Portfolio Update

Merrill Lynch Commodities Income IT
21 February 2007

MERRILL LYNCH COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 31 January 2007 and unaudited.

Performance at month end with net income reinvested
                                        One          Three                Six               One            Since
                                      Month          Months            Months              Year           Launch*
Net asset value                        0.7%            3.7%              5.0%              6.9%             14.7%
Share price                           -3.6%            0.0%             -4.1%             -2.1%              5.0%

*Launched on 13 December 2005.

Sources:  Datastream, BlackRock MLIM.
At month end
Net asset value*:                                      107.59p
Share price:                                           100.50p
Discount to NAV:                                          6.6%
Net yield:                                                4.5%
Gearing:                                                  8.3%
Revenue per share:                                       0.34p
Total assets:                                           £88.9m
Ordinary shares in issue:                           75,600,000



Sector Analysis                                   % of Total Assets Country Analysis                   % of Total Assets
Integrated Oil                                                 17.3 USA                                             25.6
Diversified                                                    13.3 Europe                                          20.0
Copper                                                         11.0 Canada                                          16.7
Nickel                                                         10.3 Australia                                       15.4
Exploration & Production                                        8.6 South Africa                                    10.4
Iron Ore                                                        6.8 Latin America                                    6.3
Platinum                                                        5.3 China                                            3.5
Aluminium                                                       4.9 Other Asia                                       0.8
Coal                                                            4.3 Current assets                                   1.3
Gold                                                            3.5                                               ------
Zinc                                                            2.9 Total                                          100.0
Refining and Marketing                                          2.8                                               ------
Diamonds                                                        2.7
Oil Services                                                    2.2
Tin                                                             1.4
Distribution                                                    0.8
Mineral Sands                                                   0.6
Current assets                                                  1.3
                                                             ------
Total                                                         100.0
                                                             ------




Ten Largest Equity Investments (in alphabetical order)
Company                                                       Region of Risk
Aur Resources                                                 Canada
BHP Billiton                                                  Global
Chevron Corporation                                           USA
China Shenhua Energy                                          China
CVRD                                                          Latin America
Freeport McMoran                                              USA
Jubilee Mines                                                 Australia
Rio Tinto                                                     Global
Valero Energy                                                 USA
Zinifex                                                       Australia




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



Metal markets endured a turbulent start to the New Year.  A combination of
rising copper inventories and the re-weighting of a commodity index triggered a
sell-off in most base metals, with the exception of nickel.  The nickel price
rose by 14.3%, breaching the US$40,000/tonne level for the first time, on the
news of a proposed strike at Xstrata's Sudbury operation in Canada.  This
accounts for around 5% of world production capacity.  Mining equities, which had
been caught up in the sell-off early in the month, were buoyed by strong fourth
quarter results and by what we believe is the start of a wave of dividend
increases and share buy-back announcements.  The HSBC Global Mining Index closed
the month up 0.7%.  In the energy market oil prices fell back to test the US$50/
Bbl level mid-month.  A cold snap in the US then pushed prices back up to US$58/
Bbl.  Saudi Arabia stated that it was unnecessary to implement additional oil
production cuts ahead of OPEC's planned February cut, citing lower inventories
and a tightening market.  In his annual State of the Union speech, President
Bush pledged to double the US strategic oil reserve by 2027, implying a
100,000-barrel per day rate of purchase commencing in the spring.  The MSCI
World Energy Index fell 2.5%.







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).



21 February 2007


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            The company news service from the London Stock Exchange