N-CSRS 1 ncsrs-nbxg.htm CERTIFIED SEMI-ANNUAL SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES FILED ON FORM N-CSR

As filed with the Securities and Exchange Commission on June 26, 2025

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23635

NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND INC.

(Exact Name of Registrant as specified in charter)

c/o Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas

New York, New York 10104-0002

(Address of Principal Executive Offices – Zip Code)

Joseph V. Amato

Chief Executive Officer and President

Neuberger Berman Next Generation Connectivity Fund Inc.

c/o Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas

New York, New York 10104-0002

Lori L. Schneider, Esq.

K&L Gates LLP

1601 K Street, N.W.

Washington, D.C. 20006-1600

(Names and Addresses of agents for service)

Registrant's telephone number, including area code: (212) 476-8800

Date of fiscal year end: October 31

Date of reporting period: April 30, 2025

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Report to Stockholders.

(a)	Following is a copy of the semi-annual report transmitted to stockholders pursuant to Rule 30e-1 under the Act.

Neuberger Berman
Next Generation
Connectivity Fund Inc.

Semi-Annual Report

April 30, 2025

Contents

PRESIDENT'S LETTER	1
PORTFOLIO COMMENTARY	2
CONSOLIDATED SCHEDULE OF INVESTMENTS	6
Positions by Country	10
CONSOLIDATED FINANCIAL STATEMENTS	18
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS	22
FINANCIAL HIGHLIGHTS	31
Distribution Reinvestment Plan for the Fund	33
Directory	36
Proxy Voting Policies and Procedures	37
Quarterly Portfolio Schedule	37
Privacy NoticeLocated after the Fund's Report

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC. ©2025 Neuberger Berman Investment Advisers LLC. All rights reserved.

President’s Letter

Dear Stockholder,

I am pleased to present this semi-annual report for Neuberger Berman Next Generation Connectivity Fund Inc. (the Fund) for the six months ended April 30, 2025 (the reporting period). The report includes a portfolio commentary, a listing of the Fund’s consolidated investments and its unaudited consolidated financial statements for the reporting period.

We believe next generation connectivity and technology present a rapidly evolving investment opportunity and the Fund is positioned to provide stockholders access to this promising strategy, managed by an experienced investment team located in the U.S. and Asia.

The Fund seeks to provide capital appreciation and income. In pursuit of its investment objectives, the Fund will invest, under normal market conditions, at least 80% of its total assets in equity securities issued by U.S. and non-U.S. companies, in any market capitalization range, that are relevant to the theme of investing in "NextGen Companies." The Fund considers "NextGen Companies" to be companies that, in the Portfolio Managers’ view, demonstrate significant growth potential from the development, advancement, use or sale of products, processes or services related to the fifth generation mobile network and future generations of mobile network connectivity and technology.

Thank you for your confidence in the Fund. We will continue to do our best to retain your trust in the years to come.

Sincerely,

Joseph V. Amato
President and CEO
Neuberger Berman Next Generation Connectivity Fund Inc.

Neuberger Berman Next Generation Connectivity Fund Inc.

Portfolio Commentary (Unaudited)

Neuberger Berman Next Generation Connectivity Fund Inc. (the Fund) generated a 0.18% total return on a net asset value (NAV) basis for the six months ended April 30, 2025 (the reporting period), underperforming its benchmark, the MSCI All Country World Index (Net) (the Index), which generated a 0.88% total return for the same period. (Fund performance on a market price basis is provided in the table immediately following this commentary.)

Global equity markets, as measured by the Index, exhibited notable volatility during the reporting period. Gains early in the period, driven by investor optimism, reversed later as concerns mounted that U.S. tariffs could slow economic growth and corporate spending while boosting inflation.

AT&T Inc., Netflix, Inc., and Spotify Technology SA outperformed during the reporting period, and contributed positively to the Fund’s performance, reflecting strong business momentum and favorable market conditions for companies with subscription-based revenue streams. Conversely, Alphabet, Inc. Class A, NVIDIA Corp., and Taiwan Semiconductor Manufacturing Co., Ltd. detracted from performance, impacted by a combination of macroeconomic challenges and shifts in investor sentiment.

The management team maintained a disciplined investment strategy during the reporting period, selectively increasing exposure to areas of opportunity while exercising caution in more volatile segments. Portfolio adjustments were made to rebalance positions and focus on high-quality, stable investments designed to align with the evolving macroeconomic and geopolitical landscape.

Private investments* remained a part of the Fund's portfolio, comprising approximately 13% of the Fund’s net assets at the end of the reporting period.

As part of its investment strategy, the Fund continues to employ its option writing strategy, which is designed to generate current gains from options premiums and enhance the Fund’s risk-adjusted return potential.

Looking ahead, the Fund remains committed to its strategy of investing in the enablers and beneficiaries of next-generation connectivity, focusing on applications and services, network infrastructure, and connected devices. As we progress through 2025, the Fund will prioritize maintaining a balanced portfolio and identifying companies with attractive risk/reward profiles, while adhering to its disciplined valuation approach.

Sincerely,

Hari Ramanan, Timothy Creedon and Yan Taw (YT) Boon
Portfolio Co-Managers

* Investments in private companies involve greater risks than investments in securities of companies that have traded publicly on an exchange for extended periods of time. Investments in private companies are generally less liquid than investments in securities issued by public companies and may be difficult for the Fund to value.

The portfolio composition, industries and holdings of the Fund are subject to change without notice.

The opinions expressed are those of the Fund's portfolio managers. The opinions are as of the date of this report and are subject to change without notice.

The value of securities owned by the Fund, as well as the market value of shares of the Fund’s common stock, may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Fund; conditions affecting the general economy; overall market changes; local, regional, national or global political, social or economic instability; regulatory or legislative developments; price, currency and interest rate fluctuations, including those resulting from changes in central bank policies; and changes in investor sentiment.

Next Generation Connectivity Fund Inc. (Unaudited)

TICKER SYMBOL
Next Generation Connectivity Fund Inc.	NBXG

SECTOR ALLOCATION
(as a % of Net Assets Applicable to Common Stockholders*)
Communication Services	23.6 %
Consumer Discretionary	15.1 %
Consumer Staples	0.7 %
Convertible Bonds	0.6 %
Financials	7.0 %
Health Care	1.7 %
Industrials	2.2 %
Information Technology	47.8 %
Real Estate	0.5 %
Short-Term Investments	0.6 %
Other Assets Less Liabilities	0.2 %
Total	100.0 %

*	Derivatives (other than options purchased), if any, are excluded from this chart.

PERFORMANCE HIGHLIGHTS
	Inception Date*	Six Month Period Ended 04/30/2025	Average Annual Total Return Ended 04/30/2025
	Inception Date*	Six Month Period Ended 04/30/2025	1 Year	Life of Fund
At NAV1
Next Generation Connectivity Fund Inc.	05/25/2021	0.18%	12.95%	0.34%
At Market Price2
Next Generation Connectivity Fund Inc.	05/25/2021	1.89%	15.73%	-2.86%
Index
MSCI All Country World Index (Net)3		0.88%	11.84%	5.97%

* Date of initial public offering. The Fund commenced operations on May 26, 2021.

Listed closed-end funds, unlike open-end funds, are not continually offered. Generally, there is an initial public offering and, once issued, shares of common stock of closed-end funds are sold in the secondary market on a stock exchange.

The performance data quoted represent past performance and do not indicate future results. Current performance may be lower or higher than the performance data quoted. For current performance data, please visit www.nb.com/cef-performance.

The results shown in the table reflect the reinvestment of income dividends and other distributions, if any. The results do not reflect the effect of taxes a stockholder would pay on Fund distributions or on the sale of shares of the Fund’s common stock.

The investment return and market price will fluctuate and shares of the Fund’s common stock may trade at prices above or below NAV. Shares of the Fund’s common stock, when sold, may be worth more or less than their original cost.

Endnotes (Unaudited)

1	Returns based on the NAV of the Fund.
2	Returns based on the market price of shares of the Fund’s common stock on the NYSE.
3	The MSCI All Country World Index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. The index consists of 47 country indexes comprising 23 developed and 24 emerging market country indexes. The developed market country indexes included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indexes included are: Brazil, Chile, China, Colombia, the Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, the Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and the UAE. China A shares are included starting from June 1, 2018 and are partially represented at 20% of their free float-adjusted market capitalization as of November 2019. Effective after the close on March 9, 2022, MSCI reclassified MSCI Russia Indexes from Emerging Markets to Standalone Markets status. At that time, all Russian securities were removed from this index at a final price of 0.00001, including both locally traded Russian equity constituents and Russian ADRs/GDRs constituents. Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Please note that the index does not take into account any fees and expenses or any tax consequences of investing in the individual securities that it tracks and that individuals cannot invest directly in any index. Data about the performance of this index are prepared or obtained by NBIA and include reinvestment of all income dividends and other distributions, if any. The Fund may invest in securities not included in the index and generally does not invest in all securities included in the index.

For more complete information on Neuberger Berman Next Generation Connectivity Fund Inc., call Neuberger Berman Investment Advisers LLC at (877) 461-1899, or visit our website at www.nb.com.

Legend April 30, 2025 (Unaudited)

Neuberger Berman Next Generation Connectivity Fund Inc.

Other Abbreviations:
ADR	= American Depositary Receipt
Management or NBIA	= Neuberger Berman Investment Advisers LLC

Consolidated Schedule of Investments Next Generation Connectivity Fund Inc.^ (Unaudited)

April 30, 2025

Number of Shares		Value
Common Stocks 89.6%
Broadline Retail 6.1%
344,728	Amazon.com, Inc.	$63,574,738 *(a)
1,230	MercadoLibre, Inc.	2,866,945 *
		66,441,683
Capital Markets 2.9%
643,747	Robinhood Markets, Inc. Class A	31,614,415 *
Communications Equipment 2.9%
548,443	Cisco Systems, Inc.	31,661,614
Consumer Staples Distribution & Retail 0.7%
192,829	Maplebear, Inc.	7,691,949 *
Diversified Telecommunication Services 3.7%
1,474,752	AT&T, Inc.	40,850,630
Electronic Equipment, Instruments & Components 1.0%
146,242	Amphenol Corp. Class A	11,253,322
Entertainment 9.8%
196,319	Live Nation Entertainment, Inc.	26,002,452 *
30,831	NetEase, Inc. ADR	3,300,767
17,590	Netflix, Inc.	19,906,955 *
145,100	Nintendo Co. Ltd.	12,005,406
117,895	ROBLOX Corp. Class A	7,904,860 *
104,906	Sea Ltd. ADR	14,062,649 *
12,983	Spotify Technology SA	7,971,302 *
94,727	TKO Group Holdings, Inc.	15,431,976
		106,586,367
Financial Services 2.2%
7,985	Adyen NV	12,921,430 *(b)
59,083	Fiserv, Inc.	10,904,949 *
		23,826,379
Ground Transportation 1.1%
149,701	Uber Technologies, Inc.	12,127,278 *
Health Care Equipment & Supplies 1.7%
36,728	Intuitive Surgical, Inc.	18,944,302 *
Hotels, Restaurants & Leisure 2.5%
808,611	DraftKings, Inc. Class A	26,918,660 *

SEC Form N-CSRS filed by Neuberger Berman Next Generation Connectivity Fund Inc.