IBMR's largest holdings are BlackRock Liquidity Funds MuniCash, California (State of) Infrastructure & Economic Development Bank (California Academy of Sciences) (Green Bonds), Massachusetts Clean Water Trust (The), New Jersey (State of), Los Angeles Unified School District. The full top list is on this page.

How concentrated is IBMR?

The top 10 holdings are 5.1% of the fund, across 1,831 positions.

The total expense ratio on record is 0.18%. That is cheaper than 65% of the 864 US-listed bond funds we track.

US-listed · United States

IBMR

The Fund seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds expected to mature or be redeemed before December 2, 2029.

iShares iBonds Dec 2029 Term Muni Bond ETF

US46436E1635 · BlackRock (iShares)

1,831 holdings as of 2026-08-27 · top 10 = 5.1% · TER 0.18%

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Concentration

Well diversifiedtop 10 = 5.1%

diversifiedconcentrated

GROWTH · PRICE DEVELOPMENTrebased to 0%

Holdings

1,831

as of 2026-08-27

Top 10

5.1%

TER

0.18%

cheaper than 65% of peers

Net assets

US$480M

reported in USD

Largest

1.0%

P / E

–

Sections

Holdings as of 2026-08-27.

01Overview

the fund's regulatory facts

Fund currency

USD

Domicile

United States

Volatility 1Y

1.8%

Tracked index

S&P AMT-Free Municipal Series Callable-Adjusted 2029 Index

How it tracks

Index, sampling

02Performance

market price return · as of 2026-09-02

+0.0%

-0.6%

-1.5%

YTD

-1.0%

Trackingfund minus S&P AMT-Free Municipal Series Callable-Adjusted 2029 Index · annualised

1Y return gap

-0.03 pp/yr

3Y return gap

+0.27 pp/yr

3Y tracking error

0.48%

A positive return gap means the fund finished ahead of the index over that window. The 3Y tracking error shows how variable that monthly gap was; lower means steadier tracking. MethodologyReturn gap and tracking errorReturn gap is the fund's return minus its index over the same months, converted to a yearly rate. Tracking error is the annualised standard deviation of those monthly fund-minus-index returns. Both lines come from the manager's own chart, in the same currency and the exact index variant the fund tracks. We use month-end values so different intraday valuation times are not mistaken for tracking error.. Not investment advice.

03Holdings

50 largest · as of 2026-08-27

#	Company	Identifier	Weight
1	BlackRock Liquidity Funds MuniCash US	MCSXX	1.0
2	California (State of) Infrastructure & Economic Development Bank (California Academy of Sciences) (Green Bonds) US	US13034A5B23	0.7
3	Massachusetts Clean Water Trust (The) US	US575829PH38	0.6
4	New Jersey (State of) US	US646039YN18	0.5
5	Los Angeles Unified School District US	US544647LS76	0.5
6	New York State Dormitory Authority US	US64990KGA51	0.4
7	Houston (City of), TX US	US442349BG05	0.4
8	Los Angeles (County of), CA Metropolitan Transportation Authority US	US54466HER30	0.4
9	California (State of) US	US13063D4L90	0.4
10	Palm Beach County School District US	US696550G635	0.3
11	Clark (County of), NV Department of Aviation US	US18085PTF17	0.3
12	Commonwealth of Pennsylvania US	US70914P5D06	0.3
13	California (State of) US	US13063DD969	0.3
14	New York (City of), NY Transitional Finance Authority US	US64972JVQ83	0.3
15	Contra Costa (County of), CA Transportation Authority US	US21221MFR60	0.3
16	Escondido Union High School District US	US296353KU82	0.3
17	School Board of Miami-Dade County/The US	MIAEDU	0.3
18	North Slope (Borough of), AK US	US662523Q284	0.3
19	Private Colleges & Universities Authority (Emory University) US	US74265L2W73	0.3
20	State of Connecticut US	US20772KC237	0.3
21	Broward (County of), FL School Board US	US115065B869	0.3
22	AQUARION WATER AUTHORITY CT US	US03843TAD37	0.3
23	County of Morris US	US618024BT98	0.3
24	MET TRANSPRTN AUTH NY REVENUE US	US59261A5U73	0.2
25	Montgomery (County of), MD US	US61334PCU57	0.2
26	Private Colleges & Universities Authority (Emory University) US	US74265LR597	0.2
27	Rhode Island Health & Educational Building Corp. (Brown University) US	US762197A769	0.2
28	Kentucky (Commonwealth of) Property & Building Commission (No. 130) US	US49151F3C23	0.2
29	Oregon City School District No. 62 US	US179162LC41	0.2
30	CALIFORNIA ST US	US13063ESW74	0.2
31	American Municipal Power, Inc. (Prairie State Energy Campus) US	US02765URQ93	0.2
32	Lower Colorado River Authority (LCRA Transmission Services Corp.) US	US54811BF556	0.2
33	DENVER CO PUB SCHS CTFS US	US249174ZU08	0.2
34	New York (City of), NY Transitional Finance Authority US	US64971XN539	0.2
35	Ohio (State of) Water Development Authority US	US677660UZ35	0.2
36	Illinois State Toll Highway Authority US	US452252NE56	0.2
37	California (State of) (Bidding Group B) US	US13063DZN10	0.2
38	NEW YORK CITY NY TRANSITIONAL US	US64971WU650	0.2
39	City of San Antonio US	US7962375Y74	0.2
40	California (State of) US	US13063DU559	0.2
41	Alabama (State of) Public School & College Authority (Social Bonds) US	US010609FH34	0.2
42	New Jersey (State of) Transportation Trust Fund Authority US	US6461367T26	0.2
43	Dallas (City of), TX Area Rapid Transit US	US235241TC06	0.2
44	Beverly Hills Unified School District US	US088023HY50	0.2
45	Lansing School District US	US516444SE78	0.2
46	New York (City of), NY US	US64966MR277	0.2
47	Illinois (State of) US	US452153GZ68	0.2
48	Idaho Housing & Finance Association US	IDSHSG	0.2
49	City of Phoenix Civic Improvement Corp. US	US718846AU25	0.2
50	Maricopa County Union High School District No. 210-Phoenix US	US567505PR75	0.2

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04Exposure

Equity 1.0%Bonds 99.0%

By country

USUnited States100.7%

CurrencyUSD 100.7%

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