BLACKROCK INCOME TRUST, INC.

N-Q 1 c33539_nq.htm

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:
The 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
The 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:
Date of fiscal year end:	October 31, 2004
Date of reporting period:	July 31, 2004

Item 1. Schedule of Investments

The Trust's schedule of investments pursuant to Rule 30b1-5 under the Investment Company Act of 1940 is as follows:

PORTFOLIO OF INVESTMENTS (unaudited) July 31, 2004

BlackRock Income Trust Inc. (BKT)

	Principal
	Amount
Rating 1	(000)		Description	Value
			LONG-TERM INVESTMENTS141.1%
			Mortgage Pass-Throughs34.6%
			Federal Home Loan Mortgage Corp.,
	$16,790		5.50%, 10/01/16 - 5/01/17	$ 17,271,158
	91		6.50%, 5/01/29 - 5/01/30	95,701
	24		7.50%, 2/01/23	25,765
	148		8.00%, 11/01/15	158,172
	103		8.50%, 10/01/06 - 3/01/08	107,211
	293		9.00%, 9/01/20	327,859
			Federal National Mortgage Assoc.,
	25,860	2	5.00%, 6/01/33 - 7/01/34	25,277,595
	69,880	2	5.50%, 12/01/13 - 8/01/34	71,196,131
	12,298	2	6.00%, 11/01/31 - 10/01/32	12,626,619
	6,823	2	6.50%, 2/01/26 - 5/01/31	7,129,156
	11,081	2	7.00%, 6/01/26 - 2/01/32	11,709,332
	5,228		7.50%, 11/01/14 - 9/01/23	5,667,764
	623		8.00%, 5/01/08 - 5/01/22	662,917
	12		9.50%, 1/01/19 - 9/01/19	14,123
			Government National Mortgage Assoc.,
	151		7.00%, 10/15/17	161,179
	899		7.50%, 8/15/21 - 12/15/23	971,582
	667		8.00%, 10/15/22 - 2/15/29	731,635
	58		9.00%, 6/15/18 - 9/15/21	65,578
			Total Mortgage Pass-Throughs	154,199,478
			Federal Housing Administration2.7%
			GMAC Projects,
	739		Ser. 46, 7.43%, 1/01/22	771,322
	653		Ser. 51, 7.43%, 2/01/23	680,808
	1,614		Ser. 56, 7.43%, 11/01/22	1,683,328
	55		Merrill Project, Ser. 54, 7.43%,
5/15/23	57,040
	880		Reilly Project, Ser. 41, 8.28%, 3/01/20	898,837
			USGI Projects,
	211		Ser. 87, 7.43%, 12/01/22	220,142
	1,149		Ser. 99, 7.43%, 10/01/23	1,198,546
	6,093		Ser. 6094, 7.43%, 6/01/21	6,355,275
			Total Federal Housing Administration	11,865,299
			Agency Multiple Class Mortgage
Pass-Throughs13.8%
			Federal Home Loan Mortgage Corp.,
	7,275		Ser. 11, Class A9, 1/25/28	6,463,448
	465		Ser. 19, Class F, 3/15/20	464,915
	3,000		Ser. 1598, Class J, 10/15/08	3,216,510
	12,850		Ser. 2758, Class KV, 5/15/23	12,871,498
	2,366		Ser. 2765, Class UA, 3/15/11	2,226,373
			Federal National Mortgage Assoc.,
	1,868		Ser. 31, Class ZG, 5/25/34	2,112,345
	9,283		Ser. 32, Class VT, 9/25/15	9,584,995
	482		Ser. 43, Class E, 4/25/22	500,524
	5,000		Ser. 81, Class BR, 4/25/25	5,087,050
	12,264		Ser. 135, Class PB, 1/25/34	12,310,848
			Government National Mortgage Assoc.,
	2,419		Ser. 5, Class Z, 5/16/26	2,577,729
	2,500		Ser. 33, Class PB, 7/20/31	2,567,602
	7,228		Ser. 39, Class ID, 5/20/33	831,388
	4,261		Ser. 58, Class IT, 7/20/33	668,525
			Total Agency Multiple Class Mortgage
Pass-Throughs	61,483,749
			Non-Agency Multiple Class Mortgage
Pass-Throughs0.0%
	151	3	Summit Mortgage Trust, Ser. 1, Class
B1, 6.079%, 12/28/12	150,752
			Adjustable Rate Mortgage Securities0.1%
			Federal National Mortgage Assoc.,
	219		Ser. 38, Class F, 8.325%, 4/25/21	241,492
	64		Ser. 256, Class F, 2.969%, 11/25/23	56,152
			Total Adjustable Rate Mortgage Securities	297,644

BlackRock Income Trust Inc. (BKT) (continued)

	Principal
	Amount
Rating 1	(000)		Description	Value
			Inverse Floating Rate Mortgages3.0%
			Federal Home Loan Mortgage Corp.,
	$ 77		Ser. 1160, Class F, 34.053%, 10/15/21	$ 89,342
	849	2	Ser. 1616, Class SB, 8.50%, 11/15/08	874,160
	2,822		Ser. 1688, Class S, 9.257%, 12/15/13	2,972,496
			Federal National Mortgage Assoc.,
	222		Ser. 38, Class SA, 10.186%, 4/25/21	235,252
	42		Ser. 46, Class S, 21.827%, 5/25/21	12,041
	49		Ser. 49, Class S, 8.821%, 12/25/21	5,184
	1,402		Ser. 72, Class S, 8.75%, 5/25/08	1,453,167
	255		Ser. 87, Class S, 22.79%, 8/25/21	307,740
	618		Ser. 93, Class S, 8.50%, 5/25/08	638,474
	60		Ser. 145, Class S, 30.909%, 10/25/06	69,711
	354		Ser. 170, Class SC, 9.00%, 9/25/08	377,982
	2,447		Ser. 196, Class SC, 7.951%, 10/25/08	2,546,115
	852		Ser. 214, Class SH, 14.556%, 12/25/08	924,811
	2,116		Ser. 247, Class SN, 10.00%, 12/25/23	2,157,480
	470		Kidder Peabody Acceptance Corp.,
Ser. 1, Class A6, 13.928%, 8/25/23	472,480
			Total Inverse Floating Rate Mortgages	13,136,434
			Interest Only Asset-Backed Securities1.1%
	55,574		Sterling Coofs Trust, 4/15/29	4,949,600
			Interest Only Mortgage-Backed
Securities15.3%
	13,124		ABN Amro Mortgage Corp., Ser. IV,
Class A2, 3/25/33	611,847
			American Housing Trust,
	342		Ser. III, Class 4, 3/25/19	4,999
	81		Ser. VII, Class 2, 11/25/20	180,000
	100,645		Commercial Mortgage Acceptance Corp.,
Ser. ML1, 12/15/30	2,140,979
	31,736	3	CS First Boston Mortgage Securities
Corp., Ser. C1, Class AX, 6/20/29	1,412,499
			Federal Home Loan Mortgage Corp.,
	44		Ser. 19, Class R, 3/15/20	5,456
	19,259		Ser. 60, Class HS, 4/25/24	792,855
	0		Ser. 75, Class R, 1/15/21	12
	0		Ser. 75, Class RS, 1/15/21	12
	0		Ser. 173, Class R, 11/15/21	109
	13		Ser. 176, Class M, 7/15/21	163
	1		Ser. 192, Class U, 2/15/22	166
	68		Ser. 200, Class R, 12/15/22	1,256
	4,197		Ser. 204, 5/1/29	945,580
	36		Ser. 1043, Class H, 2/15/21	51,875
	5		Ser. 1054, Class I, 3/15/21	977
	37		Ser. 1056, Class KD, 3/15/21	4,811
	47		Ser. 1057, Class J, 3/15/21	10,043
	125		Ser. 1148, Class E, 10/15/21	2,628
	36		Ser. 1179, Class O, 11/15/21	621
	34		Ser. 1221 Class H, 3/15/07	588
	1,045		Ser. 1706, Class IA, 10/15/23	93,731
	343		Ser. 1720, Class PK, 1/15/24	35,549
	3,324		Ser. 1809, Class SC, 12/15/23	185,932
	9,381		Ser. 1914, Class PC, 12/15/11	113,415
	1,314		Ser. 1961 Class H, 5/15/12	1,373,687
	12,637		Ser. 2002, Class HJ, 10/15/08	335,769
	382		Ser. 2099, Class JB, 9/15/22	21,398
	7,217		Ser. 2218 Class Z, 3/15/30	8,321,768
	2,094		Ser. 2296, Class SA, 3/15/16	172,768
	1,639		Ser. 2444, Class ST, 9/15/29	151,410
	1,519		Ser. 2513, Class BI, 12/15/15	86,653
	2,757		Ser. 2542, Class MX, 5/15/22	307,043
	2,784		Ser. 2543, Class IM, 9/15/12	139,773
	6,018		Ser. 2545, Class NI, 3/15/22	686,240
	53,761		Ser. 2559, Class IO, 8/15/30	218,403
	9,610		Ser. 2561, Class EW, 9/15/16	1,064,615
	16,998		Ser. 2611, Class QI, 9/15/32	3,448,064

BlackRock Income Trust Inc. (BKT) (continued)

	Principal — Amount			Value
Rating 1	(000)		Description	(Note 1)
			Interest Only Mortgage-Backed
Securities (continued)
			Federal Home Loan Mortgage Corp., (continued)
	$ 28,293		Ser. 2633, Class PI, 3/15/12	$ 1,626,253
	6,372		Ser. 2653, Class MI, 4/15/26	991,113
	11,963		Ser. 2658, Class PI, 6/15/13	1,108,488
	5,662		Ser. 2672, Class TQ, 3/15/23	740,917
	12,324		Ser. 2676, Class JI, 8/15/13	1,015,158
	3,633		Ser. 2687, Class IL, 9/15/18	673,004
	26,076		Ser. 2687, Class IQ, 9/15/22	2,552,882
	6,533		Ser. 2693, Class IB, 6/15/13	806,148
	5,026		Ser. 2694, Class LI, 7/15/19	592,346
	28,937		Ser. 2780, Class SM, 4/15/34	1,654,820
	22,898		Ser. 2786, Class PI, 10/15/10	1,475,075
			Federal National Mortgage Assoc.,
	472		Ser. 5, Class H, 1/25/22	68,474
	29		Ser. 7, Class 2, 4/1/17	6,288
	87		Ser. 7, Class S, 3/25/21	12,504
	246		Ser. 10, Class S, 5/25/21	30,566
	10,531		Ser. 11, Class PI, 1/25/19	479,282
	122		Ser. 12, Class C, 2/25/22	21,674
	194		Ser. 12, Class S, 5/25/21	40,138
	12,037		Ser. 13, Class IG, 10/25/22	1,262,788
	24,840		Ser. 16, Class PI, 11/25/12	1,556,704
	124		Ser. 17, Class S, 6/25/21	17,907
	2		Ser. 20, Class H, 3/25/06	80
	173		Ser. 33, Class PV, 10/25/21	39,877
	5,525		Ser. 33, Class SG, 3/25/09	361,178
	3,377		Ser. 37, Class SE, 10/25/22	18,515
	17		Ser. 38, Class N, 4/25/21	1,927
	139		Ser. 50, Class G, 12/25/21	19,669
	1,635		Ser. 50, Class SI, 4/25/23	40,369
	7,372		Ser. 51, Class IE, 4/25/26	1,331,485
	5		Ser. 54, Class H, 5/25/05	209
	6,044		Ser. 55, Class GI, 7/25/19	1,181,235
	1,386		Ser. 60, Class SB, 10/25/22	32,106
	2,017		Ser. 62, Class IC, 7/25/15	129,241
	2,315		Ser. 62, Class IL, 3/25/24	106,609
	24,091		Ser. 64, Class QI, 1/25/33	4,987,957
	8,703		Ser. 66, Class CI, 7/25/33	1,921,337
	6,494		Ser. 68, Class SC, 1/25/24	603,000
	7,041		Ser. 71, Class EI, 8/25/33	1,534,442
	7,989		Ser. 82, Class IR, 9/25/12	446,881
	17		Ser. 84, Class H, 8/25/06	1,158
	31,703		Ser. 88, Class TI, 11/25/13	2,029,598
	51		Ser. 89, Class 2, 6/01/18	10,102
	25,416		Ser. 90, Class M, 1/25/28	5,398,274
	14		Ser. 94, Class 2, 8/01/21	3,030
	64		Ser. 99, Class L, 8/25/21	8,869
	6,639		Ser. 122, Class IA, 9/25/09	297,347
	3,741		Ser. 122, Class IC, 9/25/18	782,427
	11		Ser. 123, Class M, 10/25/20	1,693
	86		Ser. 136, Class S, 11/25/20	92,807
	101		Ser. 139, Class PT, 10/25/21	10,527
	54		Ser. 141, Class SA, 8/25/07	11,986
	5,002		Ser. 199, Class SB, 10/25/23	474,362
	4,369		Ser. 302, Class 2, 6/01/29	996,708
	8,423		Ser. 602, Class BI, 10/25/22	1,479,171
	1,447		Ser. W4, 12/25/28	279,167
	183		First Boston Mortgage Securities
Corp., Ser. C, Class I, 4/25/17	32,857
	31,075		GMAC Commercial Mortgage Securities,
Inc., Ser. C1, Class X, 7/15/27	1,521,942
	20,254	3	Goldman Sachs Mortgage Securities
Corp., Ser. 5, 2/19/25	408,253
	10,096	3	Hanover Grantor Trust, Ser. A, Class
1, 8/01/27	9,465
	148		Kidder Peabody Acceptance Corp.,
Ser. B, Class A2, 4/22/18	33,383
	4,705		Merrill Lynch Mortgage Investors,
Inc., Ser. C2, 6/15/21	88,539

BlackRock Income Trust Inc. (BKT) (continued)

	Principal
	Amount
Rating 1	(000)		Description	Value
			Interest Only Mortgage-Backed
Securities (continued)
			Morgan Stanley Capital 1, Inc.,
	$ 3,248		Ser. 3, Class 1AX, 5/25/19	$ 462,780
	8,997	3	Ser. HF1, Class X, 6/15/17	261,807
	3,068		Residential Accredit Loans, Inc.,
Ser. QS7, Class A1, 4/25/33	611,693
	21,639		Small Business Administration, Ser.
1, 4/01/15	162,294
	179,676		Vendee Mortgage Trust, Ser. 2, Class
1, 5/15/29	264,123
			Total Interest Only Mortgage-Backed
Securities	68,146,704
			Principal Only Mortgage-Backed Securities8.7%
AAA	148		Collateralized Mortgage Obligation Trust, Ser. 29, Class A, 5/23/17	132,660
			Countrywide Home Loans Inc.,
AAA	8,523		Ser. 26, 8/25/33	5,113,687
AAA	1,578		Ser. J4, 6/25/33	1,171,382
AAA	2,184		Ser. J5, 7/25/33	1,310,267
AAA	1,563		Ser. J8, 9/25/23	991,594
			Drexel Burnham Lambert, Inc.,
AAA	63		Ser. K, Class 1, 9/23/17	55,379
AAA	649		Ser. V, Class 1, 9/01/18	594,161
			Federal Home Loan Mortgage Corp.,
	516		Ser. 8, Class A10, 11/15/28	423,118
	361		Ser. 1418, Class M, 11/15/22	309,355
	928		Ser. 1571, Class G, 8/15/23	640,608
	4,803		Ser. 1691, Class B, 3/15/24	4,121,640
	561		Ser. 1739, Class B, 2/15/24	486,686
			Federal National Mortgage Assoc.,
	712		Ser. 2, Class KB, 1/25/23	586,670
	91		Ser. 7, Class J, 2/25/21	76,723
	2,194		Ser. 13, Class PR, 3/25/32	1,764,152
	154		Ser. 51, Class E, 2/25/23	112,505
	60		Ser. 70, Class A, 5/25/23	50,777
	71		Ser. 167, Class D, 10/25/17	67,671
	107		Ser. 203, Class 1, 2/01/23	92,775
	77		Ser. 228, Class 1, 5/01/23	65,578
	3,582		Ser. 249, Class B, 11/25/23	2,908,940
	583		Ser. 273, Class 1, 7/01/26	496,888
	10,299		Ser. 328, Class 1, 11/01/32	8,107,403
	6,560		Ser. 338, Class 1, 6/01/33	4,885,031
	699		Ser. W4, 2/25/29	494,883
AAA	95		First Union Residential Securitization
Trust, Ser. A, Class 1APO, 3/25/15	91,736
AAA	700		MASTR Asset Securitization Trust,
Ser. 3, Class 4A15, 3/25/34	339,500
AAA	53		Structured Mortgage Asset Residential
Trust, Ser. 3C, Class CX, 4/25/24	48,173
NR	13,000		Resolution Funding Corp., Ser. B,
4/15/30	2,991,690
			Total Principal Only Mortgage-Backed
Securities	38,531,633
			Commercial Mortgage-Backed Securities2.7%
AAA	10,250	3	New York City Mortgage Loan Trust,
Ser. 1996, Class A2, 6.75%, 6/25/11	10,901,883
Aaa	1,319		Banc of America Alternative Loan
Trust, Ser. 11, Class 5A1, 5.50%, 1/25/19	1,319,820
			Total Commercial Mortgage-Backed
Securities	12,221,703
			Collateralized Mortgage Obligation
Residuals10.4%
			Collateralized Mortgage Obligation
Trust,
	7		Ser. 40, Class R, 4/01/18	741
	130		Ser. 42, Class R, 10/01/14	1,325
	1		FBC Mortgage Securities Trust 16,
Ser. A, Class 1, 7/01/17	283,265
			GSR Mortgage Loan Trust,
	6,510		Ser. 10, Class 2A1, 10/25/33	6,364,150
	6,253		Ser. 13, Class 1A1, 10/25/33	6,173,802
	3,043		MASTR Alternative Loan Trust, Ser.
7, Class 4A3, 11/25/18	3,339,916
	10,155		MASTR Asset Securitization Trust,
Ser 12, Class 3A5, 10/25/14	10,180,782
	143,539		MLCC Mortgage Investors Inc., Ser.
A, Class XA, 3/25/28	4,575,315
			Morgan Stanley Mortgage Trust,
	128		Ser. 38, Class 2, 11/20/21	22,591
	139		Ser. 39, Class 2, 12/20/21	24,548
	14,053		Residential Funding Securities Corp.,
Ser. RM2, Class AI5, 5/25/33	15,528,881
			Total Collateralized Mortgage Obligation Residuals	46,495,315

BlackRock Income Trust Inc. (BKT) (continued)

	Principal
	Amount
Rating 1	(000)		Description	Value
			U.S. Government and Agency Securities47.7%
	$ 16,627		Overseas Private Investment Corp.,
zero coupon7.35%, 5/29/12	$ 17,049,185
			Small Business Administration,
	1,380		Ser. 20C-1, 7.15%, 3/01/17	1,484,004
	1,681		Ser. 20E-1, 7.60%, 5/01/16	1,814,755
	2,316		Ser. 20F-1, 7.55%, 6/01/16	2,500,447
	1,419		Ser. 20G-1, 7.70%, 7/01/16	1,537,366
	2,236		Ser. 20H-1, 7.25%, 8/01/16	2,400,816
	3,321		Ser. 20K-1, 6.95%, 11/01/16	3,550,392
	1,864		Small Business Investment Companies,
Ser. P10A, Class 1, 6.12%, 2/01/08	1,967,890
	129,000	2	U.S. Treasury Bonds, zero coupon,
11/15/24	42,072,834
			U.S. Treasury Notes,
	64,500	2	1.50%, 3/31/06	63,471,870
	50,100	2	2.50%, 5/31/06	50,005,812
	3,000	2	3.875%, 2/15/13	2,899,101
	745		4.00%, 2/15/14	717,875
	17,950	2	4.25%, 11/15/13	17,672,314
	3,250	2	4.375%, 8/15/12	3,268,298
			Total U.S. Government and Agency
Securities	212,412,959
			Corporate Bonds 0.9%
AAA	4,383		Structured Asset Receivable Trust,
2.13%, 1/21/10	4,367,914
			Total Long-Term Investments (cost $644,298,621)	628,259,184
			SHORT-TERM INVESTMENTS8.2%
			U.S. Government and Agency Securities8.2%
	11,230		U.S. Treasury Bonds, 1.10%, 8/06/04	11,229,750
	25,642		U.S. Treasury Inflation-Indexed Bonds,
1.17%, 8/06/04	25,642,463
			Total Short-Term Investments (cost $36,872,213)	36,872,213
			Total investments before investments
sold short and outstanding options (cost $681,170,834)
			INVESTMENTS SOLD SHORT(5.2%)
	(10,850)		U.S. Treasury Bonds	(11,114,469)
	(9,573)		U.S. Treasury Inflation-Indexed Bonds	(12,109,319)
			Total Investments Sold Short (proceeds $23,335,841)	(23,223,788)
	Notional
	Amount
	(000)
			OUTSTANDING OPTIONS PURCHASED0.0%
			Interest Rate Swap,
	13,500		3-month LIBOR over 4.90%, expires
11/19/04	39,845
	13,500		6.25% over 3-month LIBOR, expires
11/19/04	40,824
			Total Outstanding Options Purchased (cost $85,050)	80,669
			OUTSTANDING
OPTIONS WRITTEN(0.2%)
			Interest Rate Swap,
	(77,000)		3 month LIBOR over 5.75%, expires
9/23/05	(711,480)
	(13,500)		3-month LIBOR over 6.05%, expires
2/23/05	(184,432)
	(29,200)		3.00% over 3-month LIBOR, expires
1/19/05	(47,338)
	(13,500)		5.05% over 3 month LIBOR, expires
2/23/05	(114,047)
			Total Outstanding Options Written (premium received $2,019,886)	(1,057,297)
			Total investments, net of investments
sold short and outstanding options143.9%	640,930,981
			Liabilities in excess of other assets(43.9)%	(195,616,607)
			Net Assets100%	$ 445,314,374

| 1 | Using the higher of Standard &
Poors, Moodys Investors Service or Fitch Ratings ratings. |
| --- | --- |
| 2 | Entire or partial principal amount
pledged as collateral for reverse repurchase agreements or financial futures contracts. |
| 3 | 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 July 31,
2004, the Trust held 3.0% of its net assets, with a current market value of $13,144,659,
in securities restricted as to resale. |

Item 2. Controls and Procedures

(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrants disclosure controls and procedures are effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.

(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 3. Exhibits.

(a) Separate certifications of Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

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) The BlackRock Income Trust Inc.

By:	/s/ Henry Gabbay
Name:	Henry Gabbay
Title:	Treasurer
Date:	September 28, 2004

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:	Principal Executive Officer
Date:	September 28, 2004

By:	/s/ Henry Gabbay
Name:	Henry Gabbay
Title:	Principal Financial Officer
Date:	September 28, 2004

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