Portfolio Update

Merrill Lynch Commodities Income IT
18 May 2007

MERRILL LYNCH COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 30 April 2007 and unaudited.

Performance at month end with net income reinvested
                                        One          Three                Six               One            Since
                                      Month          Months            Months              Year           Launch*
Net asset value                        4.2%           15.4%             19.6%             15.0%             32.3%
Share price                            2.7%           16.3%             16.4%              1.2%             22.1%

*Launched on 13 December 2005.

Sources:  Datastream, BlackRock MLIM.
At month end
Net asset value*:                            122.96p       (includes revenue per share of 1.21p).
Share price:                                 115.75p
Discount to NAV:                                5.9%
Net yield:                                      3.9%
Gearing:                                        7.3%
Total assets:                                 £98.8m
Ordinary shares in issue:                 75,600,000



Sector Analysis                                   % of Total Assets Country Analysis                   % of Total Assets
Diversified                                                    18.3 Global                                          18.2
Integrated Oil                                                 15.9 Australia                                       15.7
Nickel                                                         11.1 USA                                             15.1
Copper                                                          8.3 Europe                                          11.7
Exploration & Production                                        8.1 Latin America                                   10.7
Refining and Marketing                                          5.9 Canada                                           9.7
Aluminium                                                       5.0 Asia                                             7.1
Gold                                                            4.3 South Africa                                     5.8
Coal                                                            3.5 China                                            2.5
Zinc                                                            3.5 Russia                                           1.2
Diamonds                                                        2.7 Africa                                           0.1
Platinum                                                        2.6 Current assets                                   2.2
Oil Services                                                    2.5                                               ------
Uranium                                                         1.9 Total                                          100.0
Tin                                                             1.7                                               ------
Iron Ore                                                        1.1
Distribution                                                    0.9
Mineral Sands                                                   0.5
Current assets                                                  2.2
                                                             ------
Total                                                         100.0
                                                             ------




Ten Largest Equity Investments (in alphabetical order)
Company                                                       Region of Risk
BHP Billiton                                                  Global
Chevron                                                       Global
CVRD                                                          Latin America
Eramet                                                        Europe
Freeport McMoran                                              Asia
Jubilee Mines                                                 Australia
Neste Oil                                                     Europe
Rio Tinto                                                     Global
Valero Energy                                                 USA
Zinifex                                                       Australia




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



Commodity markets had another good month in April, with prices supported by
positive news flow on both the supply and demand side.  In terms of demand,
first quarter Chinese GDP came in at 11.1%, above expectations of 10.4%.  The
country's imports of refined copper hit a record level in March of over 200,000
tonnes.  On the supply side, the threat of industrial action heightened market
fears of disruptions.  Workers in Peru (a major copper, zinc, silver and gold
producer) and at the Grasberg copper mine in Indonesia threatened strike action
during the month.  Copper, nickel and zinc all registered double-digit gains in
April.  Supply shortfalls dominated much of the news flow in the energy sector
as well.  Violence surrounding the Presidential elections in Nigeria and reduced
OPEC supply have supported crude through this 'shoulder' period of seasonally
weaker demand between winter and summer in the US.  Meanwhile, supply growth
outside OPEC continues to fall short of expectations.





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).



18 May 2007


                      This information is provided by RNS
            The company news service from the London Stock Exchange