Schwab Annuity Portfolios
Schwab S&P 500 Index Portfolio
Schwab S&P 500 Index Portfolio
Portfolio Holdings as of March 31, 2022 (Unaudited)
The following are the portfolio holdings as of the report date. For more information, please refer to the fund’s semiannual or annual shareholder reports.
| SECURITY | NUMBER OF SHARES | VALUE ($) |
| COMMON STOCKS 99.5% OF NET ASSETS | ||
| Automobiles & Components 2.8% | ||
| Aptiv plc * | 10,231 | 1,224,753 |
| BorgWarner, Inc. | 9,075 | 353,017 |
| Ford Motor Co. | 148,789 | 2,516,022 |
| General Motors Co. * | 54,963 | 2,404,082 |
| Tesla, Inc. * | 31,667 | 34,124,359 |
| 40,622,233 | ||
| Banks 3.8% | ||
| Bank of America Corp. | 268,886 | 11,083,481 |
| Citigroup, Inc. | 75,056 | 4,007,990 |
| Citizens Financial Group, Inc. | 16,125 | 730,946 |
| Comerica, Inc. | 4,931 | 445,910 |
| Fifth Third Bancorp | 25,866 | 1,113,273 |
| First Republic Bank | 6,781 | 1,099,200 |
| Huntington Bancshares, Inc. | 54,378 | 795,006 |
| JPMorgan Chase & Co. | 111,787 | 15,238,804 |
| KeyCorp | 35,188 | 787,507 |
| M&T Bank Corp. | 4,873 | 825,974 |
| People's United Financial, Inc. | 16,157 | 322,978 |
| Regions Financial Corp. | 35,687 | 794,393 |
| Signature Bank | 2,374 | 696,745 |
| SVB Financial Group * | 2,221 | 1,242,539 |
| The PNC Financial Services Group, Inc. | 15,886 | 2,930,173 |
| Truist Financial Corp. | 50,490 | 2,862,783 |
| U.S. Bancorp | 51,081 | 2,714,955 |
| Wells Fargo & Co. | 146,987 | 7,122,990 |
| Zions Bancorp NA | 5,746 | 376,708 |
| 55,192,355 | ||
| Capital Goods 5.3% | ||
| 3M Co. | 21,601 | 3,215,957 |
| A.O. Smith Corp. | 4,974 | 317,789 |
| Allegion plc | 3,387 | 371,825 |
| AMETEK, Inc. | 8,744 | 1,164,526 |
| Carrier Global Corp. | 32,318 | 1,482,427 |
| Caterpillar, Inc. | 20,462 | 4,559,343 |
| Cummins, Inc. | 5,386 | 1,104,722 |
| Deere & Co. | 10,609 | 4,407,615 |
| Dover Corp. | 5,446 | 854,477 |
| Eaton Corp. plc | 15,075 | 2,287,782 |
| Emerson Electric Co. | 22,466 | 2,202,791 |
| Fastenal Co. | 21,745 | 1,291,653 |
| Fortive Corp. | 13,569 | 826,759 |
| Fortune Brands Home & Security, Inc. | 5,153 | 382,765 |
| Generac Holdings, Inc. * | 2,390 | 710,451 |
| General Dynamics Corp. | 8,718 | 2,102,607 |
| General Electric Co. | 41,585 | 3,805,028 |
| Honeywell International, Inc. | 25,941 | 5,047,600 |
| Howmet Aerospace, Inc. | 14,364 | 516,242 |
| Huntington Ingalls Industries, Inc. | 1,514 | 301,952 |
| IDEX Corp. | 2,869 | 550,073 |
| SECURITY | NUMBER OF SHARES | VALUE ($) |
| Illinois Tool Works, Inc. | 10,802 | 2,261,939 |
| Ingersoll Rand, Inc. | 15,438 | 777,303 |
| Johnson Controls International plc | 26,594 | 1,743,769 |
| L3Harris Technologies, Inc. | 7,425 | 1,844,890 |
| Lockheed Martin Corp. | 9,169 | 4,047,197 |
| Masco Corp. | 9,080 | 463,080 |
| Nordson Corp. | 2,056 | 466,876 |
| Northrop Grumman Corp. | 5,552 | 2,482,965 |
| Otis Worldwide Corp. | 16,064 | 1,236,125 |
| PACCAR, Inc. | 13,134 | 1,156,711 |
| Parker-Hannifin Corp. | 4,855 | 1,377,655 |
| Pentair plc | 6,303 | 341,686 |
| Quanta Services, Inc. | 5,406 | 711,484 |
| Raytheon Technologies Corp. | 56,444 | 5,591,907 |
| Rockwell Automation, Inc. | 4,404 | 1,233,252 |
| Roper Technologies, Inc. | 3,990 | 1,884,198 |
| Snap-on, Inc. | 2,011 | 413,220 |
| Stanley Black & Decker, Inc. | 6,170 | 862,504 |
| Textron, Inc. | 8,318 | 618,693 |
| The Boeing Co. * | 20,732 | 3,970,178 |
| Trane Technologies plc | 8,825 | 1,347,578 |
| TransDigm Group, Inc. * | 1,993 | 1,298,519 |
| United Rentals, Inc. * | 2,738 | 972,565 |
| W.W. Grainger, Inc. | 1,639 | 845,380 |
| Westinghouse Air Brake Technologies Corp. | 7,089 | 681,749 |
| Xylem, Inc. | 6,807 | 580,365 |
| 76,716,172 | ||
| Commercial & Professional Services 0.7% | ||
| Cintas Corp. | 3,334 | 1,418,250 |
| Copart, Inc. * | 8,072 | 1,012,794 |
| Equifax, Inc. | 4,615 | 1,094,216 |
| Jacobs Engineering Group, Inc. | 4,902 | 675,545 |
| Leidos Holdings, Inc. | 5,302 | 572,722 |
| Nielsen Holdings plc | 13,568 | 369,592 |
| Republic Services, Inc. | 7,909 | 1,047,943 |
| Robert Half International, Inc. | 4,143 | 473,048 |
| Rollins, Inc. | 8,579 | 300,694 |
| Verisk Analytics, Inc. | 6,095 | 1,308,170 |
| Waste Management, Inc. | 14,554 | 2,306,809 |
| 10,579,783 | ||
| Consumer Durables & Apparel 0.9% | ||
| D.R. Horton, Inc. | 12,189 | 908,202 |
| Garmin Ltd. | 5,760 | 683,194 |
| Hasbro, Inc. | 4,919 | 402,964 |
| Lennar Corp., Class A | 9,882 | 802,122 |
| Mohawk Industries, Inc. * | 2,071 | 257,218 |
| Newell Brands, Inc. | 14,282 | 305,778 |
| NIKE, Inc., Class B | 48,278 | 6,496,288 |
| NVR, Inc. * | 124 | 553,941 |
| PulteGroup, Inc. | 9,422 | 394,782 |
| PVH Corp. | 2,637 | 202,021 |
| Ralph Lauren Corp. | 1,738 | 197,159 |
1
Schwab S&P 500 Index Portfolio
Portfolio Holdings (Unaudited) continued
| SECURITY | NUMBER OF SHARES | VALUE ($) |
| Tapestry, Inc. | 10,041 | 373,023 |
| Under Armour, Inc., Class A * | 7,112 | 121,046 |
| Under Armour, Inc., Class C * | 8,066 | 125,507 |
| VF Corp. | 12,229 | 695,341 |
| Whirlpool Corp. | 2,237 | 386,509 |
| 12,905,095 | ||
| Consumer Services 1.9% | ||
| Booking Holdings, Inc. * | 1,553 | 3,647,143 |
| Caesars Entertainment, Inc. * | 8,066 | 623,986 |
| Carnival Corp. * | 30,626 | 619,258 |
| Chipotle Mexican Grill, Inc. * | 1,065 | 1,684,862 |
| Darden Restaurants, Inc. | 4,834 | 642,680 |
| Domino's Pizza, Inc. | 1,374 | 559,232 |
| Expedia Group, Inc. * | 5,683 | 1,111,993 |
| Hilton Worldwide Holdings, Inc. * | 10,552 | 1,601,160 |
| Las Vegas Sands Corp. * | 13,042 | 506,943 |
| Marriott International, Inc., Class A * | 10,353 | 1,819,540 |
| McDonald's Corp. | 28,262 | 6,988,627 |
| MGM Resorts International | 14,267 | 598,358 |
| Norwegian Cruise Line Holdings Ltd. * | 15,857 | 346,951 |
| Penn National Gaming, Inc. * | 6,289 | 266,779 |
| Royal Caribbean Cruises Ltd. * | 8,463 | 709,030 |
| Starbucks Corp. | 43,509 | 3,958,014 |
| Wynn Resorts Ltd. * | 3,970 | 316,568 |
| Yum! Brands, Inc. | 10,927 | 1,295,177 |
| 27,296,301 | ||
| Diversified Financials 5.2% | ||
| American Express Co. | 23,268 | 4,351,116 |
| Ameriprise Financial, Inc. | 4,194 | 1,259,710 |
| Berkshire Hathaway, Inc., Class B * | 69,275 | 24,447,840 |
| BlackRock, Inc. | 5,395 | 4,122,697 |
| Capital One Financial Corp. | 15,662 | 2,056,264 |
| Cboe Global Markets, Inc. | 4,041 | 462,371 |
| CME Group, Inc. | 13,597 | 3,234,182 |
| Discover Financial Services | 10,895 | 1,200,520 |
| FactSet Research Systems, Inc. | 1,431 | 621,269 |
| Franklin Resources, Inc. | 10,608 | 296,175 |
| Intercontinental Exchange, Inc. | 21,256 | 2,808,343 |
| Invesco Ltd. | 12,935 | 298,281 |
| MarketAxess Holdings, Inc. | 1,442 | 490,568 |
| Moody's Corp. | 6,123 | 2,065,962 |
| Morgan Stanley | 53,628 | 4,687,087 |
| MSCI, Inc. | 3,079 | 1,548,368 |
| Nasdaq, Inc. | 4,437 | 790,673 |
| Northern Trust Corp. | 7,862 | 915,530 |
| Raymond James Financial, Inc. | 7,070 | 777,064 |
| S&P Global, Inc. | 13,399 | 5,496,002 |
| State Street Corp. | 13,848 | 1,206,438 |
| Synchrony Financial | 19,719 | 686,418 |
| T. Rowe Price Group, Inc. | 8,667 | 1,310,364 |
| The Bank of New York Mellon Corp. | 27,989 | 1,389,094 |
| The Charles Schwab Corp. (a) | 56,716 | 4,781,726 |
| The Goldman Sachs Group, Inc. | 12,841 | 4,238,814 |
| 75,542,876 | ||
| Energy 3.9% | ||
| APA Corp. | 13,733 | 567,585 |
| Baker Hughes Co. | 34,260 | 1,247,407 |
| Chevron Corp. | 72,919 | 11,873,401 |
| ConocoPhillips | 49,262 | 4,926,200 |
| Coterra Energy, Inc. | 30,817 | 831,134 |
| Devon Energy Corp. | 23,838 | 1,409,541 |
| Diamondback Energy, Inc. | 6,444 | 883,343 |
| EOG Resources, Inc. | 22,134 | 2,639,037 |
| SECURITY | NUMBER OF SHARES | VALUE ($) |
| Exxon Mobil Corp. | 160,143 | 13,226,210 |
| Halliburton Co. | 33,991 | 1,287,239 |
| Hess Corp. | 10,430 | 1,116,427 |
| Kinder Morgan, Inc. | 73,651 | 1,392,740 |
| Marathon Oil Corp. | 29,370 | 737,481 |
| Marathon Petroleum Corp. | 21,920 | 1,874,160 |
| Occidental Petroleum Corp. | 33,567 | 1,904,592 |
| ONEOK, Inc. | 16,869 | 1,191,457 |
| Phillips 66 | 17,714 | 1,530,312 |
| Pioneer Natural Resources Co. | 8,588 | 2,147,258 |
| Schlumberger N.V. | 53,087 | 2,193,024 |
| The Williams Cos., Inc. | 45,975 | 1,536,025 |
| Valero Energy Corp. | 15,440 | 1,567,778 |
| 56,082,351 | ||
| Food & Staples Retailing 1.5% | ||
| Costco Wholesale Corp. | 16,775 | 9,659,884 |
| Sysco Corp. | 19,169 | 1,565,149 |
| The Kroger Co. | 25,278 | 1,450,199 |
| Walgreens Boots Alliance, Inc. | 27,114 | 1,213,894 |
| Walmart, Inc. | 53,520 | 7,970,198 |
| 21,859,324 | ||
| Food, Beverage & Tobacco 3.0% | ||
| Altria Group, Inc. | 68,969 | 3,603,630 |
| Archer-Daniels-Midland Co. | 21,168 | 1,910,624 |
| Brown-Forman Corp., Class B | 6,925 | 464,114 |
| Campbell Soup Co. | 7,620 | 339,623 |
| Conagra Brands, Inc. | 18,090 | 607,281 |
| Constellation Brands, Inc., Class A | 6,225 | 1,433,742 |
| General Mills, Inc. | 22,836 | 1,546,454 |
| Hormel Foods Corp. | 10,667 | 549,777 |
| Kellogg Co. | 9,645 | 622,006 |
| Lamb Weston Holdings, Inc. | 5,500 | 329,505 |
| McCormick & Co, Inc. | 9,454 | 943,509 |
| Molson Coors Beverage Co., Class B | 7,084 | 378,144 |
| Mondelez International, Inc., Class A | 52,528 | 3,297,708 |
| Monster Beverage Corp. * | 14,214 | 1,135,699 |
| PepsiCo, Inc. | 52,333 | 8,759,498 |
| Philip Morris International, Inc. | 58,632 | 5,507,890 |
| The Coca-Cola Co. | 147,052 | 9,117,224 |
| The Hershey Co. | 5,501 | 1,191,682 |
| The JM Smucker Co. | 4,091 | 553,962 |
| The Kraft Heinz Co. | 26,862 | 1,058,094 |
| Tyson Foods, Inc., Class A | 11,065 | 991,756 |
| 44,341,922 | ||
| Health Care Equipment & Services 5.9% | ||
| Abbott Laboratories | 66,892 | 7,917,337 |
| ABIOMED, Inc. * | 1,720 | 569,733 |
| Align Technology, Inc. * | 2,775 | 1,209,900 |
| AmerisourceBergen Corp. | 5,694 | 880,919 |
| Anthem, Inc. | 9,181 | 4,509,891 |
| Baxter International, Inc. | 18,942 | 1,468,763 |
| Becton Dickinson & Co. | 10,773 | 2,865,618 |
| Boston Scientific Corp. * | 53,908 | 2,387,585 |
| Cardinal Health, Inc. | 10,481 | 594,273 |
| Centene Corp. * | 22,072 | 1,858,242 |
| Cerner Corp. | 11,133 | 1,041,603 |
| Cigna Corp. | 12,216 | 2,927,076 |
| CVS Health Corp. | 49,646 | 5,024,672 |
| DaVita, Inc. * | 2,311 | 261,397 |
| Dentsply Sirona, Inc. | 8,232 | 405,179 |
| DexCom, Inc. * | 3,667 | 1,876,037 |
| Edwards Lifesciences Corp. * | 23,619 | 2,780,429 |
| HCA Healthcare, Inc. | 9,058 | 2,270,116 |
2
Schwab S&P 500 Index Portfolio
Portfolio Holdings (Unaudited) continued
| SECURITY | NUMBER OF SHARES | VALUE ($) |
| Henry Schein, Inc. * | 5,244 | 457,224 |
| Hologic, Inc. * | 9,459 | 726,640 |
| Humana, Inc. | 4,862 | 2,115,796 |
| IDEXX Laboratories, Inc. * | 3,208 | 1,754,968 |
| Intuitive Surgical, Inc. * | 13,534 | 4,082,937 |
| Laboratory Corp. of America Holdings * | 3,521 | 928,347 |
| McKesson Corp. | 5,672 | 1,736,369 |
| Medtronic plc | 50,863 | 5,643,250 |
| Molina Healthcare, Inc. * | 2,213 | 738,235 |
| Quest Diagnostics, Inc. | 4,501 | 616,007 |
| ResMed, Inc. | 5,525 | 1,339,868 |
| STERIS plc | 3,788 | 915,825 |
| Stryker Corp. | 12,701 | 3,395,612 |
| Teleflex, Inc. | 1,767 | 626,985 |
| The Cooper Cos., Inc. | 1,867 | 779,640 |
| UnitedHealth Group, Inc. | 35,627 | 18,168,701 |
| Universal Health Services, Inc., Class B | 2,780 | 402,961 |
| Zimmer Biomet Holdings, Inc. | 7,903 | 1,010,794 |
| 86,288,929 | ||
| Household & Personal Products 1.5% | ||
| Church & Dwight Co., Inc. | 9,163 | 910,619 |
| Colgate-Palmolive Co. | 31,880 | 2,417,460 |
| Kimberly-Clark Corp. | 12,745 | 1,569,674 |
| The Clorox Co. | 4,639 | 644,960 |
| The Estee Lauder Cos., Inc., Class A | 8,793 | 2,394,510 |
| The Procter & Gamble Co. | 90,680 | 13,855,904 |
| 21,793,127 | ||
| Insurance 2.1% | ||
| Aflac, Inc. | 22,685 | 1,460,687 |
| American International Group, Inc. | 31,410 | 1,971,606 |
| Aon plc, Class A | 8,127 | 2,646,395 |
| Arthur J. Gallagher & Co. | 7,876 | 1,375,150 |
| Assurant, Inc. | 2,143 | 389,662 |
| Brown & Brown, Inc. | 8,847 | 639,373 |
| Chubb Ltd. | 16,296 | 3,485,714 |
| Cincinnati Financial Corp. | 5,675 | 771,573 |
| Everest Re Group Ltd. | 1,487 | 448,152 |
| Globe Life, Inc. | 3,498 | 351,899 |
| Lincoln National Corp. | 6,312 | 412,552 |
| Loews Corp. | 7,432 | 481,742 |
| Marsh & McLennan Cos., Inc. | 19,099 | 3,254,852 |
| MetLife, Inc. | 26,537 | 1,865,020 |
| Principal Financial Group, Inc. | 9,193 | 674,858 |
| Prudential Financial, Inc. | 14,313 | 1,691,367 |
| The Allstate Corp. | 10,604 | 1,468,760 |
| The Hartford Financial Services Group, Inc. | 12,673 | 910,048 |
| The Progressive Corp. | 22,112 | 2,520,547 |
| The Travelers Cos., Inc. | 9,133 | 1,668,873 |
| W.R. Berkley Corp. | 7,906 | 526,461 |
| Willis Towers Watson plc | 4,618 | 1,090,864 |
| 30,106,155 | ||
| Materials 2.6% | ||
| Air Products and Chemicals, Inc. | 8,386 | 2,095,745 |
| Albemarle Corp. | 4,425 | 978,589 |
| Amcor plc | 57,240 | 648,529 |
| Avery Dennison Corp. | 3,129 | 544,352 |
| Ball Corp. | 12,244 | 1,101,960 |
| Celanese Corp. | 4,099 | 585,624 |
| CF Industries Holdings, Inc. | 8,123 | 837,156 |
| Corteva, Inc. | 27,497 | 1,580,528 |
| Dow, Inc. | 27,847 | 1,774,411 |
| DuPont de Nemours, Inc. | 19,385 | 1,426,348 |
| SECURITY | NUMBER OF SHARES | VALUE ($) |
| Eastman Chemical Co. | 4,879 | 546,741 |
| Ecolab, Inc. | 9,432 | 1,665,314 |
| FMC Corp. | 4,782 | 629,168 |
| Freeport-McMoRan, Inc. | 55,532 | 2,762,162 |
| International Flavors & Fragrances, Inc. | 9,628 | 1,264,445 |
| International Paper Co. | 14,683 | 677,620 |
| Linde plc | 19,387 | 6,192,789 |
| LyondellBasell Industries N.V., Class A | 9,942 | 1,022,236 |
| Martin Marietta Materials, Inc. | 2,358 | 907,571 |
| Newmont Corp. | 30,167 | 2,396,768 |
| Nucor Corp. | 10,289 | 1,529,460 |
| Packaging Corp. of America | 3,601 | 562,152 |
| PPG Industries, Inc. | 8,979 | 1,176,878 |
| Sealed Air Corp. | 5,625 | 376,650 |
| The Mosaic Co. | 14,012 | 931,798 |
| The Sherwin-Williams Co. | 9,124 | 2,277,533 |
| Vulcan Materials Co. | 5,017 | 921,623 |
| Westrock Co. | 9,982 | 469,454 |
| 37,883,604 | ||
| Media & Entertainment 8.1% | ||
| Activision Blizzard, Inc. | 29,471 | 2,360,922 |
| Alphabet, Inc., Class A * | 11,377 | 31,643,419 |
| Alphabet, Inc., Class C * | 10,507 | 29,345,946 |
| Charter Communications, Inc., Class A * | 4,509 | 2,459,750 |
| Comcast Corp., Class A | 171,129 | 8,012,260 |
| Discovery, Inc., Class A * | 6,455 | 160,859 |
| Discovery, Inc., Class C * | 11,392 | 284,458 |
| DISH Network Corp., Class A * | 9,465 | 299,567 |
| Electronic Arts, Inc. | 10,625 | 1,344,169 |
| Fox Corp., Class A | 11,948 | 471,349 |
| Fox Corp., Class B | 5,422 | 196,710 |
| Live Nation Entertainment, Inc. * | 5,101 | 600,082 |
| Match Group, Inc. * | 10,710 | 1,164,605 |
| Meta Platforms, Inc., Class A * | 87,347 | 19,422,479 |
| Netflix, Inc. * | 16,795 | 6,291,239 |
| News Corp., Class A | 14,593 | 323,235 |
| News Corp., Class B | 4,697 | 105,776 |
| Omnicom Group, Inc. | 7,909 | 671,316 |
| Paramount Global, Class B | 22,955 | 867,928 |
| Take-Two Interactive Software, Inc. * | 4,376 | 672,766 |
| The Interpublic Group of Cos., Inc. | 14,879 | 527,461 |
| The Walt Disney Co. * | 68,871 | 9,446,346 |
| Twitter, Inc. * | 30,251 | 1,170,411 |
| 117,843,053 | ||
| Pharmaceuticals, Biotechnology & Life Sciences 7.6% | ||
| AbbVie, Inc. | 66,874 | 10,840,944 |
| Agilent Technologies, Inc. | 11,373 | 1,504,989 |
| Amgen, Inc. | 21,307 | 5,152,459 |
| Biogen, Inc. * | 5,557 | 1,170,304 |
| Bio-Rad Laboratories, Inc., Class A * | 818 | 460,722 |
| Bio-Techne Corp. | 1,482 | 641,765 |
| Bristol-Myers Squibb Co. | 82,453 | 6,021,543 |
| Catalent, Inc. * | 6,776 | 751,458 |
| Charles River Laboratories International, Inc. * | 1,912 | 542,951 |
| Danaher Corp. | 24,071 | 7,060,746 |
| Eli Lilly & Co. | 30,034 | 8,600,837 |
| Gilead Sciences, Inc. | 47,451 | 2,820,962 |
| Illumina, Inc. * | 5,912 | 2,065,653 |
| Incyte Corp. * | 7,111 | 564,756 |
| IQVIA Holdings, Inc. * | 7,230 | 1,671,648 |
| Johnson & Johnson | 99,583 | 17,649,095 |
| Merck & Co., Inc. | 95,553 | 7,840,124 |
| Mettler-Toledo International, Inc. * | 869 | 1,193,302 |
| Moderna, Inc. * | 13,344 | 2,298,637 |
3
Schwab S&P 500 Index Portfolio
Portfolio Holdings (Unaudited) continued
| SECURITY | NUMBER OF SHARES | VALUE ($) |
| Organon & Co. | 9,552 | 333,651 |
| PerkinElmer, Inc. | 4,773 | 832,698 |
| Pfizer, Inc. | 212,328 | 10,992,221 |
| Regeneron Pharmaceuticals, Inc. * | 4,037 | 2,819,522 |
| Thermo Fisher Scientific, Inc. | 14,905 | 8,803,638 |
| Vertex Pharmaceuticals, Inc. * | 9,630 | 2,513,141 |
| Viatris, Inc. | 45,742 | 497,673 |
| Waters Corp. * | 2,311 | 717,311 |
| West Pharmaceutical Services, Inc. | 2,802 | 1,150,809 |
| Zoetis, Inc. | 17,896 | 3,375,007 |
| 110,888,566 | ||
| Real Estate 2.7% | ||
| Alexandria Real Estate Equities, Inc. | 5,503 | 1,107,479 |
| American Tower Corp. | 17,227 | 4,327,767 |
| AvalonBay Communities, Inc. | 5,281 | 1,311,642 |
| Boston Properties, Inc. | 5,360 | 690,368 |
| CBRE Group, Inc., Class A * | 12,659 | 1,158,552 |
| Crown Castle International Corp. | 16,352 | 3,018,579 |
| Digital Realty Trust, Inc. | 10,743 | 1,523,357 |
| Duke Realty Corp. | 14,412 | 836,761 |
| Equinix, Inc. | 3,406 | 2,525,958 |
| Equity Residential | 12,914 | 1,161,227 |
| Essex Property Trust, Inc. | 2,469 | 852,990 |
| Extra Space Storage, Inc. | 5,066 | 1,041,570 |
| Federal Realty Investment Trust | 2,675 | 326,537 |
| Healthpeak Properties, Inc. | 20,438 | 701,636 |
| Host Hotels & Resorts, Inc. | 27,049 | 525,562 |
| Iron Mountain, Inc. | 10,939 | 606,130 |
| Kimco Realty Corp. | 23,281 | 575,041 |
| Mid-America Apartment Communities, Inc. | 4,362 | 913,621 |
| Prologis, Inc. | 27,991 | 4,519,987 |
| Public Storage | 5,771 | 2,252,306 |
| Realty Income Corp. | 21,431 | 1,485,168 |
| Regency Centers Corp. | 5,822 | 415,341 |
| SBA Communications Corp. | 4,109 | 1,413,907 |
| Simon Property Group, Inc. | 12,432 | 1,635,554 |
| UDR, Inc. | 11,313 | 649,027 |
| Ventas, Inc. | 15,102 | 932,699 |
| Vornado Realty Trust | 6,020 | 272,826 |
| Welltower, Inc. | 16,476 | 1,584,003 |
| Weyerhaeuser Co. | 28,291 | 1,072,229 |
| 39,437,824 | ||
| Retailing 6.4% | ||
| Advance Auto Parts, Inc. | 2,367 | 489,874 |
| Amazon.com, Inc. * | 16,554 | 53,965,212 |
| AutoZone, Inc. * | 780 | 1,594,772 |
| Bath & Body Works, Inc. | 9,777 | 467,341 |
| Best Buy Co., Inc. | 8,190 | 744,471 |
| CarMax, Inc. * | 6,117 | 590,168 |
| Dollar General Corp. | 8,766 | 1,951,575 |
| Dollar Tree, Inc. * | 8,511 | 1,363,037 |
| eBay, Inc. | 23,656 | 1,354,543 |
| Etsy, Inc. * | 4,782 | 594,307 |
| Genuine Parts Co. | 5,375 | 677,357 |
| LKQ Corp. | 10,154 | 461,093 |
| Lowe's Cos., Inc. | 25,485 | 5,152,812 |
| O'Reilly Automotive, Inc. * | 2,549 | 1,745,963 |
| Pool Corp. | 1,512 | 639,349 |
| Ross Stores, Inc. | 13,365 | 1,208,998 |
| Target Corp. | 18,125 | 3,846,487 |
| The Home Depot, Inc. | 39,499 | 11,823,236 |
| The TJX Cos., Inc. | 45,120 | 2,733,370 |
| SECURITY | NUMBER OF SHARES | VALUE ($) |
| Tractor Supply Co. | 4,305 | 1,004,658 |
| Ulta Beauty, Inc. * | 2,047 | 815,156 |
| 93,223,779 | ||
| Semiconductors & Semiconductor Equipment 6.0% | ||
| Advanced Micro Devices, Inc. * | 61,841 | 6,761,695 |
| Analog Devices, Inc. | 19,869 | 3,281,961 |
| Applied Materials, Inc. | 33,591 | 4,427,294 |
| Broadcom, Inc. | 15,618 | 9,834,342 |
| Enphase Energy, Inc. * | 5,067 | 1,022,419 |
| Intel Corp. | 154,030 | 7,633,727 |
| KLA Corp. | 5,701 | 2,086,908 |
| Lam Research Corp. | 5,277 | 2,836,968 |
| Microchip Technology, Inc. | 21,031 | 1,580,269 |
| Micron Technology, Inc. | 42,357 | 3,299,187 |
| Monolithic Power Systems, Inc. | 1,642 | 797,487 |
| NVIDIA Corp. | 94,568 | 25,803,824 |
| NXP Semiconductor N.V. | 10,059 | 1,861,720 |
| Qorvo, Inc. * | 4,102 | 509,058 |
| QUALCOMM, Inc. | 42,630 | 6,514,717 |
| Skyworks Solutions, Inc. | 6,205 | 827,002 |
| SolarEdge Technologies, Inc. * | 1,981 | 638,615 |
| Teradyne, Inc. | 6,178 | 730,425 |
| Texas Instruments, Inc. | 34,933 | 6,409,507 |
| 86,857,125 | ||
| Software & Services 13.1% | ||
| Accenture plc, Class A | 23,906 | 8,061,820 |
| Adobe, Inc. * | 17,844 | 8,130,083 |
| Akamai Technologies, Inc. * | 6,160 | 735,442 |
| ANSYS, Inc. * | 3,301 | 1,048,563 |
| Autodesk, Inc. * | 8,322 | 1,783,821 |
| Automatic Data Processing, Inc. | 15,888 | 3,615,156 |
| Broadridge Financial Solutions, Inc. | 4,423 | 688,705 |
| Cadence Design Systems, Inc. * | 10,486 | 1,724,528 |
| Ceridian HCM Holding, Inc. * | 5,167 | 353,216 |
| Citrix Systems, Inc. | 4,726 | 476,853 |
| Cognizant Technology Solutions Corp., Class A | 19,862 | 1,781,026 |
| DXC Technology Co. * | 9,305 | 303,622 |
| EPAM Systems, Inc. * | 2,141 | 635,042 |
| Fidelity National Information Services, Inc. | 23,033 | 2,312,974 |
| Fiserv, Inc. * | 22,477 | 2,279,168 |
| FleetCor Technologies, Inc. * | 3,077 | 766,358 |
| Fortinet, Inc. * | 5,134 | 1,754,493 |
| Gartner, Inc. * | 3,111 | 925,398 |
| Global Payments, Inc. | 10,756 | 1,471,851 |
| International Business Machines Corp. | 33,922 | 4,410,538 |
| Intuit, Inc. | 10,712 | 5,150,758 |
| Jack Henry & Associates, Inc. | 2,755 | 542,873 |
| Mastercard, Inc., Class A | 32,647 | 11,667,385 |
| Microsoft Corp. | 283,585 | 87,432,091 |
| NortonLifeLock, Inc. | 21,957 | 582,300 |
| Oracle Corp. | 59,601 | 4,930,791 |
| Paychex, Inc. | 12,142 | 1,657,019 |
| Paycom Software, Inc. * | 1,817 | 629,372 |
| PayPal Holdings, Inc. * | 44,071 | 5,096,811 |
| PTC, Inc. * | 3,978 | 428,510 |
| salesforce.com, Inc. * | 37,261 | 7,911,256 |
| ServiceNow, Inc. * | 7,566 | 4,213,430 |
| Synopsys, Inc. * | 5,805 | 1,934,632 |
| Tyler Technologies, Inc. * | 1,555 | 691,804 |
| VeriSign, Inc. * | 3,659 | 813,981 |
| Visa, Inc., Class A | 62,733 | 13,912,297 |
| 190,853,967 | ||
4
Schwab S&P 500 Index Portfolio
Portfolio Holdings (Unaudited) continued
| SECURITY | NUMBER OF SHARES | VALUE ($) |
| Technology Hardware & Equipment 8.8% | ||
| Amphenol Corp., Class A | 22,647 | 1,706,451 |
| Apple Inc. | 586,452 | 102,400,384 |
| Arista Networks, Inc. * | 8,488 | 1,179,662 |
| CDW Corp. | 5,133 | 918,242 |
| Cisco Systems, Inc. | 159,546 | 8,896,285 |
| Corning, Inc. | 28,257 | 1,042,966 |
| F5, Inc. * | 2,291 | 478,704 |
| Hewlett Packard Enterprise Co. | 48,971 | 818,305 |
| HP, Inc. | 40,891 | 1,484,343 |
| IPG Photonics Corp. * | 1,356 | 148,835 |
| Juniper Networks, Inc. | 12,267 | 455,842 |
| Keysight Technologies, Inc. * | 6,924 | 1,093,784 |
| Motorola Solutions, Inc. | 6,397 | 1,549,353 |
| NetApp, Inc. | 8,420 | 698,860 |
| Seagate Technology Holdings plc | 7,619 | 684,948 |
| TE Connectivity Ltd. | 12,313 | 1,612,757 |
| Teledyne Technologies, Inc. * | 1,766 | 834,665 |
| Trimble, Inc. * | 9,464 | 682,733 |
| Western Digital Corp. * | 11,852 | 588,452 |
| Zebra Technologies Corp., Class A * | 2,008 | 830,710 |
| 128,106,281 | ||
| Telecommunication Services 1.2% | ||
| AT&T, Inc. | 270,139 | 6,383,385 |
| Lumen Technologies, Inc. | 34,877 | 393,064 |
| T-Mobile US, Inc. * | 22,210 | 2,850,653 |
| Verizon Communications, Inc. | 158,799 | 8,089,221 |
| 17,716,323 | ||
| Transportation 1.8% | ||
| Alaska Air Group, Inc. * | 4,738 | 274,851 |
| American Airlines Group, Inc. * | 24,517 | 447,435 |
| C.H. Robinson Worldwide, Inc. | 4,919 | 529,826 |
| CSX Corp. | 83,894 | 3,141,830 |
| Delta Air Lines, Inc. * | 24,209 | 957,950 |
| Expeditors International of Washington, Inc. | 6,390 | 659,193 |
| FedEx Corp. | 9,222 | 2,133,879 |
| JB Hunt Transport Services, Inc. | 3,185 | 639,516 |
| Norfolk Southern Corp. | 9,069 | 2,586,660 |
| Old Dominion Freight Line, Inc. | 3,523 | 1,052,250 |
| Southwest Airlines Co. * | 22,392 | 1,025,554 |
| Union Pacific Corp. | 24,091 | 6,581,902 |
| United Airlines Holdings, Inc. * | 12,298 | 570,135 |
| United Parcel Service, Inc., Class B | 27,583 | 5,915,450 |
| 26,516,431 | ||
| Utilities 2.7% | ||
| Alliant Energy Corp. | 9,447 | 590,249 |
| Ameren Corp. | 9,739 | 913,129 |
| American Electric Power Co., Inc. | 19,044 | 1,900,020 |
| American Water Works Co., Inc. | 6,868 | 1,136,860 |
| Atmos Energy Corp. | 5,124 | 612,267 |
| SECURITY | NUMBER OF SHARES | VALUE ($) |
| CenterPoint Energy, Inc. | 23,835 | 730,304 |
| CMS Energy Corp. | 10,970 | 767,242 |
| Consolidated Edison, Inc. | 13,381 | 1,266,913 |
| Constellation Energy Corp. | 12,392 | 697,050 |
| Dominion Energy, Inc. | 30,644 | 2,603,821 |
| DTE Energy Co. | 7,322 | 968,042 |
| Duke Energy Corp. | 29,087 | 3,247,854 |
| Edison International | 14,370 | 1,007,337 |
| Entergy Corp. | 7,605 | 887,884 |
| Evergy, Inc. | 8,655 | 591,483 |
| Eversource Energy | 13,004 | 1,146,823 |
| Exelon Corp. | 37,034 | 1,763,929 |
| FirstEnergy Corp. | 21,579 | 989,613 |
| NextEra Energy, Inc. | 74,223 | 6,287,430 |
| NiSource, Inc. | 14,858 | 472,484 |
| NRG Energy, Inc. | 9,270 | 355,597 |
| Pinnacle West Capital Corp. | 4,267 | 333,253 |
| PPL Corp. | 28,440 | 812,246 |
| Public Service Enterprise Group, Inc. | 19,113 | 1,337,910 |
| Sempra Energy | 12,080 | 2,030,890 |
| The AES Corp. | 25,171 | 647,650 |
| The Southern Co. | 40,087 | 2,906,708 |
| WEC Energy Group, Inc. | 11,940 | 1,191,731 |
| Xcel Energy, Inc. | 20,408 | 1,472,845 |
| 39,669,564 | ||
| Total Common Stocks (Cost $811,805,135) | 1,448,323,140 | |
| ISSUER | FACE AMOUNT ($) | VALUE ($) |
| SHORT-TERM INVESTMENTS 0.4% OF NET ASSETS | ||
| Time Deposits 0.4% | ||
| BNP Paribas SA | ||
| 0.15%, 04/01/22 (b) | 5,135,659 | 5,135,659 |
| Total Short-Term Investments (Cost $5,135,659) | 5,135,659 | |
| Total Investments in Securities (Cost $816,940,794) | 1,453,458,799 | |
| NUMBER OF CONTRACTS | NOTIONAL AMOUNT ($) | CURRENT VALUE/ UNREALIZED APPRECIATION ($) | |
| FUTURES CONTRACTS | |||
| Long | |||
| S&P 500 Index, e-mini, expires 06/17/22 | 28 | 6,343,050 | 91,626 |
| * | Non-income producing security. |
| (a) | Issuer is affiliated with the fund’s investment adviser. |
| (b) | The rate shown is the current daily overnight rate. |
5
Schwab S&P 500 Index Portfolio
Portfolio Holdings (Unaudited) continued
Below is a summary of the fund’s transactions with affiliated issuers during the period ended March 31, 2022:
| VALUE AT 12/31/21 | PURCHASES | SALES | REALIZED GAINS (LOSSES) | NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) | VALUE AT 3/31/22 | BALANCE OF SHARES HELD AT 3/31/22 | DIVIDENDS RECEIVED | |
| COMMON STOCKS 0.3% OF NET ASSETS | ||||||||
| Diversified Financials 0.3% | ||||||||
| The Charles Schwab Corp. | $4,552,333 | $273,204 | ($53,258) | ($3,639) | $13,086 | $4,781,726 | 56,716 | $10,966 |
The following is a summary of the inputs used to value the fund’s investments as of March 31, 2022:
| 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 Stocks1 | $1,448,323,140 | $— | $— | $1,448,323,140 |
| Short-Term Investments1 | — | 5,135,659 | — | 5,135,659 |
| Futures Contracts2 | 91,626 | — | — | 91,626 |
| Total | $1,448,414,766 | $5,135,659 | $— | $1,453,550,425 |
| 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)
Under procedures approved by the fund’s Board of Trustees (the Board), the investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair value. Among other things, these procedures allow the fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
The fund values the securities in its portfolio every business day. The fund uses the following policies 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.
• Mutual funds: Mutual funds are valued at their respective net asset values (NAVs).
• Futures contracts: Futures contracts are valued at their settlement prices as of the close of their exchanges.
• Cash management sweep time deposits: Balances held in cash management sweep time deposits are accounted for on a cost basis, which approximates fair value.
• Securities for which no quoted value is available: The Board has adopted procedures to fair value the fund’s securities when market prices are not “readily available” or are unreliable. For example, the fund may fair value a security when it is 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. The fund makes fair value determinations in good faith in accordance with the fund’s valuation procedures. The Pricing Committee considers a number of factors, including unobservable market inputs, when arriving at fair value. The Pricing Committee may employ techniques 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. The Pricing Committee regularly reviews these inputs and assumptions to calibrate the valuations. 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. The Board convenes on a regular basis to review fair value determinations made by the fund pursuant to the valuation procedures.
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 techniques 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 the fund determines 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 management 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 securities— Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 prices, include active listed equities and futures contracts. Investments in mutual funds are valued daily at their NAVs, which are classified as Level 1 prices, without consideration to the classification level of the underlying securities held by an underlying fund.
• 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 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 fund’s own 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 available for these securities, the fund uses one or more valuation techniques for which sufficient and reliable data is available. The inputs used by the fund 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 by the fund in the absence of market information. Assumptions used by the fund due to the lack of observable inputs may significantly impact the resulting fair value and therefore the fund’s results of operations.
7
Schwab S&P 500 Index Portfolio
Notes to Portfolio Holdings (Unaudited) (continued)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
REG47715MAR22
8