Portfolio Update

Merrill Lynch Commodities Income IT
30 April 2007

MERRILL LYNCH COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 31 March 2007 and unaudited.

Performance at month end with net income reinvested
                                        One          Three                Six               One            Since
                                      Month          Months            Months              Year           Launch*
Net asset value                        8.2%           11.4%             24.5%             12.8%             27.0%
Share price                            9.2%            9.2%             18.9%              3.3%             18.9%

*Launched on 13 December 2005.

Sources:  Datastream, BlackRock MLIM.
At month end
Net asset value*:                            117.97p       (includes revenue per share of 0.89p).
Share price:                                 112.75p
Discount to NAV:                                4.4%
Net yield:                                      4.0%
Gearing:                                       11.1%
Total assets:                                 £98.3m
Ordinary shares in issue:                 75,600,000



Sector Analysis                                   % of Total Assets Country Analysis                   % of Total Assets
Diversified                                                    17.3 Global                                          17.9
Integrated Oil                                                 14.2 Australia                                       16.3
Nickel                                                         10.8 USA                                             14.8
Copper                                                         10.0 Europe                                          12.2
Refining and Marketing                                          8.1 Latin America                                   11.2
Exploration & Production                                        7.9 South Africa                                    10.5
Platinum                                                        7.6 Canada                                           9.5
Aluminium                                                       4.9 Asia                                             5.8
Gold                                                            4.4 China                                            2.5
Coal                                                            3.5 Africa                                           1.2
Zinc                                                            3.3 Russia                                           0.8
Diamonds                                                        2.6 Current liabilities                            (2.7)
Oil Services                                                    2.4                                               ------
Uranium                                                         1.9 Total                                          100.0
Tin                                                             1.5                                               ------
Iron Ore                                                        1.0
Distribution                                                    0.8
Mineral Sands                                                   0.5
Current liabilities                                           (2.7)
                                                             ------
Total                                                         100.0
                                                             ------




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




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



Commodity markets registered strong gains in March.  In the base metals sector,
copper prices moved back above the US$3/lb level for the first time since
mid-December last year.  Meanwhile, nickel prices rose to another all-time high
of over US$50,000/tonne.  Renewed strength in China's consumption, coupled with
the announcement that it anticipated demand to maintain momentum through 2007
drove the sector higher.  The HSBC Global Mining Index finished the month up
6.6% (in Sterling terms).  Oil prices were lifted by the recent tensions between
the UK and Iran.  WTI (West Texas Intermediate) rose to US$66/Bbl.  The MSCI
World Energy Index was up 5.7% (in Sterling terms).




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).



30 April 2007


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