Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 30 November 2011 and unaudited.
Performance at month end with net income reinvested

                           One    Three      Six     One  Three     Five
                         Month   Months   Months    Year   Years    Years
Net asset value           0.4%    -2.8%   -11.7%   -1.9%   89.4%    56.4%
Share price               2.6%    -4.0%   -13.4%   -7.1%  104.9%    58.8%

Sources: Datastream, BlackRock

At month end
Net asset value - capital only:     129.52p
Net asset value - cum income**:     131.15p
Share price:                        127.75p
Discount to NAV (cum income):          2.6%
Net yield:                             4.4%
Gearing - cum income:                  1.7%
Revenue per share:                    1.63p
Total assets^^:                    £120.75m
Ordinary shares in issue:        90,508,000

**Includes net revenue of 1.63p.
^^includes current year revenue (excluding dividends paid).

Sector                   % Total     Country                   % Total
Analysis              Cap Assets     Analysis               Cap Assets
Integrated Oil              29.7     Global                       24.1
Diversified                 17.3     Canada                       22.4
Exploration & Production    12.6     USA                          21.0
Coal                         6.9     Europe                        8.9
Gold                         5.4     Latin America                 7.0
Copper                       5.3     Australia                     5.7
Oil Services                 4.9     Asia                          4.8
Oil Sands                    3.9     South Africa                  4.1
Iron Ore                     3.9     Africa                        2.0
Aluminium                    2.6     China                         1.6
Fertilizer                   2.2     Current liabilities          (1.6)
Distribution                 1.8
Nickel                       1.8                                 -----
Tin                          1.4                                 100.0
Zinc                         1.0                                 =====
Platinum                     0.9
Current liabilities         (1.6)
                           -----
                           100.0
                           =====

Ten Largest Equity Investments (in alphabetical order)

Company                      Region of Risk
BHP Billiton                    Global
Chevron                         Global
Coal & Allied Industries        Australia
ExxonMobil                      Global
Kinross                         Canada
Kumba Iron Ore                  South Africa
Peyto Exploration & Development Canada
Rio Tinto                       Global
Teck Resources                  Canada
Total                           Global

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

Economic and market uncertainty persisted in November, driven by the
omnipresent challenges in Europe. Weaker than expected PMI data from China and
gloomy US economic numbers added to investors' woes and it proved to be another
volatile and testing month for global markets.

With the base metals complex weaker over the period, gold's "safe haven"
characteristics were evident as the metal closed the month up 1.3%.  In bulk
commodities, the iron ore spot price (Chinese import price for 62% Fe iron ore)
rallied strongly during November following a sharp sell-off in October. It
would appear that Chinese buyers returned to the market to take advantage of
sea-borne iron ore prices that were below the costs of domestic iron ore
production.  Elsewhere, the 1Q 2012 coking coal contract price was settled at
US$235/t, down 17.5% versus the previous quarter and in line with spot coking
coal prices.  Mining shares ended the month down 2.1%.

In the energy sector, the spread between West Texas Intermediate (WTI) and
Brent crude prices narrowed in November.  At its peak, the spread was US $27/
Bbl in Brent's favour and by the end of the month it had closed to US$11/Bbl. 
The spread emerged due to landlocked excess inventories at the WTI delivery
point in Cushing, Oklahoma.  However, a series of projects have been put in
progress to distribute oil from the land-locked delivery point.  The most
significant of which has been Enbridge's proposal, announced in November, to
establish a reverse flow capability in the Seaway pipeline which would take
crude from Cushing to refiners on the Gulf Coast.  Energy shares rose 2.3% in
November.


15 December 2011
 

ENDS

  

Latest information is available by typing www.blackrock.co.uk/brci on the
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal).  Neither the contents of the Manager's website nor the contents of
any website accessible from hyperlinks on the Manager's website (or any other
website) is incorporated into, or forms part of, this announcement.