**U.S.      SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON,      D.C. 20549**

**FORM      10Q-SB**

**000-49672      **

**THE      BLACKHAWK FUND**

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**TABLE      OF CONTENTS**

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**PART      I - FINANCIAL INFORMATION**

**ITEM      1. FINANCIAL STATEMENTS.**

**THE      BLACKHAWK FUND**

**BALANCE      SHEET**

**(unaudited)**

|                                                                          |   | **March                31,** |        | **December                31,** |   |
|-------------------------------------------------------------------------------|--------|------------------------------|-------------|---------------------------------|--------|
|                                                                          |   | **2007**                     |        | **2006**                        |   |
| ASSETS                                                                        |   |                         |        |                            |   |
| Cash                                                                          |   | $                            | 1,772       |                            | $      | 11,748 |   |
|  Total                current assets                                     |   |                         | 1,772       |                            |   | 11,748 |   |
|                                                                          |   |                         |        |                            |   |   |   |
| Property                - held-for-sale                                       |   |                         | 1,774,900   |                            |   | 1,692,600 |   |
| TOTAL                ASSETS                                                   |   | $                            | 1,776,672   |                            | $      | 1,704,348 |   |
|                                                                          |   |                         |        |                            |   |   |   |
| LIABILITIES                AND STOCKHOLDERS' DEFICIT                          |   |                         |        |                            |   |   |   |
|                                                                          |   |                         |        |                            |   |   |   |
| LIABILITIES                                                                   |   |                         |        |                            |   |   |   |
| Accounts                payable and accrued liabilities                       |   | $                            | 10,159      |                            | $      | 1,219 |   |
| Notes                payable-related party                                    |   |                         | 738,163     |                            |   | 590,700 |   |
|  Total                current liabilities                                |   |                         | 748,322     |                            |   | 591,919 |   |
| Long                term liability                                            |   |                         |        |                            |   |   |   |
| Note                payable                                                   |   |                         | 1,496,000   |                            |   | 1,496,000 |   |
| Total                Liabilities                                              |   |                         | 2,244,322   |                            |   | 2,087,919 |   |
|                                                                          |   |                         |        |                            |   |   |   |
| Commitments                and contingencies                                  |   |                         | -           |                            |   | - |   |
|                                                                          |   |                         |        |                            |   |   |   |
| STOCKHOLDERS'                DEFICIT                                          |   |                         |        |                            |   |   |   |
| Preferred                stock, $.001 par value:                              |   |                         |        |                            |   |   |   |
| Series                A: Authorized 20,000,000                                |   |                         |        |                            |   |   |   |
|  0                and 9,000,000 issued and outstanding                   |   |                         |        |                            |   |   |   |
|  at                March 31, 2007 and December 31, 2006                  |   |                         | -           |                            |   | 9,000 |   |
| Series                B: Authorized 10,000,000                                |   |                         |        |                            |   |   |   |
|  10,000,000                issued and outstanding                        |   |                         |        |                            |   |   |   |
|  at                March 31, 2007 and December 31, 2006                  |   |                         | 10,000      |                            |   | 10,000 |   |
| Series                C: Authorized 20,000,000                                |   |                         |        |                            |   |   |   |
|  10,000,000                issued and outstanding                        |   |                         |        |                            |   |   |   |
|  at                March 31, 2006 and December 31, 2005                  |   |                         | 10,000      |                            |   | 10,000 |   |
| Common                stock, $.001 par value, 4,000,000,000 shares            |   |                         |        |                            |   |   |   |
| authorized,                191,880,125 and 24,664,792 shares                  |   |                         |        |                            |   |   |   |
| issued                and outstanding at March 31, 2007 and December 31, 2006 |   |                         | 191,880     |                            |   | 24,665 |   |
| Additional                paid in capital                                     |   |                         | 35,679,347  |                            |   | 34,646,962 |   |
|                                                                          |   |                         |        |                            |   |   |   |
| Retained                Deficit                                               |   |                         | (36,358,877 | )                               |   | (35,084,198 | ) |
|  Total                Stockholders' Deficit                              |   |                         | (467,650    | )                               |   | (383,571 | ) |
| TOTAL                LIABILITIES AND STOCKHOLDERS' DEFICIT                    |   | $                            | 1,776,672   |                            | $      | 1,704,348 |   |

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**      THE BLACKHAWK FUND**

**STATEMENTS      OF OPERATIONS**

**Three      Months Ended March 31, 2007 and 2006**

**(unaudited)**

|                                                                |   | **March                31**                                                                                                                                                                                                                                                                  |           | **                 March 31**                                                                                                                                                                                                                                                                                                   |   |
|---------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                |   | **2007**                                                                                                                                                                                                                                                                                     |           | **2006**                                                                                                                                                                                                                                                                                                                             |   |
|                                                                |   |                                                                                                                                                                                                                                                                                         |           |                                                                                                                                                                                                                                                                                                                                 |   |
| Revenues                                                            |   | $                                              101,778 |           | $                                                                   - |   |
|                                                                |   |                                                                                                                                                                                                                                                                                         |           |                                                                                                                                                                                                                                                                                                                                 |   |
| Cost                of Sales                                        |   | 53,900                                                                                                                                                                                                                                                                                       |           | -                                                                                                                                                                                                                                                                                                                                    |   |
|                                                                |   |                                                                                                                                                                                                                                                                                         |           |                                                                                                                                                                                                                                                                                                                                 |   |
| Gross                Profit                                         |   |  47,878                                                                                                                                                                                                                                                                                 |           |  -                                                                                                                                                                                                                                                                                                                              |   |
|                                                                |   |                                                                                                                                                                                                                                                                                    |           |                                                                                                                                                                                                                                                                                                                            |   |
| **OPERATING                EXPENSES**                               |   |                                                                                                                                                                                                                                                                                    |           |                                                                                                                                                                                                                                                                                                                            |   |
|                                                                |   |                                                                                                                                                                                                                                                                                    |           |                                                                                                                                                                                                                                                                                                                            |   |
| General                & Administrative                         |   |   158,949                                                                                                                                                                                                                                                                     |           |  32,943                                                                                                                                                                                                                                                                                                                         |   |
| Stock                for Services                                   |   |  1,113,600                                                                                                                                                                                                                                                                         |           |  -                                                                                                                                                                                                                                                                                                                         |   |
| Interest                Expense                                     |   |  50,008                                                                                                                                                                                                                                                                                 |           |  3,265                                                                                                                                                                                                                                                                                                                          |   |
|  Total                Expenses                                 |   |                                                                                                                                                                                                                                                                                         | 1,322,557      |                                                                                                                                                                                                                                                                                                                                 |   | 36,208 |   |
|                                                                |   |                                                                                                                                                                                                                                                                                         |           |                                                                                                                                                                                                                                                                                                                                 |   |   |   |
| **NET                LOSS**                                         |   | **$**                                                                                                                                                                                                                                                                                        | (1,274,679     | )                                                                                                                                                                                                                                                                                                                                    | **$**  | (36,208 | ) |
|                                                                |   |                                                                                                                                                                                                                                                                                         |           |                                                                                                                                                                                                                                                                                                                                 |   |   |   |
|                                                                |   |                                                                                                                                                                                                                                                                                         |           |                                                                                                                                                                                                                                                                                                                                 |   |   |   |
| Basic                and Diluted Net Income (Loss) Per Common Share |   | **$**                                                                                                                                                                                                                                                                                        | (0.02          | )                                                                                                                                                                                                                                                                                                                                    | **$**  | (.01 | ) |
|                                                                |   |                                                                                                                                                                                                                                                                                         |           |                                                                                                                                                                                                                                                                                                                                 |   |   |   |
|                                                                |   |                                                                                                                                                                                                                                                                                         |           |                                                                                                                                                                                                                                                                                                                                 |   |   |   |
| Weighted                Average Number of Shares Outstanding        |   |                                                                                                                                                                                                                                                                                         | **74,798,590** |                                                                                                                                                                                                                                                                                                                                 |   | **6,664,556** |   |
|                                                                |   |                                                                                                                                                                                                                                                                                         |           |                                                                                                                                                                                                                                                                                                                                 |   |   |   |
|                                                                |   |                                                                                                                                                                                                                                                                                         |           |                                                                                                                                                                                                                                                                                                                                 |   |   |   |

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**THE      BLACKHAWK FUND**

**STATEMENTS      OF CASH FLOWS**

**Three      Months Ended March 31, 2007 and 2006**

**(unaudited)**

|                                                                  | **March                31**                                                                                    | **March                31**                                                                                        |
|-----------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------|
|                                                                  | **2007**                                                                                                       | **2006**                                                                                                           |
|                                                                  |                                                                                                           |                                                                                                               |
| **Cash                Flows From Operating Activities**               |                                                                                                           |                                                                                                               |
| Net                Loss                                               | $                (1,274,679)                                                                                   | $                (36,208)                                                                                          |
| Adjustments                to reconcile net income (loss) to net cash |                                                                                                           |                                                                                                               |
| provided                by (used in) operating activities:            |                                                                                                           |                                                                                                               |
|                                                                  |                                                                                                           |                                                                                                               |
| Stock                Option Expense                                   | -                                                                                                              | -                                                                                                             |
| Stock                Issued for Services                              | 1,113.600                                                                                                 | -                                                                                                             |
|                                                                  |                                                                                                           |                                                                                                               |
| Changes                in:                                            |                                                                                                           |                                                                                                               |
| Other                assets (increase)                                | -                                                                                                         | (1,593)                                                                                                       |
| Increase                (Decrease) in Accounts Payable                | 8,940                                                                                                          | (1,301)                                                                                                       |
|                                                                  |                                                                                                           |                                                                                                               |
| Net                cash used in operating activities                  | (152,139)                                                                                                      | (39,102)                                                                                                           |
|                                                                  |                                                                                                           |                                                                                                               |
| Cash                Flows From Investing Activities:                  |                                                                                                           |                                                                                                               |
| Purchase                of Assets                                     | (82,300)                                                                                                       | (129,083)                                                                                                          |
|                                                                  |                                                                                                           |                                                                                                               |
| Net                cash provided by (used in) investing activities    | (82,300)                                                                                                       | (129,083)                                                                                                          |
|                                                                  |                                                                                                           |                                                                                                               |
| Cash                Flows From Financing Activities:                  |                                                                                                           |                                                                                                               |
| Proceeds                from the stock issuance/subscriptions         | 77.000                                                                                                    | 29,000                                                                                                             |
| Payments                on notes payable - related party              | -                                                                                                              | (23,000)                                                                                                           |
| Proceeds                from notes payable - related party            | 147,463                                                                                                        | 158,001                                                                                                            |
|                                                                  |                                                                                                           |                                                                                                               |
| Net                cash provided by financing activities              | 224,463                                                                                                        | 164,001                                                                                                       |
|                                                                  |                                                                                                           |                                                                                                               |
| Net                Change in Cash                                     | (9,976)                                                                                                        | (4,184)                                                                                                       |
|                                                                  |                                                                                                           |                                                                                                               |
| Cash                Beginning of Period                               | 11,748                                                                                                         | 12,709                                                                                                             |
|                                                                  |                                                                                                           |                                                                                                               |
| Cash                End of Period                                     | 1,772                                                                                                          | 89                                                                                                                 |
|                                                                  |                                                                                                           |                                                                                                               |
| Supplemental                disclosures:                              |                                                                                                           |                                                                                                               |
| Cash                paid for:                                         |                                                                                                           |                                                                                                               |
| Interest                                                              | $        37,545                                                        | $                                - |
| Income                Taxes                                           | $                  - | $                                - |
|                                                                  |                                                                                                           |                                                                                                               |

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**THE      BLACKHAWK FUND**

**NOTES      TO FINANCIAL STATEMENTS**

**(unaudited)**

**NOTE      1 - BASIS OF PRESENTATION**

**NOTE      2 - STOCK BASED COMPENSATION**

**NOTE      3 - PROPERTY - HELD FOR SALE**

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**THE      BLACKHAWK FUND**

**NOTES      TO FINANCIAL STATEMENTS**

**(unaudited)**

**NOTE      4 - COMMON STOCK**

**NOTE      5 - MORTGAGES PAYABLE**

**NOTE      6-RELATED PARTY TRANSACTIONS**

**NOTE      7-GOING CONCERN**

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**THE      BLACKHAWK FUND**

**NOTES      TO FINANCIAL STATEMENTS**

**(unaudited)**

**NOTE      8-SEGMENT INFORMATION**

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**ITEM      2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF      OPERATIONS.**

**FORWARD-LOOKING      INFORMATION**

**MANAGEMENT'S      PLAN OF OPERATIONS.**

**CURRENT      BUSINESS PLAN**

**RESULTS      OF OPERATIONS**

**THREE      MONTHS ENDED MARCH 31, 2007 COMPARED TO THE THREE MONTHS ENDED MARCH      31,**

**2006.**

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**LIQUIDITY      AND CAPITAL RESOURCES**

**CRITICAL      ACCOUNTING POLICIES**

**OFF-BALANCE      SHEET ARRANGEMENTS.**

**ITEM      3. CONTROLS AND PROCEDURES.**

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**Evaluation      of Disclosure and Controls and Procedures.**

**PART      II - OTHER INFORMATION**

**ITEM      1. LEGAL PROCEEDINGS.**

**ITEM      2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF      PROCEEDS.**

**ITEM      3. DEFAULTS UPON SENIOR SECURITIES.**

**ITEM      5. OTHER INFORMATION.**

**ITEM      6. EXHIBITS AND REPORTS ON FORM 8-K**

**Ex.      31.1      **

**Ex.        31.2      **

**Ex.          32.1      **

**Ex.            32.2      **

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**      SIGNATURES**