Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST PLC

All information is at 31 October 2010 and unaudited.

                       One    Three      Six        One     Three    *Since   
                     Month   Months   Months       Year     Years    Launch   
                                                                               
Net asset value       4.6%    12.8%     2.4%      24.5%     -5.2%     71.7%    
Share price           6.3%    13.9%     4.5%      24.4%      1.5%     72.9%    

Sources: Datastream, BlackRock
*13 December 2005

At month end                                                                   
                                                                               
Net asset value - capital only:                    136.39p                     
Net asset value - cum income:                      136.39p                     
Share price:                                       140.00p                     
Premium to NAV (capital only):                        2.6%                     
Net Yield:                                            4.0%                     
Gearing - cum income:                                 2.5%                     
Total assets^:                                    £105.73m                   
Ordinary shares in issue:                       75,600,000                     
C shares in issue**:                            20,000,000                     

^includes current year revenue.
** On 19 October 2010 it was announced that the C Shares in issue would convert
into Ordinary Shares at the rate of 0.7454 Ordinary Shares for every C Share on 
2 November 2010.

                          % of Total                                 % of Total
Sector Analysis               Assets       Country Analysis              Assets
                                                                               
Integrated Oil                  26.7       Global                          20.9
Diversified                     16.9       USA                             19.1
Exploration & Production        13.2       Europe                          14.5
Copper                          10.0       Canada                          13.9
Coal                             5.4       Asia                            11.7
Oil Services                     5.1       Latin America                    7.9
Fertiliser                       4.7       South Africa                     5.9
Iron Ore                         4.0       Australia                        3.7
Aluminium                        3.3       China                            1.6
Nickel                           2.5       Africa                           0.9
Zinc                             2.3       Russia                           0.6
Tin                              2.0       Current liabilities             (0.7)
Platinum                         1.9                                      -----
Distribution                     1.4                                      100.0
Gold                             1.3                                      =====
Current liabilities             (0.7)                                           
                               -----                                           
                               100.0                                           
                               =====                                           

Ten Largest Equity Investments (in alphabetical order)                         
                                                                               
Company                                   Region of Risk                       
                                                                               
Anadarko Petroleum                        USA                                  
BHP Billiton                              Global                               
Eni                                       Europe                               
Exxon Mobil                               Global                               
Freeport-McMoRan                          Asia                                 
Kumba Iron Ore                            South Africa                         
Occidental Petroleum                      USA                                  
Rio Tinto                                 Global                               
Statoil                                   Europe                               
Vale                                      Latin America                        

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

October was another good month for commodity markets, with mining and energy
equities gaining 5.4% and 3.2% respectively. Support from US dollar weakness
and a bullish tone at LME Week underpinned a good run for the mining sector in
the early stages of the month. On 19 October, however, China announced a
25-basis point increase in reserve rates - resulting in a pullback in metal
prices. We view this decision favourably in the long term as it demonstrates
that the government is looking for sustainable economic growth with less
volatility. The market quickly recovered when it refocused on the implications
of yet more Quantitative Easing on commodity markets.

Morgan Stanley and Goldman Sachs have raised their copper forecasts
considerably during the month and the metal emerged from LME Week with
consensus support from the industry. Copper finished the month at US$8,186/
tonne, its highest level since July 2008. In equity news, BHP Billiton and Rio
Tinto were forced to abandon their proposed iron ore joint venture. The
US$116bn deal would have combined production efforts at their iron ore
facilities in Western Australia. The regulatory hurdles to the deal proved
insurmountable. Elsewhere, BHP's all cash bid for Potash Corp of Saskatchewan
was blocked by the Canadian authorities in early November.

JP Morgan and BlackRock have filed with the SEC for permission to launch
physically backed copper ETFs. Further details, such as timing and the costs
involved with the products, are as yet unknown, as are the implications for the
copper market. However, it is not unreasonable to suggest that opening up
another source of demand for the metal could further tighten the market. In the
energy sector, the WTI oil price remained at the high end of its trading range,
rising over the month by 1.8% to close at US$81.4/barrel, partly driven by US
dollar weakness. The US Natural Gas market remained depressed with spot prices
falling by 12.8% to end at US$3.3/mcf.

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).

15 November 2010