Portfolio Update

Merrill Lynch Commodities Income IT
10 March 2006


MERRILL LYNCH COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 28 February 2006 and unaudited.

Performance at month end is calculated on a capital only basis
                                                    One                 Since
                                                  Month               Launch*
Net asset value                                   -3.4%                  3.6%
Share price                                        0.7%                  8.0%

*Launched on 13 December 2005.

Sources:  Merrill Lynch Investment Managers and Datastream.
At month end
Net asset value:                                       101.55p
Share price:                                           108.00p
Premium to NAV:                                           6.4%
Total assets:                                           £78.8m
Gearing:                                                 4.75%
Ordinary shares in issue:                           75,000,000


Sector Weightings                                 % of Total Assets Country Analysis      % of Total Assets
Diversified                                17.2                     Canada                       24.3
Integrated Oil                             16.0                     Europe                       22.4
Platinum                                   10.8                     USA                          17.9
Copper                                     8.1                      South Africa                 11.8
Coal                                       6.8                      Australia                    11.7
Exploration & production                   6.3                      Latin America                6.2
Aluminium                                  6.2                      China                        4.8
Oil Sands                                  6.0                      Kazakhstan                   1.8
Iron Ore                                   5.7                      Russia                       1.5
Nickel                                     5.2                      Asia                         0.9
Oil Services                               3.2                      Current Liabilities          (3.3)
Refining and Marketing                     2.7                                                  ------
Distribution                               2.1                      Total                        100.0
Zinc                                       2.0                                                  ------
Diamonds                                   1.9
Mineral Sands                              1.6
Gold                                       1.5
Current Liabilities                       (3.3)
                                         ------
Total                                    100.0
                                         ------




Ten Largest Equity Investments
Company                                                       Region of Risk
BHP Billiton                                                  Europe
Canadian Oil Sands                                            Canada
Cia Vale Rio                                                  Latin America
Fording Canadian Coal Trust                                   Canada
Impala Platinum Holdings                                      South Africa
Jubilee Mines                                                 Australia
Lonmin                                                        South Africa
Peyto Energy Trust                                            Canada
Precision Drilling                                            Canada
Rio Tinto                                                     Europe




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

Commodities were weaker across the board in February.  In the absence of any
specific supply-demand news, the sell-off was prompted by a combination of
factors including weakness in the general equity markets and a rise in the US
Dollar.  In the energy sector, oil fell US$6.5/Bbl US$61.4/Bbl, despite ongoing
supply disruptions in Nigeria, strikes in Argentina and the thwarted attempt to
sabotage Saudi Arabia's oil processing facility at Abqaiq.

In equity news, several companies reported excellent financial results for 2005.
Consequently, a number of the Company's investments have announced significant
increases to dividend payments.

The falls in commodity prices this month did not reflect any change in the
industry fundamentals.  Demand for metals remains strong, while high prices have
failed to bring on significant new production.  The fundamentals in the energy
sector are also positive.  Oil demand continues to grow even with prices above
the US$60/Bbl level.  On the supply side, growth is constrained by
underinvestment in all stages of the supply chain.


Latest information is available by typing www.mlim.co.uk/its on the internet,
'MLIMINDEX' on Reuters, 'MLIM' on Bloomberg or '8800' on Topic 3 (ICV terminal).



10 March 2006


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