BOSTON PARTNERS INVESTMENT FUNDS
BOSTON PARTNERS GLOBAL EQUITY ADVANTAGE FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 2020 (UNAUDITED)
	NUMBER OF
	SHARES		VALUE
COMMON STOCKS—79.7%
Austria—0.6%
ams AG*		8,776	$	224,947
Bermuda—1.3%
Everest Re Group Ltd.		2,129		483,986
Brazil—0.3%
JBS SA		22,800		98,522
Canada—1.0%
Kinross Gold Corp.		15,141		107,842
Lundin Mining Corp.		18,233		145,729
West Fraser Timber Co., Ltd.		2,643		146,345
				399,916
France—7.9%
Accor SA*		4,379		150,359
Capgemini SA		3,198		444,924
Cie de Saint-Gobain*		7,996		378,784
Cie Generale des Etablissements Michelin SCA		1,966		244,549
Eiffage SA*		4,013		392,340
Peugeot SA*		20,444		479,642
Sanofi		3,324		335,055
Total SA		8,458		359,002
Vinci SA		1,222		124,151
Vivendi SA		3,848		115,357
				3,024,163
Germany—6.6%
Brenntag AG		4,181		320,173
Continental AG		2,883		390,216
Deutsche Post AG		6,634		320,012
Deutsche Telekom AG		15,705		283,531
HeidelbergCement AG		5,255		371,768
Rheinmetall AG		4,333		384,723
Siemens AG		3,465		462,488
				2,532,911
Greece—0.4%
Hellenic Telecommunications Organization SA		9,797		163,160
Hong Kong—0.4%
Topsports International Holdings Ltd.		99,000		146,974
Ireland—0.9%
CRH PLC		8,916		345,710
Italy—0.5%
Leonardo SpA		24,997		181,458
Japan—8.3%
Fuji Corp.		14,600		352,748
Fuji Electric Co., Ltd.		3,200		113,303
Hitachi Ltd.		11,700		444,059
Honda Motor Co., Ltd.		5,400		150,238
KDDI Corp.		5,200		147,973
Mitsubishi Gas Chemical Co., Inc.		3,800		80,431
NEC Corp.		5,400		290,935
Nihon Unisys Ltd.		6,600		244,132
Sony Corp.		8,200		764,121
Sumitomo Mitsui Financial Group, Inc.		4,300		123,636
Taiyo Yuden Co., Ltd.		3,700		167,551
Tokyo Electron Ltd.		500		169,927
Zenkoku Hosho Co., Ltd.		2,600		118,649
				3,167,703
Netherlands—2.6%
Aalberts NV		3,746		161,595
ING Groep NV		27,618		268,632
NXP Semiconductors NV		2,125		336,642
Signify NV*		5,192		218,852
				985,721
Singapore—1.2%
DBS Group Holdings Ltd.		13,200		246,254
United Overseas Bank Ltd.		12,800		212,895
				459,149
South Korea—2.7%
KB Financial Group, Inc.		5,832		241,096
KT Corp. - SP ADR		17,196		186,061
Posco		1,121		237,647
Samsung Electronics Co., Ltd.		5,933		357,645
				1,022,449
Switzerland—2.6%
Glencore PLC		76,209		214,853
Novartis AG		3,277		296,685
STMicroelectronics NV		12,608		496,683
				1,008,221
United Kingdom—6.6%
BAE Systems PLC		57,248		381,949
Direct Line Insurance Group PLC		52,219		204,850
GVC Holdings PLC		15,668		215,291
Inchcape PLC		37,406		297,780
Kingfisher PLC		44,338		161,020
Melrose Industries PLC		147,658		295,456
Nomad Foods Ltd.*		3,063		73,971
Persimmon PLC		6,048		212,239
Rio Tinto PLC		1,539		100,465
Tesco PLC		107,372		323,183
WH Smith PLC		12,271		230,340
				2,496,544
United States—35.8%
Allison Transmission Holdings, Inc.		3,670		150,653
Allstate Corp., (The)		4,751		486,265
American Express Co.		1,574		186,661
American International Group, Inc.		5,243		201,541
Anthem, Inc.		1,391		433,324
Applied Materials, Inc.		4,051		334,126
AutoZone, Inc.*		278		316,267
Bank of America Corp.		5,828		164,116
Carter's, Inc.*		1,547		137,668
Cigna Corp.		2,790		583,501
Cisco Systems, Inc.		2,647		113,874
Citigroup, Inc.		4,572		251,780
Corteva, Inc.		4,206		161,174
CVS Health Corp.		5,876		398,334
Diamondback Energy, Inc.		4,744		189,570
Dick's Sporting Goods, Inc.		4,400		249,964
DuPont de Nemours, Inc.		9,440		598,874
Eagle Materials, Inc.*		2,527		229,932
Eaton Corp. PLC		3,712		449,560
Goldman Sachs Group Inc., (The)		1,561		359,935
Graphic Packaging Holding Co.		10,098		154,701
Harley-Davidson, Inc.		5,677		228,726
Helmerich & Payne, Inc.		2,392		54,466
Huntington Bancshares Inc.		29,244		353,267
ITT, Inc.		3,414		247,959
JPMorgan Chase & Co.		3,741		440,989
KeyCorp		22,155		342,516
LKQ Corp.*		10,586		372,839
Marathon Petroleum Corp.		2,011		78,188
MasTec, Inc.*		4,430		251,225
McKesson Corp.		2,147		386,267
Medtronic PLC		3,461		393,516
Merck & Co., Inc.		2,461		197,840
Micron Technology, Inc.*		4,210		269,819
Nexstar Media Group, Inc., Class A		1,461		153,770
NVR, Inc.*		28		111,921
Oracle Corp.		3,490		201,443
Owens Corning		6,627		482,909
Parsley Energy, Inc., Class A		13,208		165,496
Pfizer, Inc.		5,692		218,061
PPG Industries, Inc.		839		123,140
Schlumberger Ltd.		5,224		108,607
Science Applications International Corp.		4,229		391,352
SYNNEX Corp.*		2,796		448,227
TE Connectivity Ltd.		2,801		319,230
Textron, Inc.		4,958		223,606
Valvoline, Inc.		15,012		342,123
Viatris, Inc.*		0		4
Vistra Energy Corp.		22,404		418,507
WestRock Co.		3,365		142,037
				13,619,870
TOTAL COMMON STOCKS
(Cost $25,312,387)				30,361,404
PREFERRED STOCKS—1.4%
Brazil—0.4%
Petroleo Brasileiro SA 1.658%		37,000		172,106
Germany—0.4%
Schaeffler AG 6.923%		19,455		145,275
South Korea—0.6%
Samsung Electronics Co., Ltd. 2.319%		3,931		216,879
TOTAL PREFERRED STOCKS
(Cost $464,237)				534,260
INVESTMENT COMPANIES—18.2%
United States—18.2%
Campbell Advantage Fund		1,214,956		6,937,399
TOTAL INVESTMENT COMPANIES
(Cost $7,599,686)				6,937,399
SHORT-TERM INVESTMENTS—0.7%
U.S. Bank Money Market Deposit Account, 0.03%(a)		264,420		264,420
TOTAL SHORT-TERM INVESTMENTS
(Cost $264,420)				264,420
TOTAL INVESTMENTS—100.0%
(Cost $33,640,730)				38,097,483
LIABILITIES IN EXCESS OF OTHER ASSETS—0.0%				(17,242	)
NET ASSETS—100.0%			$	38,080,241

PLC	Public Limited Company
SP ADR	Sponsored American Depositary Receipt
*	Non-income producing.
(a)	The rate shown is as of  November 30, 2020.

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS GLOBAL EQUITY ADVANTAGE FUND

NOTES TO PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2020 (UNAUDITED)

PORTFOLIO VALUATION — The Boston Partners Global Equity Advantage Fund's (the "Fund") net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter ("OTC") market are valued at their closing prices.  If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market.  Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates.  Investments in other open-end investment companies, if any, are valued based on the NAV of the investment companies (which may use fair value pricing as disclosed in their prospectuses). Options for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, will be valued at the mean of the last bid and ask prices prior to the market close.  Options not traded on a national securities exchange are valued at the last quoted bid price for long option positions and the closing ask price for short option positions. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. Such procedures use fundamental valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer’s financial position, and any other event which could have a significant impact on the value of the security. Determination of fair value involves subjective judgment as the actual market value of a particular security can be established only by negotiations between the parties in a sales transaction, and the difference between the recorded fair value and the value that would be received in a sale could be significant. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim.  To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).

FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

• Level 1 — Prices are determined using quoted prices in active markets for identical securities.

• Level 2 — Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

• Level 3 — Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of November 30, 2020, in valuing the Fund's investments carried at fair value:

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Common Stock
Austria	$	224,947	$	-	$	224,947	$	-
Bermuda		483,986		483,986		-		-
Brazil		98,522		98,522		-		-
Canada		399,916		399,916		-		-
France		3,024,163		-		3,024,163		-
Germany		2,532,911		-		2,532,911		-
Greece		163,160		-		163,160		-
Hong Kong		146,974		-		146,974		-
Ireland		345,710		-		345,710		-
Italy		181,458		-		181,458		-
Japan		3,167,703		-		3,167,703		-
Netherlands		985,721		336,642		649,079		-
Singapore		459,149		-		459,149		-
South Korea		1,022,449		186,061		836,388		-
Switzerland		1,008,221		-		1,008,221		-
United Kingdom		2,496,544		73,971		2,422,573		-
United States		13,619,870		13,619,870		-		-
Preferred Stock
Brazil		172,106		172,106		-		-
Germany		145,275		145,275		-		-
South Korea		216,879		-		216,879		-
Investment Company
United States		6,937,399		6,937,399		-		-
Short-Term Investments		264,420		264,420		-		-
Total Assets	$	38,097,483	$	22,718,168	$	15,379,315	$	-

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and  the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1, 2 and 3 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period.  A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets.  The amounts and reasons for all Level 3 transfers are disclosed if the Fund had an amount of total Level 3 transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

For the period ended November 30, 2020, the Fund had no significant Level 3 transfers.

For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.