Portfolio Update

Merrill Lynch Commodities Income IT
26 January 2007

MERRILL LYNCH COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 31 December 2006 and unaudited.

Performance at month end with net income reinvested

                                        One          Three                Six               One            Since
                                      Month          Months            Months              Year           Launch*
Net asset value                        2.7%           11.8%             13.5%              7.1%             13.9%
Share price                            4.3%            8.8%              5.7%              1.7%              8.9%

*Launched on 13 December 2005.

Sources:  Datastream, BlackRock Merrill Lynch Investment Managers.
At month end

Net asset value*:                                      106.88p
Share price:                                           104.25p
Discount to NAV:                                          2.5%
Gearing:                                                  5.0%
Revenue per share:                                       0.94p
Total assets:                                           £84.2m
Ordinary shares in issue:                           75,600,000



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

Integrated Oil                                                 18.7 Europe                                          24.9
Diversified                                                    14.3 USA                                             22.0
Nickel                                                         10.6 Australia                                       18.6
Exploration & Production                                        8.8 Canada                                          13.4
Iron Ore                                                        6.4 South Africa                                     9.0
Copper                                                          6.1 Latin America                                    6.7
Platinum                                                        5.7 China                                            4.4
Zinc                                                            5.4 Other Asia                                       0.8
Coal                                                            5.2 Current assets                                   0.2
Aluminium                                                       5.0                                               ------
Gold                                                            3.3 Total                                          100.0
Refining and Marketing                                          2.8                                               ------
Oil Services                                                    2.4
Oil Sands                                                       1.5
Tin                                                             1.3
Distribution                                                    1.0
Diamonds                                                        0.7
Mineral Sands                                                   0.6
Current assets                                                  0.2
                                                             ------
Total                                                         100.0
                                                             ------




Ten Largest Equity Investments
Company                                                       Region of Risk

BHP Billiton                                                  Global
Chevron Corporation                                           USA
China Shenhua Energy                                          China
CVRD                                                          Latin America
Eni                                                           Europe
Eramet                                                        Europe
Freeport McMoran                                              USA
Jubilee Mines                                                 Australia
Rio Tinto                                                     Global
Zinifex                                                       Australia




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



In bulk commodity news, the iron ore price negotiations for the 2007 contract
were completed surprisingly early.  Baosteel, representing the Chinese steel
producers, negotiated a 9.5% increase in prices with CVRD, BHP Billiton and Rio
Tinto.  Mining equities gained 0.9% (in Sterling terms) on the month, with CVRD
up 7.7%.  In the energy market, crude oil drifted marginally lower to a close of
US$61.1/Bbl.  Prices have been negatively impacted by the mild weather in the
US, where temperatures averaged 11% above normal in the fourth quarter.  Gas
prices were also weaker.  Meanwhile, China announced that it will allow coal
producers and consumers to set their own prices without state interference in
2007.  The portfolio's Chinese coal stock - China Shenhua Energy - gained 25.1%
on the month.  The MSCI World Energy Index fell 1.3%.



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).



26 January 2007


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