Schwab Annuity Portfolios
Schwab VIT Balanced Portfolio
Portfolio Holdings as of September 30, 2025 (Unaudited)
 
This section includes a summary of the fund’s transactions with its affiliated underlying funds during the period.    
SECURITY
VALUE AT
12/31/24
PURCHASES
SALES
NET REALIZED
GAINS (LOSSES)
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
9/30/25
BALANCE
OF SHARES
HELD AT
9/30/25
DISTRIBUTIONS
RECEIVED (a)
AFFILIATED UNDERLYING FUNDS 99.3% OF NET ASSETS
 
U.S. Stocks 28.8%
Large-Cap 26.0%
Schwab U.S. Large-Cap ETF
$21,122,381
$3,138,605
($4,807,189
)
$343,894
$2,420,889
$22,218,580
843,530
$186,316
Small-Cap 2.8%
Schwab U.S. Small-Cap ETF
2,286,800
456,784
(517,886
)
(2,646
)
192,279
2,415,331
86,571
20,324
 
24,633,911
 
International Stocks 15.0%
Developed Markets 13.0%
Schwab International Equity ETF
8,983,840
568,366
(2,217,799
)
198,377
1,878,831
9,411,615
404,279
59,032
Schwab International Small-Cap Equity ETF
1,616,188
83,172
(455,719
)
63,463
403,799
1,710,903
37,594
3,741
 
11,122,518
Emerging Markets 2.0%
Schwab Emerging Markets Equity ETF
1,653,696
83,615
(402,410
)
33,703
343,177
1,711,781
51,297
1,969
 
12,834,299
 
Real Estate 3.3%
U.S. REITs 3.3%
Schwab U.S. REIT ETF
2,716,045
400,782
(346,475
)
(1,562
)
67,924
2,836,714
131,512
51,525
 
Fixed Income 48.9%
Inflation-Protected Bond 3.7%
Schwab U.S. TIPS ETF
3,038,254
238,129
(247,742
)
(30,374
)
160,866
3,159,133
117,222
71,141
Intermediate-Term Bond 36.2%
Schwab U.S. Aggregate Bond ETF
29,575,898
3,784,563
(3,362,290
)
(519,315
)
1,514,429
30,993,285
1,320,549
811,370
Treasury Bond 9.0%
Schwab Short-Term U.S. Treasury ETF
7,313,831
1,088,862
(813,866
)
(52,261
)
154,265
7,690,831
315,198
204,087
 
41,843,249
 
Money Market Funds 3.3%
Schwab Government Money Fund, Ultra
Shares, 4.01% (b)
2,703,638
81,188
—
—
—
2,784,826
2,784,826
86,443
Total Affiliated Underlying Funds
(Cost $62,528,235)
$81,010,571
$9,924,066
($13,171,376
)
$33,279
$7,136,459
$84,932,999
$1,495,948
Total Investments in Securities
(Cost $62,528,235)
$84,932,999
 
  
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Schwab VIT Balanced Portfolio
Portfolio Holdings (Unaudited) continued
(a)
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.
(b)
The rate shown is the annualized 7-day yield.
 
ETF —
Exchange-Traded Fund
REIT —
Real Estate Investment Trust
TIPS —
Treasury Inflation Protected Securities
At September 30, 2025, all of the fund’s investment securities were classified as Level 1 (see notes to portfolio holdings for additional information).
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Schwab VIT Balanced Portfolio
Notes to Portfolio Holdings (Unaudited)
Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the 1940 Act), the Board of Trustees (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:
● Securities traded on an exchange or over-the-counter: Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at the mean of the most recent bid and ask quotes.
● Mutual funds: Mutual funds are valued at their respective net asset values (NAVs).
● Securities for which no quoted value is available: The Valuation Designee has adopted procedures to fair value the fund’s securities when market prices are not “readily available” or are unreliable. For example, a security may be fair valued when it’s de-listed or its trading is halted or suspended; when a security’s primary pricing source is unable or unwilling to provide a price; or when a security’s primary trading market is closed during regular market hours. Fair value determinations are made in good faith in accordance with adopted valuation procedures. The Valuation Designee considers a number of factors, including unobservable market inputs, when arriving at fair value. The Valuation Designee may employ methods such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. Due to the subjective and variable nature of fair value pricing, there can be no assurance that the fund could obtain the fair value assigned to the security upon the sale of such security.
In accordance with the authoritative guidance on fair value measurements and disclosures under generally accepted accounting principles in the United States of America (GAAP), the fund discloses the fair value of its investments in a hierarchy that prioritizes the significant inputs to valuation methods used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If it is determined that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and the Valuation Designee’s judgment will be required to estimate fair value.
The three levels of the fair value hierarchy are as follows:
● Level 1 — quoted prices in active markets for identical investments — Investments whose values are based on quoted market prices in active markets. These generally include active listed equities, mutual funds, exchange-traded funds (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.
● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include forward foreign currency exchange contracts, U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations.
● Level 3 — significant unobservable inputs (including the Valuation Designee’s assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not readily available for these securities, one or more valuation methods are used for which sufficient and reliable data is available. The inputs used in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore the fund’s results of operations.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The levels associated with valuing the fund’s investments as of September 30, 2025, are disclosed in the fund’s Portfolio Holdings.
REG68012SEP25
  
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