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 5.7% of the fund, across 1,934 positions.

The total expense ratio on record is 0.18%. That is cheaper than 65% of the 865 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)

1,934 holdings as of 2026-10-09 · top 10 = 5.7% · TER 0.18%

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Concentration

Well diversifiedtop 10 = 5.7%

diversifiedconcentrated

GROWTH · PRICE DEVELOPMENTrebased to 0%

Holdings

1,934

as of 2026-10-09

Top 10

5.7%

TER

0.18%

cheaper than 65% of peers

Net assets

US$497M

reported in USD

Largest

1.8%

P / E

–

Sections

Holdings as of 2026-10-09.

01Overview

the fund's regulatory facts

Fund currency

USD

Domicile

United States

Volatility 1Y

1.9%

Tracked index

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

How it tracks

Index, sampling

02Performance

market price return · as of 2026-10-16

-0.3%

-1.4%

-1.8%

YTD

-1.8%

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

1Y return gap

-0.05 pp/yr

3Y return gap

+0.31 pp/yr

3Y tracking error

0.47%

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 2026-10-09

#	Company	Identifier	Weight
1	BlackRock Liquidity Funds MuniCash US	MCSXX	1.8
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	0.5
4	New Jersey (State of) US	US646039YN18	0.5
5	Los Angeles Unified School District US	US544647LS76	0.5
6	Houston (City of), TX US	US442349BG05	0.4
7	New York State Dormitory Authority US	US64990KGA51	0.4
8	Los Angeles (County of), CA Metropolitan Transportation Authority US	US54466HER30	0.4
9	Palm Beach County School District US	US696550G635	0.3
10	Clark (County of), NV Department of Aviation US	US18085PTF17	0.3
11	California (State of) US	US13063D4L90	0.3
12	Commonwealth of Pennsylvania US	US70914P5D06	0.3
13	California (State of) US	US13063DD969	0.3
14	CALIFORNIA (STATE OF) US	US13063EUP95	0.3
15	Erie County Industrial Development Agency (The) US	US29509PLG27	0.3
16	New York (City of), NY Transitional Finance Authority US	US64972JVQ83	0.3
17	Contra Costa (County of), CA Transportation Authority US	US21221MFR60	0.3
18	North Slope (Borough of), AK US	US662523Q284	0.3
19	Escondido Union High School District US	US296353KU82	0.3
20	School Board of Miami-Dade County/The US	MIAEDU	0.3
21	Private Colleges & Universities Authority (Emory University) US	US74265L2W73	0.3
22	State of Connecticut US	US20772KC237	0.3
23	Broward (County of), FL School Board US	US115065B869	0.2
24	AQUARION WATER AUTHORITY CT US	US03843TAD37	0.2
25	MET TRANSPRTN AUTH NY REVENUE US	US59261A5U73	0.2
26	County of Morris US	US618024BT98	0.2
27	Montgomery (County of), MD US	US61334PCU57	0.2
28	Private Colleges & Universities Authority (Emory University) US	US74265LR597	0.2
29	Kentucky (Commonwealth of) Property & Building Commission (No. 130) US	US49151F3C23	0.2
30	Rhode Island Health & Educational Building Corp. (Brown University) US	US762197A769	0.2
31	Oregon City School District No. 62 US	US179162LC41	0.2
32	DENVER CO PUB SCHS CTFS US	US249174ZU08	0.2
33	American Municipal Power, Inc. (Prairie State Energy Campus) US	US02765URQ93	0.2
34	Lower Colorado River Authority (LCRA Transmission Services Corp.) US	US54811BF556	0.2
35	SANTA CLARA VY CALIF WTR DIST US	US80168ALV79	0.2
36	TRIBOROUGH BRIDGE & TUNNEL AUTHORI US	US896032BH11	0.2
37	CALIFORNIA ST US	US13063ESW74	0.2
38	New York (City of), NY Transitional Finance Authority US	US64971XN539	0.2
39	Ohio (State of) Water Development Authority US	US677660UZ35	0.2
40	CALIFORNIA (STATE OF) US	US13063EXU53	0.2
41	SOUTH CAROLINA PUBLIC SERVICE AUTH US	US83715BDR50	0.2
42	Illinois State Toll Highway Authority US	US452252NE56	0.2
43	NEW YORK CITY NY TRANSITIONAL US	US64971WU650	0.2
44	City of San Antonio US	US7962375Y74	0.2
45	California (State of) (Bidding Group B) US	US13063DZN10	0.2
46	Alabama (State of) Public School & College Authority (Social Bonds) US	US010609FH34	0.2
47	California (State of) US	US13063DU559	0.2
48	New Mexico (State of) Finance Authority US	US64711RMN34	0.2
49	New Jersey (State of) Transportation Trust Fund Authority US	US6461367T26	0.2
50	Beverly Hills Unified School District US	US088023HY50	0.2

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04Exposure

Equity 1.7%Bonds 98.3%

By country

USUnited States100.7%

CurrencyUSD 100.7%

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