Schwab Annuity Portfolios
Schwab S&P 500 Index Portfolio
Portfolio Holdings as of March 31, 2026 (Unaudited)
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 99.4% OF NET ASSETS
 
Automobiles & Components 2.1%
Aptiv PLC *
12,259
851,265
Ford Motor Co.
227,175
2,621,600
General Motors Co.
52,088
3,880,556
Tesla, Inc. *
162,371
60,361,419
 
67,714,840
 
Banks 3.5%
Bank of America Corp.
383,123
18,677,246
Citigroup, Inc.
100,693
11,419,593
Citizens Financial Group, Inc.
24,488
1,468,545
Fifth Third Bancorp
51,862
2,409,509
Huntington Bancshares, Inc.
116,959
1,830,408
JPMorgan Chase & Co.
155,687
45,796,888
KeyCorp
54,799
1,098,720
M&T Bank Corp.
8,749
1,808,593
PNC Financial Services Group, Inc.
23,273
4,842,879
Regions Financial Corp.
50,643
1,322,795
Truist Financial Corp.
72,745
3,344,088
U.S. Bancorp
89,568
4,658,432
Wells Fargo & Co.
178,199
14,186,422
 
112,864,118
 
Capital Goods 6.8%
3M Co.
30,349
4,407,585
A.O. Smith Corp.
6,392
421,488
Allegion PLC
4,957
720,203
AMETEK, Inc.
13,265
2,843,485
Axon Enterprise, Inc. *
4,547
1,931,065
Boeing Co. *
45,353
9,026,608
Builders FirstSource, Inc. *
6,426
529,053
Carrier Global Corp.
45,273
2,549,323
Caterpillar, Inc.
26,876
19,040,571
Comfort Systems USA, Inc.
2,028
2,796,592
Cummins, Inc.
7,992
4,299,856
Deere & Co.
14,554
8,198,268
Dover Corp.
7,771
1,619,865
Eaton Corp. PLC
22,451
8,030,049
EMCOR Group, Inc.
2,602
1,921,083
Emerson Electric Co.
32,383
4,242,821
Fastenal Co.
66,514
3,086,250
Fortive Corp.
18,058
998,246
GE Vernova, Inc.
15,531
13,557,010
Generac Holdings, Inc. *
3,430
669,982
General Dynamics Corp.
14,623
5,018,906
General Electric Co.
60,589
17,193,341
Honeywell International, Inc.
36,661
8,286,486
Howmet Aerospace, Inc.
23,199
5,346,442
Hubbell, Inc.
3,102
1,522,275
Huntington Ingalls Industries, Inc.
2,303
874,910
IDEX Corp.
4,313
817,529
Illinois Tool Works, Inc.
15,112
3,933,502
Ingersoll Rand, Inc.
20,509
1,643,181
Johnson Controls International PLC
35,390
4,634,320
L3Harris Technologies, Inc.
10,762
3,714,504
Lennox International, Inc.
1,839
853,535
SECURITY
NUMBER
OF SHARES
VALUE ($)
Lockheed Martin Corp.
11,667
7,051,418
Masco Corp.
11,732
708,261
Nordson Corp.
3,070
816,804
Northrop Grumman Corp.
7,687
5,244,379
Otis Worldwide Corp.
22,399
1,726,515
PACCAR, Inc.
30,413
3,512,701
Parker-Hannifin Corp.
7,295
6,530,776
Pentair PLC
9,429
821,360
Quanta Services, Inc.
8,626
4,735,846
Rockwell Automation, Inc.
6,474
2,323,389
RTX Corp.
77,344
14,919,658
Snap-on, Inc.
2,991
1,086,391
Stanley Black & Decker, Inc.
8,965
637,053
Textron, Inc.
9,935
869,909
Trane Technologies PLC
12,793
5,331,355
TransDigm Group, Inc.
3,268
3,787,481
United Rentals, Inc.
3,652
2,660,701
Vertiv Holdings Co., Class A
22,043
5,523,535
Westinghouse Air Brake Technologies
Corp.
9,891
2,471,860
WW Grainger, Inc.
2,521
2,749,932
Xylem, Inc.
14,037
1,677,421
 
219,915,079
 
Commercial & Professional Services 0.8%
Automatic Data Processing, Inc.
23,280
4,730,030
Broadridge Financial Solutions, Inc.
6,727
1,093,003
Cintas Corp.
19,586
3,312,776
Copart, Inc. *
51,801
1,719,793
Equifax, Inc.
6,938
1,249,326
Jacobs Solutions, Inc.
6,767
861,304
Leidos Holdings, Inc.
7,469
1,161,579
Paychex, Inc.
18,616
1,714,906
Republic Services, Inc.
11,594
2,539,318
Rollins, Inc.
16,910
903,163
Veralto Corp.
14,307
1,265,025
Verisk Analytics, Inc.
8,031
1,523,882
Waste Management, Inc.
21,452
4,929,455
 
27,003,560
 
Consumer Discretionary Distribution & Retail 5.5%
Amazon.com, Inc. *
563,965
117,456,991
AutoZone, Inc. *
955
3,225,780
Best Buy Co., Inc.
11,274
723,791
Carvana Co. *
8,149
2,561,883
eBay, Inc.
26,224
2,386,908
Genuine Parts Co.
8,016
847,692
Home Depot, Inc.
57,446
18,893,415
Lowe's Cos., Inc.
32,391
7,653,345
O'Reilly Automotive, Inc. *
48,686
4,494,205
Pool Corp.
1,928
390,092
Ross Stores, Inc.
18,637
4,037,333
TJX Cos., Inc.
64,201
10,252,900
Tractor Supply Co.
30,447
1,379,249
Ulta Beauty, Inc. *
2,556
1,336,047
Williams-Sonoma, Inc.
6,879
1,254,248
 
176,893,879
 
  
1
Schwab S&P 500 Index Portfolio
Portfolio Holdings (Unaudited) continued
SECURITY
NUMBER
OF SHARES
VALUE ($)
Consumer Durables & Apparel 0.5%
Deckers Outdoor Corp. *
8,179
818,636
DR Horton, Inc.
15,524
2,130,203
Garmin Ltd.
9,420
2,185,534
Hasbro, Inc.
7,733
723,809
Lennar Corp., Class A
12,433
1,079,682
Lululemon Athletica, Inc. *
6,160
943,096
NIKE, Inc., Class B
68,963
3,642,626
NVR, Inc. *
161
1,060,962
PulteGroup, Inc.
11,071
1,302,060
Ralph Lauren Corp.
2,227
766,066
Tapestry, Inc.
11,780
1,662,276
 
16,314,950
 
Consumer Services 1.8%
Airbnb, Inc., Class A *
24,407
3,082,116
Booking Holdings, Inc.
1,861
7,835,405
Carnival Corp.
66,906
1,731,527
Chipotle Mexican Grill, Inc. *
75,545
2,418,195
Darden Restaurants, Inc.
6,634
1,300,529
Domino's Pizza, Inc.
1,791
642,593
DoorDash, Inc., Class A *
21,540
3,234,231
Expedia Group, Inc.
6,742
1,556,660
Hilton Worldwide Holdings, Inc.
13,266
4,033,925
Las Vegas Sands Corp.
17,454
940,422
Marriott International, Inc., Class A
12,723
4,161,312
McDonald's Corp.
41,087
12,769,429
MGM Resorts International *
10,766
398,450
Norwegian Cruise Line Holdings Ltd. *
26,473
495,045
Royal Caribbean Cruises Ltd.
14,556
4,005,520
Starbucks Corp.
65,648
5,881,404
Wynn Resorts Ltd.
4,865
494,041
Yum! Brands, Inc.
15,999
2,487,525
 
57,468,329
 
Consumer Staples Distribution & Retail 2.1%
Costco Wholesale Corp.
25,633
25,541,490
Dollar General Corp.
12,683
1,505,853
Dollar Tree, Inc. *
10,656
1,166,939
Kroger Co.
33,548
2,427,533
Sysco Corp.
27,597
1,968,494
Target Corp.
26,091
3,162,229
Walmart, Inc.
253,087
31,453,652
 
67,226,190
 
Energy 4.0%
APA Corp.
20,436
867,304
Baker Hughes Co.
57,200
3,492,060
Chevron Corp.
108,275
22,402,098
ConocoPhillips
70,596
9,318,672
Coterra Energy, Inc.
43,714
1,536,110
Devon Energy Corp.
36,052
1,814,137
Diamondback Energy, Inc.
11,183
2,211,886
EOG Resources, Inc.
31,265
4,519,981
EQT Corp.
35,960
2,288,494
Expand Energy Corp.
13,724
1,506,621
Exxon Mobil Corp.
241,199
40,921,822
Halliburton Co.
48,673
1,897,760
Kinder Morgan, Inc.
112,810
3,782,519
Marathon Petroleum Corp.
16,998
4,150,572
Occidental Petroleum Corp.
41,690
2,709,850
ONEOK, Inc.
36,429
3,292,817
Phillips 66
23,217
4,229,673
SLB Ltd.
86,470
4,443,693
Targa Resources Corp.
12,433
3,117,326
SECURITY
NUMBER
OF SHARES
VALUE ($)
Texas Pacific Land Corp.
3,337
1,583,607
Valero Energy Corp.
17,575
4,342,431
Williams Cos., Inc.
70,368
5,121,383
 
129,550,816
 
Equity Real Estate Investment Trusts (REITs) 1.8%
Alexandria Real Estate Equities, Inc.
9,107
422,747
American Tower Corp.
27,070
4,671,741
AvalonBay Communities, Inc.
8,159
1,332,773
BXP, Inc.
8,305
431,029
Camden Property Trust
5,958
581,858
Crown Castle, Inc.
25,093
2,040,312
Digital Realty Trust, Inc.
18,608
3,353,348
Equinix, Inc.
5,679
5,566,783
Equity Residential
19,810
1,171,761
Essex Property Trust, Inc.
3,713
898,546
Extra Space Storage, Inc.
12,230
1,603,720
Federal Realty Investment Trust
4,450
472,634
Healthpeak Properties, Inc.
40,126
659,270
Host Hotels & Resorts, Inc.
37,730
722,907
Invitation Homes, Inc.
32,497
807,550
Iron Mountain, Inc.
17,046
1,741,078
Kimco Realty Corp.
38,842
872,780
Mid-America Apartment Communities,
Inc.
6,736
822,600
Prologis, Inc.
53,687
7,096,348
Public Storage
9,102
2,465,550
Realty Income Corp.
53,006
3,242,907
Regency Centers Corp.
9,549
722,477
SBA Communications Corp.
6,139
1,056,583
Simon Property Group, Inc.
18,828
3,511,987
UDR, Inc.
17,429
588,752
Ventas, Inc.
27,368
2,238,155
VICI Properties, Inc.
61,586
1,682,530
Welltower, Inc.
40,308
7,969,295
Weyerhaeuser Co.
41,518
1,014,285
 
59,762,306
 
Financial Services 7.3%
American Express Co.
30,913
9,350,564
Ameriprise Financial, Inc.
5,261
2,337,988
Apollo Global Management, Inc.
26,902
2,997,421
ARES Management Corp., Class A
11,870
1,295,017
Bank of New York Mellon Corp.
39,657
4,704,510
Berkshire Hathaway, Inc., Class B *
105,883
50,739,134
Blackrock, Inc.
8,331
8,012,006
Blackstone, Inc.
43,140
4,960,669
Block, Inc. *
31,557
1,899,100
Capital One Financial Corp.
36,107
6,587,000
Cboe Global Markets, Inc.
6,088
1,711,154
Charles Schwab Corp. (a)
95,896
9,012,306
CME Group, Inc.
20,832
6,152,731
Coinbase Global, Inc., Class A *
12,945
2,260,326
Corpay, Inc. *
4,031
1,172,981
FactSet Research Systems, Inc.
2,153
467,180
Fidelity National Information Services,
Inc.
29,839
1,399,748
Fiserv, Inc. *
30,992
1,729,354
Franklin Resources, Inc.
17,329
409,311
Global Payments, Inc.
13,712
922,818
Goldman Sachs Group, Inc.
17,282
14,620,399
Interactive Brokers Group, Inc., Class A
25,662
1,721,150
Intercontinental Exchange, Inc.
32,826
5,162,873
Invesco Ltd.
25,766
625,856
Jack Henry & Associates, Inc.
4,180
660,607
KKR & Co., Inc.
39,730
3,675,025
Mastercard, Inc., Class A
47,006
23,487,018
2
  
Schwab S&P 500 Index Portfolio
Portfolio Holdings (Unaudited) continued
SECURITY
NUMBER
OF SHARES
VALUE ($)
Moody's Corp.
8,878
3,873,028
Morgan Stanley
69,323
11,408,486
MSCI, Inc.
4,234
2,282,168
Nasdaq, Inc.
26,068
2,212,913
Northern Trust Corp.
10,854
1,514,893
PayPal Holdings, Inc.
53,050
2,399,452
Raymond James Financial, Inc.
10,219
1,479,609
Robinhood Markets, Inc., Class A *
45,768
3,171,722
S&P Global, Inc.
17,632
7,499,595
State Street Corp.
16,081
2,035,211
Synchrony Financial
20,269
1,378,697
T. Rowe Price Group, Inc.
12,774
1,151,448
Visa, Inc., Class A
97,035
29,327,858
 
237,809,326
 
Food, Beverage & Tobacco 2.2%
Altria Group, Inc.
96,975
6,399,380
Archer-Daniels-Midland Co.
27,691
2,012,859
Brown-Forman Corp., Class B
10,058
265,933
Bunge Global SA
7,799
992,033
Campbell's Co.
11,289
251,406
Coca-Cola Co.
223,536
16,999,913
Conagra Brands, Inc.
27,132
426,515
Constellation Brands, Inc., Class A
8,092
1,213,800
General Mills, Inc.
30,746
1,144,366
Hershey Co.
8,538
1,774,965
Hormel Foods Corp.
16,434
372,230
J.M. Smucker Co.
6,057
584,137
Keurig Dr. Pepper, Inc.
78,283
2,061,191
Kraft Heinz Co.
49,110
1,104,484
McCormick & Co., Inc. - Non Voting
Shares
14,612
737,029
Molson Coors Beverage Co., Class B
9,898
426,208
Mondelez International, Inc., Class A
74,140
4,273,430
Monster Beverage Corp. *
41,097
2,977,889
PepsiCo, Inc.
78,748
12,228,777
Philip Morris International, Inc.
89,855
14,856,626
Tyson Foods, Inc., Class A
16,508
1,057,667
 
72,160,838
 
Health Care Equipment & Services 3.3%
Abbott Laboratories
100,350
10,302,934
Align Technology, Inc. *
3,845
659,148
Baxter International, Inc.
29,852
501,514
Becton Dickinson & Co.
16,407
2,579,673
Boston Scientific Corp. *
85,682
5,376,545
Cardinal Health, Inc.
13,559
2,865,152
Cencora, Inc.
11,209
3,521,195
Centene Corp. *
26,919
881,328
Cigna Group
15,181
4,049,532
Cooper Cos., Inc. *
11,208
801,372
CVS Health Corp.
73,306
5,264,837
DaVita, Inc. *
1,873
287,861
Dexcom, Inc. *
22,176
1,392,653
Edwards Lifesciences Corp. *
33,633
2,693,331
Elevance Health, Inc.
12,717
3,722,902
GE HealthCare Technologies, Inc.
26,261
1,869,258
HCA Healthcare, Inc.
9,054
4,284,715
Henry Schein, Inc. *
5,766
424,954
Hologic, Inc. *
12,825
969,442
Humana, Inc.
6,949
1,204,887
IDEXX Laboratories, Inc. *
4,629
2,600,989
Insulet Corp. *
4,053
850,482
Intuitive Surgical, Inc. *
20,506
9,453,061
Labcorp Holdings, Inc.
4,777
1,274,551
McKesson Corp.
7,077
6,124,153
Medtronic PLC
74,056
6,416,952
SECURITY
NUMBER
OF SHARES
VALUE ($)
Quest Diagnostics, Inc.
6,419
1,257,996
ResMed, Inc.
8,394
1,884,285
Solventum Corp. *
8,593
561,123
STERIS PLC
5,651
1,249,606
Stryker Corp.
19,895
6,537,298
UnitedHealth Group, Inc.
52,289
14,148,880
Universal Health Services, Inc., Class B
3,223
576,820
Zimmer Biomet Holdings, Inc.
11,419
1,032,506
 
107,621,935
 
Household & Personal Products 0.9%
Church & Dwight Co., Inc.
13,639
1,272,791
Clorox Co.
6,979
723,234
Colgate-Palmolive Co.
46,446
3,958,592
Estee Lauder Cos., Inc., Class A
14,245
1,022,364
Kenvue, Inc.
110,403
1,903,348
Kimberly-Clark Corp.
19,126
1,845,085
Procter & Gamble Co.
134,088
19,367,671
 
30,093,085
 
Insurance 1.7%
Aflac, Inc.
26,899
2,951,089
Allstate Corp.
15,059
3,122,333
American International Group, Inc.
30,917
2,326,504
Aon PLC, Class A
12,360
3,989,561
Arch Capital Group Ltd. *
20,598
1,977,202
Arthur J Gallagher & Co.
14,884
3,223,577
Assurant, Inc.
2,898
631,214
Brown & Brown, Inc.
16,869
1,100,028
Chubb Ltd.
21,012
6,848,441
Cincinnati Financial Corp.
8,990
1,414,577
Erie Indemnity Co., Class A
1,448
363,897
Everest Group Ltd.
2,345
766,463
Globe Life, Inc.
4,607
641,156
Hartford Insurance Group, Inc.
16,071
2,173,281
Loews Corp.
9,736
1,039,221
Marsh & McLennan Cos., Inc.
27,896
4,838,561
MetLife, Inc.
31,718
2,243,097
Principal Financial Group, Inc.
11,399
1,027,164
Progressive Corp.
33,851
6,710,622
Prudential Financial, Inc.
20,052
1,958,880
Travelers Cos., Inc.
12,515
3,650,375
W.R. Berkley Corp.
17,168
1,137,895
Willis Towers Watson PLC
5,479
1,592,745
 
55,727,883
 
Materials 2.1%
Air Products & Chemicals, Inc.
12,885
3,742,964
Albemarle Corp.
6,790
1,219,009
Amcor PLC
26,746
1,063,154
Avery Dennison Corp.
4,457
769,635
Ball Corp.
15,442
912,777
CF Industries Holdings, Inc.
8,987
1,166,872
Corteva, Inc.
38,752
3,243,930
CRH PLC
38,622
4,059,945
Dow, Inc.
41,751
1,738,929
DuPont de Nemours, Inc.
23,578
1,079,872
Ecolab, Inc.
14,749
3,923,529
Freeport-McMoRan, Inc.
82,813
4,867,748
International Flavors & Fragrances, Inc.
14,757
1,070,620
International Paper Co.
30,426
1,086,208
Linde PLC
26,957
13,364,202
LyondellBasell Industries NV, Class A
14,837
1,195,269
Martin Marietta Materials, Inc.
3,503
2,062,146
Mosaic Co.
18,536
472,668
Newmont Corp.
63,075
6,827,869
  
3
Schwab S&P 500 Index Portfolio
Portfolio Holdings (Unaudited) continued
SECURITY
NUMBER
OF SHARES
VALUE ($)
Nucor Corp.
13,187
2,229,922
Packaging Corp. of America
5,150
1,092,933
PPG Industries, Inc.
12,930
1,381,958
Sherwin-Williams Co.
13,335
4,274,534
Smurfit WestRock PLC
30,165
1,202,075
Steel Dynamics, Inc.
8,002
1,440,360
Vulcan Materials Co.
7,614
2,073,292
 
67,562,420
 
Media & Entertainment 9.1%
Alphabet, Inc., Class A
335,877
96,584,790
Alphabet, Inc., Class C
269,770
77,386,222
Charter Communications, Inc., Class A *
4,962
1,071,197
EchoStar Corp., Class A *
7,757
908,112
Electronic Arts, Inc.
13,058
2,662,134
Fox Corp., Class A
18,917
1,104,753
Live Nation Entertainment, Inc. *
9,205
1,403,855
Meta Platforms, Inc., Class A
126,278
72,247,432
Netflix, Inc. *
243,761
23,437,620
News Corp., Class A
29,354
731,795
Omnicom Group, Inc.
18,128
1,365,220
Paramount Skydance Corp., Class B
17,632
159,041
Take-Two Interactive Software, Inc. *
10,113
1,997,318
TKO Group Holdings, Inc.
3,906
787,645
Trade Desk, Inc., Class A *
25,502
578,640
Walt Disney Co.
102,246
9,854,469
Warner Bros Discovery, Inc. *
143,400
3,937,764
 
296,218,007
 
Pharmaceuticals, Biotechnology & Life Sciences 6.1%
AbbVie, Inc.
102,038
22,192,245
Agilent Technologies, Inc.
16,298
1,857,646
Amgen, Inc.
31,028
10,917,202
Biogen, Inc. *
8,456
1,550,238
Bio-Techne Corp.
9,097
475,409
Bristol-Myers Squibb Co.
117,344
7,116,914
Charles River Laboratories International,
Inc. *
2,775
478,687
Danaher Corp.
36,338
6,889,685
Eli Lilly & Co.
45,751
42,080,397
Gilead Sciences, Inc.
71,661
9,987,394
Incyte Corp. *
9,651
908,352
IQVIA Holdings, Inc. *
9,868
1,682,889
Johnson & Johnson
139,109
34,003,804
Merck & Co., Inc.
143,353
17,243,932
Mettler-Toledo International, Inc. *
1,184
1,493,261
Moderna, Inc. *
20,038
1,017,930
Pfizer, Inc.
328,310
9,218,945
Regeneron Pharmaceuticals, Inc.
5,808
4,487,493
Revvity, Inc.
6,579
576,386
Thermo Fisher Scientific, Inc.
21,685
10,658,828
Vertex Pharmaceuticals, Inc. *
14,636
6,535,559
Viatris, Inc.
67,564
912,790
Waters Corp. *
5,705
1,698,949
West Pharmaceutical Services, Inc.
4,145
1,038,903
Zoetis, Inc.
24,323
2,875,222
 
197,899,060
 
Real Estate Management & Development 0.1%
CBRE Group, Inc., Class A *
16,743
2,268,007
CoStar Group, Inc. *
24,421
985,143
 
3,253,150
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
Semiconductors & Semiconductor Equipment 14.4%
Advanced Micro Devices, Inc. *
94,164
19,155,782
Analog Devices, Inc.
28,205
8,973,139
Applied Materials, Inc.
45,816
15,659,451
Broadcom, Inc.
273,690
84,709,792
First Solar, Inc. *
6,183
1,219,659
Intel Corp. *
271,024
11,960,289
KLA Corp.
7,566
11,140,254
Lam Research Corp.
72,083
15,401,254
Microchip Technology, Inc.
31,181
2,014,604
Micron Technology, Inc.
65,013
21,963,992
Monolithic Power Systems, Inc.
2,807
3,069,033
NVIDIA Corp.
1,402,170
244,538,448
NXP Semiconductors NV
14,607
2,875,534
ON Semiconductor Corp. *
22,704
1,405,832
Qnity Electronics, Inc.
12,211
1,408,905
QUALCOMM, Inc.
61,591
7,931,689
Skyworks Solutions, Inc.
8,680
464,814
Teradyne, Inc.
9,024
2,675,255
Texas Instruments, Inc.
52,387
10,170,412
 
466,738,138
 
Software & Services 9.0%
Accenture PLC, Class A
35,518
7,042,864
Adobe, Inc. *
23,720
5,765,858
Akamai Technologies, Inc. *
8,427
967,841
AppLovin Corp., Class A *
15,656
6,231,088
Autodesk, Inc. *
12,216
2,924,510
Cadence Design Systems, Inc. *
15,743
4,374,507
Cognizant Technology Solutions Corp.,
Class A
27,821
1,706,818
Crowdstrike Holdings, Inc., Class A *
14,567
5,687,103
Datadog, Inc., Class A *
19,045
2,248,262
EPAM Systems, Inc. *
3,178
430,301
Fair Isaac Corp. *
1,367
1,459,327
Fortinet, Inc. *
36,422
2,976,406
Gartner, Inc. *
4,072
644,761
Gen Digital, Inc.
31,979
602,165
GoDaddy, Inc., Class A *
7,812
645,818
International Business Machines Corp.
53,954
13,077,910
Intuit, Inc.
16,072
6,949,211
Microsoft Corp.
428,394
158,578,607
Oracle Corp.
97,894
14,401,186
Palantir Technologies, Inc., Class A *
131,856
19,287,896
Palo Alto Networks, Inc. *
46,645
7,478,126
PTC, Inc. *
6,863
977,909
Roper Technologies, Inc.
6,142
2,173,408
Salesforce, Inc.
54,160
10,110,047
ServiceNow, Inc. *
60,427
6,317,643
Synopsys, Inc. *
11,064
4,386,655
Trimble, Inc. *
13,709
894,238
Tyler Technologies, Inc. *
2,526
864,852
VeriSign, Inc.
4,755
1,180,952
Workday, Inc., Class A *
12,399
1,610,878
 
291,997,147
 
Technology Hardware & Equipment 9.3%
Amphenol Corp., Class A
70,955
8,965,164
Apple, Inc.
847,092
214,983,479
Arista Networks, Inc. *
59,606
7,318,425
CDW Corp.
7,653
926,166
Ciena Corp. *
8,116
3,150,875
Cisco Systems, Inc.
228,204
17,706,348
Coherent Corp. *
10,803
2,573,382
Corning, Inc.
45,142
6,137,958
Dell Technologies, Inc., Class C
17,216
2,825,662
4
  
Schwab S&P 500 Index Portfolio
Portfolio Holdings (Unaudited) continued
SECURITY
NUMBER
OF SHARES
VALUE ($)
F5, Inc. *
3,312
958,261
Hewlett Packard Enterprise Co.
76,567
1,823,060
HP, Inc.
52,895
1,016,113
Jabil, Inc.
6,150
1,633,624
Keysight Technologies, Inc. *
9,883
2,790,663
Lumentum Holdings, Inc. *
4,114
2,891,155
Motorola Solutions, Inc.
9,545
4,142,244
NetApp, Inc.
11,415
1,168,782
Sandisk Corp. *
8,505
5,403,567
Seagate Technology Holdings PLC
12,566
4,922,856
Super Micro Computer, Inc. *
29,745
677,294
TE Connectivity PLC
16,908
3,534,110
Teledyne Technologies, Inc. *
2,732
1,652,887
Western Digital Corp.
19,536
5,284,292
Zebra Technologies Corp., Class A *
2,834
592,533
 
303,078,900
 
Telecommunication Services 1.1%
AT&T, Inc.
403,381
11,694,015
Comcast Corp., Class A
207,326
5,952,330
T-Mobile U.S., Inc.
27,377
5,749,991
Verizon Communications, Inc.
242,988
12,197,998
 
35,594,334
 
Transportation 1.4%
CH Robinson Worldwide, Inc.
6,835
1,135,088
CSX Corp.
107,555
4,415,133
Delta Air Lines, Inc.
37,429
2,488,280
Expeditors International of Washington,
Inc.
7,722
1,106,022
FedEx Corp.
12,510
4,455,812
JB Hunt Transport Services, Inc.
4,322
915,832
Norfolk Southern Corp.
12,997
3,730,139
Old Dominion Freight Line, Inc.
10,603
2,071,826
Southwest Airlines Co.
28,715
1,078,823
Uber Technologies, Inc. *
118,591
8,530,251
Union Pacific Corp.
34,259
8,311,919
United Airlines Holdings, Inc. *
18,636
1,715,816
United Parcel Service, Inc., Class B
42,746
4,205,351
 
44,160,292
 
Utilities 2.5%
AES Corp.
41,301
581,931
Alliant Energy Corp.
14,812
1,062,909
Ameren Corp.
15,926
1,750,586
American Electric Power Co., Inc.
31,165
4,085,108
American Water Works Co., Inc.
11,363
1,546,391
Atmos Energy Corp.
9,533
1,760,936
CenterPoint Energy, Inc.
37,619
1,623,636
CMS Energy Corp.
17,656
1,369,753
Consolidated Edison, Inc.
20,798
2,353,918
SECURITY
NUMBER
OF SHARES
VALUE ($)
Constellation Energy Corp.
17,956
5,014,213
Dominion Energy, Inc.
49,203
3,041,730
DTE Energy Co.
12,078
1,766,045
Duke Energy Corp.
45,012
5,893,871
Edison International
22,172
1,622,547
Entergy Corp.
26,064
2,928,551
Evergy, Inc.
13,483
1,104,527
Eversource Energy
21,619
1,497,764
Exelon Corp.
59,271
2,905,464
FirstEnergy Corp.
29,957
1,517,622
NextEra Energy, Inc.
120,002
11,145,786
NiSource, Inc.
27,574
1,286,603
NRG Energy, Inc.
12,347
1,804,391
PG&E Corp.
126,649
2,225,223
Pinnacle West Capital Corp.
6,798
684,899
PPL Corp.
43,052
1,644,586
Public Service Enterprise Group, Inc.
28,961
2,344,393
Sempra
37,608
3,654,369
Southern Co.
63,447
6,123,904
Vistra Corp.
18,458
2,774,791
WEC Energy Group, Inc.
18,894
2,187,358
Xcel Energy, Inc.
34,291
2,724,077
 
82,027,882
Total Common Stocks
(Cost $1,626,570,156)
3,226,656,464
 
INVESTMENT COMPANIES 0.2% OF NET ASSETS
 
Equity Funds 0.2%
iShares Core S&P 500 ETF
10,000
6,532,100
Total Investment Companies
(Cost $6,663,127)
6,532,100
Total Investments in Securities
(Cost $1,633,233,283)
3,233,188,564
 
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
DEPRECIATION
($)
FUTURES CONTRACTS
Long
S&P 500 Index, e-mini, expires
06/18/26
40
13,141,500
(91,153
)
 
*
Non-income producing security.
(a)
Issuer is affiliated with the fund’s investment adviser.
 
ETF —
Exchange-Traded Fund
REIT —
Real Estate Investment Trust
 
Below is a summary of the fund’s transactions with affiliated issuers during the period ended March 31, 2026: 
SECURITY
VALUE AT
12/31/25
PURCHASES
SALES
NET REALIZED
GAINS (LOSSES)
NET CHANGE
IN UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
3/31/26
BALANCE
OF SHARES
HELD AT
3/31/26
DIVIDENDS
RECEIVED
COMMON STOCKS 0.3% OF NET ASSETS
 
Financial Services 0.3%
Charles Schwab Corp. (a)
$8,963,026
$716,596
($94,984
)
($9,069
)
($563,263
)
$9,012,306
95,896
$29,984
 
(a)
Issuer is affiliated with the fund’s investment adviser.
 
  
5
Schwab S&P 500 Index Portfolio
Portfolio Holdings (Unaudited) continued
The following is a summary of the inputs used to value the fund’s investments as of March 31, 2026:  
DESCRIPTION
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1)
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3)
TOTAL
Assets
Common Stocks 1
$3,226,656,464
$—
$—
$3,226,656,464
Investment Companies 1
6,532,100
—
—
6,532,100
Liabilities
Futures Contracts 2
(91,153
)
—
—
(91,153
)
Total
$3,233,097,411
$—
$—
$3,233,097,411
 
1
As categorized in the Portfolio Holdings.
2
Futures contracts are reported at cumulative unrealized appreciation or depreciation.
6
  
Schwab S&P 500 Index Portfolio
Notes to Portfolio Holdings (Unaudited)
Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the 1940 Act), the Board of Trustees has designated authority to a Valuation Designee, the fund’s investment adviser, to make fair valuation determinations under adopted procedures, subject to Board of Trustees oversight. The investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and liabilities as well as to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair value. The Valuation Designee may utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
Securities held in the fund’s portfolio are valued every business day. The following valuation policies and procedures are used by the Valuation Designee to value various types of securities:
● Securities traded on an exchange or over-the-counter: Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at the mean of the most recent bid and ask quotes.
● Futures contracts: Futures contracts are valued at their settlement prices as of the close of their exchanges.
● Mutual funds: Mutual funds are valued at their respective net asset values.
● Securities for which no quoted value is available: The Valuation Designee has adopted procedures to fair value the fund’s securities when market prices are not “readily available” or are unreliable. For example, a security may be fair valued when it’s de-listed or its trading is halted or suspended; when a security’s primary pricing source is unable or unwilling to provide a price; or when a security’s primary trading market is closed during regular market hours. Fair value determinations are made in good faith in accordance with adopted valuation procedures. The Valuation Designee considers a number of factors, including unobservable market inputs, when arriving at fair value. The Valuation Designee may employ methods such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. Due to the subjective and variable nature of fair value pricing, there can be no assurance that the fund could obtain the fair value assigned to the security upon the sale of such security.
In accordance with the authoritative guidance on fair value measurements and disclosures under generally accepted accounting principles in the United States of America (GAAP), the fund discloses the fair value of its investments in a hierarchy that prioritizes the significant inputs to valuation methods used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If it is determined that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and the Valuation Designee’s judgment will be required to estimate fair value.
The three levels of the fair value hierarchy are as follows:
● Level 1 — quoted prices in active markets for identical investments — Investments whose values are based on quoted market prices in active markets. These generally include active listed equities, mutual funds, exchange-traded funds and futures contracts. Mutual funds and exchange-traded funds are classified as Level 1 prices, without consideration to the classification level of the underlying securities held which could be Level 1, Level 2, or Level 3 in the fair value hierarchy.
● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include forward foreign currency exchange contracts, U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations.
● Level 3 — significant unobservable inputs (including the Valuation Designee’s assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not readily available for these securities, one or more valuation methods are used for which sufficient and reliable data is available. The inputs used in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore the fund’s results of operations.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
  
7
Schwab S&P 500 Index Portfolio
Notes to Portfolio Holdings (Unaudited) (continued)
The levels associated with valuing the fund’s investments are disclosed in the fund’s Portfolio Holdings.
REG47715MAR26
8