Portfolio Update

MERRILL LYNCH COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 30 September 2007 and unaudited.

Performance at month end with net income reinvested

                         One        Three           Six           One          Since   
                       Month       Months        Months          Year        Launch*   
                                                                                       
Net asset value        17.1%        12.7%         31.0%         63.1%          66.3%   
                                                                                       
Share price            20.5%        17.7%         33.4%         58.7%          58.8%   
                                                                                       

*Launched on 13 December 2005.

Sources:  Datastream, BlackRock MLIM.

At month end                                                                                             
                                                                                                         
Net asset value - capital only:                                               150.43p                    
                                                                                                         
Net asset value - cum income:                                                 152.10p                    
                                                                                                         
Share price:                                                                  148.00p                    
                                                                                                         
Discount to NAV (capital only):                                                  1.6%                    
                                                                                                         
Net yield:                                                                       3.2%                    
                                                                                                         
Gearing:                                                                         4.5%                    
                                                                                                         
Revenue per share:                                                             1.67p*                    
                                                                                                         
Total assets:                                                                 £109.7m                    
                                                                                                         
Ordinary shares in issue:                                                  69,610,662                    
                                                                                                         
5,989,338 shares were tendered and bought back for £7,775,000.                                           
                                                                                                         
*revenue per share excludes the first interim dividend paid on 27 April 2007                             
and the second interim dividend paid on 27 July 2007.                                                    
   

Sector Analysis               % of Total Assets Country Analysis         % of Total Assets
                                                                                          
Integrated Oil                             27.4 Global                                18.7
                                                                                          
Diversified                                20.3 Australia                             15.3
                                                                                          
Exploration & Production                    8.8 USA                                   14.0
                                                                                          
Nickel                                      8.1 Europe                                13.8
                                                                                          
Gold                                        5.6 Canada                                11.1
                                                                                          
Coal                                        5.6 Latin America                          9.6
                                                                                          
Platinum                                    4.8 China                                  7.7
                                                                                          
Aluminium                                   4.4 Asia                                   4.0
                                                                                          
Copper                                      3.9 South Africa                           3.8
                                                                                          
Zinc                                        3.5 India                                  1.1
                                                                                          
Oil Services                                2.9 Russia                                 1.1
                                                                                          
Uranium                                     1.6 Africa                                 0.7
                                                                                          
Tin                                         1.5 Current liabilities                  (0.9)
                                                                                          
Refining and Marketing                      0.9                                     ------
                                                                                          
Distribution                                0.7 Total                                100.0
                                                                                          
Diamonds                                    0.5                                     ------
                                                                                          
Mineral Sands                               0.4                                           
                                                                                          
Current liabilities                       (0.9)                                           
                                                                                          
                                         ------                                           
                                                                                          
Total                                     100.0                                           
                                                                                          
                                         ------                                           
                                                                                          
                                                                            
Ten Largest Equity Investments (in alphabetical order)                         
                                                                               
Company                                        Region of Risk                  
                                                                               
BHP Billiton                                   Global   

Chevron Corporation                            USA                       
                                                                               
China Shenhua Energy                           China                           
                                                                               
CNOOC                                          China                           
                                                                               
CVRD                                           Latin America                   
                                                                               
Eni                                            Europe                          
                                                                        
Jubilee Mines                                  Australia                       
                                                                               
Rio Tinto                                      Global                          
                                                                               
Statoil Hydro                                  Europe                            
                                                                               
Zinifex                                        Australia                       
                                                                               

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

Energy markets rebounded firmly from the sub-prime-induced volatility, helped
by the oil price (WTI) which reached US$83.3/Bbl with robust demand for US
gasoline led refineries to draw down crude oil from inventories.  OPEC's
decision to increase production by 500,000 barrels per day was viewed
sceptically by the market, and may be too little to offset the low rate of
non-OPEC supply growth.  On the demand side, the decision by the US Federal
Reserve to cut interest rates also provided some comfort to the market as it
may help sustain demand for oil.  Meanwhile, Chinese demand for oil continues
to impress, with year-to-date oil imports up 18% compared with the same period
last year.  Mining markets also rebounded in September.  With China now the
largest consumer of metals, the market recognised that a slow down in the US
housing market would have limited effect on global metal demand.

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).


31 October 2007