Portfolio Update

Merrill Lynch Commodities Income IT
20 April 2006


MERRILL LYNCH COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 31 March 2006 and unaudited.

Performance at month end is calculated on a capital only basis

                                                      One                   One                   Since
                                                    Month                 Month                 Launch*

Net asset value                                      8.6%                 12.1%                   12.6%
Share price                                          6.6%                 11.7%                   15.1%

*Launched on 13 December 2005.

Sources:  Merrill Lynch Investment Managers and Datastream.

At month end
Net asset value:                                       109.25p
Share price:                                           114.00p
Premium to NAV:                                           4.3%
Total assets:                                           £82.9m
Gearing:                                                  2.0%
Ordinary shares in issue:                           75,000,000


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

Diversified                                                    17.7 Europe                                          23.3
Integrated Oil                                                 13.8 Canada                                          23.3
Copper                                                          9.5 USA                                             18.0
Coal                                                            7.1 Australia                                       13.3
Exploration & production                                        7.0 South Africa                                     7.8
Platinum                                                        6.5 Latin America                                    6.0
Oil Sands                                                       6.1 China                                            5.3
Iron Ore                                                        6.0 Kazakhstan                                       2.1
Aluminium                                                       5.9 Russia                                           1.4
Nickel                                                          5.5 Asia                                             1.0
Oil Services                                                    3.1 Current Liabilities                            (1.5)
Refining and Marketing                                          2.9                                               ------
Mineral Sands                                                   2.8 Total                                          100.0
Zinc                                                            2.3                                               ------
Distribution                                                    1.8
Diamonds                                                        1.5
Gold                                                            1.4
Tin                                                             0.6
Current Liabilities                                           (1.5)
                                                             ------
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:



Commodities registered some excellent returns during the month.  Zinc and copper
were the top performing base metals with US$ gains of 16.8% and 14.2%
respectively.  Both metals registered new all-time highs.  Strong demand and
limited new supply continue to drive prices.  Supply-side issues have been
particularly acute in the zinc market in recent months, where a number of
production failures and closures have resulted in a large drawdown in metal
inventories.


In the energy sector, oil and gas prices were up 8.5% and 5.0% respectively.
Supply disruptions in Nigeria, the North Sea and the Gulf of Mexico provided
upward pressure on prices despite unusual stock builds during the quarter.
Iran's plans to develop nuclear capabilities and a slowdown in Russia's oil
production growth were also supportive of prices.  Meanwhile, China's crude
imports for the first two months of 2006 rose 34.3% year-on-year.


Going forward, we believe strong demand and weak supply growth could sustain the
bullish trend in commodity prices.  Equities are attractively priced in our
view.


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).



20 April 2006


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