UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number:   811-05542      

BlackRock Income Trust, Inc.
(Exact name of registrant as specified in charter)

100 Bellevue Parkway, Wilmington, DE 
 
19809 
(Address of principal executive offices) 
 
(Zip code) 

Robert S. Kapito, President
BlackRock Income Trust, Inc.
40 East 52nd Street, New York, NY 10022
(Name and address of agent for service)

Registrant's telephone number, including area code:   888-825-2257                  

Date of fiscal year end:      October 31, 2007
Date of reporting period:    January 31, 2007

Item 1. Schedule of Investments.

The Registrant’s unaudited schedule of investments as of the close of the reporting period pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows:

PORTFOLIO OF INVESTMENTS (unaudited)
JANUARY 31, 2007
BlackRock Income Trust Inc. (BKT)
(Percentage of Net Assets)

   
Principal
         
    Amount          
Rating1
     
(000)
     
Description
   
Value
        LONG-TERM INVESTMENTS—117.0%      
        Mortgage Pass-Through Securities—27.4%      
        Federal Home Loan Mortgage Corp.,      
    $       775 2    4.019%, 1/01/35  
$
 768,092
    1,034 2    4.96%, 10/01/34     1,019,372
    700      5.50%, 1/01/22     696,392
    29 2    6.01%, 11/01/17     28,802
    71      6.50%, 5/01/29-5/01/30     72,928
    2      7.50%, 2/01/23     2,425
    26      8.00%, 11/01/15     26,714
    —      8.50%, 4/01/07-3/01/08     263
    148      9.00%, 9/01/20     158,437
    9,100      TBA, 5.50%, 2/15/22     9,051,661
        Federal National Mortgage Assoc.,      
    33,046      5.00%, 6/01/33-11/01/36     31,758,337
    16,296      5.50%, 3/01/34-8/01/34     16,057,596
    3,125      5.97%, 8/01/16     3,239,258
    6,924      6.00%, 11/01/31-10/01/36     6,961,170
    17,169      6.50%, 2/01/26-11/01/36     17,471,721
    —      7.50%, 2/01/22     264
    103      8.00%, 5/01/08-5/01/22     103,340
    4      9.50%, 1/01/19-9/01/19     4,375
    25,000      TBA, 5.50%, 2/15/22     24,890,625
        Government National Mortgage Assoc.,      
    50      7.00%, 10/15/17     51,544
    449      7.50%, 8/15/21-12/15/23     463,290
    233      8.00%, 10/15/22-2/15/29     245,310
    24      9.00%, 6/15/18-9/15/21     25,532
        Total Mortgage Pass-Through Securities     113,097,448
        Federal Housing Administration Securities—2.0%      
    401   General Motors Acceptance Corp. Colonial, 7.40%, 12/01/22     401,304
        General Motors Acceptance Corp. Projects,      
    295 3    Ser. 51, 7.43%, 2/01/23     295,339
    589      Ser. 56, 7.43%, 11/01/22     590,713
    51 4 Merrill Projects, Ser. 54, 7.43%, 5/15/23     50,965
    789   Reilly Project, Ser. 41, 8.28%, 3/01/20     788,515
        USGI Projects,      
    109      Ser. 87, 7.43%, 12/01/22     109,305
    339      Ser. 99,7.43%, 10/01/23     339,595
    5,598      Ser. 6094, 7.43%, 6/01/21     5,611,869
        Total Federal Housing Administration Securities     8,187,605
        Agency Multiple Class Mortgage Pass-Through Securities—29.8%      
        Federal Home Loan Mortgage Corp.,      
    4,626 2    Ser. 11, Class A9, 2.327%, 1/25/28     3,411,796
    242      Ser. 19, Class F, 8.50%, 3/15/20     241,428
    849      Ser. 40, Class K, 6.50%, 8/17/24     868,404
    1 2    Ser. 192, Class U, 1,009.033%, 2/15/22     9
    18      Ser. 1057, Class J, 1,008.001%, 3/15/21     3,206
    3,000      Ser. 1598, Class J, 6.50%, 10/15/08     2,998,038
    485      Ser. 1961, Class H, 6.50%, 5/15/12     489,000
    8,919      Ser. 2218, Class Z, 8.50%, 3/15/30     9,760,427
    15,222      Ser. 2461, Class Z, 6.50%, 6/15/32     15,574,663
    10,200      Ser. 2542, Class UC, 6.00%, 12/15/22     10,426,467
    2,475      Ser. 2562, Class PG, 5.00%, 1/15/18     2,410,124
    928      Ser. 2564, Class NC, 5.00%, 2/15/33     846,506
    2,050      Ser. 2750, Class TC, 5.25%, 2/15/34     2,006,850
    11,801      Ser. 2758, Class KV, 5.50%, 5/15/23     11,730,019
    1,573      Ser. 2765, Class UA, 4.00%, 3/15/11     1,492,265
    3,344      Ser. 2806, Class VC, 6.00%, 12/15/19     3,394,425
    2,305      Ser. 2927, Class BZ, 5.50%, 2/15/35     2,229,456

1

BlackRock Income Trust Inc. (BKT) (continued)
(Percentage of Net Assets)

   
Principal
         
   
Amount
         
Rating1
     
(000)
           Description    
Value
        Agency Multiple Class Mortgage Pass-Through Securities—(cont'd)      
    $       2,749      Ser. 2996, Class MK, 5.50%, 6/15/35  
$
 2,758,613
    1,633      Ser. 3179, Class Z, 5.75%, 12/15/18     1,624,740
    94      Ser. 3193, Class ZA, 6.00%, 7/15/36     93,961
    1,909      Ser. 3227, Class CZ, 6.00%, 8/15/36     1,897,302
        Federal National Mortgage Assoc.,      
    1,270 2    Ser. 2, Class KP, 1.133%, 2/25/35     1,197,626
    5,549      Ser. 28, Class PB, 6.00%, 8/25/28     5,559,063
    2,381      Ser. 29, Class HC, 7.50%, 7/25/30     2,508,462
    2,251      Ser. 31, Class ZG, 7.50%, 5/25/34     2,582,733
    7,677      Ser. 32, Class VT, 6.00%, 9/25/15     7,764,242
    68 2    Ser. 38, Class F, 8.325%, 4/25/21     69,807
    5,866      Ser. 38, Class Z, 5.00%, 5/25/36     5,826,748
    3,005      Ser. 68, Class PC, 5.50%, 7/25/35     3,007,785
    12,264      Ser. 135, Class PB, 6.00%, 1/25/34     12,306,798
        Government National Mortgage Assoc.,      
    1,187      Ser. 5, Class Z, 7.00%, 5/16/26     1,229,027
    2,073      Ser. 33, Class PB, 6.50%, 7/20/31     2,101,299
    4,532      Ser. 89, Class PE, 6.00%, 10/20/34     4,596,241
        Total Agency Multiple Class Mortgage Pass-Through Securities     123,007,530
        Non-Agency Multiple Class Mortgage Pass-Through Securities—10.7%      
AAA
  6,889   CWALT, Inc., Ser. 28CB, Class 1A5, 5.50%, 8/25/35     6,875,012
      GSR Mortgage Loan Trust,      
AAA
  4,509 2    Ser. 10, Class 2A1, 4.474%, 10/25/33     4,317,936
AAA
  4,505 2    Ser. 13, Class 1A1, 4.502%, 10/25/33     4,304,426
AAA
  1,796   MASTR Alternative Loan Trust, Ser. 7, Class 4A3, 8.00%, 11/25/18     1,884,691
AAA
  8,144   MASTR Asset Securitization Trust, Ser. 12, Class 3A5, 5.25%, 10/25/14     7,977,360
AAA
  6,462 2 Residential Asset Securitization Trust, Ser. A8, Class A2, 5.67%, 10/25/18     6,445,161
AAA
  10,723   Residential Funding Securities Corp., Ser. RM2, Class AI5, 8.50%, 5/25/33     11,506,938
AAA
  5,978 2 Structured Adjustable Rate Mortgage Loan Trust, Ser. 18, Class 7AX, 5.50%, 9/25/35     927,488
AAA
  26 2,5,6 Summit Mortgage Trust, Ser. 1, Class B1, 6.581%, 12/28/12     25,888
        Total Non-Agency Multiple Class Mortgage Pass-Through Securities     44,264,900
        Inverse Floating Rate Mortgage Securities—3.6%      
        Federal Home Loan Mortgage Corp.,      
    36 2    Ser. 1160, Class F, 17.319%, 10/15/21     36,232
    203 2,7    Ser. 1616, Class SB, 8.50%, 11/15/08     204,976
    598 2    Ser. 1688, Class S, 9.223%, 12/15/13     608,624
    5,085 2    Ser. 3167, Class SX, 5.58%, 6/15/36     5,005,317
        Federal National Mortgage Assoc.,      
    41 2    Ser. 7, Class S, 541.833%, 3/25/21     4,484
    62 2    Ser. 17, Class S, 531.967%, 6/25/21     7,262
    69 2    Ser. 38, Class SA, 10.186%, 4/25/21     72,691
    20 2    Ser. 46, Class S, 1,295.281%, 5/25/21     7,033
    24 2    Ser. 49, Class S, 479.05%, 12/25/21     2,364
    255 2    Ser. 72, Class S, 8.75%, 5/25/08     260,502
    6,642 2    Ser. 73, Class DS, 3.718%, 8/25/35     6,201,062
    145 2    Ser. 87, Class S, 12.522%, 8/25/21     165,942
    99 2    Ser. 93, Class S, 8.50%, 5/25/08     99,983
    39 2    Ser. 170, Class SC, 9.00%, 9/25/08     39,490
    515 2    Ser. 196, Class SC, 7.731%, 10/25/08     520,914
    221 2    Ser. 214, Class SH, 4.359%, 12/25/08     219,987
    1,041 2    Ser. 247, Class SN, 10.00%, 12/25/23     1,179,791
AAA   121 2 Kidder Peabody Acceptance Corp., Ser. 1, Class A6, 6.741%, 8/25/23     120,829
        Total Inverse Floating Rate Mortgage Securities     14,757,483
        Interest Only Asset-Backed Securities—0.4%      
AAA   654 2,5 Morgan Stanley Capital Trust I, Ser. HF1, Class X, 1.947%, 6/15/17     1,395
        Sterling Coofs Trust,      
AAA   22,801      Ser. 1, 2.362%, 4/15/29     933,399
AAA   17,317      Ser. 2, 2.216%, 3/30/30     551,989
        Total Interest Only Asset-Backed Securities     1,486,783
        Interest Only Mortgage-Backed Securities—12.9%      
AAA   1,792   ABN Amro Mortgage Corp., Ser. 4, Class A2, 5.50%, 3/25/33     18,755

2

BlackRock Income Trust Inc. (BKT) (continued)
(Percentage of Net Assets)

    Principal          
    Amount          
Rating1
     
(000)
      Description    
Value
      Interest Only Mortgage-Backed Securities—(cont'd)      
AAA
  $       248,871 2 Banc of America Mortgage Securities, Inc., Ser. 3, Class 1A, 0.286%, 5/25/18  
$
 2,984,366
Aaa
  80,469 2 Commercial Mortgage Acceptance Corp., Ser. ML1, 0.917%, 11/15/17     907,025
AAA
 
11,566
2,5 Credit Suisse First Boston Mortgage Securities Corp., Ser. C1, Class AX, 1.478%, 6/20/29     386,585
AAA
  160,699 2 CWALT, Inc., Ser. 79CB, Class A2, 6.21%, 1/25/36     462,847
        Federal Home Loan Mortgage Corp.,      
    3,833 2    Ser. 60, Class HS, 0.625%, 4/25/24     22,154
    6      Ser. 176, Class M, 1,010.00%, 7/15/21     80
    30      Ser. 200, Class R, 93,499.29%, 12/15/22     410
    1,946      Ser. 204, Class IO, 6.00%, 5/01/29     431,996
    16 2    Ser. 1043, Class H, 20.813%, 2/15/21     16,358
    2 2    Ser. 1054, Class I, 413.56%, 3/15/21     318
    15      Ser. 1056, Class KD, 1,084.50%, 3/15/21     2,838
    51 2    Ser. 1148, Class E, 563.074%, 10/15/21     856
    11      Ser. 1179, Class O, 1,009.389%, 11/15/21     194
    —      Ser. 1221, Class H, 1,006.50%, 3/15/07     —
    266      Ser. 1706, Class IA, 7.00%, 10/15/23     17,632
    87      Ser. 1720, Class PK, 7.50%, 1/15/24     7,541
    3,725      Ser. 1914, Class PC, 0.75%, 12/15/11     45,886
    895 2    Ser. 2296, Class SA, 2.43%, 3/15/16     48,800
    484 2    Ser. 2444, Class ST, 2.65%, 9/15/29     18,147
    203      Ser. 2513, Class BI, 5.50%, 12/15/15     3,857
    1,610      Ser. 2542, Class MX, 5.50%, 5/15/22     267,311
    3,059      Ser. 2545, Class NI, 5.50%, 3/15/22     421,909
    1,748 2    Ser. 2559, Class IO, 0.839%, 8/15/30     12,915
    4,962      Ser. 2561, Class EW, 5.00%, 9/15/16     476,667
    11,726      Ser. 2611, Class QI, 5.50%, 9/15/32     2,170,128
    3,593      Ser. 2633, Class PI, 4.50%, 3/15/12     74,514
    3,730      Ser. 2653, Class MI, 5.00%, 4/15/26     376,468
    5,946      Ser. 2658, Class PI, 4.50%, 6/15/13     238,485
    4,765      Ser. 2672, Class TQ, 5.00%, 3/15/23     186,437
    1,653      Ser. 2676, Class JI, 5.50%, 8/15/13     10,294
    3,633      Ser. 2687, Class IL, 5.00%, 9/15/18     467,333
    6,645      Ser. 2687, Class IQ, 5.50%, 9/15/22     157,746
    5,496      Ser. 2693, Class IB, 4.50%, 6/15/13     205,694
    2,920      Ser. 2694, Class LI, 4.50%, 7/15/19     265,061
    5,428      Ser. 2773, Class OX, 5.00%, 2/15/18     672,277
    17,298 2    Ser. 2780, Class SM, 0.68%, 4/15/34     321,037
    2,782      Ser. 2786, Class PI, 4.50%, 10/15/10     9,847
    6,727      Ser. 2825, Class NI, 5.50%, 3/15/30     1,662,515
    18,296 2    Ser. 2865, Class SR, 0.405%, 10/15/33     510,919
    12,391 2    Ser. 2865, Class SV, 0.584%, 10/15/33     618,574
    2,056      Ser. 2949, Class IO, 5.50%, 3/15/35     359,565
    36,882 2    Ser. 2990, Class WR, 1.306%, 6/15/35     1,720,219
    104,968 2    Ser. 3122, Class IS, 1.38%, 3/15/36     5,353,711
    98,189 2    Ser. 3225, Class EY, 0.97%, 10/15/36     4,195,516
        Federal National Mortgage Assoc.,      
    236      Ser. 5, Class H, 9.00%, 1/25/22     58,200
    14      Ser. 7, Class 2, 8.50%, 4/01/17     2,905
    4,646      Ser. 9, Class BI, 5.50%, 10/25/22     690,203
    116 2    Ser. 10, Class S, 524.318%, 5/25/21     22,148
    60      Ser. 12, Class C, 1,016.898%, 2/25/22     11,333
    98 2    Ser. 12, Class S, 553.577%, 5/25/21     10,964
    5,662      Ser. 13, Class IG, 5.00%, 10/25/22     246,439
    4,127      Ser. 16, Class PI, 5.00%, 11/25/12     64,818
    79      Ser. 33, Class PV, 1,078.42%, 10/25/21     22,267
    1,401 2    Ser. 33, Class SG, 2.756%, 3/25/09     34,612
    54,450 2    Ser. 36, Class SP, 1.38%, 5/25/36     3,023,048
    5      Ser. 38, Class N, 1,008.50%, 4/25/21     814
    1,253      Ser. 43, Class LC, 6.00%, 3/25/34     279,479
    58      Ser. 50, Class G, 1,158.628%, 12/25/21     13,721
    796 2    Ser. 50, Class SI, 1.20%, 4/25/23     26,346
    5,651      Ser. 51, Class IE, 5.50%, 4/25/26     241,976
    6,044      Ser. 55, Class GI, 5.00%, 7/25/19     657,444
    14,139 2    Ser. 55, Class SB, 0.83%, 7/25/35     428,973

3

BlackRock Income Trust Inc. (BKT) (continued)
(Percentage of Net Assets)

    Principal          
    Amount          
Rating1
     
(000)
     
Description
   
Value
        Interest Only Mortgage-Backed Securities—(cont'd)      
    $       4,313 2    Ser. 59, Class S, 4.904%, 10/25/22  
$
 621,923
    683 2    Ser. 60, Class SB, 1.60%, 10/25/22     31,748
    408      Ser. 62, Class IC, 5.50%, 7/25/15     12,465
    6,092      Ser. 66, Class CI, 5.00%, 7/25/33     1,307,122
    2,427 2    Ser. 68, Class SC, 2.756%, 1/25/24     132,170
    15,697 2    Ser. 73, Class ST, 0.81%, 8/25/35     453,345
    7,726      Ser. 88, Class TI, 4.50%, 11/25/13     274,904
    25      Ser. 89, Class 2, 8.00%, 6/01/18     4,358
    34,428 2    Ser. 90, Class JH, 1.38%, 11/25/34     1,552,382
    14,769      Ser. 90, Class M, 6.00%, 1/25/28     3,073,751
    8      Ser. 94, Class 2, 9.50%, 8/01/21     2,046
    30      Ser. 99, Class L, 930.00%, 8/25/21     8,613
    3,741      Ser. 122, Class IC, 5.00%, 9/25/18     487,280
    5      Ser. 123, Class M, 1,009.50%, 10/25/20     1,252
    30 2    Ser. 136, Class S, 14.746%, 11/25/20     37,067
    52      Ser. 139, Class PT, 648.35%, 10/25/21     9,996
    2 2    Ser. 141, Class SA, 13.625%, 8/25/07     56
    2,508 2    Ser. 199, Class SB, 2.156%, 10/25/23     155,314
    719      Ser. W4, Class IO, 6.50%, 12/25/28     163,087
AAA   102   First Boston Mortgage Securities Corp., Ser. C, Class I, 10.965%, 4/25/17     28,714
        First Horizon Alternative Mortgage Securities,      
AAA   59,812 2    Ser. FA2, Class 1A4, 0.18%, 5/25/36     219,300
AAA   81,562 2    Ser. FA7, Class 1A7, 6.08%, 10/25/35     220,495
AAA   207,995 2    Ser. FA9, Class A2, 6.168%, 12/25/35     273,472
AAA   18,543 2 General Motors Acceptance Corp., Commercial Mortgage Securities, Inc., Ser. C1, Class X, 1.517%, 7/15/27     441,679
AAA  
9,522
2,5 Goldman Sachs Mortgage Securities Corp., Ser. 5, 0.987%, 2/19/25     203,196
        Government National Mortgage Assoc.,      
    2,012      Ser. 39, Class ID, 5.00%, 5/20/33     473,527
    2,355      Ser. 58, Class IT, 5.50%, 7/20/33     345,630
    6,275      Ser. 75, Class IJ, 5.50%, 7/20/25     161,437
    19,361 2    Ser. 89, Classl SA, 0.58%, 10/16/33     464,451
AAA   172,263   Indymac Index Mortgage Loan Trust, Ser. AR33, Class 4AX, 0.165%, 1/25/37     868,656
Aaa   83   Kidder Peabody Acceptance Corp., Ser. B, Class A2, 9.50%, 4/22/18     21,039
AAA   28,631   MASTR Adjustable Rate Mortgages Trust, Ser. 3, Class 3AX, 0.977%, 4/25/34     573,579
AAA   1,650   MASTR Alternative Loan Trust, Ser. 9, Class 15X2, 6.00%, 1/25/19     305,885
AAA   1,971   Morgan Stanley Capital Trust I, Ser. 3, Class 1AX, 5.00%, 5/25/19     291,476
AAA   166,818 2 Residential Accredit Loans, Inc., Ser. QS16, Class A2, 6.51%, 11/25/35     198,730
AAA   98,090 2 Sequoia Mortgage Trust, Ser. 2, Class XA, 1.018%, 3/20/35     835,923
NR   9,594 3 Small Business Administration, Ser. 1, 1.381%, 4/01/15     1
        Structured Adjustable Rate Mortgage Loan Trust,      
AAA   17,943 2    Ser. 2, Class 4AX, 5.50%, 3/25/36     2,528,466
AAA   5,148      Ser. 20, Class 3AX, 5.50%, 10/25/35     747,933
AAA   51,272 2    Ser. 7, Class 3AS, 2.442%, 8/25/36     3,428,833
NR   96,853 2 Vendee Mortgage Trust, Ser. 2, Class 1, 0.052%, 5/15/29     246,104
        Total Interest Only Mortgage-Backed Securities     53,174,882
        Principal Only Mortgage-Backed Securities—5.4%      
        Countrywide Home Loans, Inc.,      
AAA   5,925 8    Ser. 26, 4.944%, 8/25/33     4,434,207
AAA   1,146 8    Ser. J4, 5.142%, 6/25/33     860,274
AAA   1,618 8    Ser. J5, 4.911%, 7/25/33     1,182,959
AAA   1,245 8    Ser. J8, 4.787%, 9/25/23     953,787
        Drexel Burnham Lambert, Inc.,      
AAA   29 8    Ser. K, Class 1, 11.50%, 9/23/17     28,445
AAA   351 8    Ser. V, Class 1, 11.50%, 9/01/18     300,065
        Federal Home Loan Mortgage Corp.,      
    260 8    Ser. 8, Class A10, 6.737%, 11/15/28     208,961
    177 8    Ser. 1418, Class M, 7.50%, 11/15/22     160,800
    577 8    Ser. 1571, Class G, 7.50%, 8/15/23     484,676
    2,290 8    Ser. 1691, Class B, 7.50%, 3/15/24     1,884,468
    217 8    Ser. 1739, Class B, 7.50%, 2/15/24     188,366
        Federal National Mortgage Assoc.,      
    337 8    Ser. 2, Class KB, 8.00%, 1/25/23     272,933
    47 8    Ser. 7, Class J, 10.00%, 2/25/21     39,608
    1,013 8    Ser. 13, Class PR, 6.50%, 3/25/32     797,578

4

BlackRock Income Trust Inc. (BKT) (continued)
(Percentage of Net Assets)

   
Principal
         
   
Amount
                  
Rating1
     
(000)
      Description    
Value
        Principal Only Mortgage-Backed Securities—(cont'd)      
    $       154 8    Ser. 51, Class E, 8.00%, 2/25/23  
$
 125,295
    28 8    Ser. 70, Class A, 7.00%, 5/25/23     22,791
    70 8    Ser. 167, Class D, 8.50%, 10/25/17     63,276
    51 8    Ser. 203, Class 1, 8.00%, 2/01/23     42,441
    33 8    Ser. 228, Class 1, 7.00%, 5/01/23     26,663
    2,075 8    Ser. 249, Class B, 7.50%, 11/25/23     1,660,096
    268 8    Ser. 273, Class 1, 7.00%, 7/01/26     214,391
    4,987 8    Ser. 328, Class 1, 6.00%, 11/01/32     3,840,028
    3,961 8    Ser. 338, Class 1, 5.50%, 6/01/33     2,945,675
    371 8    Ser. W4, Class PO, 5.985%, 2/25/29     284,130
AAA   314 8 MASTR Asset Securitization Trust, Ser. 3, Class 4A15, 5.634%, 3/25/34     131,604
AAA   983 8 Residential Asset Securitization Trust, Ser. A15, Class 1A8, 5.713%, 2/25/36     526,952
AAA   18 3,8 Structured Mortgage Asset Residential Trust, Ser. 3C, Class CX, 7.031%, 4/25/24     16,947
AAA   1,035 8 Washington Mutual, Ser. 9, Class CP, 5.112%, 11/25/35     739,166
        Total Principal Only Mortgage-Backed Securities     22,436,582
        Collateralized Mortgage Obligation Residual Securities—0.0%      
        Collateralized Mortgage Obligation Trust,      
AAA   4      Ser. 40, Class R, 580.50%, 4/01/18     355
AAA   65      Ser. 42, Class R, 6,000.00%, 10/01/14     4,612
        Federal Home Loan Mortgage Corp.,      
    23      Ser. 19, Class R, 9,427.406%, 3/15/20     1,746
    —      Ser. 75, Class R, 9.50%, 1/15/21     5
    —      Ser. 75, Class RS, 16.90%, 1/15/21     5
    —      Ser. 173, Class R, 9.00%, 11/15/21     25
    —      Ser. 173, Class RS, 9.103%, 11/15/21     25
NR   13   Painewebber CMO Trust, Ser. 88 M, Class 6, 13.80%, 9/01/18     —
        Total Collateralized Mortgage Obligation Residual Securities     6,773
        U.S. Government and Agency Securities—24.1%      
        Overseas Private Investment Corp.,      
    312      4.09%, 5/29/12     289,272
    872 2    4.30%, 5/29/12     831,026
    653      4.64%, 5/29/12     630,823
    369      4.68%, 5/29/12     345,434
    2,790      4.87%, 5/29/12     2,722,781
    3,460 2    5.40%, 5/29/12     3,555,891
    13,000   Resolution Funding Corp., Ser. B, Zero Coupon, 4/15/30     4,020,991
        Small Business Administration,      
    765      Ser. 20C-1, 7.15%, 3/01/17     791,492
    742      Ser. 20E-1, 7.60%, 5/01/16     773,516
    1,011      Ser. 20F-1, 7.55%, 6/01/16     1,053,067
    613      Ser. 20G-1, 7.70%, 7/01/16     640,738
    1,111      Ser. 20H-1, 7.25%, 8/01/16     1,149,965
    1,673      Ser. 20K-1, 6.95%, 11/01/16     1,726,611
        U.S. Treasury Notes,      
    21,000 9    3.75%, 3/31/07     20,952,414
    19,400 9    4.00%, 8/31/07     19,278,750
    100,000 7,9 U.S. Treasury Strip, Zero Coupon, 11/15/24     40,896,600
        Total U.S. Government and Agency Securities     99,659,371
        Corporate Bond—0.7%      
AA+   3,059 3 Structured Asset Receivable Trust, 5.114%, 1/21/10     3,058,522
        Total Long-Term Investments (cost $505,551,647)     483,137,879
        SHORT-TERM INVESTMENTS—5.4%      
        U.S. Government and Agency Discount Notes—5.4%      
        Federal Home Loan Bank Discount Notes,      
    16,800 10    5.001%, 2/01/07     16,800,000
    3,000 10    5.161%, 2/16/07     2,993,575
    1,500 10 Federal National Mortgage Assoc. Discount Notes, 5.132%, 2/21/07     1,495,742
        U.S. Treasury Bills,      
    100 7,10    4.879%, 2/01/07     100,000
    1,000 7,10    4.889%, 2/01/07     1,000,000
        Total Short-Term Investments (cost $22,389,317)     22,389,317

5

BlackRock Income Trust Inc. (BKT) (continued)
(Percentage of Net Assets)

  Notional          
               
Amount
         
 
(000)
     
Description
    Value
      Outstanding Options Purchased—0.2%      
      Interest Rate Swaps,      
  5,500      Trust pays 3-month LIBOR, Trust receives 5.52%, expires 9/21/36  
$
 279,509 
  49,200      Trust pays 5.40%, Trust receives 3-month LIBOR, expires 3/14/08     29,850 
  5,500      Trust pays 5.52%, Trust receives 3-month LIBOR, expires 9/21/36     314,693 
  49,200      Trust pays 5.90%, Trust receives 3-month LIBOR, expires 3/14/08     5 
      Total Outstanding Options Purchased (cost $729,050)     624,057 
      Total investments before borrowed bonds, investments sold short, TBA sale commitments and outstanding      
      options written (cost $528,670,01411)     506,151,253 
  Principal          
 
Amount
         
 
(000)
         
      BORROWED BONDS—15.0%      
  $      32,80812   U.S. Treasury Bonds, 5.00%, 8/15/23-2/15/31     32,808,000 
  29,06012   U.S. Treasury Notes, 5.00%, 8/15/10-5/15/16     29,059,750 
      Total Borrowed Bonds (cost $61,867,750)     61,867,750 
      INVESTMENTS SOLD SHORT—(14.5)%      
      U.S. Treasury Bonds,      
  (12,930 )    5.375%, 2/15/31     (13,643,167)
  (15,750 )    6.25%, 8/15/23     (17,897,166)
      U.S. Treasury Notes,      
  (14,900 )    4.00%, 2/15/15     (14,086,907)
  (12,000 )    4.125%, 8/15/10     (11,730,468)
  (2,500 )    5.125%, 5/15/16     (2,553,613)
      Total Investements Sold Short (proceeds $61,745,381)     (59,911,321)
      TBA SALE COMMITMENTS—(6.2)%      
      Federal National Mortgage Assoc.,      
  (19,000 )    5.00%, 2/12/37     (18,228,125)
  (7,500 )    5.50%, 2/12/37     (7,375,785)
      Total TBA Sale Commitments (proceeds $25,876,328)     (25,603,910)
 
Notional
         
 
Amount
         
 
(000)
         
      OUTSTANDING OPTIONS WRITTEN—(0.5)%      
      Interest Rate Swaps,      
  (14,100 )    Trust pays 3-month LIBOR, Trust receives 4.725%, expires 6/13/07     (683,145)
  (5,700 )    Trust pays 3-month LIBOR, Trust receives 5.135%, expires 4/21/08     (185,592)
  (5,400 )    Trust pays 3-month LIBOR, Trust receives 5.485%, expires 10/28/19     (167,994)
  (98,400 )    Trust pays 3-month LIBOR, Trust receives 5.65%, expires 3/14/08     (2,598)
  (12,400 )    Trust pays 3-month LIBOR, Trust receives 5.67%, expires 1/04/10     (313,805)
  (14,100 )    Trust pays 4.725%, Trust receives 3-month LIBOR, expires 6/13/07     (13,677)
  (5,700 )    Trust pays 5.135%, Trust receives 3-month LIBOR, expires 4/21/08     (85,446)
  (5,400 )    Trust pays 5.485%, Trust receives 3-month LIBOR, expires 10/28/19     (177,174)
  (12,400 )    Trust pays 5.67%, Trust receives 3-month LIBOR, expires 1/04/10     (493,681)
      Total Outstanding Options Written (premium received $3,312,560)     (2,123,112)
      Total Investments net of borrowed bonds, investments sold short, TBA sale commitments and outstanding      
      options written—116.4%  
$
 480,380,660 
      Liabilities in excess of other assets (including $62,691,250 in reverse repurchase agreements payable)—      
      (16.4)%     (67,555,709)
      Net Assets—100%  
$
 412,824,951 

  ______________________
1     

Using the highest of Standard & Poor's, Moody's Investor Service or Fitch's Ratings.
2

Variable rate security. Rate shown is interest rate as of January 31, 2007.
3

Illiquid security. As of January 31, 2007, the Trust held 0.8% of its net assets, with a current market value of $3,370,809, in these securities.
4

Represents an investment in an affiliate.
5

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of January 31, 2007, the Trust held 0.1% of its net assets, with a current market value of $617,064, in securities restricted as to resale.
6

Security is fair valued.
 

6

BlackRock Income Trust Inc. (BKT) (continued)
(Percentage of Net Assets)

7     

Security, or a portion thereof, pledged as collateral with a value of $8,526,379 on 1,485 short Eurodollar futures contracts expiring March 2007 to September 2009, 626 short U.S. Treasury Bond futures contracts expiring March 2007 and 770 short U.S. Treasury Note futures contracts expiring March 2007. The notional value of such contracts on January 31, 2007 was $502,055,269, with an unrealized gain of $4,899,431.
8

Rate shown is effective yield as of January 31, 2007 of the underlying collateral.
9

Entire or partial principal amount pledged as collateral for reverse repurchase agreements.
10

Rate shown is the yield to maturity as of the date of purchase.
11

Cost for federal income tax purposes is $529,350,087. The net unrealized depreciation on a tax basis is $23,198,834, consisting of $13,027,382 gross unrealized appreciation and $36,226,216 gross unrealized depreciation.
12

The interest rate and maturity date shown represent the terms of the borrowed transaction, not the security borrowed.
   

KEY TO ABBREVIATIONS
LIBOR  — London Interbank Offered Rate
TBA — To Be Announced

7

Item 2. Controls and Procedures.

(a) The Registrant's principal executive and principal financial officers have evaluated the Registrant's disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the Registrant’s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-Q was recorded, processed, summarized, and reported within the required time periods and that information to be disclosed by the Registrant in this Form N-Q was accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a -3(d)) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3. Exhibits.

Separate certifications of the Registrant’s Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached as EX-99.CERT.

8

SIGNATURES

          Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) BlackRock Income Trust, Inc.

By: /s/ Donald C. Burke                                       
Name: Donald C. Burke
Title: Treasurer and Principal Financial Officer
Date: March 28, 2007

          Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By: /s/ Robert S. Kapito                                       
Name: Robert S. Kapito
Title: President and Principal Executive Officer
Date: March 28, 2007

By: /s/ Donald C. Burke                                       
Name: Donald C. Burke
Title: Treasurer and Principal Financial Officer
Date: March 28, 2007