Impact Shares Trust I NPORT-P Impact Shares NAACP Minority Empowerment ETF (Mar 2023 report)

Impact Shares

YWCA Women’s Empowerment ETF

Schedule of Investments

March 31, 2023 (Unaudited)

Description	Shares		Fair Value
COMMON STOCK — 99.3%
Communication Services— 7.9%
AT&T		15,340	$	295,295
Comcast, Cl A		18,190		689,583
Interpublic Group		836		31,133
Lumen Technologies*		2,048		5,427
Match Group*		587		22,535
Meta Platforms, Cl A*		4,842		1,026,213
Omnicom Group		439		41,415
Verizon Communications		9,035		351,371
Walt Disney*		3,921		392,610
				2,855,582
Consumer Discretionary— 10.1%
Amazon.com*		18,614		1,922,640
Aptiv PLC*		599		67,202
Best Buy		444		34,752
Deckers Outdoor*		58		26,074
DoorDash, Cl A*		553		35,148
eBay		1,202		53,332
Etsy*		278		30,950
Expedia Group*		334		32,408
General Motors		3,144		115,322
Hasbro		288		15,463
Lululemon Athletica*		258		93,961
McDonald’s		1,621		453,248
Starbucks		2,539		264,386
Target		990		163,974
TJX		2,568		201,229
VF		730		16,724
Williams-Sonoma		143		17,397
Yum! Brands		623		82,286
				3,626,496
Consumer Staples— 8.3%
Archer-Daniels-Midland		1,183		94,238
Brown-Forman, Cl A		2		131
Brown-Forman, Cl B		8		514
Campbell Soup		433		23,806
Church & Dwight		524		46,327
Clorox		265		41,933
Coca-Cola		8,375		519,501
Colgate-Palmolive		1,798		135,120
Conagra Brands		1,031		38,724
Estee Lauder, Cl A		498		122,737
General Mills		1,277		109,133
Hershey		316		80,394
J M Smucker		230		36,195
Kellogg		551		36,895
Kimberly-Clark		726		97,444
Kraft Heinz		1,710		66,126
Kroger		1,400		69,118
Molson Coors Beverage, Cl B		403		20,827
Mondelez International, Cl A		2,482		173,045
PepsiCo		2,964		540,337
Procter & Gamble		5,099		758,170
				3,010,715
Energy— 6.1%
Baker Hughes, Cl A		2,305		66,522
Chevron		3,838		626,208
ConocoPhillips		2,685		266,379
Exxon Mobil		8,867		972,355
Occidental Petroleum		1,572		98,140
Phillips 66		1,018		103,205

Description	Shares		Fair Value
Williams		2,565	$	76,591
				2,209,400
Financials— 14.3%
Allstate		572		63,383
American Express		1,285		211,961
American International Group		1,601		80,626
Ameriprise Financial		229		70,188
Bank of America		15,016		429,458
Bank of New York Mellon		1,581		71,841
BlackRock, Cl A		322		215,457
Capital One Financial		821		78,947
Citigroup		4,160		195,063
Fifth Third Bancorp		1,475		39,294
First Republic Bank*		394		5,512
Goldman Sachs Group		728		238,136
Hartford Financial Services Group		686		47,807
Huntington Bancshares		3,102		34,742
JPMorgan Chase		1,046		136,304
KeyCorp		2,007		25,128
Lincoln National		333		7,483
Mastercard, Cl A		1,825		663,223
MetLife		1,422		82,391
Moody’s		339		103,741
Morgan Stanley		2,837		249,088
Northern Trust		448		39,482
PayPal Holdings*		2,453		186,281
Principal Financial Group		491		36,491
Progressive		1,260		180,256
Prudential Financial		793		65,613
Regions Financial		2,011		37,324
S&P Global		717		247,200
State Street		788		59,644
T Rowe Price Group		480		54,192
US Bancorp		2,907		104,797
Visa, Cl A		3,514		792,267
Wells Fargo		8,143		304,385
				5,157,705
Health Care— 15.1%
AbbVie		3,806		606,562
Agilent Technologies		637		88,123
AmerisourceBergen, Cl A		347		55,558
Amgen		1,148		277,529
Baxter International		1,086		44,048
Biogen*		310		86,189
BioMarin Pharmaceutical*		400		38,896
Bristol-Myers Squibb		4,576		317,163
Cardinal Health		564		42,582
Cigna Group		658		168,139
Elevance Health		513		235,882
Eli Lilly		60		20,605
Gilead Sciences		2,700		224,019
Johnson & Johnson		5,627		872,185
Merck		5,455		580,357
Pfizer		12,092		493,354
Regeneron Pharmaceuticals*		231		189,806
UnitedHealth Group		1,979		935,256
Vertex Pharmaceuticals*		552		173,919
				5,450,172
Industrials— 8.6%
3M		1,188		124,871
Automatic Data Processing		892		198,586
Avis Budget Group*		422		82,206
Booz Allen Hamilton Holding, Cl A		283		26,231
Carrier Global		1,761		80,565

Impact Shares

YWCA Women’s Empowerment ETF

Schedule of Investments

March 31, 2023 (Unaudited)

Description	Shares		Fair Value
Caterpillar		1,121	$	256,530
Cummins		12		2,866
Delta Air Lines*		1,378		48,120
Eaton PLC		856		146,667
Emerson Electric		1,273		110,929
Fortive		1,117		76,146
General Electric		2,349		224,564
Honeywell International		60		11,467
Ingersoll Rand		852		49,569
Johnson Controls International PLC		1,481		89,186
Norfolk Southern		498		105,576
Owens Corning		201		19,256
Pentair PLC		355		19,621
Republic Services, Cl A		432		58,415
Robert Half International		234		18,854
Rockwell Automation		247		72,482
Southwest Airlines		1,274		41,456
Stanley Black & Decker		310		24,980
Trane Technologies PLC		485		89,230
TransUnion		414		25,726
Uber Technologies*		6,295		199,551
Union Pacific		1,323		266,267
United Parcel Service, Cl B		1,570		304,564
Verisk Analytics, Cl A		337		64,657
Waste Management		804		131,189
WEX*		137		25,193
WW Grainger		97		66,815
Xylem		388		40,624
				3,102,959
Information Technology— 23.3%
Accenture PLC, Cl A		2,037		582,195
Adobe*		1,502		578,826
ANSYS*		274		91,187
Apple		7,950		1,310,955
Autodesk*		697		145,088
HP		2,872		84,293
Intel		13,323		435,262
International Business Machines		2,921		382,914
Intuit		911		406,151
Keysight Technologies*		578		93,335
Motorola Solutions		541		154,796
NVIDIA		8,040		2,233,271
Okta, Cl A*		478		41,223
Paychex		675		77,348
QUALCOMM		3,618		461,585
Salesforce*		3,231		645,489
ServiceNow*		636		295,562
Splunk*		472		45,255
TE Connectivity		1,028		134,822
VMware, Cl A*		656		81,902
Workday, Cl A*		650		134,251
				8,415,710
Materials— 1.8%
Air Products and Chemicals		477		136,999
Alcoa		371		15,790
Avery Dennison		173		30,955
Celanese, Cl A		215		23,411
Dow		1,515		83,052
DuPont de Nemours		1,069		76,722
Ecolab		533		88,228
International Flavors & Fragrances		548		50,394
Newmont		1,710		83,824
PPG Industries		505		67,458
				656,833

Description	Shares		Fair Value
Real Estate— 1.6%
Boston Properties‡		300	$	16,236
CBRE Group, Cl A*		679		49,438
Equinix‡		199		143,487
Equity LifeStyle Properties‡		376		25,241
Essex Property Trust‡		140		29,279
Healthpeak Properties‡		1,157		25,419
Host Hotels & Resorts‡		1,538		25,362
Invitation Homes‡		1,222		38,163
Iron Mountain‡		626		33,122
Jones Lang LaSalle*		102		14,840
Mid-America Apartment Communities‡		248		37,458
Ventas‡		860		37,281
Welltower‡		1,016		72,837
Zillow Group, Cl A*		121		5,288
Zillow Group, Cl C*		341		15,164
				568,615
Utilities— 2.2%
American Water Works		391		57,277
Avangrid		151		6,022
CenterPoint Energy		1,352		39,830
CMS Energy		624		38,301
Consolidated Edison		763		72,996
Dominion Energy		1,792		100,191
Edison International		822		58,025
Entergy		17		1,832
Exelon		2,132		89,309
NiSource		873		24,409
PG&E*		3,461		55,964
PPL		1,582		43,964
Public Service Enterprise Group		1,050		65,573
Sempra Energy		676		102,184
Vistra		807		19,368
				775,245
Total Common Stock   (Cost $35,333,268)				35,829,432
SHORT-TERM INVESTMENT — 0.7%
Invesco Government & Agency Portfolio, Cl Institutional, 4.73% (A)		258,999		258,999
Total Short-Term Investment   (Cost $258,999)				258,999
Total Investments - 100.0%   (Cost $35,592,267)			$	36,088,431

Percentages are based on Net Assets of $36,093,490.

* Non-income producing security.

^‡  Real Estate Investment Trust

(A) Rate shown represents the 7-day effective yield as of March 31, 2023.

Cl — Class

PLC — Public Limited Company

IMP-QH-001-1000

Impact Shares

NAACP Minority Empowerment ETF

Schedule of Investments

March 31, 2023 (Unaudited)

Description	Shares		Fair Value
COMMON STOCK — 94.1%
Communication Services— 9.7%
Alphabet, Cl A*		10,277	$	1,066,033
Alphabet, Cl C*		9,110		947,440
AT&T		16,775		322,919
Electronic Arts		615		74,077
Interpublic Group		929		34,596
Lumen Technologies*		2,242		5,941
Meta Platforms, Cl A*		5,283		1,119,679
Verizon Communications		9,882		384,311
				3,954,996
Consumer Discretionary— 8.7%
Amazon.com*		11,394		1,176,886
Aptiv PLC*		528		59,236
BorgWarner		461		22,640
Dollar Tree*		411		58,999
eBay		1,057		46,899
Ford Motor		7,665		96,579
General Motors		2,759		101,200
Hasbro		258		13,852
Hilton Worldwide Holdings		40		5,635
Lear		114		15,902
Lowe’s		1,206		241,164
Marriott International, Cl A		40		6,641
MercadoLibre*		91		119,944
NIKE, Cl B		2,445		299,855
Royal Caribbean Cruises*		423		27,622
Target		897		148,570
Tesla*		5,190		1,076,717
VF		643		14,731
				3,533,072
Consumer Staples— 4.6%
Archer-Daniels-Midland		1,069		85,156
Bunge		290		27,701
Campbell Soup		390		21,442
Clorox		238		37,661
Coca-Cola		7,565		469,257
Constellation Brands, Cl A		316		71,381
Hormel Foods		561		22,373
J M Smucker		208		32,733
Kellogg		497		33,279
Kimberly-Clark		656		88,048
Kraft Heinz		1,546		59,784
Kroger		1,265		62,453
Molson Coors Beverage, Cl B		367		18,967
Mondelez International, Cl A		2,655		185,107
PepsiCo		2,677		488,017
Sysco		985		76,072
Tyson Foods, Cl A		562		33,338
US Foods Holding*		403		14,887
Walgreens Boots Alliance		1,397		48,308
				1,875,964
Energy— 5.9%
Cheniere Energy		484		76,279
Chevron		3,456		563,881
ConocoPhillips		2,420		240,088
Devon Energy		1,269		64,224
Exxon Mobil		8,009		878,267
Hess		540		71,464
Kinder Morgan		3,838		67,203
Marathon Petroleum		912		122,965
ONEOK		869		55,216

Description	Shares		Fair Value
Phillips 66		919	$	93,168
Range Resources		73		1,932
Valero Energy		750		104,700
Williams		2,365		70,619
				2,410,006
Financials— 10.8%
American Express		1,161		191,507
Aon PLC, Cl A		401		126,431
Bank of America		13,569		388,074
Bank of New York Mellon		1,429		64,934
Charles Schwab		2,959		154,992
Citigroup		3,760		176,307
Huntington Bancshares		2,806		31,427
JPMorgan Chase		5,698		742,506
Mastercard, Cl A		1,649		599,263
MetLife		1,283		74,337
Moody’s		308		94,254
Morgan Stanley		2,562		224,944
Nasdaq		658		35,973
PayPal Holdings*		2,213		168,055
PNC Financial Services Group		782		99,392
Regions Financial		1,815		33,686
S&P Global		648		223,411
Synchrony Financial		875		25,445
T Rowe Price Group		434		48,999
Travelers		454		77,820
Truist Financial		2,577		87,876
Visa, Cl A		3,176		716,061
				4,385,694
Health Care— 14.8%
Abbott Laboratories		3,388		343,069
AbbVie		3,441		548,392
Agilent Technologies		573		79,269
Baxter International		984		39,911
Becton Dickinson		554		137,137
Biogen*		279		77,570
Boston Scientific*		2,783		139,233
Bristol-Myers Squibb		4,137		286,735
Cigna Group		595		152,040
CVS Health		2,550		189,491
Edwards Lifesciences*		1,201		99,359
Elevance Health		474		217,950
Gilead Sciences		2,443		202,696
Illumina*		303		70,463
Johnson & Johnson		5,088		788,640
Laboratory Corp of America Holdings		172		39,460
Medtronic PLC		2,590		208,806
Merck		4,938		525,354
Pfizer		10,945		446,556
Quest Diagnostics		221		31,267
ResMed		284		62,193
Teleflex		92		23,305
Thermo Fisher Scientific		762		439,194
UnitedHealth Group		1,815		857,751
				6,005,841
Industrials— 8.5%
3M		1,075		112,993
AECOM		276		23,272
American Airlines Group*		1,258		18,555
AMETEK		446		64,817
Automatic Data Processing		807		179,663
Boeing*		1,089		231,336
Booz Allen Hamilton Holding, Cl A		258		23,914

Impact Shares

NAACP Minority Empowerment ETF

Schedule of Investments

March 31, 2023 (Unaudited)

Description	Shares		Fair Value
CSX		4,082	$	122,215
Cummins		274		65,453
Deere		535		220,891
Delta Air Lines*		1,243		43,406
Eaton PLC		772		132,275
Emerson Electric		1,149		100,124
Expeditors International of Washington		311		34,247
FedEx		463		105,791
General Electric		2,120		202,672
Honeywell International		1,308		249,985
Howmet Aerospace		715		30,295
Illinois Tool Works		543		132,193
Jacobs Solutions		254		29,848
JB Hunt Transport Services		161		28,249
Johnson Controls International PLC		1,358		81,779
Lennox International		63		15,830
Lincoln Electric Holdings		114		19,278
Nordson		105		23,337
Northrop Grumman		281		129,743
Rockwell Automation		223		65,439
Southwest Airlines		1,153		37,519
Stanley Black & Decker		286		23,046
Textron		408		28,817
Uber Technologies*		7,964		252,459
Union Pacific		1,195		240,506
United Airlines Holdings*		633		28,010
United Parcel Service, Cl B		1,414		274,302
United Rentals		133		52,636
Xylem		349		36,540
				3,461,435
Information Technology— 24.3%
Accenture PLC, Cl A		2,519		719,956
Apple		13,227		2,181,132
Cisco Systems		16,432		858,983
Dell Technologies, Cl C		1,038		41,738
HP		3,542		103,958
Intel		16,502		539,120
International Business Machines		3,621		474,677
Micron Technology		4,356		262,841
Microsoft		524		151,069
NVIDIA		9,932		2,758,812
Palo Alto Networks*		1,175		234,694
QUALCOMM		4,490		572,834
Salesforce*		3,993		797,722
Workday, Cl A*		802		165,645
				9,863,181
Materials— 1.8%
Albemarle		227		50,176
Alcoa		343		14,598
CF Industries Holdings		381		27,619
DuPont de Nemours		963		69,114
Eastman Chemical		232		19,567
Ecolab		482		79,785
FMC		243		29,678
Freeport-McMoRan, Cl B		2,774		113,484
International Flavors & Fragrances		495		45,520
Martin Marietta Materials		120		42,607
Mosaic		661		30,327
Newmont		1,541		75,540
PPG Industries		455		60,779
Southern Copper		168		12,810

Description	Shares		Fair Value
Vulcan Materials		259	$	44,434
				716,038
Real Estate— 1.5%
American Homes 4 Rent, Cl A‡		597		18,776
AvalonBay Communities‡		272		45,712
Crown Castle International‡		60		8,031
Equinix‡		179		129,066
Equity Residential‡		661		39,660
Healthpeak Properties‡		1,044		22,937
Jones Lang LaSalle*		95		13,821
Prologis‡		1,794		223,837
Regency Centers‡		301		18,415
Welltower‡		919		65,883
				586,138
Utilities— 3.5%
AES		1,295		31,184
Alliant Energy		484		25,846
American Electric Power		1,007		91,627
Avangrid		133		5,304
CMS Energy		563		34,557
Consolidated Edison		691		66,108
Dominion Energy		1,621		90,630
DTE Energy		377		41,297
Edison International		740		52,236
Entergy		28		3,017
Eversource Energy		675		52,825
Exelon		1,926		80,680
FirstEnergy		1,054		42,223
NextEra Energy		3,859		297,452
NiSource		787		22,004
NRG Energy		447		15,328
PPL		1,430		39,740
Public Service Enterprise Group		967		60,389
Sempra Energy		610		92,208
Southern		2,117		147,301
WEC Energy Group		612		58,011
Xcel Energy		1,062		71,621
				1,421,588
Total Common Stock   (Cost $35,793,383)				38,213,953
SHORT-TERM INVESTMENT — 5.9%
Invesco Government & Agency Portfolio, Cl Institutional, 4.73% (A)		2,398,401		2,398,401
Total Short-Term Investment   (Cost $2,398,401)				2,398,401
Total Investments - 100.0%   (Cost $38,191,784)			$	40,612,354

Percentages are based on Net Assets of $40,629,192.

* Non-income producing security.

^‡  Real Estate Investment Trust

(A) Rate shown represents the 7-day effective yield as of March 31, 2023.

Cl — Class

PLC — Public Limited Company

IMP-QH-001-1000

Impact Shares

Affordable Housing MBS ETF

Schedule of Investments

March 31, 2023 (Unaudited)

Description	Face Amount/Shares			Fair Value
MORTGAGE-BACKED SECURITIES — 98.2%
Agency Mortgage-Backed Obligations — 98.2%
FHLMC
6.000%, 12/01/2023 to 04/01/2053		$	1,036,297		$	1,060,989
5.500%, 02/01/2029 to 03/01/2053			560,857			567,808
5.000%, 03/01/2050 to 04/01/2053			1,481,995			1,481,641
4.500%, 01/01/2049 to 04/01/2053			3,078,355			3,023,474
4.000%, 10/01/2037 to 01/01/2053			5,381,222			5,183,496
3.500%, 10/01/2051 to 07/01/2052			4,189,110			3,897,543
3.000%, 09/01/2034 to 08/01/2052			9,401,433			8,525,357
2.500%, 08/01/2051 to 03/01/2052			7,563,331			6,542,310
2.000%, 08/01/2035 to 01/01/2052			14,992,601			12,690,848
1.500%, 08/01/2036			426,358			374,965
FNMA
6.000%, 11/01/2052 to 02/01/2053			315,119			323,165
5.500%, 04/01/2031 to 04/01/2053			1,535,455			1,555,058
5.000%, 12/01/2048 to 02/01/2053			3,147,299			3,144,643
4.500%, 11/01/2048 to 12/01/2052			3,419,307			3,362,776
4.000%, 07/01/2048 to 11/01/2052			4,708,384			4,523,161
3.500%, 06/01/2028 to 06/01/2052			6,996,430			6,590,561
3.000%, 04/01/2025 to 08/01/2052			5,389,633			4,913,039
2.500%, 05/01/2026 to 04/01/2052			16,147,259			14,195,356
2.000%, 04/01/2036 to 02/01/2052			16,797,312			14,103,952
1.500%, 10/01/2036			501,723			442,680
GNMA
5.000%, 03/20/2050			138,565			140,913
4.500%, 02/20/2050			386,140			384,057
4.000%, 10/20/2050 to 01/20/2051			900,113			873,630
3.500%, 12/20/2050			1,860,060			1,758,896
3.000%, 03/20/2050			2,305,305			2,118,524
2.500%, 08/20/2051			1,332,112			1,167,656
						102,946,498
Total Mortgage-Backed Securities   (Cost $114,288,794)						102,946,498
SHORT-TERM INVESTMENT — 1.7%
Morgan Stanley Institutional Liquidity Fund, Government Portfolio Institutional Share Class, 4.73% (A)			1,734,822			1,734,822
Total Short-Term Investment   (Cost $1,734,822)						1,734,822

Description	Fair Value
Total Investments - 99.9%   (Cost $116,023,616)	$	104,681,320

Percentages are based on Net Assets of $104,823,288.

(A) Rate shown represents the 7-day effective yield as of March 31, 2023.

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

IMP-QH-001-1000