Portfolio Update

MERRILL LYNCH COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 30 June 2007 and unaudited.

Performance at month end with net income reinvested

                         One        Three           Six           One          Since   
                       Month       Months        Months          Year        Launch*   
                                                                                       
Net asset value         2.9%        16.2%         29.5%         37.1%          47.6%   
Share price             2.7%        13.4%         23.9%         24.5%          34.9%   
                                                                                       
*Launched on 13 December 2005.

Sources:  Datastream, BlackRock MLIM.

At month end                                                                                         
                                                                                                     
Net asset value:                       135.98p    (includes revenue per share of 1.06p**).           
Share price:                           126.75p                                                       
Discount to NAV:                          6.8%                                                       
Net yield:                                3.7%                                                       
Gearing:                                  8.3%                                                       
Total assets:                          £110.5m                                                       
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                             27.5 Global                                17.2
Diversified                                19.5 Europe                                16.1
Nickel                                      9.4 USA                                   15.1
Exploration & Production                    7.9 Australia                             14.9
Aluminium                                   5.0 Canada                                 9.0
Gold                                        4.1 Latin America                          8.8
Coal                                        3.7 China                                  5.9
Platinum                                    3.7 Asia                                   5.9
Zinc                                        3.6 South Africa                           5.1
Refining and Marketing                      3.0 India                                  0.9
Copper                                      2.7 Russia                                 0.9
Diamonds                                    2.4 Africa                                 0.6
Oil Services                                2.4 Current liabilities                  (0.4)
Uranium                                     1.8                                     ------
Tin                                         1.5 Total                                100.0
Iron Ore                                    1.0                                     ------
Distribution                                0.7                                           
Mineral Sands                               0.5                                           
Current liabilities                       (0.4)                                           
                                         ------                                           
Total                                     100.0                                           
                                         ------                                           
                                                                               
Ten Largest Equity Investments (in alphabetical order)                         
                                                                               
Company                                Region of Risk                          
                                                                               
BHP Billiton                           Global                                  
CVRD                                   Latin America                           
CNOOC                                  China                                   
ENI                                    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:

Nickel prices fell 30% (in US Dollar terms) during the month, albeit from very
high levels.  The move came in response to rising LME inventories and rumours
of production cuts by the stainless steel producers.  Elsewhere, copper prices
made some gains on news of labour disputes at some of the large producers. 
Mining equities made modest gains during the month.  Crude oil prices averaged
above US$60/Bbl (WTI) for the June quarter and finished the period at US$71/
Bbl.  OPEC maintained its reduced level of production, and geopolitical
concerns surrounding the reliability of oil supplies from Iran and Nigeria
continued to concern the market. The refining sector has benefited from a
scarcity of gasoline at the onset of the summer driving season in the US. 
Energy equities closed the month up 2.2%.



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internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal).

24 July 2007