Document

11-K 1 a2023investmentplusplan11k.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, 2023

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												1

Audited financial statements

Statements of net assets available for benefits at December 31, 202 3 and 202 2												3

Statement of changes in net assets available for benefits for the year ended December 31, 202 3												4

Notes to financial statements												5

Supplemental schedule

Schedule of assets (held at end of year)												16

Signature												27

Exhibit index												28
EX – 23

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, 2023 and 2022, and the related statement of changes in net assets available for benefits for the year ended December 31, 2023, 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, 2023 and 2022, and the changes in its net assets available for benefits for the year ended December 31, 2023, 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 Required by ERISA

The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2023 (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 13, 2024

THE WILLIAMS INVESTMENT PLUS PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

December 31, 2023 and 2022


	2023		2022
Assets:
Investments (at fair value)	$	1,636,174,315	$	1,347,456,995
Notes receivable from participants	25,069,950		21,946,595
Non-interest bearing cash	110,607		177,614
Receivables	1,345,085		1,127,868
Contribution receivable	18,502,519		15,093,610

Total assets	1,681,202,476		1,385,802,682

Liabilities:
Accrued liabilities	1,376,689		1,952,212

Total liabilities	1,376,689		1,952,212

Net assets available for benefits	$	1,679,825,787	$	1,383,850,470

See accompanying notes.

THE WILLIAMS INVESTMENT PLUS PLAN

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

Year Ended December 31, 2023



Additions to net assets:
Contributions:
Participant	$	63,700,016
Employer	59,548,965
Rollovers	28,111,309
Total contributions	151,360,290

Net investment income:
Net appreciation in fair value of investments	269,533,147
Dividends	15,947,512
Interest	1,360,677
Total net investment income	286,841,336

Interest income on notes receivable from participants	1,449,153

Total additions to net assets	439,650,779

Deductions from net assets:
Withdrawals	141,309,118
Administrative expenses	2,317,752
Dividend distributions	48,592

Total deductions from net assets	143,675,462

Net increase during the year	295,975,317

Net assets available for benefits at beginning of year	1,383,850,470

Net assets available for benefits at end of year	$	1,679,825,787

See accompanying notes.

THE WILLIAMS INVESTMENT PLUS PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2023

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.

On February 14, 2023, Williams acquired 100 percent of MountainWest Pipelines Holding Company (“MountainWest”). MountainWest sponsored a defined contribution plan, MountainWest Pipelines 401(k) Retirement Savings Plan (“MWP 401(k)”). The MWP 401(k) plan was terminated effective February 13, 2023. Former employees of MountainWest who became Williams employees were eligible to participate in the Plan effective February 14, 2023. These participants were credited with prior service for vesting purposes under the Plan and were allowed to rollover balances, including participant loans, from previous plans.

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. The Compensation and Management Development Committee of Williams’ Board of Directors, in its settlor capacity, has the right to terminate or amend 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.

THE WILLIAMS INVESTMENT PLUS PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2023

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.

Each eligible employee participant may contribute from 1 percent to 100 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 2023 except as described in the following paragraph.

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 subject to certain restrictions and provided they allocate their contribution in multiples of 1 percent. 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

THE WILLIAMS INVESTMENT PLUS PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2023

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.

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 2023, employer contributions were reduced by $719,393 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

THE WILLIAMS INVESTMENT PLUS PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2023

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.

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.

THE WILLIAMS INVESTMENT PLUS PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2023

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. 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.

THE WILLIAMS INVESTMENT PLUS PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2023

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 appreciation (depreciation) 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 of the Plan, including audit and legal fees, are paid by Williams and are not presented within the Statement of Changes in Net Assets Available for Benefits.

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 WILLIAMS INVESTMENT PLUS PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2023

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 primarily consist of private placement common stocks and corporate bonds 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 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, 2023 and 2022.

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 WILLIAMS INVESTMENT PLUS PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2023

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, 2023 and 2022, 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
2023:
Interest-bearing cash	$	2,621,774	$	—	$	—	$	2,621,774
Mutual funds	289,988,335		—		—		289,988,335
Self-directed brokerage fund	112,375,367		5,138,247		—		117,513,614
Common stocks	424,944,171		666,206		122,981		425,733,358
Corporate bonds	—		366,459		167,268		533,727
	$	829,929,647	$	6,170,912	$	290,249	836,390,808
Common/collective trusts							799,783,507
Total investments at fair value							$	1,636,174,315

2022:
Interest-bearing cash	$	3,902,709	$	—	$	—	$	3,902,709
Mutual funds	227,699,257		—		—		227,699,257
Self-directed brokerage fund	87,823,846		3,253,753		—		91,077,599
Common stocks	328,228,850		1,268,895		285,265		329,783,010
Corporate bonds	—		227,893		—		227,893
	$	647,654,662	$	4,750,541	$	285,265	652,690,468
Common/collective trusts							694,766,527
Total investments at fair value							$	1,347,456,995

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

THE WILLIAMS INVESTMENT PLUS PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2023

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 under ERISA.

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 believes the Plan is being operated in compliance with the applicable requirements of the Code and therefore believes that the Plan, as amended and restated, is qualified and the related trust is tax-exempt.

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, 2023 and 2022, 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:


	2023		2022
Net assets available for benefits per the financial statements	$	1,679,825,787	$	1,383,850,470
Amounts allocated to withdrawing participants	—		(40,000)
Net assets available for benefits per the Form 5500	$	1,679,825,787	$	1,383,810,470

THE WILLIAMS INVESTMENT PLUS PLAN

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2023

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, 2023:


Net increase during the year	$	295,975,317
Add: Amounts allocated to withdrawing participants at December 31, 2022	40,000
Net income per Form 5500	$	296,015,317

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.

Note 8--Subsequent event

In 2023, Williams agreed to assume operatorship of Blue Racer Midstream, LLC, a 50 percent-owned nonconsolidated investment. On January 1, 2024, employees of Blue Racer Midstream, LLC and Blue Racer Midstream Holdings, LLC became employees of Williams and eligible to participate in the Plan. The newly eligible participants comprise approximately 4 percent of total participants in the Plan. Full vesting credit was granted to participants in the Blue Racer Midstream, LLC 401(k) Plan and the Blue Racer Midstream Holdings, LLC 401(k) Plan. Additionally, on May 20, 2024, the two Blue Racer Midstream 401(k) Plans were merged into the Plan.

SUPPLEMENTAL SCHEDULE

THE WILLIAMS INVESTMENT PLUS PLAN

EIN: 73‑0569878 PLAN: 008

Schedule H, line 4i - Schedule of Assets (held at end of year)

December 31, 2023

(a)

(b) Identity of issue, borrower, lessor,
or similar party

(d) Cost**

(e) Current value

Common/Collective Trusts

Fidelity Managed Income Portfolio II Class 4

71,861,234 shares

71,861,234

Fidelity Diversified International Commingled Pool

3,163,016 shares

55,447,668

Prudential Core Plus Bond Fund Class 5

172,870 shares

31,197,907

Vanguard Target Retirement Income Trust I

236,739 shares

15,089,775

Vanguard Target Retirement 2020 Trust I

425,144 shares

29,832,329

Vanguard Target Retirement 2025 Trust I

549,569 shares

40,277,906

Vanguard Target Retirement 2030 Trust I

1,831,956 shares

139,320,239

Vanguard Target Retirement 2035 Trust I

641,898 shares

51,351,823

Vanguard Target Retirement 2040 Trust I

1,678,834 shares

142,482,614

Vanguard Target Retirement 2045 Trust I

645,150 shares

56,528,039

Vanguard Target Retirement 2050 Trust I

1,155,985 shares

102,686,166

Vanguard Target Retirement 2055 Trust I

374,080 shares

40,524,056

Vanguard Target Retirement 2060 Trust I

280,764 shares

15,983,885

Vanguard Target Retirement 2065 Trust I

194,092 shares

6,797,117

Vanguard Target Retirement 2070 Trust I

18,864 shares

402,749

799,783,507

Registered Investment Companies

PIMCO Real Return Fund Institutional Class

1,137,739 shares

11,411,523

Fidelity U.S. Bond Index Fund

1,347,099 shares

14,050,239

Vanguard Extended Market Index Fund Institutional

296,357 shares

36,949,765

Vanguard Institutional Index Fund Institutional Plus

531,607 shares

209,171,366

Vanguard Total International Stock Index Fund Institutional

146,799 shares

18,276,492

289,859,385

Common Stock

The Williams Companies, Inc.

234,708 shares

8,178,225

Investments held in Separately Managed Accounts

Macquarie U.S. Large Cap Value Equity Portfolio:

Interest-bearing Cash:

BROWN BROTHERS HARRIMAN STIF FUND

612,513 shares

612,513

Common Stock:

ALLSTATE CORPORATION

14,200 shares

1,987,716

AMERICAN INTERNATIONAL GROUP

28,900 shares

1,957,975

ARCHER DANIELS MIDLAND CO

24,915 shares

1,799,361

BAXTER INTL INC

48,700 shares

1,882,742

CIGNA GROUP (THE)

6,768 shares

2,026,678

CISCO SYSTEMS INC

40,546 shares

2,048,384

COGNIZANT TECH SOLUTIONS CL A

27,914 shares

2,108,344

THE WILLIAMS INVESTMENT PLUS PLAN

EIN: 73‑0569878 PLAN: 008

Schedule H, line 4i - Schedule of Assets (held at end of year)

December 31, 2023

(a)

(b) Identity of issue, borrower, lessor,
or similar party

(d) Cost**

(e) Current value

COMCAST CORP CL A

6,566 shares

287,919

CONAGRA BRANDS INC

61,116 shares

1,751,585

CONOCOPHILLIPS

16,281 shares

1,889,736

CVS HEALTH CORP

25,984 shares

2,051,697

DISNEY (WALT) CO

21,034 shares

1,899,160

DOLLAR GENERAL CORP

14,690 shares

1,997,105

DOLLAR TREE INC

14,100 shares

2,002,905

DOVER CORP

13,165 shares

2,024,909

DUKE ENERGY CORP NEW

20,400 shares

1,979,616

DUPONT DE NEMOURS INC

27,236 shares

2,095,265

EQUITY RESIDENTIAL REIT

30,789 shares

1,883,055

FIDELITY NATL INFORM SVCS INC

30,945 shares

1,858,866

HOLOGIC INC

23,864 shares

1,705,083

HONEYWELL INTL INC

9,656 shares

2,024,960

JOHNSON & JOHNSON

11,818 shares

1,852,353

LOWES COS INC

8,600 shares

1,913,930

MERCK & CO INC NEW

17,049 shares

1,858,682

MOTOROLA SOLUTIONS INC

6,000 shares

1,878,540

NORTHROP GRUMMAN CORP

3,993 shares

1,869,283

ORACLE CORP

16,338 shares

1,722,515

RAYTHEON TECHNOLOGIES CORP

21,134 shares

1,778,215

TELEDYNE TECHNOLOGIES INC

4,542 shares

2,027,049

TJX COMPANIES INC NEW

21,600 shares

2,026,296

TRAVELERS COMPANIES INC

8,969 shares

1,708,505

TRUIST FINL CORP

53,100 shares

1,960,452

US BANCORP DEL

47,000 shares

2,034,160

VERIZON COMMUNICATIONS INC

54,722 shares

2,063,019

LSV U.S. Small/Mid Cap Value Equity Portfolio:

Interest-bearing Cash:

BROWN BROTHERS HARRIMAN STIF FUND

572,496 shares

572,496

Common Stock:

AARON'S CO INC/THE

8,600 shares

93,568

ACUITY BRANDS INC

1,825 shares

373,815

AGCO CORP

4,000 shares

485,640

ALASKA AIR GROUP INC

4,300 shares

168,001

ALBERTSONS COS INC

13,000 shares

299,000

ALLISON TRANSMISSION HLDGS INC

6,500 shares

377,975

AMC NETWORKS INC CL A

3,600 shares

67,644

AMDOCS LTD

3,500 shares

307,615

THE WILLIAMS INVESTMENT PLUS PLAN

EIN: 73‑0569878 PLAN: 008

Schedule H, line 4i - Schedule of Assets (held at end of year)

December 31, 2023

(a)

(b) Identity of issue, borrower, lessor,
or similar party

(d) Cost**

(e) Current value

AMERICAN ASSETS TRUST INC

9,000 shares

202,590

AMERICAN FINL GROUP INC OHIO

1,100 shares

130,779

AMKOR TECHNOLOGY INC

9,700 shares

322,719

APA CORP

6,900 shares

247,572

APPLE HOSPITALITY REIT INC

14,100 shares

234,201

ARC DOCUMENT SOLUTIONS INC

50,800 shares

166,624

ARCBEST CORP

2,500 shares

300,525

ARMADA HOFFLER PROPERTIES INC

14,004 shares

173,229

ARROW ELECTRONICS INC

4,700 shares

574,575

ATKORE INC

3,800 shares

608,000

ATLANTIC UN BANKSHARES CORP

4,200 shares

153,468

BANC OF CALIFORNIA INC

11,300 shares

151,759

BASSETT FURNITURE INDS INC

6,400 shares

106,240

BERKSHIRE HILLS BANCORP INC

6,800 shares

168,844

BERRY GLOBAL GROUP INC

4,700 shares

316,733

BERRY PETROLEUM CORP

11,900 shares

83,657

BLOCK H & R INC

7,700 shares

372,449

BLOOMIN BRANDS INC

6,600 shares

185,790

BORGWARNER INC

4,900 shares

175,665

BRIXMOR PPTY GROUP INC

5,600 shares

130,312

BRUNSWICK CORP

2,000 shares

193,500

BUILDERS FIRSTSOURCE

3,300 shares

550,902

BUNGE GLOBAL SA

2,800 shares

282,660

C N A FINANCIAL CORP

4,600 shares

194,626

CALIFORNIA RES CORP

6,000 shares

328,080

CALLON PETROLEUM CO

4,500 shares

145,800

CAPRI HOLDINGS LTD

3,500 shares

175,840

CARLYLE SECURED LENDING INC

11,100 shares

166,056

CHATHAM LODGING TRUST

9,100 shares

97,552

CHEMOURS CO/ THE

6,800 shares

214,472

CIRRUS LOGIC INC

2,200 shares

183,018

CITIZENS FINANCIAL GROUP INC

6,979 shares

231,284

CITY OFFICE REIT INC

15,100 shares

92,261

CNH INDUSTRIAL NV

23,400 shares

285,012

CNO FINANCIAL GROUP INC

16,200 shares

451,980

COMMUNITY TRUST BANCORP INC

450 shares

19,737

CONAGRA BRANDS INC

5,600 shares

160,496

CORECIVIC INC

3,900 shares

56,667

CSG SYSTEMS INTL INC

3,300 shares

175,593

CUSTOMERS BANCORP INC

7,500 shares

432,150

DAVITA INC

1,800 shares

188,568

THE WILLIAMS INVESTMENT PLUS PLAN

EIN: 73‑0569878 PLAN: 008

Schedule H, line 4i - Schedule of Assets (held at end of year)

December 31, 2023

(a)

(b) Identity of issue, borrower, lessor,
or similar party

(d) Cost**

(e) Current value

DELUXE CORP

4,300 shares

92,235

DIODES INC

1,600 shares

128,832

DROPBOX INC CL A

6,300 shares

185,724

EASTMAN CHEMICAL CO

2,200 shares

197,604

EMPLOYERS HOLDINGS INC

2,580 shares

101,652

ENCORE WIRE CORPORATION

1,600 shares

341,760

ENTERTAINMENT PPTYS TR

4,888 shares

236,824

EQUITABLE HOLDINGS INC

5,700 shares

189,810

F&G ANNUITIES & LIFE INC

258 shares

11,868

FARMERS NATL BANC CORP

9,800 shares

141,610

FIDELITY NATIONAL FINL INC

3,800 shares

193,876

FIFTH THIRD BANCORP

10,000 shares

344,900

FINANCIAL INSTITUTIONS INC

6,500 shares

138,450

FIRST AMERICAN FINANCIAL CORP

2,200 shares

141,768

FIRST BUSEY CORP

7,500 shares

186,150

FIRST INTERNET BANCORP

5,400 shares

130,626

FLEETCOR TECHNOLOGIES INC

800 shares

226,088

FLEX LTD

9,400 shares

286,324

FOOT LOCKER INC

4,200 shares

130,830

FOX CORP CL A

5,600 shares

166,152

FRANKLIN STREET PPTYS CORP

13,600 shares

34,816

GLOBAL NET LEASE INC

600 shares

5,970

GOODYEAR TIRE & RUBBER CO

11,600 shares

166,112

GRAPHIC PACKAGING HOLDING CO

10,300 shares

253,895

GREAT SOUTHERN BANCORP INC

2,914 shares

172,946

GUESS INC

7,900 shares

182,174

HANMI FINANCIAL CORPORATION

8,800 shares

170,720

HARLEY-DAVIDSON INC

5,800 shares

213,672

HAVERTY FURNITURE COS INC

8,200 shares

291,100

HEIDRICK & STRUGGLES INTL INC

5,900 shares

174,227

HENRY SCHEIN INC

2,700 shares

204,417

HERBALIFE LTD

5,000 shares

76,300

HF SINCLAIR CORP

10,300 shares

572,371

HOPE BANCORP INC

16,800 shares

202,944

HORIZON BANCORP INC INDIANA

13,000 shares

186,030

HOST HOTELS & RESORTS INC

13,300 shares

258,951

HUNTINGTON INGALLS INDUSTRIES INC

600 shares

155,784

HUNTSMAN CORP

3,400 shares

85,442

INDUSTRIAL LOGISTICS PROPERTIES TR

7,587 shares

35,659

INGEVITY CORP

2,169 shares

102,420

INGLES MARKETS INC-CL A

1,400 shares

120,918

THE WILLIAMS INVESTMENT PLUS PLAN

EIN: 73‑0569878 PLAN: 008

Schedule H, line 4i - Schedule of Assets (held at end of year)

December 31, 2023

(a)

(b) Identity of issue, borrower, lessor,
or similar party

(d) Cost**

(e) Current value

INGREDION INC

3,400 shares

369,002

IRONWOOD PHARMA CL A (PEND)

25,900 shares

296,296

JABIL INC

4,200 shares

535,080

JACK IN THE BOX INC

1,750 shares

142,853

JAKKS PACIFIC INC

4,600 shares

163,530

JAZZ PHARMA PLC

3,900 shares

479,700

KOHLS CORP

3,800 shares

108,984

KOPPERS HLDGS INC

4,900 shares

250,978

MACYS INC

9,200 shares

185,104

MANPOWERGROUP INC

3,300 shares

262,251

MARATHON OIL CORP

8,600 shares

207,776

MGIC INVESTMENT CORP

13,000 shares

250,770

MIDLAND STATES BANCORP INC

7,200 shares

198,432

MILLERKNOLL INC

11,600 shares

309,488

MODINE MANUFACTURING CO

2,100 shares

125,370

MOLSON COORS BEVERAGE CO B

6,900 shares

422,349

MOOG INC CL A

1,300 shares

188,214

MOSAIC CO NEW

6,100 shares

217,953

MUELLER INDUSTRIES INC

7,000 shares

330,050

NATIONAL FUEL GAS CO NJ

4,000 shares

200,680

NAVIENT CORP

16,900 shares

314,678

NCR ATLEOS CORP

2,300 shares

55,867

NCR VOYIX CORP

4,600 shares

77,786

NEW MOUNTAIN FINANCE CORP

11,800 shares

150,096

NEXSTAR MEDIA GROUP INC

2,100 shares

329,175

NORTHRIM BANCORP INC

2,200 shares

125,862

NRG ENERGY INC

6,900 shares

356,730

O-I GLASS INC

11,900 shares

194,922

ODP CORP/THE

4,170 shares

234,771

OFFICE PROPERTIES INCOME TRUST

7,076 shares

51,796

OFG BANCORP

6,448 shares

241,671

OMEGA HEALTHCARE INVESTORS INC

4,700 shares

144,102

OSHKOSH CORP

2,369 shares

256,823

OWENS CORNING INC

3,200 shares

474,336

PARAMOUNT GLOBAL CL B

4,700 shares

69,513

PBF ENERGY INC CL A

4,000 shares

175,840

PENNANTPARK INVESTMENT CORP

33,903 shares

234,270

PENSKE AUTOMOTIVE GROUP INC

3,600 shares

577,836

PHINIA INC

980 shares

29,684

PIEDMONT OFFICE REALTY TRUST A

21,600 shares

153,576

PLAYTIKA HOLDING CORP

14,000 shares

122,080

THE WILLIAMS INVESTMENT PLUS PLAN

EIN: 73‑0569878 PLAN: 008

Schedule H, line 4i - Schedule of Assets (held at end of year)

December 31, 2023

(a)

(b) Identity of issue, borrower, lessor,
or similar party

(d) Cost**

(e) Current value

POLARIS INC

1,900 shares

180,063

PREMIER FINANCIAL CORP

7,600 shares

183,160

PROG HOLDINGS INC

6,700 shares

207,097

PULTEGROUP INC

6,300 shares

650,286

PVH CORP

2,780 shares

339,493

QUANEX BUILDING PRODUCTS

7,400 shares

226,218

QUEST DIAGNOSTICS INC

1,100 shares

151,668

RADIAN GROUP INC

9,800 shares

279,790

RBB BANCORP

8,100 shares

154,224

REGIONAL MANAGEMENT CORP

5,400 shares

135,432

REGIONS FINANCIAL CORP

11,100 shares

215,118

REINSURANCE GROUP OF AMERICA

1,400 shares

226,492

RELIANCE INC

1,100 shares

307,648

ROCKY BRANDS INC

4,000 shares

120,720

RYDER SYSTEM INC

2,100 shares

241,626

SABRA HEALTHCARE REIT INC

11,900 shares

169,813

SANMINA CORP

4,600 shares

236,302

SELECT MEDICAL HLDGS CORP

11,468 shares

269,498

SILGAN HOLDINGS INC

2,500 shares

113,125

SKYWORKS SOLUTIONS INC

2,100 shares

236,082

SNAP-ON INCORPORATED

1,200 shares

346,608

SPROUTS FMRS MKT INC

7,400 shares

356,014

TD SYNNEX CORP

2,100 shares

225,981

TEXTRON INC

6,300 shares

506,646

TOLL BROTHERS INC

3,600 shares

370,044

TRONOX HOLDINGS PLC

600 shares

8,496

UGI CORP NEW

4,800 shares

118,080

UNITED AIRLINES HOLDINGS INC

4,400 shares

181,544

UNITED THERAPEUTICS CORP DEL

1,300 shares

285,857

UNITI GROUP INC

19,900 shares

115,022

UNIVERSAL HEALTH SVCS INC CL B

2,100 shares

320,124

UNUM GROUP

7,000 shares

316,540

VERITEX HOLDINGS INC

10,700 shares

248,989

VILLAGE SUPER MKT INC CL A NEW

5,000 shares

131,150

VISHAY INTERTECHNOLOGY INC

9,200 shares

220,524

VISTA OUTDOOR INC

5,500 shares

162,635

VISTRA CORP

13,300 shares

512,316

VITESSE ENERGY INC

694 shares

15,192

WABASH NATIONAL CORP

7,300 shares

187,026

WESTERN UNION CO

10,400 shares

123,968

WHIRLPOOL CORP

2,000 shares

243,540

THE WILLIAMS INVESTMENT PLUS PLAN

EIN: 73‑0569878 PLAN: 008

Schedule H, line 4i - Schedule of Assets (held at end of year)

December 31, 2023

(a)

(b) Identity of issue, borrower, lessor,
or similar party

(d) Cost**

(e) Current value

WILLIAMS-SONOMA INC

1,300 shares

262,314

WINNEBAGO INDUSTRIES INC

3,100 shares

225,928

WORLD KINECT CORP

4,100 shares

93,398

XEROX HOLDINGS CORP

8,825 shares

161,762

ZIONS BANCORP

8,200 shares

359,734

T. Rowe Price U.S. Large-Cap Core Growth Equity Portfolio:

Interest-bearing Cash:

BROWN BROTHERS HARRIMAN STIF FUND

889,383 shares

889,383

Registered Investment Company:

T Rowe Price Government Reserve Fund

128,950 shares

128,950

Common Stock:

ADVANCED MICRO DEVICES INC

12,003 shares

1,769,362

ADYEN BV

478 shares

615,601

ALIGN TECHNOLOGY INC

608 shares

166,592

ALPHABET INC CL A

26,765 shares

3,738,803

ALPHABET INC CL C

118,314 shares

16,673,992

AMAZON.COM INC

136,407 shares

20,725,680

APPLE INC

133,544 shares

25,711,226

ASML HLDG NV (NY REG SHS) NEW YORK REGIST

3,917 shares

2,964,856

ASTRAZENECA PLC SPONS ADR

8,539 shares

575,102

ATLASSIAN CORP PLC CLS A

3,997 shares

950,726

BILL HOLDINGS INC

6,610 shares

539,310

CARVANA CO CL A

11,900 shares

629,986

CHIPOTLE MEXICAN GRILL INC

1,051 shares

2,403,595

CHUBB LTD

11,472 shares

2,592,672

CINTAS CORP

807 shares

486,347

COLGATE-PALMOLIVE CO

7,947 shares

633,455

CONFLUENT INC

10,345 shares

242,073

CONSTELLATION ENERGY CORP

10,779 shares

1,259,957

CROWDSTRIKE HOLDINGS INC

2,142 shares

546,895

DANAHER CORP

6,828 shares

1,579,590

DATABRICKS INC SER G PC PP

1,533 shares

117,290

DATADOG INC CL A

4,282 shares

519,749

DOLLAR GENERAL CORP

11,864 shares

1,612,911

DOORDASH INC

6,892 shares

681,550

ELEVANCE HEALTH INC

2,279 shares

1,074,685

ELI LILLY & CO

12,942 shares

7,544,151

FISERV INC

4,043 shares

537,072

THE WILLIAMS INVESTMENT PLUS PLAN

EIN: 73‑0569878 PLAN: 008

Schedule H, line 4i - Schedule of Assets (held at end of year)

December 31, 2023

(a)

(b) Identity of issue, borrower, lessor,
or similar party

(d) Cost**

(e) Current value

FORTINET INC

3,130 shares

183,199

GENERAL ELECTRIC CO

10,614 shares

1,354,665

GOLDMAN SACHS GROUP INC

1,807 shares

697,086

HUMANA INC

3,391 shares

1,552,434

INTUIT INC

4,868 shares

3,042,646

INTUITIVE SURGICAL INC

11,320 shares

3,818,915

LAM RESEARCH CORP

554 shares

433,926

LINDE PLC

2,925 shares

1,201,327

LULULEMON ATHLETICA INC

2,576 shares

1,317,083

MARSH & MCLENNAN COS INC

8,172 shares

1,548,349

MASTERCARD INC CL A

15,603 shares

6,654,836

META PLATFORMS INC CL A

40,534 shares

14,347,415

MICROSOFT CORP

94,880 shares

35,678,675

MONDELEZ INTL INC

9,900 shares

717,057

MONGODB INC CL A

3,562 shares

1,456,324

MONOLITHIC POWER SYS INC

2,395 shares

1,510,718

MORGAN STANLEY

12,732 shares

1,187,259

MSCI INC

468 shares

264,724

NETFLIX INC

7,767 shares

3,781,597

NIKE INC CL B

6,601 shares

716,671

NVIDIA CORP

32,223 shares

15,957,474

OLD DOMINION FREIGHT LINES INC

2,422 shares

981,709

PROCTER & GAMBLE CO

4,100 shares

600,814

ROPER TECHNOLOGIES INC

3,537 shares

1,928,266

ROSS STORES INC

11,935 shares

1,651,685

S&P GLOBAL INC

3,193 shares

1,406,580

SCHLUMBERGER LTD

15,400 shares

801,416

SCHWAB CHARLES CORP

13,755 shares

946,344

SEA LTD ADR

10,863 shares

439,952

SERVICENOW INC

8,743 shares

6,176,842

SHERWIN WILLIAMS CO

3,840 shares

1,197,696

SHOPIFY INC CL A

20,629 shares

1,606,999

SHOPIFY INC CL A

650 shares

50,605

SNOWFLAKE INC CL A

2,782 shares

553,618

STRYKER CORP

4,887 shares

1,463,461

SYNOPSYS INC

6,029 shares

3,104,392

T-MOBILE US INC

16,068 shares

2,576,182

TAIWAN SEMIC MFG CO LTD SP ADR

8,353 shares

868,712

TE CONNECTIVITY LTD

3,193 shares

448,617

TELEFLEX INC

1,435 shares

357,803

TESLA INC

25,479 shares

6,331,022

THE WILLIAMS INVESTMENT PLUS PLAN

EIN: 73‑0569878 PLAN: 008

Schedule H, line 4i - Schedule of Assets (held at end of year)

December 31, 2023

(a)

(b) Identity of issue, borrower, lessor,
or similar party

(d) Cost**

(e) Current value

TEXAS INSTRUMENTS INC

3,282 shares

559,450

THE BOOKING HOLDINGS INC

683 shares

2,422,751

THERMO FISHER SCIENTIFIC INC

5,651 shares

2,999,494

TJX COMPANIES INC NEW

12,236 shares

1,147,859

TRANSDIGM GROUP INC

636 shares

643,378

UNITEDHEALTH GROUP INC

15,654 shares

8,241,361

VEEVA SYS INC CL A

2,902 shares

558,693

VERALTO CORP

2,336 shares

192,159

VISA INC CL A

31,721 shares

8,258,562

ZOETIS INC CL A

7,619 shares

1,503,762

Corporate Bonds:

ANT INTERNATIONAL CO LTD

Par value of $167,470 3.55% Due 8/14/2024

167,269

CARVANA CO PIK VAR 06/01/2030 144A

Par value of $152,000 Variable Due 6/1/2030

127,845

CARVANA CO PIK VAR 06/01/2031 144A

Par value of $179,000 Variable Due 6/1/2031

152,895

CARVANA CO PIK VAR 12/01/2028 144A

Par value of $101,000 Variable Due 12/1/2028

85,718

William Blair U.S. Small/Mid Cap Growth Equity Portfolio:

Interest-bearing Cash:

BROWN BROTHERS HARRIMAN STIF FUND

547,382 shares

547,382

Common Stock:

ABIOMED INC CVR

2,047 shares

5,691

ACADIA HEALTHCARE CO INC

12,765 shares

992,606

ADVANCED DRAINAGE SYSTEMS INC

8,117 shares

1,141,575

ALARM.COM HOLDINGS INC

10,010 shares

646,846

AMBARELLA INC

6,502 shares

398,508

AMICUS THERAPEUTICS INC

52,143 shares

739,909

AXON ENTERPRISE INC

4,851 shares

1,253,159

BIO TECHNE CORP

10,928 shares

843,204

BLUEPRINT MEDICINES CORP

8,369 shares

771,957

BRIGHT HORIZONS FAMILY SOLUTIONS INC

8,167 shares

769,658

BRINKS CO

10,983 shares

965,955

BUILDERS FIRSTSOURCE

5,462 shares

911,826

BURLINGTON STORES INC

2,732 shares

531,319

BWX TECHNOLOGIES INC

19,180 shares

1,471,681

CAMECO CORP

17,417 shares

750,673

CARLYLE GROUP INC (THE)

33,799 shares

1,375,281

CASELLA WASTE SYS INC CL A

9,476 shares

809,819

CERTARA INC

25,330 shares

445,555

CF INDUSTRIES HOLDINGS INC

10,245 shares

814,478

THE WILLIAMS INVESTMENT PLUS PLAN

EIN: 73‑0569878 PLAN: 008

Schedule H, line 4i - Schedule of Assets (held at end of year)

December 31, 2023

(a)

(b) Identity of issue, borrower, lessor,
or similar party

(d) Cost**

(e) Current value

CHARLES RIVER LABS INTL INC

2,168 shares

512,515

CHART INDUSTRIES INC

5,136 shares

700,191

CHEMED CORP

2,286 shares

1,336,739

CLEARWATER ANALYTICS HOLDINGS INC

28,149 shares

563,824

COGNEX CORP

12,851 shares

536,401

CROWN HOLDINGS INC

10,370 shares

954,973

DYNATRACE INC

21,620 shares

1,182,398

EAGLE MATERIALS INC

2,630 shares

533,469

ELF BEAUTY INC

9,136 shares

1,318,690

ENCOMPASS HEALTH CORP

21,452 shares

1,431,277

ENTEGRIS INC

4,439 shares

531,881

EURONET WORLDWIDE INC

2,992 shares

303,658

EVEREST GROUP LTD

1,686 shares

596,136

EVOLENT HEALTH INC A

22,100 shares

729,963

EXLSERVICE HOLDINGS INC

15,256 shares

470,648

FIRSTSERVICE CORP

3,927 shares

636,527

FIVE BELOW INC

5,675 shares

1,209,683

FLYWIRE CORP

24,454 shares

566,110

FRESHPET INC

15,378 shares

1,334,195

GLOBUS MEDICAL INC

7,165 shares

381,823

GUIDEWIRE SOFTWARE INC

11,489 shares

1,252,761

HEALTHEQUITY INC

10,146 shares

672,680

HEICO CORP CL A

6,313 shares

899,224

INSMED INC

18,749 shares

581,032

INSPIRE MEDICAL SYSTEMS INC

3,694 shares

751,470

INSULET CORP

4,150 shares

900,467

KOSMOS ENERGY LTD

71,501 shares

479,772

LANCASTER COLONY CORP

6,697 shares

1,114,314

LATTICE SEMICONDUCTOR CORP

6,499 shares

448,366

LIVE NATION ENTERTAINMENT INC

7,944 shares

743,558

MERCURY SYSTEMS INC

26,102 shares

954,550

MERIT MEDICAL SYSTEMS INC

14,441 shares

1,096,938

NATIONAL VISION HOLDINGS INC

39,368 shares

823,972

NEOGEN CORP

34,454 shares

692,870

NEW FORTRESS ENERGY INC

26,532 shares

1,001,052

NICE LTD SPON ADR

4,828 shares

963,234

NOBLE CORP PLC

9,071 shares

436,859

NOVANTA INC

4,525 shares

762,055

PENUMBRA INC

4,348 shares

1,093,696

POOL CORP

3,252 shares

1,296,605

REGAL REXNORD CORP

2,834 shares

419,489

THE WILLIAMS INVESTMENT PLUS PLAN

EIN: 73‑0569878 PLAN: 008

Schedule H, line 4i - Schedule of Assets (held at end of year)

December 31, 2023

(a)

(b) Identity of issue, borrower, lessor,
or similar party

(d) Cost**

(e) Current value

REPLIGEN

4,527 shares

813,955

REVOLVE GROUP INC

24,813 shares

411,400

SHOALS TECHNOLOGIES GROUP INC

22,767 shares

353,799

SITEONE LANDSCAPE SUPPLY INC

3,052 shares

495,950

SPS COMMERCE INC

2,575 shares

499,138

SUPER MICRO COMPUTER INC

2,575 shares

731,970

TECHNIPFMC PLC

17,834 shares

359,177

TENABLE HOLDINGS INC

16,992 shares

782,652

TOPBUILD CORP

2,122 shares

794,180

TRADEWEB MARKETS INC A

9,061 shares

823,464

TREX CO INC

9,874 shares

817,468

TWIST BIOSCIENCE CORP

16,815 shares

619,801

TYLER TECHNOLOGIES INC

2,377 shares

993,871

VARONIS SYSTEMS INC

14,641 shares

662,944

VIRTU FINANCIAL INC- CL A

29,492 shares

597,508

WESTERN ALLIANCE BANCORP

8,912 shares

586,320

WHITECAP RESOURCES INC

66,416 shares

446,515

WILLSCOT MOBILE MINI HOLDINGS CORP

9,273 shares

412,649

420,839,584

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.

117,513,614

Investments (at fair value)

1,636,174,315

Participant Loans

Loans with varying maturity dates extended to participants at interest rates of 4.25% to 9.5%

25,069,950

1,661,244,265

*Party-in-interest

**Column not applicable for participant-directed investments.

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/Melissa McGillen

Melissa McGillen

Chairman, Administrative Committee

The Williams Companies, Inc.

Date: June 13, 2024

EXHIBIT INDEX


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