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        <curCd>USD</curCd>
        <valUSD>60052316.15000000</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>Franklin Electric Co., Inc.</name>
        <lei>RR6AURIKMXUE4Q24G284</lei>
        <title>Franklin Electric Co., Inc.</title>
        <cusip>353514102</cusip>
        <identifiers>
          <isin value="US3535141028"/>
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        <balance>134370.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14071226.40000000</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>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Jindal Saw Ltd.</name>
        <lei>335800DDPMLWP71NRQ10</lei>
        <title>Jindal Saw Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="INE324A01032"/>
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        <balance>406794.00000000</balance>
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        <currencyConditional curCd="INR" exchangeRt="95.41500000"/>
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        <pctVal>0.104340072299</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IN</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Lindsay Corp.</name>
        <lei>549300ZFO0QG5H8TPI61</lei>
        <title>Lindsay Corp.</title>
        <cusip>535555106</cusip>
        <identifiers>
          <isin value="US5355551061"/>
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        <balance>36738.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4071305.16000000</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>Interpump Group S.p.A.</name>
        <lei>815600C79D0F31F4D395</lei>
        <title>Interpump Group S.p.A.</title>
        <cusip>T5513W107</cusip>
        <identifiers>
          <isin value="IT0001078911"/>
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        <balance>142748.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86914900"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Geberit AG</name>
        <lei>52990093Z5OHD6T7BS47</lei>
        <title>Geberit AG</title>
        <cusip>H2942E124</cusip>
        <identifiers>
          <isin value="CH0030170408"/>
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        <balance>55854.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.80905000"/>
        <valUSD>36774940.98000000</valUSD>
        <pctVal>3.502896940472</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>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Chengdu Xingrong Environment Co., Ltd.</name>
        <lei>300300XM3A0CVZ914Y75</lei>
        <title>Chengdu Xingrong Environment Co., Ltd., A Shares</title>
        <cusip>Y1R189102</cusip>
        <identifiers>
          <isin value="CNE000000HN4"/>
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        <balance>1687900.00000000</balance>
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        <currencyConditional curCd="CNY" exchangeRt="6.75340000"/>
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        <pctVal>0.175153797023</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>
      <invstOrSec>
        <name>Georg Fischer AG</name>
        <lei>529900CMRQYW4U1W2456</lei>
        <title>Georg Fischer AG</title>
        <cusip>H26091142</cusip>
        <identifiers>
          <isin value="CH1169151003"/>
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        <balance>136539.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CHF" exchangeRt="0.80905000"/>
        <valUSD>8748461.38000000</valUSD>
        <pctVal>0.833310884673</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>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Nomura Micro Science Co., Ltd.</name>
        <lei>353800TK9TXKBPGJ2K14</lei>
        <title>Nomura Micro Science Co., Ltd.</title>
        <cusip>J5893C102</cusip>
        <identifiers>
          <isin value="JP3762950008"/>
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        <balance>114825.00000000</balance>
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        <currencyConditional curCd="JPY" exchangeRt="159.22500000"/>
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        <pctVal>0.267634615767</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="574298.95000000"/>
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      <invstOrSec>
        <name>Tsukishima Holdings Co., Ltd.</name>
        <lei>353800K8E7URAH6LTR26</lei>
        <title>Tsukishima Holdings Co., Ltd.</title>
        <cusip>J93321107</cusip>
        <identifiers>
          <isin value="JP3532200007"/>
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        <balance>133902.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="159.22500000"/>
        <valUSD>2279273.63000000</valUSD>
        <pctVal>0.217106007848</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>
        <name>Zurn Elkay Water Solutions Corp.</name>
        <lei>549300AM3633XDFU1Q85</lei>
        <title>Zurn Elkay Water Solutions Corp.</title>
        <cusip>98983L108</cusip>
        <identifiers>
          <isin value="US98983L1089"/>
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        <balance>525883.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26562350.33000000</valUSD>
        <pctVal>2.530124406000</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>Beijing Capital Eco-environment Protection Group Co., Ltd.</name>
        <lei>30030025XAP88XOR8484</lei>
        <title>Beijing Capital Eco-environment Protection Group Co., Ltd., A Shares</title>
        <cusip>Y07716106</cusip>
        <identifiers>
          <isin value="CNE000001295"/>
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        <balance>3114100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CNY" exchangeRt="6.75340000"/>
        <valUSD>1360159.05000000</valUSD>
        <pctVal>0.129558249390</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>YTL Power International Bhd.</name>
        <lei>N/A</lei>
        <title>YTL Power International Bhd.</title>
        <cusip>Y9861K107</cusip>
        <identifiers>
          <isin value="MYL6742OO000"/>
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        <balance>9862700.00000000</balance>
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        <currencyConditional curCd="MYR" exchangeRt="4.08650000"/>
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        <pctVal>0.959899097515</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>COWAY Co., Ltd.</name>
        <lei>N/A</lei>
        <title>COWAY Co., Ltd.</title>
        <cusip>Y1786S109</cusip>
        <identifiers>
          <isin value="KR7021240007"/>
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        <balance>91509.00000000</balance>
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        <currencyConditional curCd="KRW" exchangeRt="1425.70000000"/>
        <valUSD>5797453.96000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Organo Corp.</name>
        <lei>N/A</lei>
        <title>Organo Corp.</title>
        <cusip>J61697108</cusip>
        <identifiers>
          <isin value="JP3201600008"/>
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        <balance>90330.00000000</balance>
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        <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="5537905.04000000"/>
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      <invstOrSec>
        <name>Kemira OYJ</name>
        <lei>74370031Y7RK5H88CQ48</lei>
        <title>Kemira OYJ</title>
        <cusip>X44073108</cusip>
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          <isin value="FI0009004824"/>
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        <balance>204119.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86914900"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="2843992.50000000"/>
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      <invstOrSec>
        <name>PILLAR Corp.</name>
        <lei>N/A</lei>
        <title>PILLAR Corp.</title>
        <cusip>J55182109</cusip>
        <identifiers>
          <isin value="JP3747800005"/>
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        <balance>59855.00000000</balance>
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        <valUSD>3457104.53000000</valUSD>
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        <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>
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      <invstOrSec>
        <name>Belimo Holding AG</name>
        <lei>506700339DLX749VEM23</lei>
        <title>Belimo Holding AG</title>
        <cusip>H07171129</cusip>
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          <isin value="CH1101098163"/>
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        <balance>17421.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      <invstOrSec>
        <name>Pentair PLC</name>
        <lei>549300EVR9D56WPSRP15</lei>
        <title>Pentair PLC</title>
        <cusip>G7S00T104</cusip>
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          <isin value="IE00BLS09M33"/>
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        <balance>285869.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18707267.36000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Kitz Corp.</name>
        <lei>52990071D57KBWPS6S92</lei>
        <title>Kitz Corp.</title>
        <cusip>J34039115</cusip>
        <identifiers>
          <isin value="JP3240700009"/>
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        <balance>282329.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Amata Corp. PCL</name>
        <lei>N/A</lei>
        <title>Amata Corp. PCL, NVDR</title>
        <cusip>Y0099Y126</cusip>
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          <isin value="TH0617010R19"/>
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        <balance>1991995.00000000</balance>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>TH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United Utilities Group PLC</name>
        <lei>2138002IEYQAOC88ZJ59</lei>
        <title>United Utilities Group PLC</title>
        <cusip>G92755100</cusip>
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          <isin value="GB00B39J2M42"/>
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        <balance>3138237.00000000</balance>
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        <valUSD>58360924.50000000</valUSD>
        <pctVal>5.559011066404</pctVal>
        <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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cia de Saneamento Basico do Estado de Sao Paulo - SABESP</name>
        <lei>254900UOXRZRS2TNWP19</lei>
        <title>Cia de Saneamento Basico do Estado de Sao Paulo - SABESP</title>
        <cusip>P2R268136</cusip>
        <identifiers>
          <isin value="BRSBSPACNOR5"/>
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        <balance>14688259.00000000</balance>
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        <currencyConditional curCd="BRL" exchangeRt="5.08065000"/>
        <valUSD>80081244.39000000</valUSD>
        <pctVal>7.627921037739</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>
      <invstOrSec>
        <name>China Lesso Group Holdings Ltd.</name>
        <lei>N/A</lei>
        <title>China Lesso Group Holdings Ltd.</title>
        <cusip>G2157Q102</cusip>
        <identifiers>
          <isin value="KYG2157Q1029"/>
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        <balance>1535129.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.84160000"/>
        <valUSD>791791.10000000</valUSD>
        <pctVal>0.075419906810</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="124952.99000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VA Tech Wabag Ltd.</name>
        <lei>335800GM4KXSX7LLLI83</lei>
        <title>VA Tech Wabag Ltd.</title>
        <cusip>Y9356W111</cusip>
        <identifiers>
          <isin value="INE956G01038"/>
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        <balance>322077.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.41500000"/>
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        <pctVal>0.635523991688</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>Pennon Group PLC</name>
        <lei>213800V1CCTS41GWH423</lei>
        <title>Pennon Group PLC</title>
        <cusip>G8295T239</cusip>
        <identifiers>
          <isin value="GB00BNNTLN49"/>
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        <balance>2896925.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74308000"/>
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        <pctVal>1.716293982121</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>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>American States Water Co.</name>
        <lei>529900L26LIS2V8PWM23</lei>
        <title>American States Water Co.</title>
        <cusip>029899101</cusip>
        <identifiers>
          <isin value="US0298991011"/>
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        <balance>277570.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23771094.80000000</valUSD>
        <pctVal>2.264250955341</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>Energy Recovery, Inc.</name>
        <lei>549300ZEQL52Z525WJ22</lei>
        <title>Energy Recovery, Inc.</title>
        <cusip>29270J100</cusip>
        <identifiers>
          <isin value="US29270J1007"/>
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        <balance>182156.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1575649.40000000</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="103587.84000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Severn Trent PLC</name>
        <lei>213800RPBXRETY4A4C59</lei>
        <title>Severn Trent PLC</title>
        <cusip>G8056D159</cusip>
        <identifiers>
          <isin value="GB00B1FH8J72"/>
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        <balance>1296198.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.74308000"/>
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        <pctVal>4.999597985374</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>Wienerberger AG</name>
        <lei>529900VXIFBHO0SW2I31</lei>
        <title>Wienerberger AG</title>
        <cusip>A95384110</cusip>
        <identifiers>
          <isin value="AT0000831706"/>
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        <balance>193916.00000000</balance>
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        <currencyConditional curCd="EUR" exchangeRt="0.86914900"/>
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        <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>Cadiz Inc.</name>
        <lei>549300PFFIS1TCKZS151</lei>
        <title>Cadiz Inc.</title>
        <cusip>127537207</cusip>
        <identifiers>
          <isin value="US1275372076"/>
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        <balance>398327.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1190997.73000000</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="1237941.86000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Ecolab Inc.</name>
        <lei>82DYEISM090VG8LTLS26</lei>
        <title>Ecolab Inc.</title>
        <cusip>278865100</cusip>
        <identifiers>
          <isin value="US2788651006"/>
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        <balance>151902.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>42172552.26000000</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>
        </securityLending>
      </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"/>
        </identifiers>
        <balance>52207811.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>52213031.78110000</valUSD>
        <pctVal>4.973410273541</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="52213031.78110000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Alkhorayef Water and Power Technologies Co.</name>
        <lei>N/A</lei>
        <title>Alkhorayef Water and Power Technologies Co.</title>
        <cusip>M0852G109</cusip>
        <identifiers>
          <isin value="SA1591410GH0"/>
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        <balance>90933.00000000</balance>
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        <currencyConditional curCd="SAR" exchangeRt="3.75550000"/>
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        <pctVal>0.230981374000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Power and Water Utility Co. for Jubail and Yanbu</name>
        <lei>N/A</lei>
        <title>Power and Water Utility Co. for Jubail and Yanbu</title>
        <cusip>M7S61K102</cusip>
        <identifiers>
          <isin value="SA15L0N10HH3"/>
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        <balance>265112.00000000</balance>
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        <currencyConditional curCd="SAR" exchangeRt="3.75550000"/>
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        <pctVal>0.253565104515</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Astral Ltd.</name>
        <lei>3358007M1SKFTVDRMC40</lei>
        <title>Astral Ltd.</title>
        <cusip>Y0433Q169</cusip>
        <identifiers>
          <isin value="INE006I01046"/>
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        <balance>328195.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="INR" exchangeRt="95.41500000"/>
        <valUSD>4979865.87000000</valUSD>
        <pctVal>0.474343573507</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>
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      </invstOrSec>
      <invstOrSec>
        <name>Hawkins, Inc.</name>
        <lei>549300VL3IJ23OWX1Y34</lei>
        <title>Hawkins, Inc.</title>
        <cusip>420261109</cusip>
        <identifiers>
          <isin value="US4202611095"/>
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        <balance>36872.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4720722.16000000</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="1917624.80000000"/>
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      <invstOrSec>
        <name>Beijing Enterprises Water Group Ltd.</name>
        <lei>529900TWUN2ALJKWRR11</lei>
        <title>Beijing Enterprises Water Group Ltd.</title>
        <cusip>G0957L109</cusip>
        <identifiers>
          <isin value="BMG0957L1090"/>
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        <balance>21893304.00000000</balance>
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        <currencyConditional curCd="HKD" exchangeRt="7.84160000"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <loanByFundCondition isLoanByFund="Y" loanVal="322520.04000000"/>
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      <invstOrSec>
        <name>Gorman-Rupp Co. (The)</name>
        <lei>254900WVLPOIWPGJPA07</lei>
        <title>Gorman-Rupp Co. (The)</title>
        <cusip>383082104</cusip>
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          <isin value="US3830821043"/>
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        <balance>73731.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5986219.89000000</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>
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      <invstOrSec>
        <name>H2O America</name>
        <lei>9845001B7F4E4U1CHD46</lei>
        <title>H2O America</title>
        <cusip>784305104</cusip>
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          <isin value="US7843051043"/>
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        <balance>278387.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>17073474.71000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mueller Water Products, Inc.</name>
        <lei>549300F7ZU4P1F8V8L60</lei>
        <title>Mueller Water Products, Inc., Class A</title>
        <cusip>624758108</cusip>
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          <isin value="US6247581084"/>
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        <balance>554149.00000000</balance>
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        <curCd>USD</curCd>
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        <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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Consolidated Water Co. Ltd.</name>
        <lei>5299001BMEW8X9VIJA73</lei>
        <title>Consolidated Water Co. Ltd.</title>
        <cusip>G23773107</cusip>
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          <isin value="KYG237731073"/>
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        <balance>106338.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Advanced Drainage Systems, Inc.</name>
        <lei>6QQTOZ5MF5DHM7K92I60</lei>
        <title>Advanced Drainage Systems, Inc.</title>
        <cusip>00790R104</cusip>
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          <isin value="US00790R1041"/>
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        <balance>253753.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Veralto Corp.</name>
        <lei>635400FJE6GSOJUSNY27</lei>
        <title>Veralto Corp.</title>
        <cusip>92338C103</cusip>
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          <isin value="US92338C1036"/>
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        <balance>510599.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Sulzer AG</name>
        <lei>529900NZ6MAST5IJF669</lei>
        <title>Sulzer AG</title>
        <cusip>H83580284</cusip>
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          <isin value="CH0038388911"/>
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        <balance>30356.00000000</balance>
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        <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>American Water Works Co., Inc.</name>
        <lei>549300DXHIJQMD5WFW18</lei>
        <title>American Water Works Co., Inc.</title>
        <cusip>030420103</cusip>
        <identifiers>
          <isin value="US0304201033"/>
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        <balance>631383.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>84712657.11000000</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>
        <name>Onterris, Inc.</name>
        <lei>254900ASI8K3LUB8Q958</lei>
        <title>Onterris, Inc.</title>
        <cusip>615111101</cusip>
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          <isin value="US6151111019"/>
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        <balance>118815.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2493926.85000000</valUSD>
        <pctVal>0.237552216259</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="2378397.72000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Invesco Private Government Fund</name>
        <lei>N/A</lei>
        <title>Invesco Private Government Fund</title>
        <cusip>N/A</cusip>
        <identifiers>
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        <assetCat>STIV</assetCat>
        <issuerCat>PF</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <cashCollateralCondition cashCollateralVal="20084574.75000000" isCashCollateral="Y"/>
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      <invstOrSec>
        <name>Jingjin Equipment Inc.</name>
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          <isin value="CNE100003M36"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Supreme Industries Ltd.</name>
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          <isin value="INE195A01028"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Badger Meter, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Select Water Solutions, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>NWPX Infrastructure, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Beijing OriginWater Technology Co., Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>TETRA Technologies, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Zhongshan Public Utilities Group Co., Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Watts Water Technologies, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>California Water Service Group</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Kurimoto, Ltd.</name>
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        <name>Jiangxi Hongcheng Environment. Co., Ltd.</name>
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        <name>Kuo Toong International Co., Ltd.</name>
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      <invstOrSec>
        <name>Xylem Inc.</name>
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        <name>Aalberts N.V.</name>
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      <invstOrSec>
        <name>Core &amp; Main, Inc.</name>
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    <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>
