# EDGAR Filing Document

**Accession Number:** 0000918266
**File Stem:** 0001193125-25-194712
**Filing Date:** 2025-9
**Character Count:** 413694
**Document Hash:** 45b6cf0523bf9cdc0293301d177d07ba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-194712.hdr.sgml**: 20250903

**ACCESSION NUMBER**: 0001193125-25-194712

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250903

**DATE AS OF CHANGE**: 20250903

**EFFECTIVENESS DATE**: 20250903

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SCHWAB ANNUITY PORTFOLIOS
- **CENTRAL INDEX KEY:** 0000918266

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08314
- **FILM NUMBER:** 251288235

**BUSINESS ADDRESS:**
- **STREET 1:** 211 MAIN STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105
- **BUSINESS PHONE:** 1-415-667-7000

**MAIL ADDRESS:**
- **STREET 1:** 211 MAIN STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94105

## Series and Classes Contracts Data

### Schwab Government Money Market Portfolio (Series ID: S000006545)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000017880 | Schwab Government Money Market Portfolio | SWPXX           |

### Schwab S&P 500 Index Portfolio (Series ID: S000006547)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000017882 | Schwab S&P 500 Index Portfolio | SWP1Z           |

### Schwab VIT Balanced Portfolio (Series ID: S000036326)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000111125 | Schwab VIT Balanced Portfolio | SWB1Z           |

### Schwab VIT Balanced with Growth Portfolio (Series ID: S000036327)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000111126 | Schwab VIT Balanced with Growth Portfolio | SWC1Z           |

### Schwab VIT Growth Portfolio (Series ID: S000036328)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000111127 | Schwab VIT Growth Portfolio | SWG1Z           |

?xml version='1.0' encoding='ASCII'? N-CSRS

------

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

------

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08314

------

Schwab Annuity Portfolios

(Exact name of registrant as specified in charter)

------

211 Main Street, San Francisco, California 94105

(Address of principal executive offices) (Zip code)

------

Omar Aguilar

Schwab Annuity Portfolios

211 Main Street, San Francisco, California 94105

(Name and address of agent for service)

------

Registrant's telephone number, including area code: (415) 636-7000

Date of fiscal year end: December 31

Date of reporting period: June 30, 2025

------

Item 1: Report(s) to Shareholders.

------

![](g11827g2img32f2a7021.jpg)

Semiannual Report \| June 30, 2025

Schwab Government Money Market Portfolio

Ticker Symbol: SWPXX

------

This semiannual shareholder report contains important information about the fund for the period of January 1, 2025, to June 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

.

You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

.

If you purchase

or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST six months ENDED June 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br> $10,000 INVESTMENT<br>| &nbsp;&nbsp; COSTS PAID AS A<br> PERCENTAGE OF A<br> $10,000 INVESTMENT<br>|
| Schwab Government Money Market Portfolio | $13 | &nbsp;&nbsp; 0.26%<br> \*<br>|

---

\*

Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (thousands) | $273253 |
| Number of Holdings | 251 |
| Weighted Average Maturity | 34 Days |
| Seven-Day Yield (with waivers) | 4.13% |
| Seven-Day Yield (without waivers) | 4.13% |
| Seven-Day Effective Yield (with waivers) | 4.21% |

---

Portfolio Composition by Security Type % of Investments

![](g11827g2img08c960632.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio Composition By Effective Maturity % of Investments

![](g11827g2imga6a26fcd3.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An

investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal

obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

Portfolio holdings may have changed since the report date.

Fund yields do not reflect the additional fees and expenses imposed by the insurance company under the variable insurance product contract. If those contract fees and

expenses were included, the yields would be less than those shown. Please refer to the variable insurance product prospectus for a complete listing of these expenses.

The Seven-Day Yield (with waivers) is the average income paid out over the previous seven days assuming interest income is not reinvested and it reflects the effect of any

applicable waivers. Absent such waivers, the fund's yield would have been lower. The Seven-Day Yield (without waivers) is the yield without the effect of any applicable

waivers. The Seven-Day Effective Yield (with waivers) is the yield with waivers assuming that all interest income is reinvested in additional shares of the fund.

Less than 0.05%

Includes the fund's position in money market mutual funds registered under the Investment Company Act of 1940, as amended.

Schwab Government Money Market Portfolio \| Semiannual Report

REG124725-01 00315761

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab Funds' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

2 Schwab Government Money Market Portfolio \| Semiannual Report

------

![](g11827g3img0811024c1.jpg)

Semiannual Report \| June 30, 2025

Schwab S&P 500 Index Portfolio

Ticker Symbol: SWP1Z

------

This semiannual shareholder report contains important information about the fund for the period of January 1, 2025, to June 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST six months ENDED June 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab S&P 500 Index Portfolio | $2 | &nbsp;&nbsp;0.03%<br>\*<br>|

---

\*

Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

and principal value will fluctuate so that an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.

To obtain performance information current to the most recent month end,

please visit

www.schwabassetmanagement.com/prospectus

.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab S&P 500 Index Portfolio (11/01/1996)<br>1<br>| 6.19% | &nbsp;&nbsp;&nbsp;&nbsp;15.12% | &nbsp;&nbsp;&nbsp;&nbsp;16.60% | &nbsp;&nbsp;&nbsp;&nbsp;13.56% |
| <br>S&P 500<br>®<br> Index<br>| 6.20% | &nbsp;&nbsp;&nbsp;&nbsp;15.16% | &nbsp;&nbsp;&nbsp;&nbsp;16.64% | &nbsp;&nbsp;&nbsp;&nbsp;13.65% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All total return figures on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Index ownership — "Standard & Poor's®

," "S&P®

," and "S&P 500®

" are registered trademarks of Standard & Poor's Financial Services LLC (S&P), and "Dow Jones®

" is a

registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones) and have been licensed for use by S&P Dow Jones Indices LLC and its affiliates and sublicensed for

certain purposes by Charles Schwab Investment Management, Inc. The "S&P 500®

Index" is a product of S&P Dow Jones Indices LLC or its affiliates, and has been licensed for

use by Charles Schwab Investment Management, Inc. The Schwab S&P 500 Index Portfolio is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow

Jones, S&P, or their respective affiliates, and neither S&P Dow Jones Indices LLC, Dow Jones, S&P, nor their respective affiliates make any representation regarding the

advisability of investing in the fund.

Fund performance does not reflect the additional fees and expenses imposed by the insurance company under the variable insurance product contract. If those contract

fees and expenses were included, the performance would be less than that shown. Please refer to the variable insurance product prospectus for a complete listing of these

expenses.

Schwab S&P 500 Index Portfolio \| Semiannual Report

REG124735-01 00315764

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (millions) | $2707 |
| Number of Holdings<br>(excludes derivatives)<br>| 502 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 2% |
| Weighted Average Market Cap ($ x 1,000,000) | $1145306 |
| Price/Earnings Ratio (P/E) | 27.2 |
| Price/Book Ratio (P/B) | 4.9 |

---

Sector Weightings % of Investments

![](g11827g3imge32dfde22.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Top Equity Holdings % of Net Assets

![](g11827g3imgf36f4a3b3.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc.

(MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc.

Excludes derivatives.

2Schwab S&P 500 Index Portfolio \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab Funds' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab S&P 500 Index Portfolio \| Semiannual Report

------

![](g11827g4img0c5c2ec31.jpg)

Semiannual Report \| June 30, 2025

Schwab VIT Balanced Portfolio

Ticker Symbol: SWB1Z

------

This semiannual shareholder report contains important information about the fund for the period of January 1, 2025, to June 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST six months ENDED June 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab VIT Balanced Portfolio | $26 | &nbsp;&nbsp;0.51%<br>\*<br>|

---

\*

Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

and principal value will fluctuate so that an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.

To obtain performance information current to the most recent month end,

please visit

www.schwabassetmanagement.com/prospectus

.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab VIT Balanced Portfolio (07/25/2012)<br>1<br>| 6.33% | &nbsp;&nbsp;&nbsp;&nbsp;10.12% | &nbsp;&nbsp;&nbsp;&nbsp;5.63% | &nbsp;&nbsp;&nbsp;&nbsp;4.60% |
| <br>S&P 500<br>®<br> Index<br>| 6.20% | &nbsp;&nbsp;&nbsp;&nbsp;15.16% | &nbsp;&nbsp;&nbsp;&nbsp;16.64% | &nbsp;&nbsp;&nbsp;&nbsp;13.65% |
| Bloomberg US Aggregate Bond Index | 4.02% | &nbsp;&nbsp;&nbsp;&nbsp;6.08% | &nbsp;&nbsp;&nbsp;&nbsp;-0.73% | &nbsp;&nbsp;&nbsp;&nbsp;1.76% |
| VIT Balanced Composite Index | 6.46% | &nbsp;&nbsp;&nbsp;&nbsp;10.65% | &nbsp;&nbsp;&nbsp;&nbsp;6.24% | &nbsp;&nbsp;&nbsp;&nbsp;5.21% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All total return figures on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower. Fund

performance does not reflect the additional fees and expenses imposed by the insurance company under the variable insurance product contract. If those contract fees and

expenses were included, the performance would be less than that shown. Please refer to the variable insurance product prospectus for a complete listing of these

expenses.

Schwab VIT Balanced Portfolio \| Semiannual Report

REG124744-01 00315759

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (thousands) | $82607 |
| Number of Holdings | 10 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 8% |

---

Asset Class Weightings % of Investments

![](g11827g4imgb606ffc52.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Top Holdings % of Net Assets

![](g11827g4img8ccab1c63.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

2Schwab VIT Balanced Portfolio \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab Funds' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab VIT Balanced Portfolio \| Semiannual Report

------

![](g11827g5img2f964c061.jpg)

Semiannual Report \| June 30, 2025

Schwab VIT Balanced with Growth Portfolio

Ticker Symbol: SWC1Z

------

This semiannual shareholder report contains important information about the fund for the period of January 1, 2025, to June 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST six months ENDED June 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab VIT Balanced with Growth Portfolio | $25 | &nbsp;&nbsp;0.48%<br>\*<br>|

---

\*

Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

and principal value will fluctuate so that an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.

To obtain performance information current to the most recent month end,

please visit

www.schwabassetmanagement.com/prospectus

.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab VIT Balanced with Growth Portfolio (07/25/2012)<br>1<br>| 7.51% | &nbsp;&nbsp;&nbsp;&nbsp;11.95% | &nbsp;&nbsp;&nbsp;&nbsp;7.99% | &nbsp;&nbsp;&nbsp;&nbsp;6.01% |
| <br>S&P 500<br>®<br> Index<br>| 6.20% | &nbsp;&nbsp;&nbsp;&nbsp;15.16% | &nbsp;&nbsp;&nbsp;&nbsp;16.64% | &nbsp;&nbsp;&nbsp;&nbsp;13.65% |
| Bloomberg US Aggregate Bond Index | 4.02% | &nbsp;&nbsp;&nbsp;&nbsp;6.08% | &nbsp;&nbsp;&nbsp;&nbsp;-0.73% | &nbsp;&nbsp;&nbsp;&nbsp;1.76% |
| VIT Balanced with Growth Composite Index | 7.61% | &nbsp;&nbsp;&nbsp;&nbsp;12.47% | &nbsp;&nbsp;&nbsp;&nbsp;8.57% | &nbsp;&nbsp;&nbsp;&nbsp;6.60% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All total return figures on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower. Fund

performance does not reflect the additional fees and expenses imposed by the insurance company under the variable insurance product contract. If those contract fees and

expenses were included, the performance would be less than that shown. Please refer to the variable insurance product prospectus for a complete listing of these

expenses.

Schwab VIT Balanced with Growth Portfolio \| Semiannual Report

REG124745-01 00315760

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (thousands) | $170668 |
| Number of Holdings | 10 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 7% |

---

Asset Class Weightings % of Investments

![](g11827g5img7e1b43b62.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Top Holdings % of Net Assets

![](g11827g5imge978b8153.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

2Schwab VIT Balanced with Growth Portfolio \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab Funds' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab VIT Balanced with Growth Portfolio \| Semiannual Report

------

![](g11827g6imgff8fd9761.jpg)

Semiannual Report \| June 30, 2025

Schwab VIT Growth Portfolio

Ticker Symbol: SWG1Z

------

This semiannual shareholder report contains important information about the fund for the period of January 1, 2025, to June 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST six months ENDED June 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab VIT Growth Portfolio | $25 | &nbsp;&nbsp;0.48%<br>\*<br>|

---

\*

Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

and principal value will fluctuate so that an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.

To obtain performance information current to the most recent month end,

please visit

www.schwabassetmanagement.com/prospectus

.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab VIT Growth Portfolio (07/25/2012)<br>1<br>| 8.60% | &nbsp;&nbsp;&nbsp;&nbsp;13.52% | &nbsp;&nbsp;&nbsp;&nbsp;10.16% | &nbsp;&nbsp;&nbsp;&nbsp;7.20% |
| <br>S&P 500<br>®<br> Index<br>| 6.20% | &nbsp;&nbsp;&nbsp;&nbsp;15.16% | &nbsp;&nbsp;&nbsp;&nbsp;16.64% | &nbsp;&nbsp;&nbsp;&nbsp;13.65% |
| Bloomberg US Aggregate Bond Index | 4.02% | &nbsp;&nbsp;&nbsp;&nbsp;6.08% | &nbsp;&nbsp;&nbsp;&nbsp;-0.73% | &nbsp;&nbsp;&nbsp;&nbsp;1.76% |
| VIT Growth Composite Index | 8.66% | &nbsp;&nbsp;&nbsp;&nbsp;14.11% | &nbsp;&nbsp;&nbsp;&nbsp;10.71% | &nbsp;&nbsp;&nbsp;&nbsp;7.76% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All total return figures on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower. Fund

performance does not reflect the additional fees and expenses imposed by the insurance company under the variable insurance product contract. If those contract fees and

expenses were included, the performance would be less than that shown. Please refer to the variable insurance product prospectus for a complete listing of these

expenses.

Schwab VIT Growth Portfolio \| Semiannual Report

REG124746-01 00315762

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (thousands) | $169813 |
| Number of Holdings | 8 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 7% |

---

Asset Class Weightings % of Investments

![](g11827g6imgec3d3e102.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Top Holdings % of Net Assets

![](g11827g6img89a27eca3.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

2Schwab VIT Growth Portfolio \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab Funds' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab VIT Growth Portfolio \| Semiannual Report

------

#### Item 2: Code of Ethics.
Not applicable to this semi-annual report.

#### Item 3: Audit Committee Financial Expert.
Not applicable to this semi-annual report.

#### Item 4: Principal Accountant Fees and Services.
Not applicable to this semi-annual report.

#### Item 5: Audit Committee of Listed Registrants.
Not applicable to this semi-annual report.

#### Item 6: Schedule of Investments.
The schedules of investments are included under Item 7 of this Form.

#### Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g149745img879c1fd71.jpg)

**Semiannual Holdings and Financial Statements** \| June 30, 2025

Schwab Government Money Market Portfolio

------

**In This Report**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 - Financial Statements and Financial Highlights for Open-End](#xx_afad108b-7c37-44cc-987b-b3a7cae6e228_1)**<br> **[Management Investment Companies](#xx_afad108b-7c37-44cc-987b-b3a7cae6e228_1)** <br>|  |
| [Financial Statements and Portfolio Holdings](#xx_afad108b-7c37-44cc-987b-b3a7cae6e228_1) | 2 |
| [Financial Notes](#xx_efab1657-baa5-408d-8c41-44dcf772c45a_1) | 16 |
| **[Item 8 – Changes in and Disagreements with Accountants for Open-End](#xx_27e87bc1-275f-4f97-9eac-4abfb82e3955_1)**<br> **[Management Investment Companies](#xx_27e87bc1-275f-4f97-9eac-4abfb82e3955_1)**<br>| 22 |
| **[Item 9 – Proxy Disclosures for Open-End Management Investment](#xx_a373f1fe-5906-4245-bdaa-a09aae7444bb_1)**<br> **[Companies](#xx_a373f1fe-5906-4245-bdaa-a09aae7444bb_1)**<br>| 23 |
| **[Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End](#xx_ffe50359-b39f-49af-8cc9-b3832383ab85_1)**<br> **[Management Investment Companies](#xx_ffe50359-b39f-49af-8cc9-b3832383ab85_1)**<br>| 24 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory](#xx_145052a8-df33-48b9-96b4-9d4a8030f802_1)**<br> **[Contract](#xx_145052a8-df33-48b9-96b4-9d4a8030f802_1)** <br>|  |
| [Investment Advisory Agreement Approval](#xx_145052a8-df33-48b9-96b4-9d4a8030f802_1) | 25  |

---

Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset Management<sup>®</sup>

Distributor: Charles Schwab & Co., Inc. (Schwab)

Schwab Government Money Market Portfolio \| Semiannual Holdings and Financial Statements

**1**

------

Schwab Government Money Market Portfolio

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 1/1/25– <br>6/30/25\*<br>| 1/1/24– <br>12/31/24<br>| 1/1/23– <br>12/31/23<br>| 1/1/22– <br>12/31/22<br>| 1/1/21– <br>12/31/21<br>| 1/1/20– <br>12/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.02 | 0.05 | 0.05 | 0.01 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Net realized and unrealized gains (losses) | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Total from investment operations | 0.02 | 0.05 | 0.05 | 0.01 | 0.00 <br><sup>2</sup><br>| 0.00 <br><sup>2</sup><br>|
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.00 )<sup>23</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>|
| Net asset value at end of period | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $1.00 |
| Total return | 2.07 %<sup>4</sup><br>| 5.07<br> %<br>| 4.89<br> %<br>| 1.43<br> %<br>| 0.06 %<sup>3</sup><br>| 0.28<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Net expenses | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | 0.26<br> %<br>| 0.23 %<sup>5,6</sup><br>| 0.06 %<sup>5</sup><br>| 0.26 %<sup>7,8</sup><br>|
| Total expenses | 0.26 %<sup>9</sup><br>| 0.27<br> %<br>| 0.26<br> %<br>| 0.26 %<sup>6</sup><br>| 0.27<br> %<br>| 0.41<br> %<br>|
| Net investment income (loss) | 4.14 %<sup>9</sup><br>| 4.94<br> %<br>| 4.79<br> %<br>| 1.49<br> %<br>| 0.06<br> %<br>| 0.25<br> %<br>|
| Net assets, end of period (x 1,000) | &nbsp;&nbsp; $273253 | &nbsp;&nbsp; $269319 | &nbsp;&nbsp; $242751 | &nbsp;&nbsp; $223154 | &nbsp;&nbsp; $184916 | &nbsp;&nbsp; $185074 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Per-share amount was less than $0.005.

<sup>3</sup> These amounts include a non-recurring special distribution. The effect on the distributions from net investment income was less than $0.005 and the effect on the total return was 0.05%. 

<sup>4</sup> Not annualized.

<sup>5</sup> Reflects the effect of a voluntary yield waiver.

<sup>6</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>7</sup> Effective September 24, 2020, the contractual expense limitation changed. The ratio presented for period ended December 31, 2020, is a blended ratio.

<sup>8</sup> Reflects the effect of a voluntary yield waiver in excess of the contractual expense limitation.

<sup>9</sup> Annualized.

*See financial notes*

**2**Schwab Government Money Market Portfolio \| Semiannual Holdings and Financial Statements

------

Schwab Government Money Market Portfolio

Portfolio Holdings as of June 30, 2025 (Unaudited)

------

For fixed rate securities, the rate shown is the coupon rate (the rate established when the security was issued) and when a security is purchased with a zero coupon rate, the effective yield at the time of purchase is shown. For variable rate securities, the rate shown is the interest rate as of the report date based on each security's rate reset date. The reference rate and spread used is shown parenthetically in the security description, if available; if not, the reference rate is described in a footnote. The date shown in the maturity date column below is either the date on which the principal amount must be paid or the date payment must be made pursuant to a demand feature. If the security's structure includes one of a number of maturity-shortening provisions set forth in Rule 2a-7, such as an interest rate reset, demand feature or put feature, the effective maturity date is also disclosed. If the effective maturity and maturity date are the same, the date will only appear in the maturity date column.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
| **U.S. GOVERNMENT AGENCY DEBT** 32.3% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 32.3% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 32.3% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 32.3% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 32.3% OF NET ASSETS | **U.S. GOVERNMENT AGENCY DEBT** 32.3% OF NET ASSETS |
| **FEDERAL FARM CREDIT BANKS FUNDING CORP** |  |  |  |  |  |
|  | &nbsp;&nbsp; 5.00% |  | &nbsp;&nbsp; 07/15/25 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100004 |
| <br>(3 mo. US TBILL + 0.18%)<br> *(a)* | &nbsp;&nbsp; 4.42% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 07/17/25 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 700000 |
|  | &nbsp;&nbsp; 3.15% |  | &nbsp;&nbsp; 07/21/25 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99938 |
| <br>(SOFR + 0.16%)<br> *(a)* | &nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 07/21/25 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100000 |
|  | &nbsp;&nbsp; 4.75% |  | &nbsp;&nbsp; 07/29/25 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199987 |
| <br>*(b)* | &nbsp;&nbsp; 4.24% |  | &nbsp;&nbsp; 08/11/25 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199059 |
| <br>(EFFR + 0.14%)<br> *(a)* | &nbsp;&nbsp; 4.47% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 08/20/25 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400000 |
|  | &nbsp;&nbsp; 4.25% |  | &nbsp;&nbsp; 09/05/25 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199963 |
| <br>(EFFR + 0.13%)<br> *(a)* | &nbsp;&nbsp; 4.46% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 09/15/25 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400000 |
| <br>(EFFR + 0.15%)<br> *(a)* | &nbsp;&nbsp; 4.48% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 09/26/25 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200000 |
| <br>*(b)* | &nbsp;&nbsp; 4.07% |  | &nbsp;&nbsp; 10/02/25 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98969 |
| <br>(SOFR + 0.16%)<br> *(a)* | &nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 10/06/25 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000073 |
|  | &nbsp;&nbsp; 5.13% |  | &nbsp;&nbsp; 10/10/25 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 501055 |
| <br>(SOFR + 0.16%)<br> *(a)* | &nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 10/17/25 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400000 |
|  | &nbsp;&nbsp; 5.13% |  | &nbsp;&nbsp; 10/20/25 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100233 |
| <br>(SOFR + 0.13%)<br> *(a)* | &nbsp;&nbsp; 4.52% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 10/21/25 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 800000 |
| <br>(SOFR + 0.12%)<br> *(a)* | &nbsp;&nbsp; 4.51% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 10/29/25 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 600068 |
| <br>(EFFR + 0.14%)<br> *(a)* | &nbsp;&nbsp; 4.47% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 11/10/25 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200054 |
| <br>(SOFR + 0.16%)<br> *(a)* | &nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 11/14/25 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 800000 |
| <br>(SOFR + 0.16%)<br> *(a)* | &nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 11/28/25 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100000 |
| <br>(SOFR + 0.15%)<br> *(a)* | &nbsp;&nbsp; 4.54% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 12/15/25 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100000 |
| <br>(SOFR + 0.09%)<br> *(a)* | &nbsp;&nbsp; 4.48% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 12/22/25 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
| <br>(SOFR + 0.06%)<br> *(a)* | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 12/30/25 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400000 |
| <br>(EFFR + 0.12%)<br> *(a)* | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 01/08/26 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 800000 |
| <br>(SOFR + 0.05%)<br> *(a)* | &nbsp;&nbsp; 4.44% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000017 |
| <br>(SOFR + 0.08%)<br> *(a)* | &nbsp;&nbsp; 4.47% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 01/28/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400000 |
| <br>(SOFR + 0.14%)<br> *(a)* | &nbsp;&nbsp; 4.53% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 01/30/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400095 |
|  | &nbsp;&nbsp; 0.68% |  | &nbsp;&nbsp; 03/09/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97666 |
| <br>(SOFR + 0.11%)<br> *(a)* | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 03/11/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100000 |
| <br>(SOFR + 0.07%)<br> *(a)* | &nbsp;&nbsp; 4.46% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 03/23/26 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200000 |
| <br>(EFFR + 0.10%)<br> *(a)* | &nbsp;&nbsp; 4.43% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 04/01/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400000 |
| <br>(SOFR + 0.10%)<br> *(a)* | &nbsp;&nbsp; 4.49% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 04/17/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400000 |
| <br>(SOFR + 0.06%)<br> *(a)* | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 04/28/26 | &nbsp;&nbsp; 2500000 | &nbsp;&nbsp; 2500000 |
| <br>(SOFR + 0.10%)<br> *(a)* | &nbsp;&nbsp; 4.49% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 05/05/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400000 |
| <br>(SOFR + 0.11%)<br> *(a)* | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 05/06/26 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 1400000 |
| <br>(EFFR + 0.09%)<br> *(a)* | &nbsp;&nbsp; 4.42% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 05/07/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400000 |
| <br>(EFFR + 0.10%)<br> *(a)* | &nbsp;&nbsp; 4.43% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 05/08/26 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 600000 |
| <br>(SOFR + 0.05%)<br> *(a)* | &nbsp;&nbsp; 4.44% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 06/18/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400000 |
|  | &nbsp;&nbsp; 4.38% |  | &nbsp;&nbsp; 06/23/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 401352 |
| <br>(SOFR + 0.10%)<br> *(a)* | &nbsp;&nbsp; 4.49% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 06/24/26 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 600000 |

---

*See financial notes*

Schwab Government Money Market Portfolio \| Semiannual Holdings and Financial Statements

**3**

------

Schwab Government Money Market Portfolio

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
| <br>(SOFR + 0.05%)<br> *(a)* | &nbsp;&nbsp; 4.44% | &nbsp;&nbsp; 07/02/25 | &nbsp;&nbsp; 07/02/26 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 300000 |
| <br>(SOFR + 0.12%)<br> *(a)* | &nbsp;&nbsp; 4.51% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 07/10/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100000 |
| <br>(SOFR + 0.13%)<br> *(a)* | &nbsp;&nbsp; 4.52% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200000 |
| <br>(SOFR + 0.14%)<br> *(a)* | &nbsp;&nbsp; 4.53% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 09/03/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100000 |
| <br>(SOFR + 0.15%)<br> *(a)* | &nbsp;&nbsp; 4.54% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 09/23/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
| <br>(SOFR + 0.05%)<br> *(a)* | &nbsp;&nbsp; 4.44% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 10/02/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400000 |
| <br>(SOFR + 0.16%)<br> *(a)* | &nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 10/30/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400000 |
| <br>(SOFR + 0.14%)<br> *(a)* | &nbsp;&nbsp; 4.53% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 11/18/26 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 300000 |
| <br>(SOFR + 0.14%)<br> *(a)* | &nbsp;&nbsp; 4.53% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 12/23/26 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000000 |
| <br>(SOFR + 0.15%)<br> *(a)* | &nbsp;&nbsp; 4.54% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 01/21/27 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200000 |
| <br>(EFFR + 0.09%)<br> *(a)* | &nbsp;&nbsp; 4.42% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 01/25/27 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 600000 |
| <br>(SOFR + 0.13%)<br> *(a)* | &nbsp;&nbsp; 4.52% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 02/03/27 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400000 |
| <br>(SOFR + 0.10%)<br> *(a)* | &nbsp;&nbsp; 4.49% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 02/12/27 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 300000 |
| <br>(EFFR + 0.10%)<br> *(a)* | &nbsp;&nbsp; 4.43% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 02/18/27 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 300000 |
| <br>(EFFR + 0.09%)<br> *(a)* | &nbsp;&nbsp; 4.42% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 03/10/27 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 750000 |
| <br>(SOFR + 0.09%)<br> *(a)* | &nbsp;&nbsp; 4.48% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 03/11/27 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100000 |
| <br>(SOFR + 0.07%)<br> *(a)* | &nbsp;&nbsp; 4.46% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 04/01/27 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 900000 |
| <br>(SOFR + 0.08%)<br> *(a)* | &nbsp;&nbsp; 4.47% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 04/01/27 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400000 |
| <br>(SOFR + 0.13%)<br> *(a)* | &nbsp;&nbsp; 4.52% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 04/16/27 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200000 |
| <br>(SOFR + 0.13%)<br> *(a)* | &nbsp;&nbsp; 4.52% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 04/23/27 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 800000 |
| <br>(3 mo. US TBILL + 0.16%)<br> *(a)* | &nbsp;&nbsp; 4.40% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 05/19/27 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200000 |
| **FEDERAL HOME LOAN BANKS** |  |  |  |  |  |
| <br>(SOFR + 0.00%)<br> *(a)* | &nbsp;&nbsp; 4.39% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 07/02/25 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 600000 |
| <br>*(b)* | &nbsp;&nbsp; 4.30% |  | &nbsp;&nbsp; 07/07/25 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 899371 |
| <br>(SOFR + 0.16%)<br> *(a)* | &nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 07/10/25 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400010 |
| <br>*(b)* | &nbsp;&nbsp; 4.21% |  | &nbsp;&nbsp; 07/11/25 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 699202 |
| <br>*(b)* | &nbsp;&nbsp; 4.23% |  | &nbsp;&nbsp; 07/11/25 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99885 |
| <br>(SOFR + 0.03%)<br> *(a)* | &nbsp;&nbsp; 4.42% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 07/11/25 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 800000 |
| <br>*(b)* | &nbsp;&nbsp; 4.23% |  | &nbsp;&nbsp; 07/17/25 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 299441 |
| <br>*(b)* | &nbsp;&nbsp; 4.26% |  | &nbsp;&nbsp; 07/18/25 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 499018 |
| <br>*(b)* | &nbsp;&nbsp; 4.83% |  | &nbsp;&nbsp; 07/23/25 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99718 |
| <br>(SOFR + 0.16%)<br> *(a)* | &nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 07/28/25 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400000 |
| <br>*(b)* | &nbsp;&nbsp; 4.22% |  | &nbsp;&nbsp; 07/31/25 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1195830 |
| <br>*(b)* | &nbsp;&nbsp; 4.26% |  | &nbsp;&nbsp; 08/06/25 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 298731 |
| <br>(SOFR + 0.01%)<br> *(a)* | &nbsp;&nbsp; 4.40% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 08/06/25 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 900000 |
|  | &nbsp;&nbsp; 4.13% |  | &nbsp;&nbsp; 08/07/25 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 399992 |
| <br>(SOFR + 0.01%)<br> *(a)* | &nbsp;&nbsp; 4.40% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 08/12/25 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 600000 |
| <br>*(b)* | &nbsp;&nbsp; 4.19% |  | &nbsp;&nbsp; 08/15/25 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 696391 |
| <br>*(b)* | &nbsp;&nbsp; 4.21% |  | &nbsp;&nbsp; 08/15/25 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 895382 |
| <br>(SOFR + 0.01%)<br> *(a)* | &nbsp;&nbsp; 4.40% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 08/18/25 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 900000 |
| <br>(SOFR + 0.06%)<br> *(a)* | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 08/19/25 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 300006 |
| <br>(SOFR + 0.16%)<br> *(a)* | &nbsp;&nbsp; 4.55% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 08/22/25 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 700000 |
| <br>*(b)* | &nbsp;&nbsp; 4.22% |  | &nbsp;&nbsp; 08/25/25 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 695546 |
| <br>*(b)* | &nbsp;&nbsp; 4.24% |  | &nbsp;&nbsp; 08/26/25 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 695438 |
| <br>(SOFR + 0.02%)<br> *(a)* | &nbsp;&nbsp; 4.41% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 08/27/25 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 900000 |
|  | &nbsp;&nbsp; 4.00% |  | &nbsp;&nbsp; 08/28/25 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199861 |
| <br>*(b)* | &nbsp;&nbsp; 4.18% |  | &nbsp;&nbsp; 08/29/25 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 695291 |
| <br>(SOFR + 0.01%)<br> *(a)* | &nbsp;&nbsp; 4.40% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 09/02/25 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 700000 |
| <br>*(b)* | &nbsp;&nbsp; 4.26% |  | &nbsp;&nbsp; 09/10/25 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 396687 |
| <br>*(b)* | &nbsp;&nbsp; 4.29% |  | &nbsp;&nbsp; 09/12/25 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99158 |

---

*See financial notes*

**4**Schwab Government Money Market Portfolio \| Semiannual Holdings and Financial Statements

------

Schwab Government Money Market Portfolio

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
| <br>*(b)* | &nbsp;&nbsp; 4.19% |  | &nbsp;&nbsp; 09/17/25 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 792937 |
| <br>(SOFR + 0.10%)<br> *(a)* | &nbsp;&nbsp; 4.49% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 09/19/25 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1200051 |
| <br>(SOFR + 0.02%)<br> *(a)* | &nbsp;&nbsp; 4.41% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 10/03/25 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 900000 |
| <br>*(b)* | &nbsp;&nbsp; 4.18% |  | &nbsp;&nbsp; 10/06/25 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 494463 |
| <br>(SOFR + 0.02%)<br> *(a)* | &nbsp;&nbsp; 4.41% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 10/06/25 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 900000 |
| <br>(SOFR + 0.02%)<br> *(a)* | &nbsp;&nbsp; 4.41% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 10/10/25 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400000 |
| <br>(SOFR + 0.01%)<br> *(a)* | &nbsp;&nbsp; 4.40% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 10/17/25 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
| <br>*(b)* | &nbsp;&nbsp; 4.26% |  | &nbsp;&nbsp; 10/31/25 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 492883 |
| <br>(SOFR + 0.01%)<br> *(a)* | &nbsp;&nbsp; 4.40% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 11/12/25 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 800000 |
| <br>(SOFR + 0.02%)<br> *(a)* | &nbsp;&nbsp; 4.41% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 11/14/25 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 700000 |
| <br>(SOFR + 0.03%)<br> *(a)* | &nbsp;&nbsp; 4.42% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 11/28/25 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
|  | &nbsp;&nbsp; 4.21% |  | &nbsp;&nbsp; 01/09/26 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 799759 |
| <br>(SOFR + 0.01%)<br> *(a)* | &nbsp;&nbsp; 4.40% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 01/12/26 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 800000 |
| <br>(SOFR + 0.04%)<br> *(a)* | &nbsp;&nbsp; 4.43% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 01/22/26 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 300000 |
|  | &nbsp;&nbsp; 4.38% |  | &nbsp;&nbsp; 01/30/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
|  | &nbsp;&nbsp; 4.40% |  | &nbsp;&nbsp; 02/09/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
| <br>(SOFR + 0.03%)<br> *(a)* | &nbsp;&nbsp; 4.42% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 02/17/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400000 |
|  | &nbsp;&nbsp; 0.68% |  | &nbsp;&nbsp; 02/24/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97857 |
|  | &nbsp;&nbsp; 4.34% |  | &nbsp;&nbsp; 02/25/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400000 |
| <br>*(b)* | &nbsp;&nbsp; 4.17% |  | &nbsp;&nbsp; 02/26/26 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 778427 |
|  | &nbsp;&nbsp; 0.96% |  | &nbsp;&nbsp; 03/05/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97949 |
|  | &nbsp;&nbsp; 4.35% |  | &nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1200000 |
|  | &nbsp;&nbsp; 4.37% |  | &nbsp;&nbsp; 03/10/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
|  | &nbsp;&nbsp; 4.41% |  | &nbsp;&nbsp; 03/17/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400000 |
|  | &nbsp;&nbsp; 4.37% |  | &nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
|  | &nbsp;&nbsp; 4.34% |  | &nbsp;&nbsp; 03/27/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100000 |
| <br>(SOFR + 0.02%)<br> *(a)* | &nbsp;&nbsp; 4.41% | &nbsp;&nbsp; 07/02/25 | &nbsp;&nbsp; 04/02/26 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 800000 |
|  | &nbsp;&nbsp; 4.37% |  | &nbsp;&nbsp; 04/06/26 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 700000 |
|  | &nbsp;&nbsp; 4.36% |  | &nbsp;&nbsp; 04/10/26 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200000 |
| <br>(SOFR + 0.11%)<br> *(a)* | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 04/10/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100000 |
|  | &nbsp;&nbsp; 4.38% |  | &nbsp;&nbsp; 04/27/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
| <br>(SOFR + 0.04%)<br> *(a)* | &nbsp;&nbsp; 4.43% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 04/28/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400000 |
|  | &nbsp;&nbsp; 4.33% |  | &nbsp;&nbsp; 05/08/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
|  | &nbsp;&nbsp; 4.33% |  | &nbsp;&nbsp; 05/15/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400000 |
|  | &nbsp;&nbsp; 4.25% |  | &nbsp;&nbsp; 05/22/26 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2000000 |
|  | &nbsp;&nbsp; 4.36% |  | &nbsp;&nbsp; 05/22/26 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 900000 |
|  | &nbsp;&nbsp; 4.35% |  | &nbsp;&nbsp; 05/28/26 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 300000 |
|  | &nbsp;&nbsp; 4.38% |  | &nbsp;&nbsp; 06/01/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
|  | &nbsp;&nbsp; 4.37% |  | &nbsp;&nbsp; 06/02/26 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 900000 |
|  | &nbsp;&nbsp; 4.40% |  | &nbsp;&nbsp; 06/02/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
|  | &nbsp;&nbsp; 4.40% |  | &nbsp;&nbsp; 06/05/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400000 |
|  | &nbsp;&nbsp; 4.38% |  | &nbsp;&nbsp; 06/12/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100323 |
|  | &nbsp;&nbsp; 4.44% |  | &nbsp;&nbsp; 06/12/26 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 900000 |
| <br>(SOFR + 0.14%)<br> *(a)* | &nbsp;&nbsp; 4.53% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 07/21/26 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 300000 |
| <br>(SOFR + 0.09%)<br> *(a)* | &nbsp;&nbsp; 4.48% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 900000 |
|  | &nbsp;&nbsp; 4.32% |  | &nbsp;&nbsp; 07/24/26 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 600000 |
| <br>(SOFR + 0.18%)<br> *(a)* | &nbsp;&nbsp; 4.57% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 09/18/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
| <br>(SOFR + 0.19%)<br> *(a)* | &nbsp;&nbsp; 4.58% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 09/24/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
| <br>(SOFR + 0.14%)<br> *(a)* | &nbsp;&nbsp; 4.53% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 10/08/26 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 300000 |
| <br>(SOFR + 0.10%)<br> *(a)* | &nbsp;&nbsp; 4.49% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 10/21/26 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 300000 |

---

*See financial notes*

Schwab Government Money Market Portfolio \| Semiannual Holdings and Financial Statements

**5**

------

Schwab Government Money Market Portfolio

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
| <br>(SOFR + 0.10%)<br> *(a)* | &nbsp;&nbsp; 4.49% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 10/23/26 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 900000 |
| <br>(SOFR + 0.19%)<br> *(a)* | &nbsp;&nbsp; 4.58% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 12/23/26 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 300000 |
| <br>(SOFR + 0.05%)<br> *(a)* | &nbsp;&nbsp; 4.44% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 12/28/26 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 299978 |
| <br>(SOFR + 0.06%)<br> *(a)* | &nbsp;&nbsp; 4.45% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 01/04/27 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1500000 |
| <br>(SOFR + 0.12%)<br> *(a)* | &nbsp;&nbsp; 4.51% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 01/25/27 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 700000 |
| <br>(SOFR + 0.11%)<br> *(a)* | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 03/04/27 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
| <br>(SOFR + 0.11%)<br> *(a)* | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 03/10/27 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400000 |
| <br>(SOFR + 0.07%)<br> *(a)* | &nbsp;&nbsp; 4.46% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 03/25/27 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
| <br>(SOFR + 0.08%)<br> *(a)* | &nbsp;&nbsp; 4.47% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 04/05/27 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 600000 |
| <br>(SOFR + 0.12%)<br> *(a)* | &nbsp;&nbsp; 4.51% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 04/09/27 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
| <br>(SOFR + 0.13%)<br> *(a)* | &nbsp;&nbsp; 4.52% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 06/17/27 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
| **FEDERAL HOME LOAN MORTGAGE CORPORATION** |  |  |  |  |  |
|  | &nbsp;&nbsp; 0.38% |  | &nbsp;&nbsp; 07/21/25 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 897878 |
|  | &nbsp;&nbsp; 4.05% |  | &nbsp;&nbsp; 08/28/25 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199838 |
|  | &nbsp;&nbsp; 4.20% |  | &nbsp;&nbsp; 08/28/25 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99923 |
|  | &nbsp;&nbsp; 0.38% |  | &nbsp;&nbsp; 09/23/25 | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp; 1884680 |
|  | &nbsp;&nbsp; 0.60% |  | &nbsp;&nbsp; 10/20/25 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98993 |
| <br>*(b)* | &nbsp;&nbsp; 4.21% |  | &nbsp;&nbsp; 11/07/25 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 788132 |
| <br>(SOFR + 0.11%)<br> *(a)* | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 03/05/26 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 600000 |
| <br>(SOFR + 0.12%)<br> *(a)* | &nbsp;&nbsp; 4.51% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 04/02/26 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200000 |
| <br>(SOFR + 0.11%)<br> *(a)* | &nbsp;&nbsp; 4.50% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 05/07/26 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200000 |
| <br>(SOFR + 0.14%)<br> *(a)* | &nbsp;&nbsp; 4.53% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 09/04/26 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200000 |
| <br>(SOFR + 0.14%)<br> *(a)* | &nbsp;&nbsp; 4.53% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 09/23/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500000 |
| <br>(SOFR + 0.14%)<br> *(a)* | &nbsp;&nbsp; 4.53% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 10/16/26 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 300000 |
| <br>(SOFR + 0.13%)<br> *(a)* | &nbsp;&nbsp; 4.52% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 04/23/27 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 600000 |
| **FEDERAL NATIONAL MORTGAGE ASSOCIATION** |  |  |  |  |  |
|  | &nbsp;&nbsp; 0.38% |  | &nbsp;&nbsp; 08/25/25 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 99466 |
|  | &nbsp;&nbsp; 0.54% |  | &nbsp;&nbsp; 10/27/25 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 691738 |
| <br>(SOFR + 0.10%)<br> *(a)* | &nbsp;&nbsp; 4.49% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 06/18/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400000 |
| <br>(SOFR + 0.12%)<br> *(a)* | &nbsp;&nbsp; 4.51% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 07/29/26 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200000 |
| <br>(SOFR + 0.14%)<br> *(a)* | &nbsp;&nbsp; 4.53% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 08/21/26 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 800000 |
| <br>(SOFR + 0.14%)<br> *(a)* | &nbsp;&nbsp; 4.53% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 10/23/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500049 |
| <br>(SOFR + 0.14%)<br> *(a)* | &nbsp;&nbsp; 4.53% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 11/20/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400000 |
| <br>(SOFR + 0.14%)<br> *(a)* | &nbsp;&nbsp; 4.53% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 12/11/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100000 |
| **Total U.S. Government Agency Debt** <br>**(Cost $88,228,815)**<br>|  |  |  |  | &nbsp;&nbsp; **88228815** |
| **U.S. TREASURY DEBT** 6.6% OF NET ASSETS | **U.S. TREASURY DEBT** 6.6% OF NET ASSETS | **U.S. TREASURY DEBT** 6.6% OF NET ASSETS | **U.S. TREASURY DEBT** 6.6% OF NET ASSETS | **U.S. TREASURY DEBT** 6.6% OF NET ASSETS | **U.S. TREASURY DEBT** 6.6% OF NET ASSETS |
| **UNITED STATES TREASURY** |  |  |  |  |  |
|  | &nbsp;&nbsp; 2.25% |  | &nbsp;&nbsp; 11/15/25 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 198527 |
|  | &nbsp;&nbsp; 0.38% |  | &nbsp;&nbsp; 11/30/25 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 984283 |
|  | &nbsp;&nbsp; 4.88% |  | &nbsp;&nbsp; 11/30/25 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 300697 |
|  | &nbsp;&nbsp; 0.38% |  | &nbsp;&nbsp; 12/31/25 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp; 1569785 |
|  | &nbsp;&nbsp; 2.63% |  | &nbsp;&nbsp; 12/31/25 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 892842 |
|  | &nbsp;&nbsp; 4.25% |  | &nbsp;&nbsp; 12/31/25 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp; 1699897 |
|  | &nbsp;&nbsp; 3.88% |  | &nbsp;&nbsp; 01/15/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 399195 |
|  | &nbsp;&nbsp; 0.38% |  | &nbsp;&nbsp; 01/31/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 489064 |
|  | &nbsp;&nbsp; 2.63% |  | &nbsp;&nbsp; 01/31/26 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 297265 |
|  | &nbsp;&nbsp; 4.25% |  | &nbsp;&nbsp; 01/31/26 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 300032 |

---

*See financial notes*

**6**Schwab Government Money Market Portfolio \| Semiannual Holdings and Financial Statements

------

Schwab Government Money Market Portfolio

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | Effective<br> Maturity<br>| Maturity<br> Date<br>| Face<br> Amount ($)<br>| Value ($) |
| <br>(3 mo. US TBILL + 0.25%)<br> *(a)* | &nbsp;&nbsp; 4.49% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 01/31/26 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1500961 |
|  | &nbsp;&nbsp; 1.63% |  | &nbsp;&nbsp; 02/15/26 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 393601 |
|  | &nbsp;&nbsp; 4.00% |  | &nbsp;&nbsp; 02/15/26 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 199706 |
|  | &nbsp;&nbsp; 0.50% |  | &nbsp;&nbsp; 02/28/26 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 293105 |
|  | &nbsp;&nbsp; 4.63% |  | &nbsp;&nbsp; 03/15/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 500999 |
|  | &nbsp;&nbsp; 4.50% |  | &nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 601699 |
|  | &nbsp;&nbsp; 0.75% |  | &nbsp;&nbsp; 04/30/26 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 291759 |
|  | &nbsp;&nbsp; 2.38% |  | &nbsp;&nbsp; 04/30/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 492665 |
|  | &nbsp;&nbsp; 4.88% |  | &nbsp;&nbsp; 04/30/26 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 804576 |
|  | &nbsp;&nbsp; 1.63% |  | &nbsp;&nbsp; 05/15/26 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97838 |
|  | &nbsp;&nbsp; 3.63% |  | &nbsp;&nbsp; 05/15/26 | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp; 1393389 |
|  | &nbsp;&nbsp; 0.75% |  | &nbsp;&nbsp; 05/31/26 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 193887 |
|  | &nbsp;&nbsp; 4.88% |  | &nbsp;&nbsp; 05/31/26 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 302271 |
|  | &nbsp;&nbsp; 0.88% |  | &nbsp;&nbsp; 06/30/26 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 581149 |
|  | &nbsp;&nbsp; 4.63% |  | &nbsp;&nbsp; 06/30/26 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 301483 |
| <br>(3 mo. US TBILL + 0.18%)<br> *(a)* | &nbsp;&nbsp; 4.42% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 07/31/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 499977 |
| <br>(3 mo. US TBILL + 0.10%)<br> *(a)* | &nbsp;&nbsp; 4.34% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 01/31/27 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 699855 |
| <br>(3 mo. US TBILL + 0.16%)<br> *(a)* | &nbsp;&nbsp; 4.40% | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 04/30/27 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp; 1600442 |
| **Total U.S. Treasury Debt** <br>**(Cost $17,880,949)**<br>|  |  |  |  | &nbsp;&nbsp; **17880949** |
| **VARIABLE RATE DEMAND NOTES** 0.2% OF NET ASSETS | **VARIABLE RATE DEMAND NOTES** 0.2% OF NET ASSETS | **VARIABLE RATE DEMAND NOTES** 0.2% OF NET ASSETS | **VARIABLE RATE DEMAND NOTES** 0.2% OF NET ASSETS | **VARIABLE RATE DEMAND NOTES** 0.2% OF NET ASSETS | **VARIABLE RATE DEMAND NOTES** 0.2% OF NET ASSETS |
| **FARR LIFE LLC** |  |  |  |  |  |
| TAXABLE VARIABLE RATE DEMAND NOTES SERIES 2022 (**LOC**: FEDERAL <br> HOME LOAN BANKS) <br>*(c)* | &nbsp;&nbsp; 4.45% |  | &nbsp;&nbsp; 07/07/25 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 600000 |
| **Total Variable Rate Demand Notes** <br>**(Cost $600,000)**<br>|  |  |  |  | &nbsp;&nbsp; **600000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Issuer | Rate | &nbsp;&nbsp; Effective<br> Maturity<br>| &nbsp;&nbsp; Maturity<br> Date<br>| Number of Shares | Value ($) |
| **INVESTMENT COMPANIES** 0.0% OF NET ASSETS | **INVESTMENT COMPANIES** 0.0% OF NET ASSETS | **INVESTMENT COMPANIES** 0.0% OF NET ASSETS | **INVESTMENT COMPANIES** 0.0% OF NET ASSETS | **INVESTMENT COMPANIES** 0.0% OF NET ASSETS | **INVESTMENT COMPANIES** 0.0% OF NET ASSETS |
| **MONEY MARKET FUNDS 0.0%** | **MONEY MARKET FUNDS 0.0%** | **MONEY MARKET FUNDS 0.0%** | **MONEY MARKET FUNDS 0.0%** | **MONEY MARKET FUNDS 0.0%** | **MONEY MARKET FUNDS 0.0%** |
| STATE STREET INSTITUTIONAL U.S. GOVERNMENT MONEY <br> MARKET FUND, PREMIER CLASS<br>*(d)* | &nbsp;&nbsp; 4.27% |  |  | &nbsp;&nbsp; 45600 | &nbsp;&nbsp; 45600 |
| **Total Investment Companies** <br>**(Cost $45,600)** | **Total Investment Companies** <br>**(Cost $45,600)** | **Total Investment Companies** <br>**(Cost $45,600)** | **Total Investment Companies** <br>**(Cost $45,600)** | **Total Investment Companies** <br>**(Cost $45,600)** | &nbsp;&nbsp; **45600** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ISSUER | FOOTNOTES | RATE | &nbsp;&nbsp; EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| MATURITY<br> AMOUNT ($)<br>| VALUE ($) |
| **REPURCHASE AGREEMENTS** 60.6% OF NET ASSETS | **REPURCHASE AGREEMENTS** 60.6% OF NET ASSETS | **REPURCHASE AGREEMENTS** 60.6% OF NET ASSETS | **REPURCHASE AGREEMENTS** 60.6% OF NET ASSETS | **REPURCHASE AGREEMENTS** 60.6% OF NET ASSETS | **REPURCHASE AGREEMENTS** 60.6% OF NET ASSETS | **REPURCHASE AGREEMENTS** 60.6% OF NET ASSETS |
| **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 29.3%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 29.3%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 29.3%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 29.3%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 29.3%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 29.3%** | **U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENTS\* 29.3%** |
| **BANCO SANTANDER SA** |  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.40% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 1000122 | &nbsp;&nbsp; 1000000 |
| (Collateralized by U.S. Government Agency Securities valued at <br> $1,030,000, 4.50% - 5.00%, due 04/01/40 - 06/01/47)<br>|  |  |  |  |  |  |

---

*See financial notes*

Schwab Government Money Market Portfolio \| Semiannual Holdings and Financial Statements

**7**

------

Schwab Government Money Market Portfolio

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ISSUER | FOOTNOTES | RATE | &nbsp;&nbsp; EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| MATURITY<br> AMOUNT ($)<br>| VALUE ($) |
| **BANK OF AMERICA NA** |  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.40% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 1000122 | &nbsp;&nbsp; 1000000 |
| (Collateralized by U.S. Treasury Securities valued at $1,020,093, <br> 4.88%, due 11/30/25)<br>|  |  |  |  |  |  |
| **BANK OF MONTREAL** |  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.38% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 6000730 | &nbsp;&nbsp; 6000000 |
| (Collateralized by U.S. Government Agency Securities valued at <br> $6,180,752, 5.80% - 5.96%, due 05/20/72)<br>|  |  |  |  |  |  |
| **BARCLAYS BANK PLC** |  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.40% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 1000122 | &nbsp;&nbsp; 1000000 |
| (Collateralized by U.S. Government Agency Securities valued at <br> $1,030,126, 1.50% - 6.50%, due 03/01/28 - 01/15/67)<br>|  |  |  |  |  |  |
| **BNP PARIBAS SA** |  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.40% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 1000122 | &nbsp;&nbsp; 1000000 |
| (Collateralized by U.S. Government Agency Securities valued at <br> $1,050,129, 5.10% - 5.41%, due 02/20/53 - 02/20/55)<br>|  |  |  |  |  |  |
| **BOFA SECURITIES INC** |  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.40% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 2000244 | &nbsp;&nbsp; 2000000 |
| (Collateralized by U.S. Treasury and U.S. Government Agency <br> Securities valued at $2,059,992, 1.88% - 5.75%, due 02/15/51 - <br> 09/20/66)<br>|  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.40% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 2000244 | &nbsp;&nbsp; 2000000 |
| (Collateralized by U.S. Treasury and U.S. Government Agency <br> Securities valued at $2,057,971, 2.38% - 5.10%, due 02/15/55 - <br> 07/20/70)<br>|  |  |  |  |  |  |
| **CANADIAN IMPERIAL BANK OF COMMERCE** |  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.40% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 1000122 | &nbsp;&nbsp; 1000000 |
| (Collateralized by U.S. Treasury and U.S. Government Agency <br> Securities valued at $1,030,005, 0.38% - 7.50%, due 05/31/26 - <br> 10/20/72)<br>|  |  |  |  |  |  |
| **CITIGROUP GLOBAL MARKETS INC** |  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.40% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 1000122 | &nbsp;&nbsp; 1000000 |
| (Collateralized by U.S. Treasury Securities valued at $1,020,085, <br> 1.63% - 4.88%, due 04/30/26 - 02/15/27)<br>|  |  |  |  |  |  |
| **CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK SA** |  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.40% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 1000122 | &nbsp;&nbsp; 1000000 |
| (Collateralized by U.S. Government Agency Securities valued at <br> $1,050,129, 1.25%, due 12/25/30)<br>|  |  |  |  |  |  |
| **DAIWA CAPITAL MARKETS AMERICA INC** |  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.40% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 2000244 | &nbsp;&nbsp; 2000000 |
| (Collateralized by U.S. Treasury and U.S. Government Agency <br> Securities valued at $2,059,888, 3.00% - 7.00%, due 07/16/26 - <br> 06/01/55)<br>|  |  |  |  |  |  |
| **FICC - BANK OF NEW YORK** |  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.41% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 4000490 | &nbsp;&nbsp; 4000000 |
| (Collateralized by U.S. Government Agency Securities valued at <br> $4,120,005, 2.00% - 7.50%, due 04/01/31 - 02/01/55)<br>|  |  |  |  |  |  |

---

*See financial notes*

**8**Schwab Government Money Market Portfolio \| Semiannual Holdings and Financial Statements

------

Schwab Government Money Market Portfolio

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ISSUER | FOOTNOTES | RATE | &nbsp;&nbsp; EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| MATURITY<br> AMOUNT ($)<br>| VALUE ($) |
| **GOLDMAN SACHS & CO LLC** |  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.40% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 3000367 | &nbsp;&nbsp; 3000000 |
| (Collateralized by U.S. Government Agency Securities valued at <br> $3,061,121, 2.40% - 6.00%, due 06/20/39 - 09/16/58)<br>|  |  |  |  |  |  |
| Issued 06/25/25, repurchase date 07/02/25 |  | &nbsp;&nbsp; 4.34% |  | &nbsp;&nbsp; 07/02/25 | &nbsp;&nbsp; 7005907 | &nbsp;&nbsp; 7000000 |
| (Collateralized by U.S. Government Agency Securities valued at <br> $7,140,001, 5.50%, due 08/01/54)<br>|  |  |  |  |  |  |
| Issued 06/27/25, repurchase date 07/03/25 |  | &nbsp;&nbsp; 4.38% |  | &nbsp;&nbsp; 07/03/25 | &nbsp;&nbsp; 10007300 | &nbsp;&nbsp; 10000000 |
| (Collateralized by U.S. Government Agency Securities valued at <br> $10,200,000, 2.00% - 7.00%, due 10/01/32 - 05/20/55)<br>|  |  |  |  |  |  |
| **JP MORGAN SECURITIES LLC** |  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.39% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 1000122 | &nbsp;&nbsp; 1000000 |
| (Collateralized by U.S. Government Agency Securities valued at <br> $1,030,001, 2.50% - 8.50%, due 11/20/29 - 10/15/59)<br>|  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.40% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 5000611 | &nbsp;&nbsp; 5000000 |
| (Collateralized by U.S. Treasury and U.S. Government Agency <br> Securities valued at $5,111,806, 0.13% - 8.00%, due 10/15/25 - <br> 01/20/51)<br>|  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.40% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 6000733 | &nbsp;&nbsp; 6000000 |
| (Collateralized by U.S. Government Agency Securities valued at <br> $6,180,001, 2.50% - 6.50%, due 11/20/50 - 12/20/64)<br>|  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.40% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 1000122 | &nbsp;&nbsp; 1000000 |
| (Collateralized by U.S. Government Agency Securities valued at <br> $1,030,001, 5.35%, due 04/20/55)<br>|  |  |  |  |  |  |
| **MIZUHO SECURITIES USA LLC** |  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.40% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 1000122 | &nbsp;&nbsp; 1000000 |
| (Collateralized by U.S. Treasury Securities valued at $1,020,022, <br> 4.34% - 4.49%, due 01/31/26 - 04/30/27)<br>|  |  |  |  |  |  |
| **NOMURA SECURITIES INTERNATIONAL INC** |  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.40% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 1000122 | &nbsp;&nbsp; 1000000 |
| (Collateralized by U.S. Government Agency Securities valued at <br> $1,031,014, 2.00% - 3.50%, due 09/01/28 - 03/01/50)<br>|  |  |  |  |  |  |
| **RBC DOMINION SECURITIES INC** |  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.40% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 1000122 | &nbsp;&nbsp; 1000000 |
| (Collateralized by U.S. Government Agency Securities valued at <br> $1,030,126, 2.00% - 7.00%, due 01/01/35 - 06/01/55)<br>|  |  |  |  |  |  |
| **SMBC NIKKO SECURITIES AMERICA INC** |  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.40% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 1000122 | &nbsp;&nbsp; 1000000 |
| (Collateralized by U.S. Treasury and U.S. Government Agency <br> Securities valued at $1,020,099, 0.00% - 5.00%, due 08/21/25 - <br> 05/15/54)<br>|  |  |  |  |  |  |
| **TRUIST BANK** |  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.40% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 1000122 | &nbsp;&nbsp; 1000000 |
| (Collateralized by U.S. Government Agency Securities valued at <br> $1,030,000, 1.50%, due 11/01/50 - 02/01/51)<br>|  |  |  |  |  |  |
| **WELLS FARGO BANK NA** |  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.40% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 6000733 | &nbsp;&nbsp; 6000000 |
| (Collateralized by U.S. Treasury and U.S. Government Agency <br> Securities valued at $6,242,558, 0.13% - 6.50%, due 02/15/45 - <br> 08/01/54)<br>|  |  |  |  |  |  |

---

*See financial notes*

Schwab Government Money Market Portfolio \| Semiannual Holdings and Financial Statements

**9**

------

Schwab Government Money Market Portfolio

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ISSUER | FOOTNOTES | RATE | &nbsp;&nbsp; EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| MATURITY<br> AMOUNT ($)<br>| VALUE ($) |
| Issued 06/25/25, repurchase date 07/02/25 |  | &nbsp;&nbsp; 4.35% |  | &nbsp;&nbsp; 07/02/25 | &nbsp;&nbsp; 1000846 | &nbsp;&nbsp; 1000000 |
| (Collateralized by U.S. Government Agency Securities valued at <br> $1,041,360, 2.50% - 6.50%, due 03/01/42 - 04/01/55)<br>|  |  |  |  |  |  |
| Issued 06/27/25, repurchase date 07/03/25 |  | &nbsp;&nbsp; 4.39% |  | &nbsp;&nbsp; 07/03/25 | &nbsp;&nbsp; 5003658 | &nbsp;&nbsp; 5000000 |
| (Collateralized by U.S. Government Agency Securities valued at <br> $5,204,712, 2.50% - 6.00%, due 03/01/28 - 04/01/55)<br>|  |  |  |  |  |  |
| **WELLS FARGO SECURITIES LLC** |  |  |  |  |  |  |
| Issued 06/27/25, repurchase date 07/03/25 |  | &nbsp;&nbsp; 4.39% |  | &nbsp;&nbsp; 07/03/25 | &nbsp;&nbsp; 7005122 | &nbsp;&nbsp; 7000000 |
| (Collateralized by U.S. Government Agency Securities valued at <br> $7,285,327, 2.50%, due 12/01/51)<br>|  |  |  |  |  |  |
|  |  |  |  |  |  | &nbsp;&nbsp; **80000000** |
| **U.S. TREASURY REPURCHASE AGREEMENTS 31.3%** | **U.S. TREASURY REPURCHASE AGREEMENTS 31.3%** | **U.S. TREASURY REPURCHASE AGREEMENTS 31.3%** | **U.S. TREASURY REPURCHASE AGREEMENTS 31.3%** | **U.S. TREASURY REPURCHASE AGREEMENTS 31.3%** | **U.S. TREASURY REPURCHASE AGREEMENTS 31.3%** | **U.S. TREASURY REPURCHASE AGREEMENTS 31.3%** |
| **BANCO BILBAO VIZCAYA ARGENTARIA SA** |  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.39% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 1000122 | &nbsp;&nbsp; 1000000 |
| (Collateralized by U.S. Treasury Securities valued at $1,020,005, <br> 0.88% - 4.88%, due 10/31/25 - 11/15/31)<br>|  |  |  |  |  |  |
| **BANCO SANTANDER SA** |  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.40% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 1000122 | &nbsp;&nbsp; 1000000 |
| (Collateralized by U.S. Treasury Securities valued at $1,020,000, <br> 0.13%, due 01/15/31)<br>|  |  |  |  |  |  |
| **BARCLAYS BANK PLC** |  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.39% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 1000122 | &nbsp;&nbsp; 1000000 |
| (Collateralized by U.S. Treasury Securities valued at $1,020,203, <br> 0.00% - 1.63%, due 07/10/25 - 05/15/31)<br>|  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.39% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 1678291 | &nbsp;&nbsp; 1678086 |
| (Collateralized by U.S. Treasury Securities valued at $1,711,898, <br> 0.00% - 3.75%, due 07/10/25 - 05/15/51)<br>|  |  |  |  |  |  |
| **BNP PARIBAS SA** |  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.39% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 1000122 | &nbsp;&nbsp; 1000000 |
| (Collateralized by U.S. Treasury Securities valued at $1,020,161, <br> 2.25% - 4.49%, due 01/31/26 - 08/15/46)<br>|  |  |  |  |  |  |
| **BOFA SECURITIES INC** |  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.39% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 2000244 | &nbsp;&nbsp; 2000000 |
| (Collateralized by U.S. Treasury Securities valued at $2,040,018, <br> 3.00% - 4.75%, due 05/15/47 - 11/15/53)<br>|  |  |  |  |  |  |
| **CANADIAN IMPERIAL BANK OF COMMERCE** |  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.39% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 1000122 | &nbsp;&nbsp; 1000000 |
| (Collateralized by U.S. Treasury Securities valued at $1,020,015, <br> 0.13% - 4.63%, due 07/15/25 - 02/15/49)<br>|  |  |  |  |  |  |
| **CITIGROUP GLOBAL MARKETS INC** |  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.39% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 3000366 | &nbsp;&nbsp; 3000000 |
| (Collateralized by U.S. Treasury Securities valued at $3,061,179, <br> 3.75% - 5.25%, due 10/31/28 - 01/31/29)<br>|  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/07/25 |  | &nbsp;&nbsp; 4.38% |  | &nbsp;&nbsp; 07/07/25 | &nbsp;&nbsp; 29024698 | &nbsp;&nbsp; 29000000 |
| (Collateralized by U.S. Treasury Securities valued at $29,590,860, <br> 2.38% - 5.25%, due 10/15/28 - 01/31/29)<br>|  |  |  |  |  |  |

---

*See financial notes*

**10**Schwab Government Money Market Portfolio \| Semiannual Holdings and Financial Statements

------

Schwab Government Money Market Portfolio

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ISSUER | FOOTNOTES | RATE | &nbsp;&nbsp; EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| MATURITY<br> AMOUNT ($)<br>| VALUE ($) |
| **CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK SA** |  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.39% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 1000122 | &nbsp;&nbsp; 1000000 |
| (Collateralized by U.S. Treasury Securities valued at $1,020,137, <br> 1.50%, due 11/30/28)<br>|  |  |  |  |  |  |
| Issued 06/25/25, repurchase date 07/02/25 |  | &nbsp;&nbsp; 4.33% |  | &nbsp;&nbsp; 07/02/25 | &nbsp;&nbsp; 2001684 | &nbsp;&nbsp; 2000000 |
| (Collateralized by U.S. Treasury Securities valued at $2,041,761, <br> 1.50%, due 11/30/28)<br>|  |  |  |  |  |  |
| **DAIWA CAPITAL MARKETS AMERICA INC** |  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.39% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 1000122 | &nbsp;&nbsp; 1000000 |
| (Collateralized by U.S. Treasury Securities valued at $1,020,070, <br> 0.75% - 4.50%, due 06/30/26 - 05/15/27)<br>|  |  |  |  |  |  |
| **DEUTSCHE BANK AG (NEW YORK BRANCH)** |  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.40% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 1000122 | &nbsp;&nbsp; 1000000 |
| (Collateralized by U.S. Treasury Securities valued at $1,020,184, <br> 4.50%, due 02/15/44)<br>|  |  |  |  |  |  |
| **FICC - BANK OF NEW YORK** |  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.40% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 7000856 | &nbsp;&nbsp; 7000000 |
| (Collateralized by U.S. Treasury Securities valued at $7,140,019, <br> 2.00%, due 11/15/41)<br>|  |  |  |  |  |  |
| **FICC - STATE STREET BANK AND TRUST CO** |  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.40% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 5000611 | &nbsp;&nbsp; 5000000 |
| (Collateralized by U.S. Treasury Securities valued at $5,100,036, <br> 3.00%, due 05/15/47)<br>|  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.40% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 2000244 | &nbsp;&nbsp; 2000000 |
| (Collateralized by U.S. Treasury Securities valued at $2,040,069, <br> 4.25%, due 06/30/31)<br>|  |  |  |  |  |  |
| **GOLDMAN SACHS & CO LLC** |  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.39% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 2000244 | &nbsp;&nbsp; 2000000 |
| (Collateralized by U.S. Treasury Securities valued at $2,040,000, <br> 2.63% - 4.63%, due 05/31/27 - 05/15/44)<br>|  |  |  |  |  |  |
| **JP MORGAN SECURITIES LLC** |  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.39% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 6000732 | &nbsp;&nbsp; 6000000 |
| (Collateralized by U.S. Treasury Securities valued at $6,120,031, <br> 0.50% - 4.75%, due 10/15/26 - 02/15/37)<br>|  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.39% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 6000732 | &nbsp;&nbsp; 6000000 |
| (Collateralized by U.S. Treasury Securities valued at $6,120,010, <br> 0.13% - 4.00%, due 04/15/26 - 02/29/28)<br>|  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.39% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 3000366 | &nbsp;&nbsp; 3000000 |
| (Collateralized by U.S. Treasury Securities valued at $3,060,050, <br> 3.88% - 4.63%, due 10/15/26 - 11/30/27)<br>|  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.39% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 6000732 | &nbsp;&nbsp; 6000000 |
| (Collateralized by U.S. Treasury Securities valued at $6,120,023, <br> 0.00% - 4.63%, due 12/11/25 - 05/15/42)<br>|  |  |  |  |  |  |
| **MUFG SECURITIES AMERICAS INC** |  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.39% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 1000122 | &nbsp;&nbsp; 1000000 |
| (Collateralized by U.S. Treasury Securities valued at $1,020,006, <br> 0.00% - 4.63%, due 08/07/25 - 05/15/52)<br>|  |  |  |  |  |  |

---

*See financial notes*

Schwab Government Money Market Portfolio \| Semiannual Holdings and Financial Statements

**11**

------

Schwab Government Money Market Portfolio

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ISSUER | FOOTNOTES | RATE | &nbsp;&nbsp; EFFECTIVE<br> MATURITY<br>| MATURITY<br> DATE<br>| MATURITY<br> AMOUNT ($)<br>| VALUE ($) |
| **RBC DOMINION SECURITIES INC** |  |  |  |  |  |  |
| Issued 06/30/25, repurchase date 07/01/25 |  | &nbsp;&nbsp; 4.39% |  | &nbsp;&nbsp; 07/01/25 | &nbsp;&nbsp; 2000244 | &nbsp;&nbsp; 2000000 |
| (Collateralized by U.S. Treasury Securities valued at $2,040,255, <br> 0.13% - 4.25%, due 10/31/26 - 02/15/51)<br>|  |  |  |  |  |  |
|  |  |  |  |  |  | &nbsp;&nbsp; **85678086** |
| **Total Repurchase Agreements** <br>**(Cost $165,678,086)** | **Total Repurchase Agreements** <br>**(Cost $165,678,086)** | **Total Repurchase Agreements** <br>**(Cost $165,678,086)** | **Total Repurchase Agreements** <br>**(Cost $165,678,086)** | **Total Repurchase Agreements** <br>**(Cost $165,678,086)** | **Total Repurchase Agreements** <br>**(Cost $165,678,086)** | &nbsp;&nbsp; **165678086** |
| **Total Investments in Securities** <br>**(Cost $272,433,450)** | **Total Investments in Securities** <br>**(Cost $272,433,450)** | **Total Investments in Securities** <br>**(Cost $272,433,450)** | **Total Investments in Securities** <br>**(Cost $272,433,450)** | **Total Investments in Securities** <br>**(Cost $272,433,450)** | **Total Investments in Securities** <br>**(Cost $272,433,450)** | &nbsp;&nbsp; **272433450** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Collateralized via U.S. Government Agency Securities or less frequently by higher rated U.S. Treasury Securities.

*(a)* Variable rate security; rate shown is effective rate at period end.

*(b)* Zero coupon bond. When a security is purchased with a zero coupon rate the effective yield at the time of purchase is shown.

*(c)* VRDN is a municipal security which allows holders to sell their security through a put or tender feature, at par value plus accrued interest. The interest rate resets on a periodic basis, the majority of which are weekly but may be daily or monthly. Unless a reference rate and spread is shown parenthetically, the Remarketing Agent, generally a dealer, determines the interest rate for the security at each interest rate reset date. The rate is typically based on the SIFMA Municipal Swap Index. 

*(d)* The rate shown is the annualized 7-day yield.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| EFFR — | Effective Federal Funds Rate is published daily by the Federal Reserve Bank of New York and is based on the interest rate financial institutions charge each other for <br> overnight funds.<br>|
| FICC — | Fixed Income Clearing Corp |
| LOC — | Letter of credit |
| SIFMA — | Securities Industry and Financial Markets Association. The SIFMA Municipal Swap Index is a market index comprised of high-grade 7-day tax-exempt Variable Rate <br> Demand Obligations with certain characteristics.<br>|
| SOFR — | Secured Overnight Financing Rate is published daily by the Federal Reserve Bank of New York and is based on the cost of borrowing cash overnight collateralized by <br> U.S. Treasury securities.<br>|
| US TBILL — | The reference rate is the weekly auction stop for the U.S. Treasury Bill. |
| VRDN — | Variable rate demand note |

---

------

The following is a summary of the inputs used to value the fund's investments as of June 30, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| U.S. Government Agency Debt<sup>1</sup> <br>| $— | &nbsp;&nbsp; $88228815 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $88228815 |
| U.S. Treasury Debt<sup>1</sup> <br>|  | &nbsp;&nbsp; 17880949 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17880949 |
| Variable Rate Demand Notes |  | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 600000 |
| Investment Companies<sup>1</sup> <br>| 45600 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 45600 |
| Repurchase Agreements<sup>1</sup> <br>|  | &nbsp;&nbsp; 165678086 | &nbsp;&nbsp; — | &nbsp;&nbsp; 165678086 |
| **Total** | **$45600** | &nbsp;&nbsp; **$272387850** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$272433450** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings.

*See financial notes*

**12**Schwab Government Money Market Portfolio \| Semiannual Holdings and Financial Statements

------

Schwab Government Money Market Portfolio

Statement of Assets and Liabilities

------

As of June 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at cost and value - unaffiliated issuers (Note 2a) |  | $106755364 |
| Repurchase agreements, at cost and value — unaffiliated issuers (Note 2a) |  | 165678086 |
| Cash |  | 72 |
| Receivables: |  |  |
| Fund shares sold |  | 2153985 |
| Interest |  | 667503 |
| Dividends | + | 159 |
| **Total assets** |  | **275255169** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 1602294 |
| Fund shares redeemed |  | 295411 |
| Investment adviser and administrator fees |  | 41081 |
| Accrued expenses | + | 63541 |
| **Total liabilities** |  | **2002327** |
| **Net assets** |  | **$273252842** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $273205641 |
| Total distributable earnings | + | 47201 |
| **Net assets** |  | **$273252842** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $273252842 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273252131 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00 |

---

*See financial notes*

Schwab Government Money Market Portfolio \| Semiannual Holdings and Financial Statements

**13**

------

Schwab Government Money Market Portfolio

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2025 through June 30, 2025; unaudited | For the period January 1, 2025 through June 30, 2025; unaudited | For the period January 1, 2025 through June 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Interest received from securities - unaffiliated issuers |  | $5899784 |
| Dividends received from securities - unaffiliated issuers  | + | 964 |
| **Total investment income**  |  | **5900748** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | 254286 |
| Portfolio accounting fees |  | 42939 |
| Custodian fees |  | 30867 |
| Professional fees |  | 17207 |
| Independent trustees' fees |  | 6884 |
| Shareholder reports |  | 620 |
| Transfer agent fees  |  | 485 |
| Other expenses | + | 1312 |
| **Total expenses** | – | **354600** |
| **Net investment income** |  | **5546148** |
| **REALIZED GAINS (LOSSES)** | **REALIZED GAINS (LOSSES)** | **REALIZED GAINS (LOSSES)** |
| **Net realized gains on sales of securities - unaffiliated issuers**  |  | **1532** |
| **Increase in net assets resulting from operations** |  | **$5547680** |

---

*See financial notes*

**14**Schwab Government Money Market Portfolio \| Semiannual Holdings and Financial Statements

------

Schwab Government Money Market Portfolio

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/24-12/31/24 |
| Net investment income |  | $5546148 | &nbsp;&nbsp;&nbsp; $12796063 |
| Net realized gains | + | 1532 | &nbsp;&nbsp;&nbsp; 1701 |
| **Increase in net assets from operations** |  | **$5547680** | &nbsp;&nbsp;&nbsp; **$12797764** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($5547776)**<br>| &nbsp;&nbsp;&nbsp; **($12797986)**<br>|
| **TRANSACTIONS IN FUND SHARES\*** | **TRANSACTIONS IN FUND SHARES\*** | **TRANSACTIONS IN FUND SHARES\*** | **TRANSACTIONS IN FUND SHARES\*** |
| Shares sold |  | 90050531 | &nbsp;&nbsp;&nbsp; 172789700 |
| Shares reinvested |  | 5547777 | &nbsp;&nbsp;&nbsp; 12797986 |
| Shares redeemed | + | (91664850)<br>| &nbsp;&nbsp;&nbsp; (159019202)<br>|
| **Net transactions in fund shares** |  | **3933458** | &nbsp;&nbsp;&nbsp; **26568484** |
| **NET ASSETS** | **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| Beginning of period |  | $269319480 | &nbsp;&nbsp;&nbsp; $242751218 |
| Total increase  | + | 3933362 | &nbsp;&nbsp;&nbsp; 26568262 |
| **End of period** |  | **$273252842** | &nbsp;&nbsp;&nbsp; **$269319480** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>\*</sup> Transactions took place at $1.00 per share; figures for share quantities are the same as for dollars.

*See financial notes*

Schwab Government Money Market Portfolio \| Semiannual Holdings and Financial Statements

**15**

------

Schwab Government Money Market Portfolio

Financial Notes, unaudited

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Business Structure of the Fund:**

The fund in this report is a series of Schwab Annuity Portfolios (the trust), a no-load, open-end management investment company. The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the 1940 Act). The list below shows all the operational funds in the trust as of the end of the period, including the fund discussed in this report, which is highlighted:

---

| |
|:---|
| **SCHWAB ANNUITY PORTFOLIOS**  |
| **Schwab Government Money Market Portfolio** |
| Schwab S&P 500 Index Portfolio |
| Schwab VIT Balanced Portfolio |
| Schwab VIT Balanced with Growth Portfolio |
| Schwab VIT Growth Portfolio |

---

The fund offers one share class. Shares are bought and sold at closing net asset value per share (NAV), which is the price for all outstanding shares of the fund. Each share has a par value of 1/1,000 of a cent, and the fund's Board of Trustees (the Board) may authorize the issuance of as many shares as necessary.

The fund is available exclusively as an investment vehicle for variable annuity and variable life insurance contracts offered by separate accounts of participating life insurance companies, and in the future may be offered to pension and retirement plans qualified under the Internal Revenue Code, as amended. At June 30, 2025, 100% of the fund's shares were held through separate accounts of seven insurance companies. Subscriptions and redemptions of these insurance separate accounts could have a material impact on the fund.

The fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, the fund may also keep certain assets in segregated accounts, as required by securities law. The "Fund Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust.

**Investment Objective** 

The fund seeks the highest current income consistent with stability of capital and liquidity. To pursue its goal, the fund is authorized to invest in U.S. government securities, such as: U.S. Treasury bills and notes, other obligations that are issued by the U.S. government, its agencies or instrumentalities, including obligations that are not fully guaranteed by the U.S. Treasury, such as those issued by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal Home Loan Banks, repurchase agreements that are collateralized fully by cash and/or U.S. government securities, and obligations that are issued by private issuers that are guaranteed as to principal or interest by the U.S. government, its agencies or instrumentalities.

------

**2. Significant Accounting Policies:**

The following is a summary of the significant accounting policies the fund uses in its preparation of financial statements. The fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 946 Financial Services — Investment Companies. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).

**(a) Security Valuation:**

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated authority to a Valuation Designee, the fund's investment adviser, to make fair valuation determinations under adopted procedures, subject to Board 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 in the fund are valued at amortized cost (which approximates fair value) as permitted in accordance with Rule 2a-7 of the 1940 Act. In the event that security valuations do not approximate fair value, securities may be fair valued as determined by the Valuation Designee. The Valuation Designee considers a number of factors, including unobservable market inputs when arriving at fair value and may employ methods such as the review of related or comparable assets or liabilities, related market activities, recent

**16**Schwab Government Money Market Portfolio \| Semiannual Holdings and Financial Statements

------

Schwab Government Money Market Portfolio

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

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. Mutual funds are valued at their respective NAVs.

In accordance with the authoritative guidance on fair value measurements and disclosures under 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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 (ETFs) and futures contracts. Mutual funds and ETFs 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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. Securities held by stable NAV money funds operating pursuant to Rule 2a-7 under the 1940 Act are valued at amortized cost which approximates current fair value and are considered to be valued using Level 2 inputs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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.

The levels associated with valuing the fund's investments as of June 30, 2025, are disclosed in the fund's Portfolio Holdings.

**(b) Accounting Policies for certain Portfolio Investments (if held):**

**Repurchase Agreements:** In a repurchase agreement, the fund buys a security from another party (the counterparty), usually a financial institution, with the agreement that it be sold back in the future. Repurchase agreements subject the fund to counterparty risk, meaning that the fund could lose money if the other party fails to perform under the terms of the agreement. The fund mitigates this risk by ensuring that a fund's repurchase agreements are collateralized by cash and/or U.S. government securities. All collateral is held by the fund's custodian (or, with multi-party agreements, the agent's bank) and is monitored daily to ensure that its fair value is at least equal to the maturity amount under the agreement. In the event of a default by the counterparty, realization of the collateral proceeds could be delayed or limited and the value of the collateral may decline. Investments in repurchase agreements are also based on a review of the credit quality of the repurchase agreement counterparty.

As of June 30, 2025, the fund had investments in repurchase agreements with a value of $165,678,086 as disclosed in the Portfolio Holdings and the Statement of Assets and Liabilities. The value of the related collateral disclosed in the Portfolio Holdings exceeded the value of the repurchase agreements at period end.

Schwab Government Money Market Portfolio \| Semiannual Holdings and Financial Statements

**17**

------

Schwab Government Money Market Portfolio

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

**Delayed-Delivery Transactions and When-Issued Securities:** The fund may transact in securities on a delayed-delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed-delivery or when-issued basis are identified as such in the fund's Portfolio Holdings, if any. The fund may receive compensation for interest forgone in the purchase of a delayed-delivery or when-issued security. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors. The fund complies with Rule 18f-4 under the 1940 Act, where money market funds are only permitted to invest in a security on a delayed-delivery or when-issued basis, or with a non-standard settlement cycle, and the transaction will be deemed not to involve a senior security, provided that, (i) the fund intends to physically settle the transaction and (ii) the transaction will settle within 35 days of its trade date. Pursuant to Rule 18f-4 portfolio securities are no longer required to be segregated as collateral to cover delayed-delivery or when-issued securities held within the fund.

**(c) Security Transactions:**

Security transactions are recorded as of the date the order to buy or sell the security is executed. Realized gains and losses from security transactions are based on the identified costs of the securities involved.

**(d) Investment Income:**

Interest income is recorded as it accrues. If the fund buys a debt security at a discount (less than face value) or a premium (more than face value), it amortizes premiums and accretes discounts from the purchase settlement date up to maturity. The fund then increases (in the case of discounts) or reduces (in the case of premiums) the income it records from the security. Certain securities may be callable (meaning that the issuer has the option to pay it off before its maturity date). The fund amortizes the premium and accretes the discount on each callable security to the security's maturity date, except when the purchase price is higher than the call price at the security's call date (in which case the premium is amortized to the call date). Dividends and distributions from investment companies are recorded on the date they are effective (the ex-dividend date). Any distributions from investment companies are recorded in accordance with the character of the distributions as designated by the investment companies.

**(e) Expenses:**

Expenses that are specific to the fund are charged directly to the fund. Expenses that are common to more than one fund in the trusts generally are allocated among those funds in proportion to their average daily net assets.

**(f) Distributions to Shareholders:**

The fund declares distributions from net investment income, if any, every day it is open for business. These distributions, which are substantially equal to the fund's net investment income for that day, are paid out to shareholders once a month. The fund makes distributions from net realized capital gains, if any, once a year. To receive a distribution, you must be a registered shareholder on the record date. Distributions are paid to shareholders on the payable date.

**(g) Accounting Estimates:**

The accounting policies described in this report conform to GAAP. Notwithstanding this, shareholders should understand that in order to follow these principles, fund management has to make estimates and assumptions that affect the information reported in the financial statements. It's possible that once the results are known, they may turn out to be different from these estimates and these differences may be material.

**(h) Federal Income Taxes:**

The fund intends to meet federal income and excise tax requirements for regulated investment companies under subchapter M of the Internal Revenue Code, as amended. Accordingly, the fund distributes substantially all of its net investment income and net realized capital gains, if any, to the participating insurance company's (shareholders) separate accounts each year. As long as the fund meets the tax requirements, it is not required to pay federal income tax.

**18**Schwab Government Money Market Portfolio \| Semiannual Holdings and Financial Statements

------

Schwab Government Money Market Portfolio

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

**(i) Segment Reporting:**

An operating segment is defined in ASC Topic 280 Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.

The management committee of the fund's investment adviser acts as the fund's CODM. The CODM has determined that the fund operates as a single operating segment given the fund has a single defined investment strategy disclosed in its respective prospectus. The discrete financial information in the form of the fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, shares sold and shares redeemed), which is used by the CODM to assess performance against the prospectus and to make resource allocation decisions with respect to the fund, is presented within the fund's financial statements.

**(j) Indemnification:**

Under the fund's organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business the fund enters into contracts with its vendors and others that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the fund. However, based on experience, the fund expects the risk of loss attributable to these arrangements to be remote.

**(k) Recent Accounting Pronouncements:**

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The guidance is effective for annual periods beginning after December 15, 2024, and with early adoption permitted. At this time, management is evaluating the impact of this amendment but believes it will not have a material impact on the financial statements and income tax disclosures.

------

**3. Affiliates and Affiliated Transactions:**

**Investment Adviser**

Charles Schwab Investment Management, Inc., dba Schwab Asset Management, a wholly owned subsidiary of The Charles Schwab Corporation, serves as the fund's investment adviser and administrator pursuant to an Investment Advisory and Administration Agreement between the investment adviser and the trust.

For its advisory and administrative services to the fund, the investment adviser is entitled to receive an annual fee, payable monthly, equal to 0.19% of the fund's average daily net assets.

**Expense Limitation**

The investment adviser and its affiliates have made an additional agreement with the fund, for so long as the investment adviser serves as the investment adviser to the fund, in which the agreement may only be amended or terminated with the approval of the Board, to limit the total annual fund operating expenses charged, excluding interest, taxes, and certain non-routine expenses (expense limitation) to 0.34%.

**Interfund Transactions**

The fund may engage in direct transactions with certain other funds in the Fund Complex in accordance with procedures adopted by the Board pursuant to Rule 17a-7 under the 1940 Act. When one fund is seeking to sell a security that another fund is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs while allowing each fund to execute the transaction at the current market price. This practice is limited to funds that share the same investment adviser. For the period ended June 30, 2025, the fund had no direct security transactions with other funds in the Fund Complex.

Schwab Government Money Market Portfolio \| Semiannual Holdings and Financial Statements

**19**

------

Schwab Government Money Market Portfolio

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Affiliates and Affiliated Transactions (continued):** 

**Interfund Borrowing and Lending**

Pursuant to an exemptive order issued by the SEC, the fund may enter into interfund borrowing and lending transactions with other funds in the Fund Complex. All loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the overnight repurchase agreement rate and the short-term bank loan rate. All loans are subject to numerous conditions designed to ensure fair and equitable treatment of all participating funds. The interfund lending facility is subject to the oversight and periodic review by the Board. The fund had no interfund borrowing or lending activity during the period.

------

**4. Board of Trustees:**

The Board may include people who are officers and/or directors of the investment adviser or its affiliates. Federal securities law limits the percentage of such "interested persons" who may serve on a trust's board, and the trust was in compliance with these limitations throughout the report period. The fund did not pay any of these interested persons for their services as trustees, but did pay non-interested persons (independent trustees), as noted in the fund's Statement of Operations.

------

**5. Borrowing from Banks**

During the period, the fund was a participant with other funds in the Fund Complex in a joint, syndicated, committed $1.2 billion line of credit (the Syndicated Credit Facility), maturing on September 25, 2025. Under the terms of the Syndicated Credit Facility, in addition to the interest charged on any borrowings by the fund, the fund paid a commitment fee of 0.15% per annum on the fund's proportionate share of the unused portion of the Syndicated Credit Facility.

During the period, the fund was a participant with other funds in the Fund Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility) with State Street Bank and Trust Company, maturing on September 25, 2025. Under the terms of the Uncommitted Credit Facility, the fund pays interest on the amount the fund borrows. There were no borrowings by the fund from either line of credit during the period.

The fund also has access to custodian overdraft facilities. The fund may have utilized the overdraft facility and incurred an interest expense, which is disclosed in the fund's Statement of Operations, if any. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.

------

**6. Federal Income Taxes:**

As of June 30, 2025, the tax basis cost of the fund's investments was $272,387,850 and gross unrealized appreciation and depreciation were $45,600 and ($0), respectively, with a net unrealized appreciation of $45,600.

As of December 31, 2024, the fund had no capital loss carryforwards available to offset future realized capital gains for federal income tax purposes.

The tax basis components of distributions and components of distributable earnings on a tax basis are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of June 30, 2025. The tax basis components of distributions paid during the fiscal year ended December 31, 2024 were as follows:

---

| |
|:---|
| PRIOR FISCAL YEAR END DISTRIBUTIONS |
| ORDINARY <br>INCOME <br>|
| $12797986 |

---

Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts in the financial statements. The fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

**20**Schwab Government Money Market Portfolio \| Semiannual Holdings and Financial Statements

------

Schwab Government Money Market Portfolio

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Federal Income Taxes (continued):** 

As of December 31, 2024, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the fund, and has determined that no provision for income tax is required in the fund's financial statements. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the fund's Statement of Operations. During the fiscal year ended December 31, 2024, the fund did not incur any interest or penalties.

------

**7. Subsequent Events:**

Management has determined there are no subsequent events or transactions through the date the financial statements were issued that would have materially impacted the financial statements as presented.

Schwab Government Money Market Portfolio \| Semiannual Holdings and Financial Statements

**21**

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

**22**Schwab Government Money Market Portfolio \| Semiannual Holdings and Financial Statements

------

Proxy Disclosures for Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

Schwab Government Money Market Portfolio \| Semiannual Holdings and Financial Statements

**23**

------

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The remuneration paid to directors, officers and others are included under Item 7 (Financial Statements and Financial Highlights for Open-End Management Investment Companies).

**24**Schwab Government Money Market Portfolio \| Semiannual Holdings and Financial Statements

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Schwab Government Money Market Portfolio

Investment Advisory Agreement Approval

------

The Investment Company Act of 1940, as amended (the 1940 Act), requires that the continuation of a fund's investment advisory agreement must be specifically approved (1) by the vote of the trustees or by a vote of the shareholders of the fund, and (2) by the vote of a majority of the trustees who are not parties to the investment advisory agreement or "interested persons" of any party thereto (the Independent Trustees), cast in person at a meeting called for the purpose of voting on such approval. In connection with such approvals, the fund's trustees must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the investment advisory agreement.

The Board of Trustees (the Board or the Trustees, as appropriate) calls and holds one or more meetings each year that are dedicated, in whole or in part, to considering whether to renew the investment advisory and administration agreement (the Agreement) between Schwab Annuity Portfolios (the Trust) and Charles Schwab Investment Management, Inc. (dba Schwab Asset Management) (the investment adviser) with respect to the existing funds in the Trust, including Schwab Government Money Market Portfolio (the Fund), and to review certain other agreements pursuant to which the investment adviser provides investment advisory services to certain other registered investment companies. In preparation for the meeting(s), the Board requests and reviews a wide variety of materials provided by the investment adviser, including information about the investment adviser's affiliates, personnel, business goals and priorities, profitability, oversight of third-party service providers, corporate structure and operations. As part of the renewal process, the Independent Trustees' legal counsel, on behalf of the Independent Trustees, sends an information request letter to the investment adviser seeking certain relevant information. The responses by the investment adviser are provided to the Trustees in the Board materials for their review prior to their meeting, and the Trustees are provided with the opportunity to request any additional materials. The Board also receives data provided by an independent provider of investment company data. This information is in addition to the detailed information about the Fund that the Board reviews during the course of each year, including information that relates to the Fund's operations and performance, legal and compliance matters, risk management, portfolio turnover, and sales and marketing activity. In considering the renewal, the Independent Trustees receive advice from Independent Trustees' legal counsel, including a memorandum regarding the responsibilities of trustees for the approval of investment advisory agreements. In addition, the Independent Trustees participate in question and answer sessions with representatives of the investment adviser and meet in executive session outside the presence of Fund management.

The Board, including a majority of the Independent Trustees, considered information specifically relating to the continuance of the Agreement with respect to the Fund at meetings held on May 7, 2025 and June 5, 2025, and approved the renewal of the Agreement with respect to the Fund for an additional one-year term at the meeting on June 5, 2025 called for the purpose of voting on such approval.

The Board's approval of the continuance of the Agreement with respect to the Fund was based on consideration and evaluation of a variety of specific factors discussed at these meetings and at prior meetings, including:

1. the nature, extent and quality of the services provided to the Fund under the Agreement, including the resources of the investment adviser and its affiliates dedicated to the Fund;

2. the Fund's investment performance and how it compared to that of certain other comparable mutual funds and benchmark data;

3. the Fund's expenses and how those expenses compared to those of certain other similar mutual funds;

4. the profitability of the investment adviser and its affiliates, including Charles Schwab & Co., Inc. (Schwab), with respect to the Fund, including both direct and indirect benefits accruing to the investment adviser and its affiliates; and

5. the extent to which economies of scale would be realized as the Fund grows and whether fee levels in the Agreement reflect those economies of scale for the benefit of Fund investors.

**Nature, Extent and Quality of Services.** The Board considered the nature, extent and quality of the services provided by the investment adviser to the Fund and the resources of the investment adviser and its affiliates dedicated to the Fund. In this regard, the Trustees evaluated, among other things, the investment adviser's experience, track record, compliance program, resources dedicated to hiring and retaining skilled personnel and specialized talent, and information security resources. The Trustees also considered information provided by the investment adviser relating to services and support provided with respect to the Fund's portfolio management team, portfolio strategy, and internal investment guidelines, as well as trading infrastructure, liquidity management, product design and analysis, shareholder communications, securities valuation, and vendor and risk oversight. The Trustees also considered the investment adviser's continued investment in its infrastructure, including the investment adviser's technology and use of data, business continuity, cybersecurity, due diligence, risk management processes, and information security programs. The Trustees considered Schwab's overall

Schwab Government Money Market Portfolio \| Semiannual Holdings and Financial Statements

**25**

------

Schwab Government Money Market Portfolio

financial condition and reputation as a full service brokerage firm. Following such evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services provided by the investment adviser to the Fund and the resources of the investment adviser and its affiliates dedicated to the Fund supported renewal of the Agreement with respect to the Fund.

**Fund Performance.** The Board considered the Fund's performance in determining whether to renew the Agreement with respect to the Fund. Specifically, the Trustees considered the Fund's performance relative to a peer category of other mutual funds and applicable indices/benchmarks, in light of portfolio yield and the market environment, as well as in consideration of the Fund's investment style and strategy. As part of this review, the Trustees considered the composition of the peer category, selection criteria and the reputation of the independent provider of investment company data who prepared the peer category analysis. In evaluating the performance of the Fund, the Trustees considered the risk profile for the Fund and the Fund's operation as a government money market fund within the meaning of Rule 2a-7 under the 1940 Act. The Trustees further considered the level of Fund performance in the context of their review of Fund expenses and the investment adviser's profitability discussed below and also noted that the Board and a designated committee of the Board review performance throughout the year. Following such evaluation, the Board concluded, within the context of its full deliberations, that the performance of the Fund supported renewal of the Agreement with respect to the Fund.

**Fund Expenses.** With respect to the Fund's expenses, the Trustees considered the rate of compensation called for by the Agreement and the Fund's net operating expense ratio, in each case, in comparison to those of other similar mutual funds, such peer groups and comparisons having been selected and calculated by an independent provider of investment company data. The investment adviser reported to the Board, and the Board took into account, the risk assumed by the investment adviser in the development of the Fund and provision of services as well as the competitive marketplace for financial products. The Trustees considered the effects of the investment adviser's and Schwab's practice of historically using voluntary waivers (which the investment adviser will not recoup) to maintain a certain yield. The Trustees also considered fees charged by the investment adviser to other mutual funds and the unique insurance dedicated distribution arrangements of the Fund as compared to other funds managed by the investment adviser. Following such evaluation, the Board concluded, within the context of its full deliberations, that the expenses of the Fund are reasonable and supported renewal of the Agreement with respect to the Fund.

**Profitability.** The Trustees considered the compensation flowing to the investment adviser and its affiliates, directly or indirectly, and reviewed profitability on a pre-tax basis, without regard to distribution expenses. The Trustees reviewed

profitability of the investment adviser relating to the Schwab fund complex as a whole, noting the benefits to Fund shareholders of being part of the Schwab fund complex, including the allocations of certain costs across the Fund and other funds in the complex. The Trustees also considered any other benefits derived by the investment adviser from its relationship with the Fund, such as whether, by virtue of its management of the Fund, the investment adviser obtains investment information or other research resources that aid it in providing advisory services to other clients. The Trustees considered whether the compensation and profitability with respect to the Fund under the Agreement and other service agreements were reasonable in light of the quality of all services rendered to the Fund by the investment adviser and its affiliates. The Trustees noted that the investment adviser continues to invest substantial sums in its business in order to provide enhanced research capabilities, services and systems to benefit the Fund. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the profitability of the investment adviser is reasonable and supported renewal of the Agreement with respect to the Fund.

**Economies of Scale.** Although the Trustees recognized the difficulty of determining economies of scale with precision and although the Fund does not have breakpoints in its advisory fee, the Trustees considered the potential existence of any economies of scale and whether those are passed along to the Fund's shareholders through (i) the enhancement of services provided to the Fund in return for fees paid, including through the investment adviser's continued investment in its infrastructure and use of data and technology, increasing expertise and capabilities in key areas (including portfolio and trade operations), and improving business continuity, cybersecurity, due diligence and information security programs, which are designed to provide enhanced services to the Fund and its shareholders; (ii) fee waivers or expense caps by the investment adviser and its affiliates for those funds in the Schwab fund complex with such features, and (iii) pricing a fund to scale and keeping overall expenses down as the fund grows. The Trustees considered that the investment adviser and its affiliates may employ contractual expense caps to protect shareholders from higher fees when fund assets are relatively small, for example, in the case of newer funds or funds with investment strategies that are from time to time out of favor, because, among other reasons, shareholders may benefit from the continued availability of such funds at subsidized expense levels. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the Fund obtains reasonable benefits from economies of scale.

\* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \*

In the course of their deliberations, the Trustees may have accorded different weights to various factors and did not identify any particular information or factor that was all important or controlling. Based on the Trustees' deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, approved the

**26**Schwab Government Money Market Portfolio \| Semiannual Holdings and Financial Statements

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Schwab Government Money Market Portfolio

continuation of the Agreement with respect to the Fund and concluded that the compensation under the Agreement with respect to the Fund is fair and reasonable in light of the services provided and the related expenses borne by the

investment adviser and its affiliates and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment.

Schwab Government Money Market Portfolio \| Semiannual Holdings and Financial Statements

**27**

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g149745img879c1fd71.jpg)

MFR98594-08

00315742

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g154132img70f0344c1.jpg)

**Semiannual Holdings and Financial Statements** \| June 30, 2025

Schwab S&P 500 Index Portfolio

------

**In This Report**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 - Financial Statements and Financial Highlights for Open-End](#xx_11a1c447-2aab-4978-8085-b44f0fb7b8d7_1)**<br> **[Management Investment Companies](#xx_11a1c447-2aab-4978-8085-b44f0fb7b8d7_1)** <br>|  |
| [Financial Statements and Portfolio Holdings](#xx_11a1c447-2aab-4978-8085-b44f0fb7b8d7_1) | 2 |
| [Financial Notes](#xx_2c139ead-2fc1-4f88-88d9-b161eec3a8cb_1) | 12 |
| **[Item 8 – Changes in and Disagreements with Accountants for Open-End](#xx_95bf0c9d-509d-4deb-b326-3613a87c20b0_1)**<br> **[Management Investment Companies](#xx_95bf0c9d-509d-4deb-b326-3613a87c20b0_1)**<br>| 19 |
| **[Item 9 – Proxy Disclosures for Open-End Management Investment](#xx_d6e80bbb-d1df-49e1-bdff-ffae158bedcb_1)**<br> **[Companies](#xx_d6e80bbb-d1df-49e1-bdff-ffae158bedcb_1)**<br>| 20 |
| **[Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End](#xx_f0953aa7-31f2-4afe-a0d4-9b286a100569_1)**<br> **[Management Investment Companies](#xx_f0953aa7-31f2-4afe-a0d4-9b286a100569_1)**<br>| 21 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory](#xx_fa1ae154-0c8f-4a0f-9440-2b05be00b4e4_1)**<br> **[Contract](#xx_fa1ae154-0c8f-4a0f-9440-2b05be00b4e4_1)** <br>|  |
| [Investment Advisory Agreement Approval](#xx_fa1ae154-0c8f-4a0f-9440-2b05be00b4e4_1) | 22  |

---

Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset Management<sup>®</sup>

Distributor: Charles Schwab & Co., Inc. (Schwab)

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc. (MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Schwab. The Industry classifications used in the Portfolio Holdings are sub-categories of Sector classifications.

Schwab S&P 500 Index Portfolio \| Semiannual Holdings and Financial Statements

**1**

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Schwab S&P 500 Index Portfolio

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 1/1/25– <br>6/30/25\*<br>| 1/1/24– <br>12/31/24<br>| 1/1/23– <br>12/31/23<br>| 1/1/22– <br>12/31/22<br>| 1/1/21– <br>12/31/21<br>| 1/1/20– <br>12/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $86.45 | &nbsp;&nbsp; $70.19 | &nbsp;&nbsp; $56.38 | &nbsp;&nbsp; $70.41 | &nbsp;&nbsp; $55.41 | &nbsp;&nbsp; $47.48 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.56 | 1.06 | 1.01 | 0.95 | 0.85 | 0.96 |
| Net realized and unrealized gains (losses) | 4.79 | 16.36 | 13.70 | &nbsp;&nbsp; (13.73)<br>| 14.94 | 7.58 |
| Total from investment operations | 5.35 | 17.42 | 14.71 | &nbsp;&nbsp; (12.78)<br>| 15.79 | 8.54 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.53)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.08)<br>|
| Total distributions | &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (1.25)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.61)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $90.76 | &nbsp;&nbsp; $86.45 | &nbsp;&nbsp; $70.19 | &nbsp;&nbsp; $56.38 | &nbsp;&nbsp; $70.41 | &nbsp;&nbsp; $55.41 |
| Total return | 6.19 %<sup>2</sup><br>| 24.95<br> %<br>| 26.22<br> %<br>| &nbsp;&nbsp; (18.12<br> %)<br>| 28.67<br> %<br>| 18.28<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Total expenses | 0.03 %<sup>3</sup><br>| 0.03<br> %<br>| 0.03<br> %<br>| 0.03 %<sup>4</sup><br>| 0.03<br> %<br>| 0.03<br> %<br>|
| Net investment income (loss) | 1.33 %<sup>3</sup><br>| 1.33<br> %<br>| 1.62<br> %<br>| 1.59<br> %<br>| 1.35<br> %<br>| 2.03<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 2 %<sup>2</sup><br>| &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 14<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $2707 | &nbsp;&nbsp; $2588 | &nbsp;&nbsp; $1909 | &nbsp;&nbsp; $2430 | &nbsp;&nbsp; $1468 | &nbsp;&nbsp; $947 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Not annualized.

<sup>3</sup> Annualized.

<sup>4</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**2**Schwab S&P 500 Index Portfolio \| Semiannual Holdings and Financial Statements

------

Schwab S&P 500 Index Portfolio

Portfolio Holdings as of June 30, 2025 (Unaudited)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.8% OF NET ASSETS  | **COMMON STOCKS** 99.8% OF NET ASSETS  | **COMMON STOCKS** 99.8% OF NET ASSETS  |
| **Automobiles & Components 1.9%** | **Automobiles & Components 1.9%** | **Automobiles & Components 1.9%** |
| Aptiv PLC \* | 11213 | 764951 |
| Ford Motor Co.  | 200453 | 2174915 |
| General Motors Co.  | 49493 | 2435550 |
| Tesla, Inc. \* | 144253 | 45823408 |
|  |  | **51198824** |
| **Banks 3.6%** | **Banks 3.6%** | **Banks 3.6%** |
| Bank of America Corp.  | 337322 | 15962077 |
| Citigroup, Inc.  | 96182 | 8187012 |
| Citizens Financial Group, Inc.  | 22324 | 998999 |
| Fifth Third Bancorp  | 34290 | 1410348 |
| Huntington Bancshares, Inc.  | 75011 | 1257184 |
| JPMorgan Chase & Co.  | 143064 | 41475684 |
| KeyCorp  | 50543 | 880459 |
| M&T Bank Corp.  | 8253 | 1600999 |
| PNC Financial Services Group, Inc.  | 20368 | 3797003 |
| Regions Financial Corp.  | 46610 | 1096267 |
| Truist Financial Corp.  | 67278 | 2892281 |
| U.S. Bancorp  | 80278 | 3632580 |
| Wells Fargo & Co.  | 167513 | 13421142 |
|  |  | **96612035** |
| **Capital Goods 6.0%** | **Capital Goods 6.0%** | **Capital Goods 6.0%** |
| 3M Co.  | 27708 | 4218266 |
| A.O. Smith Corp.  | 5892 | 386338 |
| Allegion PLC  | 4484 | 646234 |
| AMETEK, Inc.  | 11873 | 2148538 |
| Axon Enterprise, Inc. \* | 3808 | 3152795 |
| Boeing Co. \* | 38818 | 8133536 |
| Builders FirstSource, Inc. \* | 5684 | 663266 |
| Carrier Global Corp.  | 41063 | 3005401 |
| Caterpillar, Inc.  | 24217 | 9401282 |
| Cummins, Inc.  | 7093 | 2322957 |
| Deere & Co.  | 12987 | 6603760 |
| Dover Corp.  | 7108 | 1302399 |
| Eaton Corp. PLC  | 20136 | 7188351 |
| Emerson Electric Co.  | 29003 | 3866970 |
| Fastenal Co.  | 59166 | 2484972 |
| Fortive Corp.  | 17404 | 907271 |
| GE Vernova, Inc.  | 14051 | 7435087 |
| Generac Holdings, Inc. \* | 3029 | 433783 |
| General Dynamics Corp.  | 12971 | 3783122 |
| General Electric Co.  | 54902 | 14131226 |
| Honeywell International, Inc.  | 33079 | 7703437 |
| Howmet Aerospace, Inc.  | 20804 | 3872248 |
| Hubbell, Inc.  | 2753 | 1124353 |
| Huntington Ingalls Industries, Inc.  | 2032 | 490647 |
| IDEX Corp.  | 3866 | 678754 |
| Illinois Tool Works, Inc.  | 13692 | 3385347 |
| Ingersoll Rand, Inc.  | 20773 | 1727898 |
| Johnson Controls International PLC  | 33912 | 3581785 |
| L3Harris Technologies, Inc.  | 9620 | 2413081 |
| Lennox International, Inc.  | 1639 | 939540 |
| Lockheed Martin Corp.  | 10735 | 4971808 |
| Masco Corp.  | 10735 | 690905 |
| Nordson Corp.  | 2767 | 593162 |
| Northrop Grumman Corp.  | 6965 | 3482361 |
| Otis Worldwide Corp.  | 20358 | 2015849 |
| PACCAR, Inc.  | 26973 | 2564053 |
| Parker-Hannifin Corp.  | 6582 | 4597330 |
| Pentair PLC  | 8474 | 869941 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Quanta Services, Inc.  | 7630 | 2884750 |
| Rockwell Automation, Inc.  | 5807 | 1928911 |
| RTX Corp.  | 68784 | 10043840 |
| Snap-on, Inc.  | 2675 | 832406 |
| Stanley Black & Decker, Inc.  | 7830 | 530482 |
| Textron, Inc.  | 9186 | 737544 |
| Trane Technologies PLC  | 11484 | 5023216 |
| TransDigm Group, Inc.  | 2892 | 4397691 |
| United Rentals, Inc.  | 3352 | 2525397 |
| Westinghouse Air Brake Technologies <br> Corp. <br>| 8796 | 1841443 |
| WW Grainger, Inc.  | 2252 | 2342620 |
| Xylem, Inc.  | 12540 | 1622174 |
|  |  | **162628527** |
| **Commercial & Professional Services 1.2%** | **Commercial & Professional Services 1.2%** | **Commercial & Professional Services 1.2%** |
| Automatic Data Processing, Inc.  | 20901 | 6445868 |
| Broadridge Financial Solutions, Inc.  | 6053 | 1471061 |
| Cintas Corp.  | 17643 | 3932095 |
| Copart, Inc. \* | 45294 | 2222577 |
| Dayforce, Inc. \* | 8374 | 463836 |
| Equifax, Inc.  | 6386 | 1656337 |
| Jacobs Solutions, Inc.  | 6185 | 813018 |
| Leidos Holdings, Inc.  | 6607 | 1042320 |
| Paychex, Inc.  | 16552 | 2407654 |
| Paycom Software, Inc.  | 2509 | 580583 |
| Republic Services, Inc.  | 10461 | 2579787 |
| Rollins, Inc.  | 14397 | 812279 |
| Veralto Corp.  | 12765 | 1288627 |
| Verisk Analytics, Inc.  | 7203 | 2243734 |
| Waste Management, Inc.  | 18855 | 4314401 |
|  |  | **32274177** |
| **Consumer Discretionary Distribution & Retail 5.8%** | **Consumer Discretionary Distribution & Retail 5.8%** | **Consumer Discretionary Distribution & Retail 5.8%** |
| Amazon.com, Inc. \* | 486387 | 106708444 |
| AutoZone, Inc. \* | 863 | 3203654 |
| Best Buy Co., Inc.  | 9927 | 666400 |
| CarMax, Inc. \* | 7857 | 528069 |
| eBay, Inc.  | 23769 | 1769840 |
| Genuine Parts Co.  | 7126 | 864455 |
| Home Depot, Inc.  | 51160 | 18757302 |
| LKQ Corp.  | 13366 | 494676 |
| Lowe's Cos., Inc.  | 28800 | 6389856 |
| O'Reilly Automotive, Inc. \* | 44001 | 3965810 |
| Pool Corp.  | 1946 | 567220 |
| Ross Stores, Inc.  | 16956 | 2163246 |
| TJX Cos., Inc.  | 57456 | 7095241 |
| Tractor Supply Co.  | 27344 | 1442943 |
| Ulta Beauty, Inc. \* | 2323 | 1086746 |
| Williams-Sonoma, Inc.  | 6364 | 1039687 |
|  |  | **156743589** |
| **Consumer Durables & Apparel 0.6%** | **Consumer Durables & Apparel 0.6%** | **Consumer Durables & Apparel 0.6%** |
| Deckers Outdoor Corp. \* | 7814 | 805389 |
| DR Horton, Inc.  | 14229 | 1834403 |
| Garmin Ltd.  | 7943 | 1657863 |
| Hasbro, Inc.  | 6724 | 496366 |
| Lennar Corp., Class A  | 11934 | 1320020 |
| Lululemon Athletica, Inc. \* | 5691 | 1352068 |
| Mohawk Industries, Inc. \* | 2746 | 287891 |
| NIKE, Inc., Class B  | 60549 | 4301401 |
| NVR, Inc. \* | 150 | 1107849 |
| PulteGroup, Inc.  | 10312 | 1087503 |
| Ralph Lauren Corp.  | 2027 | 555965 |

---

*See financial notes*

Schwab S&P 500 Index Portfolio \| Semiannual Holdings and Financial Statements

**3**

------

Schwab S&P 500 Index Portfolio

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Tapestry, Inc.  | 10689 | 938601 |
|  |  | **15745319** |
| **Consumer Services 2.1%** | **Consumer Services 2.1%** | **Consumer Services 2.1%** |
| Airbnb, Inc., Class A \* | 22190 | 2936625 |
| Booking Holdings, Inc.  | 1675 | 9696977 |
| Caesars Entertainment, Inc. \* | 10449 | 296647 |
| Carnival Corp. \* | 54254 | 1525622 |
| Chipotle Mexican Grill, Inc. \* | 69480 | 3901302 |
| Darden Restaurants, Inc.  | 6007 | 1309346 |
| Domino's Pizza, Inc.  | 1761 | 793507 |
| DoorDash, Inc., Class A \* | 17655 | 4352134 |
| Expedia Group, Inc.  | 6261 | 1056105 |
| Hilton Worldwide Holdings, Inc.  | 12237 | 3259203 |
| Las Vegas Sands Corp.  | 17462 | 759772 |
| Marriott International, Inc., Class A  | 11700 | 3196557 |
| McDonald's Corp.  | 36813 | 10755654 |
| MGM Resorts International \* | 10643 | 366013 |
| Norwegian Cruise Line Holdings Ltd. \* | 23436 | 475282 |
| Royal Caribbean Cruises Ltd.  | 12863 | 4027920 |
| Starbucks Corp.  | 58505 | 5360813 |
| Wynn Resorts Ltd.  | 4466 | 418330 |
| Yum! Brands, Inc.  | 14336 | 2124308 |
|  |  | **56612117** |
| **Consumer Staples Distribution & Retail 2.0%** | **Consumer Staples Distribution & Retail 2.0%** | **Consumer Staples Distribution & Retail 2.0%** |
| Costco Wholesale Corp.  | 22838 | 22608250 |
| Dollar General Corp.  | 11324 | 1295239 |
| Dollar Tree, Inc. \* | 10166 | 1006841 |
| Kroger Co.  | 31532 | 2261790 |
| Sysco Corp.  | 24928 | 1888047 |
| Target Corp.  | 23393 | 2307719 |
| Walgreens Boots Alliance, Inc.  | 36536 | 419433 |
| Walmart, Inc.  | 222410 | 21747250 |
|  |  | **53534569** |
| **Energy 3.0%** | **Energy 3.0%** | **Energy 3.0%** |
| APA Corp.  | 18576 | 339755 |
| Baker Hughes Co.  | 50944 | 1953193 |
| Chevron Corp.  | 83606 | 11971543 |
| ConocoPhillips  | 64972 | 5830587 |
| Coterra Energy, Inc.  | 39217 | 995327 |
| Devon Energy Corp.  | 32997 | 1049635 |
| Diamondback Energy, Inc.  | 9684 | 1330582 |
| EOG Resources, Inc.  | 28068 | 3357213 |
| EQT Corp.  | 30844 | 1798822 |
| Expand Energy Corp.  | 11147 | 1303530 |
| Exxon Mobil Corp.  | 221883 | 23918987 |
| Halliburton Co.  | 44483 | 906564 |
| Hess Corp.  | 14272 | 1977243 |
| Kinder Morgan, Inc.  | 99483 | 2924800 |
| Marathon Petroleum Corp.  | 15816 | 2627196 |
| Occidental Petroleum Corp.  | 36393 | 1528870 |
| ONEOK, Inc.  | 32157 | 2624976 |
| Phillips 66  | 20978 | 2502675 |
| Schlumberger NV  | 69952 | 2364378 |
| Targa Resources Corp.  | 11190 | 1947955 |
| Texas Pacific Land Corp.  | 964 | 1018360 |
| Valero Energy Corp.  | 16123 | 2167254 |
| Williams Cos., Inc.  | 62934 | 3952885 |
|  |  | **80392330** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Equity Real Estate Investment Trusts (REITs) 1.9%** | **Equity Real Estate Investment Trusts (REITs) 1.9%** | **Equity Real Estate Investment Trusts (REITs) 1.9%** |
| Alexandria Real Estate Equities, Inc.  | 7903 | 573995 |
| American Tower Corp.  | 24099 | 5326361 |
| AvalonBay Communities, Inc.  | 7321 | 1489824 |
| BXP, Inc.  | 7541 | 508791 |
| Camden Property Trust  | 5462 | 615513 |
| Crown Castle, Inc.  | 22346 | 2295605 |
| Digital Realty Trust, Inc.  | 16339 | 2848378 |
| Equinix, Inc.  | 5039 | 4008373 |
| Equity Residential  | 17674 | 1192818 |
| Essex Property Trust, Inc.  | 3315 | 939471 |
| Extra Space Storage, Inc.  | 10949 | 1614321 |
| Federal Realty Investment Trust  | 3983 | 378345 |
| Healthpeak Properties, Inc.  | 35965 | 629747 |
| Host Hotels & Resorts, Inc.  | 36165 | 555494 |
| Invitation Homes, Inc.  | 29349 | 962647 |
| Iron Mountain, Inc.  | 15265 | 1565731 |
| Kimco Realty Corp.  | 34992 | 735532 |
| Mid-America Apartment Communities, <br> Inc. <br>| 6067 | 897977 |
| Prologis, Inc.  | 47788 | 5023475 |
| Public Storage  | 8100 | 2376702 |
| Realty Income Corp.  | 46568 | 2682782 |
| Regency Centers Corp.  | 8389 | 597548 |
| SBA Communications Corp.  | 5517 | 1295612 |
| Simon Property Group, Inc.  | 15778 | 2536471 |
| UDR, Inc.  | 15544 | 634662 |
| Ventas, Inc.  | 23259 | 1468806 |
| VICI Properties, Inc.  | 54407 | 1773668 |
| Welltower, Inc.  | 32007 | 4920436 |
| Weyerhaeuser Co.  | 37152 | 954435 |
|  |  | **51403520** |
| **Financial Services 8.4%** | **Financial Services 8.4%** | **Financial Services 8.4%** |
| American Express Co.  | 28511 | 9094439 |
| Ameriprise Financial, Inc.  | 4903 | 2616878 |
| Apollo Global Management, Inc.  | 23242 | 3297343 |
| Bank of New York Mellon Corp.  | 36888 | 3360866 |
| Berkshire Hathaway, Inc., Class B \* | 94397 | 45855231 |
| Blackrock, Inc.  | 7501 | 7870424 |
| Blackstone, Inc.  | 37616 | 5626601 |
| Capital One Financial Corp.  | 32921 | 7004272 |
| Cboe Global Markets, Inc.  | 5364 | 1250938 |
| Charles Schwab Corp. *(a)* | 87446 | 7978573 |
| CME Group, Inc.  | 18523 | 5105309 |
| Coinbase Global, Inc., Class A \* | 10882 | 3814032 |
| Corpay, Inc. \* | 3628 | 1203843 |
| FactSet Research Systems, Inc.  | 1946 | 870407 |
| Fidelity National Information Services, <br> Inc. <br>| 27043 | 2201571 |
| Fiserv, Inc. \* | 28543 | 4921099 |
| Franklin Resources, Inc.  | 16156 | 385321 |
| Global Payments, Inc.  | 12634 | 1011225 |
| Goldman Sachs Group, Inc.  | 15799 | 11181742 |
| Intercontinental Exchange, Inc.  | 29530 | 5417869 |
| Invesco Ltd.  | 23049 | 363483 |
| Jack Henry & Associates, Inc.  | 3759 | 677259 |
| KKR & Co., Inc.  | 34846 | 4635563 |
| MarketAxess Holdings, Inc.  | 1951 | 435736 |
| Mastercard, Inc., Class A  | 41760 | 23466614 |
| Moody's Corp.  | 7963 | 3994161 |
| Morgan Stanley  | 63566 | 8953907 |
| MSCI, Inc.  | 3990 | 2301193 |
| Nasdaq, Inc.  | 21196 | 1895346 |
| Northern Trust Corp.  | 10015 | 1269802 |
| PayPal Holdings, Inc. \* | 50064 | 3720757 |

---

*See financial notes*

**4**Schwab S&P 500 Index Portfolio \| Semiannual Holdings and Financial Statements

------

Schwab S&P 500 Index Portfolio

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Raymond James Financial, Inc.  | 9348 | 1433703 |
| S&P Global, Inc.  | 16156 | 8518897 |
| State Street Corp.  | 14746 | 1568090 |
| Synchrony Financial  | 19600 | 1308104 |
| T. Rowe Price Group, Inc.  | 11366 | 1096819 |
| Visa, Inc., Class A  | 88082 | 31273514 |
|  |  | **226980931** |
| **Food, Beverage & Tobacco 2.4%** | **Food, Beverage & Tobacco 2.4%** | **Food, Beverage & Tobacco 2.4%** |
| Altria Group, Inc.  | 86732 | 5085097 |
| Archer-Daniels-Midland Co.  | 24732 | 1305355 |
| Brown-Forman Corp., Class B  | 9438 | 253977 |
| Bunge Global SA  | 6900 | 553932 |
| Campbell's Co.  | 10159 | 311373 |
| Coca-Cola Co.  | 199404 | 14107833 |
| Conagra Brands, Inc.  | 24452 | 500533 |
| Constellation Brands, Inc., Class A  | 7881 | 1282081 |
| General Mills, Inc.  | 28314 | 1466948 |
| Hershey Co.  | 7618 | 1264207 |
| Hormel Foods Corp.  | 15005 | 453901 |
| J.M. Smucker Co.  | 5447 | 534895 |
| Kellanova  | 13801 | 1097594 |
| Keurig Dr. Pepper, Inc.  | 69885 | 2310398 |
| Kraft Heinz Co.  | 44203 | 1141322 |
| Lamb Weston Holdings, Inc.  | 7264 | 376638 |
| McCormick & Co., Inc. - Non Voting <br> Shares <br>| 12985 | 984523 |
| Molson Coors Beverage Co., Class B  | 8832 | 424731 |
| Mondelez International, Inc., Class A  | 66660 | 4495550 |
| Monster Beverage Corp. \* | 36135 | 2263496 |
| PepsiCo, Inc.  | 70556 | 9316214 |
| Philip Morris International, Inc.  | 80135 | 14594988 |
| Tyson Foods, Inc., Class A  | 14637 | 818794 |
|  |  | **64944380** |
| **Health Care Equipment & Services 4.1%** | **Health Care Equipment & Services 4.1%** | **Health Care Equipment & Services 4.1%** |
| Abbott Laboratories  | 89590 | 12185136 |
| Align Technology, Inc. \* | 3507 | 663980 |
| Baxter International, Inc.  | 26308 | 796606 |
| Becton Dickinson & Co.  | 14792 | 2547922 |
| Boston Scientific Corp. \* | 76207 | 8185394 |
| Cardinal Health, Inc.  | 12288 | 2064384 |
| Cencora, Inc.  | 8880 | 2662668 |
| Centene Corp. \* | 25671 | 1393422 |
| Cigna Group  | 13745 | 4543822 |
| Cooper Cos., Inc. \* | 10210 | 726544 |
| CVS Health Corp.  | 65105 | 4490943 |
| DaVita, Inc. \* | 2138 | 304558 |
| Dexcom, Inc. \* | 20187 | 1762123 |
| Edwards Lifesciences Corp. \* | 30214 | 2363037 |
| Elevance Health, Inc.  | 11624 | 4521271 |
| GE HealthCare Technologies, Inc.  | 23478 | 1739015 |
| HCA Healthcare, Inc.  | 8913 | 3414570 |
| Henry Schein, Inc. \* | 6243 | 456051 |
| Hologic, Inc. \* | 11412 | 743606 |
| Humana, Inc.  | 6218 | 1520177 |
| IDEXX Laboratories, Inc. \* | 4143 | 2222057 |
| Insulet Corp. \* | 3625 | 1138902 |
| Intuitive Surgical, Inc. \* | 18451 | 10026458 |
| Labcorp Holdings, Inc.  | 4294 | 1127218 |
| McKesson Corp.  | 6444 | 4722034 |
| Medtronic PLC  | 66068 | 5759148 |
| Molina Healthcare, Inc. \* | 2782 | 828758 |
| Quest Diagnostics, Inc.  | 5759 | 1034489 |
| ResMed, Inc.  | 7533 | 1943514 |
| Solventum Corp. \* | 7086 | 537402 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| STERIS PLC  | 5044 | 1211670 |
| Stryker Corp.  | 17706 | 7005025 |
| UnitedHealth Group, Inc.  | 46695 | 14567439 |
| Universal Health Services, Inc., Class B  | 2945 | 533487 |
| Zimmer Biomet Holdings, Inc.  | 10135 | 924413 |
|  |  | **110667243** |
| **Household & Personal Products 1.1%** | **Household & Personal Products 1.1%** | **Household & Personal Products 1.1%** |
| Church & Dwight Co., Inc.  | 12665 | 1217233 |
| Clorox Co.  | 6340 | 761244 |
| Colgate-Palmolive Co.  | 41748 | 3794893 |
| Estee Lauder Cos., Inc., Class A  | 12095 | 977276 |
| Kenvue, Inc.  | 99155 | 2075314 |
| Kimberly-Clark Corp.  | 17072 | 2200922 |
| Procter & Gamble Co.  | 120679 | 19226579 |
|  |  | **30253461** |
| **Insurance 2.0%** | **Insurance 2.0%** | **Insurance 2.0%** |
| Aflac, Inc.  | 25054 | 2642195 |
| Allstate Corp.  | 13634 | 2744661 |
| American International Group, Inc.  | 29657 | 2538343 |
| Aon PLC, Class A  | 11124 | 3968598 |
| Arch Capital Group Ltd.  | 19198 | 1747978 |
| Arthur J Gallagher & Co.  | 13186 | 4221102 |
| Assurant, Inc.  | 2585 | 510512 |
| Brown & Brown, Inc.  | 14426 | 1599411 |
| Chubb Ltd.  | 19196 | 5561465 |
| Cincinnati Financial Corp.  | 7987 | 1189424 |
| Erie Indemnity Co., Class A  | 1285 | 445625 |
| Everest Group Ltd.  | 2190 | 744272 |
| Globe Life, Inc.  | 4241 | 527114 |
| Hartford Insurance Group, Inc.  | 14627 | 1855727 |
| Loews Corp.  | 8940 | 819440 |
| Marsh & McLennan Cos., Inc.  | 25355 | 5543617 |
| MetLife, Inc.  | 29026 | 2334271 |
| Principal Financial Group, Inc.  | 10559 | 838701 |
| Progressive Corp.  | 30178 | 8053301 |
| Prudential Financial, Inc.  | 18162 | 1951325 |
| Travelers Cos., Inc.  | 11651 | 3117109 |
| W.R. Berkley Corp.  | 15400 | 1131438 |
| Willis Towers Watson PLC  | 5118 | 1568667 |
|  |  | **55654296** |
| **Materials 1.9%** | **Materials 1.9%** | **Materials 1.9%** |
| Air Products & Chemicals, Inc.  | 11452 | 3230151 |
| Albemarle Corp.  | 6066 | 380156 |
| Amcor PLC  | 118689 | 1090752 |
| Avery Dennison Corp.  | 4025 | 706267 |
| Ball Corp.  | 14249 | 799226 |
| CF Industries Holdings, Inc.  | 8340 | 767280 |
| Corteva, Inc.  | 35175 | 2621593 |
| Dow, Inc.  | 36637 | 970148 |
| DuPont de Nemours, Inc.  | 21552 | 1478252 |
| Eastman Chemical Co.  | 5900 | 440494 |
| Ecolab, Inc.  | 12969 | 3494367 |
| Freeport-McMoRan, Inc.  | 73908 | 3203912 |
| International Flavors & Fragrances, Inc.  | 13066 | 961004 |
| International Paper Co.  | 27199 | 1273729 |
| Linde PLC  | 24235 | 11370577 |
| LyondellBasell Industries NV, Class A  | 13293 | 769133 |
| Martin Marietta Materials, Inc.  | 3104 | 1703972 |
| Mosaic Co.  | 16551 | 603781 |
| Newmont Corp.  | 57309 | 3338822 |
| Nucor Corp.  | 11876 | 1538417 |
| Packaging Corp. of America  | 4560 | 859332 |

---

*See financial notes*

Schwab S&P 500 Index Portfolio \| Semiannual Holdings and Financial Statements

**5**

------

Schwab S&P 500 Index Portfolio

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| PPG Industries, Inc.  | 11688 | 1329510 |
| Sherwin-Williams Co.  | 11870 | 4075683 |
| Smurfit WestRock PLC  | 25585 | 1103993 |
| Steel Dynamics, Inc.  | 7112 | 910407 |
| Vulcan Materials Co.  | 6767 | 1764969 |
|  |  | **50785927** |
| **Media & Entertainment 8.8%** | **Media & Entertainment 8.8%** | **Media & Entertainment 8.8%** |
| Alphabet, Inc., Class A  | 299594 | 52797451 |
| Alphabet, Inc., Class C  | 241701 | 42875340 |
| Charter Communications, Inc., Class A \* | 4910 | 2007257 |
| Comcast Corp., Class A  | 191610 | 6838561 |
| Electronic Arts, Inc.  | 11755 | 1877273 |
| Fox Corp., Class A  | 17216 | 964785 |
| Interpublic Group of Cos., Inc.  | 18839 | 461179 |
| Live Nation Entertainment, Inc. \* | 8073 | 1221283 |
| Match Group, Inc.  | 12425 | 383808 |
| Meta Platforms, Inc., Class A  | 111768 | 82494843 |
| Netflix, Inc. \* | 21908 | 29337660 |
| News Corp., Class A  | 25868 | 768797 |
| Omnicom Group, Inc.  | 9916 | 713357 |
| Paramount Global, Class B  | 31045 | 400481 |
| Take-Two Interactive Software, Inc. \* | 8686 | 2109395 |
| TKO Group Holdings, Inc.  | 3436 | 625180 |
| Walt Disney Co.  | 92552 | 11477374 |
| Warner Bros Discovery, Inc. \* | 115529 | 1323962 |
|  |  | **238677986** |
| **Pharmaceuticals, Biotechnology & Life Sciences 5.2%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.2%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.2%** |
| AbbVie, Inc.  | 90935 | 16879355 |
| Agilent Technologies, Inc.  | 14619 | 1725188 |
| Amgen, Inc.  | 27675 | 7727137 |
| Biogen, Inc. \* | 7522 | 944688 |
| Bio-Techne Corp.  | 8165 | 420089 |
| Bristol-Myers Squibb Co.  | 104754 | 4849063 |
| Charles River Laboratories International, <br> Inc. \*<br>| 2522 | 382663 |
| Danaher Corp.  | 32795 | 6478324 |
| Eli Lilly & Co.  | 40495 | 31567067 |
| Gilead Sciences, Inc.  | 64022 | 7098119 |
| Incyte Corp. \* | 8264 | 562778 |
| IQVIA Holdings, Inc. \* | 8448 | 1331320 |
| Johnson & Johnson  | 123857 | 18919157 |
| Merck & Co., Inc.  | 129242 | 10230797 |
| Mettler-Toledo International, Inc. \* | 1067 | 1253426 |
| Moderna, Inc. \* | 17427 | 480811 |
| Pfizer, Inc.  | 292625 | 7093230 |
| Regeneron Pharmaceuticals, Inc.  | 5343 | 2805075 |
| Revvity, Inc.  | 6041 | 584285 |
| Thermo Fisher Scientific, Inc.  | 19437 | 7880926 |
| Vertex Pharmaceuticals, Inc. \* | 13224 | 5887325 |
| Viatris, Inc.  | 60745 | 542453 |
| Waters Corp. \* | 3045 | 1062827 |
| West Pharmaceutical Services, Inc.  | 3697 | 808904 |
| Zoetis, Inc.  | 22923 | 3574842 |
|  |  | **141089849** |
| **Real Estate Management & Development 0.1%** | **Real Estate Management & Development 0.1%** | **Real Estate Management & Development 0.1%** |
| CBRE Group, Inc., Class A \* | 15069 | 2111468 |
| CoStar Group, Inc. \* | 21772 | 1750469 |
|  |  | **3861937** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Semiconductors & Semiconductor Equipment 12.7%** | **Semiconductors & Semiconductor Equipment 12.7%** | **Semiconductors & Semiconductor Equipment 12.7%** |
| Advanced Micro Devices, Inc. \* | 83465 | 11843683 |
| Analog Devices, Inc.  | 25549 | 6081173 |
| Applied Materials, Inc.  | 41825 | 7656903 |
| Broadcom, Inc.  | 242050 | 66721082 |
| Enphase Energy, Inc. \* | 6767 | 268312 |
| First Solar, Inc. \* | 5553 | 919244 |
| Intel Corp.  | 224545 | 5029808 |
| KLA Corp.  | 6808 | 6098198 |
| Lam Research Corp.  | 65802 | 6405167 |
| Microchip Technology, Inc.  | 27622 | 1943760 |
| Micron Technology, Inc.  | 57534 | 7091066 |
| Monolithic Power Systems, Inc.  | 2465 | 1802852 |
| NVIDIA Corp.  | 1255392 | 198339382 |
| NXP Semiconductors NV  | 13029 | 2846706 |
| ON Semiconductor Corp. \* | 21562 | 1130064 |
| QUALCOMM, Inc.  | 56480 | 8995005 |
| Skyworks Solutions, Inc.  | 7723 | 575518 |
| Teradyne, Inc.  | 8259 | 742649 |
| Texas Instruments, Inc.  | 46765 | 9709349 |
|  |  | **344199921** |
| **Software & Services 12.6%** | **Software & Services 12.6%** | **Software & Services 12.6%** |
| Accenture PLC, Class A  | 32228 | 9632627 |
| Adobe, Inc. \* | 21940 | 8488147 |
| Akamai Technologies, Inc. \* | 7528 | 600433 |
| ANSYS, Inc. \* | 4526 | 1589622 |
| Autodesk, Inc. \* | 11019 | 3411152 |
| Cadence Design Systems, Inc. \* | 14057 | 4331665 |
| Cognizant Technology Solutions Corp., <br> Class A <br>| 25426 | 1983991 |
| Crowdstrike Holdings, Inc., Class A \* | 12823 | 6530882 |
| EPAM Systems, Inc. \* | 2937 | 519320 |
| Fair Isaac Corp. \* | 1251 | 2286778 |
| Fortinet, Inc. \* | 32741 | 3461379 |
| Gartner, Inc. \* | 3947 | 1595456 |
| Gen Digital, Inc.  | 28098 | 826081 |
| GoDaddy, Inc., Class A \* | 7340 | 1321640 |
| International Business Machines Corp.  | 47853 | 14106107 |
| Intuit, Inc.  | 14398 | 11340297 |
| Microsoft Corp.  | 382605 | 190311553 |
| Oracle Corp.  | 83733 | 18306546 |
| Palantir Technologies, Inc., Class A \* | 109503 | 14927449 |
| Palo Alto Networks, Inc. \* | 34086 | 6975359 |
| PTC, Inc. \* | 6159 | 1061442 |
| Roper Technologies, Inc.  | 5541 | 3140860 |
| Salesforce, Inc.  | 49392 | 13468705 |
| ServiceNow, Inc. \* | 10656 | 10955220 |
| Synopsys, Inc. \* | 7951 | 4076319 |
| Tyler Technologies, Inc. \* | 2223 | 1317883 |
| VeriSign, Inc.  | 4152 | 1199098 |
| Workday, Inc., Class A \* | 11154 | 2676960 |
|  |  | **340442971** |
| **Technology Hardware & Equipment 7.7%** | **Technology Hardware & Equipment 7.7%** | **Technology Hardware & Equipment 7.7%** |
| Amphenol Corp., Class A  | 62226 | 6144818 |
| Apple, Inc.  | 768860 | 157747006 |
| Arista Networks, Inc. \* | 53013 | 5423760 |
| CDW Corp.  | 6819 | 1217805 |
| Cisco Systems, Inc.  | 204803 | 14209232 |
| Corning, Inc.  | 39715 | 2088612 |
| Dell Technologies, Inc., Class C  | 15424 | 1890982 |
| F5, Inc. \* | 2960 | 871187 |
| Hewlett Packard Enterprise Co.  | 67159 | 1373402 |
| HP, Inc.  | 48522 | 1186848 |

---

*See financial notes*

**6**Schwab S&P 500 Index Portfolio \| Semiannual Holdings and Financial Statements

------

Schwab S&P 500 Index Portfolio

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Jabil, Inc.  | 5528 | 1205657 |
| Juniper Networks, Inc.  | 16891 | 674458 |
| Keysight Technologies, Inc. \* | 8935 | 1464089 |
| Motorola Solutions, Inc.  | 8599 | 3615536 |
| NetApp, Inc.  | 10500 | 1118775 |
| Ralliant Corp. \* | 101 | 4914 |
| Seagate Technology Holdings PLC  | 10900 | 1573197 |
| Super Micro Computer, Inc. \* | 26419 | 1294795 |
| TE Connectivity PLC  | 15290 | 2578964 |
| Teledyne Technologies, Inc. \* | 2403 | 1231081 |
| Trimble, Inc. \* | 12283 | 933262 |
| Western Digital Corp.  | 17900 | 1145421 |
| Zebra Technologies Corp., Class A \* | 2609 | 804511 |
|  |  | **209798312** |
| **Telecommunication Services 0.9%** | **Telecommunication Services 0.9%** | **Telecommunication Services 0.9%** |
| AT&T, Inc.  | 370440 | 10720534 |
| T-Mobile U.S., Inc.  | 24554 | 5850236 |
| Verizon Communications, Inc.  | 216989 | 9389114 |
|  |  | **25959884** |
| **Transportation 1.4%** | **Transportation 1.4%** | **Transportation 1.4%** |
| CH Robinson Worldwide, Inc.  | 6120 | 587214 |
| CSX Corp.  | 96468 | 3147751 |
| Delta Air Lines, Inc.  | 33584 | 1651661 |
| Expeditors International of Washington, <br> Inc. <br>| 7051 | 805577 |
| FedEx Corp.  | 11329 | 2575195 |
| JB Hunt Transport Services, Inc.  | 4098 | 588473 |
| Norfolk Southern Corp.  | 11608 | 2971300 |
| Old Dominion Freight Line, Inc.  | 9574 | 1553860 |
| Southwest Airlines Co.  | 29318 | 951076 |
| Uber Technologies, Inc. \* | 107657 | 10044398 |
| Union Pacific Corp.  | 30736 | 7071739 |
| United Airlines Holdings, Inc. \* | 16772 | 1335554 |
| United Parcel Service, Inc., Class B  | 37756 | 3811090 |
|  |  | **37094888** |
| **Utilities 2.4%** | **Utilities 2.4%** | **Utilities 2.4%** |
| AES Corp.  | 36497 | 383948 |
| Alliant Energy Corp.  | 13152 | 795301 |
| Ameren Corp.  | 13946 | 1339374 |
| American Electric Power Co., Inc.  | 27500 | 2853400 |
| American Water Works Co., Inc.  | 10070 | 1400838 |
| Atmos Energy Corp.  | 8164 | 1258154 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| CenterPoint Energy, Inc.  | 33579 | 1233693 |
| CMS Energy Corp.  | 15492 | 1073286 |
| Consolidated Edison, Inc.  | 18557 | 1862195 |
| Constellation Energy Corp.  | 16134 | 5207410 |
| Dominion Energy, Inc.  | 43909 | 2481737 |
| DTE Energy Co.  | 10734 | 1421826 |
| Duke Energy Corp.  | 40028 | 4723304 |
| Edison International  | 19895 | 1026582 |
| Entergy Corp.  | 22996 | 1911428 |
| Evergy, Inc.  | 11931 | 822404 |
| Eversource Energy  | 18919 | 1203627 |
| Exelon Corp.  | 51977 | 2256841 |
| FirstEnergy Corp.  | 26365 | 1061455 |
| NextEra Energy, Inc.  | 105979 | 7357062 |
| NiSource, Inc.  | 24167 | 974897 |
| NRG Energy, Inc.  | 10067 | 1616559 |
| PG&E Corp.  | 113504 | 1582246 |
| Pinnacle West Capital Corp.  | 6152 | 550419 |
| PPL Corp.  | 38133 | 1292327 |
| Public Service Enterprise Group, Inc.  | 25629 | 2157449 |
| Sempra  | 33559 | 2542765 |
| Southern Co.  | 56600 | 5197578 |
| Vistra Corp.  | 17445 | 3381015 |
| WEC Energy Group, Inc.  | 16444 | 1713465 |
| Xcel Energy, Inc.  | 29691 | 2021957 |
|  |  | **64704542** |
| **Total Common Stocks** <br>**(Cost $1,234,834,093)** | **Total Common Stocks** <br>**(Cost $1,234,834,093)** | **2702261535** |
| **Total Investments in Securities** <br>**(Cost $1,234,834,093)** | **Total Investments in Securities** <br>**(Cost $1,234,834,093)** | **2702261535** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>APPRECIATION <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| S&P 500 Index, e-mini, expires <br> 09/19/25<br>| 13 | 4064938 | **122847** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. <br> *(a)* Issuer is affiliated with the fund's investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

REIT — Real Estate Investment Trust

Below is a summary of the fund's transactions with affiliated issuers during the period ended June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 12/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 6/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 6/30/25<br>| DIVIDENDS<br> RECEIVED<br>|
| **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS |
| **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** |
| Charles Schwab Corp. | $5678861 | $1024439 | ($132983)<br>| ($7823)<br>| $1416079 | **$7978573** | 87446 | $47118 |

---

*See financial notes*

Schwab S&P 500 Index Portfolio \| Semiannual Holdings and Financial Statements

**7**

------

Schwab S&P 500 Index Portfolio

Portfolio Holdings as of June 30, 2025 (Unaudited) (continued)

------

The following is a summary of the inputs used to value the fund's investments as of June 30, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $2702261535 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2702261535 |
| Futures Contracts<sup>2</sup> <br>| 122847 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 122847 |
| **Total** | **$2702384382** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$2702384382** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings. <br> <sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

**8**Schwab S&P 500 Index Portfolio \| Semiannual Holdings and Financial Statements

------

Schwab S&P 500 Index Portfolio

Statement of Assets and Liabilities

------

As of June 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $4,361,140)  |  | $7978573 |
| Investments in securities, at value - unaffiliated issuers (cost $1,230,472,953) |  | 2694282962 |
| Cash |  | 2611943 |
| Deposit with broker for futures contracts |  | 473250 |
| Receivables: |  |  |
| Dividends |  | 1353486 |
| Fund shares sold |  | 1090282 |
| Investments sold |  | 276350 |
| Variation margin on future contracts | + | 21594 |
| **Total assets** |  | **2708088440** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Fund shares redeemed |  | 1399340 |
| Investment adviser fees | + | 62228 |
| **Total liabilities** |  | **1461568** |
| **Net assets** |  | **$2706626872** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $1266329752 |
| Total distributable earnings | + | 1440297120 |
| **Net assets** |  | **$2706626872** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $2706626872 |  | &nbsp;&nbsp;&nbsp;&nbsp; 29822889 |  | &nbsp;&nbsp;&nbsp;&nbsp; $90.76 |

---

*See financial notes*

Schwab S&P 500 Index Portfolio \| Semiannual Holdings and Financial Statements

**9**

------

Schwab S&P 500 Index Portfolio

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2025 through June 30, 2025; unaudited | For the period January 1, 2025 through June 30, 2025; unaudited | For the period January 1, 2025 through June 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $4,084) |  | $16982708 |
| Other Interest |  | 66309 |
| Dividends received from securities - affiliated issuers |  | 47118 |
| Securities on loan, net | + | 220 |
| **Total investment income**  |  | **17096355** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 376424 |
| **Total expenses** | – | **376424** |
| **Net investment income** |  | **16719931** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - affiliated issuers  |  | (7823)<br>|
| Net realized losses on sales of securities - unaffiliated issuers  |  | (6228169)<br>|
| Net realized losses on futures contracts | + | (182952)<br>|
| **Net realized losses** |  | **(6418944)**<br>|
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 1416079 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 143114963 |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | 309901 |
| **Net change in unrealized appreciation (depreciation)** |  | **144840943** |
| **Net realized and unrealized gains** |  | **138421999** |
| **Increase in net assets resulting from operations** |  | **$155141930** |

---

*See financial notes*

**10**Schwab S&P 500 Index Portfolio \| Semiannual Holdings and Financial Statements

------

Schwab S&P 500 Index Portfolio

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/24-12/31/24 |
| Net investment income |  | $16719931 | &nbsp;&nbsp;&nbsp; $30596115 |
| Net realized losses |  | (6418944)<br>| &nbsp;&nbsp;&nbsp; (4318520)<br>|
| Net change in unrealized appreciation (depreciation) | + | 144840943 | &nbsp;&nbsp;&nbsp; 466814781 |
| **Increase in net assets resulting from operations** |  | **$155141930** | &nbsp;&nbsp;&nbsp; **$493092376** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($30592125)**<br>| &nbsp;&nbsp;&nbsp; **($33327662)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 2056219 | &nbsp;&nbsp;&nbsp; $175328412 | &nbsp;&nbsp;&nbsp; 6170298 | &nbsp;&nbsp;&nbsp; $494896266 |
| Shares reinvested |  | 337066 | &nbsp;&nbsp;&nbsp; 30592125 | &nbsp;&nbsp;&nbsp; 417954 | &nbsp;&nbsp;&nbsp; 33327662 |
| Shares redeemed | + | (2507712)<br>| &nbsp;&nbsp;&nbsp; (211996971)<br>| &nbsp;&nbsp;&nbsp; (3849857)<br>| &nbsp;&nbsp;&nbsp; (308948939)<br>|
| **Net transactions in fund shares**  |  | **(114427)**<br>| &nbsp;&nbsp;&nbsp; **($6076434)**<br>| &nbsp;&nbsp;&nbsp; **2738395** | &nbsp;&nbsp;&nbsp; **$219274989** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 29937316 | &nbsp;&nbsp;&nbsp; $2588153501 | &nbsp;&nbsp;&nbsp; 27198921 | &nbsp;&nbsp;&nbsp; $1909113798 |
| Total increase (decrease) | + | (114427)<br>| &nbsp;&nbsp;&nbsp; 118473371 | &nbsp;&nbsp;&nbsp; 2738395 | &nbsp;&nbsp;&nbsp; 679039703 |
| **End of period** |  | **29822889** | &nbsp;&nbsp;&nbsp; **$2706626872** | &nbsp;&nbsp;&nbsp; **29937316** | &nbsp;&nbsp;&nbsp; **$2588153501** |

---

*See financial notes*

Schwab S&P 500 Index Portfolio \| Semiannual Holdings and Financial Statements

**11**

------

Schwab S&P 500 Index Portfolio

Financial Notes, unaudited

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Business Structure of the Fund:**

The fund in this report is a series of Schwab Annuity Portfolios (the trust), a no-load, open-end management investment company. The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the 1940 Act). The list below shows all the operational funds in the trust as of the end of the period, including the fund discussed in this report, which is highlighted:

---

| |
|:---|
| **SCHWAB ANNUITY PORTFOLIOS**  |
| **Schwab S&P 500 Index Portfolio** |
| Schwab Government Money Market Portfolio |
| Schwab VIT Balanced Portfolio |
| Schwab VIT Balanced with Growth Portfolio |
| Schwab VIT Growth Portfolio |

---

The fund offers one share class. Shares are bought and sold at closing net asset value per share (NAV), which is the price for all outstanding shares of the fund. Each share has a par value of 1/1,000 of a cent, and the fund's Board of Trustees (the Board) may authorize the issuance of as many shares as necessary.

The fund is available exclusively as an investment vehicle for variable annuity and variable life insurance contracts offered by separate accounts of participating life insurance companies, and in the future may be offered to pension and retirement plans qualified under the Internal Revenue Code, as amended. At June 30, 2025, 100% of the fund's shares were held through separate accounts of seven insurance companies. Subscriptions and redemptions of these insurance separate accounts could have a material impact on the fund.

The fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, the fund may also keep certain assets in segregated accounts, as required by securities law. The "Fund Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust.

**Investment Objective** 

The **Schwab S&P 500 Index Portfolio** seeks to track the total return of the S&P 500<sup>®</sup> Index.

------

**2. Significant Accounting Policies:**

The following is a summary of the significant accounting policies the fund uses in its preparation of financial statements. The fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 946 Financial Services — Investment Companies. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).

**(a) Security Valuation:**

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated authority to a Valuation Designee, the fund's investment adviser, to make fair valuation determinations under adopted procedures, subject to Board 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Futures contracts:** Futures contracts are valued at their settlement prices as of the close of their exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;● **Mutual funds:** Mutual funds are valued at their respective NAVs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **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

**12**Schwab S&P 500 Index Portfolio \| Semiannual Holdings and Financial Statements

------

Schwab S&P 500 Index Portfolio

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

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 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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 (ETFs) and futures contracts. Mutual funds and ETFs 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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.

The levels associated with valuing the fund's investments as of June 30, 2025, are disclosed in the fund's Portfolio Holdings.

**(b) Accounting Policies for certain Portfolio Investments (if held):**

**Futures Contracts:** Futures contracts are instruments that represent an agreement between two parties that obligates one party to buy, and the other party to sell, specific instruments at an agreed upon price on a stipulated future date. The fund must give the broker a deposit of cash and/or securities (initial margin) whenever it enters into a futures contract. The amount of the deposit may vary from one contract to another. Subsequent payments (variation margin) are made or received by the fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized appreciation or depreciation until the contract is closed, at which time the gains or losses are realized. Futures contracts are traded publicly on exchanges, and their value may change daily.

**Cash Investments:** The fund may invest a portion of its assets in cash. Cash includes cash bank balances in an interest-bearing demand deposit account with maturity on demand by the fund.

Schwab S&P 500 Index Portfolio \| Semiannual Holdings and Financial Statements

**13**

------

Schwab S&P 500 Index Portfolio

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

**Securities Lending:** Under the trust's Securities Lending Program, the fund (lender) may make short-term loans of its securities to another party (borrower) to generate additional revenue for the fund. The borrower pledges collateral in the form of cash, securities issued or fully guaranteed by the U.S. government or foreign governments, or letters of credit issued by a bank. Collateral at the individual loan level is required to be maintained on a daily marked-to-market basis in an amount at least equal to the current value of the securities loaned. The lending agent provides the fund with indemnification against borrower default (the borrower fails to return the security on loan) reducing the risk of loss as a result of default. The cash collateral of securities loaned is currently invested in money market portfolios operating pursuant to Rule 2a-7 under the 1940 Act. The fund bears the risk of loss with respect to the investment of cash collateral. The terms of the securities lending agreement allow the fund or the lending agent to terminate any loan at any given time and the securities must be returned within the earlier of the standard trade settlement period or the specified time period under the relevant securities lending agreement. Securities lending income, as disclosed in the fund's Statement of Operations, if applicable, represents the income earned from the investment of the cash collateral plus any fees paid by borrowers, less the fees paid to the lending agent and broker rebates which are subject to adjustments pursuant to the securities lending agreement. On loans not collateralized by cash, a fee is received from the borrower, and is allocated between the fund and the lending agent. The aggregate fair value of securities loaned will not at any time exceed one-third of the total assets of the fund, including collateral received from the loan. Securities lending fees paid to the unaffiliated lending agents start at 9% of gross lending revenue, with subsequent breakpoints to a low of 5%. In this context, the gross lending revenue equals the income received from the investment of cash collateral and fees paid by borrowers less any rebates paid to the borrowers. Any expenses charged by the cash collateral fund are in addition to these fees. All remaining revenue is retained by the fund, as applicable. No portion of lending revenue is paid to or retained by the investment adviser or any of its affiliates.

As of June 30, 2025, the fund had no securities on loan.

**(c) Security Transactions:** 

Security transactions are recorded as of the date the order to buy or sell the security is executed. Realized gains and losses from security transactions are based on the identified costs of the securities involved.

When the fund closes out a futures contract position, it calculates the difference between the value of the position at the beginning and at the end of the contract, and records a realized gain or loss accordingly.

**(d) Investment Income:**

Interest income is recorded as it accrues. Dividends and distributions from portfolio securities funds are recorded on the date they are effective (the ex-dividend date).

**(e) Expenses:**

Pursuant to an Amended and Restated Investment Advisory and Administration Agreement between the investment adviser and the trust, the investment adviser pays the operating expenses of the fund, excluding acquired fund fees and expenses, taxes, any brokerage expenses, and extraordinary or non-routine expenses. Taxes, any brokerage expenses and extraordinary or non-routine expenses that are specific to the fund are charged directly to the fund. Acquired fund fees and expenses are indirect expenses incurred by the fund through its investments in underlying funds and are reflected in the NAVs of the underlying funds.

**(f) Distributions to Shareholders:**

The fund makes distributions from net investment income and net realized capital gains, if any, once a year. To receive a distribution, you must be a registered shareholder on the record date. Distributions are paid to shareholders on the payable date.

**(g) Accounting Estimates:**

The accounting policies described in this report conform to GAAP. Notwithstanding this, shareholders should understand that in order to follow these principles, fund management has to make estimates and assumptions that affect the information reported in the financial statements. It's possible that once the results are known, they may turn out to be different from these estimates and these differences may be material.

**14**Schwab S&P 500 Index Portfolio \| Semiannual Holdings and Financial Statements

------

Schwab S&P 500 Index Portfolio

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

**(h) Federal Income Taxes:**

The fund intends to meet federal income and excise tax requirements for regulated investment companies under subchapter M of the Internal Revenue Code, as amended. Accordingly, the fund distributes substantially all of its net investment income and net realized capital gains, if any, to the participating insurance company's (shareholders) separate accounts each year. As long as the fund meets the tax requirements, it is not required to pay federal income tax.

**(i) Segment Reporting:**

An operating segment is defined in ASC Topic 280 Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.

The management committee of the fund's investment adviser acts as the fund's CODM. The CODM has determined that the fund operates as a single operating segment given the fund has a single defined investment strategy disclosed in its respective prospectus. The discrete financial information in the form of the fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, shares sold and shares redeemed), which is used by the CODM to assess performance against the prospectus and to make resource allocation decisions with respect to the fund, is presented within the fund's financial statements.

**(j) Indemnification:**

Under the fund's organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business the fund enters into contracts with its vendors and others that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the fund. However, based on experience, the fund expects the risk of loss attributable to these arrangements to be remote.

**(k) Recent Accounting Pronouncements:**

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The guidance is effective for annual periods beginning after December 15, 2024, and with early adoption permitted. At this time, management is evaluating the impact of this amendment but believes it will not have a material impact on the financial statements and income tax disclosures.

------

**3. Affiliates and Affiliated Transactions:**

**Investment Adviser**

Charles Schwab Investment Management, Inc., dba Schwab Asset Management, a wholly owned subsidiary of The Charles Schwab Corporation, serves as the fund's investment adviser and administrator pursuant to an Investment Advisory and Administration Agreement between the investment adviser and the trust.

For its advisory and administrative services to the fund, the investment adviser is entitled to receive an annual fee, payable monthly, equal to 0.03% of the fund's average daily net assets.

**Interfund Transactions**

The fund may engage in direct transactions with certain other funds in the Fund Complex in accordance with procedures adopted by the Board pursuant to Rule 17a-7 under the 1940 Act. When one fund is seeking to sell a security that another fund is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs while allowing each fund to execute the transaction at the current market price. This practice is limited to funds that share the same investment adviser. The net realized gains or losses on sales of interfund transactions are recorded in Net realized gains (losses) on sales of securities — unaffiliated issuers and Net realized gains (losses) on sales of securities — affiliated issuers, as applicable in the Statement of Operations. For the period ended June 30, 2025, the fund's purchases and sales of securities with other funds in the Fund Complex was $3,703,283 and $9,282,796 respectively, and includes net realized losses of $1,550,815.

Schwab S&P 500 Index Portfolio \| Semiannual Holdings and Financial Statements

**15**

------

Schwab S&P 500 Index Portfolio

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Affiliates and Affiliated Transactions (continued):** 

**Interfund Borrowing and Lending**

Pursuant to an exemptive order issued by the SEC, the fund may enter into interfund borrowing and lending transactions with other funds in the Fund Complex. All loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the overnight repurchase agreement rate and the short-term bank loan rate. All loans are subject to numerous conditions designed to ensure fair and equitable treatment of all participating funds. The interfund lending facility is subject to the oversight and periodic review by the Board. The fund had no interfund borrowing or lending activity during the period.

------

**4. Board of Trustees:**

The Board may include people who are officers and/or directors of the investment adviser or its affiliates. Federal securities law limits the percentage of such "interested persons" who may serve on a trust's board, and the trust was in compliance with these limitations throughout the report period. The fund did not pay any interested persons or non-interested persons (independent trustees). The independent trustees are paid by the investment adviser pursuant to the Advisory Agreement where the investment adviser pays the operational expenses of the fund which includes trustee fees.

------

**5. Borrowing from Banks:**

During the period, the fund was a participant with other funds in the Fund Complex in a joint, syndicated, committed $1.2 billion line of credit (the Syndicated Credit Facility), maturing on September 25, 2025. Under the terms of the Syndicated Credit Facility, in addition to the investment adviser paying the interest charged on any borrowings by the fund, the investment adviser paid a commitment fee of 0.15% per annum on the fund's proportionate share of the unused portion of the Syndicated Credit Facility.

During the period, the fund was a participant with other funds in the Fund Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility) with State Street Bank and Trust Company, maturing on September 25, 2025. Under the terms of the Uncommitted Credit Facility, the investment adviser pays interest on the amount the fund borrows. There were no borrowings by the fund from either line of credit during the period.

The fund also has access to custodian overdraft facilities. The fund may have utilized the overdraft facility and incurred an interest expense, which is paid by the investment adviser, if any. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.

------

**6. Purchases and Sales/Maturities of Investment Securities:**

For the period ended June 30, 2025, purchases and sales of securities (excluding short-term obligations) were as follows:

---

| | |
|:---|:---|
| PURCHASES <br>OF SECURITIES <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SALES <br>OF SECURITIES<br>|
| $59547255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $73314866 |

---

------

**7. Derivatives:**

The fund entered into futures contracts during the report period to equitize available cash.

As of June 30, 2025, the Statement of Assets and Liabilities included the following financial derivative instrument fair values held at period end:

---

| | | |
|:---|:---|:---|
|  | EQUITY CONTRACTS | TOTAL |
| **Asset Derivatives** |  |  |
| Futures Contracts<sup>1</sup> <br>| $122847 | &nbsp;&nbsp; $122847 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br> <sup>1</sup> Includes cumulative unrealized appreciation of futures contracts as reported in the fund's Portfolio Holdings. Only current day's variation margin on futures contracts is reported in the Statement of Assets and Liabilities.

**16**Schwab S&P 500 Index Portfolio \| Semiannual Holdings and Financial Statements

------

Schwab S&P 500 Index Portfolio

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Derivatives (continued):** 

The effects of the derivative contracts in the Statement of Operations for the period ended June 30, 2025, were:

---

| | | |
|:---|:---|:---|
|  | EQUITY CONTRACTS | TOTAL |
| **Net Realized Gains (Losses)** |  |  |
| Futures Contracts<sup>1</sup> <br>| ($182952)<br>| &nbsp;&nbsp; ($182952)<br>|
| **Net Change in Unrealized Appreciation (Depreciation)** |  |  |
| Futures Contracts<sup>2</sup> <br>| $309901 | &nbsp;&nbsp; $309901 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br> <sup>1</sup> Statement of Operations location: Net realized gains (losses) on futures contracts. <br> <sup>2</sup> Statement of Operations location: Net change in unrealized appreciation (depreciation) on futures contracts.

During the period ended June 30, 2025, the month-end average notional amounts of futures contracts held by the fund and the month-end average number of contracts held were as follows:

---

| | |
|:---|:---|
| NOTIONAL AMOUNT | NUMBER OF CONTRACTS |
| $7670789 | 26 |

---

------

**8. Federal Income Taxes:**

As of June 30, 2025, the tax basis cost of the fund's investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | |
|:---|:---|:---|:---|
| TAX COST | GROSS UNREALIZED <br>APPRECIATION<br>| GROSS UNREALIZED <br>DEPRECIATION<br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION)<br>|
| &nbsp;&nbsp; $1261389069 | &nbsp;&nbsp; $1462675088 | &nbsp;&nbsp; ($21679775)<br>| &nbsp;&nbsp; $1440995313 |

---

The primary differences between book basis and tax basis unrealized appreciation or unrealized depreciation of investments are the tax deferral of losses on wash sales and realization for tax purposes of unrealized appreciation or depreciation on futures contracts if held. The tax cost of the fund's investments, disclosed above, have been adjusted from its book amounts to reflect these unrealized appreciation or depreciation differences, as applicable.

Capital loss carryforwards have no expiration and may be used to offset future realized capital gains for federal income tax purposes. As of December 31, 2024, the fund had capital loss carryforwards of $14,964,209.

The tax basis components of distributions and components of distributable earnings on a tax basis are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of June 30, 2025. The tax basis components of distributions paid during the fiscal year ended December 31, 2024 were as follows:

---

| |
|:---|
| PRIOR FISCAL YEAR END DISTRIBUTIONS |
| ORDINARY <br>INCOME <br>|
| $33327662 |

---

Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts in the financial statements. The fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Schwab S&P 500 Index Portfolio \| Semiannual Holdings and Financial Statements

**17**

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Schwab S&P 500 Index Portfolio

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Federal Income Taxes (continued):** 

As of December 31, 2024, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the fund, and has determined that no provision for income tax is required in the fund's financial statements. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the fiscal year ended December 31, 2024, the fund did not incur any interest or penalties.

------

**9. Subsequent Events:**

Management has determined there are no subsequent events or transactions through the date the financial statements were issued that would have materially impacted the financial statements as presented.

**18**Schwab S&P 500 Index Portfolio \| Semiannual Holdings and Financial Statements

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

Schwab S&P 500 Index Portfolio \| Semiannual Holdings and Financial Statements

**19**

------

Proxy Disclosures for Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

**20**Schwab S&P 500 Index Portfolio \| Semiannual Holdings and Financial Statements

------

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The remuneration paid to directors, officers and others are included under Item 7 (Financial Statements and Financial Highlights for Open-End Management Investment Companies).

Schwab S&P 500 Index Portfolio \| Semiannual Holdings and Financial Statements

**21**

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Schwab S&P 500 Index Portfolio

Investment Advisory Agreement Approval

------

The Investment Company Act of 1940, as amended (the 1940 Act), requires that the continuation of a fund's investment advisory agreement must be specifically approved (1) by the vote of the trustees or by a vote of the shareholders of the fund, and (2) by the vote of a majority of the trustees who are not parties to the investment advisory agreement or "interested persons" of any party thereto (the Independent Trustees), cast in person at a meeting called for the purpose of voting on such approval. In connection with such approvals, the fund's trustees must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the investment advisory agreement.

The Board of Trustees (the Board or the Trustees, as appropriate) calls and holds one or more meetings each year that are dedicated, in whole or in part, to considering whether to renew the amended and restated investment advisory and administration agreement (the Agreement) between Schwab Annuity Portfolios (the Trust) and Charles Schwab Investment Management, Inc. (dba Schwab Asset Management) (the investment adviser) with respect to the existing funds in the Trust, including Schwab S&P 500 Index Portfolio (the Fund), and to review certain other agreements pursuant to which the investment adviser provides investment advisory services to certain other registered investment companies. In preparation for the meeting(s), the Board requests and reviews a wide variety of materials provided by the investment adviser, including information about the investment adviser's affiliates, personnel, business goals and priorities, profitability, oversight of third-party service providers, corporate structure and operations. As part of the renewal process, the Independent Trustees' legal counsel, on behalf of the Independent Trustees, sends an information request letter to the investment adviser seeking certain relevant information. The responses by the investment adviser are provided to the Trustees in the Board materials for their review prior to their meeting, and the Trustees are provided with the opportunity to request any additional materials. The Board also receives data provided by an independent provider of investment company data. This information is in addition to the detailed information about the Fund that the Board reviews during the course of each year, including information that relates to the Fund's operations and performance, legal and compliance matters, risk management, portfolio turnover, and sales and marketing activity. In considering the renewal, the Independent Trustees receive advice from Independent Trustees' legal counsel, including a memorandum regarding the responsibilities of trustees for the approval of investment advisory agreements. In addition, the Independent Trustees participate in question and answer sessions with representatives of the investment adviser and meet in executive session outside the presence of Fund management.

The Board, including a majority of the Independent Trustees, considered information specifically relating to the continuance of the Agreement with respect to the Fund at meetings held on

May 7, 2025 and June 5, 2025, and approved the renewal of the Agreement with respect to the Fund for an additional one-year term at the meeting on June 5, 2025 called for the purpose of voting on such approval.

The Board's approval of the continuance of the Agreement with respect to the Fund was based on consideration and evaluation of a variety of specific factors discussed at these meetings and at prior meetings, including:

1. the nature, extent and quality of the services provided to the Fund under the Agreement, including the resources of the investment adviser and its affiliates dedicated to the Fund;

2. the Fund's investment performance and how it compared to that of certain other comparable mutual funds and benchmark data;

3. the Fund's expenses and how those expenses compared to those of certain other similar mutual funds;

4. the profitability of the investment adviser and its affiliates, including Charles Schwab & Co., Inc. (Schwab), with respect to the Fund, including both direct and indirect benefits accruing to the investment adviser and its affiliates; and

5. the extent to which economies of scale would be realized as the Fund grows and whether fee levels in the Agreement reflect those economies of scale for the benefit of Fund investors.

**Nature, Extent and Quality of Services.** The Board considered the nature, extent and quality of the services provided by the investment adviser to the Fund and the resources of the investment adviser and its affiliates dedicated to the Fund. In this regard, the Trustees evaluated, among other things, the investment adviser's experience, track record, compliance program, resources dedicated to hiring and retaining skilled personnel and specialized talent, and information security resources. The Trustees also considered information provided by the investment adviser relating to services and support provided with respect to the Fund's portfolio management team, portfolio strategy, and internal investment guidelines, as well as trading infrastructure, liquidity management, product design and analysis, shareholder communications, securities valuation, and vendor and risk oversight. The Trustees also considered the investment adviser's continued investment in its infrastructure, including the investment adviser's technology and use of data, business continuity, cybersecurity, due diligence, risk management processes, and information security programs. The Trustees considered Schwab's overall financial condition and reputation as a full service brokerage firm. Following such evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services provided by the investment adviser to the Fund and the resources of the investment adviser and its

**22**Schwab S&P 500 Index Portfolio \| Semiannual Holdings and Financial Statements

------

Schwab S&P 500 Index Portfolio

affiliates dedicated to the Fund supported renewal of the Agreement with respect to the Fund.

**Fund Performance.** The Board considered the Fund's performance in determining whether to renew the Agreement with respect to the Fund. Specifically, the Trustees considered the Fund's performance relative to a peer category of other mutual funds and applicable indices/benchmarks, in light of total return and the market environment, as well as in consideration of the Fund's investment style and strategy. As part of this review, the Trustees considered the composition of the peer category, selection criteria and the reputation of the independent provider of investment company data who prepared the peer category analysis. In evaluating the performance of the Fund, the Trustees considered the risk profile for the Fund and the Fund's demonstrated performance in tracking its benchmark index. The Trustees noted the Fund had closely tracked its index in 2024, with the Fund performing within its expected performance range. The Trustees further considered the level of Fund performance in the context of their review of Fund expenses and the investment adviser's profitability discussed below and also noted that the Board and a designated committee of the Board review performance throughout the year. Following such evaluation, the Board concluded, within the context of its full deliberations, that the performance of the Fund supported renewal of the Agreement with respect to the Fund.

**Fund Expenses.** With respect to the Fund's expenses, the Trustees considered the rate of compensation called for by the Agreement in comparison to that of other similar mutual funds, such peer groups and comparisons having been selected and calculated by an independent provider of investment company data. The investment adviser reported to the Board, and the Board took into account, the risk assumed by the investment adviser in the development of the Fund and provision of services as well as the competitive marketplace for financial products. The Trustees also considered fees charged by the investment adviser to other mutual funds it manages and the unique insurance dedicated distribution arrangements of the Fund as compared to other funds managed by the investment adviser. Following such evaluation, the Board concluded, within the context of its full deliberations, that the expenses of the Fund are reasonable and supported renewal of the Agreement with respect to the Fund.

**Profitability.** The Trustees considered the compensation flowing to the investment adviser and its affiliates, directly or indirectly, and reviewed profitability on a pre-tax basis, without regard to distribution expenses. The Trustees reviewed profitability of the investment adviser relating to the Schwab fund complex as a whole, noting the benefits to Fund shareholders of being part of the Schwab fund complex, including the allocations of certain costs across the Fund and

other funds in the complex. The Trustees also considered any other benefits derived by the investment adviser from its relationship with the Fund, such as whether, by virtue of its management of the Fund, the investment adviser obtains investment information or other research resources that aid it in providing advisory services to other clients. The Trustees considered whether the compensation and profitability with respect to the Fund under the Agreement and other service agreements were reasonable in light of the quality of all services rendered to the Fund by the investment adviser and its affiliates. The Trustees noted that the investment adviser continues to invest substantial sums in its business in order to provide enhanced research capabilities, services and systems to benefit the Fund. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the profitability of the investment adviser is reasonable and supported renewal of the Agreement with respect to the Fund.

**Economies of Scale.** Although the Trustees recognized the difficulty of determining economies of scale with precision, the Trustees considered the potential existence of any economies of scale by way of the relatively low advisory fee and unitary fee structure of the Fund and whether those are passed along to the Fund's shareholders through (i) the enhancement of services provided to the Fund in return for fees paid, including through the investment adviser's continued investment in its infrastructure and use of data and technology, increasing expertise and capabilities in key areas (including portfolio and trade operations), and improving business continuity, cybersecurity, due diligence and information security programs, which are designed to provide enhanced services to the Fund and its shareholders; and (ii) pricing a fund to scale and keeping overall expenses down as the Fund grows. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the Fund obtains reasonable benefits from economies of scale.

\* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \*

In the course of their deliberations, the Trustees may have accorded different weights to various factors and did not identify any particular information or factor that was all important or controlling. Based on the Trustees' deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, approved the continuation of the Agreement with respect to the Fund and concluded that the compensation under the Agreement with respect to the Fund is fair and reasonable in light of the services provided and the related expenses borne by the investment adviser and its affiliates and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment.

Schwab S&P 500 Index Portfolio \| Semiannual Holdings and Financial Statements

**23**

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g154132img70f0344c1.jpg)

MFR98596-08

00315744

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g154136img111899e31.jpg)

**Semiannual Holdings and Financial Statements** \| June 30, 2025

Schwab VIT Balanced Portfolio

------

**In This Report**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 - Financial Statements and Financial Highlights for Open-End](#xx_f302efe7-0a0a-412d-81d4-0591a0676d86_1)**<br> **[Management Investment Companies](#xx_f302efe7-0a0a-412d-81d4-0591a0676d86_1)** <br>|  |
| [Financial Statements and Portfolio Holdings](#xx_f302efe7-0a0a-412d-81d4-0591a0676d86_1) | 2 |
| [Financial Notes](#xx_59e2060c-8f8f-4b5d-b37e-a3ba2a955b4f_1) | 7 |
| **[Item 8 – Changes in and Disagreements with Accountants for Open-End](#xx_37d89f0a-c41a-4117-9b90-9cad5cd6410b_1)**<br> **[Management Investment Companies](#xx_37d89f0a-c41a-4117-9b90-9cad5cd6410b_1)**<br>| 13 |
| **[Item 9 – Proxy Disclosures for Open-End Management Investment](#xx_71133634-b300-42a0-9ece-cf11c7ba17e0_1)**<br> **[Companies](#xx_71133634-b300-42a0-9ece-cf11c7ba17e0_1)**<br>| 14 |
| **[Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End](#xx_5c45ef21-71e1-4f40-b0e6-6791a63e76c5_1)**<br> **[Management Investment Companies](#xx_5c45ef21-71e1-4f40-b0e6-6791a63e76c5_1)**<br>| 15 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory](#xx_a36cc470-cf20-4593-910f-3af140b714cb_1)**<br> **[Contract](#xx_a36cc470-cf20-4593-910f-3af140b714cb_1)** <br>|  |
| [Investment Advisory Agreement Approval](#xx_a36cc470-cf20-4593-910f-3af140b714cb_1) | 16  |

---

Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset Management<sup>®</sup>

Distributor: Charles Schwab & Co., Inc. (Schwab)

Schwab VIT Balanced Portfolio \| Semiannual Holdings and Financial Statements

**1**

------

Schwab VIT Balanced Portfolio

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 1/1/25– <br>6/30/25\*<br>| 1/1/24– <br>12/31/24<br>| 1/1/23– <br>12/31/23<br>| 1/1/22– <br>12/31/22<br>| 1/1/21– <br>12/31/21<br>| 1/1/20– <br>12/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $14.24 | &nbsp;&nbsp; $13.55 | &nbsp;&nbsp; $12.33 | &nbsp;&nbsp; $14.99 | &nbsp;&nbsp; $14.04 | &nbsp;&nbsp; $13.25 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.14 | 0.35 | 0.30 | 0.22 | 0.21 | 0.20 |
| Net realized and unrealized gains (losses) | 0.76 | 0.70 | 1.16 | &nbsp;&nbsp; (2.42)<br>| 0.93 | 0.86 |
| Total from investment operations | 0.90 | 1.05 | 1.46 | &nbsp;&nbsp; (2.20)<br>| 1.14 | 1.06 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.24)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; (0.03)<br>|
| Total distributions | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.27)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $14.50 | &nbsp;&nbsp; $14.24 | &nbsp;&nbsp; $13.55 | &nbsp;&nbsp; $12.33 | &nbsp;&nbsp; $14.99 | &nbsp;&nbsp; $14.04 |
| Total return | 6.33 %<sup>3</sup><br>| 7.78<br> %<br>| 11.96<br> %<br>| &nbsp;&nbsp; (14.71<br> %)<br>| 8.19<br> %<br>| 8.23<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Total expenses<sup>4</sup> <br>| 0.51 %<sup>5</sup><br>| 0.52<br> %<br>| 0.52<br> %<br>| 0.53 %<sup>6</sup><br>| 0.52<br> %<br>| 0.54<br> %<br>|
| Net investment income (loss) | 1.92 %<sup>5</sup><br>| 2.53<br> %<br>| 2.36<br> %<br>| 1.70<br> %<br>| 1.42<br> %<br>| 1.53<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 8 %<sup>3</sup><br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 38<br> %<br>|
| Net assets, end of period (x 1,000) | &nbsp;&nbsp; $82607 | &nbsp;&nbsp; $81499 | &nbsp;&nbsp; $77350 | &nbsp;&nbsp; $74061 | &nbsp;&nbsp; $92777 | &nbsp;&nbsp; $83577 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Per-share amount was less than $0.005.

<sup>3</sup> Not annualized.

<sup>4</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>5</sup> Annualized.

<sup>6</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**2**Schwab VIT Balanced Portfolio \| Semiannual Holdings and Financial Statements

------

Schwab VIT Balanced Portfolio

Portfolio Holdings as of June 30, 2025 (Unaudited)

------

This section includes a summary of the fund's transactions with its affiliated underlying funds during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 12/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 6/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 6/30/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup> <br>|
| **AFFILIATED UNDERLYING FUNDS** 99.3% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.3% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.3% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.3% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.3% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.3% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.3% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.3% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.3% OF NET ASSETS |
| **U.S. Stocks 28.7%** | **U.S. Stocks 28.7%** | **U.S. Stocks 28.7%** | **U.S. Stocks 28.7%** | **U.S. Stocks 28.7%** | **U.S. Stocks 28.7%** | **U.S. Stocks 28.7%** | **U.S. Stocks 28.7%** | **U.S. Stocks 28.7%** |
| **Large-Cap 25.9%** | **Large-Cap 25.9%** | **Large-Cap 25.9%** | **Large-Cap 25.9%** | **Large-Cap 25.9%** | **Large-Cap 25.9%** | **Large-Cap 25.9%** | **Large-Cap 25.9%** | **Large-Cap 25.9%** |
| Schwab U.S. Large-Cap ETF  | $21122381 | $2557967 | ($3446301)<br>| $5697 | $1142274 | $21382018 | 874878 | $124458 |
| **Small-Cap 2.8%** | **Small-Cap 2.8%** | **Small-Cap 2.8%** | **Small-Cap 2.8%** | **Small-Cap 2.8%** | **Small-Cap 2.8%** | **Small-Cap 2.8%** | **Small-Cap 2.8%** | **Small-Cap 2.8%** |
| Schwab U.S. Small-Cap ETF  | 2286800 | 414135 | (356151)<br>| (17054)<br>| (23684)<br>| 2304046 | 91069 | 12772 |
|  |  |  |  |  |  | 23686064 |  |  |
| **International Stocks 15.0%** | **International Stocks 15.0%** | **International Stocks 15.0%** | **International Stocks 15.0%** | **International Stocks 15.0%** | **International Stocks 15.0%** | **International Stocks 15.0%** | **International Stocks 15.0%** | **International Stocks 15.0%** |
| **Developed Markets 13.0%** | **Developed Markets 13.0%** | **Developed Markets 13.0%** | **Developed Markets 13.0%** | **Developed Markets 13.0%** | **Developed Markets 13.0%** | **Developed Markets 13.0%** | **Developed Markets 13.0%** | **Developed Markets 13.0%** |
| Schwab International Equity ETF  | 8983840 | 167194 | (1658538)<br>| 115526 | 1476956 | 9084978 | 411085 | 59032 |
| Schwab International Small-Cap Equity ETF  | 1616188 | 40545 | (360011)<br>| 43967 | 311335 | 1652024 | 38789 | 3741 |
|  |  |  |  |  |  | 10737002 |  |  |
| **Emerging Markets 2.0%** | **Emerging Markets 2.0%** | **Emerging Markets 2.0%** | **Emerging Markets 2.0%** | **Emerging Markets 2.0%** | **Emerging Markets 2.0%** | **Emerging Markets 2.0%** | **Emerging Markets 2.0%** | **Emerging Markets 2.0%** |
| Schwab Emerging Markets Equity ETF  | 1653696 | 40889 | (247623)<br>| 5241 | 197751 | 1649954 | 54743 | 1969 |
|  |  |  |  |  |  | 12386956 |  |  |
| **Real Estate 3.3%** | **Real Estate 3.3%** | **Real Estate 3.3%** | **Real Estate 3.3%** | **Real Estate 3.3%** | **Real Estate 3.3%** | **Real Estate 3.3%** | **Real Estate 3.3%** | **Real Estate 3.3%** |
| **U.S. REITs 3.3%** | **U.S. REITs 3.3%** | **U.S. REITs 3.3%** | **U.S. REITs 3.3%** | **U.S. REITs 3.3%** | **U.S. REITs 3.3%** | **U.S. REITs 3.3%** | **U.S. REITs 3.3%** | **U.S. REITs 3.3%** |
| Schwab U.S. REIT ETF  | 2716045 | 228195 | (207942)<br>| (1631)<br>| 16027 | 2750694 | 129995 | 31720 |
| **Fixed Income 48.9%** | **Fixed Income 48.9%** | **Fixed Income 48.9%** | **Fixed Income 48.9%** | **Fixed Income 48.9%** | **Fixed Income 48.9%** | **Fixed Income 48.9%** | **Fixed Income 48.9%** | **Fixed Income 48.9%** |
| **Inflation-Protected Bond 3.7%** | **Inflation-Protected Bond 3.7%** | **Inflation-Protected Bond 3.7%** | **Inflation-Protected Bond 3.7%** | **Inflation-Protected Bond 3.7%** | **Inflation-Protected Bond 3.7%** | **Inflation-Protected Bond 3.7%** | **Inflation-Protected Bond 3.7%** | **Inflation-Protected Bond 3.7%** |
| Schwab U.S. TIPS ETF  | 3038254 | 158938 | (247742)<br>| (30374)<br>| 130048 | 3049124 | 114285 | 37724 |
| **Intermediate-Term Bond 36.2%** | **Intermediate-Term Bond 36.2%** | **Intermediate-Term Bond 36.2%** | **Intermediate-Term Bond 36.2%** | **Intermediate-Term Bond 36.2%** | **Intermediate-Term Bond 36.2%** | **Intermediate-Term Bond 36.2%** | **Intermediate-Term Bond 36.2%** | **Intermediate-Term Bond 36.2%** |
| Schwab U.S. Aggregate Bond ETF  | 29575898 | 2262631 | (2590669)<br>| (404838)<br>| 1106528 | 29949550 | 1288707 | 506068 |
| **Treasury Bond 9.0%** | **Treasury Bond 9.0%** | **Treasury Bond 9.0%** | **Treasury Bond 9.0%** | **Treasury Bond 9.0%** | **Treasury Bond 9.0%** | **Treasury Bond 9.0%** | **Treasury Bond 9.0%** | **Treasury Bond 9.0%** |
| Schwab Short-Term U.S. Treasury ETF  | 7313831 | 620039 | (614070)<br>| (39616)<br>| 136066 | 7416250 | 304194 | 128400 |
|  |  |  |  |  |  | 40414924 |  |  |
| **Money Market Funds 3.4%** | **Money Market Funds 3.4%** | **Money Market Funds 3.4%** | **Money Market Funds 3.4%** | **Money Market Funds 3.4%** | **Money Market Funds 3.4%** | **Money Market Funds 3.4%** | **Money Market Funds 3.4%** | **Money Market Funds 3.4%** |
| Schwab Government Money Fund, Ultra <br> Shares, 4.21% <sup>(b)</sup> <br>| 2703638 | 52272 |  |  |  | 2755910 | 2755910 | 57328 |
| **Total Affiliated Underlying Funds** <br>**(Cost $62,232,942)**<br>| **$81010571** | **$6542805** | **($9729047)**<br>| **($323082)**<br>| **$4493301** | **$81994548** |  | **$963212** |
| **Total Investments in Securities** <br>**(Cost $62,232,942)**<br>|  |  |  |  |  | **$81994548** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). 

<sup>(b)</sup> The rate shown is the annualized 7-day yield.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ETF — Exchange-Traded Fund <br> REIT — Real Estate Investment Trust <br> TIPS — Treasury Inflation Protected Securities

At June 30, 2025, all of the fund's investment securities were classified as Level 1 (see financial note 2(a) for additional information).

*See financial notes*

Schwab VIT Balanced Portfolio \| Semiannual Holdings and Financial Statements

**3**

------

Schwab VIT Balanced Portfolio

Statement of Assets and Liabilities

------

As of June 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $62,232,942)  |  | $81994548 |
| Cash |  | 371431 |
| Receivables: |  |  |
| Investments sold |  | 640020 |
| Fund shares sold |  | 137153 |
| Dividends | + | 4737 |
| **Total assets** |  | **83147889** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 481509 |
| Investment adviser and administrator fees |  | 29031 |
| Fund shares redeemed |  | 9305 |
| Accrued expenses | + | 21378 |
| **Total liabilities** |  | **541223** |
| **Net assets** |  | **$82606666** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $64753377 |
| Total distributable earnings | + | 17853289 |
| **Net assets** |  | **$82606666** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $82606666 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5696199 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.50 |

---

*See financial notes*

**4**Schwab VIT Balanced Portfolio \| Semiannual Holdings and Financial Statements

------

Schwab VIT Balanced Portfolio

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2025 through June 30, 2025; unaudited | For the period January 1, 2025 through June 30, 2025; unaudited | For the period January 1, 2025 through June 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - affiliated issuers |  | $963212 |
| Other Interest | + | 4527 |
| **Total investment income**  |  | **967739** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | 178836 |
| Professional fees |  | 11663 |
| Portfolio accounting fees |  | 5628 |
| Independent trustees' fees |  | 5449 |
| Custodian fees |  | 422 |
| Transfer agent fees  |  | 389 |
| Shareholder reports |  | 242 |
| Other expenses | + | 757 |
| **Total expenses** | – | **203386** |
| **Net investment income** |  | **764353** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| **Net realized losses on sales of securities - affiliated issuers**  |  | **(323082)**<br>|
| **Net change in unrealized appreciation (depreciation) on securities - affiliated issuers**  | + | **4493301** |
| **Net realized and unrealized gains** |  | **4170219** |
| **Increase in net assets resulting from operations** |  | **$4934572** |

---

*See financial notes*

Schwab VIT Balanced Portfolio \| Semiannual Holdings and Financial Statements

**5**

------

Schwab VIT Balanced Portfolio

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/24-12/31/24 |
| Net investment income |  | $764353 | &nbsp;&nbsp;&nbsp; $1979584 |
| Net realized gains (losses) |  | (323082)<br>| &nbsp;&nbsp;&nbsp; 543968 |
| Net change in unrealized appreciation (depreciation) | + | 4493301 | &nbsp;&nbsp;&nbsp; 3313269 |
| **Increase in net assets resulting from operations** |  | **$4934572** | &nbsp;&nbsp;&nbsp; **$5836821** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($3494403)**<br>| &nbsp;&nbsp;&nbsp; **($2013961)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 175286 | &nbsp;&nbsp;&nbsp; $2541116 | &nbsp;&nbsp;&nbsp; 1193641 | &nbsp;&nbsp;&nbsp; $16798099 |
| Shares reinvested |  | 240993 | &nbsp;&nbsp;&nbsp; 3494403 | &nbsp;&nbsp;&nbsp; 146470 | &nbsp;&nbsp;&nbsp; 2013961 |
| Shares redeemed | + | (441363)<br>| &nbsp;&nbsp;&nbsp; (6367936)<br>| &nbsp;&nbsp;&nbsp; (1328323)<br>| &nbsp;&nbsp;&nbsp; (18486195)<br>|
| **Net transactions in fund shares**  |  | **(25084)**<br>| &nbsp;&nbsp;&nbsp; **($332417)**<br>| &nbsp;&nbsp;&nbsp; **11788** | &nbsp;&nbsp;&nbsp; **$325865** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 5721283 | &nbsp;&nbsp;&nbsp; $81498914 | &nbsp;&nbsp;&nbsp; 5709495 | &nbsp;&nbsp;&nbsp; $77350189 |
| Total increase (decrease) | + | (25084)<br>| &nbsp;&nbsp;&nbsp; 1107752 | &nbsp;&nbsp;&nbsp; 11788 | &nbsp;&nbsp;&nbsp; 4148725 |
| **End of period** |  | **5696199** | &nbsp;&nbsp;&nbsp; **$82606666** | &nbsp;&nbsp;&nbsp; **5721283** | &nbsp;&nbsp;&nbsp; **$81498914** |

---

*See financial notes*

**6**Schwab VIT Balanced Portfolio \| Semiannual Holdings and Financial Statements

------

Schwab VIT Balanced Portfolio

Financial Notes, unaudited

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Business Structure of the Fund:**

The fund in this report is a series of Schwab Annuity Portfolios (the trust), a no-load, open-end management investment company. The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the 1940 Act). The list below shows all the operational funds in the trust as of the end of the period, including the fund discussed in this report, which is highlighted:

---

| |
|:---|
| **SCHWAB ANNUITY PORTFOLIOS** |
| **Schwab VIT Balanced Portfolio** |
| Schwab Government Money Market Portfolio |
| Schwab S&P 500 Index Portfolio |
| Schwab VIT Balanced with Growth Portfolio |
| Schwab VIT Growth Portfolio |

---

The fund is considered a "fund of funds" because it invests in other exchange traded-funds (ETFs) or mutual funds. The fund's investment objective seeks long-term capital appreciation and income by investing primarily in affiliated Schwab ETFs. The fund may also invest in affiliated Schwab mutual funds, and unaffiliated third-party ETFs and mutual funds (referred to herein as unaffiliated funds and, together with Schwab ETFs and Schwab mutual funds, as the "underlying funds"). The fund invests in the underlying funds in accordance with its target portfolio allocation.

The fund offers one share class. Shares are bought and sold at closing net asset value per share (NAV), which is the price for all outstanding shares of the fund. Each share has a par value of 1/1,000 of a cent, and the fund's Board of Trustees (the Board) may authorize the issuance of as many shares as necessary.

The fund is available exclusively as an investment vehicle for variable annuity and variable life insurance contracts offered by separate accounts of participating life insurance companies, and in the future may be offered to pension and retirement plans qualified under the Internal Revenue Code, as amended. At June 30, 2025, 100% of the fund's shares were held through separate accounts of four insurance companies. Subscriptions and redemptions of these insurance separate accounts could have a material impact on the fund.

The fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, the fund may also keep certain assets in segregated accounts, as required by securities law. The "Fund Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust.

------

**2. Significant Accounting Policies:**

The following is a summary of the significant accounting policies the fund uses in its preparation of financial statements. The fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 946 Financial Services — Investment Companies. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).

The financial statements of the fund should be read in conjunction with the underlying funds' financial statements. For more information about the underlying funds' operations and policies, please refer to those funds' semiannual and annual reports and holdings and financial statements, which are filed in Form N-CSR with the U.S. Securities and Exchange Commission (SEC) and are available on the SEC's website at www.sec.gov.

**(a) Security Valuation:**

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated authority to a Valuation Designee, the fund's investment adviser, to make fair valuation determinations under adopted procedures, subject to Board 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **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.

Schwab VIT Balanced Portfolio \| Semiannual Holdings and Financial Statements

**7**

------

Schwab VIT Balanced Portfolio

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

&nbsp;&nbsp;&nbsp;&nbsp;● **Mutual funds:** Mutual funds are valued at their respective NAVs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **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 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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, ETF`s and futures contracts. Mutual funds and ETFs 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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.

The levels associated with valuing the fund's investments as of June 30, 2025, are disclosed in the fund's Portfolio Holdings.

**(b) Accounting Policies for certain Portfolio Investments (if held):**

**Cash Investments:** The fund may invest a portion of its assets in cash. Cash includes cash bank balances in an interest-bearing demand deposit account with maturity on demand by the fund.

**Securities Lending:** Under the trust's Securities Lending Program, the fund (lender) may make short-term loans of its securities to another party (borrower) to generate additional revenue for the fund. The borrower pledges collateral in the form of cash, securities issued or fully guaranteed by the U.S. government or foreign governments, or letters of credit issued by a bank. Collateral at the

**8**Schwab VIT Balanced Portfolio \| Semiannual Holdings and Financial Statements

------

Schwab VIT Balanced Portfolio

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

individual loan level is required to be maintained on a daily marked-to-market basis in an amount at least equal to the current value of the securities loaned. The lending agent provides the fund with indemnification against borrower default (the borrower fails to return the security on loan) reducing the risk of loss as a result of default. The cash collateral of securities loaned is currently invested in money market portfolios operating pursuant to Rule 2a-7 under the 1940 Act. The fund bears the risk of loss with respect to the investment of cash collateral. The terms of the securities lending agreement allow the fund or the lending agent to terminate any loan at any given time and the securities must be returned within the earlier of the standard trade settlement period or the specified time period under the relevant securities lending agreement. Securities lending income, as disclosed in the fund's Statement of Operations, if applicable, represents the income earned from the investment of the cash collateral plus any fees paid by borrowers, less the fees paid to the lending agent and broker rebates which are subject to adjustments pursuant to the securities lending agreement. On loans not collateralized by cash, a fee is received from the borrower, and is allocated between the fund and the lending agent. The aggregate fair value of securities loaned will not at any time exceed one-third of the total assets of the fund, including collateral received from the loan. Securities lending fees paid to the unaffiliated lending agents start at 9% of gross lending revenue, with subsequent breakpoints to a low of 5%. In this context, the gross lending revenue equals the income received from the investment of cash collateral and fees paid by borrowers less any rebates paid to the borrowers. Any expenses charged by the cash collateral fund are in addition to these fees. All remaining revenue is retained by the fund, as applicable. No portion of lending revenue is paid to or retained by the investment adviser or any of its affiliates.

As of June 30, 2025, the fund had no securities on loan.

**(c) Security Transactions:** 

Security transactions are recorded as of the date the order to buy or sell the security is executed. Realized gains and losses from security transactions are based on the identified costs of the securities involved.

**(d) Investment Income:**

Interest income is recorded as it accrues. Dividends and distributions from portfolio securities and underlying funds are recorded on the date they are effective (the ex-dividend date). Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

**(e) Expenses:**

Expenses that are specific to the fund are charged directly to the fund. Expenses that are common to more than one fund in the trusts generally are allocated among those funds in proportion to their average daily net assets. The fund bears its share of the acquired fund fees and expenses of the underlying funds, which are indirect expenses incurred by the fund through its investments in the underlying funds and are reflected in the NAVs of the underlying funds.

**(f) Distributions to Shareholders:**

The fund makes distributions from net investment income and net realized capital gains, if any, once a year. To receive a distribution, you must be a registered shareholder on the record date. Distributions are paid to shareholders on the payable date.

**(g) Accounting Estimates:**

The accounting policies described in this report conform to GAAP. Notwithstanding this, shareholders should understand that in order to follow these principles, fund management has to make estimates and assumptions that affect the information reported in the financial statements. It's possible that once the results are known, they may turn out to be different from these estimates and these differences may be material.

**(h) Federal Income Taxes:**

The fund intends to meet federal income and excise tax requirements for regulated investment companies under subchapter M of the Internal Revenue Code, as amended. Accordingly, the fund distributes substantially all of its net investment income and net realized capital gains, if any, to the participating insurance company's (shareholders) separate accounts each year. As long as the fund meets the tax requirements, it is not required to pay federal income tax.

Schwab VIT Balanced Portfolio \| Semiannual Holdings and Financial Statements

**9**

------

Schwab VIT Balanced Portfolio

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

**(i) Segment Reporting:**

An operating segment is defined in ASC Topic 280 Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.

The management committee of the fund's investment adviser acts as the fund's CODM. The CODM has determined that the fund operates as a single operating segment given the fund has a single defined investment strategy disclosed in its respective prospectus. The discrete financial information in the form of the fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, shares sold and shares redeemed), which is used by the CODM to assess performance against the prospectus and to make resource allocation decisions with respect to the fund, is presented within the fund's financial statements.

**(j) Indemnification:**

Under the fund's organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business the fund enters into contracts with its vendors and others that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the fund. However, based on experience, the fund expects the risk of loss attributable to these arrangements to be remote.

**(k) Recent Accounting Pronouncements:**

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The guidance is effective for annual periods beginning after December 15, 2024, and with early adoption permitted. At this time, management is evaluating the impact of this amendment but believes it will not have a material impact on the financial statements and income tax disclosures.

------

**3. Affiliates and Affiliated Transactions:**

**Investment Adviser**

Charles Schwab Investment Management Inc., dba Schwab Asset Management, a wholly owned subsidiary of The Charles Schwab Corporation, serves as the fund's investment adviser and administrator pursuant to an Investment Advisory and Administration Agreement between the investment adviser and the trust.

For its advisory and administrative services to the fund, the investment adviser is entitled to receive an annual fee, accrued daily and payable monthly, equal to 0.45% of the fund's average daily net assets.

**Expense Limitation**

The investment adviser and its affiliates have agreed with the fund, for so long as the investment adviser serves as the investment adviser to the fund, in which the agreement may only be amended or terminated with approval of the fund's Board, to limit the total annual fund operating expenses charged, excluding interest, taxes and certain non-routine expenses to 0.58%.

The agreement to limit the fund's total expenses charged is limited to the fund's direct operating expenses and, therefore, does not apply to acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in the underlying funds.

**10**Schwab VIT Balanced Portfolio \| Semiannual Holdings and Financial Statements

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Schwab VIT Balanced Portfolio

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Affiliates and Affiliated Transactions (continued):** 

**Investments in Affiliates**

The fund may engage in certain transactions involving affiliated parties. Pursuant to an exemptive order issued by the SEC, the fund may invest in other affiliated ETFs and mutual funds. As of June 30, 2025, the fund's ownership percentages of other affiliated funds' shares are as follows:

---

| | |
|:---|:---|
| Schwab Emerging Markets Equity ETF | 0.0<br> %\*<br>|
| Schwab Government Money Fund, Ultra Shares | 0.0<br> %\*<br>|
| Schwab International Equity ETF | 0.0<br> %\*<br>|
| Schwab International Small-Cap Equity ETF | 0.0<br> %\*<br>|
| Schwab Short-Term U.S. Treasury ETF | 0.1<br> %<br>|
| Schwab U.S. Aggregate Bond ETF | 0.3<br> %<br>|
| Schwab U.S. Large-Cap ETF | 0.0<br> %\*<br>|
| Schwab U.S. REIT ETF | 0.0<br> %\*<br>|
| Schwab U.S. Small-Cap ETF | 0.0<br> %\*<br>|
| Schwab U.S. TIPS ETF | 0.0<br> %\*<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Less than 0.05%

**Interfund Transactions**

The fund may engage in direct transactions with certain other funds in the Fund Complex in accordance with procedures adopted by the Board pursuant to Rule 17a-7 under the 1940 Act. When one fund is seeking to sell a security that another fund is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs while allowing each fund to execute the transaction at the current market price. This practice is limited to funds that share the same investment adviser. The net realized gains or losses on sales of interfund transactions are recorded in Net realized gains (losses) on sales of securities — affiliated issuers in the Statement of Operations. For the period ended June 30, 2025, the fund's purchases and sales of securities with other funds in the Fund Complex was $38,331 and $109,415 respectively, and includes net realized gains of $12,909.

**Interfund Borrowing and Lending**

Pursuant to an exemptive order issued by the SEC, the fund may enter into interfund borrowing and lending transactions with other funds in the Fund Complex. All loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the overnight repurchase agreement rate and the short-term bank loan rate. All loans are subject to numerous conditions designed to ensure fair and equitable treatment of all participating funds. The interfund lending facility is subject to the oversight and periodic review by the Board. The fund had no interfund borrowing or lending activity during the period.

------

**4. Board of Trustees:**

The Board may include people who are officers and/or directors of the investment adviser or its affiliates. Federal securities law limits the percentage of such "interested persons" who may serve on a trust's board, and the trust was in compliance with these limitations throughout the report period. The fund did not pay any of these interested persons for their services as trustees, but did pay non-interested persons (independent trustees), as noted in the fund's Statement of Operations.

------

**5. Borrowing from Banks:**

During the period, the fund was a participant with other funds in the Fund Complex in a joint, syndicated, committed $1.2 billion line of credit (the Syndicated Credit Facility), maturing on September 25, 2025. Under the terms of the Syndicated Credit Facility, in addition to the interest charged on any borrowings by the fund, the fund paid a commitment fee of 0.15% per annum on the fund's proportionate share of the unused portion of the Syndicated Credit Facility.

During the period, the fund was a participant with other funds in the Fund Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility) with State Street Bank and Trust Company, maturing on September 25, 2025. Under the terms of the Uncommitted Credit Facility, the fund pays interest on the amount the fund borrows. There were no borrowings by the fund from either line of credit during the period.

Schwab VIT Balanced Portfolio \| Semiannual Holdings and Financial Statements

**11**

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Schwab VIT Balanced Portfolio

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Borrowing from Banks (continued):** 

The fund also has access to custodian overdraft facilities. The fund may have utilized the overdraft facility and incurred an interest expense, which is disclosed in the fund's Statement of Operations, if any. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.

------

**6. Purchases and Sales of Investment Securities:**

For the period ended June 30, 2025, purchases and sales of securities (excluding short-term obligations) were as follows:

---

| | |
|:---|:---|
| PURCHASES <br>OF SECURITIES <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SALES <br>OF SECURITIES<br>|
| $6542805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9729047 |

---

------

**7. Federal Income Taxes:**

As of June 30, 2025, the tax basis cost of the fund's investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | |
|:---|:---|:---|:---|
| TAX COST | GROSS UNREALIZED <br>APPRECIATION<br>| GROSS UNREALIZED <br>DEPRECIATION<br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION)<br>|
| &nbsp;&nbsp; $64887127 | &nbsp;&nbsp; $18599717 | &nbsp;&nbsp; ($1492296)<br>| &nbsp;&nbsp; $17107421 |

---

The primary difference between book basis and tax basis unrealized appreciation or unrealized depreciation of investments is the tax deferral of losses on wash sales. The tax cost of the fund's investments, disclosed above, have been adjusted from its book amounts to reflect these unrealized appreciation or depreciation differences, as applicable.

As of December 31, 2024, the fund had no capital loss carryforwards available to offset future realized capital gains for federal income tax purposes.

The tax basis components of distributions and components of distributable earnings on a tax basis are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of June 30, 2025. The tax basis components of distributions paid during the fiscal year ended December 31, 2024 were as follows:

---

| | |
|:---|:---|
| PRIOR FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS |
| ORDINARY <br>INCOME <br>| LONG-TERM <br>CAPITAL <br>GAINS <br>|
| $1834777 | &nbsp;&nbsp; $179184 |

---

Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts in the financial statements. The fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

As of December 31, 2024, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the fund, and has determined that no provision for income tax is required in the fund's financial statements. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the fund's Statement of Operations. During the fiscal year ended December 31, 2024, the fund did not incur any interest or penalties.

------

**8. Subsequent Events:**

Management has determined there are no subsequent events or transactions through the date the financial statements were issued that would have materially impacted the financial statements as presented.

**12**Schwab VIT Balanced Portfolio \| Semiannual Holdings and Financial Statements

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

Schwab VIT Balanced Portfolio \| Semiannual Holdings and Financial Statements

**13**

------

Proxy Disclosures for Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

**14**Schwab VIT Balanced Portfolio \| Semiannual Holdings and Financial Statements

------

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The remuneration paid to directors, officers and others are included under Item 7 (Financial Statements and Financial Highlights for Open-End Management Investment Companies).

Schwab VIT Balanced Portfolio \| Semiannual Holdings and Financial Statements

**15**

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Schwab VIT Balanced Portfolio

Investment Advisory Agreement Approval

------

The Investment Company Act of 1940, as amended (the 1940 Act), requires that the continuation of a fund's investment advisory agreement must be specifically approved (1) by the vote of the trustees or by a vote of the shareholders of the fund, and (2) by the vote of a majority of the trustees who are not parties to the investment advisory agreement or "interested persons" of any party thereto (the Independent Trustees), cast in person at a meeting called for the purpose of voting on such approval. In connection with such approvals, the fund's trustees must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the investment advisory agreement.

The Board of Trustees (the Board or the Trustees, as appropriate) calls and holds one or more meetings each year that are dedicated, in whole or in part, to considering whether to renew the investment advisory and administration agreement (the Agreement) between Schwab Annuity Portfolios (the Trust) and Charles Schwab Investment Management, Inc. (dba Schwab Asset Management) (the investment adviser) with respect to the existing funds in the Trust, including Schwab VIT Balanced Portfolio (the Fund), and to review certain other agreements pursuant to which the investment adviser provides investment advisory services to certain other registered investment companies. In preparation for the meeting(s), the Board requests and reviews a wide variety of materials provided by the investment adviser, including information about the investment adviser's affiliates, personnel, business goals and priorities, profitability, oversight of third-party service providers, corporate structure and operations. As part of the renewal process, the Independent Trustees' legal counsel, on behalf of the Independent Trustees, sends an information request letter to the investment adviser seeking certain relevant information. The responses by the investment adviser are provided to the Trustees in the Board materials for their review prior to their meeting, and the Trustees are provided with the opportunity to request any additional materials. The Board also receives data provided by an independent provider of investment company data. This information is in addition to the detailed information about the Fund that the Board reviews during the course of each year, including information that relates to the Fund's operations and performance, legal and compliance matters, risk management, portfolio turnover, and sales and marketing activity. In considering the renewal, the Independent Trustees receive advice from Independent Trustees' legal counsel, including a memorandum regarding the responsibilities of trustees for the approval of investment advisory agreements. In addition, the Independent Trustees participate in question and answer sessions with representatives of the investment adviser and meet in executive session outside the presence of Fund management.

The Board, including a majority of the Independent Trustees, considered information specifically relating to the continuance of the Agreement with respect to the Fund at meetings held on May 7, 2025 and June 5, 2025, and approved the renewal of the Agreement with respect to the Fund for an additional one-year term at the meeting on June 5, 2025 called for the purpose of voting on such approval.

The Board's approval of the continuance of the Agreement with respect to the Fund was based on consideration and evaluation of a variety of specific factors discussed at these meetings and at prior meetings, including:

1. the nature, extent and quality of the services provided to the Fund under the Agreement, including the resources of the investment adviser and its affiliates dedicated to the Fund;

2. the Fund's investment performance and how it compared to that of certain other comparable mutual funds and benchmark data;

3. the Fund's expenses and how those expenses compared to those of certain other similar mutual funds;

4. the profitability of the investment adviser and its affiliates, including Charles Schwab & Co., Inc. (Schwab), with respect to the Fund, including both direct and indirect benefits accruing to the investment adviser and its affiliates; and

5. the extent to which economies of scale would be realized as the Fund grows and whether fee levels in the Agreement reflect those economies of scale for the benefit of Fund investors.

**Nature, Extent and Quality of Services.** The Board considered the nature, extent and quality of the services provided by the investment adviser to the Fund and the resources of the investment adviser and its affiliates dedicated to the Fund. In this regard, the Trustees evaluated, among other things, the investment adviser's experience, track record, compliance program, resources dedicated to hiring and retaining skilled personnel and specialized talent, and information security resources. The Trustees also considered information provided by the investment adviser relating to services and support provided with respect to the Fund's portfolio management team, portfolio strategy, and internal investment guidelines, as well as trading infrastructure, liquidity management, product design and analysis, shareholder communications, securities valuation, and vendor and risk oversight. The Trustees also considered the investment adviser's continued investment in its infrastructure, including the investment adviser's technology and use of data, business continuity, cybersecurity, due diligence, risk management processes, and information security programs. The Trustees considered Schwab's overall

**16**Schwab VIT Balanced Portfolio \| Semiannual Holdings and Financial Statements

------

Schwab VIT Balanced Portfolio

financial condition and reputation as a full service brokerage firm. Following such evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services provided by the investment adviser to the Fund and the resources of the investment adviser and its affiliates dedicated to the Fund supported renewal of the Agreement with respect to the Fund.

**Fund Performance.** The Board considered the Fund's performance in determining whether to renew the Agreement with respect to the Fund. Specifically, the Trustees considered the Fund's performance relative to a peer category of other mutual funds and applicable indices/benchmarks, in light of the market environment, as well as in consideration of the Fund's investment style and strategy. As part of this review, the Trustees considered the composition of the peer category, selection criteria and the reputation of the independent provider of investment company data who prepared the peer category analysis. In evaluating the performance of the Fund, the Trustees considered the risk profile for the Fund and the appropriateness of the benchmark used to compare the performance of the Fund. The Trustees further considered the level of Fund performance in the context of their review of Fund expenses and the investment adviser's profitability discussed below and also noted that the Board and a designated committee of the Board review performance throughout the year. Although the Fund had performance that ranked in the fourth quartile of a relevant peer group for more than one performance period considered, the Board concluded that other factors relevant to performance supported renewal of the Agreement with respect to the Fund including that the investment adviser had taken steps designed to help improve performance. Specifically, the Trustees considered that the investment adviser had implemented certain enhancements to the Fund's asset allocation strategy in 2023. Following such evaluation, the Board concluded, within the context of its full deliberations, that the performance of the Fund supported renewal of the Agreement with respect to the Fund.

**Fund Expenses.** With respect to the Fund's expenses, the Trustees considered the rate of compensation called for by the Agreement and the Fund's net operating expense ratio, in each case, in comparison to those of other similar mutual funds, such peer groups and comparisons having been selected and calculated by an independent provider of investment company data. The investment adviser reported to the Board, and the Board took into account, the risk assumed by the investment adviser in the development of the Fund and provision of services as well as the competitive marketplace for financial products. The Trustees also considered the investment adviser's contractual commitment to limit the total annual operating expenses of the Fund for so long as the investment adviser serves as the adviser to the Fund. The Trustees also considered fees charged by the investment adviser to other mutual funds and the unique insurance dedicated distribution arrangements of the Fund as compared to other funds managed by the investment adviser. The Trustees noted that

shareholders of the Fund indirectly pay their pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Following such evaluation, the Board concluded, within the context of its full deliberations, that the expenses of the Fund are reasonable and supported renewal of the Agreement with respect to the Fund.

**Profitability.** The Trustees considered the compensation flowing to the investment adviser and its affiliates, directly or indirectly, and reviewed profitability on a pre-tax basis, without regard to distribution expenses. The Trustees reviewed profitability of the investment adviser relating to the Schwab fund complex as a whole, noting the benefits to Fund shareholders of being part of the Schwab fund complex, including the allocations of certain costs across the Fund and other funds in the complex. The Trustees also considered any other benefits derived by the investment adviser from its relationship with the Fund, such as whether, by virtue of its management of the Fund, the investment adviser obtains investment information or other research resources that aid it in providing advisory services to other clients. Also, because the Fund invests a portion of its assets in other funds within the Schwab fund complex, the Trustees considered that the investment adviser indirectly benefits from the Fund's investments in other underlying funds managed by the investment adviser. The Trustees considered whether the compensation and profitability with respect to the Fund under the Agreement and other service agreements were reasonable in light of the quality of all services rendered to the Fund by the investment adviser and its affiliates. The Trustees noted that the investment adviser continues to invest substantial sums in its business in order to provide enhanced research capabilities, services and systems to benefit the Fund. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the profitability of the investment adviser is reasonable and supported renewal of the Agreement with respect to the Fund.

**Economies of Scale.** Although the Trustees recognized the difficulty of determining economies of scale with precision and although the Fund does not have breakpoints in its advisory fee, the Trustees considered the potential existence of any economies of scale and whether those are passed along to the Fund's shareholders through (i) the enhancement of services provided to the Fund in return for fees paid, including through the investment adviser's continued investment in its infrastructure and use of data and technology, increasing expertise and capabilities in key areas (including portfolio and trade operations), and improving business continuity, cybersecurity, due diligence and information security programs, which are designed to provide enhanced services to the Fund and its shareholders; and (ii) pricing a fund to scale and keeping overall expenses down as the fund grows. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the Fund obtains reasonable benefits from economies of scale.

\* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \*

Schwab VIT Balanced Portfolio \| Semiannual Holdings and Financial Statements

**17**

------

Schwab VIT Balanced Portfolio

In the course of their deliberations, the Trustees may have accorded different weights to various factors and did not identify any particular information or factor that was all important or controlling. Based on the Trustees' deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, approved the continuation of the Agreement with respect to the Fund and

concluded that the compensation under the Agreement with respect to the Fund is fair and reasonable in light of the services provided and the related expenses borne by the investment adviser and its affiliates and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment.

**18**Schwab VIT Balanced Portfolio \| Semiannual Holdings and Financial Statements

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g154136img111899e31.jpg)

MFR98597-08

00315746

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g154720imgf81e91de1.jpg)

**Semiannual Holdings and Financial Statements** \| June 30, 2025

Schwab VIT Balanced with Growth Portfolio

------

**In This Report**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 - Financial Statements and Financial Highlights for Open-End](#xx_9714fedc-e74d-4a79-b62f-f11ecbf4d39e_1)**<br> **[Management Investment Companies](#xx_9714fedc-e74d-4a79-b62f-f11ecbf4d39e_1)** <br>|  |
| [Financial Statements and Portfolio Holdings](#xx_9714fedc-e74d-4a79-b62f-f11ecbf4d39e_1) | 2 |
| [Financial Notes](#xx_363fbaf0-1b91-41c4-ad94-6900c4373d0e_1) | 7 |
| **[Item 8 – Changes in and Disagreements with Accountants for Open-End](#xx_b2b3b68a-f382-436d-8914-83130f62b9c1_1)**<br> **[Management Investment Companies](#xx_b2b3b68a-f382-436d-8914-83130f62b9c1_1)**<br>| 13 |
| **[Item 9 – Proxy Disclosures for Open-End Management Investment](#xx_9a9493ca-10b4-4bfe-9339-dacdabbab366_1)**<br> **[Companies](#xx_9a9493ca-10b4-4bfe-9339-dacdabbab366_1)**<br>| 14 |
| **[Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End](#xx_f9e4babd-78a2-4b14-a2ae-009c39a11e7b_1)**<br> **[Management Investment Companies](#xx_f9e4babd-78a2-4b14-a2ae-009c39a11e7b_1)**<br>| 15 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory](#xx_06b86825-6ecf-43dc-8fa7-6c6b888ef585_1)**<br> **[Contract](#xx_06b86825-6ecf-43dc-8fa7-6c6b888ef585_1)** <br>|  |
| [Investment Advisory Agreement Approval](#xx_06b86825-6ecf-43dc-8fa7-6c6b888ef585_1) | 16  |

---

Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset Management<sup>®</sup>

Distributor: Charles Schwab & Co., Inc. (Schwab)

Schwab VIT Balanced with Growth Portfolio \| Semiannual Holdings and Financial Statements

**1**

------

Schwab VIT Balanced with Growth Portfolio

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 1/1/25– <br>6/30/25\*<br>| 1/1/24– <br>12/31/24<br>| 1/1/23– <br>12/31/23<br>| 1/1/22– <br>12/31/22<br>| 1/1/21– <br>12/31/21<br>| 1/1/20– <br>12/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $16.90 | &nbsp;&nbsp; $15.74 | &nbsp;&nbsp; $13.93 | &nbsp;&nbsp; $17.24 | &nbsp;&nbsp; $15.68 | &nbsp;&nbsp; $14.59 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.13 | 0.38 | 0.32 | 0.24 | 0.25 | 0.22 |
| Net realized and unrealized gains (losses) | 1.14 | 1.18 | 1.74 | &nbsp;&nbsp; (3.00)<br>| 1.53 | 1.20 |
| Total from investment operations | 1.27 | 1.56 | 2.06 | &nbsp;&nbsp; (2.76)<br>| 1.78 | 1.42 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.29)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>|
| Total distributions | &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.33)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $17.29 | &nbsp;&nbsp; $16.90 | &nbsp;&nbsp; $15.74 | &nbsp;&nbsp; $13.93 | &nbsp;&nbsp; $17.24 | &nbsp;&nbsp; $15.68 |
| Total return | 7.51 %<sup>2</sup><br>| 9.98<br> %<br>| 14.85<br> %<br>| &nbsp;&nbsp; (16.00<br> %)<br>| 11.42<br> %<br>| 10.09<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Total expenses<sup>3</sup> <br>| 0.48 %<sup>4</sup><br>| 0.49<br> %<br>| 0.49<br> %<br>| 0.49 %<sup>5</sup><br>| 0.49<br> %<br>| 0.50<br> %<br>|
| Net investment income (loss) | 1.56 %<sup>4</sup><br>| 2.28<br> %<br>| 2.20<br> %<br>| 1.61<br> %<br>| 1.48<br> %<br>| 1.56<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 7 %<sup>2</sup><br>| &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 21<br> %<br>|
| Net assets, end of period (x 1,000) | &nbsp;&nbsp; $170668 | &nbsp;&nbsp; $166839 | &nbsp;&nbsp; $162496 | &nbsp;&nbsp; $150867 | &nbsp;&nbsp; $184104 | &nbsp;&nbsp; $163848 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Not annualized.

<sup>3</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>4</sup> Annualized.

<sup>5</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**2**Schwab VIT Balanced with Growth Portfolio \| Semiannual Holdings and Financial Statements

------

Schwab VIT Balanced with Growth Portfolio

Portfolio Holdings as of June 30, 2025 (Unaudited)

------

This section includes a summary of the fund's transactions with its affiliated underlying funds during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 12/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 6/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 6/30/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup> <br>|
| **AFFILIATED UNDERLYING FUNDS** 99.4% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.4% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.4% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.4% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.4% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.4% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.4% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.4% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.4% OF NET ASSETS |
| **U.S. Stocks 38.2%** | **U.S. Stocks 38.2%** | **U.S. Stocks 38.2%** | **U.S. Stocks 38.2%** | **U.S. Stocks 38.2%** | **U.S. Stocks 38.2%** | **U.S. Stocks 38.2%** | **U.S. Stocks 38.2%** | **U.S. Stocks 38.2%** |
| **Large-Cap 34.0%** | **Large-Cap 34.0%** | **Large-Cap 34.0%** | **Large-Cap 34.0%** | **Large-Cap 34.0%** | **Large-Cap 34.0%** | **Large-Cap 34.0%** | **Large-Cap 34.0%** | **Large-Cap 34.0%** |
| Schwab U.S. Large-Cap ETF  | $56732447 | $5159841 | ($6961625)<br>| $1270890 | $1872335 | $58073888 | 2376182 | $336706 |
| **Small-Cap 4.2%** | **Small-Cap 4.2%** | **Small-Cap 4.2%** | **Small-Cap 4.2%** | **Small-Cap 4.2%** | **Small-Cap 4.2%** | **Small-Cap 4.2%** | **Small-Cap 4.2%** | **Small-Cap 4.2%** |
| Schwab U.S. Small-Cap ETF  | 7018197 | 1106490 | (852367)<br>| (33651)<br>| (88105)<br>| 7150564 | 282631 | 39406 |
|  |  |  |  |  |  | 65224452 |  |  |
| **International Stocks 22.2%** | **International Stocks 22.2%** | **International Stocks 22.2%** | **International Stocks 22.2%** | **International Stocks 22.2%** | **International Stocks 22.2%** | **International Stocks 22.2%** | **International Stocks 22.2%** | **International Stocks 22.2%** |
| **Developed Markets 19.0%** | **Developed Markets 19.0%** | **Developed Markets 19.0%** | **Developed Markets 19.0%** | **Developed Markets 19.0%** | **Developed Markets 19.0%** | **Developed Markets 19.0%** | **Developed Markets 19.0%** | **Developed Markets 19.0%** |
| Schwab International Equity ETF  | 26736311 | 570991 | (4745696)<br>| 583632 | 4175688 | 27320926 | 1236241 | 176538 |
| Schwab International Small-Cap Equity <br> ETF <br>| 5024024 |  | (985518)<br>| 107062 | 981587 | 5127155 | 120384 | 11527 |
|  |  |  |  |  |  | 32448081 |  |  |
| **Emerging Markets 3.2%** | **Emerging Markets 3.2%** | **Emerging Markets 3.2%** | **Emerging Markets 3.2%** | **Emerging Markets 3.2%** | **Emerging Markets 3.2%** | **Emerging Markets 3.2%** | **Emerging Markets 3.2%** | **Emerging Markets 3.2%** |
| Schwab Emerging Markets Equity ETF  | 5334335 | 106783 | (640389)<br>| 26336 | 634785 | 5461850 | 181216 | 6536 |
|  |  |  |  |  |  | 37909931 |  |  |
| **Real Estate 4.7%** | **Real Estate 4.7%** | **Real Estate 4.7%** | **Real Estate 4.7%** | **Real Estate 4.7%** | **Real Estate 4.7%** | **Real Estate 4.7%** | **Real Estate 4.7%** | **Real Estate 4.7%** |
| **U.S. REITs 4.7%** | **U.S. REITs 4.7%** | **U.S. REITs 4.7%** | **U.S. REITs 4.7%** | **U.S. REITs 4.7%** | **U.S. REITs 4.7%** | **U.S. REITs 4.7%** | **U.S. REITs 4.7%** | **U.S. REITs 4.7%** |
| Schwab U.S. REIT ETF  | 7746121 | 787464 | (646927)<br>| 9730 | 36644 | 7933032 | 374907 | 91756 |
| **Fixed Income 31.0%** | **Fixed Income 31.0%** | **Fixed Income 31.0%** | **Fixed Income 31.0%** | **Fixed Income 31.0%** | **Fixed Income 31.0%** | **Fixed Income 31.0%** | **Fixed Income 31.0%** | **Fixed Income 31.0%** |
| **Inflation-Protected Bond 1.0%** | **Inflation-Protected Bond 1.0%** | **Inflation-Protected Bond 1.0%** | **Inflation-Protected Bond 1.0%** | **Inflation-Protected Bond 1.0%** | **Inflation-Protected Bond 1.0%** | **Inflation-Protected Bond 1.0%** | **Inflation-Protected Bond 1.0%** | **Inflation-Protected Bond 1.0%** |
| Schwab U.S. TIPS ETF  | 1656659 | 135919 | (98817)<br>| (4621)<br>| 60454 | 1749594 | 65577 | 20661 |
| **Intermediate-Term Bond 26.1%** | **Intermediate-Term Bond 26.1%** | **Intermediate-Term Bond 26.1%** | **Intermediate-Term Bond 26.1%** | **Intermediate-Term Bond 26.1%** | **Intermediate-Term Bond 26.1%** | **Intermediate-Term Bond 26.1%** | **Intermediate-Term Bond 26.1%** | **Intermediate-Term Bond 26.1%** |
| Schwab U.S. Aggregate Bond ETF  | 43532040 | 3061218 | (3135688)<br>| (479733)<br>| 1531318 | 44509155 | 1915196 | 745234 |
| **Treasury Bond 3.9%** | **Treasury Bond 3.9%** | **Treasury Bond 3.9%** | **Treasury Bond 3.9%** | **Treasury Bond 3.9%** | **Treasury Bond 3.9%** | **Treasury Bond 3.9%** | **Treasury Bond 3.9%** | **Treasury Bond 3.9%** |
| Schwab Short-Term U.S. Treasury ETF  | 6484362 | 451899 | (372896)<br>| (24268)<br>| 109939 | 6649036 | 272725 | 114000 |
|  |  |  |  |  |  | 52907785 |  |  |
| **Money Market Funds 3.3%** | **Money Market Funds 3.3%** | **Money Market Funds 3.3%** | **Money Market Funds 3.3%** | **Money Market Funds 3.3%** | **Money Market Funds 3.3%** | **Money Market Funds 3.3%** | **Money Market Funds 3.3%** | **Money Market Funds 3.3%** |
| Schwab Government Money Fund, Ultra <br> Shares, 4.21% <sup>(b)</sup> <br>| 5525791 | 106835 |  |  |  | 5632626 | 5632626 | 117169 |
| **Total Affiliated Underlying Funds** <br>**(Cost $111,925,010)**<br>| **$165790287** | **$11487440** | **($18439923)**<br>| **$1455377** | **$9314645** | **$169607826** |  | **$1659533** |
| **Total Investments in Securities** <br>**(Cost $111,925,010)**<br>|  |  |  |  |  | **$169607826** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). 

<sup>(b)</sup> The rate shown is the annualized 7-day yield.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ETF — Exchange-Traded Fund <br> REIT — Real Estate Investment Trust <br> TIPS — Treasury Inflation Protected Securities

At June 30, 2025, all of the fund's investment securities were classified as Level 1 (see financial note 2(a) for additional information).

*See financial notes*

Schwab VIT Balanced with Growth Portfolio \| Semiannual Holdings and Financial Statements

**3**

------

Schwab VIT Balanced with Growth Portfolio

Statement of Assets and Liabilities

------

As of June 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $111,925,010)  |  | $169607826 |
| Cash |  | 739352 |
| Receivables: |  |  |
| Investments sold |  | 1547135 |
| Dividends | + | 9682 |
| **Total assets** |  | **171903995** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 1108432 |
| Investment adviser and administrator fees |  | 60052 |
| Fund shares redeemed |  | 45281 |
| Accrued expenses | + | 21802 |
| **Total liabilities** |  | **1235567** |
| **Net assets** |  | **$170668428** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $112561914 |
| Total distributable earnings | + | 58106514 |
| **Net assets** |  | **$170668428** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $170668428 |  | &nbsp;&nbsp;&nbsp;&nbsp; 9870831 |  | &nbsp;&nbsp;&nbsp;&nbsp; $17.29 |

---

*See financial notes*

**4**Schwab VIT Balanced with Growth Portfolio \| Semiannual Holdings and Financial Statements

------

Schwab VIT Balanced with Growth Portfolio

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2025 through June 30, 2025; unaudited | For the period January 1, 2025 through June 30, 2025; unaudited | For the period January 1, 2025 through June 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - affiliated issuers |  | $1659533 |
| Other Interest | + | 9085 |
| **Total investment income**  |  | **1668618** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | 367447 |
| Professional fees |  | 12485 |
| Independent trustees' fees |  | 6114 |
| Portfolio accounting fees |  | 5866 |
| Custodian fees |  | 583 |
| Transfer agent fees  |  | 389 |
| Shareholder reports |  | 258 |
| Other expenses | + | 1023 |
| **Total expenses** | – | **394165** |
| **Net investment income** |  | **1274453** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| **Net realized gains on sales of securities - affiliated issuers**  |  | **1455377** |
| **Net change in unrealized appreciation (depreciation) on securities - affiliated issuers**  | + | **9314645** |
| **Net realized and unrealized gains** |  | **10770022** |
| **Increase in net assets resulting from operations** |  | **$12044475** |

---

*See financial notes*

Schwab VIT Balanced with Growth Portfolio \| Semiannual Holdings and Financial Statements

**5**

------

Schwab VIT Balanced with Growth Portfolio

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/24-12/31/24 |
| Net investment income |  | $1274453 | &nbsp;&nbsp;&nbsp; $3766339 |
| Net realized gains |  | 1455377 | &nbsp;&nbsp;&nbsp; 3995024 |
| Net change in unrealized appreciation (depreciation) | + | 9314645 | &nbsp;&nbsp;&nbsp; 7842930 |
| **Increase in net assets resulting from operations** |  | **$12044475** | &nbsp;&nbsp;&nbsp; **$15604293** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($8264257)**<br>| &nbsp;&nbsp;&nbsp; **($3890049)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 120960 | &nbsp;&nbsp;&nbsp; $2107916 | &nbsp;&nbsp;&nbsp; 629323 | &nbsp;&nbsp;&nbsp; $10461086 |
| Shares reinvested |  | 477979 | &nbsp;&nbsp;&nbsp; 8264257 | &nbsp;&nbsp;&nbsp; 239683 | &nbsp;&nbsp;&nbsp; 3890049 |
| Shares redeemed | + | (599954)<br>| &nbsp;&nbsp;&nbsp; (10322491)<br>| &nbsp;&nbsp;&nbsp; (1321958)<br>| &nbsp;&nbsp;&nbsp; (21723242)<br>|
| **Net transactions in fund shares**  |  | **(1015)**<br>| &nbsp;&nbsp;&nbsp; **$49682** | &nbsp;&nbsp;&nbsp; **(452952)**<br>| &nbsp;&nbsp;&nbsp; **($7372107)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 9871846 | &nbsp;&nbsp;&nbsp; $166838528 | &nbsp;&nbsp;&nbsp; 10324798 | &nbsp;&nbsp;&nbsp; $162496391 |
| Total increase (decrease) | + | (1015)<br>| &nbsp;&nbsp;&nbsp; 3829900 | &nbsp;&nbsp;&nbsp; (452952)<br>| &nbsp;&nbsp;&nbsp; 4342137 |
| **End of period** |  | **9870831** | &nbsp;&nbsp;&nbsp; **$170668428** | &nbsp;&nbsp;&nbsp; **9871846** | &nbsp;&nbsp;&nbsp; **$166838528** |

---

*See financial notes*

**6**Schwab VIT Balanced with Growth Portfolio \| Semiannual Holdings and Financial Statements

------

Schwab VIT Balanced with Growth Portfolio

Financial Notes, unaudited

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Business Structure of the Fund:**

The fund in this report is a series of Schwab Annuity Portfolios (the trust), a no-load, open-end management investment company. The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the 1940 Act). The list below shows all the operational funds in the trust as of the end of the period, including the fund discussed in this report, which is highlighted:

---

| |
|:---|
| **SCHWAB ANNUITY PORTFOLIOS** |
| **Schwab VIT Balanced with Growth Portfolio** |
| Schwab Government Money Market Portfolio |
| Schwab S&P 500 Index Portfolio |
| Schwab VIT Balanced Portfolio |
| Schwab VIT Growth Portfolio |

---

The fund is considered a "fund of funds" because it invests in other exchange traded-funds (ETFs) or mutual funds. The fund's investment objective seeks long-term capital appreciation and income by investing primarily in affiliated Schwab ETFs. The fund may also invest in affiliated Schwab mutual funds, and unaffiliated third-party ETFs and mutual funds (referred to herein as unaffiliated funds and, together with Schwab ETFs and Schwab mutual funds, as the "underlying funds"). The fund invests in the underlying funds in accordance with its target portfolio allocation.

The fund offers one share class. Shares are bought and sold at closing net asset value per share (NAV), which is the price for all outstanding shares of the fund. Each share has a par value of 1/1,000 of a cent, and the fund's Board of Trustees (the Board) may authorize the issuance of as many shares as necessary.

The fund is available exclusively as an investment vehicle for variable annuity and variable life insurance contracts offered by separate accounts of participating life insurance companies and in the future may be offered to pension and retirement plans qualified under the Internal Revenue Code, as amended. At June 30, 2025, 100% of the fund's shares were held through separate accounts of four insurance companies. Subscriptions and redemptions of these insurance separate accounts could have a material impact on the fund.

The fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, the fund may also keep certain assets in segregated accounts, as required by securities law. The "Fund Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust.

------

**2. Significant Accounting Policies:**

The following is a summary of the significant accounting policies the fund uses in its preparation of financial statements. The fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 946 Financial Services — Investment Companies. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).

The financial statements of the fund should be read in conjunction with the underlying funds' financial statements. For more information about the underlying funds' operations and policies, please refer to those funds' semiannual and annual reports and holdings and financial statements, which are filed in Form N-CSR with the U.S. Securities and Exchange Commission (SEC) and are available on the SEC's website at www.sec.gov.

**(a) Security Valuation:**

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated authority to a Valuation Designee, the fund's investment adviser, to make fair valuation determinations under adopted procedures, subject to Board 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **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.

Schwab VIT Balanced with Growth Portfolio \| Semiannual Holdings and Financial Statements

**7**

------

Schwab VIT Balanced with Growth Portfolio

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

&nbsp;&nbsp;&nbsp;&nbsp;● **Mutual funds:** Mutual funds are valued at their respective NAVs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **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 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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, ETFs and futures contracts. Mutual funds and ETFs 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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.

The levels associated with valuing the fund's investments as of June 30, 2025, are disclosed in the fund's Portfolio Holdings.

**(b) Accounting Policies for certain Portfolio Investments (if held):**

**Cash Investments:** The fund may invest a portion of its assets in cash. Cash includes cash bank balances in an interest-bearing demand deposit account with maturity on demand by the fund.

**Securities Lending:** Under the trust's Securities Lending Program, the fund (lender) may make short-term loans of its securities to another party (borrower) to generate additional revenue for the fund. The borrower pledges collateral in the form of cash, securities issued or fully guaranteed by the U.S. government or foreign governments, or letters of credit issued by a bank. Collateral at the

**8**Schwab VIT Balanced with Growth Portfolio \| Semiannual Holdings and Financial Statements

------

Schwab VIT Balanced with Growth Portfolio

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

individual loan level is required to be maintained on a daily marked-to-market basis in an amount at least equal to the current value of the securities loaned. The lending agent provides the fund with indemnification against borrower default (the borrower fails to return the security on loan) reducing the risk of loss as a result of default. The cash collateral of securities loaned is currently invested in money market portfolios operating pursuant to Rule 2a-7 under the 1940 Act. The fund bears the risk of loss with respect to the investment of cash collateral. The terms of the securities lending agreement allow the fund or the lending agent to terminate any loan at any given time and the securities must be returned within the earlier of the standard trade settlement period or the specified time period under the relevant securities lending agreement. Securities lending income, as disclosed in the fund's Statement of Operations, if applicable, represents the income earned from the investment of the cash collateral plus any fees paid by borrowers, less the fees paid to the lending agent and broker rebates which are subject to adjustments pursuant to the securities lending agreement. On loans not collateralized by cash, a fee is received from the borrower, and is allocated between the fund and the lending agent. The aggregate fair value of securities loaned will not at any time exceed one-third of the total assets of the fund, including collateral received from the loan. Securities lending fees paid to the unaffiliated lending agents start at 9% of gross lending revenue, with subsequent breakpoints to a low of 5%. In this context, the gross lending revenue equals the income received from the investment of cash collateral and fees paid by borrowers less any rebates paid to the borrowers. Any expenses charged by the cash collateral fund are in addition to these fees. All remaining revenue is retained by the fund, as applicable. No portion of lending revenue is paid to or retained by the investment adviser or any of its affiliates.

As of June 30, 2025, the fund had no securities on loan.

**(c) Security Transactions:** 

Security transactions are recorded as of the date the order to buy or sell the security is executed. Realized gains and losses from security transactions are based on the identified costs of the securities involved.

**(d) Investment Income:**

Interest income is recorded as it accrues. Dividends and distributions from portfolio securities and underlying funds are recorded on the date they are effective (the ex-dividend date). Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

**(e) Expenses:**

Expenses that are specific to the fund are charged directly to the fund. Expenses that are common to more than one fund in the trusts generally are allocated among those funds in proportion to their average daily net assets. The fund bears its share of the acquired fund fees and expenses of the underlying funds, which are indirect expenses incurred by the fund through its investments in the underlying funds and are reflected in the NAVs of the underlying funds.

**(f) Distributions to Shareholders:**

The fund makes distributions from net investment income and net realized capital gains, if any, once a year. To receive a distribution, you must be a registered shareholder on the record date. Distributions are paid to shareholders on the payable date.

**(g) Accounting Estimates:**

The accounting policies described in this report conform to GAAP. Notwithstanding this, shareholders should understand that in order to follow these principles, fund management has to make estimates and assumptions that affect the information reported in the financial statements. It's possible that once the results are known, they may turn out to be different from these estimates and these differences may be material.

**(h) Federal Income Taxes:**

The fund intends to meet federal income and excise tax requirements for regulated investment companies under subchapter M of the Internal Revenue Code, as amended. Accordingly, the fund distributes substantially all of its net investment income and net realized capital gains, if any, to the participating insurance company's (shareholders) separate accounts each year. As long as the fund meets the tax requirements, it is not required to pay federal income tax.

Schwab VIT Balanced with Growth Portfolio \| Semiannual Holdings and Financial Statements

**9**

------

Schwab VIT Balanced with Growth Portfolio

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

**(i) Segment Reporting:**

An operating segment is defined in ASC Topic 280 Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.

The management committee of the fund's investment adviser acts as the fund's CODM. The CODM has determined that the fund operates as a single operating segment given the fund has a single defined investment strategy disclosed in its respective prospectus. The discrete financial information in the form of the fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, shares sold and shares redeemed), which is used by the CODM to assess performance against the prospectus and to make resource allocation decisions with respect to the fund, is presented within the fund's financial statements.

**(j) Indemnification:**

Under the fund's organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business the fund enters into contracts with its vendors and others that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the fund. However, based on experience, the fund expects the risk of loss attributable to these arrangements to be remote.

**(k) Recent Accounting Pronouncements:**

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The guidance is effective for annual periods beginning after December 15, 2024, and with early adoption permitted. At this time, management is evaluating the impact of this amendment but believes it will not have a material impact on the financial statements and income tax disclosures.

------

**3. Affiliates and Affiliated Transactions:**

**Investment Adviser**

Charles Schwab Investment Management Inc., dba Schwab Asset Management, a wholly owned subsidiary of The Charles Schwab Corporation, serves as the fund's investment adviser and administrator pursuant to an Investment Advisory and Administration Agreement between the investment adviser and the trust.

For its advisory and administrative services to the fund, the investment adviser is entitled to receive an annual fee, accrued daily and payable monthly, equal to 0.45% of the fund's average daily net assets.

**Expense Limitation**

The investment adviser and its affiliates have agreed with the fund, for so long as the investment adviser serves as the investment adviser to the fund, in which the agreement may only be amended or terminated with approval of the fund's Board, to limit the total annual fund operating expenses charged, excluding interest, taxes and certain non-routine expenses to 0.58%.

The agreement to limit the fund's total expenses charged is limited to the fund's direct operating expenses and, therefore, does not apply to acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in the underlying funds.

**10**Schwab VIT Balanced with Growth Portfolio \| Semiannual Holdings and Financial Statements

------

Schwab VIT Balanced with Growth Portfolio

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Affiliates and Affiliated Transactions (continued):** 

**Investments in Affiliates**

The fund may engage in certain transactions involving affiliated parties. Pursuant to an exemptive order issued by the SEC, the fund may invest in other affiliated ETFs and mutual funds. As of June 30, 2025, the fund's ownership percentages of other affiliated funds' shares are as follows:

---

| | |
|:---|:---|
| Schwab Emerging Markets Equity ETF | 0.1<br> %<br>|
| Schwab Government Money Fund, Ultra Shares | 0.0<br> %\*<br>|
| Schwab International Equity ETF | 0.1<br> %<br>|
| Schwab International Small-Cap Equity ETF | 0.1<br> %<br>|
| Schwab Short-Term U.S. Treasury ETF | 0.1<br> %<br>|
| Schwab U.S. Aggregate Bond ETF | 0.5<br> %<br>|
| Schwab U.S. Large-Cap ETF | 0.1<br> %<br>|
| Schwab U.S. REIT ETF | 0.1<br> %<br>|
| Schwab U.S. Small-Cap ETF | 0.0<br> %\*<br>|
| Schwab U.S. TIPS ETF | 0.0<br> %\*<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Less than 0.05%

**Interfund Transactions**

The fund may engage in direct transactions with certain other funds in the Fund Complex in accordance with procedures adopted by the Board pursuant to Rule 17a-7 under the 1940 Act. When one fund is seeking to sell a security that another fund is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs while allowing each fund to execute the transaction at the current market price. This practice is limited to funds that share the same investment adviser. The net realized gains or losses on sales of interfund transactions are recorded in Net realized gains (losses) on sales of securities — affiliated issuers in the Statement of Operations. For the period ended June 30, 2025, the fund's purchases and sales of securities with other funds in the Fund Complex was $109,771 and $887,569 respectively, and includes net realized gains of $175,165.

**Interfund Borrowing and Lending**

Pursuant to an exemptive order issued by the SEC, the fund may enter into interfund borrowing and lending transactions with other funds in the Fund Complex. All loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the overnight repurchase agreement rate and the short-term bank loan rate. All loans are subject to numerous conditions designed to ensure fair and equitable treatment of all participating funds. The interfund lending facility is subject to the oversight and periodic review by the Board. The fund had no interfund borrowing or lending activity during the period.

------

**4. Board of Trustees:**

The Board may include people who are officers and/or directors of the investment adviser or its affiliates. Federal securities law limits the percentage of such "interested persons" who may serve on a trust's board, and the trust was in compliance with these limitations throughout the report period. The fund did not pay any of these interested persons for their services as trustees, but did pay non-interested persons (independent trustees), as noted in the fund's Statement of Operations.

------

**5. Borrowing from Banks:**

During the period, the fund was a participant with other funds in the Fund Complex in a joint, syndicated, committed $1.2 billion line of credit (the Syndicated Credit Facility), maturing on September 25, 2025. Under the terms of the Syndicated Credit Facility, in addition to the interest charged on any borrowings by the fund, the fund paid a commitment fee of 0.15% per annum on the fund's proportionate share of the unused portion of the Syndicated Credit Facility.

During the period, the fund was a participant with other funds in the Fund Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility) with State Street Bank and Trust Company, maturing on September 25, 2025. Under the terms of the Uncommitted Credit Facility, the fund pays interest on the amount the fund borrows. There were no borrowings by the fund from either line of credit during the period.

Schwab VIT Balanced with Growth Portfolio \| Semiannual Holdings and Financial Statements

**11**

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Schwab VIT Balanced with Growth Portfolio

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Borrowing from Banks (continued):** 

The fund also has access to custodian overdraft facilities. The fund may have utilized the overdraft facility and incurred an interest expense, which is disclosed in the fund's Statement of Operations, if any. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.

------

**6. Purchases and Sales of Investment Securities:**

For the period ended June 30, 2025, purchases and sales of securities (excluding short-term obligations) were as follows:

---

| | |
|:---|:---|
| PURCHASES <br>OF SECURITIES <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SALES <br>OF SECURITIES<br>|
| $11487440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18439923 |

---

------

**7. Federal Income Taxes:**

As of June 30, 2025, the tax basis cost of the fund's investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | |
|:---|:---|:---|:---|
| TAX COST | GROSS UNREALIZED <br>APPRECIATION<br>| GROSS UNREALIZED <br>DEPRECIATION<br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION)<br>|
| &nbsp;&nbsp; $114445664 | &nbsp;&nbsp; $58512809 | &nbsp;&nbsp; ($3350647)<br>| &nbsp;&nbsp; $55162162 |

---

The primary difference between book basis and tax basis unrealized appreciation or unrealized depreciation of investments is the tax deferral of losses on wash sales. The tax cost of the fund's investments, disclosed above, have been adjusted from its book amounts to reflect these unrealized appreciation or depreciation differences, as applicable.

As of December 31, 2024, the fund had no capital loss carryforwards available to offset future realized capital gains for federal income tax purposes.

The tax basis components of distributions and components of distributable earnings on a tax basis are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of June 30, 2025. The tax basis components of distributions paid during the fiscal year ended December 31, 2024 were as follows:

---

| | |
|:---|:---|
| PRIOR FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS |
| ORDINARY <br>INCOME <br>| LONG-TERM <br>CAPITAL <br>GAINS <br>|
| $3496607 | &nbsp;&nbsp; $393442 |

---

Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts in the financial statements. The fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

As of December 31, 2024, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the fund, and has determined that no provision for income tax is required in the fund's financial statements. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the fund's Statement of Operations. During the fiscal year ended December 31, 2024, the fund did not incur any interest or penalties.

------

**8. Subsequent Events:**

Management has determined there are no subsequent events or transactions through the date the financial statements were issued that would have materially impacted the financial statements as presented.

**12**Schwab VIT Balanced with Growth Portfolio \| Semiannual Holdings and Financial Statements

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Changes in and Disagreements with Accountants for Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

Schwab VIT Balanced with Growth Portfolio \| Semiannual Holdings and Financial Statements

**13**

------

Proxy Disclosures for Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

**14**Schwab VIT Balanced with Growth Portfolio \| Semiannual Holdings and Financial Statements

------

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The remuneration paid to directors, officers and others are included under Item 7 (Financial Statements and Financial Highlights for Open-End Management Investment Companies).

Schwab VIT Balanced with Growth Portfolio \| Semiannual Holdings and Financial Statements

**15**

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Schwab VIT Balanced with Growth Portfolio

Investment Advisory Agreement Approval

------

The Investment Company Act of 1940, as amended (the 1940 Act), requires that the continuation of a fund's investment advisory agreement must be specifically approved (1) by the vote of the trustees or by a vote of the shareholders of the fund, and (2) by the vote of a majority of the trustees who are not parties to the investment advisory agreement or "interested persons" of any party thereto (the Independent Trustees), cast in person at a meeting called for the purpose of voting on such approval. In connection with such approvals, the fund's trustees must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the investment advisory agreement.

The Board of Trustees (the Board or the Trustees, as appropriate) calls and holds one or more meetings each year that are dedicated, in whole or in part, to considering whether to renew the investment advisory and administration agreement (the Agreement) between Schwab Annuity Portfolios (the Trust) and Charles Schwab Investment Management, Inc. (dba Schwab Asset Management) (the investment adviser) with respect to the existing funds in the Trust, including Schwab VIT Balanced with Growth Portfolio (the Fund), and to review certain other agreements pursuant to which the investment adviser provides investment advisory services to certain other registered investment companies. In preparation for the meeting(s), the Board requests and reviews a wide variety of materials provided by the investment adviser, including information about the investment adviser's affiliates, personnel, business goals and priorities, profitability, oversight of third-party service providers, corporate structure and operations. As part of the renewal process, the Independent Trustees' legal counsel, on behalf of the Independent Trustees, sends an information request letter to the investment adviser seeking certain relevant information. The responses by the investment adviser are provided to the Trustees in the Board materials for their review prior to their meeting, and the Trustees are provided with the opportunity to request any additional materials. The Board also receives data provided by an independent provider of investment company data. This information is in addition to the detailed information about the Fund that the Board reviews during the course of each year, including information that relates to the Fund's operations and performance, legal and compliance matters, risk management, portfolio turnover, and sales and marketing activity. In considering the renewal, the Independent Trustees receive advice from Independent Trustees' legal counsel, including a memorandum regarding the responsibilities of trustees for the approval of investment advisory agreements. In addition, the Independent Trustees participate in question and answer sessions with representatives of the investment adviser and meet in executive session outside the presence of Fund management.

The Board, including a majority of the Independent Trustees, considered information specifically relating to the continuance of the Agreement with respect to the Fund at meetings held on May 7, 2025 and June 5, 2025, and approved the renewal of the Agreement with respect to the Fund for an additional one-year term at the meeting on June 7, 2025 called for the purpose of voting on such approval.

The Board's approval of the continuance of the Agreement with respect to the Fund was based on consideration and evaluation of a variety of specific factors discussed at these meetings and at prior meetings, including:

1. the nature, extent and quality of the services provided to the Fund under the Agreement, including the resources of the investment adviser and its affiliates dedicated to the Fund;

2. the Fund's investment performance and how it compared to that of certain other comparable mutual funds and benchmark data;

3. the Fund's expenses and how those expenses compared to those of certain other similar mutual funds;

4. the profitability of the investment adviser and its affiliates, including Charles Schwab & Co., Inc. (Schwab), with respect to the Fund, including both direct and indirect benefits accruing to the investment adviser and its affiliates; and

5. the extent to which economies of scale would be realized as the Fund grows and whether fee levels in the Agreement reflect those economies of scale for the benefit of Fund investors.

**Nature, Extent and Quality of Services.** The Board considered the nature, extent and quality of the services provided by the investment adviser to the Fund and the resources of the investment adviser and its affiliates dedicated to the Fund. In this regard, the Trustees evaluated, among other things, the investment adviser's experience, track record, compliance program, resources dedicated to hiring and retaining skilled personnel and specialized talent, and information security resources. The Trustees also considered information provided by the investment adviser relating to services and support provided with respect to the Fund's portfolio management team, portfolio strategy, and internal investment guidelines, as well as trading infrastructure, liquidity management, product design and analysis, shareholder communications, securities valuation, and vendor and risk oversight. The Trustees also considered the investment adviser's continued investment in its infrastructure, including the investment adviser's technology and use of data, business continuity, cybersecurity, due diligence, risk management processes, and information security programs. The Trustees considered Schwab's overall

**16**Schwab VIT Balanced with Growth Portfolio \| Semiannual Holdings and Financial Statements

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Schwab VIT Balanced with Growth Portfolio

financial condition and reputation as a full service brokerage firm. Following such evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services provided by the investment adviser to the Fund and the resources of the investment adviser and its affiliates dedicated to the Fund supported renewal of the Agreement with respect to the Fund.

**Fund Performance.** The Board considered the Fund's performance in determining whether to renew the Agreement with respect to the Fund. Specifically, the Trustees considered the Fund's performance relative to a peer category of other mutual funds and applicable indices/benchmarks, in light of the market environment, as well as in consideration of the Fund's investment style and strategy. As part of this review, the Trustees considered the composition of the peer category, selection criteria and the reputation of the independent provider of investment company data who prepared the peer category analysis. In evaluating the performance of the Fund, the Trustees considered the risk profile for the Fund and the appropriateness of the benchmark used to compare the performance of the Fund. The Trustees further considered the level of Fund performance in the context of their review of Fund expenses and the investment adviser's profitability discussed below and also noted that the Board and a designated committee of the Board review performance throughout the year. Following such evaluation the Board concluded, within the context of its full deliberations, that the performance of the Fund supported renewal of the Agreement with respect to the Fund.

**Fund Expenses.** With respect to the Fund's expenses, the Trustees considered the rate of compensation called for by the Agreement and the Fund's net operating expense ratio, in each case, in comparison to those of other similar mutual funds, such peer groups and comparisons having been selected and calculated by an independent provider of investment company data. The investment adviser reported to the Board, and the Board took into account, the risk assumed by the investment adviser in the development of the Fund and provision of services as well as the competitive marketplace for financial products. The Trustees also considered the investment adviser's contractual commitment to limit the total annual operating expenses of the Fund for so long as the investment adviser serves as the adviser to the Fund. The Trustees also considered fees charged by the investment adviser to other mutual funds and the unique insurance dedicated distribution arrangements of the Fund as compared to other funds managed by the investment adviser. The Trustees noted that shareholders of the Fund indirectly pay their pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Following such evaluation, the Board concluded, within the context of its full deliberations, that the expenses of the Fund are reasonable and supported renewal of the Agreement with respect to the Fund.

**Profitability.** The Trustees considered the compensation flowing to the investment adviser and its affiliates, directly or

indirectly, and reviewed profitability on a pre-tax basis, without regard to distribution expenses. The Trustees reviewed profitability of the investment adviser relating to the Schwab fund complex as a whole, noting the benefits to Fund shareholders of being part of the Schwab fund complex, including the allocations of certain costs across the Fund and other funds in the complex. The Trustees also considered any other benefits derived by the investment adviser from its relationship with the Fund, such as whether, by virtue of its management of the Fund, the investment adviser obtains investment information or other research resources that aid it in providing advisory services to other clients. Also, because the Fund invests a portion of its assets in other funds within the Schwab fund complex, the Trustees considered that the investment adviser indirectly benefits from the Fund's investments in other underlying funds managed by the investment adviser. The Trustees considered whether the compensation and profitability with respect to the Fund under the Agreement and other service agreements were reasonable in light of the quality of all services rendered to the Fund by the investment adviser and its affiliates. The Trustees noted that the investment adviser continues to invest substantial sums in its business in order to provide enhanced research capabilities, services and systems to benefit the Fund. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the profitability of the investment adviser is reasonable and supported renewal of the Agreement with respect to the Fund.

**Economies of Scale.** Although the Trustees recognized the difficulty of determining economies of scale with precision and although the Fund does not have breakpoints in its advisory fee, the Trustees considered the potential existence of any economies of scale and whether those are passed along to the Fund's shareholders through the enhancement of services provided to the Fund in return for fees paid, including through (i) the investment adviser's continued investment in its infrastructure and use of data and technology, increasing expertise and capabilities in key areas (including portfolio and trade operations), and improving business continuity, cybersecurity, due diligence and information security programs, which are designed to provide enhanced services to the Fund and its shareholders; and (ii) pricing a fund to scale and keeping overall expenses down as the fund grows. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the Fund obtains reasonable benefits from economies of scale.

\* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \*

In the course of their deliberations, the Trustees may have accorded different weights to various factors and did not identify any particular information or factor that was all important or controlling. Based on the Trustees' deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, approved the continuation of the Agreement with respect to the Fund and concluded that the compensation under the Agreement with

Schwab VIT Balanced with Growth Portfolio \| Semiannual Holdings and Financial Statements

**17**

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Schwab VIT Balanced with Growth Portfolio

respect to the Fund is fair and reasonable in light of the services provided and the related expenses borne by the investment adviser and its affiliates and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment.

**18**Schwab VIT Balanced with Growth Portfolio \| Semiannual Holdings and Financial Statements

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g154720imgf81e91de1.jpg)

MFR98598-08

00315748

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g20902imga3ef9f121.jpg)

**Semiannual Holdings and Financial Statements** \| June 30, 2025

Schwab VIT Growth Portfolio

------

**In This Report**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 - Financial Statements and Financial Highlights for Open-End](#xx_d611ae47-f401-4ddf-8d1d-5babc9163c09_1)**<br> **[Management Investment Companies](#xx_d611ae47-f401-4ddf-8d1d-5babc9163c09_1)** <br>|  |
| [Financial Statements and Portfolio Holdings](#xx_d611ae47-f401-4ddf-8d1d-5babc9163c09_1) | 2 |
| [Financial Notes](#xx_2846459a-e6d7-4d06-95c2-91a0688bab0d_1) | 7 |
| **[Item 8 – Changes in and Disagreements with Accountants for Open-End](#xx_07bd222e-c9c6-401d-abed-48e1c800992b_1)**<br> **[Management Investment Companies](#xx_07bd222e-c9c6-401d-abed-48e1c800992b_1)**<br>| 13 |
| **[Item 9 – Proxy Disclosures for Open-End Management Investment](#xx_848cfb8b-08fe-435b-9d93-45890e813a96_1)**<br> **[Companies](#xx_848cfb8b-08fe-435b-9d93-45890e813a96_1)**<br>| 14 |
| **[Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End](#xx_589dd098-6bcd-4586-afcf-3cfbd2543d89_1)**<br> **[Management Investment Companies](#xx_589dd098-6bcd-4586-afcf-3cfbd2543d89_1)**<br>| 15 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory](#xx_9f2bd98e-5ae4-48b7-9196-fd18ebe14a80_1)**<br> **[Contract](#xx_9f2bd98e-5ae4-48b7-9196-fd18ebe14a80_1)** <br>|  |
| [Investment Advisory Agreement Approval](#xx_9f2bd98e-5ae4-48b7-9196-fd18ebe14a80_1) | 16  |

---

Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset Management<sup>®</sup>

Distributor: Charles Schwab & Co., Inc. (Schwab)

Schwab VIT Growth Portfolio \| Semiannual Holdings and Financial Statements

**1**

------

Schwab VIT Growth Portfolio

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 1/1/25– <br>6/30/25\*<br>| 1/1/24– <br>12/31/24<br>| 1/1/23– <br>12/31/23<br>| 1/1/22– <br>12/31/22<br>| 1/1/21– <br>12/31/21<br>| 1/1/20– <br>12/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $19.85 | &nbsp;&nbsp; $18.16 | &nbsp;&nbsp; $15.69 | &nbsp;&nbsp; $19.83 | &nbsp;&nbsp; $17.52 | &nbsp;&nbsp; $16.24 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.12 | 0.38 | 0.34 | 0.25 | 0.29 | 0.24 |
| Net realized and unrealized gains (losses) | 1.58 | 1.74 | 2.39 | &nbsp;&nbsp; (3.68)<br>| 2.27 | 1.51 |
| Total from investment operations | 1.70 | 2.12 | 2.73 | &nbsp;&nbsp; (3.43)<br>| 2.56 | 1.75 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.32)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15)<br>|
| Total distributions | &nbsp;&nbsp; (1.60)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.47)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $19.95 | &nbsp;&nbsp; $19.85 | &nbsp;&nbsp; $18.16 | &nbsp;&nbsp; $15.69 | &nbsp;&nbsp; $19.83 | &nbsp;&nbsp; $17.52 |
| Total return | 8.60 %<sup>2</sup><br>| 11.78<br> %<br>| 17.52<br> %<br>| &nbsp;&nbsp; (17.24<br> %)<br>| 14.67<br> %<br>| 11.34<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Total expenses<sup>3</sup> <br>| 0.48 %<sup>4</sup><br>| 0.49<br> %<br>| 0.49<br> %<br>| 0.49 %<sup>5</sup><br>| 0.49<br> %<br>| 0.50<br> %<br>|
| Net investment income (loss) | 1.19 %<sup>4</sup><br>| 1.99<br> %<br>| 2.05<br> %<br>| 1.50<br> %<br>| 1.53<br> %<br>| 1.55<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 7 %<sup>2</sup><br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 18<br> %<br>|
| Net assets, end of period (x 1,000) | &nbsp;&nbsp; $169813 | &nbsp;&nbsp; $162089 | &nbsp;&nbsp; $162610 | &nbsp;&nbsp; $147720 | &nbsp;&nbsp; $187038 | &nbsp;&nbsp; $165495 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Not annualized.

<sup>3</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>4</sup> Annualized.

<sup>5</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**2**Schwab VIT Growth Portfolio \| Semiannual Holdings and Financial Statements

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Schwab VIT Growth Portfolio

Portfolio Holdings as of June 30, 2025 (Unaudited)

------

This section includes a summary of the fund's transactions with its affiliated underlying funds during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 12/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 6/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 6/30/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup> <br>|
| **AFFILIATED UNDERLYING FUNDS** 99.9% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.9% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.9% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.9% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.9% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.9% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.9% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.9% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.9% OF NET ASSETS |
| **U.S. Stocks 46.0%** | **U.S. Stocks 46.0%** | **U.S. Stocks 46.0%** | **U.S. Stocks 46.0%** | **U.S. Stocks 46.0%** | **U.S. Stocks 46.0%** | **U.S. Stocks 46.0%** | **U.S. Stocks 46.0%** | **U.S. Stocks 46.0%** |
| **Large-Cap 39.7%** | **Large-Cap 39.7%** | **Large-Cap 39.7%** | **Large-Cap 39.7%** | **Large-Cap 39.7%** | **Large-Cap 39.7%** | **Large-Cap 39.7%** | **Large-Cap 39.7%** | **Large-Cap 39.7%** |
| Schwab U.S. Large-Cap ETF  | $64179648 | $5155704 | ($5416290)<br>| $372611 | $3172894 | $67464567 | 2760416 | $389269 |
| **Small-Cap 6.3%** | **Small-Cap 6.3%** | **Small-Cap 6.3%** | **Small-Cap 6.3%** | **Small-Cap 6.3%** | **Small-Cap 6.3%** | **Small-Cap 6.3%** | **Small-Cap 6.3%** | **Small-Cap 6.3%** |
| Schwab U.S. Small-Cap ETF  | 10224967 | 1355085 | (703397)<br>| (37806)<br>| (140896)<br>| 10697953 | 422844 | 58859 |
|  |  |  |  |  |  | 78162520 |  |  |
| **International Stocks 30.2%** | **International Stocks 30.2%** | **International Stocks 30.2%** | **International Stocks 30.2%** | **International Stocks 30.2%** | **International Stocks 30.2%** | **International Stocks 30.2%** | **International Stocks 30.2%** | **International Stocks 30.2%** |
| **Developed Markets 24.8%** | **Developed Markets 24.8%** | **Developed Markets 24.8%** | **Developed Markets 24.8%** | **Developed Markets 24.8%** | **Developed Markets 24.8%** | **Developed Markets 24.8%** | **Developed Markets 24.8%** | **Developed Markets 24.8%** |
| Schwab International Equity ETF  | 34042868 | 613440 | (5031862)<br>| 615390 | 5525699 | 35765535 | 1618350 | 231190 |
| Schwab International Small-Cap Equity <br> ETF <br>| 5994052 | 94795 | (1103183)<br>| 117590 | 1204070 | 6307324 | 148094 | 14073 |
|  |  |  |  |  |  | 42072859 |  |  |
| **Emerging Markets 5.4%** | **Emerging Markets 5.4%** | **Emerging Markets 5.4%** | **Emerging Markets 5.4%** | **Emerging Markets 5.4%** | **Emerging Markets 5.4%** | **Emerging Markets 5.4%** | **Emerging Markets 5.4%** | **Emerging Markets 5.4%** |
| Schwab Emerging Markets Equity ETF  | 8743321 | 477355 | (1139061)<br>| 35366 | 1075960 | 9192941 | 305008 | 10916 |
|  |  |  |  |  |  | 51265800 |  |  |
| **Real Estate 6.1%** | **Real Estate 6.1%** | **Real Estate 6.1%** | **Real Estate 6.1%** | **Real Estate 6.1%** | **Real Estate 6.1%** | **Real Estate 6.1%** | **Real Estate 6.1%** | **Real Estate 6.1%** |
| **U.S. REITs 6.1%** | **U.S. REITs 6.1%** | **U.S. REITs 6.1%** | **U.S. REITs 6.1%** | **U.S. REITs 6.1%** | **U.S. REITs 6.1%** | **U.S. REITs 6.1%** | **U.S. REITs 6.1%** | **U.S. REITs 6.1%** |
| Schwab U.S. REIT ETF  | 9813286 | 1281666 | (835876)<br>| 13153 | 48053 | 10320282 | 487726 | 118050 |
| **Fixed Income 14.1%** | **Fixed Income 14.1%** | **Fixed Income 14.1%** | **Fixed Income 14.1%** | **Fixed Income 14.1%** | **Fixed Income 14.1%** | **Fixed Income 14.1%** | **Fixed Income 14.1%** | **Fixed Income 14.1%** |
| **Intermediate-Term Bond 14.1%** | **Intermediate-Term Bond 14.1%** | **Intermediate-Term Bond 14.1%** | **Intermediate-Term Bond 14.1%** | **Intermediate-Term Bond 14.1%** | **Intermediate-Term Bond 14.1%** | **Intermediate-Term Bond 14.1%** | **Intermediate-Term Bond 14.1%** | **Intermediate-Term Bond 14.1%** |
| Schwab U.S. Aggregate Bond ETF  | 22679774 | 2539718 | (1941331)<br>| (319644)<br>| 877798 | 23836315 | 1025659 | 393911 |
| **Money Market Funds 3.5%** | **Money Market Funds 3.5%** | **Money Market Funds 3.5%** | **Money Market Funds 3.5%** | **Money Market Funds 3.5%** | **Money Market Funds 3.5%** | **Money Market Funds 3.5%** | **Money Market Funds 3.5%** | **Money Market Funds 3.5%** |
| Schwab Government Money Fund, Ultra <br> Shares, 4.21% <sup>(b)</sup> <br>| 5876742 | 113621 |  |  |  | 5990363 | 5990362 | 124611 |
| **Total Affiliated Underlying Funds** <br>**(Cost $97,405,656)**<br>| **$161554658** | **$11631384** | **($16171000)**<br>| **$796660** | **$11763578** | **$169575280** |  | **$1340879** |
| **Total Investments in Securities** <br>**(Cost $97,405,656)**<br>|  |  |  |  |  | **$169575280** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (See financial note 2(b) for additional information). 

<sup>(b)</sup> The rate shown is the annualized 7-day yield.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ETF — Exchange-Traded Fund <br> REIT — Real Estate Investment Trust

At June 30, 2025, all of the fund's investment securities were classified as Level 1 (see financial note 2(a) for additional information).

*See financial notes*

Schwab VIT Growth Portfolio \| Semiannual Holdings and Financial Statements

**3**

------

Schwab VIT Growth Portfolio

Statement of Assets and Liabilities

------

As of June 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $97,405,656)  |  | $169575280 |
| Cash |  | 489619 |
| Receivables: |  |  |
| Investments sold |  | 1297050 |
| Dividends | + | 10297 |
| **Total assets** |  | **171372246** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 986036 |
| Fund shares redeemed |  | 491268 |
| Investment adviser and administrator fees |  | 59663 |
| Accrued expenses | + | 21785 |
| **Total liabilities** |  | **1558752** |
| **Net assets** |  | **$169813494** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $98004122 |
| Total distributable earnings | + | 71809372 |
| **Net assets** |  | **$169813494** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $169813494 |  | &nbsp;&nbsp;&nbsp;&nbsp; 8511495 |  | &nbsp;&nbsp;&nbsp;&nbsp; $19.95 |

---

*See financial notes*

**4**Schwab VIT Growth Portfolio \| Semiannual Holdings and Financial Statements

------

Schwab VIT Growth Portfolio

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2025 through June 30, 2025; unaudited | For the period January 1, 2025 through June 30, 2025; unaudited | For the period January 1, 2025 through June 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - affiliated issuers |  | $1340879 |
| Other Interest | + | 4466 |
| **Total investment income**  |  | **1345345** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | 362026 |
| Professional fees |  | 12501 |
| Independent trustees' fees |  | 6096 |
| Portfolio accounting fees |  | 5845 |
| Custodian fees |  | 553 |
| Transfer agent fees  |  | 389 |
| Shareholder reports |  | 258 |
| Other expenses | + | 941 |
| **Total expenses** | – | **388609** |
| **Net investment income** |  | **956736** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| **Net realized gains on sales of securities - affiliated issuers**  |  | **796660** |
| **Net change in unrealized appreciation (depreciation) on securities - affiliated issuers**  | + | **11763578** |
| **Net realized and unrealized gains** |  | **12560238** |
| **Increase in net assets resulting from operations** |  | **$13516974** |

---

*See financial notes*

Schwab VIT Growth Portfolio \| Semiannual Holdings and Financial Statements

**5**

------

Schwab VIT Growth Portfolio

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/24-12/31/24 |
| Net investment income |  | $956736 | &nbsp;&nbsp;&nbsp; $3276208 |
| Net realized gains |  | 796660 | &nbsp;&nbsp;&nbsp; 9351938 |
| Net change in unrealized appreciation (depreciation) | + | 11763578 | &nbsp;&nbsp;&nbsp; 5850261 |
| **Increase in net assets resulting from operations** |  | **$13516974** | &nbsp;&nbsp;&nbsp; **$18478407** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($12700067)**<br>| &nbsp;&nbsp;&nbsp; **($3643565)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 167052 | &nbsp;&nbsp;&nbsp; $3379633 | &nbsp;&nbsp;&nbsp; 260742 | &nbsp;&nbsp;&nbsp; $5017748 |
| Shares reinvested |  | 636595 | &nbsp;&nbsp;&nbsp; 12700067 | &nbsp;&nbsp;&nbsp; 191868 | &nbsp;&nbsp;&nbsp; 3643565 |
| Shares redeemed | + | (457823)<br>| &nbsp;&nbsp;&nbsp; (9172125)<br>| &nbsp;&nbsp;&nbsp; (1242749)<br>| &nbsp;&nbsp;&nbsp; (24017216)<br>|
| **Net transactions in fund shares**  |  | **345824** | &nbsp;&nbsp;&nbsp; **$6907575** | &nbsp;&nbsp;&nbsp; **(790139)**<br>| &nbsp;&nbsp;&nbsp; **($15355903)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/25-6/30/25 | 1/1/24-12/31/24 | 1/1/24-12/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 8165671 | &nbsp;&nbsp;&nbsp; $162089012 | &nbsp;&nbsp;&nbsp; 8955810 | &nbsp;&nbsp;&nbsp; $162610073 |
| Total increase (decrease) | + | 345824 | &nbsp;&nbsp;&nbsp; 7724482 | &nbsp;&nbsp;&nbsp; (790139)<br>| &nbsp;&nbsp;&nbsp; (521061)<br>|
| **End of period** |  | **8511495** | &nbsp;&nbsp;&nbsp; **$169813494** | &nbsp;&nbsp;&nbsp; **8165671** | &nbsp;&nbsp;&nbsp; **$162089012** |

---

*See financial notes*

**6**Schwab VIT Growth Portfolio \| Semiannual Holdings and Financial Statements

------

Schwab VIT Growth Portfolio

Financial Notes, unaudited

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Business Structure of the Fund:**

The fund in this report is a series of Schwab Annuity Portfolios (the trust), a no-load, open-end management investment company. The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the 1940 Act). The list below shows all the operational funds in the trust as of the end of the period, including the fund discussed in this report, which is highlighted:

---

| |
|:---|
| **SCHWAB ANNUITY PORTFOLIOS**  |
| **Schwab VIT Growth Portfolio** |
| Schwab Government Money Market Portfolio |
| Schwab S&P 500 Index Portfolio |
| Schwab VIT Balanced Portfolio |
| Schwab VIT Balanced with Growth Portfolio |

---

The fund is considered a "fund of funds" because it invests in other exchange traded-funds (ETFs) or mutual funds. The fund's investment objective seeks long-term capital appreciation and income by investing primarily in affiliated Schwab ETFs. The fund may also invest in affiliated Schwab mutual funds, and unaffiliated third-party ETFs and mutual funds (referred to herein as unaffiliated funds and, together with Schwab ETFs and Schwab mutual funds, as the "underlying funds"). The fund invests in the underlying funds in accordance with its target portfolio allocation.

The fund offers one share class. Shares are bought and sold at closing net asset value per share (NAV), which is the price for all outstanding shares of the fund. Each share has a par value of 1/1,000 of a cent, and the fund's Board of Trustees (the Board) may authorize the issuance of as many shares as necessary.

The fund is available exclusively as an investment vehicle for variable annuity and variable life insurance contracts offered by separate accounts of participating life insurance companies, and in the future may be offered to pension and retirement plans qualified under the Internal Revenue Code, as amended. At June 30, 2025, 100% of the fund's shares were held through separate accounts of four insurance companies. Subscriptions and redemptions of these insurance separate accounts could have a material impact on the fund.

The fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, the fund may also keep certain assets in segregated accounts, as required by securities law. The "Fund Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust.

------

**2. Significant Accounting Policies:**

The following is a summary of the significant accounting policies the fund uses in its preparation of financial statements. The fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 946 Financial Services — Investment Companies. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).

The financial statements of the fund should be read in conjunction with the underlying funds' financial statements. For more information about the underlying funds' operations and policies, please refer to those funds' semiannual and annual reports and holdings and financial statements, which are filed in Form N-CSR with the U.S. Securities and Exchange Commission (SEC) and are available on the SEC's website at www.sec.gov.

**(a) Security Valuation:**

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated authority to a Valuation Designee, the fund's investment adviser, to make fair valuation determinations under adopted procedures, subject to Board 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **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.

Schwab VIT Growth Portfolio \| Semiannual Holdings and Financial Statements

**7**

------

Schwab VIT Growth Portfolio

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

&nbsp;&nbsp;&nbsp;&nbsp;● **Mutual funds:** Mutual funds are valued at their respective NAVs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **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 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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, ETFs and futures contracts. Mutual funds and ETFs 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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.

The levels associated with valuing the fund's investments as of June 30, 2025, are disclosed in the fund's Portfolio Holdings.

**(b) Accounting Policies for certain Portfolio Investments (if held):**

**Cash Investments:** The fund may invest a portion of its assets in cash. Cash includes cash bank balances in an interest-bearing demand deposit account with maturity on demand by the fund.

**Securities Lending:** Under the trust's Securities Lending Program, the fund (lender) may make short-term loans of its securities to another party (borrower) to generate additional revenue for the fund. The borrower pledges collateral in the form of cash, securities issued or fully guaranteed by the U.S. government or foreign governments, or letters of credit issued by a bank. Collateral at the

**8**Schwab VIT Growth Portfolio \| Semiannual Holdings and Financial Statements

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Schwab VIT Growth Portfolio

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

individual loan level is required to be maintained on a daily marked-to-market basis in an amount at least equal to the current value of the securities loaned. The lending agent provides the fund with indemnification against borrower default (the borrower fails to return the security on loan) reducing the risk of loss as a result of default. The cash collateral of securities loaned is currently invested in money market portfolios operating pursuant to Rule 2a-7 under the 1940 Act. The fund bears the risk of loss with respect to the investment of cash collateral. The terms of the securities lending agreement allow the fund or the lending agent to terminate any loan at any given time and the securities must be returned within the earlier of the standard trade settlement period or the specified time period under the relevant securities lending agreement. Securities lending income, as disclosed in the fund's Statement of Operations, if applicable, represents the income earned from the investment of the cash collateral plus any fees paid by borrowers, less the fees paid to the lending agent and broker rebates which are subject to adjustments pursuant to the securities lending agreement. On loans not collateralized by cash, a fee is received from the borrower, and is allocated between the fund and the lending agent. The aggregate fair value of securities loaned will not at any time exceed one-third of the total assets of the fund, including collateral received from the loan. Securities lending fees paid to the unaffiliated lending agents start at 9% of gross lending revenue, with subsequent breakpoints to a low of 5%. In this context, the gross lending revenue equals the income received from the investment of cash collateral and fees paid by borrowers less any rebates paid to the borrowers. Any expenses charged by the cash collateral fund are in addition to these fees. All remaining revenue is retained by the fund, as applicable. No portion of lending revenue is paid to or retained by the investment adviser or any of its affiliates.

As of June 30, 2025, the fund had no securities on loan.

**(c) Security Transactions:** 

Security transactions are recorded as of the date the order to buy or sell the security is executed. Realized gains and losses from security transactions are based on the identified costs of the securities involved.

**(d) Investment Income:**

Interest income is recorded as it accrues. Dividends and distributions from portfolio securities and underlying funds are recorded on the date they are effective (the ex-dividend date). Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

**(e) Expenses:**

Expenses that are specific to the fund are charged directly to the fund. Expenses that are common to more than one fund in the trusts generally are allocated among those funds in proportion to their average daily net assets. The fund bears its share of the acquired fund fees and expenses of the underlying funds, which are indirect expenses incurred by the fund through its investments in the underlying funds and are reflected in the NAVs of the underlying funds.

**(f) Distributions to Shareholders:**

The fund makes distributions from net investment income and net realized capital gains, if any, once a year. To receive a distribution, you must be a registered shareholder on the record date. Distributions are paid to shareholders on the payable date.

**(g) Accounting Estimates:**

The accounting policies described in this report conform to GAAP. Notwithstanding this, shareholders should understand that in order to follow these principles, fund management has to make estimates and assumptions that affect the information reported in the financial statements. It's possible that once the results are known, they may turn out to be different from these estimates and these differences may be material.

**(h) Federal Income Taxes:**

The fund intends to meet federal income and excise tax requirements for regulated investment companies under subchapter M of the Internal Revenue Code, as amended. Accordingly, the fund distributes substantially all of its net investment income and net realized capital gains, if any, to the participating insurance company's (shareholders) separate accounts each year. As long as the fund meets the tax requirements, it is not required to pay federal income tax.

Schwab VIT Growth Portfolio \| Semiannual Holdings and Financial Statements

**9**

------

Schwab VIT Growth Portfolio

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

**(i) Segment Reporting:**

An operating segment is defined in ASC Topic 280 Segment Reporting as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.

The management committee of the fund's investment adviser acts as the fund's CODM. The CODM has determined that the fund operates as a single operating segment given the fund has a single defined investment strategy disclosed in its respective prospectus. The discrete financial information in the form of the fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, shares sold and shares redeemed), which is used by the CODM to assess performance against the prospectus and to make resource allocation decisions with respect to the fund, is presented within the fund's financial statements.

**(j) Indemnification:**

Under the fund's organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business the fund enters into contracts with its vendors and others that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the fund. However, based on experience, the fund expects the risk of loss attributable to these arrangements to be remote.

**(k) Recent Accounting Pronouncements:**

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The guidance is effective for annual periods beginning after December 15, 2024, and with early adoption permitted. At this time, management is evaluating the impact of this amendment but believes it will not have a material impact on the financial statements and income tax disclosures.

------

**3. Affiliates and Affiliated Transactions:**

**Investment Adviser**

Charles Schwab Investment Management Inc., dba Schwab Asset Management, a wholly owned subsidiary of The Charles Schwab Corporation, serves as the fund's investment adviser and administrator pursuant to an Investment Advisory and Administration Agreement between the investment adviser and the trust.

For its advisory and administrative services to the fund, the investment adviser is entitled to receive an annual fee, accrued daily and payable monthly, equal to 0.45% of the fund's average daily net assets.

**Expense Limitation**

The investment adviser and its affiliates have agreed with the fund, for so long as the investment adviser serves as the investment adviser to the fund, in which the agreement may only be amended or terminated with approval of the fund's Board, to limit the total annual fund operating expenses charged, excluding interest, taxes and certain non-routine expenses to 0.58%.

The agreement to limit the fund's total expenses charged is limited to the fund's direct operating expenses and, therefore, does not apply to acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in the underlying funds.

**10**Schwab VIT Growth Portfolio \| Semiannual Holdings and Financial Statements

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Schwab VIT Growth Portfolio

Financial Notes, unaudited (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Affiliates and Affiliated Transactions (continued):** 

**Investments in Affiliates**

The fund may engage in certain transactions involving affiliated parties. Pursuant to an exemptive order issued by the SEC, the fund may invest in other affiliated ETFs and mutual funds. As of June 30, 2025, the fund's ownership percentages of other affiliated funds' shares are as follows:

---

| | |
|:---|:---|
| Schwab Emerging Markets Equity ETF | 0.1<br> %<br>|
| Schwab Government Money Fund, Ultra Shares | 0.0<br> %\*<br>|
| Schwab International Equity ETF | 0.1<br> %<br>|
| Schwab International Small-Cap Equity ETF | 0.1<br> %<br>|
| Schwab U.S. Aggregate Bond ETF | 0.3<br> %<br>|
| Schwab U.S. Large-Cap ETF | 0.1<br> %<br>|
| Schwab U.S. REIT ETF | 0.1<br> %<br>|
| Schwab U.S. Small-Cap ETF | 0.1<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Less than 0.05%

**Interfund Transactions**

The fund may engage in direct transactions with certain other funds in the Fund Complex in accordance with procedures adopted by the Board pursuant to Rule 17a-7 under the 1940 Act. When one fund is seeking to sell a security that another fund is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs while allowing each fund to execute the transaction at the current market price. This practice is limited to funds that share the same investment adviser. The net realized gains or losses on sales of interfund transactions are recorded in Net realized gains (losses) on sales of securities - affiliated issuers in the Statement of Operations. For the period ended June 30, 2025, the fund's purchases and sales of securities with other funds in the Fund Complex was $460,984 and $65,213 respectively, and includes net realized gains of $35,569.

**Interfund Borrowing and Lending**

Pursuant to an exemptive order issued by the SEC, the fund may enter into interfund borrowing and lending transactions with other funds in the Fund Complex. All loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the overnight repurchase agreement rate and the short-term bank loan rate. All loans are subject to numerous conditions designed to ensure fair and equitable treatment of all participating funds. The interfund lending facility is subject to the oversight and periodic review by the Board. The fund had no interfund borrowing or lending activity during the period.

------

**4. Board of Trustees:**

The Board may include people who are officers and/or directors of the investment adviser or its affiliates. Federal securities law limits the percentage of such "interested persons" who may serve on a trust's board, and the trust was in compliance with these limitations throughout the report period. The fund did not pay any of these interested persons for their services as trustees, but did pay non-interested persons (independent trustees), as noted in the fund's Statement of Operations.

------

**5. Borrowing from Banks:**

During the period, the fund was a participant with other funds in the Fund Complex in a joint, syndicated, committed $1.2 billion line of credit (the Syndicated Credit Facility), maturing on September 25, 2025. Under the terms of the Syndicated Credit Facility, in addition to the interest charged on any borrowings by the fund, the fund paid a commitment fee of 0.15% per annum on the fund's proportionate share of the unused portion of the Syndicated Credit Facility.

During the period, the fund was a participant with other funds in the Fund Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility) with State Street Bank and Trust Company, maturing on September 25, 2025. Under the terms of the Uncommitted Credit Facility, the fund pays interest on the amount the fund borrows. There were no borrowings by the fund from either line of credit during the period.

The fund also has access to custodian overdraft facilities. The fund may have utilized the overdraft facility and incurred an interest expense, which is disclosed in the fund's Statement of Operations, if any. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.

Schwab VIT Growth Portfolio \| Semiannual Holdings and Financial Statements

**11**

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Schwab VIT Growth Portfolio

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Purchases and Sales of Investment Securities:**

For the period ended June 30, 2025, purchases and sales of securities (excluding short-term obligations) were as follows:

---

| | |
|:---|:---|
| PURCHASES <br>OF SECURITIES <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SALES <br>OF SECURITIES<br>|
| $11631384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16171000 |

---

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**7. Federal Income Taxes:**

As of June 30, 2025, the tax basis cost of the fund's investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | |
|:---|:---|:---|:---|
| TAX COST | GROSS UNREALIZED <br>APPRECIATION<br>| GROSS UNREALIZED <br>DEPRECIATION<br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION)<br>|
| &nbsp;&nbsp; $99744446 | &nbsp;&nbsp; $71393247 | &nbsp;&nbsp; ($1562413)<br>| &nbsp;&nbsp; $69830834 |

---

The primary difference between book basis and tax basis unrealized appreciation or unrealized depreciation of investments is the tax deferral of losses on wash sales. The tax cost of the fund's investments, disclosed above, have been adjusted from its book amounts to reflect these unrealized appreciation or depreciation differences, as applicable.

As of December 31, 2024, the fund had no capital loss carryforwards available to offset future realized capital gains for federal income tax purposes.

The tax basis components of distributions and components of distributable earnings on a tax basis are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of June 30, 2025. The tax basis components of distributions paid during the fiscal year ended December 31, 2024 were as follows:

---

| | |
|:---|:---|
| PRIOR FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS |
| ORDINARY <br>INCOME <br>| LONG-TERM <br>CAPITAL <br>GAINS <br>|
| $3590071 | &nbsp;&nbsp; $53494 |

---

Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts in the financial statements. The fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

As of December 31, 2024, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the fund, and has determined that no provision for income tax is required in the fund's financial statements. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the fund's Statement of Operations. During the fiscal year ended December 31, 2024, the fund did not incur any interest or penalties.

------

**8. Subsequent Events:**

Management has determined there are no subsequent events or transactions through the date the financial statements were issued that would have materially impacted the financial statements as presented.

**12**Schwab VIT Growth Portfolio \| Semiannual Holdings and Financial Statements

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Changes in and Disagreements with Accountants for Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

Schwab VIT Growth Portfolio \| Semiannual Holdings and Financial Statements

**13**

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Proxy Disclosures for Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

**14**Schwab VIT Growth Portfolio \| Semiannual Holdings and Financial Statements

------

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The remuneration paid to directors, officers and others are included under Item 7 (Financial Statements and Financial Highlights for Open-End Management Investment Companies).

Schwab VIT Growth Portfolio \| Semiannual Holdings and Financial Statements

**15**

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Schwab VIT Growth Portfolio

Investment Advisory Agreement Approval

------

The Investment Company Act of 1940, as amended (the 1940 Act), requires that the continuation of a fund's investment advisory agreement must be specifically approved (1) by the vote of the trustees or by a vote of the shareholders of the fund, and (2) by the vote of a majority of the trustees who are not parties to the investment advisory agreement or "interested persons" of any party thereto (the Independent Trustees), cast in person at a meeting called for the purpose of voting on such approval. In connection with such approvals, the fund's trustees must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the investment advisory agreement.

The Board of Trustees (the Board or the Trustees, as appropriate) calls and holds one or more meetings each year that are dedicated, in whole or in part, to considering whether to renew the investment advisory and administration agreement (the Agreement) between Schwab Annuity Portfolios (the Trust) and Charles Schwab Investment Management, Inc. (dba Schwab Asset Management) (the investment adviser) with respect to the existing funds in the Trust, including Schwab VIT Growth Portfolio (the Fund), and to review certain other agreements pursuant to which the investment adviser provides investment advisory services to certain other registered investment companies. In preparation for the meeting(s), the Board requests and reviews a wide variety of materials provided by the investment adviser, including information about the investment adviser's affiliates, personnel, business goals and priorities, profitability, oversight of third-party service providers, corporate structure and operations. As part of the renewal process, the Independent Trustees' legal counsel, on behalf of the Independent Trustees, sends an information request letter to the investment adviser seeking certain relevant information. The responses by the investment adviser are provided to the Trustees in the Board materials for their review prior to their meeting, and the Trustees are provided with the opportunity to request any additional materials. The Board also receives data provided by an independent provider of investment company data. This information is in addition to the detailed information about the Fund that the Board reviews during the course of each year, including information that relates to the Fund's operations and performance, legal and compliance matters, risk management, portfolio turnover, and sales and marketing activity. In considering the renewal, the Independent Trustees receive advice from Independent Trustees' legal counsel, including a memorandum regarding the responsibilities of trustees for the approval of investment advisory agreements. In addition, the Independent Trustees participate in question and answer sessions with representatives of the investment adviser and meet in executive session outside the presence of Fund management.

The Board, including a majority of the Independent Trustees, considered information specifically relating to the continuance of the Agreement with respect to the Fund at meetings held on May 7, 2025 and June 5, 2025, and approved the renewal of the Agreement with respect to the Fund for an additional one-year term at the meeting on June 5, 2025 called for the purpose of voting on such approval.

The Board's approval of the continuance of the Agreement with respect to the Fund was based on consideration and evaluation of a variety of specific factors discussed at these meetings and at prior meetings, including:

1. the nature, extent and quality of the services provided to the Fund under the Agreement, including the resources of the investment adviser and its affiliates dedicated to the Fund;

2. the Fund's investment performance and how it compared to that of certain other comparable mutual funds and benchmark data;

3. the Fund's expenses and how those expenses compared to those of certain other similar mutual funds;

4. the profitability of the investment adviser and its affiliates, including Charles Schwab & Co., Inc. (Schwab), with respect to the Fund, including both direct and indirect benefits accruing to the investment adviser and its affiliates; and

5. the extent to which economies of scale would be realized as the Fund grows and whether fee levels in the Agreement reflect those economies of scale for the benefit of Fund investors.

**Nature, Extent and Quality of Services.** The Board considered the nature, extent and quality of the services provided by the investment adviser to the Fund and the resources of the investment adviser and its affiliates dedicated to the Fund. In this regard, the Trustees evaluated, among other things, the investment adviser's experience, track record, compliance program, resources dedicated to hiring and retaining skilled personnel and specialized talent, and information security resources. The Trustees also considered information provided by the investment adviser relating to services and support provided with respect to the Fund's portfolio management team, portfolio strategy, and internal investment guidelines, as well as trading infrastructure, liquidity management, product design and analysis, shareholder communications, securities valuation, and vendor and risk oversight. The Trustees also considered the investment adviser's continued investment in its infrastructure, including the investment adviser's technology and use of data, business continuity, cybersecurity, due diligence, risk management processes, and information security programs. The Trustees considered Schwab's overall

**16**Schwab VIT Growth Portfolio \| Semiannual Holdings and Financial Statements

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Schwab VIT Growth Portfolio

financial condition and reputation as a full service brokerage firm. Following such evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services provided by the investment adviser to the Fund and the resources of the investment adviser and its affiliates dedicated to the Fund supported renewal of the Agreement with respect to the Fund.

**Fund Performance.** The Board considered the Fund's performance in determining whether to renew the Agreement with respect to the Fund. Specifically, the Trustees considered the Fund's performance relative to a peer category of other mutual funds and applicable indices/benchmarks, in light of the market environment, as well as in consideration of the Fund's investment style and strategy. As part of this review, the Trustees considered the composition of the peer category, selection criteria and the reputation of the independent provider of investment company data who prepared the peer category analysis. In evaluating the performance of the Fund, the Trustees considered the risk profile for the Fund and the appropriateness of the benchmark used to compare the performance of the Fund. The Trustees further considered the level of Fund performance in the context of their review of Fund expenses and the investment adviser's profitability discussed below and also noted that the Board and a designated committee of the Board review performance throughout the year. Following such evaluation, the Board concluded, within the context of its full deliberations, that the performance of the Fund supported renewal of the Agreement with respect to the Fund.

**Fund Expenses.** With respect to the Fund's expenses, the Trustees considered the rate of compensation called for by the Agreement and the Fund's net operating expense ratio, in each case, in comparison to those of other similar mutual funds, such peer groups and comparisons having been selected and calculated by an independent provider of investment company data. The investment adviser reported to the Board, and the Board took into account, the risk assumed by the investment adviser in the development of the Fund and provision of services as well as the competitive marketplace for financial products. The Trustees also considered the investment adviser's contractual commitment to limit the total annual operating expenses of the Fund for so long as the investment adviser serves as the adviser to the Fund. The Trustees also considered fees charged by the investment adviser to other mutual funds and the unique insurance dedicated distribution arrangements of the Fund as compared to other funds managed by the investment adviser. The Trustees noted that shareholders of the Fund indirectly pay their pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Following such evaluation, the Board concluded, within the context of its full deliberations, that the expenses of the Fund are reasonable and supported renewal of the Agreement with respect to the Fund.

**Profitability.** The Trustees considered the compensation flowing to the investment adviser and its affiliates, directly or

indirectly, and reviewed profitability on a pre-tax basis, without regard to distribution expenses. The Trustees reviewed profitability of the investment adviser relating to the Schwab fund complex as a whole, noting the benefits to Fund shareholders of being part of the Schwab fund complex, including the allocations of certain costs across the Fund and other funds in the complex. The Trustees also considered any other benefits derived by the investment adviser from its relationship with the Fund, such as whether, by virtue of its management of the Fund, the investment adviser obtains investment information or other research resources that aid it in providing advisory services to other clients. Also, because the Fund invests a portion of its assets in other funds within the Schwab fund complex, the Trustees considered that the investment adviser indirectly benefits from the Fund's investments in other underlying funds managed by the investment adviser. The Trustees considered whether the compensation and profitability with respect to the Fund under the Agreement and other service agreements were reasonable in light of the quality of all services rendered to the Fund by the investment adviser and its affiliates. The Trustees noted that the investment adviser continues to invest substantial sums in its business in order to provide enhanced research capabilities, services and systems to benefit the Fund. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the profitability of the investment adviser is reasonable and supported renewal of the Agreement with respect to the Fund.

**Economies of Scale.** Although the Trustees recognized the difficulty of determining economies of scale with precision and although the Fund does not have breakpoints in its advisory fee, the Trustees considered the potential existence of any economies of scale and whether those are passed along to the Fund's shareholders through (i) the enhancement of services provided to the Fund in return for fees paid, including through the investment adviser's continued investments in its infrastructure and use of data and technology, increasing expertise and capabilities in key areas (including portfolio and trade operations), and improving business continuity, cybersecurity, due diligence and information security programs, which are designed to provide enhanced services to the Fund and its shareholders and (ii) pricing a fund to scale and keeping overall expenses down as the fund grows.. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the Fund obtains reasonable benefits from economies of scale.

\* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \*

In the course of their deliberations, the Trustees may have accorded different weights to various factors and did not identify any particular information or factor that was all important or controlling. Based on the Trustees' deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, approved the continuation of the Agreement with respect to the Fund and concluded that the compensation under the Agreement with

Schwab VIT Growth Portfolio \| Semiannual Holdings and Financial Statements

**17**

------

Schwab VIT Growth Portfolio

respect to the Fund is fair and reasonable in light of the services provided and the related expenses borne by the investment adviser and its affiliates and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment.

**18**Schwab VIT Growth Portfolio \| Semiannual Holdings and Financial Statements

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g20902imga3ef9f121.jpg)

MFR98599-08

00315749

------

#### Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
The changes in and disagreements with accountants for open-end management investment companies are included under Item 7 of this Form.

#### Item 9: Proxy Disclosures for Open-End Management Investment Companies.
The proxy disclosures for open-end management investment companies are included under Item 7 of this Form.

#### Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The remuneration paid to directors, officers and others is included under Item 7 of this Form.

#### Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract.
The statement regarding basis for approval of investment advisory contract is included under Item 7 of this Form.

------

#### Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14: Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15: Submission of Matters to a Vote of Security Holders.
Not applicable.

#### Item 16: Controls and Procedures.
(a) Based on their evaluation of Registrant's disclosure controls and procedures, as of a date within 90 days of the filing date, Registrant's Principal Executive Officer, Omar Aguilar and Registrant's Principal Financial Officer, Dana Smith, have concluded that Registrant's disclosure controls and procedures are: (i) reasonably designed to ensure that information required to be disclosed in this report is appropriately communicated to Registrant's officers to allow timely decisions regarding disclosures required in this report; (ii) reasonably designed to ensure that information required to be disclosed in this report is recorded, processed, summarized and reported in a timely manner; and (iii) are effective in achieving the goals described in (i) and (ii) above.

(b) During the period covered by this report, there have been no changes in Registrant's internal control over financial reporting that the above officers believe to have materially affected, or to be reasonably likely to materially affect, Registrant's internal control over financial reporting.

#### Item 17: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18: Recovery of Erroneously Awarded Compensation.
(a) Not applicable.

(b) Not applicable

#### Item 19: Exhibits.
(a) (1) Code of ethics – not applicable to this semi-annual report.

(2) Not applicable.

(3) [Separate certifications for Registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (the "1940 Act"), are attached.](d11827dex99cert.htm)

(b) [A certification for Registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, is attached. This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. section 1350 and is not being filed as part of the Form N-CSRS with the Commission.](d11827dex99906cert.htm)

------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>Schwab Annuity Portfolios</u>

---

| | |
|:---|:---|
| By: | /s/ Omar Aguilar |
|  | Omar Aguilar<br> Principal Executive Officer (Chief Executive Officer) |
| Date: | August 18, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Omar Aguilar |
|  | Omar Aguilar<br> Principal Executive Officer (Chief Executive Officer) |
| Date: | August 18, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Dana Smith |
|  | Dana Smith<br> Principal Financial Officer (Chief Financial Officer) |
| Date: | August 18, 2025 |

---

## Ex-99.Cert

**<u>CERTIFICATIONS</u>**

I, Omar Aguilar, certify that:

1. I have reviewed this report on Form N-CSRS of Schwab Annuity Portfolios;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: August 18, 2025 | /s/ Omar Aguilar |
|  | Omar Aguilar<br> Principal Executive Officer (Chief Executive Officer) |

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**<u>CERTIFICATIONS</u>**

I, Dana Smith, certify that:

1. I have reviewed this report on Form N-CSRS of Schwab Annuity Portfolios;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: August 18, 2025 | /s/ Dana Smith |
|  | Dana Smith<br> Principal Financial Officer (Chief Financial Officer) |

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## Exhibit 99.906

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES**-**OXLEY ACT OF 2002

In connection with the Semiannual Report for Schwab Annuity Portfolios (the "Funds") on Form N-CSRS for the period ended June 30, 2025 ("periodic report"), each of the undersigned, being the Principal Executive Officer and Principal Financial Officer, respectively, hereby certifies, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes**-**Oxley Act of 2002, that to the best of my knowledge:

(1) The periodic report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the periodic report fairly presents, in all material respects, the financial condition and results of operations of the Funds for the period presented therein.

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| | | |
|:---|:---|:---|
| /s/ Omar Aguilar | Date: | August 18, 2025 |
| Omar Aguilar |  |  |
| Principal Executive Officer (Chief Executive Officer) |  |  |

---

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| | | |
|:---|:---|:---|
| /s/ Dana Smith | Date: | August 18, 2025 |
| Dana Smith |  |  |
| Principal Financial Officer (Chief Financial Officer) |  |  |

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This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. section 1350 and is not being filed as part of the Form N-CSRS with the Commission.