Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 31 July 2015 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		-11.7%	-23.4%	-17.0%	-35.6%	-29.9%	-27.3%
Share price		-11.9%	-21.0%	-18.1%	-35.0%	-27.6%	-26.3%
Sources: Datastream, BlackRock

At month end
Net asset value – capital only:		66.98p
Net asset value cum income*:		67.76p
Share price:		70.00p
Premium to NAV (cum income):		3.3%
Net yield:		8.6%
Gearing - cum income:		2.5%
Total assets^^:		£78.8m
Ordinary shares in issue***:		113,068,000
Gearing range (as a % of net assets):		0-20%
Ongoing charges**:		1.5%
* Includes net revenue of 0.78p. ^^ Includes current year revenue. ** Calculated as a percentage of average net assets and using expenses, excluding any interest costs and excluding taxation for the year ended 30 November 2014. ***The number of ordinary shares in issue has subsequently increased to 113,068,000.

Sector Analysis	% Total Assets		Country Analysis	% Total Assets
Integrated Oil	31.4		Global	44.9
Diversified	18.3		USA	21.1
Exploration & Production	13.2		Canada	11.6
Copper	11.0		Europe	9.2
Gold	4.9		Africa	4.1
Distribution	4.8		Latin America	3.7
Nickel	4.3		Australia	2.1
Fertilizers	2.6		Asia	1.9
Silver	2.1		China	1.1
Diamonds	1.9		Net current assets	0.3
Oil services	1.7			-----
Agriculture Science	1.7			100.0
Coal	1.1			=====
Oil Sands	0.7
Net Current assets	0.3
	-----
	100.0
	=====
Ten Largest Equity Investments (in % of Total Assets order)

Company	Region of Risk	% Total Assets
BHP Billiton	Global	6.2
First Quantum Minerals	Global	5.9
ExxonMobil	Global	5.8
Rio Tinto	Global	5.8
Enbridge Income Fund Trust	Canada	4.8
Royal Dutch Shell	Global	4.6
Chevron	Global	4.4
Statoil	Europe	4.0
ConocoPhillips	USA	3.9
MMC Norilsk Nickel	USA	3.4

Commenting on the markets, Olivia Markham and Tom Holl, representing the Investment Manager noted:

July was a difficult month for natural resources equities as many commodities recorded sharp price declines. For reference, the Bloomberg Commodity Index declined by -10.0% over the month. This was reflected in share prices with the energy sector (MSCI World Energy Index) falling by 5.5% and the mining sector (Euromoney Global Mining Index) declining by 13.2% during the month (all data in  sterling terms).

The mining sector underperformed the energy sector owing to its greater sensitivity to China with economic data from the country continuing to disappoint. Weak data points included China’s flash PMI remaining stubbornly below 50, auto sales recording year-on-year declines and contracting domestic steel demand. Positively, property prices in China’s tier 1 and 2 cities showed signs of stabilization; however this was not significant enough to allay market concerns that stimulus measures were not providing the desired level of support to the Chinese economy.

The performance of energy equities also suffered as Brent and WTI oil prices fell by 13.8% and -20.8% respectively to finish the month at $52/bbl and $47/bbl, close to the lows seen in January. Oil price weakness was driven by a deteriorating macroeconomic backdrop, Saudi Arabia increasing its oil production to 10.35mbpd (11% of global production) and US production growth continuing to be relatively resilient despite a 60% fall in the number of rigs in operation. In addition, an agreement on Iran’s nuclear program was reached during the month, starting the process towards lifting international sanctions, which, from 2016 is likely to increase oil supply from Iran.

In company news, one of the largest holdings, Enbridge Income Fund, reached an agreement with Enbridge Inc to transfer its Canadian pipelines business into the Fund which is expected to see Enbridge Income Fund increase its dividend by 10% from next year. Other positive contributors to performance included Eni and Statoil who delivered good second quarter results with an ongoing cost reduction focus.

The overweight position to copper-focused mining company First Quantum was the largest detractor from performance during the month. The company announced weaker than expected results and was negatively impacted by new electricity restrictions at its Zambian operations, as well as substantial confusion amongst investors post the company’s release of technical reports without an explanatory commentary.

In our view, some of the selling within the mining sector over the last month was indiscriminate, so we took the opportunity to add to our favoured names that we believe had been oversold. We also reduced our exposure to those companies with greater balance sheet risk who appear less resilient to a lower commodity price environment.

17 August 2015

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.