BOSTON PARTNERS INVESTMENT FUNDS

WPG PARTNERS SELECT SMALL CAP VALUE FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 2022 (UNAUDITED)

	NUMBER OF
	SHARES		VALUE
COMMON STOCKS—91.5%
Communication Services—1.5%
Cars.com, Inc.*		74,075	$	1,094,829
Consumer Discretionary—9.8%
Barnes & Noble Education, Inc.*		244,200		620,268
BJ's Restaurants, Inc.*		66,986		2,148,911
Carrols Restaurant Group, Inc.*		277,162		412,971
Cheesecake Factory, Inc., (The)		20,143		705,811
Goodyear Tire & Rubber Co., (The)*		71,594		803,284
Latham Group, Inc.*		124,404		429,194
Poshmark, Inc., Class A*		125,112		2,230,747
				7,351,186
Consumer Staples—6.6%
Adecoagro SA		259,440		2,142,974
TreeHouse Foods, Inc.*		57,771		2,855,621
				4,998,595
Energy—6.4%
Green Plains, Inc.*		25,518		881,902
NexTier Oilfield Solutions, Inc.*		139,644		1,422,972
SM Energy Co.		58,834		2,536,334
				4,841,208
Financials—13.2%
Axis Capital Holdings Ltd.		42,885		2,468,461
Blucora, Inc.*		57,771		1,447,164
Encore Capital Group, Inc.*		13,629		686,902
EZCORP, Inc., Class A*		137,872		1,381,477
Kemper Corp.		17,284		983,805
NMI Holdings, Inc., Class A*		102,075		2,197,675
Sculptor Capital Management, Inc.		77,265		776,513
				9,941,997
Health Care—6.7%
Apollo Endosurgery, Inc.*		73,600		745,568
Pacira BioSciences, Inc.*		42,987		2,074,123
Pennant Group, Inc., (The)*		37,214		384,793
Sight Sciences, Inc.*		164,808		1,840,905
				5,045,389
Industrials—22.3%
Altra Industrial Motion Corp.		57,062		3,344,975
ICF International, Inc.		17,012		1,843,591
KBR, Inc.		38,987		2,014,458
Kirby Corp.*		36,860		2,572,459
Maxar Technologies, Inc.		135,391		3,276,462
Univar Solutions, Inc.*		76,171		2,523,545
V2X, Inc.*		29,784		1,203,571
				16,779,061
Information Technology—12.9%
Momentive Global, Inc.*		387,034		3,069,180
NetScout Systems, Inc.*		50,592		1,886,070
ON24, Inc.*		199,542		1,526,496
Rambus, Inc.*		54,936		2,108,444
SMART Global Holdings, Inc.*		35,088		593,338
SmartRent, Inc.*		226,833		551,204
				9,734,732
Materials—7.6%
Axalta Coating Systems Ltd.*		38,259		1,026,871
Capstone Copper Corp.*		143,543		501,544
Tronox Holdings PLC		187,846		2,654,264
Valvoline, Inc.		45,721		1,507,879
				5,690,558
Real Estate—4.5%
Apple Hospitality REIT, Inc.		57,062		973,478
Equity Commonwealth		88,606		2,400,336
				3,373,814
TOTAL COMMON STOCKS
(Cost $59,659,866)				68,851,369


SHORT-TERM INVESTMENTS—8.5%
U.S. Bank Money Market Deposit Account, 3.50%(a)		6,363,288		6,363,288
TOTAL SHORT-TERM INVESTMENTS
(Cost $6,363,288)				6,363,288
TOTAL INVESTMENTS—100.0%
(Cost $66,023,154)				75,214,657
OTHER ASSETS IN EXCESS OF LIABILITIES—0.0%				5,807
NET ASSETS—100.0%			$	75,220,464

BOSTON PARTNERS INVESTMENT FUNDS
WPG PARTNERS SELECT SMALL CAP VALUE FUND
NOTES TO PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 2022 (UNAUDITED)

PORTFOLIO VALUATION — The WPG Partners Select Small Cap Value 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, 2022, in valuing the Fund's investments carried at fair value:

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Common Stock
Communication Services	$	1,094,829	$	1,094,829	$	-	$	-
Consumer Discretionary		7,351,186		7,351,186		-		-
Consumer Staples		4,998,595		4,998,595		-		-
Energy		4,841,208		4,841,208		-		-
Financials		9,941,997		9,941,997		-		-
Health Care		5,045,389		5,045,389		-		-
Industrials		16,779,061		16,779,061		-		-
Information Technology		9,734,732		9,734,732		-		-
Materials		5,690,558		5,690,558		-		-
Real Estate		3,373,814		3,373,814		-		-
Short-Term Investments		6,363,288		6,363,288		-		-
Total Assets	$	75,214,657	$	75,214,657	$	-	$	-

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, 2022, 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.

Public Limited Company

Real Estate Investment Trust

Non-income producing.

The rate shown is as of November 30, 2022.

Industry classifications may be different than those used for compliance monitoring purposes.