Consolidated Schedule of Investments Next Generation Connectivity Fund Inc.^ (Unaudited) 
July 31, 2026

 
Number of Shares
Value
Common Stocks 89.9%
Aerospace & Defense 2.0%
1,753,100
Singapore Technologies Engineering Ltd.
$13,779,288
117,780
Space Exploration Technologies Corp. Class A
12,763,819
*
 
26,543,107
Broadline Retail 5.5%
267,931
Amazon.com, Inc.
72,764,701
*(a)
Capital Markets 3.0%
455,963
Robinhood Markets, Inc. Class A
39,468,157
*
Chemicals 0.7%
257,300
Shin-Etsu Chemical Co. Ltd.
9,379,592
Communications Equipment 3.6%
32,923
Lumentum Holdings, Inc.
23,505,047
*
55,002
Motorola Solutions, Inc.
23,967,121
 
47,472,168
Diversified Telecommunication Services 1.3%
726,113
AT&T, Inc.
16,882,127
Electrical Equipment 1.5%
95,702
Bloom Energy Corp. Class A
19,696,429
*
Electronic Equipment, Instruments & Components 2.5%
15,280
Fabrinet
6,653,065
*
33,061
Samsung Electro-Mechanics Co. Ltd.
26,482,192
 
33,135,257
Entertainment 6.8%
177,659
Live Nation Entertainment, Inc.
30,935,762
*
21,926
Spotify Technology SA
10,961,684
*
102,046
Take-Two Interactive Software, Inc.
24,789,014
*
927,735
Warner Bros Discovery, Inc.
24,399,431
*
 
91,085,891
Ground Transportation 1.4%
264,753
Uber Technologies, Inc.
18,628,021
*
Household Durables 2.0%
88,810
Garmin Ltd.
26,090,602
Interactive Media & Services 3.4%
43,908
Meta Platforms, Inc. Class A
24,444,023
(a)
145,511
Reddit, Inc. Class A
20,469,032
*
 
44,913,055
IT Services 1.2%
49,650
MongoDB, Inc.
16,755,882
*
Media 1.7%
275,747
EchoStar Corp. Class A
23,187,565
*
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Next Generation Connectivity Fund Inc.^ (Unaudited)  (cont’d)
Number of Shares
Value
Semiconductors & Semiconductor Equipment 29.4%
40,572
Advanced Micro Devices, Inc.
$19,318,358
*
64,728
Analog Devices, Inc.
23,781,714
18,072
ASML Holding NV
29,439,288
79,187
Broadcom, Inc.
30,825,915
171,300
Kokusai Electric Corp.
7,990,878
106,901
Lam Research Corp.
31,324,131
28,223
Micron Technology, Inc.
23,228,376
91,186
MKS, Inc.
27,123,276
300,036
NVIDIA Corp.
60,232,227
37,487
SK Hynix, Inc.
45,172,663
251,914
STMicroelectronics NV
13,197,774
127,546
Taiwan Semiconductor Manufacturing Co. Ltd. ADR
51,560,471
124,245
Tower Semiconductor Ltd.
27,292,899
*
 
390,487,970
Software 9.5%
41,554
AppLovin Corp. Class A
16,451,229
*
1,727,273
Arctic Wolf Networks, Inc.
19,967,276
*#(b)(c)
39,621
Cadence Design Systems, Inc.
13,471,933
*
57,786
Palantir Technologies, Inc. Class A
7,111,145
*
60,575
Palo Alto Networks, Inc.
20,100,602
*
1,456,020
Superhuman Platform, Inc.
19,073,862
*#(b)(c)
27,046
Synopsys, Inc.
10,514,403
*
128,891
Zscaler, Inc.
19,488,319
*
 
126,178,769
Specialty Retail 1.2%
739,663
Chewy, Inc. Class A
16,716,384
*
Technology Hardware, Storage & Peripherals 13.2%
261,115
Apple, Inc.
80,661,035
21,085
Sandisk Corp.
25,614,690
*
127,033
Western Digital Corp.
69,212,660
 
175,488,385
Total Common Stocks (Cost $913,541,059)
1,194,874,062
Preferred Stocks 6.9%
Aerospace & Defense 0.1%
18,128
Anduril Industries, Inc., Series H
1,249,973
*#(b)(c)
Entertainment 2.5%
219,568
A24 Films LLC(d)
33,497,294
*#(b)(c)
Software 2.0%
27,042
Celonis SE, Series D
9,999,861
*#(b)(c)
1,009,513
Cybereason, Inc., Series F
504,757
*#(b)(c)
149,962
Cybereason, Inc., Series H
260,551
*#(b)(c)
451,510
Superhuman Platform, Inc., Series 3
11,558,656
*#(b)(c)
1,393,993
Videoamp, Inc., Series F1
4,400,000
*#(b)(c)
 
26,723,825
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Next Generation Connectivity Fund Inc.^ (Unaudited)  (cont’d)
Number of Shares
Value
Specialty Retail 2.3%
14,659
Fabletics LLC, Series G
$26,076,748
*#(b)(c)
28,112
Savage X Fenty, Series C1
67,618
*#(b)(c)
364,903
Savage X Fenty, Series D
4,313,774
*#(b)(c)
 
30,458,140
Total Preferred Stocks (Cost $95,686,683)
91,929,232
 
Short-Term Investments 4.6%
Investment Companies 4.6%
61,112,551
State Street Institutional U.S. Government Money Market Fund Premier Class, 3.68%(e)
(Cost $61,112,551)
61,112,551
Total Investments 101.4% (Cost $1,070,340,293)
1,347,915,845
Liabilities Less Other Assets (1.4)%
(18,787,774
)(f)
Net Assets Applicable to Common Stockholders 100.0%
$1,329,128,071
 
*
Non-income producing security.
(a)
All or a portion of this security is pledged as collateral for options written.
(b)
Value determined using significant unobservable inputs.
(c)
Security fair valued as of July 31, 2026 in accordance with procedures approved by the valuation
designee. Total value of all such securities at July 31, 2026 amounted to $130,970,370, which
represents 9.9% of net assets applicable to common stockholders of the Fund.
(d)
Security represented in Units.
(e)
Represents 7-day effective yield as of July 31, 2026.
(f)
Includes the impact of the Fund’s open positions in derivatives at July 31, 2026.
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Next Generation Connectivity Fund Inc.^ (Unaudited)  (cont’d)
#  This security is subject to restrictions on resale. Total value of all such securities at July 31, 2026 amounted to $130,970,370, which represents 9.9% of net assets applicable to common stockholders of the Fund. Acquisition dates shown with a range, if any, represent securities that were acquired over the period shown in the table.
 
Restricted Security
Acquisition
Date(s)
Acquisition
Cost
Value as of
7/31/2026
Fair Value
Percentage
of Net Assets
Applicable
to Common
Stockholders
as of
7/31/2026
A24 Films LLC (Preferred Units)
2/25/2022
$25,000,012
$33,497,294
2.5%
Anduril Industries, Inc. Series H
4/28/2026
1,249,973
1,249,973
0.1%
Arctic Wolf Networks, Inc.
12/31/2021
19,000,003
19,967,276
1.5%
Celonis SE (Series D Preferred Shares)
10/5/2022
9,999,477
9,999,861
0.8%
Cybereason, Inc. (Series F Preferred Shares)
7/13/2021
5,000,000
504,757
0.1%
Cybereason, Inc. (Series H Preferred Shares)
4/30/2025-11/20/2025
94,744
260,551
0.0%
Fabletics LLC (Series G Preferred Shares)
1/10/2022
14,659,000
26,076,748
2.0%
Savage X Fenty (Series C1 Preferred Shares)
3/5/2025
4,999,993
67,618
0.0%
Savage X Fenty (Series D Preferred Shares)
2/24/2025-3/5/2025
848,551
4,313,774
0.3%
Superhuman Platform, Inc. Class A
12/23/2021
38,165,051
19,073,862
1.4%
Superhuman Platform, Inc. (Series 3 Preferred
Shares)
12/23/2021
11,834,935
11,558,656
0.9%
Videoamp, Inc. (Series F1 Preferred Shares)
1/4/2022
21,999,998
4,400,000
0.3%
Total
$152,851,737
$130,970,370
9.9%
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Next Generation Connectivity Fund Inc.^ (Unaudited)  (cont’d)
 
POSITIONS BY COUNTRY
Country
Investments at
Value
Percentage of Net
Assets Applicable
to Common
Stockholders
United States
$1,055,855,184
79.4%
Korea
71,654,855
5.4%
Taiwan
51,560,471
3.9%
Netherlands
29,439,288
2.2%
Israel
27,292,899
2.1%
Singapore
26,977,062
2.0%
Japan
17,370,470
1.3%
Thailand
6,653,065
0.5%
Short-Term Investments and Other Liabilities—Net
42,324,777
3.2%
 
$1,329,128,071
100.0%
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Next Generation Connectivity Fund Inc.^ (Unaudited)  (cont’d)
Derivative Instruments
Written option contracts ("options written")
At July 31, 2026, the Fund had outstanding options written as follows: 
Description
Number of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Value
Calls
Broadline Retail
Amazon.com, Inc.
144
$(3,910,752)
$290
8/7/2026
$(10,512)
Capital Markets
Robinhood Markets, Inc.
322
(2,787,232)
150
8/7/2026
(2,254)
Robinhood Markets, Inc.
319
(2,761,264)
160
8/7/2026
(2,871)
 
(5,125)
Communications Equipment
Lumentum Holdings, Inc.
44
(3,141,336)
1,210
8/7/2026
(704)
Lumentum Holdings, Inc.
42
(2,998,548)
1,240
8/7/2026
(882)
Motorola Solutions, Inc.
86
(3,747,450)
460
8/21/2026
(57,190)
 
(58,776)
Diversified Telecommunication Services
AT&T, Inc.
1,658
(3,854,850)
24
8/7/2026
(18,238)
Space Exploration Technologies
Corp.
256
(2,774,272)
225
8/7/2026
(12,800)
Space Exploration Technologies
Corp.
268
(2,904,316)
235
8/7/2026
(13,400)
 
(44,438)
Electronic Equipment, Instruments & Components
Fabrinet
74
(3,222,034)
760
8/21/2026
(18,870)(a)(b)
Fabrinet
67
(2,917,247)
770
8/21/2026
(1,340)
 
(20,210)
Entertainment
Live Nation Entertainment, Inc.
198
(3,447,774)
200
8/7/2026
(22,572)(a)(b)
Spotify Technology SA
74
(3,699,556)
590
8/7/2026
(19,499)
Take-Two Interactive Software, Inc.
292
(7,093,264)
285
8/7/2026
(30,660)
Take-Two Interactive Software, Inc.
150
(3,643,800)
290
8/7/2026
(15,375)
 
(88,106)
Ground Transportation
Uber Technologies, Inc.
496
(3,489,856)
85
8/7/2026
(2,976)
Household Durables
Garmin Ltd.
148
(4,347,944)
270
8/21/2026
(390,720)
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Next Generation Connectivity Fund Inc.^ (Unaudited)  (cont’d)
Description
Number of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Value
Calls (cont’d)
Interactive Media & Services
Meta Platforms, Inc.
54
$(3,006,234)
$805
8/7/2026
$(297)
Reddit, Inc.
189
(2,658,663)
265
8/7/2026
(1,701)
Reddit, Inc.
177
(2,489,859)
300
8/7/2026
(885)
 
(2,883)
IT Services
MongoDB, Inc.
105
(3,543,540)
410
8/7/2026
0(a)(b)
Media
AppLovin Corp.
162
(6,413,580)
625
8/7/2026
(4,374)(a)(b)
AppLovin Corp.
80
(3,167,200)
670
8/7/2026
(400)(a)(b)
EchoStar Corp.
375
(3,153,375)
120
8/7/2026
(3,375)
 
(8,149)
Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc.
65
(3,094,975)
750
8/7/2026
(1,852)
Advanced Micro Devices, Inc.
64
(3,047,360)
830
8/7/2026
(1,024)
Analog Devices, Inc.
91
(3,343,431)
460
8/7/2026
0(a)(b)
ASML Holding NV
20
(3,258,000)
2,180
8/7/2026
(2,050)
Broadcom, Inc.
91
(3,542,448)
480
8/7/2026
(1,365)
Lam Research Corp.
107
(3,135,314)
470
8/7/2026
(749)(a)(b)
Lam Research Corp.
103
(3,018,106)
490
8/7/2026
0(a)(b)
Micron Technology, Inc.
36
(2,962,908)
1,430
8/7/2026
(414)
Micron Technology, Inc.
36
(2,962,908)
1,570
8/7/2026
(252)
MKS, Inc.
99
(2,944,755)
510
8/21/2026
(1,980)(a)(b)
NVIDIA Corp.
169
(3,392,675)
240
8/7/2026
(423)
Taiwan Semiconductor
Manufacturing Co. Ltd.
84
(3,395,700)
515
8/7/2026
(420)
Tower Semiconductor Ltd.
139
(3,053,413)
335
8/7/2026
(33,707)(a)(b)
Tower Semiconductor Ltd.
138
(3,031,446)
370
8/7/2026
0(a)(b)
 
(44,236)
Software
Palantir Technologies, Inc.
530
(6,522,180)
165
8/7/2026
(10,865)
Palo Alto Networks, Inc.
102
(3,384,666)
430
8/7/2026
(2,040)
Synopsys, Inc.
166
(6,453,416)
505
8/7/2026
0(a)(b)
Zscaler, Inc.
233
(3,522,960)
185
8/7/2026
(233)
 
(13,138)
Technology Hardware, Storage & Peripherals
Apple, Inc.
103
(3,181,773)
365
8/21/2026
(1,030)
Apple, Inc.
103
(3,181,773)
370
8/21/2026
(773)
Sandisk Corp.
22
(2,672,626)
2,800
8/7/2026
(1,430)
Sandisk Corp.
40
(4,859,320)
3,280
8/7/2026
(800)(a)(b)
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Next Generation Connectivity Fund Inc.^ (Unaudited)  (cont’d)
Description
Number of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Value
Calls (cont’d)
Western Digital Corp.
63
$(3,432,492)
$840
8/7/2026
$(2,835)(a)(b)
Western Digital Corp.
63
(3,432,492)
900
8/7/2026
(788)
 
(7,656)
Total calls
$(696,925)
Puts
Broadline Retail
Amazon.com, Inc.
144
(3,910,752)
215
8/7/2026
(2,304)
Capital Markets
Robinhood Markets, Inc.
632
(5,470,592)
80
8/7/2026
(57,196)
Communications Equipment
Lumentum Holdings, Inc.
44
(3,141,336)
570
8/7/2026
(19,360)
Motorola Solutions, Inc.
86
(3,747,450)
360
8/21/2026
(11,825)
 
(31,185)
Diversified Telecommunication Services
AT&T, Inc.
1,658
(3,854,850)
19
8/7/2026
(1,658)
Space Exploration Technologies
Corp.
256
(2,774,272)
100
8/7/2026
(130,560)
 
(132,218)
Electrical Equipment
Bloom Energy Corp.
1,200
(24,697,200)
120
8/7/2026
(25,200)
Electronic Equipment, Instruments & Components
Fabrinet
74
(3,222,034)
340
8/21/2026
(63,640)
Entertainment
Spotify Technology SA
74
(3,699,556)
425
8/7/2026
(16,946)
Take-Two Interactive Software, Inc.
150
(3,643,800)
210
8/7/2026
(13,875)
 
(30,821)
Ground Transportation
Uber Technologies, Inc.
496
(3,489,856)
63
8/7/2026
(14,632)
Interactive Media & Services
Reddit, Inc.
178
(2,503,926)
140
8/7/2026
(88,555)
Reddit, Inc.
200
(2,813,400)
115
8/28/2026
(36,100)
 
(124,655)
IT Services
Coreweave, Inc.
450
(3,229,650)
55
8/7/2026
(8,325)
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Next Generation Connectivity Fund Inc.^ (Unaudited)  (cont’d)
Description
Number of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Value
Puts (cont’d)
MongoDB, Inc.
105
$(3,543,540)
$290
8/7/2026
$(12,810)
 
(21,135)
Media
AppLovin Corp.
79
(3,127,610)
315
8/7/2026
(18,565)
EchoStar Corp.
375
(3,153,375)
80
8/7/2026
(76,875)
 
(95,440)
Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc.
64
(3,047,360)
390
8/7/2026
(16,448)
Analog Devices, Inc.
91
(3,343,431)
335
8/7/2026
(17,972)
ASML Holding NV
20
(3,258,000)
1,460
8/7/2026
(14,850)
Broadcom, Inc.
91
(3,542,448)
325
8/7/2026
(2,002)
GLOBALFOUNDRIES, Inc
559
(2,794,441)
45
8/21/2026
(120,185)
Lam Research Corp.
206
(6,036,212)
235
8/7/2026
(26,471)
Micron Technology, Inc.
36
(2,962,908)
635
8/7/2026
(10,350)
NVIDIA Corp.
338
(6,785,350)
185
8/7/2026
(16,562)
Taiwan Semiconductor
Manufacturing Co. Ltd.
84
(3,395,700)
345
8/7/2026
(2,940)
Tower Semiconductor Ltd.
138
(3,031,446)
175
8/7/2026
(49,680)
 
(277,460)
Software
Oracle Corp.
274
(3,558,438)
105
8/7/2026
(3,562)
Palantir Technologies, Inc.
530
(6,522,180)
110
8/7/2026
(103,085)
Synopsys, Inc.
83
(3,226,708)
370
8/7/2026
(35,275)
Zscaler, Inc.
234
(3,538,080)
127
8/7/2026
(2,808)
 
(144,730)
Technology Hardware, Storage & Peripherals
Apple, Inc.
113
(3,490,683)
285
8/7/2026
(3,842)
Sandisk Corp.
20
(2,429,660)
970
8/7/2026
(54,200)
Western Digital Corp.
63
(3,432,492)
370
8/7/2026
(5,891)
 
(63,933)
Total puts
$(1,084,549)
Total options written (premium received $3,411,830)
$(1,781,474)
 
 
 
(a)
Value determined using significant unobservable inputs.
(b)
Security fair valued as of July 31, 2026 in accordance with procedures approved by the valuation
designee.
At July 31, 2026, the Fund had securities pledged in the amount of $82,559,160 to cover collateral requirements for options written.
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Next Generation Connectivity Fund Inc.^ (Unaudited)  (cont’d)
The following is a summary, categorized by Level (see the Notes to Consolidated Schedule of Investments), of inputs used to value the Fund’s investments as of July 31, 2026: 
Asset Valuation Inputs
Level 1
Level 2
Level 3(a)
Total
Investments:
 
 
 
 
Common Stocks
Software
$87,137,631
$—
$39,041,138
$126,178,769
Other Common Stocks#
1,068,695,293
—
—
1,068,695,293
Total Common Stocks
1,155,832,924
—
39,041,138
1,194,874,062
Preferred Stocks#
—
—
91,929,232
91,929,232
Short-Term Investments
—
61,112,551
—
61,112,551
Total Investments
$1,155,832,924
$61,112,551
$130,970,370
$1,347,915,845
 
#
The Consolidated Schedule of Investments provides information on the industry or sector
categorization as well as a Positions by Country summary.
(a)
The following is a reconciliation between the beginning and ending balances of investments in which
significant unobservable inputs (Level 3) were used in determining value:
 
(000's
omitted)
Beginning
balance as
of 11/1/2025
Accrued
discounts/
(premiums)
Realized
gain/(loss)
Change
in unrealized
appreciation/
(depreciation)
Purchases
Sales/
Other
reductions
Transfers
into
Level 3
Transfers
out of
Level 3
Balance
as of
7/31/2026
Net change in
unrealized
appreciation/
(depreciation)
from
investments
still held as of
7/31/2026
Investments in Securities:
Common Stocks(1)
$36,770
$—
$—
$2,271
$—
$—
$—
$—
$39,041
$2,271
Preferred Stocks(1)
69,336
—
—
(12,174
)
1,270
—
—
—
58,432
(12,174
)
Preferred Units(1)
32,160
—
—
1,337
—
—
—
—
33,497
1,337
Convertible Bonds(2)
6,913
—
—
(1,913
)
2,000
(7,000
)
—
—
—
—
Total
$145,179
$—
$—
$(10,479
)
$3,270
$(7,000
)
$—
$—
$130,970
$(8,566
)
 
(1) Quantitative Information about Level 3 Fair Value Measurements:
Investment type
Fair value
at
7/31/2026
Valuation
approach
Significant unobservable
input(s)
Input value/
range
Weighted
average(a)
Impact to
valuation
from
increase
in input(b)
Common Stocks
$39,041,138
Market Approach
Enterprise value/Revenue
multiple(c) (EV/Revenue)
9.8x
9.8x
Increase
 
 
Discount Rate
3.6%
3.6%
Decrease
 
 
Expected Volatility
67.0%
67.0%
Decrease
 
 
Term (Years)
0.8
0.8
Decrease
 
 
Transaction Price
$13.10
$13.10
Increase
Preferred Stocks
58,431,938
Market Approach
Enterprise value/Revenue
multiple(c) (EV/Revenue)
1.9x - 14.1x
5.3x
Increase
 
 
Discount Rate
3.5% - 15.0%
9.3%
Decrease
 
 
Expected Volatility
25.0% - 60.0%
52.8%
Decrease
 
 
Liquidation Preference
0.5x - 2.8x
2.0x
Increase
 
 
Term (Years)
0.7 - 1.7
1.0
Decrease
 
 
Recovery Value
$3.16
$3.16
Increase
 
 
Transaction Price
$4.55 - $68.95
$15.00
Increase
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Next Generation Connectivity Fund Inc.^ (Unaudited)  (cont’d)
Preferred Units
$33,497,294
Market Approach
Enterprise value/Revenue
multiple (EV/Revenue)
3.3x
3.3x
Increase
 
 
Enterprise value/
EBITDA multiple (EV/EBITDA)
17.6x
17.6x
Increase
 
 
Discount Rate
3.6%
3.6%
Decrease
 
 
Term (Years)
0.8
0.8
Decrease
 
 
Expected Volatility
30.0%
30.0%
Decrease
(a) The weighted averages disclosed in the table above were weighted by relative fair value.
(b) Represents the expected directional change in the fair value of the Level 3 investments that
would result from an increase or decrease in the corresponding input. Significant changes
in these inputs could result in significantly higher or lower fair value measurements.
(c) Represents amounts used when the reporting entity has determined that market
participants would use such multiples when pricing the investments.
 
(2) At the beginning of the period, these investments were valued in accordance with the
procedures approved by the valuation designee.
The following is a summary, categorized by Level (see the Notes to Consolidated Schedule of Investments), of inputs used to value the Fund’s derivatives as of July 31, 2026: 
Other Financial Instruments
Level 1
Level 2
Level 3(a)
Total
Options Written
Liabilities
$(1,695,187
)
$—
$(86,287
)
$(1,781,474
)
Total
$(1,695,187
)
$—
$(86,287
)
$(1,781,474
)
 
(a)
The following is a reconciliation between the beginning and ending balances of derivative investments
in which significant unobservable inputs (Level 3) were used in determining value:
 
(000's
omitted)
Beginning
balance as
of 11/1/2025
Accrued
discounts/
(premiums)
Realized
gain/(loss)
Change
in unrealized
appreciation/
(depreciation)
Purchases/
Closing
of options
Sales/
Writing
of options
Transfers
into
Level 3
Transfers
out of
Level 3
Balance
as of
7/31/2026
Net change in
unrealized
appreciation/
(depreciation)
from
investments
still held as of
7/31/2026
Other Financial Instruments
Written
Option
Contracts(1)
$(231
)
$—
$531
$156
$15
$(557
)
$—
$—
$(86
)
$156
Total
$(231
)
$—
$531
$156
$15
$(557
)
$—
$—
$(86
)
$156
(1) At July 31, 2026, these investments were valued in accordance with procedures approved by the
valuation designee. These investments did not have a material impact on the Fund's net assets
applicable to common stockholders and, therefore, disclosure of significant unobservable inputs
used in formulating valuations is not presented.
 
^   A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Consolidated Schedule of Investments
July 31, 2026
Notes to Consolidated Schedule of Investments Neuberger Next Generation Connectivity Fund Inc. (Unaudited) 
In accordance with Accounting Standards Codification 820 "Fair Value Measurement" ("ASC 820"), all investments held by Neuberger Next Generation Connectivity Fund Inc. (the "Fund") are carried at the value that Management believes the Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs, including the volume and level of activity for the asset or liability in the market, are considered in valuing the Fund's investments, some of which are discussed below. At times, Management may need to apply significant judgment to value investments in accordance with ASC 820. Effective December 18, 2025, the Fund's name was changed from Neuberger Berman Next Generation Connectivity Fund Inc. to Neuberger Next Generation Connectivity Fund Inc. 
ASC 820 established a three-tier hierarchy of inputs to create a classification of value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. 
•
Level 1 – unadjusted quoted prices in active markets for identical investments
•
Level 2 – other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.)
•
Level 3 – unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities. 
The value of the Fund's investments in common stocks, preferred stocks, and exchange-traded options written, for which market quotations are readily available, is generally determined by Management by obtaining valuations from independent pricing services based on the latest sale price quoted on a principal exchange or market for that security (Level 1 inputs). Securities traded primarily on the NASDAQ Stock Market are normally valued at the NASDAQ Official Closing Price ("NOCP") provided by NASDAQ each business day. The NOCP is the most recently reported price as of 4:00:02 p.m., Eastern Time, unless that price is outside the range of the "inside" bid and asked prices (i.e., the bid and asked prices that dealers quote to each other when trading for their own accounts); in that case, NASDAQ will adjust the price to equal the inside bid or asked price, whichever is closer. Because of delays in reporting trades, the NOCP may not be based on the price of the last trade to occur before the market closes. If there is no sale of a security on a particular day, the independent pricing services may value the security based on market quotations. 
Management has developed a process to periodically review information provided by independent pricing services for all types of securities. 
Investments in non-exchange traded investment companies are valued using the respective fund's daily calculated net asset value per share (Level 2 inputs), when available. 
If a valuation is not available from an independent pricing service, or if Management has reason to believe that the valuation received does not represent the amount the Fund might reasonably expect to receive on a current sale in an orderly transaction, Management seeks to obtain quotations from brokers or dealers (generally considered Level 2 or Level 3 inputs depending on the number of quotes available). If such quotations are not available, the security is valued using methods Management has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. Pursuant to Rule 2a-5 under the Investment Company Act of 1940, the Fund's Board of Directors designated Management as the Fund's valuation designee. As the Fund's valuation designee, Management is responsible for determining fair value in good faith for all Fund investments. Inputs and assumptions considered in determining fair value of a security based on Level 2 or Level 3 inputs may include, but are not limited to, the type of security; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or
For information on the Fund's significant accounting policies, please refer to the Fund's most recent stockholder reports.
Notes to Consolidated Schedule of Investments Neuberger Next Generation Connectivity Fund Inc. (Unaudited)  (cont’d)
evaluated prices from broker-dealers or pricing services; information obtained from the issuer and analysts; an analysis of the company's or issuer's financial statements; an evaluation of the inputs that influence the issuer and the market(s) in which the security is purchased and sold. 
The value of the Fund's investments in foreign securities is generally determined using the same valuation methods and inputs as other Fund investments, as discussed above. Foreign security prices expressed in local currency values are normally translated from the local currency into U.S. dollars using the exchange rates as of 4:00 p.m., Eastern Time, on days the New York Stock Exchange is open for business. Management has approved the use of ICE Data Services ("ICE") to assist in determining the fair value of foreign equity securities when changes in the value of a certain index suggest that the closing prices on the foreign exchanges may no longer represent the amount that the Fund could expect to receive for those securities or when foreign markets are closed and U.S. markets are open. In each of these events, ICE will provide adjusted prices for certain foreign equity securities using a statistical analysis of historical correlations of multiple factors (Level 2 inputs). In the absence of precise information about the market values of these foreign securities as of the time at which the Fund's share price is calculated, Management has determined based on available data that prices adjusted or evaluated in this way are likely to be closer to the prices the Fund could realize on a current sale than the prices of those securities established at the close of the foreign markets in which the securities primarily trade. 
Fair value prices are necessarily estimates, and there is no assurance that such a price will be at or close to the price at which the security is next quoted or traded. 
To facilitate compliance with certain requirements necessary to maintain its status as a regulated investment company, the Fund formed NB A24 NBXG Blocker LLC (the "Blocker"), a Delaware limited liability company, to hold interests in certain private placements. The Blocker is a wholly owned subsidiary of the Fund and the Fund will remain its sole member. 
As of July 31, 2026, the value of the Fund's investment in the Blocker was as follows:  
 
Investment in
Blocker
Percentage of
Net Assets
Applicable
to Common
Stockholders
$31,712,927
2.4
%
For information on the Fund's significant accounting policies, please refer to the Fund's most recent stockholder reports.
Notes to Consolidated Schedule of Investments Neuberger Next Generation Connectivity Fund Inc. (Unaudited) (cont'd)
Legend
 
Other Abbreviations:
ADR
= American Depositary Receipt
Management
= Neuberger Berman Investment Advisers LLC
For information on the Fund's significant accounting policies, please refer to the Fund's most recent stockholder reports.