Portfolio Update

Merrill Lynch Commodities Income IT
21 July 2006



MERRILL LYNCH COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 30 June 2006 and unaudited.

Performance at month end is calculated on a capital only basis

                                                      One                 Three                   Since
                                                    Month                Months                 Launch*

Net asset value                                      1.9%                 -4.4%                    7.7%
Share price                                          4.5%                 -5.8%                    8.4%

*Launched on 13 December 2005.

Sources:  Merrill Lynch Investment Managers and Datastream.

At month end
Net asset value*:                                      103.36p
Share price:                                           106.25p
Premium to NAV:                                           2.8%
Net Yield:                                                2.0%
Total assets:                                           £80.7m
Gearing:                                                  4.3%
Ordinary shares in issue:                           75,600,000
*includes net revenue of 0.91p


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

Diversified                                                    20.7 Canada                                          23.4
Integrated Oil                                                 16.4 Europe                                          23.2
Copper                                                          7.0 USA                                             19.0
Exploration & production                                        6.9 Australia                                       11.6
Platinum                                                        6.4 Latin America                                    8.2
Iron Ore                                                        6.3 South Africa                                     7.6
Nickel                                                          6.0 China                                            5.7
Oil Sands                                                       5.9 Russia                                           1.6
Coal                                                            5.7 Asia                                             1.1
Aluminium                                                       5.0 Current Liabilities                            (1.4)
Refining and Marketing                                          3.4                                               ------
Oil Services                                                    3.1 Total                                          100.0
Zinc                                                            2.4                                               ------
Distribution                                                    2.0
Gold                                                            1.6
Tin                                                             1.1
Diamonds                                                        0.8
Mineral Sands                                                   0.7
Current Liabilities                                           (1.4)
                                                             ------
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
Eni                                                           Europe
Peyto Energy Trust                                            Canada
Rio Tinto                                                     Global
Teck Cominco                                                  Canada
Valero Energy                                                 United States




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



Oil prices remained resolutely above the US$70/Bbl level this month, supported
by robust demand from China and production outages in Nigeria.  Concerns about
the reliability of Iran's oil supply - which represents 4.5% of global
production - pushed prices to US$75/Bbl at one point.  Gas prices fell 3.0% as
demand failed to erode the high levels of natural gas in storage left by the
mildest winter in 100 years.  Companies in the energy sector continued to report
strong margin and sales growth and better than expected refining margins.  An
increase in M&A activity reflects, in our view, the inherent value in the
sector.  Several takeovers were announced in the June quarter, with the buyers
paying premiums of up to 50%.  Energy equities closed the month up 2.1% (in
sterling terms).  Metal prices fell sharply in June on concerns about slowing
economic growth and tighter central bank monetary policy.  Zinc prices were
worst affected, falling 15.5%.  For much of the month mining equity prices
continued to be pushed downwards, but in the final week of June there was a very
strong rebound as market sentiment improved.  The HSBC Global Mining Index ended
the month up 0.9% (in sterling terms).  Notwithstanding a slowdown in economic
growth, supply-demand fundamentals for commodities remain robust and prices
should remain well above historic averages.  Higher commodity prices should
translate into higher earnings and dividends for the Company's investments.





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).



21 July 2006


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