Portfolio Update

BLACKROCK COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 31 October 2011 and unaudited.
Performance at month end with net income reinvested

                           One    Three      Six     One   Three     Five
                         Month   Months   Months    Year   Years    Years

Net asset value          12.7%   -10.3%   -13.6%   -0.1%   85.8%    56.3%
Share price               9.2%   -15.9%   -18.3%   -7.2%   79.8%    54.0%

Sources: Datastream, BlackRock

At month end
Net asset value - capital only:     129.33p
Net asset value - cum income**:     130.58p
Share price:                        124.50p
Discount to NAV (cum income):          4.7%
Net yield:                             5.0%
Gearing - cum income:                  0.5%
Revenue per share:                    1.25p
Total assets^^:                    £118.78m
Ordinary shares in issue:        90,508,000

**Includes net revenue of 1.25p.
^^includes current year revenue (excluding dividends paid).

Sector                   % Total     Country                   % Total
Analysis              Cap Assets     Analysis               Cap Assets

Integrated Oil              29.1     Global                       24.1
Diversified                 16.8     Canada                       19.6
Exploration & Production    12.4     USA                          19.0
Coal                         7.5     Europe                       10.3
Copper                       7.2     Latin America                 8.0
Oil Services                 5.4     Asia                          6.8
Gold                         4.3     Australia                     5.1
Oil Sands                    3.0     South Africa                  4.0
Iron Ore                     3.0     Africa                        2.1
Aluminium                    2.8     China                         1.8
Fertilizer                   2.4     Russia                        0.2
Distribution                 1.8     Current liabilities          (1.0)
Nickel                       1.6                                 -----
Zinc                         1.4                                 100.0
Tin                          1.3                                 =====
Platinum                     1.0
Current liabilities         (1.0)
                           -----
                           100.0
                           =====

Ten Largest Equity Investments (in alphabetical order)

Company                      Region of Risk

BHP Billiton                    Global
Chevron                         Global
Coal & Allied Industries        Australia
ExxonMobil                      Global
Kumba Iron Ore                  South Africa
Occidental Petroleum            USA
Peyto Exploration & Development Canada
Rio Tinto                       Global
Total                           Global
Vale                            Latin America
 
Commenting on the markets, Richard Davis, representing the Investment Manager
noted:

Commodity markets staged an impressive relief rally in October following the
sharp falls of the previous two months.  Speculation that Europe would finally
resolve the financial issues reassured markets early in the month, while
positive economic data out of the US provided some momentum to the move back
into risk assets.  In the energy sector, Brent gained 2.5% (in US Dollar terms)
to US$108/Bbl.  In equity news, Anadarko - an important holding in the portfolio -
performed well following announcements regarding its US$4bn settlement with BP
and news that its off shore drilling program in Mozambique had substantially
increased the resource potential of the region.  In Sterling terms, the MSCI
World Energy Index gained 13.0% in October.

In the metal markets, copper finished the month 14.1% higher at US$7,982/
tonne.  Industrial unrest continues to cause significant supply disruption. 
Production out of Freeport McMoran's Grasberg copper-gold mine in Indonesia has
been severely impacted by labour disputes and the company is also struggling to
negotiate a new labour contract at its Cerro Verde copper mine in Peru.  Supply
disruption of this kind has been a significant obstacle for production in
several commodities this year and further output losses can reasonably be
expected.  In the bulk commodities market, iron ore was notable for its
weakness.  Hitherto a pillar of resilience, iron ore spot prices fell sharply
in October, dropping below US$120/tonne from a high for the year of nearly
US$190/tonne (data from Macquarie).  The falls took prices to below its
marginal cost of production and were driven by a number of factors including
record production by the major producers with excess material sold into the
spot market.  However, the low level of inventories at Chinese steel mills and
the fact that the Chinese higher cost marginal production is believed to be
uneconomic at these levels suggest that the fall in iron ore prices is unlikely
to be sustainable.  The HSBC Global Mining Index closed the month up 10.9% (in
Sterling terms). 

11 November 2011

ENDS

Latest information is available by typing www.blackrock.co.uk/brci on the
internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV
terminal).  Neither the contents of the Manager's website nor the contents of
any website accessible from hyperlinks on the Manager's website (or any other
website) is incorporated into, or forms part of, this announcement.

 

 END