ABM Industries Inc

BOSTON PARTNERS INVESTMENT FUNDS

WPG PARTNERS SMALL/MICRO CAP VALUE FUND

PORTFOLIO OF INVESTMENTS

MAY 31, 2020 (UNAUDITED)

	NUMBER OF
	SHARES		VALUE
COMMON STOCKS—95.4%
Consumer Discretionary—2.8%
Del Taco Restaurants, Inc.*		30,152	$	183,927
El Pollo Loco Holdings, Inc.*(a)		5,700		79,059
Hudson Ltd., Class A**		36,252		182,710
Jack in the Box, Inc.*(a)		861		57,705
				503,401
Consumer Staples—10.5%
elf Beauty, Inc.*		14,432		247,365
Farmer Brothers Co.*(a)		10,159		78,326
Fresh Del Monte Produce, Inc.		14,582		362,946
Ingles Markets, Inc., Class A		3,441		146,621
Landec Corp.*		31,913		340,512
MGP Ingredients, Inc.(a)		3,997		149,927
Primo Water Corp.		32,768		394,199
TreeHouse Foods, Inc.*		3,657		192,760
				1,912,656
Energy—9.4%
Ardmore Shipping Corp.		28,931		168,957
Brigham Minerals, Inc., Class A		14,181		187,898
Diamondback Energy, Inc.(a)		3,919		166,871
Euronav NV(a)		17,885		180,996
Magnolia Oil & Gas Corp., Class A*(a)		57,091		316,855
Matrix Service Co.*		22,097		243,509
National Energy Services Reunited Corp.*(a)		12,073		68,575
Newpark Resources, Inc.*(a)		47,228		95,401
StealthGas, Inc.*		38,041		101,189
Teekay Tankers Ltd., Class A(a)		10,366		180,161
				1,710,412
Financials—20.6%
Ameris Bancorp		10,504		254,512
Banner Corp.		8,078		303,410
Byline Bancorp, Inc.		6,305		76,606
Essent Group Ltd.		9,237		305,283
First Defiance Financial Corp.		5,421		90,043
First Foundation, Inc.(a)		21,574		321,453
First Interstate BancSystem, Inc., Class A		7,710		240,937
Hanover Insurance Group, Inc., (The)		1,441		144,604
HomeStreet, Inc.		15,475		368,614
Kemper Corp.(a)		2,305		146,137
MGIC Investment Corp.		15,240		125,120
National Bank Holdings Corp., Class A(a)		8,516		223,971
Peoples Bancorp Inc.		3,728		83,768
Popular, Inc.		13,470		531,930
Renasant Corp.		4,942		119,201
United Community Banks, Inc.		11,163		218,237
Webster Financial Corp.		6,287		177,922
				3,731,748
Health Care—3.6%
Accuray, Inc.*		55,674		116,915
BioSpecifics Technologies Corp.*		2,542		158,112
IntriCon Corp.*(a)		8,401		118,790
Invacare Corp.*		18,059		111,244
PetIQ, Inc.*(a)		4,907		150,547
				655,608
Industrials—17.4%
ABM Industries, Inc.		1,331		40,902
Air Transport Services Group, Inc.*		11,687		251,738
Alaska Air Group, Inc.*		5,851		200,046
Argan, Inc.		5,540		204,925
Beacon Roofing Supply, Inc.*(a)		12,671		311,960
Cubic Corp.(a)		2,083		85,840
Echo Global Logistics, Inc.*		4,453		92,177
Great Lakes Dredge & Dock Corp.*		32,397		300,320
Hillenbrand, Inc.(a)		4,112		105,843
ICF International, Inc.		5,079		333,081
JetBlue Airways Corp.*		15,447		155,551
KAR Auction Services, Inc.*		9,256		132,824
Maxar Technologies, Inc.(a)		24,427		368,115
Orion Group Holdings, Inc.*		21,631		56,889
PGT Innovations, Inc.*		6,024		81,987
Tutor Perini Corp.(a)		12,460		130,830
Vectrus, Inc.*		5,407		296,952
				3,149,980
Information Technology—10.1%
Alpha & Omega Semiconductor Ltd.*		12,669		133,278
Axcelis Technologies, Inc.*		10,027		269,225
Celestica, Inc.*		27,087		183,650
KBR, Inc.(a)		18,788		440,578
MicroStrategy, Inc., Class A*		898		111,783
NeoPhotonics Corp.*		15,425		133,735
NetScout Systems, Inc.*		3,646		100,156
OneSpan, Inc.*		9,279		188,549
QAD, Inc., Class A		2,772		126,597
SMART Global Holdings, Inc.*(a)		5,313		142,282
				1,829,833
Materials—6.0%
AdvanSix, Inc.*		9,725		115,144
Allegheny Technologies, Inc.*(a)		12,121		105,210
Carpenter Technology Corp.(a)		3,691		86,259
CF Industries Holdings, Inc.(a)		4,272		125,468
Schweitzer-Mauduit International, Inc.		17,594		534,682
Valvoline, Inc.		6,466		118,651
				1,085,414
Real Estate—9.8%
Brixmor Property Group, Inc.(a)*		19,421		216,738
Equity Commonwealth		2,518		84,857
Getty Realty Corp.		6,733		179,232
Industrial Logistics Properties Trust		9,262		173,662
Investors Real Estate Trust		3,800		269,420
Kennedy-Wilson Holdings, Inc.		6,377		89,406
Piedmont Office Realty Trust, Inc., Class A		16,232		270,750
Plymouth Industrial REIT, Inc.		11,111		164,443
UMH Properties, Inc.(a)		26,946		336,286
				1,784,794
Utilities—5.2%
ALLETE, Inc.		2,477		145,474
Avista Corp.(a)		3,995		156,484
New Jersey Resources Corp.		6,939		243,698
NorthWestern Corp.		1,495		89,880
Portland General Electric Co.		1,509		71,089
South Jersey Industries, Inc.(a)		8,540		242,194
				948,819
TOTAL COMMON STOCKS
(Cost $17,014,620)				17,312,665
WARRANTS—0.0%
Energy—0.0%
TETRA Technologies, Inc. *‡		20,950		2
TOTAL WARRANTS
(Cost $4,475)				2


INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—21.4%
Mount Vernon Liquid Assets Portfolio, LLC, 0.33%(b)		3,877,794		3,877,794
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
(Cost $3,877,794)				3,877,794
SHORT-TERM INVESTMENTS—4.8%
U.S. Bank Money Market Deposit Account, 0.13%(b)		879,848		879,848
TOTAL SHORT-TERM INVESTMENTS
(Cost $879,848)				879,848
TOTAL INVESTMENTS—121.6%
(Cost $21,776,737)				22,070,309
LIABILITIES IN EXCESS OF OTHER ASSETS—(21.6)%				(3,922,416	)
NET ASSETS—100.0%			$	18,147,893

BOSTON PARTNERS INVESTMENT FUNDS

WPG PARTNERS SMALL/MICRO CAP VALUE FUND

NOTES TO PORTFOLIO OF INVESTMENTS

MAY 31, 2020 (UNAUDITED)

PORTFOLIO VALUATION — The WPG Partners Small/Micro 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 May 31, 2020, in valuing the Fund's investments carried at fair value:

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE*
Common Stock
Consumer Discretionary	$	503,401	$	503,401	$	-	$	-	$	-
Consumer Staples		1,912,656		1,912,656		-		-		-
Energy		1,710,412		1,710,412		-		-		-
Financials		3,731,748		3,731,748		-		-		-
Health Care		655,608		655,608		-		-		-
Industrials		3,149,980		3,149,980		-		-		-
Information Technology		1,829,833		1,829,833		-		-		-
Materials		1,085,414		1,085,414		-		-		-
Real Estate		1,784,794		1,784,794		-		-		-
Utilities		948,819		948,819		-		-		-
Warrants		2		-		-		2		-
Investments Purchased with Proceeds from Securities Lending Collateral		3,877,794		-		-		-		3,877,794
Short-Term Investments		879,848		879,848		-		-		-
Total Assets	$	22,070,309	$	18,192,513	$	-	$	2	$	3,877,794

*Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy included to reconcile to the amounts presented in the Portfolio of Investments.

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.

During the current fiscal year, the Fund had no significant level 3 investments or 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.