Portfolio Update

Merrill Lynch Commodities Income IT
22 August 2006

MERRILL LYNCH COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 31 July 2006 and unaudited.

Performance at month end with net income reinvested
                                                      One                 Three                   Since
                                                    Month                Months                 Launch*
Net asset value                                      1.4%                 -5.1%                    9.2%
Share price                                          0.9%                 -9.3%                    9.4%

*Launched on 13 December 2005.

Sources:  Datastream, Merrill Lynch Investment Managers.
At month end
Net asset value*:                                      104.84p
Share price:                                           107.25p
Premium to NAV:                                           2.3%
Gearing:                                                  7.7%
Total assets:                                           £84.4m
Ordinary shares in issue:                           75,600,000
*includes net revenue of 1.02p


Sector Analysis                                   % of Total Assets Country Analysis                   % of Total Assets
Diversified                                                    19.2 Canada                                          25.1
Integrated Oil                                                 15.0 Europe                                          20.8
Oil Services                                                    7.4 USA                                             17.0
Exploration & Production                                        7.1 Australia                                       11.7
Copper                                                          6.8 Latin America                                   10.3
Nickel                                                          6.3 South Africa                                     9.5
Platinum                                                        6.1 China                                            4.8
Iron Ore                                                        5.7 Russia                                           1.6
Oil Sands                                                       5.7 Asia                                             1.0
Aluminium                                                       5.4 Current liabilities                            (1.8)
Coal                                                            3.4                                               ------
Refining and Marketing                                          3.3 Total                                          100.0
Diamonds                                                        3.1                                               ------
Zinc                                                            2.4
Distribution                                                    1.7
Gold                                                            1.6
Tin                                                             0.9
Mineral Sands                                                   0.7
Current liabilities                                           (1.8)
                                                             ------
Total                                                         100.0
                                                             ------




Ten Largest Equity Investments
Company                                                       Region of Risk
Anglo American                                                Europe
BHP Billiton                                                  Global
Canadian Oil Sands                                            Canada
China Shenhua Energy                                          China
CVRD                                                          Latin America
Falconbridge                                                  Canada
Jubilee Mines                                                 Australia
Peyto Energy Trust                                            Canada
Rio Tinto                                                     Global
Southern Copper                                               Latin American




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



Base metals performed strongly in July, with both copper and nickel benefiting
from supply side disruptions including strikes and production slippages.  After
a strong start to the month, mining equities experienced a mid month sell-off
and any gains were given back at the period end.  Some of the Company's mining
holdings reported excellent quarterly earnings driven by strong commodity
prices.  Teck Cominco, for example, reported a 172% year-on-year increase in
second quarter earnings.  In the energy market, oil prices topped US$77/barrel
mid month, as the Israeli-Hezbollah conflict led to concerns about the security
of Middle Eastern oil supply.  In addition, terrorist action in Nigeria
increased the production outage to more than 600,000 barrels per day.
Meanwhile, natural gas in the US surged 38% as the hot weather drove air
conditioning power demand.  Second quarter results from the energy equities were
largely positive.







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).



22 August 2006


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

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