11-K 1 a2021investmentplusplan11k.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, 2021
   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, 2021 and 2020, and the related statement of changes in net assets available for benefits for the year ended December 31, 2021 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, 2021 and 2020, and the changes in its net assets available for benefits for the year ended December 31, 2021 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.

1


Supplemental Schedules Required by ERISA
The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2021, (referred to as the “supplemental schedule”) 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 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 9, 2022


2



THE WILLIAMS INVESTMENT PLUS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 2021 and 2020




20212020
Assets:
Investments (at fair value)
$1,701,979,822 $1,524,022,016 
Notes receivable from participants
20,941,20020,738,596
Non-interest bearing cash
341,046872,572
Receivables
299,2813,243,880
Contribution receivable
12,000,75410,852,778
Total assets
1,735,562,103 1,559,729,842 
Liabilities:
Accrued liabilities
790,511 2,103,288 
Total liabilities
790,511 2,103,288 
Net assets available for benefits
$1,734,771,592 $1,557,626,554 
        













See accompanying notes.
3


THE WILLIAMS INVESTMENT PLUS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year Ended December 31, 2021



Additions to net assets:
   Contributions:
Participant
$51,935,894 
Employer
45,037,480 
Rollovers
9,024,755 
 Total contributions
105,998,129 
   Net investment income:
Net increase in fair value of investments
204,479,324 
Dividends
19,010,193 
Interest
29,188 
Total net investment income
223,518,705 
   Interest income on notes receivable from participants1,050,288 
Total additions to net assets
330,567,122 
Deductions from net assets:
Withdrawals
150,577,133 
Administrative expenses
2,798,084 
Dividend distributions
46,867 
Total deductions from net assets
153,422,084 
Net increase during the year177,145,038 
Net assets available for benefits at beginning of year1,557,626,554 
Net assets available for benefits at end of year$1,734,771,592 



See accompanying notes.
4

THE WILLIAMS INVESTMENT PLUS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2021


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 to determine whether to override 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 contribution accounts consisting primarily of, as applicable, pre-tax, Roth, catchup, rollover, 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, 2021

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 2021.

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 included in Contribution receivable on the Statements of Net Assets Available for Benefits. 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.

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, 2021

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 2021, employer contributions were reduced by $879 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 Legacy WMB Stock Fund, the participant may request payment of benefits under the Plan in common stock held within the fund.

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, 2021


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.

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 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.

8

THE WILLIAMS INVESTMENT PLUS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2021

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. 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. Thus, no allowance for credit losses is required or recorded.

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.

9

THE WILLIAMS INVESTMENT PLUS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2021

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 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 private placement common stocks that are 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
10

THE WILLIAMS INVESTMENT PLUS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2021

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, 2021 and 2020.

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.

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, 2021 and 2020, 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
2021:
Interest-bearing cash
$3,825,101 $— $— $3,825,101 
Mutual funds
277,986,044 — — 277,986,044 
Self-directed brokerage fund
111,636,945 2,108,606 — 113,745,551 
Common stocks
474,824,470 3,590,671 342,256 478,757,397 
$868,272,560 $5,699,277 $342,256 874,314,093 
Common/collective trusts
827,665,729 
Total investments at fair value
$1,701,979,822 
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 
11

THE WILLIAMS INVESTMENT PLUS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2021


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 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.


12

THE WILLIAMS INVESTMENT PLUS PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2021

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, 2021 and 2020, 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:
20212020
Net assets available for benefits per the financial statements
$1,734,771,592 $1,557,626,554 
Amounts allocated to withdrawing participants — (1,355,343)
Net assets available for benefits per the Form 5500$1,734,771,592 $1,556,271,211 

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, 2021:

Net increase during the year$177,145,038 
Add: Amounts allocated to withdrawing participants at December 31, 20201,355,343 
Net income per Form 5500$178,500,381 

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.

13
























SUPPLEMENTAL SCHEDULE


14


THE WILLIAMS INVESTMENT PLUS PLAN

EIN:  73‑0569878 PLAN:  008
Schedule H, line 4i - Schedule of Assets (held at end of year)
December 31, 2021



(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 Managed Income Portfolio II Class 4 81,793,822 shares$81,793,822 
*Fidelity Diversified International Commingled Pool 3,422,675 shares66,536,810
Prudential Core Plus Bond Fund Class 5 196,588 shares38,352,280
Vanguard Target Retirement Income Trust I 202,143 shares13,333,336
Vanguard Target Retirement 2015 Trust I 87,790 shares5,873,155
Vanguard Target Retirement 2020 Trust I 737,959 shares53,590,600
Vanguard Target Retirement 2025 Trust I 854,260 shares64,624,782
Vanguard Target Retirement 2030 Trust I 1,901,374 shares148,611,373
Vanguard Target Retirement 2035 Trust I 581,781 shares47,566,377
Vanguard Target Retirement 2040 Trust I 1,539,724 shares132,908,955
Vanguard Target Retirement 2045 Trust I 510,490 shares45,254,917
Vanguard Target Retirement 2050 Trust I 967,156 shares86,550,821
Vanguard Target Retirement 2055 Trust I 260,342 shares28,408,524
Vanguard Target Retirement 2060 Trust I 185,250 shares10,618,558
Vanguard Target Retirement 2065 Trust I 103,273 shares3,641,419
827,665,729 
Registered Investment Companies
PIMCO Real Return Fund Institutional Class 948,544 shares11,686,061
*Fidelity U.S. Bond Index Fund 1,190,177 shares14,258,315
Vanguard Extended Market Index Fund Institutional 261,875 shares36,319,492
Vanguard Institutional Index Fund Institutional Plus 485,769 shares197,125,037
Vanguard Total International Stock Index Fund Institutional 130,910 shares17,904,505
277,293,410 
Common Stock
*The Williams Companies, Inc.234,683 shares6,113,826
6,113,826
Investments held in Separately Managed Accounts
Macquarie U.S. Large Cap Value Equity Portfolio:
Interest-bearing Cash:
BROWN BROTHERS HARRIMAN STIF FUND 717,559 shares717,559
Common Stock:
AMERICAN INTERNATIONAL GROUP 36,000 shares2,046,960
ARCHER DANIELS MIDLAND CO 29,615 shares2,001,678
BAXTER INTL INC 23,900 shares2,051,576
BROADCOM INC 3,400 shares2,262,394
CIGNA CORP 8,868 shares2,036,359
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, 2021



(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
CISCO SYSTEMS INC 34,046 shares2,157,495
COGNIZANT TECH SOLUTIONS CL A 25,714 shares2,281,346
COMCAST CORP CL A 37,585 shares1,891,653
CONAGRA BRANDS INC 58,216 shares1,988,076
CONOCOPHILLIPS 26,981 shares1,947,489
CVS HEALTH CORP 21,684 shares2,236,921
DISCOVER FIN SVCS 15,627 shares1,805,856
DISNEY (WALT) CO 13,034 shares2,018,836
DOLLAR GENERAL CORP 8,390 shares1,978,614
DOLLAR TREE INC 14,900 shares2,093,748
DOVER CORP 11,665 shares2,118,364
DUPONT DE NEMOURS INC 25,936 shares2,095,110
EDISON INTL 32,600 shares2,224,950
EQUITY RESIDENTIAL REIT 23,089 shares2,089,555
FIDELITY NATL INFORM SVCS INC 18,745 shares2,046,017
HONEYWELL INTL INC 9,056 shares1,888,266
JOHNSON & JOHNSON 11,518 shares1,970,384
MERCK & CO INC NEW 26,149 shares2,004,059
METLIFE INC 31,076 shares1,941,939
MOTOROLA SOLUTIONS INC 8,200 shares2,227,940
NORTHROP GRUMMAN CORP 5,093 shares1,971,348
ORACLE CORP 20,738 shares1,808,561
RAYTHEON TECHNOLOGIES CORP 22,034 shares1,896,246
TJX COMPANIES INC NEW 26,700 shares2,027,064
TRUIST FINL CORP 33,300 shares1,949,715 
US BANCORP DEL 32,900 shares1,847,993 
VERIZON COMMUNICATIONS INC 37,822 shares1,965,231 
VIATRIS INC 142,411 shares1,926,821 
LSV U.S. Small/Mid Cap Value Equity Portfolio:
Interest-bearing Cash:
BROWN BROTHERS HARRIMAN STIF FUND 1,085,631 shares1,085,631 
Common Stock:
AARON'S CO INC/THE 4,775 shares117,704
ACUITY BRANDS INC 1,825 shares386,389
AGCO CORP 2,000 shares232,040
AIR LEASE CORP CL A 3,100 shares137,113
ALLISON TRANSMISSION HLDGS INC 6,500 shares236,275
AMC NETWORKS INC CL A 3,600 shares123,984
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, 2021



(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
AMDOCS LTD 3,800 shares284,392
AMERICAN ASSETS TRUST INC 6,800 shares255,204
AMERICAN FINL GROUP INC OHIO 1,900 shares260,908
AMKOR TECHNOLOGY INC 9,700 shares240,463
AMPHASTAR PHARMACEUTICALS INC 651 shares15,162
APPLE HOSPITALITY REIT INC 4,500 shares72,675
ARC DOCUMENT SOLUTIONS INC 12,700 shares44,450
ARCBEST CORP 2,900 shares347,565
ARCONIC CORP 825 shares27,233
ARROW ELECTRONICS INC 4,700 shares631,069
ASSURED GUARANTY LTD 2,100 shares105,420
ATKORE INC 5,400 shares600,426
AVAYA HOLDINGS CORP 3,600 shares71,280
BERRY GLOBAL GROUP INC 4,700 shares346,766
BLOCK H & R INC 11,100 shares261,516
BORGWARNER INC 4,600 shares207,322
BRIDGEWATER BANCSHARES INC 10,800 shares191,052
BRIXMOR PPTY GROUP INC 11,100 shares282,051
BUNGE LIMITED 1,100 shares102,696
C N A FINANCIAL CORP 8,800 shares387,904
CABOT CORP 3,700 shares207,940
CAPRI HOLDINGS LTD 1,400 shares90,874
CARS.COM INC 10,600 shares170,554
CATALYST PHARMACEUTICALS INC 22,600 shares153,002
CHATHAM LODGING TRUST 9,100 shares124,852
CHEMOURS CO/ THE 5,700 shares191,292
CIRRUS LOGIC INC 1,100 shares101,222
CITY OFFICE REIT INC 15,100 shares297,772
CNO FINANCIAL GROUP INC 16,200 shares386,208
CNX RESOURCES CORP 12,135 shares166,856
CONSENSUS CLOUD SOLUTION 233 shares13,484
CORECIVIC INC 8,000 shares79,760
CSG SYSTEMS INTL INC 3,300 shares190,146
CUSTOMERS BANCORP INC 7,500 shares490,275
DANA INC 8,800 shares200,816
DAVITA INC 2,500 shares284,400
DELUXE CORP 4,300 shares138,073
DIODES INC 1,200 shares131,772
EASTMAN CHEMICAL CO 2,200 shares266,002
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, 2021



(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
ENERGIZER HLDGS INC 4,000 shares160,400
FEDERAL AGRI MTG NON VTG CL C 1,450 shares179,698
FIDELITY NATIONAL FINL INC 2,240 shares116,883
FINANCIAL INSTITUTIONS INC 6,500 shares206,700
FIRST AMERICAN FINANCIAL CORP 3,200 shares250,336
FIRST BUSEY CORP 7,500 shares203,400
FIRST HORIZON CORP 12,900 shares210,657
FIRST INTERNET BANCORP 5,400 shares254,016
FOOT LOCKER INC 3,700 shares161,431
FRANKLIN STREET PPTYS CORP 28,130 shares167,374
GAMING AND LEISURE PROPRTI INC 3,700 shares180,042
GOODYEAR TIRE & RUBBER CO 10,000 shares213,200
GRAPHIC PACKAGING HOLDING CO 5,300 shares103,350
GRAY TELEVISION INC 10,000 shares201,600
GREAT SOUTHERN BANCORP INC 2,914 shares172,654
HANMI FINANCIAL CORPORATION 8,800 shares208,384
HARLEY-DAVIDSON INC 5,800 shares218,602
HAVERTY FURNITURE COS INC 8,200 shares250,674
HAWAIIAN HLDGS INC 5,900 shares108,383
HILLENBRAND INC 2,660 shares138,293
HILLTOP HLDGS I 7,300 shares256,522
HOLLYFRONTIER CORP 8,680 shares284,530
HOPE BANCORP INC 16,800 shares247,128
HORIZON BANCORP INC INDIANA 2,800 shares58,380
HUNTINGTON INGALLS INDUSTRIES INC 1,000 shares186,740
HUNTSMAN CORP 9,000 shares313,920
INDUSTRIAL LOGISTICS PROPERTIES TR 7,587 shares190,054
INGLES MARKETS INC-CL A 2,600 shares224,484
INGREDION INC 2,600 shares251,264
INNOVIVA INC 16,700 shares288,075
INVESTORS BANCORP INC 23,700 shares359,055
IRON MOUNTAIN INC 3,900 shares204,087
IRONWOOD PHARMA CL A (PEND) 25,900 shares301,994
JABIL INC 7,600 shares534,660
JAZZ PHARMA PLC 2,000 shares254,800
JETBLUE AIRWAYS CORP 9,200 shares131,008
JM SMUCKER CO/THE 2,700 shares366,714
JUNIPER NETWORKS INC 5,200 shares185,692
KELLY SERVICES INC CL A 8,200 shares137,514
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, 2021



(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
KOHLS CORP 2,800 shares138,292
KOPPERS HLDGS INC 4,900 shares153,370
KRATON CORP 2,700 shares125,064
LANNETT INC 6,900 shares11,178
LEAR CORP NEW 1,400 shares256,130
M D C HOLDINGS INC 5,076 shares283,393
MANPOWERGROUP INC 2,200 shares214,126
MDU RESOURCES GROUP INC 8,100 shares249,804
MEDICAL PPTY TR INC 11,100 shares262,293
MERITOR INC 11,500 shares284,970
MGIC INVESTMENT CORP 9,000 shares129,780
MIDLAND STATES BANCORP INC 7,200 shares178,488
MILLERKNOLL INC 3,200 shares125,408
MODINE MANUFACTURING CO 12,900 shares130,161
MOLSON COORS BEVERAGE CO B 6,900 shares319,815
MOOG INC CL A 1,800 shares145,746
MOSAIC CO NEW 8,100 shares318,249
NATIONAL FUEL GAS CO NJ 5,500 shares351,670
NAVIENT CORP 16,900 shares358,618
NCR CORP 3,300 shares132,660
NEW MOUNTAIN FINANCE CORP 11,800 shares161,660
NEXSTAR MEDIA GROUP INC A 1,676 shares253,042
NRG ENERGY INC 6,900 shares297,252
O-I GLASS INC 14,200 shares170,826
ODP CORP/THE 4,170 shares163,798
OFFICE PROPERTIES INCOME TRUST 7,076 shares175,768
OMEGA HEALTHCARE INVESTORS INC 6,800 shares201,212
OSHKOSH CORP 2,200 shares247,962
OWENS CORNING INC 2,600 shares235,300
PARAMOUNT GLOBAL CL B 4,700 shares141,846
PATTERSON COMPANIES INC 3,500 shares102,725
PENNANTPARK INVESTMENT CORP 33,903 shares234,948
PENSKE AUTOMOTIVE GROUP INC 4,300 shares461,046
PIEDMONT OFFICE REALTY TRUST A 13,500 shares248,130
PLYMOUTH INDL REIT INC 3,800 shares121,600
PREMIER FINANCIAL CORP 7,600 shares234,916
PULTEGROUP INC 6,300 shares360,108
QURATE RETAIL INC 13,600 shares103,360
RADIAN GROUP INC 9,800 shares207,074
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, 2021



(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
RBB BANCORP 8,100 shares212,220
REGIONAL MANAGEMENT CORP 5,400 shares310,284
REGIONS FINANCIAL CORP 11,100 shares241,980
REINSURANCE GROUP OF AMERICA 1,700 shares186,133
RELIANCE STEEL & ALUMINUM CO 1,100 shares178,442
RETAIL VALUE INC 1,047 shares6,722
REV GROUP INC 10,500 shares148,575
ROCKY BRANDS INC 4,000 shares159,200
SABRA HEALTHCARE REIT INC 11,900 shares161,126
SANMINA CORP 4,600 shares190,716
SCANSOURCE INC 3,400 shares119,272
SELECT MEDICAL HLDGS CORP 4,850 shares142,590
SILGAN HOLDINGS INC 6,700 shares287,028
SNAP-ON INCORPORATED 1,000 shares215,380
SONIC AUTOMOTIVE INC CL A 5,300 shares262,085
SPROUTS FMRS MKT INC 8,700 shares258,216
TD SYNNEX CORP 1,313 shares150,155
TOLL BROTHERS INC 3,000 shares217,170
TRITON INTERNATIONAL LTD 4,800 shares289,104
TRONOX HOLDINGS PLC 6,200 shares148,986
TTM TECHNOLOGIES INC 7,400 shares110,260
UGI CORP NEW 5,000 shares229,550
ULTRA CLEAN HOLDINGS INC 4,100 shares235,176
UNITED THERAPEUTICS CORP DEL 1,600 shares345,728
UNITI GROUP INC 15,068 shares211,103
UNIVERSAL HEALTH SVCS INC CL B 2,100 shares272,286
UNUM GROUP 9,300 shares228,501
VILLAGE SUPER MKT INC CL A NEW 3,400 shares79,526
VISHAY INTERTECHNOLOGY INC 6,300 shares137,781
VISTA OUTDOOR INC 5,500 shares253,385
VISTRA CORP 16,300 shares371,151
VOYA FINANCIAL INC 4,800 shares318,288
WEIS MARKETS INC 3,000 shares197,640
WESTERN UNION CO 5,200 shares92,768
WESTROCK CO 7,300 shares323,828
WHIRLPOOL CORP 2,000 shares469,320
WILLIAMS-SONOMA INC 1,300 shares219,869
WINNEBAGO INDUSTRIES INC 2,200 shares164,824
WORLD FUEL SERVICES CORP 4,100 shares108,527
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, 2021



(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
XEROX HOLDINGS CORP 8,825 shares199,798
ZIFF DAVIS INC 1,350 shares149,661
ZIONS BANCORP 8,200 shares517,912
T. Rowe Price U.S. Large-Cap Core Growth Equity Portfolio:
Interest-bearing Cash:
BROWN BROTHERS HARRIMAN STIF FUND 748,338 shares748,338
Registered Investment Company:
*T Rowe Price Government Reserve Fund 692,634 shares692,634
Common Stock:
ADVANCED MICRO DEVICES INC 25,878 shares3,723,844
AFFIRM HOLDINGS INC 8,958 shares900,816
ALIGN TECHNOLOGY INC 807 shares530,344
ALPHABET INC CL A 1,408 shares4,079,032
ALPHABET INC CL C 9,238 shares26,730,984
AMAZON.COM INC 8,850 shares29,508,909
ANT INTL CO LTD CLASS C PP 121,484 shares229,605
APPLE INC 130,727 shares23,213,193
ASML HLDG NV (NY REG SHS) NEW YORK REGIST 3,239 shares2,578,697
ASTRAZENECA PLC SPONS ADR 11,206 shares652,750
ATLASSIAN CORP PLC CLS A 3,403 shares1,297,530
BILL.COM HOLDINGS INC 4,000 shares996,600
BLOCK INC CL A 10,452 shares1,688,103
CARVANA CO CL A 12,407 shares2,875,819
CHIPOTLE MEXICAN GRILL INC 1,204 shares2,104,893
CHUBB LTD 4,185 shares809,002
CINTAS CORP 776 shares343,900
COPART INC 5,353 shares811,622
COSTAR GROUP INC 280 shares22,128
COUPA SOFTWARE INC 2,744 shares433,689
CROWDSTRIKE HOLDINGS INC 1,378 shares282,146
DANAHER CORP 10,559 shares3,474,017
DATABRICKS INC SER G PC PP 511 shares112,651
DATADOG INC CL A 4,282 shares762,667
DELIVERY HERO SE 3,414 shares380,910
DISNEY (WALT) CO 6,781 shares1,050,309
DOCUSIGN INC 5,737 shares873,802
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, 2021



(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
DOLLAR GENERAL CORP 8,324 shares1,963,049
DOORDASH INC 12,686 shares1,888,945
EQUIFAX INC 1,427 shares417,811
FISERV INC 12,853 shares1,334,013
FORTINET INC 5,485 shares1,971,309
GENERAL ELECTRIC CO 8,350 shares788,825
GOLDMAN SACHS GROUP INC 7,563 shares2,893,226
HASHICORP INC 2,301 shares209,483
HCA HEALTHCARE INC 9,475 shares2,434,317
HUMANA INC 2,089 shares969,004
INTUIT INC 9,525 shares6,126,671
INTUITIVE SURGICAL INC 13,605 shares4,888,277
LILLY (ELI) & CO 12,023 shares3,320,993
LINDE PLC 2,422 shares839,053
LULULEMON ATHLETICA INC 5,661 shares2,215,998
MARSH & MCLENNAN COS INC 3,219 shares559,527
MARVELL TECHNOLOGY INC 16,737 shares1,464,320
MASTERCARD INC CL A 15,178 shares5,453,759
META PLATFORMS INC CL A 59,426 shares19,987,935
MICROSOFT CORP 99,753 shares33,548,929
MONGODB INC CL A 3,680 shares1,948,008
MONOLITHIC POWER SYS INC 1,863 shares919,074
MSCI INC 591 shares362,100
NETFLIX INC 9,064 shares5,460,516
NIKE INC CL B 14,474 shares2,412,382
NVIDIA CORP 33,312 shares9,797,392
OPENDOOR TECHNOLOGIES INC 26,200 shares382,782
PAYCOM SOFTWARE INC 611 shares253,681
PAYPAL HLDGS INC 15,253 shares2,876,411
PINTEREST INC CL A 31,285 shares1,137,210
RIVIAN AUTOMOTIVE INC 12,371 shares1,282,749
RIVIAN AUTOMOTIVE INC(180 DAY LOCK UP) 17,742 shares1,655,701
ROKU INC CLASS A 1,230 shares280,686
ROPER TECHNOLOGIES INC 2,756 shares1,355,566
ROSS STORES INC 18,687 shares2,135,550
S&P GLOBAL INC 4,275 shares2,017,501
SALESFORCE.COM INC 2,359 shares599,493
SCHWAB CHARLES CORP 16,370 shares1,376,717
SEA LTD ADR 21,163 shares4,734,375
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, 2021



(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
SERVICENOW INC 10,685 shares6,935,740
SHERWIN WILLIAMS CO 488 shares171,854
SHOPIFY INC CL A 1,360 shares1,873,250
SHOPIFY INC CL A 65 shares89,497
SNAP INC - A 80,151 shares3,769,502
SNOWFLAKE INC CL A 1,582 shares535,902
SPOTIFY TECHNOLOGY SA 3,974 shares930,035
STARBUCKS CORP 6,273 shares733,753
STRYKER CORP 7,852 shares2,099,782
SYNOPSYS INC 8,423 shares3,103,876
T-MOBILE US INC 4,878 shares565,750
TAIWAN SEMIC MFG CO LTD SP ADR 8,291 shares997,490
TE CONNECTIVITY LTD 3,492 shares563,399
TELEFLEX INC 1,939 shares636,923
TENCENT HOLDINGS LTD 25,000 shares1,464,563
TESLA INC 7,421 shares7,842,364
TEXAS INSTRUMENTS INC 7,193 shares1,355,665
THE BOOKING HOLDINGS INC 593 shares1,422,743
THERMO FISHER SCIENTIFIC INC 2,874 shares1,917,648
TJX COMPANIES INC NEW 5,648 shares428,796
TOAST INC 1,235 shares42,867
TRANSUNION 4,000 shares474,320
TWILIO INC CLASS A 1,574 shares414,497
UNITEDHEALTH GROUP INC 11,506 shares5,777,623
VEEVA SYS INC CL A 3,102 shares792,499
VISA INC CL A 32,047 shares6,944,905
ZOETIS INC CL A 7,785 shares1,899,774
ZOOM VIDEO COMMUNICATIONS INC CL A 7,047 shares1,296,014
William Blair U.S. Small/Mid Cap Growth Equity Portfolio:
Interest-bearing Cash:
BROWN BROTHERS HARRIMAN STIF FUND 1,273,573 shares1,273,573
Common Stock:
10X GENOMICS INC 5,026 shares748,673
ABIOMED INC 3,595 shares1,291,216
ACADIA HEALTHCARE CO INC 16,286 shares988,560
ALARM.COM HOLDINGS INC 11,328 shares960,728
AMEDISYS INC 3,676 shares595,071
ARES MANAGEMENT CORP CL A 13,099 shares1,064,556
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, 2021



(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
AVALARA INC 7,213 shares931,270
AXON ENTERPRISE INC 7,994 shares1,255,058
AZENTA INC 14,539 shares1,499,116
BEAUTY HEALTH CO/THE 21,374 shares516,396
BIO TECHNE CORP 2,764 shares1,429,928
BLUEPRINT MEDICINES CORP 7,395 shares792,078
BRIGHT HORIZONS FAMILY SOLUTIONS INC 8,402 shares1,057,644
BRINKS CO 18,820 shares1,234,027
BUILDERS FIRSTSOURCE 28,485 shares2,441,449
BURLINGTON STORES INC 4,339 shares1,264,862
BWX TECHNOLOGIES INC 26,906 shares1,288,259
CABLE ONE INC 481 shares848,219
CAMECO CORP 50,567 shares1,102,866
CELSIUS HOLDINGS INC 7,365 shares549,208
CERTARA INC 19,087 shares542,453
CHARLES RIVER LABS INTL INC 4,061 shares1,530,104
CHART INDUSTRIES INC 2,958 shares471,771
CHEMED CORP 1,924 shares1,017,873
CROWN HOLDINGS INC 14,897 shares1,647,906
DENBURY INC 13,173 shares1,008,920
DYNATRACE INC 24,795 shares1,496,378
ENTEGRIS INC 7,014 shares972,000
EURONET WORLDWIDE INC 11,071 shares1,319,331
FIRSTSERVICE CORP 4,132 shares811,814
FOX FACTORY HOLDING CORP 7,069 shares1,202,437
GUIDEWIRE SOFTWARE INC 7,892 shares895,979
HALOZYME THERAPEUTICS INC 21,529 shares865,681
HEALTHEQUITY INC 15,412 shares681,827
HEICO CORP CL A 4,407 shares566,388
HELEN OF TROY LTD 2,244 shares548,591
HORIZON THERAPEUTICS PLC 9,567 shares1,030,940
INSMED INC 19,860 shares540,986
INSPIRE MEDICAL SYSTEMS INC 3,676 shares845,701
KORNIT DIGITAL LTD 3,472 shares528,612
LESLIE'S INC 49,945 shares1,181,699
LIGAND PHARMACEUTICALS 5,176 shares799,485
LINCOLN ELECTRIC HLDGS INC 4,298 shares599,442
LIVE NATION ENTERTAINMENT INC 6,404 shares766,495
MARTIN MARIETTA MATERIALS INC 3,078 shares1,355,921
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, 2021



(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
MERCURY SYSTEMS INC 13,968 shares769,078
MERIT MEDICAL SYSTEMS INC 11,200 shares697,760
MKS INSTRUMENTS INC 2,971 shares517,459
NATIONAL INSTRUMENT CORP 20,406 shares891,130
NATIONAL VISION HOLDINGS INC 18567 shares891,030
NEW FORTRESS ENERGY INC 17,571 shares424,164
NICE LTD SPON ADR 4,727 shares1,435,117
NOVANTA INC 4,403 shares776,381
OVERSTOCK.COM INC DEL 10,943 shares645,746
PACIFIC BIOSCIENES OF CALI INC 22,692 shares464,278
PEGASYSTEMS INC 5,386 shares602,263
PENUMBRA INC 4,976 shares1,429,704
PERFORMANCE FOOD GROUP CO 21,545 shares988,700
PURE STORAGE INC CL A 55,499 shares1,806,492
REVOLVE GROUP INC 15,515 shares869,461
RITCHIE BROS AUCTIONEERS 13,508 shares826,825
SOLAREDGE TECHNOLOGIES INC 3,933 shares1,103,482
STEM INC 19,769 shares375,018
TREX CO INC 14,017 shares1,892,716
TWIST BIOSCIENCE CORP 6,843 shares529,580
VARONIS SYSTEMS INC 15,004 shares731,895
VERACYTE INC 16,838 shares693,726
VIRTU FINANCIAL INC- CL A 42,045 shares1,212,157
WESTERN ALLIANCE BANCORP 9,896 shares1,065,304
WOLFSPEED INC 4,970 shares555,497
WORKIVA INC 6,348 shares828,351
WYNDHAM HOTELS & RESORTS INC 17,590 shares1,576,944
ZYNGA INC 123,967 shares793,389
477,161,306 
*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.113,745,551
Investments (at fair value)1,701,979,822
*Participant LoansLoans extended to participants at interest rates of 4.25% to 9.5%20,941,200
$1,722,921,022 

*Party-in-interest
**Column not applicable for participant-directed investments.
25




    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 9, 2022

26




EXHIBIT INDEX


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

27