Portfolio Update

Merrill Lynch Commodities Income IT
24 May 2006

MERRILL LYNCH COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 30 April 2006 and unaudited.

Performance at month end is calculated on a capital only basis
                                                      One                   One                   Since
                                                    Month                 Month                 Launch*
Net asset value                                      2.2%                  7.3%                   15.1%
Share price                                          4.8%                 12.5%                   20.7%

*Launched on 13 December 2005.

Sources:  Merrill Lynch Investment Managers and Datastream.
At month end
Net asset value:                                       111.67p
Share price:                                           119.50p
Premium to NAV:                                           7.0%
Total assets:                                           £86.0m
Gearing:                                                 3.85%
Ordinary shares in issue:                           75,000,000


Sector Weightings                                 % of Total Assets Country Analysis                   % of Total Assets
Diversified                                                    18.0 Europe                                          24.0
Integrated Oil                                                 16.1 Canada                                          22.7
Copper                                                          7.8 USA                                             18.3
Exploration & production                                        7.1 Australia                                       13.6
Iron Ore                                                        7.0 South Africa                                     6.7
Coal                                                            7.0 Latin America                                    6.5
Oil Sands                                                       6.1 China                                            5.8
Nickel                                                          5.8 Kazakhstan                                       2.1
Aluminium                                                       5.6 Russia                                           1.5
Platinum                                                        5.5 Asia                                             1.0
Oil Services                                                    3.2 Current Liabilities                            (2.2)
Refining and Marketing                                          2.9                                               ------
Mineral Sands                                                   2.5 Total                                          100.0
Zinc                                                            2.4                                               ------
Distribution                                                    1.7
Gold                                                            1.5
Diamonds                                                        1.3
Tin                                                             0.7
Current Liabilities                                           (2.2)
                                                             ------
Total                                                         100.0
                                                             ------




Ten Largest Equity Investments
Company                                                       Region of Risk
Anglo American                                                Global
BHP Billiton                                                  Global
Canadian Oil Sands                                            Canada
China Shenhua Energy                                          China
Cia Vale Rio Doce                                             Latin America
Fording Canadian Coal Trust                                   Canada
Impala Platinum Holdings                                      South Africa
Peyto Energy Trust                                            Canada
Precision Drilling                                            Canada
Rio Tinto                                                     Europe




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



Oil prices added another 7.9% in April, ending the month above $70 per barrel.
The focus remained on Iran, whose 4.5% of global oil supply is perceived to be
threatened by the developing geopolitical situation.  On 9 April, President
Ahmadinejad announced that his country had 'joined the nuclear club' by
enriching uranium, and amid the ensuing speculation of US-led military action,
the price of oil reached $74 per barrel.  Other factors include ongoing supply
disruptions in Nigeria, Iraq and Venezuela.  Initial announcements of first
quarter results in the energy sector were marked by healthy refining margins,
and better-than-expected margins and volumes among oil service companies.



The mining sector performed well in April, on the back of strong rises in
commodity prices.  The weaker than expected quarterly production data from Rio
Tinto and BHP Billiton highlight some of the issues in the supply chain.
Unforeseeable events such as the inclement weather in Australia, accidents at
ports and operational problems meant bulk commodity production in the first
quarter failed to meet the market's expectations.  Exports in Australian iron
ore were down 3.2% year on year and coal exports were down 2.0%.  As one of the
largest coal and iron ore exporters, this could have a significant impact on an
already tight market.



In May, sentiment turned sharply negative, prompted by concerns about higher
interest rates.  There resulted a broad-based liquidation across the mining and
energy sectors.  In our view, the sell-off does not reflect any material change
in the long-term fundamentals for commodities.  Demand for raw materials remains
strong, supply growth will be constrained going forward and inventories are at
low levels.





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24 May 2006


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