Portfolio Update

MERRILL LYNCH COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 31 May 2007 and unaudited.

Performance at month end with net income reinvested

                         One        Three           Six           One          Since   
                       Month       Months        Months          Year        Launch*   
                                                                                       
Net asset value         8.3%        22.2%         29.2%         35.7%          43.4%   
                                                                                       
Share price             7.6%        20.6%         25.8%         26.6%          31.3%   
                                                                                       

*Launched on 13 December 2005.

Sources:  Datastream, BlackRock MLIM.

At month end                                                                                         
                                                                                                     
Net asset value*:                      133.22p     (includes revenue per share of 1.83p*).           
                                                                                                     
Share price:                           124.50p                                                       
                                                                                                     
Discount to NAV:                          6.5%                                                       
                                                                                                     
Net yield:                                3.7%                                                       
                                                                                                     
Gearing:                                  7.5%                                                       
                                                                                                     
Total assets:                          £106.8m                                                       
                                                                                                     
Ordinary shares in issue:           75,600,000                                                       
                                                                                                     
*revenue per share excludes interim dividend paid on 27 April 2007.                                  
                                                                                                     


Sector Analysis               % of Total Assets Country Analysis         % of Total Assets
                                                                                          
Integrated Oil                             25.6 Global                                18.4
                                                                                          
Diversified                                18.9 USA                                   15.6
                                                                                          
Nickel                                     10.5 Australia                             15.3
                                                                                          
Exploration & Production                    8.3 Europe                                13.3
                                                                                          
Aluminium                                   5.2 Canada                                 9.9
                                                                                          
Copper                                      4.6 Latin America                          9.6
                                                                                          
Gold                                        4.0 Asia                                   6.3
                                                                                          
Coal                                        3.5 South Africa                           5.6
                                                                                          
Zinc                                        3.5 China                                  5.2
                                                                                          
Refining and Marketing                      3.2 Russia                                 0.9
                                                                                          
Diamonds                                    2.8 Africa                                 0.7
                                                                                          
Oil Services                                2.4 Current liabilities                  (0.8)
                                                                                          
Platinum                                    2.3                                     ------
                                                                                          
Uranium                                     1.9 Total                                100.0
                                                                                          
Tin                                         1.5                                     ------
                                                                                          
Iron Ore                                    1.3                                           
                                                                                          
Distribution                                0.8                                           
                                                                                          
Mineral Sands                               0.5                                           
                                                                                          
Current liabilities                       (0.8)                                           
                                                                                          
                                         ------                                           
                                                                                          
Total                                     100.0                                           
                                                                                          
                                         ------                                           
                                                                                          
                                                                               
Ten Largest Equity Investments (in alphabetical order)                         
                                                                               
Company                                Region of Risk                          
                                                                               
BHP Billiton                           Global                                  
                                                                               
Chevron                                Global                                  
                                                                               
CVRD                                   Latin America                           
                                                                               
Eramet                                 Europe                                  
                                                                               
Hydro                                  Europe                                  
                                                                               
Jubilee Mines                          Australia                               
                                                                               
Rio Tinto                              Global                                  
                                                                               
Statoil                                Europe                                  
                                                                               
Valero Energy                          USA                                     
                                                                               
Zinifex                                Australia                               
                                                                               
                                                                               

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

May was an exciting month for mining equities, with Alcoa launching a hostile
bid for its main North American competitor, Alcan.  Then Norilsk made a
counter-bid for LionOre, thwarting Xstrata's friendly bid.  The market then
became awash with rumours of a merger between Rio Tinto and BHP Billiton -
helping to positively re-rate both companies.  These deals have one thing in
common - they highlight how companies within the sector are looking to grow
through acquisitions, taking advantage of the low PE multiples on which many
mining companies are trading.  In the energy sector, the oil price traded
around the U$$65/Bbl level.  Concerns about potential Middle Eastern supply
disruptions (due to the political standoff with Iran) combined with actual
supply outages in Nigeria. This happened at a time when US demand for oil is
increasing in the run up to the summer driving season. Meanwhile, the IEA
increased its forecast of required fourth quarter 2007 OPEC oil production to
31.7m Bbl/d, which is some way above the 30.4m Bbl/d OPEC produced in April.

 

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 June 2007