BOSTON PARTNERS INVESTMENT FUNDS
BOSTON PARTNERS EMERGING MARKETS FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 2021 (UNAUDITED)
	NUMBER OF
	SHARES		VALUE
COMMON STOCKS—92.2%
Austria—3.0%
Erste Group Bank AG		1,443	$	63,222
Raiffeisen Bank International AG		19,946		593,191
				656,413
Brazil—2.2%
Eletromidia SA*		176,076		323,222
Sendas Distribuidora SA*		67,500		153,326
				476,548
Canada—0.5%
Parex Resources, Inc.		7,152		114,660
Chile—0.3%
Banco Santander Chile - SP ADR		4,211		74,577
China—21.3%
Agricultural Bank of China Ltd., Class H		456,000		150,604
Alibaba Group Holding Ltd.*		16,100		257,080
Alibaba Group Holding Ltd. - SP ADR*		3,601		459,236
China BlueChemical Ltd., Class H		256,000		77,707
China Construction Bank Corp., Class H		220,000		143,354
China Medical System Holdings Ltd.		51,000		83,528
China Resources Medical Holdings Co., Ltd.		145,500		91,156
China Yongda Automobiles Services Holdings Ltd.		495,000		748,959
Hengli Petrochemical Co., Ltd., Class A		84,000		279,012
Huafu Fashion Co., Ltd., Class A		450,000		304,419
Industrial & Commercial Bank of China Ltd., Class H		332,000		175,440
JNBY Design Ltd.		66,000		111,213
Ping An Insurance Group Co. of China Ltd., Class H		10,458		72,497
Shanghai International Port Group Co., Ltd., Class A		124,000		93,260
Tencent Holdings Ltd.		5,300		309,091
Tongcheng-Elong Holdings Ltd.*		58,800		121,091
Tongkun Group Co., Ltd., Class A		59,400		184,087
Xinfengming Group Co., Ltd., Class A		74,598		165,982
Zhongsheng Group Holdings Ltd.		92,500		757,652
				4,585,368
Colombia—1.7%
Tecnoglass, Inc.		11,950		367,821
France—1.5%
TotalEnergies SE		6,795		312,655
Greece—0.6%
JUMBO SA		9,159		128,697
Hong Kong—2.9%
ASM Pacific Technology Ltd.		8,300		86,866
Modern Dental Group Ltd.		173,000		133,972
Swire Properties Ltd.		50,800		120,574
Texhong Textile Group Ltd.		195,500		277,280
				618,692
Hungary—0.5%
OTP Bank PLC*		1,910		105,463
India—6.6%
Bharti Airtel Ltd.*		43,967		426,085
Bharti Airtel Ltd.*		1,529		7,952
Hindustan Petroleum Corp., Ltd.		119,538		469,685
UPL Ltd.		5,757		52,299
Vardhman Textiles Ltd.		17,332		467,379
				1,423,400
Indonesia—0.9%
Bank Pembangunan Daerah Jawa Timur Tbk PT		2,343,600		121,907
Wismilak Inti Makmur Tbk PT		2,048,000		66,998
				188,905
Malaysia—1.8%
Bumi Armada Bhd*		1,591,300		165,172
RHB Bank Bhd		87,600		109,769
Uchi Technologies Bhd		166,300		122,563
				397,504
Mexico—2.4%
Concentradora Fibra Danhos SA de CV		147,900		149,676
Grupo Comercial Chedraui SA de CV		74,300		133,475
Macquarie Mexico Real Estate Management SA de CV		197,200		227,342
				510,493
Russia—3.3%
Fix Price Group Ltd. - GDR		35,880		275,199
Sberbank of Russia PJSC - SP ADR		25,668		434,046
				709,245
Singapore—3.0%
DBS Group Holdings Ltd.		12,856		280,038
Golden Agri-Resources Ltd.		1,199,500		228,533
United Overseas Bank Ltd.		7,700		144,114
				652,685
South Africa—3.0%
Distell Group Holdings Ltd.*		10,167		102,858
Naspers Ltd., Class N - SP ADR		8,249		249,367
Naspers Ltd., Class N		102		15,765
Pick n Pay Stores Ltd.		46,809		156,481
SPAR Group Ltd., (The)		12,350		126,257
				650,728
South Korea—12.0%
GS Retail Co., Ltd.		3,890		92,313
Hana Financial Group, Inc.		3,431		114,037
Hankook Tire & Technology Co., Ltd.		610		19,778
Innocean Worldwide, Inc.		3,031		131,539
JB Financial Group Co, Ltd.		44,913		303,305
KB Financial Group, Inc.		1,750		77,775
KT Corp. - SP ADR		26,144		331,767
Osstem Implant Co., Ltd.		2,762		259,715
Samsung Electronics Co., Ltd.		2,674		160,510
SK Hynix, Inc.		5,859		560,127
Woori Financial Group, Inc.		50,050		529,745
				2,580,611
Taiwan—22.1%
ASE Technology Holding Co., Ltd.		28,000		102,067
Asia Vital Components Co., Ltd.		111,000		350,207
Elite Material Co., Ltd.		27,000		271,653
Fusheng Precision Co., Ltd.		6,000		43,513
Ginko International Co., Ltd.		4,000		35,084
Global Mixed Mode Technology, Inc.		31,000		293,174
Greatek Electronics, Inc.		19,000		52,543
Lotes Co., Ltd.		13,115		323,292
Nanya Technology Corp.		262,000		696,349
O-TA Precision Industry Co., Ltd.		29,000		160,646
Pegavision Corp.		11,000		178,572
Powertech Technology, Inc.		64,000		227,399
SinoPac Financial Holdings Co., Ltd.		216,000		118,513
Taiwan Semiconductor Manufacturing Co., Ltd.		20,000		425,374
Taiwan Semiconductor Manufacturing Co., Ltd. - SP ADR		7,018		822,159
Tripod Technology Corp.		81,000		362,738
Wiwynn Corp.		8,000		300,319
				4,763,602
United States—2.6%
Amkor Technology, Inc.		4,468		96,330
Micron Technology, Inc.		2,858		240,072
SMART Global Holdings, Inc.*		3,877		221,067
				557,469
TOTAL COMMON STOCKS
(Cost $19,443,001)				19,875,536
PREFERRED STOCKS—4.7%
Brazil—1.7%
Randon SA Implementos e Participacoes 5.928%*		183,700		361,724
Chile—0.7%
Embotelladora Andina SA, Class B 7.068%		69,876		143,574
South Korea—2.3%
Samsung Electronics Co., Ltd. 4.720%		9,258		499,247
TOTAL PREFERRED STOCKS
(Cost $1,037,910)				1,004,545
SHORT-TERM INVESTMENTS—1.4%
U.S. Bank Money Market Deposit Account, 0.01%(a)		298,598		298,598
TOTAL SHORT-TERM INVESTMENTS
(Cost $298,598)				298,598
TOTAL INVESTMENTS—98.3%
(Cost $20,779,509)				21,178,679
OTHER ASSETS IN EXCESS OF LIABILITIES—1.7%				367,459
NET ASSETS—100.0%			$	21,546,138

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
PLC	Public Limited Company
SP ADR	Sponsored American Depositary Receipt
*	Non-income producing.
(a)	The rate shown is as of November 30, 2021.

Contracts For Difference held by the Fund at November 30, 2021, are as follows:
REFERENCE COMPANY	COUNTERPARTY	EXPIRATION DATE	FINANCING RATE	PAYMENT FREQUENCY	NUMBER OF CONTRACTS LONG/(SHORT)		NOTIONAL AMOUNT		UNREALIZED APPRECIATION (DEPRECIATION)
Long
China
Bros Eastern Co., Ltd., Class A	Goldman Sachs	09/16/2025	0.08%	Monthly	468,500	$	376,497	$	(4,111)
Meihua Holdings Group Co., Class A	Goldman Sachs	09/16/2025	0.08	Monthly	433,900		516,909		62,408
Netdragon Websoft Holdings Ltd.	Goldman Sachs	09/18/2025	0.09	Monthly	21,500		49,022		984
							942,428		59,281
Portugal
Jeronimo Martins SGPS SA	Goldman Sachs	09/18/2025	-0.57	Monthly	4,135		90,108		4
Russia
Detsky Mir PJSC	Goldman Sachs	09/18/2025	0.08	Monthly	96,210		180,193		(3,156)
Taiwan
Taiwan Semiconductor Manufacturing Co., Ltd.	Goldman Sachs	09/18/2025	0.08	Monthly	9,000		192,918		(4,736)
Total Long							1,405,647		51,393
Net unrealized gain/(loss) on Contracts For Difference								$	51,393

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS EMERGING MARKETS FUND

NOTES TO PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2021 (UNAUDITED)

PORTFOLIO VALUATION — The Boston Partners Emerging Markets 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, 2021, in valuing the Fund's investments carried at fair value:

	TOTAL			LEVEL 1			LEVEL 2		LEVEL 3
Common Stock
Austria	$	656,413		$	-		$	656,413	$	-
Brazil		476,548			476,548			-		-
Canada		114,660			114,660			-		-
Chile		74,577			74,577			-		-
China		4,585,368			874,868			3,710,500		-
Colombia		367,821			367,821			-		-
France		312,655			-			312,655		-
Greece		128,697			128,697			-		-
Hong Kong		618,692			277,280			341,412		-
Hungary		105,463			-			105,463		-
India		1,423,400			7,952			1,415,448		-
Indonesia		188,905			-			188,905		-
Malaysia		397,504			-			397,504		-
Mexico		510,493			510,493			-		-
Russia		709,245			709,245			-		-
Singapore		652,685			-			652,685		-
South Africa		650,728			547,870			102,858		-
South Korea		2,580,611			331,767			2,248,844		-
Taiwan		4,763,602			822,159			3,941,443		-
United States		557,469			557,469			-		-
Preferred Stock
Brazil		361,724			361,724			-		-
Chile		143,574			143,574			-		-
South Korea		499,247			-			499,247		-
Short-Term Investments		298,598			298,598			-		-
Contracts For Difference
Equity Contracts		63,396			63,396			-		-
Total Assets	$	21,242,075		$	6,668,698		$	14,573,377	$	-
	TOTAL			LEVEL 1			LEVEL 2		LEVEL 3
Contracts For Difference
Equity Contracts	$	(12,003	)	$	(12,003	)	$	-	$	-
Total Liabilities	$	(12,003	)	$	(12,003	)	$	-	$	-

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, 2021, 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.