Portfolio Update

MERRILL LYNCH COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 31 August 2007 and unaudited.

Performance at month end with net income reinvested

                         One        Three           Six           One          Since   
                       Month       Months        Months          Year        Launch*   
                                                                                       
Net asset value        -3.0%        -0.9%         21.1%         33.6%          42.1%   
                                                                                       
Share price            -5.7%         0.3%         21.0%         23.0%          31.7%   
                                                                                       

*Launched on 13 December 2005.

Sources:  Datastream, BlackRock MLIM.

At month end                                                                                             
                                                                                                         
Net asset value - capital only:                                               128.90p                    
                                                                                                         
Net asset value - cum income:                                                 130.90p                    
                                                                                                         
Share price:                                                                  123.75p                    
                                                                                                         
Discount to NAV (capital only):                                                  4.0%                    
                                                                                                         
Net yield:                                                                       3.7%                    
                                                                                                         
Gearing:                                                                         8.8%                    
                                                                                                         
Revenue per share:                                                             2.00p*                    
                                                                                                         
Total assets:                                                                 £106.8m                    
                                                                                                         
Ordinary shares in issue:                                                  75,600,000                    
                                                                                                         
*revenue per share excludes the first interim dividend paid on 27 April 2007                             
and the second interim dividend paid on 27 July 2007.                                                    
                                                                                                         

 

Sector Analysis                  % of Total Assets Country Analysis       % of Total Assets
                                                                                           
Integrated Oil                                27.2 Global                              18.2
                                                                                           
Diversified                                   20.2 Europe                              14.2
                                                                                           
Exploration & Production                       8.2 Latin America                       13.6
                                                                                           
Nickel                                         6.9 USA                                 13.4
                                                                                           
Copper                                         6.3 Australia                           13.4
                                                                                           
Platinum                                       4.9 Canada                              10.0
                                                                                           
Gold                                           4.7 China                                6.1
                                                                                           
Coal                                           4.6 Asia                                 3.5
                                                                                           
Aluminium                                      4.3 South Africa                         3.4
                                                                                           
Zinc                                           3.2 India                                1.0
                                                                                           
Oil Services                                   2.5 Russia                               0.9
                                                                                           
Tin                                            1.5 Africa                               0.7
                                                                                           
Uranium                                        1.3 Current assets                       1.6
                                                                                           
Refining and Marketing                         1.0                                   ------
                                                                                           
Distribution                                   0.7 Total                              100.0
                                                                                           
Diamonds                                       0.5                                   ------
                                                                                           
Mineral Sands                                  0.4                                         
                                                                                           
Current assets                                 1.6                                         
                                                                                           
                                            ------                                         
                                                                                           
Total                                        100.0                                         
                                                                                           
                                            ------                                         
                                                                                           

 

                                                                               
Ten Largest Equity Investments (in alphabetical order)                         
                                                                               
Company                                  Region of Risk                        
                                                                               
BHP Billiton                             Global                                
                                                                               
CNOOC                                    China                                 
                                                                               
CVRD                                     Latin America                         
                                                                               
Eni                                      Europe                                
                                                                               
Hydro                                    Europe                                
                                                                               
Jubilee Mines                            Australia                             
                                                                               
Rio Tinto                                Global                                
                                                                               
Southern Copper                          Latin America                         
                                                                               
Statoil                                  Europe                                
                                                                               
Zinifex                                  Australia                             
                                                                               

 

Commenting on the markets, Richard Davis, representing the Investment Manager
noted:

 

August was a very volatile month for the equity markets in general and mining
shares, despite a strong results season and positive fundamentals, did not
escape the sell-off.  At one point the HSBC Global Mining Index was down 16.1%
but by month end some sense had returned and the index finished the month down
3.4%.  Energy equities recouped most of their losses by month end to close down
0.9%.  Oil traders carefully watched the trajectory of Hurricane Dean, the
first major hurricane to threaten oil and gas supply in the Gulf of Mexico,
further adding to volatility in both crude oil and natural gas markets.  In the
end, Hurricane Dean did not hit any major production facilities.  Crude oil
prices fell 4.6% on the month.

 

 

Latest information is available by typing www.blackrock.co.uk/its on the
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal).

 

28 September 2007