034
STERIS PLC Common stock – 5,197 shares 985,039
TELEDYNE TECHNOLOGIES INC Common stock – 2,100 shares 823,158
TELEFLEX INC Common stock – 2,226 shares 916,155
TERMINIX GLOBAL HLDGS INC Common stock – 13,281 shares 677,464
TREX CO INC Common stock – 15,032 shares 1,258,479
TWIST BIOSCIENCE CORP Common stock – 2,968 shares 419,349
ULTA BEAUTY INC Common stock – 1,716 shares 492,767
VARONIS SYSTEMS INC Common stock – 5,494 shares 898,873
VERACYTE INC Common stock – 22,721 shares 1,111,966
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 A Common stock – 28,430 shares 715,583
WESTERN ALLIANCE BANCORP Common stock – 9,154 shares 548,782
ZENDESK INC Common stock – 5,128 shares 733,919
ZYNGA INC Common stock – 94,666 shares 934,353
436,594,098 
* Self-Directed Brokerage Fund A 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 Loans Loans 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.
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    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                                                               
23 Consent of Independent Registered Public Accounting Firm

29
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