Portfolio Update

Merrill Lynch Commodities Income IT
25 October 2006

MERRILL LYNCH COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 30 September 2006 and unaudited.

Performance at month end with net income reinvested
                                                      One                 Three                   Since
                                                    Month                Months                 Launch*
Net asset value                                     -4.2%                 -5.3%                    1.9%
Share price                                         -6.6%                 -7.7%                    0.0%

*Launched on 13 December 2005.

Sources:  Datastream, BlackRock Merrill Lynch Investment Managers.
At month end
Net asset value*:                                       96.80p
Share price:                                            97.00p
Premium to NAV:                                           0.2%
Gearing:                                                  6.7%
Total assets:                                           £77.4m
Ordinary shares in issue:                           75,600,000
*includes net revenue of 0.93p


Sector Analysis                                   % of Total Assets Country Analysis                   % of Total Assets
Diversified                                                    18.5 Europe                                          25.1
Integrated Oil                                                 17.5 USA                                             18.7
Platinum                                                        7.8 Canada                                          17.1
Nickel                                                          7.8 Australia                                       16.3
Exploration & Production                                        7.3 South Africa                                    11.4
Oil sands                                                       5.2 Latin America                                    9.8
Zinc                                                            5.4 China                                            3.3
Aluminium                                                       5.1 Russia                                           1.2
Copper                                                          5.1 Current Liabilities                            (2.9)
Iron Ore                                                        4.9                                               ------
Oil Services                                                    3.9 Total                                          100.0
Coal                                                            3.3                                               ------
Diamonds                                                        3.1
Refining and Marketing                                          2.7
Distribution                                                    2.2
Gold                                                            1.4
Tin                                                             1.0
Mineral Sands                                                   0.7
Current Liabilities                                           (2.9)
                                                             ------
Total                                                         100.0
                                                             ------

Ten Largest Equity Investments
Company                                                       Region of Risk
Anglo American                                                Europe
Anglo Platinum                                                South Africa
BHP Billiton                                                  Global
Canadian Oil Sands                                            Canada
CVRD                                                          Latin America
Eni                                                           Europe
Jubilee Mines                                                 Australia
Rio Tinto                                                     Global
Southern Copper                                               Latin America
Zinifex                                                       Australia




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



Commodity equities were weaker across the board in September.  In the energy
sector, the equities closed the month down 2.3%.  As it became clear that the
hurricane season concluded without any disruption to output, oil prices fell 10%
to US$63 per barrel, while gas tumbled 38%.  It transpired that the hedge fund
group Amaranth made significant losses on a weakening natural gas price.  Energy
markets were further depressed by a more peaceful tone to the Middle Eastern
political situation.  Lower energy prices helped allay inflationary fears which
in turn sent gold prices lower.  Notwithstanding some modest gains made by the
base metals, mining shares declined 4.9%.

Though markets continue to be jittery, supply and demand fundamentals for the
commodity industry remain robust and equities are looking increasingly
attractive.  Supply side disruptions continue to impact the market, the
repercussions of which should support prices going forward.  Higher commodity
prices have meant many of the Company's holdings are reporting higher earnings
and dividends and increased share buybacks.

At the start of October, Xstrata announced a deeply discounted rights issue to
fund the recent acquisition of Falconbridge.  The Company has taken a
sub-underwriting position in this transaction.  Meanwhile, Gem Diamonds, an
unquoted diamond company held in the portfolio, announced the discovery of a 603
carat diamond at its mine in Lesotho.  The diamond, called the 'Letseng Promise
', is the 15th largest ever found.  We believe that this discovery bodes well
for the company's forthcoming listing.

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).



25 October 2006


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