Portfolio Update

Merrill Lynch Commodities Income IT
26 September 2006



MERRILL LYNCH COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 31 August 2006 and unaudited.

Performance at month end with net income reinvested

                                                      One                 Three                   Since
                                                    Month                Months                 Launch*
Net asset value                                     -2.6%                  0.7%                    6.4%
Share price                                         -2.1%                  3.2%                    7.1%

*Launched on 13 December 2005.

Sources:  Datastream, Merrill Lynch Investment Managers.


At month end
Net asset value*:                                      102.12p
Share price:                                           105.00p
Premium to NAV:                                           2.8%
Gearing:                                                  8.7%
Total assets:                                           £82.5m
Ordinary shares in issue:                           75,600,000
*includes net revenue of 1.66p


Sector Analysis                           % of Total Assets      Country Analysis                   % of Total Assets
Diversified                                            19.9      Europe                                          24.2
Integrated Oil                                         15.0      USA                                             18.1
Platinum                                                7.9      Canada                                          17.4
Exploration & Production                                7.4      Australia                                       14.3
Nickel                                                  6.4      South Africa                                    11.4
Oil sands                                               5.3      Latin America                                    9.1
Aluminium                                               4.9      China                                            3.4
Zinc                                                    4.8      Russia                                           1.1
Copper                                                  4.7      Current assets                                   1.0
Iron Ore                                                4.7                                                    ------
Oil services                                            4.1      Total                                          100.0
Coal                                                    3.4                                                    ------
Diamonds                                                2.9
Refining and Marketing                                  2.8
Distribution                                            2.0
Gold                                                    1.1
Tin                                                     1.0
Mineral Sands                                           0.7
Current assets                                          1.0
                                                     ------
Total                                                 100.0
                                                     ------




Ten Largest Equity Investments
Company                                                       Region of Risk
Anglo American                                                Europe
Anglo Platinum                                                South Africa
BHP Billiton                                                  Global
Canadian Oil Sands                                            Canada
CVRD                                                          Latin America
Eni                                                           Europe
Jubilee Mines                                                 Australia
Rio Tinto                                                     Global
Southern Copper                                               Latin American
Zinifex                                                       Australia




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



The mining markets were seasonally quiet during August.  The MG Base Metal Index
closed at a similar level to the previous month despite a strong rise in the
nickel price.  This was caused by exceptionally tight markets, with global
inventories of nickel hitting extremely low levels.  Corporate activity
continued apace with CVRD, the Brazilian iron ore producer, making an all-cash
bid for Inco.  Mining equities closed the month down 1.1%.  In the energy
markets, the price of oil fell back to US$70/Bbl, as supply concerns reduced
slightly following the ceasefire in Lebanon.  Meanwhile, in the US, oil and gas
production has so far escaped the threat of annual hurricanes which were
expected to disrupt supply.  Energy equities sold off indiscriminately in
August, with the MSCI World Energy Index down 5.1%.  With few identifiable
trends, low trading volumes over the holiday season exaggerated price moves.









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).



26 September 2006


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