Portfolio Update

Merrill Lynch Commodities Income IT
16 March 2007



MERRILL LYNCH COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 28 February 2007 and unaudited.

Performance at month end with net income reinvested


                                        One          Three                Six               One            Since
                                      Month          Months            Months              Year           Launch*

Net asset value                        2.3%            5.7%             10.3%             13.2%             17.3%
Share price                            3.7%            4.3%              1.7%              0.8%              8.9%

*Launched on 13 December 2005.

Sources:  Datastream, BlackRock MLIM.

At month end
Net asset value*:                            110.02p       (includes revenue per share of 0.95p).
Share price:                                 104.25p
Discount to NAV:                                5.2%
Net yield:                                      4.3%
Gearing:                                       12.9%
Total assets:                                 £93.1m
Ordinary shares in issue:                 75,600,000



Sector Analysis                                   % of Total Assets Country Analysis                   % of Total Assets

Integrated Oil                                                 16.1 USA                                             23.5
Copper                                                         14.6 Europe                                          21.0
Diversified                                                    12.1 Latin America                                   15.6
Nickel                                                         10.0 Australia                                       15.3
Exploration & Production                                        9.9 Canada                                          11.4
Iron Ore                                                        5.5 South Africa                                     8.3
Platinum                                                        5.1 China                                            2.8
Aluminium                                                       4.9 Other Asia                                       0.8
Coal                                                            3.6 Current assets                                   1.3
Gold                                                            3.2                                               ------
Zinc                                                            2.9 Total                                          100.0
Refining and Marketing                                          2.9                                               ------
Diamonds                                                        2.9
Oil Services                                                    2.2
Tin                                                             1.5
Distribution                                                    0.8
Mineral Sands                                                   0.5
Current assets                                                  1.3
                                                             ------
Total                                                         100.0
                                                             ------



Ten Largest Equity Investments (in alphabetical order)

Company                                                       Region of Risk
Alcoa                                                         USA
BHP Billiton                                                  Global
China Shenhua Energy                                          China
CVRD                                                          Latin America
Freeport McMoran                                              USA
Jubilee Mines                                                 Australia
Rio Tinto                                                     Global
Southern Copper                                               Latin America
Valero Energy                                                 USA
Zinifex                                                       Australia



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

For much of February, the metals market was extremely strong, with metals
bouncing off their January lows.  The market then gave back some of its
performance in the last few days of the month driven by a combination of reasons
including fears over China's economic growth and the unwinding of the Yen carry
trade.  It is important to note that many of the price moves were caused by
technical, not fundamental, reasons.  Mining shares, in Sterling terms, closed
the month up 3.1%.  Of particular note in the mining equity market was that BHP
Billiton, Rio Tinto and Anglo American pledged to buy back in excess of US$20bn
worth of stock between them this year.  In the energy sector, OPEC began their
February production cut during the month, although it was less than planned due
to a more bullish stance from Saudi Arabia and other members.  Indeed, economic
data coming out of the US and China appears to be vindicating their confidence.
These factors contributed to WTI moving to its highest levels for a year,
reaching US$62 during intra-day trading on the 27th February.  Notwithstanding
the firmer oil price, energy equities fell 1.9% in February.


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).


16 March 2007


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