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SIGNATURE TAI-CHIN TUNG
TITLE CONTROLLER
Report of Independent Accountants
To the Board of Trustees of
Schwab Annuity Portfolios
In planning and performing our audits of the financial
statements of Schwab S&P 500 Annuity Portfolio, Schwab
MarketTrack Growth Portfolio II and Schwab Money Market
Portfolio (constituting Schwab Annuity Portfolios,
hereafter referred to as the "Funds") for the year ended
December 31, 1999, we considered their internal control,
including control activities for safeguarding securities,
in order to determine our auditing procedures for the purpose
of expressing our opinion on the financial statements and
to comply with the requirements of Form N-SAR,
not to provide assurance on internal control.
The management of the Funds is responsible for establishing
and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an
audit pertain to the entity's objective of preparing
financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors
or fraud may occur and not be detected. Also, projection
of any evaluation of internal control to future periods is
subject to the risk that controls may become inadequate because
of changes in conditions or that the effectiveness of their
design and operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be
material weaknesses under standards established by the
American Institute of Certified Public Accountants.
A material weakness is a condition in which the design
or operation of one or more of the internal control
components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts
that would be material in relation to the financial statements
being audited may occur and not be detected within a timely
period by employees in the normal course of performing
their assigned functions. However, we noted no matters
involving internal control and its operation, including
controls for safeguarding securities, that we consider to
be material weaknesses as defined above as of December
31, 1999.
This report is intended solely for the information and
use of the Board of Trustees, management and the
Securities and Exchange Commission and is not intended to
be and should not be used by anyone other than these specified
parties.
PricewaterhouseCoopers LLP
San Francisco, California
February 4, 2000
1
2
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