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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sylvamo Corp.</name>
        <lei>5493001AOYU1ZOWOC971</lei>
        <title>Sylvamo Corp.</title>
        <cusip>871332102</cusip>
        <identifiers>
          <isin value="US8713321029"/>
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        <balance>8195.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>306574.95000000</valUSD>
        <pctVal>0.936590209731</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="251000.64000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Century Plyboards (India) Ltd.</name>
        <lei>335800VGFE3IXOJPGY57</lei>
        <title>Century Plyboards (India) Ltd.</title>
        <cusip>Y1274H102</cusip>
        <identifiers>
          <isin value="INE348B01021"/>
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        <balance>13937.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.41500000"/>
        <valUSD>116777.20000000</valUSD>
        <pctVal>0.356755769641</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cheng Loong Corp.</name>
        <lei>N/A</lei>
        <title>Cheng Loong Corp.</title>
        <cusip>Y1306D103</cusip>
        <identifiers>
          <isin value="TW0001904001"/>
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        <balance>170000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="32.31900000"/>
        <valUSD>110060.91000000</valUSD>
        <pctVal>0.336237421812</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TW</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Rayonier Inc.</name>
        <lei>HGV8VDVNL0W6SF2U9C50</lei>
        <title>Rayonier Inc.</title>
        <cusip>754907103</cusip>
        <identifiers>
          <isin value="US7549071030"/>
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        <balance>68390.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1489534.20000000</valUSD>
        <pctVal>4.550545140041</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1448231.34000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Rengo Co., Ltd.</name>
        <lei>N/A</lei>
        <title>Rengo Co., Ltd.</title>
        <cusip>J64382104</cusip>
        <identifiers>
          <isin value="JP3981400009"/>
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        <balance>47598.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.22500000"/>
        <valUSD>444568.92000000</valUSD>
        <pctVal>1.358163470378</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Packaging Corp. of America</name>
        <lei>549300XZP8MFZFY8TJ84</lei>
        <title>Packaging Corp. of America</title>
        <cusip>695156109</cusip>
        <identifiers>
          <isin value="US6951561090"/>
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        <balance>7404.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1820199.36000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Sonoco Products Co.</name>
        <lei>GKOMIK4RDJGHEF0VNP11</lei>
        <title>Sonoco Products Co.</title>
        <cusip>835495102</cusip>
        <identifiers>
          <isin value="US8354951027"/>
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        <balance>24849.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1400489.64000000</valUSD>
        <pctVal>4.278512923691</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Elopak ASA</name>
        <lei>529900BIDQN2AOKV6N08</lei>
        <title>Elopak ASA</title>
        <cusip>R2R8AG112</cusip>
        <identifiers>
          <isin value="NO0011002586"/>
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        <balance>33798.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.48420000"/>
        <valUSD>129696.22000000</valUSD>
        <pctVal>0.396223533237</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mayr-Melnhof Karton AG</name>
        <lei>5299001AMHDLKUM80611</lei>
        <title>Mayr-Melnhof Karton AG</title>
        <cusip>A42818103</cusip>
        <identifiers>
          <isin value="AT0000938204"/>
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        <balance>2134.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86914900"/>
        <valUSD>204111.15000000</valUSD>
        <pctVal>0.623562051586</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>West Fraser Timber Co. Ltd.</name>
        <lei>5493005WD1ZK6WBVR988</lei>
        <title>West Fraser Timber Co. Ltd.</title>
        <cusip>952845105</cusip>
        <identifiers>
          <isin value="CA9528451052"/>
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        <balance>13382.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40285000"/>
        <valUSD>865964.26000000</valUSD>
        <pctVal>2.645531371345</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Sappi Ltd.</name>
        <lei>549300SSI7XQH8ESJG95</lei>
        <title>Sappi Ltd.</title>
        <cusip>S73544108</cusip>
        <identifiers>
          <isin value="ZAE000006284"/>
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        <balance>152699.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.55125000"/>
        <valUSD>109804.17000000</valUSD>
        <pctVal>0.335453077982</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="108853.89000000"/>
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      <invstOrSec>
        <name>Canfor Corp.</name>
        <lei>549300DRE7WBHY02BD70</lei>
        <title>Canfor Corp.</title>
        <cusip>137576104</cusip>
        <identifiers>
          <isin value="CA1375761048"/>
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        <balance>13836.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.40285000"/>
        <valUSD>148040.32000000</valUSD>
        <pctVal>0.452264982372</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Lee &amp; Man Paper Manufacturing Ltd.</name>
        <lei>30030066PNKQVCCC5G24</lei>
        <title>Lee &amp; Man Paper Manufacturing Ltd.</title>
        <cusip>G5427W130</cusip>
        <identifiers>
          <isin value="KYG5427W1309"/>
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        <balance>295869.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84160000"/>
        <valUSD>151487.86000000</valUSD>
        <pctVal>0.462797259101</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Amcor PLC</name>
        <lei>549300GSODGFCDQ3DI89</lei>
        <title>Amcor PLC</title>
        <cusip>G0250X149</cusip>
        <identifiers>
          <isin value="JE00BV7DQ550"/>
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        <balance>40969.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1838688.72000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1831238.85000000"/>
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      <invstOrSec>
        <name>Stora Enso OYJ</name>
        <lei>7437000ZP669LKUTZ738</lei>
        <title>Stora Enso OYJ, Class R</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="FI0009005961"/>
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        <balance>132661.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86914900"/>
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        <pctVal>4.650049972667</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Shandong Sun Paper Co., Ltd.</name>
        <lei>3003003IDX6WN6H5CH12</lei>
        <title>Shandong Sun Paper Co., Ltd., A Shares</title>
        <cusip>Y7681V105</cusip>
        <identifiers>
          <isin value="CNE000001P52"/>
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        <balance>42100.00000000</balance>
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        <currencyConditional curCd="CNY" exchangeRt="6.75340000"/>
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        <pctVal>0.277280116291</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Stella-Jones Inc.</name>
        <lei>5493007LOVNNLYJ6KZ35</lei>
        <title>Stella-Jones Inc.</title>
        <cusip>85853F105</cusip>
        <identifiers>
          <isin value="CA85853F1053"/>
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        <balance>11645.00000000</balance>
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        <pctVal>1.961306064881</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Holmen AB</name>
        <lei>52990080SH3454F0QE68</lei>
        <title>Holmen AB, Class B</title>
        <cusip>W4R00P201</cusip>
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          <isin value="SE0011090018"/>
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        <balance>16929.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
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        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mondi PLC</name>
        <lei>213800LOZA69QFDC9N34</lei>
        <title>Mondi PLC</title>
        <cusip>G6258S115</cusip>
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          <isin value="GB00BMWC6P49"/>
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        <balance>110965.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SIG Group AG</name>
        <lei>5493004Z6P7TSVB1L042</lei>
        <title>SIG Group AG</title>
        <cusip>H76406117</cusip>
        <identifiers>
          <isin value="CH0435377954"/>
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        <balance>69705.00000000</balance>
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        <currencyConditional curCd="CHF" exchangeRt="0.80905000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Metsa Board OYJ</name>
        <lei>743700KKB8Q035K38488</lei>
        <title>Metsa Board OYJ</title>
        <cusip>X5327R109</cusip>
        <identifiers>
          <isin value="FI0009000665"/>
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        <balance>36581.00000000</balance>
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        <valUSD>123749.48000000</valUSD>
        <pctVal>0.378056170040</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Invesco Private Prime Fund</name>
        <lei>N/A</lei>
        <title>Invesco Private Prime Fund</title>
        <cusip>N/A</cusip>
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          <other otherDesc="CADIS_ID" value="2487474"/>
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        <balance>5578308.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5578865.83080000</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="5578865.83080000" isCashCollateral="Y"/>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Klabin S.A.</name>
        <lei>254900C8UYA6YUPSDU10</lei>
        <title>Klabin S.A.</title>
        <cusip>P60933135</cusip>
        <identifiers>
          <isin value="BRKLBNCDAM18"/>
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        <balance>195561.00000000</balance>
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        <currencyConditional curCd="BRL" exchangeRt="5.08065000"/>
        <valUSD>702466.86000000</valUSD>
        <pctVal>2.146044821134</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Billerud AB</name>
        <lei>549300YJUYJ9A24RXL71</lei>
        <title>Billerud AB</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Hokuetsu Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Daio Paper Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>JK Paper Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Smurfit Westrock PLC</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Nine Dragons Paper (Holdings) Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Svenska Cellulosa AB S.C.A.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Weyerhaeuser Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Saudi Paper Manufacturing Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SCG Packaging PCL</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Suzano S.A.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Navigator Co. (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Invesco Government &amp; Agency Portfolio</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PT Indah Kiat Pulp &amp; Paper Tbk</name>
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        <fairValLevel>2</fairValLevel>
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        <name>International Paper Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Oji Holdings Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Avery Dennison Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Graphic Packaging Holding Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Invesco Private Government Fund</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ence Energia y Celulosa, S.A.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>PAO Gruppa Kompaniy Segezha</name>
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        <fairValLevel>3</fairValLevel>
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        <name>YFY Inc.</name>
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        <title>YFY Inc.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Cascades Inc.</name>
        <lei>FPD41G4F3GH7OJ38TS94</lei>
        <title>Cascades Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Nippon Paper Industries Co., Ltd.</name>
        <lei>3538007UWR5N9X8B8S30</lei>
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        <valUSD>213897.14000000</valUSD>
        <pctVal>0.653458370338</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="88445.73000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dexco S.A.</name>
        <lei>8945004WLNADCQEEFF38</lei>
        <title>Dexco S.A.</title>
        <cusip>P3R899102</cusip>
        <identifiers>
          <isin value="BRDXCOACNOR8"/>
        </identifiers>
        <balance>115657.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="5.08065000"/>
        <valUSD>116097.49000000</valUSD>
        <pctVal>0.354679247304</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UPM-Kymmene OYJ</name>
        <lei>213800EC6PW5VU4J9U64</lei>
        <title>UPM-Kymmene OYJ</title>
        <cusip>X9518S108</cusip>
        <identifiers>
          <isin value="FI0009005987"/>
        </identifiers>
        <balance>50613.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86914900"/>
        <valUSD>1373862.71000000</valUSD>
        <pctVal>4.197167327930</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Resolute Forest Products Inc.</name>
        <lei>N/A</lei>
        <title>Resolute Forest Products Inc.</title>
        <cusip>761CVR042</cusip>
        <identifiers>
          <ticker value="RFP CVR"/>
        </identifiers>
        <balance>13637.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-08-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Invesco Exchange-Traded Fund Trust II</ncom:nameOfApplicant>
      <ncom:signature>Adrien Deberghes</ncom:signature>
      <ncom:signerName>Adrien Deberghes</ncom:signerName>
      <ncom:title>Vice President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
