<PAGE> PAGE 1
000 B000000 12/31/97
000 C000000 0000918266
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 SCHWAB ANNUITY PORTFOLIOS
001 B000000 811-8314
001 C000000 4159747620
002 A000000 101 MONTGOMERY ST
002 B000000 SAN FRANCISCO
002 C000000 CA
002 D010000 94104
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 3
007 C010100 1
007 C020100 SCHWAB MONEY MARKET PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 SCHWAB ASSET DIRECTOR-HIGH GROWTH PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 SCHWAB S&P 500 PORTFOLIO
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 CHARLES SCHWAB INVESTMENT MANAGEMENT, INC.
008 B00AA01 A
008 C00AA01 801-35905
008 D01AA01 SAN FRANCISCO
008 D02AA01 CA
008 D03AA01 94104
010 A00AA01 CHARLES SCHWAB INVESTMENT MANAGEMENT, INC.
010 B00AA01 801-35905
010 C01AA01 SAN FRANCISCO
010 C02AA01 CA
010 C03AA01 94104
011 A00AA01 CHARLES SCHWAB & CO., INC.
011 B00AA01 8-16514
<PAGE> PAGE 2
011 C01AA01 SAN FRANCISCO
011 C02AA01 CA
011 C03AA01 94104
012 A00AA01 CHARLES SCHWAB & CO., INC.
012 B00AA01 84-1256
012 C01AA01 SAN FRANCISCO
012 C02AA01 CA
012 C03AA01 94104
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 SAN FRANCISCO
013 B02AA01 CA
013 B03AA01 94104
014 A00AA01 CHARLES SCHWAB & CO., INC.
014 B00AA01 8-16514
014 A00AA02 SHARELINK
014 B00AA02 8-0000
014 A00AA03 MAYER & SCHWEITZER, INC.
014 B00AA03 8-13535
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 31
019 C00AA00 SCHWABFUND
020 A000001 INSTINET CLS
020 B000001 13-3443395
020 C000001 15
020 A000002 INVESTMENT TECHNOLOGY GROUP
020 B000002 95-3282828
020 C000002 1
020 A000003 MORGAN STANLEY & COMPANY
020 B000003 13-2731512
020 C000003 1
020 A000004 WEEDER
020 B000004 13-3364318
020 C000004 1
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 18
022 A000001 HSBC SECURITIES INC.
022 B000001 13-3650272
022 C000001 56840
022 D000001 34282
022 A000002 LEHMAN BROTHERS INC.
022 B000002 13-2518466
022 C000002 60180
022 D000002 4707
022 A000003 C S FIRST BOSTON
022 B000003 13-5659485
<PAGE> PAGE 3
022 C000003 54003
022 D000003 415
022 A000004 J. P .MORGAN
022 B000004 13-3224016
022 C000004 43573
022 D000004 2280
022 A000005 MORGAN STANLEY
022 B000005 13-2655998
022 C000005 20178
022 D000005 3983
022 A000006 MERRILL LYNCH
022 B000006 13-5674085
022 C000006 13310
022 D000006 2825
022 A000007 BA SECURITIES, INC.
022 B000007 95-4035346
022 C000007 14600
022 D000007 0
022 A000008 LEHMAN GOVT SECURITIES
022 C000008 13277
022 D000008 425
022 A000009 FUJI SECURITIES
022 B000009 36-3880742
022 C000009 6650
022 D000009 4278
022 A000010 ROBERTSON STEPHENS
022 C000010 2642
022 D000010 359
023 C000000 305069
023 D000000 73211
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
<PAGE> PAGE 4
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 N
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 1000
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
<PAGE> PAGE 5
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 GULF INSURANCE COMPANY
080 C00AA00 15000
081 A00AA00 Y
081 B00AA00 28
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
015 A000101 PNC BANK, N.A.
015 B000101 C
015 C010101 PHILADELPHIA
015 C020101 PA
015 C030101 19101
015 E010101 X
024 000100 N
025 D000101 0
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
<PAGE> PAGE 6
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 7526
028 A020100 152
028 A030100 0
028 A040100 4699
028 B010100 9301
028 B020100 170
028 B030100 0
028 B040100 7314
028 C010100 9366
028 C020100 176
028 C030100 0
028 C040100 9027
028 D010100 14936
028 D020100 190
028 D030100 0
028 D040100 5723
028 E010100 8773
028 E020100 208
028 E030100 0
028 E040100 5694
028 F010100 6972
028 F020100 0
028 F030100 0
028 F040100 13520
028 G010100 56874
028 G020100 896
028 G030100 0
028 G040100 45977
028 H000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.000
048 A010100 1000000
048 A020100 0.460
048 B010100 2000000
048 B020100 0.450
048 C010100 7000000
048 C020100 0.400
048 D010100 10000000
048 D020100 0.370
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
<PAGE> PAGE 7
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 20000000
048 K020100 0.340
062 A000100 Y
062 B000100 16.3
062 C000100 83.7
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 46
063 B000100 0.0
064 A000100 N
064 B000100 N
066 A000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
<PAGE> PAGE 8
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 0
071 B000100 0
071 C000100 0
071 D000100 0
072 A000100 12
072 B000100 2134
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 178
072 G000100 0
072 H000100 0
072 I000100 0
072 J000100 31
072 K000100 0
072 L000100 28
072 M000100 8
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 8
072 S000100 1
072 T000100 0
072 U000100 8
072 V000100 0
072 W000100 11
072 X000100 273
072 Y000100 80
072 Z000100 1941
072AA000100 0
072BB000100 2
<PAGE> PAGE 9
072CC010100 0
072CC020100 0
072DD010100 1941
072DD020100 0
072EE000100 0
073 A010100 0.0499
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 3
074 B000100 0
074 C000100 47968
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 260
074 M000100 12
074 N000100 48243
074 O000100 0
074 P000100 4
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 271
074 S000100 0
074 T000100 47968
074 U010100 47970
074 U020100 0
074 V010100 1.00
074 V020100 0.00
074 W000100 0.9999
074 X000100 6
074 Y000100 0
075 A000100 38723
075 B000100 0
076 000100 0.00
015 A000201 MORGAN STANLEY TRUST COMPANY
015 B000201 C
015 C010201 BROOKLYN
015 C020201 NY
015 C030201 11201
015 E020201 X
015 A000202 DELETE
024 000200 N
025 D000201 0
<PAGE> PAGE 10
025 D000202 0
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 238
028 A020200 0
028 A030200 0
028 A040200 5
028 B010200 192
028 B020200 0
028 B030200 0
028 B040200 8
028 C010200 147
028 C020200 0
028 C030200 0
028 C040200 12
028 D010200 571
028 D020200 0
028 D030200 0
028 D040200 10
028 E010200 254
028 E020200 0
028 E030200 0
028 E040200 24
028 F010200 775
028 F020200 21
028 F030200 0
028 F040200 75
028 G010200 2177
028 G020200 21
028 G030200 0
028 G040200 131
028 H000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.000
048 A010200 1000000
048 A020200 0.740
048 B010200 1000000
048 B020200 0.690
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
<PAGE> PAGE 11
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 2000000
048 K020200 0.640
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
063 B000200 0.0
066 A000200 Y
066 B000200 N
066 C000200 N
066 D000200 Y
066 E000200 N
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 N
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
<PAGE> PAGE 12
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 Y
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 Y
070 N010200 Y
070 N020200 N
070 O010200 N
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 9729
071 B000200 5807
071 C000200 7135
071 D000200 81
072 A000200 12
072 B000200 115
072 C000200 90
072 D000200 0
072 E000200 0
072 F000200 55
072 G000200 0
072 H000200 0
072 I000200 0
072 J000200 42
072 K000200 0
072 L000200 13
072 M000200 5
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 10
072 R000200 0
072 S000200 20
072 T000200 0
<PAGE> PAGE 13
072 U000200 1
072 V000200 0
072 W000200 3
072 X000200 149
072 Y000200 93
072 Z000200 149
072AA000200 241
072BB000200 3
072CC010200 1211
072CC020200 0
072DD010200 19
072DD020200 0
072EE000200 2
073 A010200 0.0200
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 1990
074 D000200 0
074 E000200 9
074 F000200 8163
074 G000200 0
074 H000200 0
074 I000200 144
074 J000200 0
074 K000200 1
074 L000200 17
074 M000200 49
074 N000200 10373
074 O000200 0
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 40
074 S000200 0
074 T000200 10333
074 U010200 798
074 U020200 0
074 V010200 12.95
074 V020200 0.00
074 W000200 0.0000
074 X000200 4
074 Y000200 0
075 A000200 0
075 B000200 7504
076 000200 0.00
015 A000301 PNC BANK, N.A.
<PAGE> PAGE 14
015 B000301 C
015 C010301 PHILADELPHIA
015 C020301 PA
015 C030301 19101
015 E010301 X
024 000300 Y
025 A000301 MORGAN STANLEY & CO.
025 B000301 13-2655998
025 C000301 E
025 D000301 173
025 A000302 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
025 B000302 13-5674085
025 C000302 E
025 D000302 117
025 A000303 J. P. MORGAN
025 B000303 13-3224016
025 C000303 E
025 D000303 102
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 2431
028 A020300 0
028 A030300 0
028 A040300 134
028 B010300 3035
028 B020300 0
028 B030300 0
028 B040300 240
028 C010300 1819
028 C020300 0
028 C030300 0
028 C040300 235
028 D010300 2724
028 D020300 0
028 D030300 0
028 D040300 224
028 E010300 1884
028 E020300 0
028 E030300 0
028 E040300 121
028 F010300 5062
028 F020300 19
028 F030300 0
028 F040300 1001
028 G010300 16955
028 G020300 19
028 G030300 0
028 G040300 1955
<PAGE> PAGE 15
028 H000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.000
048 A010300 1000000
048 A020300 0.360
048 B010300 1000000
048 B020300 0.330
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 2000000
048 K020300 0.310
062 A000300 N
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 0.0
066 A000300 Y
066 B000300 N
066 C000300 N
066 D000300 N
<PAGE> PAGE 16
066 E000300 N
066 F000300 N
066 G000300 Y
067 000300 N
068 A000300 N
068 B000300 N
069 000300 Y
070 A010300 Y
070 A020300 N
070 B010300 Y
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 Y
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 Y
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 Y
070 L010300 N
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 N
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 27294
071 B000300 813
071 C000300 19225
071 D000300 4
072 A000300 12
072 B000300 0
072 C000300 358
072 D000300 0
<PAGE> PAGE 17
072 E000300 0
072 F000300 69
072 G000300 0
072 H000300 0
072 I000300 0
072 J000300 29
072 K000300 0
072 L000300 21
072 M000300 9
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 26
072 S000300 4
072 T000300 0
072 U000300 1
072 V000300 0
072 W000300 21
072 X000300 180
072 Y000300 124
072 Z000300 302
072AA000300 12
072BB000300 0
072CC010300 4347
072CC020300 0
072DD010300 19
072DD020300 0
072EE000300 0
073 A010300 0.0073
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 0
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 36594
074 G000300 0
074 H000300 0
074 I000300 357
074 J000300 0
074 K000300 1
074 L000300 315
074 M000300 3
074 N000300 37270
074 O000300 160
074 P000300 0
074 Q000300 0
074 R010300 0
<PAGE> PAGE 18
074 R020300 0
074 R030300 0
074 R040300 54
074 S000300 0
074 T000300 37056
074 U010300 2658
074 U020300 0
074 V010300 13.94
074 V020300 0.00
074 W000300 0.0000
074 X000300 5
074 Y000300 0
075 A000300 0
075 B000300 19466
076 000300 0.00
SIGNATURE KATHY THREN
TITLE COUNSEL
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000918266
<NAME> SCHWAB ANNUITY PORTFOLIO
<SERIES>
<NUMBER> 01
<NAME> SCHWAB MONEY MARKET PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 47968
<INVESTMENTS-AT-VALUE> 47968
<RECEIVABLES> 260
<ASSETS-OTHER> 15
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 48243
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 275
<TOTAL-LIABILITIES> 275
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 47970
<SHARES-COMMON-STOCK> 47970
<SHARES-COMMON-PRIOR> 27431
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 47968
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2134
<OTHER-INCOME> 0
<EXPENSES-NET> 193
<NET-INVESTMENT-INCOME> 1941
<REALIZED-GAINS-CURRENT> (2)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1939
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1941
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 112673
<NUMBER-OF-SHARES-REDEEMED> 93940
<SHARES-REINVESTED> 1806
<NET-CHANGE-IN-ASSETS> 20537
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 178
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 274
<AVERAGE-NET-ASSETS> 38723
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .05
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000918266
<NAME> SCHWAB ANNUITY PORTFOLIO
<SERIES>
<NUMBER> 02
<NAME> SCHWAB ASSET DIRECTOR-HIGH GROWTH PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 8901
<INVESTMENTS-AT-VALUE> 10306
<RECEIVABLES> 17
<ASSETS-OTHER> 50
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10373
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 40
<TOTAL-LIABILITIES> 40
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8544
<SHARES-COMMON-STOCK> 798
<SHARES-COMMON-PRIOR> 517
<ACCUMULATED-NII-CURRENT> 150
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 237
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1402
<NET-ASSETS> 10333
<DIVIDEND-INCOME> 90
<INTEREST-INCOME> 115
<OTHER-INCOME> 0
<EXPENSES-NET> 56
<NET-INVESTMENT-INCOME> 149
<REALIZED-GAINS-CURRENT> 238
<APPREC-INCREASE-CURRENT> 1210
<NET-CHANGE-FROM-OPS> 1598
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 19
<DISTRIBUTIONS-OF-GAINS> 2
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 330
<NUMBER-OF-SHARES-REDEEMED> 50
<SHARES-REINVESTED> 2
<NET-CHANGE-IN-ASSETS> 4949
<ACCUMULATED-NII-PRIOR> 20
<ACCUMULATED-GAINS-PRIOR> 1
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 55
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 149
<AVERAGE-NET-ASSETS> 7504
<PER-SHARE-NAV-BEGIN> 10.42
<PER-SHARE-NII> .22
<PER-SHARE-GAIN-APPREC> 2.33
<PER-SHARE-DIVIDEND> .02
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.95
<EXPENSE-RATIO> .75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000918266
<NAME> SCHWAB ANNUITY PORTFOLIO
<SERIES>
<NUMBER> 03
<NAME> SCHWAB S&P 500 PORTFOLIO
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 32366
<INVESTMENTS-AT-VALUE> 36951
<RECEIVABLES> 316
<ASSETS-OTHER> 3
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 37270
<PAYABLE-FOR-SECURITIES> 160
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 54
<TOTAL-LIABILITIES> 214
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32157
<SHARES-COMMON-STOCK> 2658
<SHARES-COMMON-PRIOR> 563
<ACCUMULATED-NII-CURRENT> 302
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4585
<NET-ASSETS> 37056
<DIVIDEND-INCOME> 358
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 56
<NET-INVESTMENT-INCOME> 302
<REALIZED-GAINS-CURRENT> 12
<APPREC-INCREASE-CURRENT> 4347
<NET-CHANGE-FROM-OPS> 4661
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 19
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2282
<NUMBER-OF-SHARES-REDEEMED> 188
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 31133
<ACCUMULATED-NII-PRIOR> 19
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 69
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 180
<AVERAGE-NET-ASSETS> 19466
<PER-SHARE-NAV-BEGIN> 10.53
<PER-SHARE-NII> .09
<PER-SHARE-GAIN-APPREC> 3.33
<PER-SHARE-DIVIDEND> .01
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.94
<EXPENSE-RATIO> .29
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>