Portfolio Update

Merrill Lynch Commodities Income IT
19 December 2006

MERRILL LYNCH COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 30 November 2006 and unaudited.

Performance at month end with net income reinvested

                                               One               Three                Six                 Since
                                             Month              Months             Months               Launch*

Net asset value                               0.3%                4.4%               5.1%                 11.0%

Share price                                  -0.5%               -2.5%               0.7%                  4.4%

*Launched on 13 December 2005.



Sources:  Datastream, BlackRock Merrill Lynch Investment Managers.
At month end
Net asset value*:                                      105.39p
Share price:                                           101.25p
Premium to NAV:                                           3.9%
Gearing:                                                  4.6%
Revenue per share:                                       1.87p
Total assets:                                           £81.9m
Ordinary shares in issue:                           75,600,000



Sector Analysis                                   % of Total Assets Country Analysis                   % of Total Assets
Integrated Oil                                                 20.5 Europe                                          24.7
Diversified                                                    14.4 USA                                             22.2
Nickel                                                         11.3 Australia                                       20.6
Exploration & Production                                        8.1 Canada                                          11.5
Zinc                                                            6.7 South Africa                                     9.7
Platinum                                                        5.4 Latin America                                    6.7
Iron Ore                                                        5.3 China                                            3.6
Aluminium                                                       5.2 Russia                                           0.7
Coal                                                            4.3 Current assets                                   0.3
Gold                                                            3.5                                               ------
Refining and Marketing                                          3.1 Total                                          100.0
Diamonds                                                        2.8                                               ------
Oil Services                                                    2.6
Copper                                                          2.2
Oil Sands                                                       1.5
Tin                                                             1.2
Distribution                                                    0.9
Mineral Sands                                                   0.7
Current assets                                                  0.3
                                                             ------
Total                                                         100.0
                                                             ------




Ten Largest Equity Investments
Company                                                       Region of Risk
Alcoa Inc                                                     USA
BHP Billiton                                                  Global
Chevron Corporation                                           USA
China Shenhua Energy                                          China
CVRD                                                          Latin America
Eni                                                           Europe
Jubilee Mines                                                 Australia
Rio Tinto                                                     Global
Valero                                                        USA
Zinifex                                                       Australia




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



Gains in nickel, zinc and precious metal prices, together with further M&A
activity kept mining equities well supported during the month, although their
decent US Dollar returns were eroded somewhat by the strength in Sterling.  The
Company's largest holding - Zinifex, one of the world's largest integrated zinc
and lead companies with operations in Australia, the US and the Netherlands -
performed particularly well as zinc prices made an all-time high during the
month.  Freeport McMoran Copper & Gold, which owns the Grasberg deposit in
Indonesia, announced a US$26bn takeover offer for Phelps Dodge.  The friendly
deal - the biggest transaction in the mining sector - provides Freeport with
much needed geographic diversification.  In the energy sector, oil prices moved
back above the US$60/Bbl level as evidence of OPEC's announced production cut
began to emerge, whilst a bout of cold weather in the US boosted demand for
natural gas and heating oil.





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internet, 'BLRKINDEX' on Reuters, 'BLRK' on Bloomberg or '8800' on Topic 3 (ICV
terminal).



19 December 2006


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