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        <pctVal>1.036529979484</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Huhtamaki OYJ</name>
        <lei>5493007050SJVMXN6L29</lei>
        <title>Huhtamaki OYJ</title>
        <cusip>X33752100</cusip>
        <identifiers>
          <isin value="FI0009000459"/>
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        <balance>21997.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85247800"/>
        <valUSD>703625.27000000</valUSD>
        <pctVal>2.310291408618</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>Sylvamo Corp.</name>
        <lei>5493001AOYU1ZOWOC971</lei>
        <title>Sylvamo Corp.</title>
        <cusip>871332102</cusip>
        <identifiers>
          <isin value="US8713321029"/>
        </identifiers>
        <balance>7617.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>325474.41000000</valUSD>
        <pctVal>1.068666469508</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="21978.45000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Century Plyboards (India) Ltd.</name>
        <lei>335800VGFE3IXOJPGY57</lei>
        <title>Century Plyboards (India) Ltd.</title>
        <cusip>Y1274H102</cusip>
        <identifiers>
          <isin value="INE348B01021"/>
        </identifiers>
        <balance>12859.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="94.91375000"/>
        <valUSD>108552.95000000</valUSD>
        <pctVal>0.356424020651</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"/>
        </identifiers>
        <balance>163000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.68450000"/>
        <valUSD>90736.82000000</valUSD>
        <pctVal>0.297926331854</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>
        </securityLending>
      </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>65095.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1380664.95000000</valUSD>
        <pctVal>4.533291381314</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Rengo Co., Ltd.</name>
        <lei>N/A</lei>
        <title>Rengo Co., Ltd.</title>
        <cusip>J64382104</cusip>
        <identifiers>
          <isin value="JP3981400009"/>
        </identifiers>
        <balance>43033.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.70500000"/>
        <valUSD>338738.59000000</valUSD>
        <pctVal>1.112218232646</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>
        </securityLending>
      </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>7764.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1657225.80000000</valUSD>
        <pctVal>5.441354498085</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>
        </securityLending>
      </invstOrSec>
      <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>38300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.83365000"/>
        <valUSD>82641.40000000</valUSD>
        <pctVal>0.271345735516</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sonoco Products Co.</name>
        <lei>GKOMIK4RDJGHEF0VNP11</lei>
        <title>Sonoco Products Co.</title>
        <cusip>835495102</cusip>
        <identifiers>
          <isin value="US8354951027"/>
        </identifiers>
        <balance>22382.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1118204.72000000</valUSD>
        <pctVal>3.671526404520</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Elopak ASA</name>
        <lei>529900BIDQN2AOKV6N08</lei>
        <title>Elopak ASA</title>
        <cusip>R2R8AG112</cusip>
        <identifiers>
          <isin value="NO0011002586"/>
        </identifiers>
        <balance>30694.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NOK" exchangeRt="9.30260000"/>
        <valUSD>117936.01000000</valUSD>
        <pctVal>0.387232469166</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>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>12163.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36110000"/>
        <valUSD>768509.29000000</valUSD>
        <pctVal>2.523332355773</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sappi Ltd.</name>
        <lei>549300SSI7XQH8ESJG95</lei>
        <title>Sappi Ltd.</title>
        <cusip>S73544108</cusip>
        <identifiers>
          <isin value="ZAE000006284"/>
        </identifiers>
        <balance>138326.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="16.70000000"/>
        <valUSD>133860.92000000</valUSD>
        <pctVal>0.439520504182</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="113054.62000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Canfor Corp.</name>
        <lei>549300DRE7WBHY02BD70</lei>
        <title>Canfor Corp.</title>
        <cusip>137576104</cusip>
        <identifiers>
          <isin value="CA1375761048"/>
        </identifiers>
        <balance>13272.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36110000"/>
        <valUSD>117986.33000000</valUSD>
        <pctVal>0.387397690440</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>
        </securityLending>
      </invstOrSec>
      <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>292052.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.83375000"/>
        <valUSD>126340.31000000</valUSD>
        <pctVal>0.414827245694</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Amcor PLC</name>
        <lei>549300GSODGFCDQ3DI89</lei>
        <title>Amcor PLC</title>
        <cusip>G0250X149</cusip>
        <identifiers>
          <isin value="JE00BV7DQ550"/>
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        <balance>37651.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1432244.04000000</valUSD>
        <pctVal>4.702646766306</pctVal>
        <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="1392183.90000000"/>
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      </invstOrSec>
      <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>132199.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85247800"/>
        <valUSD>1471227.68000000</valUSD>
        <pctVal>4.830646104034</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="35480.12000000"/>
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      </invstOrSec>
      <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>11170.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36110000"/>
        <valUSD>689846.59000000</valUSD>
        <pctVal>2.265050330187</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>
      <invstOrSec>
        <name>Holmen AB</name>
        <lei>52990080SH3454F0QE68</lei>
        <title>Holmen AB, Class B</title>
        <cusip>W4R00P201</cusip>
        <identifiers>
          <isin value="SE0011090018"/>
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        <balance>15964.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="SEK" exchangeRt="9.25190000"/>
        <valUSD>549617.02000000</valUSD>
        <pctVal>1.804618926401</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="231692.06000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Louisiana-Pacific Corp.</name>
        <lei>549300C7E2UAO5BVRR75</lei>
        <title>Louisiana-Pacific Corp.</title>
        <cusip>546347105</cusip>
        <identifiers>
          <isin value="US5463471053"/>
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        <balance>14227.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1027047.13000000</valUSD>
        <pctVal>3.372218511545</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Mondi PLC</name>
        <lei>213800LOZA69QFDC9N34</lei>
        <title>Mondi PLC</title>
        <cusip>G6258S115</cusip>
        <identifiers>
          <isin value="GB00BMWC6P49"/>
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        <balance>100181.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.73591600"/>
        <valUSD>1033567.59000000</valUSD>
        <pctVal>3.393627865871</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <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>69409.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.78205000"/>
        <valUSD>1123718.00000000</valUSD>
        <pctVal>3.689628772300</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1061488.83000000"/>
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      </invstOrSec>
      <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>37063.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85247800"/>
        <valUSD>123956.91000000</valUSD>
        <pctVal>0.407001562368</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="112535.10000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Invesco Private Prime Fund</name>
        <lei>N/A</lei>
        <title>Invesco Private Prime Fund</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="CADIS_ID" value="2487474"/>
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        <balance>4679056.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4679523.90560000</valUSD>
        <pctVal>15.36480330721</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="4679523.90560000" isCashCollateral="Y"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Klabin S.A.</name>
        <lei>254900C8UYA6YUPSDU10</lei>
        <title>Klabin S.A.</title>
        <cusip>P60933135</cusip>
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          <isin value="BRKLBNCDAM18"/>
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        <assetCat>EC</assetCat>
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        <invCountry>BR</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Billerud AB</name>
        <lei>549300YJUYJ9A24RXL71</lei>
        <title>Billerud AB</title>
        <cusip>W16021102</cusip>
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          <isin value="SE0000862997"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Hokuetsu Corp.</name>
        <lei>549300CBTMD053ZJ7C79</lei>
        <title>Hokuetsu Corp.</title>
        <cusip>J21882105</cusip>
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          <isin value="JP3841800000"/>
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        <balance>23692.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Daio Paper Corp.</name>
        <lei>353800VL9DQ781ZR1G70</lei>
        <title>Daio Paper Corp.</title>
        <cusip>J79518114</cusip>
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          <isin value="JP3440400004"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PT Pabrik Kertas Tjiwi Kimia Tbk</name>
        <lei>529900AYY9T852XBBO93</lei>
        <title>PT Pabrik Kertas Tjiwi Kimia Tbk</title>
        <cusip>Y7148G121</cusip>
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          <isin value="ID1000060403"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>ID</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JK Paper Ltd.</name>
        <lei>335800JW9BQEHI6ASI59</lei>
        <title>JK Paper Ltd.</title>
        <cusip>Y1243A105</cusip>
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          <isin value="INE789E01012"/>
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        <balance>17405.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>IN</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Smurfit Westrock PLC</name>
        <lei>635400EGSEOPDW2EXS14</lei>
        <title>Smurfit Westrock PLC</title>
        <cusip>G8267P108</cusip>
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          <isin value="IE00028FXN24"/>
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        <balance>36718.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1409604.02000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Nine Dragons Paper (Holdings) Ltd.</name>
        <lei>529900TBMYEYJ2LEV906</lei>
        <title>Nine Dragons Paper (Holdings) Ltd.</title>
        <cusip>G65318100</cusip>
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          <isin value="BMG653181005"/>
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        <balance>371913.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.83375000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Svenska Cellulosa AB S.C.A.</name>
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        <title>Svenska Cellulosa AB S.C.A., Class B</title>
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          <isin value="SE0000112724"/>
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        <assetCat>EC</assetCat>
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        <invCountry>SE</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Weyerhaeuser Co.</name>
        <lei>08IRJODWFYBI7QWRGS31</lei>
        <title>Weyerhaeuser Co.</title>
        <cusip>962166104</cusip>
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          <isin value="US9621661043"/>
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        <curCd>USD</curCd>
        <valUSD>1701884.16000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Saudi Paper Manufacturing Co.</name>
        <lei>N/A</lei>
        <title>Saudi Paper Manufacturing Co.</title>
        <cusip>M82589108</cusip>
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          <isin value="SA000A0JK4U9"/>
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        <assetCat>EC</assetCat>
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        <invCountry>SA</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SCG Packaging PCL</name>
        <lei>254900GZ121E5NIATI41</lei>
        <title>SCG Packaging PCL, NVDR</title>
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          <isin value="TH0098010R12"/>
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        <assetCat>EC</assetCat>
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        <invCountry>TH</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Suzano S.A.</name>
        <lei>391200AW174YQSDMGG41</lei>
        <title>Suzano S.A.</title>
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        <invCountry>BR</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Navigator Co. (The)</name>
        <lei>549300UNIB7M2AXUXS35</lei>
        <title>Navigator Co. (The)</title>
        <cusip>X67182109</cusip>
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          <isin value="PTPTI0AM0006"/>
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        <invCountry>PT</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Invesco Government &amp; Agency Portfolio</name>
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        <title>Invesco Government &amp; Agency Portfolio, Institutional Class</title>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PT Indah Kiat Pulp &amp; Paper Tbk</name>
        <lei>529900F19DXXA9HNCB51</lei>
        <title>PT Indah Kiat Pulp &amp; Paper Tbk</title>
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        <invCountry>ID</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>International Paper Co.</name>
        <lei>824LMFJDH41EY779Q875</lei>
        <title>International Paper Co.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Oji Holdings Corp.</name>
        <lei>529900LVC9GIIYUGE243</lei>
        <title>Oji Holdings Corp.</title>
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      <invstOrSec>
        <name>Avery Dennison Corp.</name>
        <lei>549300PW7VPFCYKLIV37</lei>
        <title>Avery Dennison Corp.</title>
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      <invstOrSec>
        <name>Graphic Packaging Holding Co.</name>
        <lei>N/A</lei>
        <title>Graphic Packaging Holding Co.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Invesco Private Government Fund</name>
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        <title>Invesco Private Government Fund</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Ence Energia y Celulosa, S.A.</name>
        <lei>95980020140005309084</lei>
        <title>Ence Energia y Celulosa, S.A.</title>
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        <invCountry>ES</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>PAO Gruppa Kompaniy Segezha</name>
        <lei>253400AUENB54PN7LX36</lei>
        <title>PAO Gruppa Kompaniy Segezha</title>
        <cusip>X324B0105</cusip>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>YFY Inc.</name>
        <lei>N/A</lei>
        <title>YFY Inc.</title>
        <cusip>Y98715108</cusip>
        <identifiers>
          <isin value="TW0001907004"/>
        </identifiers>
        <balance>226000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="TWD" exchangeRt="31.68450000"/>
        <valUSD>168788.44000000</valUSD>
        <pctVal>0.554201930249</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cascades Inc.</name>
        <lei>FPD41G4F3GH7OJ38TS94</lei>
        <title>Cascades Inc.</title>
        <cusip>146900105</cusip>
        <identifiers>
          <isin value="CA1469001053"/>
        </identifiers>
        <balance>17299.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.36110000"/>
        <valUSD>136755.01000000</valUSD>
        <pctVal>0.449022993003</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nippon Paper Industries Co., Ltd.</name>
        <lei>3538007UWR5N9X8B8S30</lei>
        <title>Nippon Paper Industries Co., Ltd.</title>
        <cusip>J28583169</cusip>
        <identifiers>
          <isin value="JP3721600009"/>
        </identifiers>
        <balance>22385.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="156.70500000"/>
        <valUSD>187652.91000000</valUSD>
        <pctVal>0.616141750814</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>
        </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>103038.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BRL" exchangeRt="4.98240000"/>
        <valUSD>107744.86000000</valUSD>
        <pctVal>0.353770728531</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>58248.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.85247800"/>
        <valUSD>1744384.92000000</valUSD>
        <pctVal>5.727533768080</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="1597207.38000000"/>
        </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>2026-05-30</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>
</edgarSubmission>
