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Strategy

The Portfolio invests 100% of its assets in the Schwab S&P 500 Index Fund. To pursue its goal, the Underlying Fund generally invests in stocks that are included in the S&P 500 Index. It is the Underlying Fund’s policy that under normal circumstances it will invest at least 80% of its net assets (including, for this purpose, any borrowings for investment purposes) in these stocks; typically, the actual percentage is considerably higher. The Underlying Fund will notify its shareholders at least 60 days before changing this policy.

The Underlying Fund generally will seek to replicate the performance of the index by giving the same weight to a given stock as the index does. However, when the investment adviser believes it is in the best interest of the Underlying Fund, such as to avoid purchasing odd-lots (i.e., purchasing less than the usual number of shares traded for a security), for tax considerations, or to address liquidity considerations with respect to a stock, the investment adviser may cause the Underlying Fund’s weighting of a stock to be more or less than the index’s weighting of the stock. The Underlying Fund may sell securities that are represented in the index in anticipation of their removal from the index, or buy securities that are not yet represented in the index in anticipation of their addition to the index.