Portfolio Update

Merrill Lynch Commodities Income IT
02 November 2006

MERRILL LYNCH COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 31 October 2006 and unaudited.

Performance at month end with net income reinvested

                                               One               Three                Six                 Since
                                             Month              Months             Months               Launch*
Net asset value                               8.5%                1.3%              -3.9%                 10.6%
Share price                                   4.9%               -4.1%             -13.0%                  4.9%

*Launched on 13 December 2005.

Sources:  Datastream, BlackRock Merrill Lynch Investment Managers.

At month end
Net asset value*:                                      105.05p
Share price:                                           101.75p
Premium to NAV:                                           3.1%
Gearing:                                                  8.1%
Revenue per share:                                       1.69p
Total assets:                                           £84.5m
Ordinary shares in issue:                           75,600,000



Sector Analysis                                   % of Total Assets Country Analysis                   % of Total Assets

Integrated Oil                                                 20.5 Europe                                          25.3
Diversified                                                    14.9 Australia                                       21.9
Zinc                                                           10.6 USA                                             18.0
Nickel                                                          8.6 Canada                                          16.7
Exploration & Production                                        7.0 South Africa                                     8.2
Aluminium                                                       5.1 Latin America                                    5.7
Iron Ore                                                        5.1 China                                            3.3
Platinum                                                        4.8 Russia                                           1.0
Oil sands                                                       3.8 Current liabilities                            (0.1)
Oil Services                                                    3.4                                               ------
Coal                                                            3.3 Total                                          100.0
Gold                                                            3.2                                               ------
Diamonds                                                        2.9
Refining and Marketing                                          2.5
Distribution                                                    2.0
Tin                                                             1.1
Mineral Sands                                                   0.7
Copper                                                          0.6
Current liabilities                                           (0.1)
                                                             ------
Total                                                         100.0
                                                             ------




Ten Largest Equity Investments
Company                                                       Region of Risk
BHP Billiton                                                  Global
Canadian Oil Sands                                            Canada
China Shenhua Energy                                          China
CVRD                                                          Latin America
Eni                                                           Europe
Eramet                                                        Europe
Jubilee Mines                                                 Australia
Peyto Energy Trust                                            Canada
Rio Tinto                                                     Global
Zinifex                                                       Australia




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



Commodity markets performed well in October.  Zinc was the star performer
amongst the base metals, rising to a new all-time high of US$1.95/lb.  (To put
this into context, zinc started the year at US$0.87/lb.)  Prices have been
supported by a rapid decline in inventories and a strong pick-up in demand from
the steel industry.  Gold prices made a modest gain to close back above US$600/
oz.  In the energy market, OPEC agreed to cut 1.2 million barrels per day of oil
production from its current production levels, effective 1st November.  This was
a bullish outcome given that previous rhetoric from the cartel suggested a 1
million barrels per day cut.  The market's reaction has been somewhat muted,
however, as traders wait to see whether the cuts will be implemented.
Meanwhile, concerns about the outlook for global economic growth pushed prices
back below the US$60/Bbl level.  Mining and energy shares rose 9.0% and 2.6%
respectively on the month.  Against this background, the Company's NAV performed
well in posting an 8.5% gain.



After the close of business on 31st October, the Canadian government surprised
the market by announcing changes to the taxation of Canadian-domiciled income
trusts.  The change will equalise the tax treatment of income trusts and other
corporations, thereby eliminating any tax advantage enjoyed by the income trust
structure over the corporate structure.  The changes take effect in 2011.  Not
surprisingly, the Canadian stockmarket reacted negatively to the news, with
energy income trusts closing down 13%.  As at close of business on 1st November,
we had 10% of NAV invested in these stocks.





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).



2 November 2006


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