BLACKROCK INCOME TRUST, INC.

Regulatory Filings • Jan 26, 2012

N-Q 1 i00026_bkt-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 811-05542

Name of Fund: BlackRock Income Trust, Inc. (BKT)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Income Trust, Inc., 55 East 52 nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 08/31/2012

Date of reporting period: 11/30/2011

Item 1 – Schedule of Investments

insert

Schedule of Investments November 30, 2011 (Unaudited)
(Percentages
shown are based on Net Assets)

Asset-Backed Securities	Par (000)	Value
Asset-Backed
Securities — 1.9%
First Franklin Mortgage Loan Asset-Backed Certificates, Series 2005-FF2, Class M2, 0.70%, 3/25/35 (a)	$ 5,890	$ 5,042,906
Freddie Mac Mortgage-Backed Securities, Series T-11, Class A9, 2.56%, 1/25/28 (a)	2,237	2,107,415
Securitized Asset-Backed Receivables LLC Trust, Series 2005-OP2, Class M1, 0.69%, 10/25/35 (a)	1,875	1,078,957
Small Business Administration Participation Certificates, Class 1:
Series
1996-20E, 7.60%, 5/01/16	136	147,434
Series
1996-20G, 7.70%, 7/01/16	204	220,668
Series
1996-20H, 7.25%, 8/01/16	262	282,752
Series
1996-20K, 6.95%, 11/01/16	421	458,110
Series
1997-20C, 7.15%, 3/01/17	161	176,005
		9,514,247
Interest Only Asset-Backed Securities — 0.2%
Small Business Administration, Series 1, 2.00%, 4/01/15	1,767	15,460
Sterling Bank Trust, Series 2004-2, Class Note, 2.08%, 3/30/30 (b)	4,664	362,941
Sterling Coofs Trust, Series 1, 2.36%, 4/15/29	8,101	635,426
		1,013,827
Total Asset-Backed Securities – 2.1%		10,528,074

Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 2.0%
Collateralized Mortgage Obligation Trust, Series 40, Class R, 0.58%, 4/01/18	116	116
Countrywide Alternative Loan Trust, Series 2005-28CB, Class 1A5, 5.50%, 8/25/35	627	614,898

Non-Agency Mortgage-Backed Securities	Par (000)	Value
Collateralized
Mortgage Obligations (concluded)
Deutsche ALT-A Securities, Inc. Alternate Loan Trust, Series 2006-AR5, Class 22A, 5.50%, 10/25/21	$ 978	$ 936,797
Homebanc Mortgage Trust, Series 2005-4, Class A1, 0.53%, 10/25/35 (a)	3,088	1,942,563
JPMorgan Mortgage Trust, Series 2006-A7, Class 2A2, 3.02%, 1/25/37 (a)	398	260,340
Kidder Peabody Acceptance Corp., Series 1993-1, Class A6, 16.17%, 8/25/23 (a)	52	59,144
Residential Funding Securities LLC, Series 2003-RM2, Class AI5, 8.50%, 5/25/33	3,013	3,237,708
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-11, Class A, 2.61%, 8/25/34 (a)	1,398	1,200,570
WaMu Mortgage Pass-Through Certificates, Series 2006-AR1, Class 2A1C, 1.29%, 1/25/46 (a)	4,890	1,997,596
		10,249,732
Commercial Mortgage-Backed Securities — 0.7%
Credit Suisse Mortgage Capital Certificates, Series 2007-C2, Class A3, 5.54%, 1/15/49 (a)	2,420	2,473,954
First Union-Lehman Brothers Commercial Mortgage, Series 1997-C2, Class D, 7.12%, 11/18/29	1,295	1,309,456
		3,783,410
Interest Only Collateralized Mortgage Obligations —
1.0%
Bank of America Mortgage Securities Inc., Series 2003-3, Class 1AIO, 0.28%, 5/25/33 (a)	78,445	501,972
CitiMortgage Alternative Loan Trust, Series 2007-A5, Class 1A7, 6.00%, 5/25/37	971	177,602
Collateralized Mortgage Obligation Trust, Series 42, Class R, 6,000.00%, 10/01/14	2	131

Portfolio Abbreviations
To simplify the listings of
portfolio holdings in the Schedule of Investments, the names and descriptions
of many of the securities have been abbreviated according to the following
list:
LIBOR	London Interbank Offered
Rate
REMIC	Real Estate Mortgage
Investment Conduit
TBA	To Be Announced

BLACKROCK INCOME TRUST, INC. NOVEMBER 30, 2011 1

Schedule of Investments (continued)
(Percentages
shown are based on Net Assets)

Non-Agency Mortgage-Backed Securities	Par (000)	Value
Interest
Only Collateralized Mortgage Obligations (concluded)
First Boston Mortgage Securities Corp., Series C, Class I-O, 10.97%, 4/25/17	$ 21	$ 3,335
GSMPS Mortgage Loan Trust, Series 1998-5, Class IO, 0.29%, 6/19/27 (a)(b)	4,596	104,089
IndyMac INDX Mortgage Loan Trust, Series 2006-AR33, Class 4AX, 0.17%, 1/25/37	100,414	496,045
MASTR Adjustable Rate Mortgages Trust, Series 2004-3, Class 3AX, 0.98%, 4/25/34	11,848	131,153
MASTR Alternative Loans Trust, Series 2003-9, Class 15X2, 6.00%, 1/25/19	570	85,458
Morgan Stanley Mortgage Loan Trust, Series 2004-3, Class 1AX, 5.00%, 5/25/19	613	64,719
Sequoia Mortgage Trust, Series 2005-2, Class XA, 1.00%, 3/20/35 (a)	38,328	622,830
Structured Adjustable Rate Mortgage Loan Trust:
Series 2005-20, Class 3AX, 5.50%, 10/25/35	171	18,426
Series 2006-7, Class 3AS, 5.32%, 8/25/36 (a)	26,932	2,689,698
Vendee Mortgage Trust, Series 1999-2, Class 1IO, 0.04%, 5/15/29 (a)	55,336	96,440
		4,991,898
Interest
Only Commercial Mortgage-Backed Securities — 0.0%
CS First Boston Mortgage Securities Corp., Series 1997-C1, Class AX, 1.36%, 6/20/29 (a)(b)	2,770	73,969
Morgan Stanley Capital I, Series 1997-HF1, Class X, 2.19%, 7/15/29 (a)(b)	8	1
		73,970
Principal Only Collateralized Mortgage Obligations —
0.7%
Countrywide Home Loan Mortgage Pass-Through Trust, Class PO:
Series 2003-26, 8/25/33	1,719	1,421,300
Series 2003-J4, 6/25/33	308	247,492
Series 2003-J5, 7/25/33	479	384,573
Series 2003-J8, 9/25/23	372	318,616
Drexel Burnham Lambert CMO Trust, Class 1:
Series K, 9/23/17	9	8,676
Series V, 9/01/18	33	32,419

Non-Agency Mortgage-Backed Securities	Par (000)	Value
Principal
Only Collateralized Mortgage Obligations (concluded)
MASTR Asset Securitization Trust, Series 2004-3, Class 4A15, 3/25/34	$ 74	$ 66,703
Residential Asset Securitization Trust, Series 2005-A15, Class 1A8, 2/25/36	847	734,528
Structured Mortgage Asset Residential Trust, Series 1993-3C, Class CX, 4/25/24	8	6,123
Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2005-9, Class CP, 11/25/35	564	385,659
		3,606,089
Total
Non-Agency Mortgage-Backed Securities – 4.4%		22,705,099

US Government Sponsored Agency Securities
Agency Obligations — 2.4%
Federal Housing Administration, General Motors Acceptance Corp. Projects, Series 56, Series 56, 7.43%, 11/01/22	213	213,233
Federal Housing Administration, Merrill Projects, Series 54, 7.43%, 5/15/23	2	1,957
Federal Housing Administration, Reilly Projects, Series 41, Series 41, 8.28%, 3/01/20	228	227,847
Federal Housing Administration, USGI Projects:
Series 87, 7.43%, 12/01/22	65	65,289
Series 99, 7.43%, 6/01/21	4,363	4,362,620
Series 99, 7.43%, 10/01/23	41	40,589
Series 99, 7.43%, 10/01/23	120	119,921
Resolution Funding Corp., 9.89%, 4/15/30 (c)	13,000	7,073,898
		12,105,354
Collateralized Mortgage Obligations — 11.8%
Fannie Mae Mortgage-Backed Securities:
Series
1991-46, Class S, 2.45%, 5/25/21 (a)	93	5,680
Series
1991-87, Class S, 25.94%, 8/25/21 (a)	47	70,100
Series
1993-247, Class SN, 10.00%, 12/25/23 (a)	398	431,919
Series
2003-32, Class VT, 6.00%, 9/25/15	2,852	2,880,347
Series
2003-135, Class PB, 6.00%, 1/25/34	12,264	14,225,209

BLACKROCK INCOME TRUST, INC. NOVEMBER 30, 2011 2

Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

| US
Government Sponsored Agency Securities | Par (000) | | |
| --- | --- | --- | --- |
| Collateralized Mortgage Obligations (continued) | | | |
| Fannie Mae Mortgage-Backed Securities (concluded): | | | |
| Series 2004-29, Class HC, 7.50%, 7/25/30 | $ 351 | $ | 357,718 |
| Series 2004-31, Class ZG, 7.50%, 5/25/34 | 3,231 | | 4,157,879 |
| Series 2005-73, Class DS, 16.88%, 8/25/35 (a) | 2,956 | | 3,583,915 |
| Series 2006-2, Class KP, 0.00%, 2/25/35 (a) | 49 | | 48,790 |
| Series G-7, Class S, 16.87%, 3/25/21 (a) | — | (d) | 4,350 |
| Series G-17, Class S, 0.58%, 6/25/21 (a) | 247 | | 5,576 |
| Series G-33, Class PV, 1.08%, 10/25/21 | 284 | | 5,627 |
| Series G-49, Class S, 5.55%, 12/25/21 (a) | — | (d) | 1,946 |
| Freddie Mac Mortgage-Backed Securities: | | | |
| Series 19, Class F, 8.50%, 3/15/20 | 77 | | 84,245 |
| Series 19, Class R, 9.76%, 3/15/20 | 7 | | 1,129 |
| Series 40, Class K, 6.50%, 8/17/24 | 344 | | 405,285 |
| Series 75, Class R, 9.50%, 1/15/21 | — | (d) | 2 |
| Series 75, Class RS, 26.53%, 1/15/21 (a) | — | (d) | 2 |
| Series 173, Class R, 9.00%, 11/15/21 | 12 | | 12 |
| Series 173, Class RS, 9.25%, 11/15/21 (a) | — | (d) | 12 |
| Series 192, Class U, 1.01%, 2/15/22 (a) | 2 | | 49 |
| Series 1057, Class J, 1.01%, 3/15/21 | 94 | | 1,930 |
| Series 1160, Class F, 39.10%, 10/15/21 (a) | 17 | | 34,045 |
| Series 1961, Class H, 6.50%, 5/15/12 | — | (d) | 38 |
| Series 2218, Class Z, 8.50%, 3/15/30 | 5,240 | | 6,066,714 |
| Series 2542, Class UC, 6.00%, 12/15/22 | 7,702 | | 8,438,548 |
| Series 2758, Class KV, 5.50%, 5/15/23 (a) | 9,318 | | 10,678,455 |
| Series 2861, Class AX, 10.43%, 9/15/34 (a) | 208 | | 223,574 |
| Series 2927, Class BZ, 5.50%, 2/15/35 | 3,005 | | 3,666,401 |
| Ginnie Mae Mortgage-Backed Securities: | | | |
| Series 1996-5, Class Z, 7.00%, 5/16/26 | 535 | | 576,546 |

| US
Government Sponsored Agency Securities | Par (000) | Value |
| --- | --- | --- |
| Collateralized Mortgage Obligations (concluded) | | |
| Ginnie Mae Mortgage-Backed Securities (concluded): | | |
| Series 2001-33, Class PB, 6.50%, 7/20/31 | $ 881 | $ 910,546 |
| Series 2004-89, Class PE, 6.00%, 10/20/34 | 3,392 | 3,706,025 |
| | | 60,572,614 |
| Federal Deposit Insurance Corporation Guaranteed — 0.8% | | |
| Citigroup Funding, Inc., 1.88%, 10/22/12 | 3,800 | 3,859,987 |
| Interest Only Collateralized Mortgage Obligations — 4.9% | | |
| Fannie Mae Mortgage-Backed Securities: | | |
| Series 7, Class 2, 8.50%, 4/01/17 | 4 | 592 |
| Series 89, Class 2, 8.00%, 10/01/18 | 7 | 908 |
| Series 94, Class 2, 9.50%, 8/01/21 | 3 | 556 |
| Series 1990-123, Class M, 1.01%, 10/25/20 | 22 | 446 |
| Series 1990-136, Class S, 0.02%, 11/25/20 (a) | 11,396 | 15,490 |
| Series 1991-99, Class L, 0.93%, 8/25/21 | 109 | 2,017 |
| Series 1991-139, Class PT, 0.65%, 10/25/21 | 228 | 3,206 |
| Series 1993-199, Class SB, 7.22%, 10/25/23 (a) | 717 | 87,931 |
| Series 1996-68, Class SC, 7.82%, 1/25/24 (a) | 371 | 17,642 |
| Series 1997-50, Class SI, 1.20%, 4/25/23 (a) | 337 | 11,265 |
| Series 1997-90, Class M, 6.00%, 1/25/28 | 5,658 | 934,436 |
| Series 1999-W4, Class IO, 6.50%, 12/25/28 | 335 | 59,011 |
| Series 2005-43, Class IC, 6.00%, 3/25/34 | 11 | 805 |
| Series 2010-74, Class DI, IO, REMIC, 5.00%, 12/25/39 | 60,710 | 7,747,518 |
| Series 2010-75, Class PI, 4.50%, 12/25/36 | 22,878 | 1,759,717 |
| Series 2010-126, Class UI, 5.50%, 10/25/40 | 21,101 | 3,704,206 |
| Series G-10, Class S, 1.08%, 5/25/21 (a) | 516 | 10,195 |
| Series G-12, Class S, 1.14%, 5/25/21 (a) | 376 | 9,064 |
| Series G-50, Class G, 1.16%, 12/25/21 | 38 | 115 |
| Series G92-5, Class H, 9.00%, 1/25/22 | 79 | 13,509 |
| Series G92-12, Class C, 1.02%, 2/25/22 (a) | 236 | 4,201 |

BLACKROCK INCOME TRUST, INC. NOVEMBER 30, 2011 3

Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

| US
Government Sponsored Agency Securities | Par (000) | | |
| --- | --- | --- | --- |
| Interest Only Collateralized Mortgage Obligations (concluded) | | | |
| Freddie Mac Mortgage-Backed Securities: | | | |
| Series G92-60, Class SB, 1.60%, 10/25/22 (a) | $ 238 | $ | 9,270 |
| Series 176, Class M, 1.01%, 7/15/21 | 29 | | 607 |
| Series 200, Class R, 95.96%, 12/15/22 (a) | 1 | | 13 |
| Series 1043, Class H, 0.04%, 2/15/21 (a) | 8,294 | | 17,682 |
| Series 1054, Class I, 0.86%, 3/15/21 (a) | 68 | | 1,328 |
| Series 1056, Class KD, 1.08%, 3/15/21 | 58 | | 1,383 |
| Series 1148, Class E, 1.17%, 10/15/21 (a) | 166 | | 3,256 |
| Series 1914, Class PC, 0.75%, 12/15/11 | 1 | | — |
| Series 2545, Class NI, 5.50%, 3/15/22 | 89 | | 805 |
| Series 2559, Class IO, 0.50%, 8/15/30 (a) | 193 | | 2,548 |
| Series 2611, Class QI, 5.50%, 9/15/32 | 3,534 | | 463,136 |
| Series 2949, Class IO, 5.50%, 3/15/35 | 614 | | 41,464 |
| Series 3744, Class PI, 4.00%, 6/15/39 | 20,958 | | 3,349,169 |
| Series 3745, Class IN, 4.00%, 1/15/35 | 47,101 | | 5,393,721 |
| Ginnie Mae Mortgage-Backed Securities, Series 2010-101, Class YT, 2.00%, 8/16/13 | 58,575 | | 1,435,111 |
| | | | 25,102,323 |
| Mortgage-Backed Securities — 118.4% | | | |
| Fannie Mae Mortgage-Backed Securities: | | | |
| 3.50%, 12/15/41 (e) | 7,000 | | 7,138,907 |
| 4.00%, 1/01/41 – 12/15/41 (e) | 30,191 | | 31,489,302 |
| 4.50%, 9/01/25 – 12/15/41 (e)(f)(g) | 198,217 | | 211,423,717 |
| 5.00%, 1/01/23 - 12/15/41 (e)(g) | 118,038 | | 127,418,289 |
| 5.50%, 12/15/26 - 12/15/41 (e)(f) | 130,159 | | 141,985,347 |
| 5.97%, 8/01/16 | 3,045 | | 3,481,017 |
| 6.00%, 12/15/41 (e) | 21,800 | | 23,894,845 |
| 6.50%, 12/01/37 - 10/01/39 (g) | 45,242 | | 50,340,874 |
| 7.50%, 2/01/22 | — | (d) | 118 |
| 9.50%, 1/01/19 - 9/01/19 | 3 | | 2,820 |
| Freddie Mac Mortgage-Backed Securities: | | | |
| 2.55%, 10/01/34 (a) | 304 | | 316,723 |
| 2.61%, 1/01/35 (a) | 201 | | 202,240 |
| 4.51%, 11/01/17 (a) | 15 | | 15,174 |
| 5.00%, 4/01/22 – 12/15/26 (f) | 1,044 | | 1,121,622 |
| 5.50%, 12/15/26 (e) | 7,000 | | 7,560,000 |
| 9.00%, 9/01/20 (f) | 51 | | 57,480 |

| US
Government Sponsored Agency Securities | Par (000) | Value |
| --- | --- | --- |
| Mortgage-Backed Securities (concluded) | | |
| Ginnie Mae Mortgage-Backed Securities: | | |
| 7.50%, 12/15/23 | $ 218 | $ 251,151 |
| 8.00%, 10/15/22 - 2/15/29 | 80 | 93,537 |
| 9.00%, 1/15/23 – 12/15/23 | 8 | 9,323 |
| | | 606,802,486 |
| Principal Only Collateralized Mortgage Obligations — 0.4% | | |
| Fannie Mae Mortgage-Backed Securities: | | |
| Series 203, Class 1, 2/01/23 | 19 | 18,149 |
| Series 228, Class 1, 6/01/23 | 13 | 12,186 |
| Series 1991-7, Class J, 2/25/21 | 19 | 16,910 |
| Series 1993-51, Class E, 2/25/23 | 64 | 59,871 |
| Series 1993-70, Class A, 5/25/23 | 10 | 9,321 |
| Series 1999-W4, Class PO, 2/25/29 | 179 | 158,330 |
| Series 2002-13, Class PR, 3/25/32 | 373 | 328,825 |
| Series G93-2, Class KB, 1/25/23 | 158 | 141,808 |
| Freddie Mac Mortgage-Backed Securities: | | |
| Series 1418, Class M, 11/15/22 | 69 | 63,340 |
| Series 1571, Class G, 8/15/23 | 409 | 359,586 |
| Series 1691, Class B, 3/15/24 | 924 | 855,052 |
| Series 1739, Class B, 2/15/24 | 31 | 30,434 |
| Series T-8, Class A10, 11/15/28 | 138 | 123,752 |
| | | 2,177,564 |
| Total US Government Sponsored Agency Securities – 138.7% | | 710,620,328 |
| US Treasury Obligations | | |
| US Treasury
Bonds: | | |
| 6.25%, 8/15/23 (g) | 3,320 | 4,677,050 |
| 4.38%, 5/15/40 (g) | 36,985 | 46,566,408 |
| 4.38%, 5/15/41 | 1,220 | 1,539,487 |
| 3.13%, 11/15/41 | 2,920 | 2,955,130 |
| US Treasury
Notes: | | |
| 2.13%, 2/29/16 | 2,540 | 2,688,232 |
| 1.50%, 6/30/16 | 1,050 | 1,081,172 |
| 1.00%, 8/31/16 | 4,865 | 4,890,843 |
| 1.00%, 10/31/16 | 295 | 296,014 |
| 0.88%, 11/30/16 (g) | 3,750 | 3,735,645 |

BLACKROCK INCOME TRUST, INC. NOVEMBER 30, 2011 4

Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

US Treasury Obligations	Par (000)	Value
US
Treasury Notes (concluded):
2.25%, 7/31/18	$ 3,375	$ 3,549,022
2.63%, 8/15/20 (f)	1,455	1,543,550
2.13%, 8/15/21 (g)	19,700	19,833,901
2.00%, 11/15/21 (g)	6,000	5,962,500
4.50%, 8/15/39	330	423,019
3.75%, 8/15/41 (g)	19,140	21,777,722
Total US
Treasury Obligations – 23.7%		121,519,695
Total
Long-Term Investments (Cost – $843,725,371) – 168.9%		865,373,196
Short-Term Securities
Borrowed
Bond Agreements - 2.3%
BNP Paribas SA:
0.10%, Open 1	943	943,000
0.08%, Open 1	7,059	7,058,906
Credit Suisse Securities (USA) LLC, 0.04%, Open 1	3,774	3,774,413
		11,776,319
	Shares
Money
Market Fund – 0.4%
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.13% (h)(i)	1,849,713	1,849,713
Total
Short-Term Securities (Cost – $13,626,032) – 2.7%		13,626,032
Options Purchased	Contracts
Exchange-Traded
Put Options — 0.0%
Eurodollar 1-year Mid-Curve
Options:
Strike
Price $99, Expires 1/13/12	137	9,419
Strike
Price $99, Expires 3/16/12	300	41,250
		50,669
Options Purchased	Notional Amount (000)	Value
Over-the-Counter
Call Swaptions — 0.3%
Receive a fixed rate of 5.47% and pay a floating rate based on 3-month LIBOR, Expires 5/19/12, Broker Bank of America NA	$ 6,200	$ 1,762,924
Over-the-Counter
Put Swaptions — 0.0%
Pay a fixed rate of 5.47% and receive a floating rate based on 3-month LIBOR, Expires 5/19/12, Broker Bank of America NA	6,200	160
Total Options Purchased (Cost – $614,487) – 0.3%		1,813,753
Total
Investments Before Borrowed Bonds, TBA Sale Commitments and Options Written (Cost – $857,965,890*) – 171.9%		880,812,981
Borrowed Bonds	Par (000 )
US Treasury Notes:
1.25%, 2/15/14	920	(939,263	)
2.13%, 2/29/16	9,385	(9,932,699	)
1.50%, 6/30/16	1,050	(1,081,173	)
1.00%, 8/31/16	4,865	(4,890,843	)
1.00%, 10/31/16	4,060	(4,073,958	)
Total
Borrowed Bonds (Proceeds – $20,243,095) – (4.1)%		(20,917,936	)
TBA Sale Commitments (e)
Fannie Mae Mortgage-Backed Securities:
4.50%, 12/15/41	15,100	(16,055,546	)
5.00%, 12/15/41	1,100	(1,179,922	)
Freddie Mac Mortgage-Backed Securities, 5.00%, 12/15/26	1,000	(1,068,125	)
Total TBA
Sale Commitments (Proceeds – $18,279,781) – (3.6)%		(18,303,593	)

BLACKROCK INCOME TRUST, INC. NOVEMBER 30, 2011 5

Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

Options Written	Notional Amount (000)	Value
Over-the-Counter
Call Swaptions — (0.3)%
Pay a fixed rate of 5.33% and receive a floating rate based on 3-month LIBOR, Expires 7/17/13, Broker JPMorgan Chase Bank NA	$ 11,100	$ (1,725,468	)
Over-the-Counter
Put Swaptions — 0.0%
Receive a fixed rate of 5.33% and pay a floating rate based on 3-month LIBOR, Expires 7/17/13, Broker JPMorgan Chase Bank NA	11,100	(17,270	)
Total
Options Written (Premiums Received – $706,515) – (0.3)%		(1,742,738	)
Total
Investments, Net of TBA Sale Commitments, Options
Written and Borrowed Bonds - 163.9%		839,848,714
Liabilities
in Excess of Other Assets – (63.9)%		(327,517,549	)
Net Assets
– 100.0%		$ 512,331,165

• The cost and unrealized appreciation (depreciation) of investments as of November 30, 2011, as computed for federal income tax purposes, were as follows:

Aggregate cost	$
Gross unrealized appreciation	$ 42,884,983
Gross unrealized
depreciation	(20,024,941	)
Net unrealized appreciation	$ 22,860,042

| (a) | Variable rate security.
Rate shown is as of report date. |
| --- | --- |
| (b) | Security exempt from
registration pursuant to Rule 144A under the Securities Act of 1933. These
securities may be resold in transactions exempt from registration to
qualified institutional investors. |
| (c) | Represents a zero-coupon
bond. Rate shown reflects the current yield as of report date. |
| (d) | Amount is less than $500. |
| (e) | Represents or includes a
TBA transaction. Unsettled TBA transactions as of November 30, 2011 were as
follows: |

| Counterparty — Citigroup Global Markets,
Inc. | Value — $ 3,875,406 | | Unrealized Appreciation (Depreciation) — $ 2,969 | |
| --- | --- | --- | --- | --- |
| Credit Suisse International | $ 136,053,941 | | $ 182,707 | |
| Goldman Sachs & Co. | $ 7,560,000 | | $ 3,281 | |
| Greenwich Financial
Services | $ 4,760,937 | | $ (688 | ) |
| JPMorgan Chase Securities,
Inc. | $ 22,510,642 | | $ 41,548 | |
| UBS AG | $ (17,235,468 | ) | $ (19,437 | ) |

| (f) | All or a portion of
security has been pledged as collateral in connection with swaps. |
| --- | --- |
| (g) | All or a portion of
security has been pledged as collateral in connection with open reverse
repurchase agreements. |
| (h) | Investments in companies
considered to be an affiliate of the Trust during the period, for purposes of
Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as
follows: |

Affiliate — BlackRock Liquidity Funds, TempFund, Institutional Class	3,958,025	(2,108,312	)	1,849,713	Income — $ 1,853

| (i) | Represents the current
yield as of report date. |
| --- | --- |
| • | For Trust compliance
purposes, the Trust’s industry classifications refer to any one or more of
the industry sub-classifications used by one or more widely recognized market
indexes or rating group indexes, and/or as defined by Trust management. These
definitions may not apply for purposes of this report, which may combine such
industry sub-classifications for reporting ease. |

BLACKROCK INCOME TRUST, INC. NOVEMBER 30, 2011 6

Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

| • — Counterparty | Interest Rate | Trade Date | Maturity Date 1 | Net
Closing Amount | Face Amount |
| --- | --- | --- | --- | --- | --- |
| Barclays Capital, Inc. | 0.08 % | 10/25/11 | Open | $ 4,669,134 | $ 4,668,750 |
| Deutsche Bank Securities, Inc. | 0.24 % | 11/14/11 | 12/12/11 | 68,312,107 | 68,304,365 |
| Deutsche Bank Securities, Inc. | 0.24 % | 11/16/11 | 12/12/11 | 31,190,119 | 31,187,000 |
| Merrill Lynch & Co., Inc. | 0.13 % | 11/16/11 | Open | 36,486,845 | 36,484,869 |
| Credit Suisse Securities (USA) LLC | 0.13 % | 11/29/11 | Open | 10,310,074 | 10,310,000 |
| BNP Paribas | 0.10 % | 11/30/11 | 12/01/11 | 22,369,937 | 22,369,875 |
| BNP Paribas | 0.13 % | 11/30/11 | 12/01/11 | 10,124,662 | 10,124,625 |
| Credit Suisse Securities (USA) LLC | 0.01 % | 11/30/11 | 12/01/11 | 4,505,626 | 4,505,625 |
| Credit Suisse Securities (USA) LLC | 0.12 % | 11/30/11 | 12/01/11 | 4,080,014 | 4,080,000 |
| Total | | | | $ 192,048,518 | $ 192,035,109 |
| 1 Certain agreements have no
stated maturity and can be terminated by either party at any time. | | | | | |

• — Contracts	Issue	Exchange	Expiration	Notional Value	Unrealized Appreciation (Depreciation)
82	5-Year
US Treasury Note	Chicago
Board of Trade	March
2012	$ 10,056,531	$ (3,524	)
143	90-Day
Euro Dollar	Chicago
Mercantile	March
2012	$ 35,535,500	143,394
44	Ultra
Long US Treasury Bond	Chicago
Board of Trade	March
2012	$ 6,839,250	(25,177	)
155	90-Day
Euro Dollar	Chicago
Mercantile	June
2012	$ 38,502,000	129,123
169	90-Day
Euro Dollar	Chicago
Mercantile	September
2012	$ 41,973,263	318,948
98	90-Day
Euro Dollar	Chicago
Mercantile	December
2012	$ 24,337,075	106,929
70	90-Day
Euro Dollar	Chicago
Mercantile	March
2013	$ 17,381,000	265,045
96	90-Day
Euro Dollar	Chicago
Mercantile	June
2013	$ 23,827,200	219,045
90	90-Day
Euro Dollar	Chicago
Mercantile	September
2013	$ 22,324,500	381,165
57	90-Day
Euro Dollar	Chicago
Mercantile	December
2013	$ 14,124,600	301,506
26	90-Day
Euro Dollar	Chicago
Mercantile	March
2014	$ 6,434,350	144,828
Total					$ 1,981,282

• — Contracts	Issue	Exchange	Expiration	Notional Value	Unrealized Appreciation (Depreciation)
151	90-Day
Euro Dollar	Chicago
Mercantile	December
2011	$ 37,548,981	$ (104,278	)
74	2-Year
US Treasury Note	Chicago
Board of Trade	December
2011	$ 16,307,750	420
163	5-Year
US Treasury Note	Chicago
Board of Trade	December
2011	$ 20,050,274	5,338
9	30-Year
US Treasury Bond	Chicago
Board of Trade	December
2011	$ 1,274,625	264
1,576	10-Year
US Treasury Note	Chicago
Board of Trade	March
2012	$ 203,845,750	500,761
121	2-Year
US Treasury Note	Chicago
Board of Trade	March
2012	$ 26,680,500	(17,246	)
62	30-Year
US Treasury Bond	Chicago
Board of Trade	March
2012	$ 8,765,250	98,336
Total					$ 483,595

BLACKROCK INCOME TRUST, INC. NOVEMBER 30, 2011 7

Schedule of Investments (continued) BlackRock Income Trust, Inc. (BKT)

• Interest rate swaps outstanding as of November 30, 2011 were as follows:

| Fixed Rate — 0.83% (a) | 3-month
LIBOR | Deutsche
Bank Securities, Inc. | 7/27/12 | Notional Amount (000) — $ 34,800 | Unrealized Appreciation (Depreciation) — $ (59,415 | ) |
| --- | --- | --- | --- | --- | --- | --- |
| 4.88% (b) | 3-month
LIBOR | UBS
AG | 3/21/15 | $ 25,000 | 3,280,131 | |
| 4.87% (b) | 3-month
LIBOR | Goldman
Sachs & Co. | 1/25/16 | $ 5,500 | 847,732 | |
| 2.81% (b) | 3-month
LIBOR | Citibank
NA | 2/06/16 | $ 20,000 | 1,413,947 | |
| 5.72% (b) | 3-month
LIBOR | JPMorgan
Chase & Co. | 7/14/16 | $ 5,400 | 1,099,822 | |
| 1.22% (a) | 3-month
LIBOR | Deutsche
Bank Securities, Inc. | 10/06/16 | $ 6,400 | 15,244 | |
| 5.51% (b) | 3-month
LIBOR | Bank
of America NA | 8/03/17 | $ 95,147 | 20,986,351 | |
| 5.88% (a) | 3-month
LIBOR | Deutsche
Bank Securities, Inc. | 6/25/18 | $ 31,930 | (7,945,617 | ) |
| 4.55% (a) | 3-month
LIBOR | Citibank
NA | 9/26/18 | $ 41,600 | (7,591,469 | ) |
| 4.31% (a) | 3-month
LIBOR | Deutsche
Bank Securities, Inc. C | 10/01/18 | $ 66,000 | (11,044,106 | ) |
| 3.09% (a) | 3-month
LIBOR | Deutsche
Bank Securities, Inc. | 3/09/19 | $ 25,700 | (2,241,373 | ) |
| 3.17% (b) | 3-month
LIBOR | Bank
of America NA | 3/18/19 | $ 4,700 | 433,623 | |
| 2.88% (b) | 3-month
LIBOR | Deutsche
Bank Securities, Inc. | 4/01/19 | $ 39,700 | 2,866,296 | |
| 3.23% (a) | 3-month
LIBOR | Deutsche
Bank Securities, Inc. | 5/19/19 | $ 2,800 | (270,418 | ) |
| 3.90% (a) | 3-month
LIBOR | Barclays
PLC | 6/05/19 | $ 20,000 | (2,885,146 | ) |
| 3.55% (a) | 3-month
LIBOR | Deutsche
Bank Securities, Inc. | 8/18/19 | $ 15,000 | (1,921,817 | ) |
| 5.49% (a) | 3-month
LIBOR | JPMorgan
Chase & Co. | 10/28/19 | $ 1,400 | (328,829 | ) |
| 3.67% (b) | 3-month
LIBOR | Deutsche
Bank Securities, Inc. | 12/21/19 | $ 2,000 | 258,666 | |
| 5.67% (a) | 3-month
LIBOR | Citigroup
Global Markets, Inc. | 1/06/20 | $ 12,400 | (2,976,081 | ) |
| 3.88% (b) | 3-month
LIBOR | Morgan
Stanley & Co., Inc. | 1/07/20 | $ 7,600 | 1,107,341 | |
| 3.71% (a) | 3-month
LIBOR | Deutsche
Bank Securities, Inc. | 2/11/20 | $ 6,200 | (822,031 | ) |
| 3.73% (b) | 3-month
LIBOR | Morgan
Stanley & Co., Inc. | 5/05/20 | $ 28,000 | 3,785,637 | |
| 3.43% (b) | 3-month
LIBOR | JPMorgan
Chase & Co. | 3/28/21 | $ 7,000 | 1,086,058 | |
| 5.41% (b) | 3-month
LIBOR | JPMorgan
Chase & Co. | 8/15/22 | $ 9,565 | 2,908,982 | |
| Total | | | | | $ 2,003,528 | |

| (a) | Pays fixed interest rate
and receives floating rate. |
| --- | --- |
| (b) | Pays floating interest rate
and receives fixed rate. |

•
•	Level 1 — unadjusted price
quotations in active markets/exchanges for identical assets and liabilities
•	Level 2 — other observable
inputs (including, but not limited to: quoted prices for similar assets or
liabilities in markets that are active, quoted prices for identical or
similar assets or liabilities in markets that are not active, inputs other
than quoted prices that are observable for the assets or liabilities (such as
interest rates, yield curves, volatilities, prepayment speeds, loss
severities, credit risks and default rates) or other market-corroborated
inputs)
•	Level 3 — unobservable
inputs based on the best information available in the circumstances, to the
extent observable inputs are not available (including the Trust’s own
assumptions used in determining the fair value of investments and derivative
financial instruments)

BLACKROCK INCOME TRUST, INC. NOVEMBER 30, 2011 8

Schedule of Investments (continued) BlackRock Income Trust, Inc. (BKT)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and does not necessarily correspond to the Trust’s perceived risk of investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Trust’s most recent financial statements as contained in its annual report.

The following tables summarize the inputs used as of November 30, 2011 in determining the fair valuation of the Trusts’ investments and derivative financial instruments:

Valuation Inputs	Level 1	Level 2			Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities	$ —	$ 9,514,247	$	1,013,827	$ 10,528,074
Non-Agency Mortgage- Backed Securities	—	18,746,698		3,958,401	22,705,099
US Government Sponsored Agency Securities	—	705,587,702		5,032,626	710,620,328
US Treasury Obligations	—	121,519,695		—	121,519,695
Short-Term Securities:
Borrowed Bonds Agreements	—	11,776,319		—	11,776,319
Money Market Funds	1,849,713	—		—	1,849,713
Liabilities:
Investments:
Long-Term Investments:
Borrowed Bonds	—	(20,917,936	)	—	(20,917,936	)
TBA Sale Commitments	—	(18,303,593	)	—	(18,303,593	)
Total	$ 1,849,713	$ 827,923,132	$	10,004,854	$ 839,777,699

Valuation Inputs	Level 1					Total
Derivative Financial
Instruments 1
Assets:
Interest rate contracts	$ 2,665,770	$	41,852,915		—	$ 44,518,685
Liabilities:
Interest rate contracts	(150,225	)	(39,829,040	)	—	(39,979,265	)
Total	$ 2,515,545	$	2,023,875		—	$ 4,539,420

1 Derivative financial instruments are swaps, financial futures contracts, interest rate floors and options. Swaps and financial futures contracts are valued at the unrealized appreciation/depreciation on the instrument and interest rate floors and options are shown at value.

BLACKROCK INCOME TRUST, INC. NOVEMBER 30, 2011 9

Schedule of Investments (concluded) BlackRock Income Trust, Inc. (BKT)

The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

	Asset-Backed Securities
Assets:
Balance, as of August 31,
2011	$ 1,038,628	$	4,432,527	$	5,096,285	$	10,567,440
Accrued discounts/premiums	(46,525	)	98,734		256		52,464
Realized gain (loss)	(11,668	)	(276	)	(2,561	)	(14,504	)
Change in unrealized appreciation/depreciation 2	33,392		(445,725	)	5,615		(406,718	)
Purchases	—		—		—		—
Sales	—		(126,859	)	(66,969	)	(193,829	)
Transfers in 3	—		—		—		—
Transfers out 3	—		—		—		—
Balance,
as of November 30, 2011	$ 1,013,827	$	3,958,401	$	5,032,626	$	10,004,854

| 2 | The change in unrealized
appreciation/depreciation on securities still held on November 30, 2011 was
$(406,717). |
| --- | --- |
| 3 | The Trust’s
policy is to recognize transfers in and transfers out as of the beginning of
the period of the event or the change in circumstances that caused the
transfer. A reconciliation of Level 3 investments and derivative financial
instruments is presented when the Trust had a significant amount of Level 3
investments and derivatives at the beginning and/or end of the period in relation
to net assets. |

BLACKROCK INCOME TRUST, INC. NOVEMBER 30, 2011 10

end

Item 2 –	Controls and Procedures
2(a) –	The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this
report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.
2(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) 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
	Certifications – Attached hereto
	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.
	BlackRock Income Trust, Inc.
	By:	/s/ John M. Perlowski
		John M. Perlowski
		Chief Executive Officer (principal executive officer) of
		BlackRock Income Trust, Inc.
	Date: January 23, 2012
	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/ John M. Perlowski
		John M. Perlowski
		Chief Executive Officer (principal executive officer) of
		BlackRock Income Trust, Inc.
	Date: January 23, 2012
	By:	/s/ Neal J. Andrews
		Neal J. Andrews
		Chief Financial Officer (principal financial officer) of
		BlackRock Income Trust, Inc.
	Date: January 23, 2012