Portfolio Update

Merrill Lynch Commodities Income IT
23 June 2006

MERRILL LYNCH COMMODITIES INCOME INVESTMENT TRUST plc

All information is at 31 May 2006 and unaudited.

Performance at month end is calculated on a capital only basis
                                                      One                   One                   Since
                                                    Month                 Month                 Launch*
Net asset value                                     -8.2%                  1.9%                    5.6%
Share price                                        -14.0%                 -3.9%                    3.7%

*Launched on 13 December 2005.

Sources:  Merrill Lynch Investment Managers and Datastream.

At month end
Net asset value*:                                      102.51p
Share price:                                           102.75p
Premium to NAV:                                           0.2%
Total assets:                                           £79.2m
Gearing:                                                  3.9%
Ordinary shares in issue:                           75,600,000
*includes net revenue of 1.64p


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

Integrated Oil                                                 18.5 Europe                                          25.7
Diversified                                                    18.1 Canada                                          23.0
Copper                                                          8.4 USA                                             19.3
Exploration & production                                        7.1 Australia                                       11.9
Coal                                                            7.0 Latin America                                    8.0
Oil Sands                                                       6.5 South Africa                                     5.7
Iron Ore                                                        6.2 China                                            5.6
Nickel                                                          5.7 Russia                                           1.4
Aluminium                                                       5.0 Asia                                             1.3
Platinum                                                        4.5 Current Liabilities                            (1.9)
Oil Services                                                    3.2                                               ------
Refining and Marketing                                          2.9 Total                                          100.0
Zinc                                                            2.9                                               ------
Distribution                                                    1.9
Gold                                                            1.4
Tin                                                             1.0
Diamonds                                                        0.9
Mineral Sands                                                   0.7
Current Liabilities                                           (1.9)
                                                             ------
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
Fording Canadian Coal Trust                                   Canada
Norsk Hydro                                                   Europe
Peyto Energy Trust                                            Canada
Phelps Dodge                                                  USA
Precision Drilling                                            Canada
Rio Tinto                                                     Global




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



Concerns about inflation and economic growth - sparked off by strong commodity
prices and tighter central bank monetary policy - led to significant volatility
in the commodities market in May.  After making a positive start to the month,
the mining and energy equities suffered huge losses as investors rushed to lock
in profits.   The base metals sector were less affected by these fluctuations in
market sentiment and ended the month up strongly, albeit off their highs.
Elsewhere, iron ore producers successfully negotiated a 19% increase in iron ore
prices for 2006.  In the energy sector, crude oil prices ended the month
essentially unchanged at US$71/barrel as geopolitical concerns surrounding
global oil supply outweighed seasonally weaker demand.  Rebel action in Nigeria
disrupted approximately 500,000 barrels per day of oil production, the
equivalent of a significant quota cut by OPEC.  Meanwhile, the continuing debate
over Iran's nuclear programme sustained concerns about Middle Eastern oil
supplies.





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'MLIMINDEX' on Reuters, 'MLIM' on Bloomberg or '8800' on Topic 3 (ICV terminal).



23 June 2006


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