Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)
September 23 2024 - 2:17PM
Edgar (US Regulatory)
Consolidated Schedule of Investments Next Generation Connectivity Fund Inc.^ (Unaudited)
July 31, 2024
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Communications Equipment 1.0%
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Diversified Telecommunication Services 1.3%
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Electronic Equipment, Instruments & Components 0.7%
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Live Nation Entertainment, Inc.
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Health Care Equipment & Supplies 1.7%
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Hotels, Restaurants & Leisure 3.4%
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Interactive Media & Services 5.9%
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Meta Platforms, Inc. Class A
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Tencent Holdings Ltd. ADR
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International Business Machines Corp.
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Semiconductors & Semiconductor Equipment 32.5%
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Advanced Micro Devices, Inc.
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BE Semiconductor Industries NV
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Lattice Semiconductor Corp.
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See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Next Generation Connectivity Fund Inc.^ (Unaudited) (cont’d)
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Semiconductors & Semiconductor Equipment – cont'd
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Monolithic Power Systems, Inc.
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Taiwan Semiconductor Manufacturing Co. Ltd. ADR
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Arctic Wolf Networks, Inc.
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Cadence Design Systems, Inc.
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SentinelOne, Inc. Class A
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Technology Hardware, Storage & Peripherals 7.1%
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Dell Technologies, Inc. Class C
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Wireless Telecommunication Services 1.0%
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Total Common Stocks (Cost $894,176,827)
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Cybereason, Inc., Series F
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Grammarly, Inc., Series 3
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See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Next Generation Connectivity Fund Inc.^ (Unaudited) (cont’d)
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Videoamp, Inc., Series F1
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Total Preferred Stocks (Cost $107,834,415)
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Arctic Wolf Networks, Inc., 0.00% Cash/3.00% PIK, due 9/29/2027
(Cost $5,000,000)
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Short-Term Investments 2.6%
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Investment Companies 2.6%
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State Street Institutional U.S. Government Money Market Fund Premier Class, 5.26%(g)
(Cost $29,036,920)
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Total Investments 100.3% (Cost $1,036,048,162)
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Liabilities Less Other Assets (0.3)%
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Net Assets Applicable to Common Stockholders 100.0%
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Non-income producing security.
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All or a portion of this security is pledged as collateral for options written.
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Value determined using significant unobservable inputs.
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Security fair valued as of July 31, 2024 in accordance with procedures approved by
the valuation designee.
Total value of all such securities at July 31, 2024 amounted to $160,838,113, which
represents 14.7% of
net assets applicable to common stockholders of the Fund.
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Security represented in Units.
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Represents less than 0.05% of net assets applicable to common stockholders of the
Fund.
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Payment-in-kind (PIK) security.
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Represents 7-day effective yield as of July 31, 2024.
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Includes the impact of the Fund’s open positions in derivatives at July 31, 2024.
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# This security is subject to restrictions on resale. Total value of all such securities
at July 31, 2024 amounted to $160,838,113, which represents 14.7% 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.
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Fair Value
Percentage
of Net Assets
Applicable
to Common
Stockholders
as of
7/31/2024
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A24 Films LLC (Preferred Units)
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See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Next Generation Connectivity Fund Inc.^ (Unaudited) (cont’d)
Restricted Security (cont’d)
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Fair Value
Percentage
of Net Assets
Applicable
to Common
Stockholders
as of
7/31/2024
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Arctic Wolf Networks, Inc.
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Arctic Wolf Networks, Inc. (Convertible Bonds)
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Celonis SE (Series D Preferred Shares)
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Cybereason, Inc. (Series F Preferred Shares)
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Fabletics LLC (Series G Preferred Shares)
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Grammarly, Inc. (Series 3 Preferred Shares)
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Savage X, Inc. (Series C Preferred Shares)
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Videoamp, Inc. (Series F1 Preferred Shares)
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See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Next Generation Connectivity Fund Inc.^ (Unaudited) (cont’d)
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Percentage of Net
Assets Applicable
to Common
Stockholders
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Short-Term Investments and Other Liabilities—Net
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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, 2024, the Fund had outstanding options written as follows:
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Electronic Equipment, Instruments & Components
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Live Nation Entertainment, Inc.
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Hotels, Restaurants & Leisure
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Interactive Media & Services
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International Business Machines Corp.
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Semiconductors & Semiconductor Equipment
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Advanced Micro Devices, Inc.
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Advanced Micro Devices, Inc.
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See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Next Generation Connectivity Fund Inc.^ (Unaudited) (cont’d)
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Semiconductors & Semiconductor Equipment (cont’d)
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Lattice Semiconductor Corp.
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Lattice Semiconductor Corp.
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Monolithic Power Systems, Inc.
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Monolithic Power Systems, Inc.
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Monolithic Power Systems, Inc.
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Taiwan Semiconductor Manufacturing
Co. Ltd.
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Taiwan Semiconductor Manufacturing
Co. Ltd.
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Cadence Design Systems, Inc.
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Cadence Design Systems, Inc.
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Technology Hardware, Storage & Peripherals
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See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Next Generation Connectivity Fund Inc.^ (Unaudited) (cont’d)
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Technology Hardware, Storage & Peripherals (cont’d)
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Wireless Telecommunication Services
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Live Nation Entertainment, Inc.
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Hotels, Restaurants & Leisure
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Interactive Media & Services
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Semiconductors & Semiconductor Equipment
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Taiwan Semiconductor Manufacturing
Co. Ltd.
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See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Next Generation Connectivity Fund Inc.^ (Unaudited) (cont’d)
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Semiconductors & Semiconductor Equipment (cont’d)
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Taiwan Semiconductor Manufacturing
Co. Ltd.
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Cadence Design Systems, Inc.
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CrowdStrike Holdings, Inc.
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CrowdStrike Holdings, Inc.
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Technology Hardware, Storage & Peripherals
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Total options written (premium received $2,902,510)
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Value determined using significant unobservable inputs.
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Security fair valued as of July 31, 2024 in accordance with procedures approved by
the valuation designee.
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At July 31, 2024, the Fund had securities pledged in the amount of $50,445,600 to
cover collateral requirements for options written.
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, 2024:
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Semiconductors & Semiconductor Equipment
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Technology Hardware, Storage & Peripherals
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The Consolidated Schedule of Investments provides information on the industry or sector
categorization as
well as a Positions by Country summary.
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See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Next Generation Connectivity Fund Inc.^ (Unaudited) (cont’d)
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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:
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Beginning
balance as
of 11/1/2023
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Accrued
discounts/
(premiums)
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Change
in unrealized
appreciation/
(depreciation)
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Net change in
unrealized
appreciation/
(depreciation)
from
investments
still held as of
7/31/2024
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Investments in Securities:
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(1)
Quantitative Information about Level 3 Fair Value Measurements:
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Significant unobservable
input(s)
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Impact to
valuation
from
increase
in input(b)
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Enterprise value/Revenue
multiple(c) (EV/Revenue)
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Enterprise value/Revenue
multiple(c) (EV/Revenue)
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(a)
The weighted averages disclosed in the table above were weighted by relative fair
value.
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(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.
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(c)
Represents amounts used when the reporting entity has determined that market participants
would use such multiples when pricing the investments.
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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, 2024:
Other Financial Instruments
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See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Next Generation Connectivity Fund Inc.^ (Unaudited) (cont’d)
|
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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:
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Beginning
balance as
of 11/1/2023
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Accrued
discounts/
(premiums)
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Change
in unrealized
appreciation/
(depreciation)
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Purchases/
Closing
of options
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Sales/
Writing
of options
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Net change in
unrealized
appreciation/
(depreciation)
from
investments
still held as of
7/31/2024
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Other Financial Instruments
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(1)
At July 31, 2024, 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.
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^ 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
Notes to Consolidated Schedule of Investments Next Generation Connectivity Fund Inc. (Unaudited)
In accordance with Accounting Standards Codification 820 "Fair Value Measurement"
("ASC 820"), all investments held by Neuberger Berman 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.
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.)
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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 equity securities, preferred stocks, and exchange-traded
options written, for which market quotations are 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.
The value of the Fund's investments in debt securities is determined by Management
primarily by obtaining valuations from independent pricing services based on bid quotations, or if quotations
are not available, by methods that include various considerations based on security type (generally Level
2 inputs). In addition to the consideration of yields or prices of securities of comparable quality, coupon, maturity
and type, indications as to values from dealers, and general market conditions, the following is a description
of other Level 2 inputs and related valuation techniques used by independent pricing services to value certain
types of debt securities held by the Fund:
Convertible Bonds. Inputs used to value convertible bonds generally include underlying stock data, conversion rates, credit-specific details, relevant listed bond and preferred stock
prices and other market information, which may include benchmark yield curves, reported trades, broker-dealer
quotes, issuer spreads, comparable securities, and reference data, such as market
research publications, when available.
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.
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 Next Generation Connectivity Fund Inc. (Unaudited) (cont’d)
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 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 ("NYSE") 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, 2024, the value of the Fund's investment in the Blocker was as follows:
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Percentage of
Net Assets
Applicable
to Common
Stockholders
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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 Next Generation Connectivity Fund Inc. (Unaudited) (cont'd)
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= American Depositary Receipt
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= Neuberger Berman Investment Advisers LLC
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For information on the Fund's significant accounting policies, please refer to the
Fund's most recent stockholder reports.
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