MATERIAL AMENDMENTS

BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND

AMENDMENT TO

CERTIFICATE OF DESIGNATION DATED DECEMBER 15, 2011 ESTABLISHING AND FIXING

     THE RIGHTS AND PREFERENCES OF VARIABLE RATE MUNI TERM PREFERRED SHARES

(THE “CERTIFICATE OF DESIGNATION”)

     The undersigned secretary of BlackRock MuniYield Investment Quality Fund (the “Trust”), a business trust organized and existing under the laws of the Commonwealth of Massachusetts, hereby certifies as follows:

     1. The Holders (as defined in the Certificate of Designation) of the VMTP Preferred Shares of the Trust, by the consent required under Section 5 of the Certificate of Designation has adopted a resolution by a unanimous written consent to amend the Certificate of Designation as follows as of January 2, 2020: a. The definition of “Ratings Spread” in the Definitions section of the Certificate of Designation is hereby deleted and replaced in its entirety with the following:

“Ratings Spread” means, with respect to any Rate Period for any Series of VMTP

Preferred Shares, the percentage per annum set forth opposite the highest applicable credit rating assigned to such Series, unless the lowest applicable credit rating is at or below A1/A+, in which case it shall mean the percentage per annum set forth opposite the lowest applicable credit rating assigned to such Series, by either Moody’s (if Moody’s is then rating the VMTP Preferred Shares at the request of the Trust), Fitch (if Fitch is then rating the VMTP Preferred Shares at the request of the Trust) or Other Rating Agency (if such Other Rating Agency is then rating the VMTP Preferred Shares at the request of the Trust) in the table below on the Rate Determination Date for such Rate Period:

Moody’s/Fitch*		Percentage
Aa2/AA to Aaa/AAA		0.77	%
Aa3	/AA-	0.95	%
A1	/A+	1.30	%
A2	/A	1.55	%
A3	/A-	1.70	%
Baa1/BBB+		2.05	%
Baa2/BBB		2.30	%
Baa3/BBB-		2.80	%
Non-investment grade or NR		3.30	%

* And/or the equivalent ratings of an Other Rating Agency then rating the VMTP

Preferred Shares at the request of the Trust.

     b. The definition of “Redemption Premium” in the Definitions section of the Certificate of Designation is hereby deleted.

     c. The definition of “ Redemption Price” in the Definitions section of the Certificate of Designation is hereby deleted and replaced in its entirety with the following:

“Redemption Price” means the sum of (i) the Liquidation Preference and (ii) accumulated but unpaid dividends thereon (whether or not declared) to, but not including, the date fixed for redemption.

d .	Section 5(c) of the Certificate of Designation is hereby deleted and replaced in its
entirety with the following:

NotwithstandingSections 5(a) and 5(b) of this Certificate of Designation, except as may be otherwise expressly provided by Sections 5(f), 5(g) or 5(h) of this Certificate of Designation or as otherwise required by Applicable Law, the provisions of this Certificate of Designation set forth under (x) the caption “Designation” (but only with respect to any VMTP Preferred Shares already issued and Outstanding), (y) Sections 1(a) (but only with respect to any VMTP Preferred Shares already issued and Outstanding), 2(a), 2(b), 2(c), 2(d), 2(e)(i), 2(e)(ii), 2(k), 3(b), 8, 10(a)(i), 10(b)(i), 10(h), 11(a), 11(b) or 11(c) of this Certificate of Designation and (z) the definitions “Additional Amount”, “Applicable Base Rate”, “Applicable Rate”, “Dividend Payment Date”, “Dividend Period”, “Effective Leverage Ratio”, “Failure to Deposit”, “Gross-up Payment”, “Liquidation Preference”, “Maximum Rate”, “Outstanding”, “Rate Determination Date”, “Ratings Spread”, “Redemption Price”, “Subsequent Rate Period” or “Term Redemption Date” (i) (A) may be amended so as to adversely affect the amount, timing, priority or taxability of any dividend, redemption or other payment or distribution due to the Holders or (B) may amend the definition of “Effective Leverage Ratio” or the calculation thereof, in each case, only upon the affirmative vote or written consent of (1) a majority of the Board of Trustees and (2) the Total Holders and (ii) may be otherwise amended upon the affirmative vote or written consent of (1) a majority of the Board of Trustees and (2) the holders of 66 2/3% of the Outstanding VMTP Preferred Shares.

     e. Section 10(a)(iii) of the Certificate of Designation is hereby deleted and replaced in its entirety with the following:

The Trust may not on any date send a Notice of Redemption pursuant to paragraph (c) of this Section 10 in respect of a redemption contemplated to be effected pursuant to this paragraph (a) unless on such date (A) the Trust has available Deposit Securities with maturity or tender dates not later than the day preceding the applicable Redemption Date and having a Market Value not less than the amount due to Holders of VMTP Preferred Shares by reason of the redemption of such VMTP Preferred Shares on such Redemption Date and (B) the Discounted Value of Moody’s Eligible Assets (if Moody’s is then rating the VMTP Preferred Shares at the request of the Trust), the Discounted Value of Fitch Eligible Assets (if Fitch is then rating the VMTP Preferred Shares at the request of the Trust) and the Discounted Value of Other Rating Agency Eligible Assets (if any Other Rating Agency is then rating the VMTP Preferred Shares at the request of the Trust) each at least equals the Basic Maintenance Amount, and would at least equal the Basic

Maintenance Amount immediately subsequent to such redemption if such redemption were to occur on such date. For purposes of determining in clause (B) of the preceding sentence whether the Discounted Value of Moody’s Eligible Assets at least equals the Basic Maintenance Amount, the Moody’s Discount Factors applicable to Moody’s Eligible Assets shall be determined by reference to the first Exposure Period (as defined in the Moody’s Guidelines) longer than the Exposure Period then applicable to the Trust, as described in the definition of Moody’s Discount Factor herein.

2	.	Except as amended hereby, the Certificate of Designation remains in full force and
effect.
3	.	An original copy of this amendment shall be lodged with the records of the Trust

and filed with the Secretary of State of the Commonwealth of Massachusetts and in such other places as may be required under the laws of Massachusetts or as the Trustees deem appropriate.

     IN WITNESS WHEREOF, I have hereunto set my hand as of this 19^th day of December, 2019.

BlackRock MuniYield Investment
Quality Fund

By: /s/ Jonathan Diorio
Name: Jonathan Diorio
Title: Vice President

ATTEST:

/s/ Janey Ahn

Name: Title: Janey Ahn Secretary

MATERIAL AMENDMENTS

BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND

AMENDMENT TO

CERTIFICATE OF DESIGNATION DATED DECEMBER 15, 2011 ESTABLISHING AND FIXING

     THE RIGHTS AND PREFERENCES OF VARIABLE RATE MUNI TERM PREFERRED SHARES

(THE “CERTIFICATE OF DESIGNATION”)

     The undersigned secretary of BlackRock MuniYield Investment Quality Fund (the “Trust”), a business trust organized and existing under the laws of the Commonwealth of Massachusetts, hereby certifies as follows:

1. The Total Holders (as defined in the Certificate of Designation) of the VMTP

Preferred Shares of the Trust, by the consent required under Section 5 of the Certificate of Designation has adopted a resolution by a unanimous written consent to amend the Certificate of Designation as follows as of April 3, 2020: a. Subsection (e) of the definition of “Increased Rate Event” in the Definitions section of the Certificate of Designation is hereby deleted and replaced in its entirety with the following: (e) failure by the Trust on the last day of an applicable Effective Leverage Ratio Cure

Period to have an Effective Leverage Ratio of not greater than 45%, except that for the period from and including April 3, 2020 and through and including December 31, 2020, failure by the Trust on the last day of an applicable Effective Leverage Ratio Cure Period to have an Effective Leverage Ratio of not greater than 50%. This Increased Rate Event shall be considered cured on the date the Trust next has an Effective Leverage Ratio of not greater than 45% or 50%, as applicable; b. For the period from and including April 3, 2020 through and including December

31, 2020, subsection (e) of the definition of “Ratings Spread” in the Definitions section of the Certificate of Designation is hereby deleted and replaced in its entirety with the following:

“Ratings Spread” means, with respect to any Rate Period for any Series of VMTP

Preferred Shares, the percentage per annum set forth opposite the highest applicable credit rating assigned to such Series, unless the lowest applicable credit rating is at or below A1/A+, in which case it shall mean the percentage per annum set forth opposite the lowest applicable credit rating assigned to such Series, by either Moody’s (if Moody’s is then rating the VMTP Preferred Shares at the request of the Trust), Fitch (if Fitch is then rating the VMTP Preferred Shares at the request of the Trust) or Other Rating Agency (if such Other Rating Agency is then rating the VMTP Preferred Shares at the request of the Trust) in the table below on the Rate Determination Date for such Rate Period:

Moody’s/Fitch*		Percentage
Aa2/AA to Aaa/AAA		0.90	%
Aa3	/AA-	0.95	%
A1	/A+	1.30	%

A2	/A	1.55	%
A3	/A-	1.70	%
Baa1/BBB+		2.05	%
Baa2/BBB		2.30	%
Baa3/BBB-		2.80	%
Non-investment grade or		3.30	%
NR
* And/or the equivalent ratings of an Other Rating Agency then rating the VMTP Preferred Shares at the
request of the Trust.
For the avoidance of doubt, effective January 1, 2021, the definition of “Ratings Spread”

shall read as follows:

“Ratings Spread” means, with respect to any Rate Period for any Series of VMTP Preferred Shares, the percentage per annum set forth opposite the highest applicable credit rating assigned to such Series, unless the lowest applicable credit rating is at or below A1/A+, in which case it shall mean the percentage per annum set forth opposite the lowest applicable credit rating assigned to such Series, by either Moody’s (if Moody’s is then rating the VMTP Preferred Shares at the request of the Trust), Fitch (if Fitch is then rating the VMTP Preferred Shares at the request of the Trust) or Other Rating Agency (if such Other Rating Agency is then rating the VMTP Preferred Shares at the request of the Trust) in the table below on the Rate Determination Date for such Rate Period:

Moody’s/Fitch*		Percentage
Aa2/AA to Aaa/AAA		0.77	%
Aa3	/AA-	0.95	%
A1	/A+	1.30	%
A2	/A	1.55	%
A3	/A-	1.70	%
Baa1/BBB+		2.05	%
Baa2/BBB		2.30	%
Baa3/BBB-		2.80	%
Non-investment grade or		3.30	%

NR

* And/or the equivalent ratings of an Other Rating Agency then rating the VMTP Preferred Shares at the request of the Trust.

     c. Section 6(b) of the Certificate of Designation is hereby deleted and replaced in its entirety with the following: Effective Leverage Ratio. The Trust shall maintain an Effective Leverage Ratio of not greater than 45% (other than solely by reason of fluctuations in the market value of its portfolio securities), except that for the period from and including April 3, 2020 and through and including December 31, 2020, the Trust shall maintain an Effective Leverage Ratio of not greater than 50% (other than solely by reason of fluctuations in the market value of its portfolio securities). In the event that the Trust’s Effective Leverage Ratio exceeds 45% or 50%, as applicable (whether by reason of fluctuations in the market value

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of its portfolio securities or otherwise), the Trust shall cause the Effective Leverage Ratio to be 45% or lower or 50% or lower, as applicable, within ten (10) Business Days (“Effective Leverage Ratio Cure Period”).

2	.	Except as amended hereby, the Certificate of Designation remains in full force and
effect.
3	.	An original copy of this amendment shall be lodged with the records of the Trust

and filed with the Secretary of State of the Commonwealth of Massachusetts and in such other places as may be required under the laws of Massachusetts or as the Trustees deem appropriate.

[Signature Page Follows]

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IN WITNESS WHEREOF, I have hereunto set my hand as of this 2^nd day of April, 2020.

BLACKROCK MUNIYIELD
INVESTMENT QUALITY FUND

By: /s/ Jonathan Diorio
Name: Jonathan Diorio
Title: Vice President

ATTEST:

/s/ Janey Ahn
Name: Janey Ahn

Title: Secretary

[Signature Page – MFT Amendment to Certificate of Designation]

INTERNAL CONTROL RPT

REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM

To the Shareholders and Board of Directors/Trustees of
BlackRock MuniHoldings California Quality Fund, Inc.,
BlackRock MuniHoldings New Jersey Quality Fund, Inc.,
BlackRock MuniYield Investment Quality Fund,
BlackRock MuniYield Michigan Quality Fund, Inc., and
BlackRock MuniYield Pennsylvania Quality Fund:

In planning and performing our audits of the financial
statements of BlackRock MuniHoldings California Quality
Fund, Inc., BlackRock MuniHoldings New Jersey Quality
Fund, Inc., BlackRock MuniYield Investment Quality Fund,
BlackRock MuniYield Michigan Quality Fund, Inc., and
BlackRock MuniYield Pennsylvania Quality Fund (the
"Funds"), as of and for the year ended July 31, 2020, in
accordance with the standards of the Public Company
Accounting Oversight Board (United States) (PCAOB), we
considered the Funds' internal control over financial reporting,
including controls over safeguarding securities, as a basis for
designing our auditing procedures for the purpose of
expressing our opinion on financial statements and to comply
with the requirements of Form N-CEN, but not for the purpose
of expressing an opinion on the effectiveness of the Funds'
internal control over financial reporting. Accordingly, we
express no such opinion.

The management of the Funds is responsible for establishing
and maintaining effective internal control over financial
reporting. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected
benefits and related costs of controls. A company's internal
control over financial reporting is a process designed to
provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted
accounting principles. A company's internal control over
financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and
that receipts and expenditures of the company are being made
only in accordance with authorizations of management and
directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of a company's
assets that could have a material effect on the financial
statements.
Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions or that the degree
of compliance with the policies or procedures may deteriorate.
A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of
performing their assigned functions, to prevent or detect
misstatements on a timely basis. A material weakness is a
deficiency, or a combination of deficiencies, in internal
control over financial reporting, such that there is a reasonable
possibility that a material misstatement of the company's
annual or interim financial statements will not be prevented or
detected on a timely basis.
Our consideration of the Funds' internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies
in internal control that might be material weaknesses under
standards established by the PCAOB. However, we noted no
deficiencies in the Funds' internal control over financial
reporting and its operation, including controls for safeguarding
securities that we consider to be a material weakness, as
defined above, as of July 31, 2020.
This report is intended solely for the information and use of
management and Board of Directors/Trustees of the Funds and
the Securities and Exchange Commission and is not intended
to be and should not be used by anyone other than these
specified parties.
Deloitte & Touche LLP
Boston, Massachusetts
September 22, 2020