Portfolio Update

MERRILL LYNCH COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 31 July 2007 and unaudited.

Performance at month end with net income reinvested

                         One        Three           Six           One          Since   
                       Month       Months        Months          Year        Launch*   
                                                                                       
Net asset value        -0.8%        10.7%         27.7%         34.1%          46.5%   
                                                                                       
Share price             3.6%        14.4%         33.1%         27.7%          39.7%   
                                                                                       

*Launched on 13 December 2005.

Sources:  Datastream, BlackRock MLIM.

At month end                                                                                             
                                                                                                         
Net asset value - capital only:                                               133.47p                    
                                                                                                         
Net asset value - cum income:                                                 134.95p                    
                                                                                                         
Share price:                                                                  131.25p                    
                                                                                                         
Discount to NAV:                                                                 1.7%                    
                                                                                                         
Net yield:                                                                       3.5%                    
                                                                                                         
Gearing:                                                                         6.5%                    
                                                                                                         
Revenue per share:                                                             1.48p*                    
                                                                                                         
Total assets:                                                                 £108.0m                    
                                                                                                         
Ordinary shares in issue:                                                  75,600,000                    
                                                                                                         
*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                             28.2 Global                                17.7
                                                                                          
Diversified                                20.4 Europe                                15.6
                                                                                          
Exploration & Production                    8.4 USA                                   14.8
                                                                                          
Nickel                                      7.4 Australia                             14.8
                                                                                          
Copper                                      5.3 Latin America                         13.0
                                                                                          
Aluminium                                   4.5 Canada                                 9.3
                                                                                          
Coal                                        4.1 China                                  6.3
                                                                                          
Gold                                        4.0 South Africa                           4.1
                                                                                          
Zinc                                        3.9 Asia                                   3.5
                                                                                          
Platinum                                    3.7 India                                  1.0
                                                                                          
Diamonds                                    2.5 Russia                                 1.0
                                                                                          
Oil Services                                2.5 Africa                                 0.6
                                                                                          
Refining and Marketing                      2.3 Current liabilities                  (1.7)
                                                                                          
Tin                                         1.7                                     ------
                                                                                          
Uranium                                     1.6 Total                                100.0
                                                                                          
Distribution                                0.7                                     ------
                                                                                          
Mineral Sands                               0.5                                           
                                                                                          
Current liabilities                       (1.7)                                           
                                                                                          
                                         ------                                           
                                                                                          
Total                                     100.0                                           
                                                                                          
                                         ------                                           
                                                                                          
                                                                               
Ten Largest Equity Investments (in alphabetical order)                         
                                                                               
Company                                  Region of Risk                        
                                                                               
BHP Billiton                             Global                                
                                                                               
CNOOC                                    China                                 
                                                                               
CVRD                                     Latin America                         
                                                                               
ENI                                      Europe                                
                                                                               
Hydro                                    Europe                                
                                                                               
Jubilee Mines                            Australia                             
                                                                               
Rio Tinto                                Global                                
                                                                               
Southern Copper                          Latin America                         
                                                                               
Statoil                                  Europe                                
                                                                               
Zinifex                                  Australia                             
                                                                               

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

The energy sector began the month in a strong manner, continuing its five month
bull run as the oil price rose to more than $75 per barrel.  These gains were,
however, tempered at the end of the month by a sell-off in global equity
markets on concerns about the US sub-prime mortgage market.  Driving the energy
sector has been a historically high oil price, underpinned by robust growth in
demand from the developing world (China's crude oil imports rose 20%
year-on-year during the first 6 months of 2007) and constrained additions to
supply.  Conversely, in the US natural gas market, rising inventory levels and
production growth have been pushing the commodity price lower as demand
struggles to keep ahead.

The major news over the month was Rio Tinto's US$38.1Bn bid for Alcan, the
Canadian Aluminium producer, topping a previous hostile bid for the company by
Alcoa. The tie-up will give the group the capability to produce around 4.4
million tonnes of aluminium annually, making it by far the world's largest
producer. Demand for metals and minerals remains robust with China, the largest
consumer of most commodities globally, announced during July that its GDP grew
by 11.9% during the 2nd quarter.  The supply side continues to look constrained
with a lack of quality projects coming into production and delays from
industrial action occurring frequently - during July alone Codelco, Xstrata and
Southern Copper all had issues with protests and strikes.


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).

29 August 2007