<DOCUMENT>
<TYPE>EX-99.2B
<SEQUENCE>3
<FILENAME>nyc572304.txt
<DESCRIPTION>BY-LAWS
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                   BLACKROCK MUNICIPAL ADVANTAGE INCOME TRUST






                                    BY-LAWS









                          Dated as of November 7, 2005


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                                TABLE OF CONTENTS
                                -----------------

                                                                            Page
                                                                            ----


ARTICLE I - Shareholder Meetings...............................................1
               1.1  Chairman...................................................1
               1.2  Proxies; Voting............................................1
               1.3  Fixing Record Dates........................................1
               1.4  Inspectors of Election.....................................1
               1.5  Records at Shareholder Meetings............................2

ARTICLE II - Trustees..........................................................2
               2.1  Annual and Regular Meetings................................2
               2.2  Chairman; Records..........................................3

ARTICLE III - Officers.........................................................3
               3.1  Officers of the Trust......................................3
               3.2  Election and Tenure........................................3
               3.3  Removal of Officers........................................3
               3.4  Bonds and Surety...........................................4
               3.5  President and Vice Presidents..............................4
               3.6  Secretary..................................................4
               3.7  Treasurer..................................................5
               3.8  Other Officers and Duties..................................5

ARTICLE IV - Miscellaneous.....................................................5
               4.1  Depositories...............................................5
               4.2  Signatures.................................................6
               4.3  Seal.......................................................6

ARTICLE V- Stock Transfers.....................................................6
               5.1  Transfer Agents, Registrars and the Like...................6
               5.2  Transfer of Shares.........................................6
               5.3  Registered Shareholders....................................7

ARTICLE VI - Amendment of Amended and Restated By-Laws.........................7
               6.1  Amendment and Repeal of Amended and Restated By-Laws.......7

                                        i

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                   BLACKROCK MUNICIPAL ADVANTAGE INCOME TRUST
                   ------------------------------------------
                                     BY-LAWS
                                     -------


         These By-Laws are made and adopted pursuant to Section 3.9 of the
Agreement and Declaration of Trust establishing BlackRock Municipal Advantage
Income Trust dated as of November 7, 2005, as from time to time amended
(hereinafter called the "Declaration"). All words and terms capitalized in these
Amended and Restated By-Laws shall have the meaning or meanings set forth for
such words or terms in the Declaration.


                                    ARTICLE I

                              Shareholder Meetings
                              --------------------

         1.1 Chairman. The Chairman, if any, shall act as chairman at all
meetings of the Shareholders; in the Chairman's absence, the Trustee or Trustees
present at each meeting may elect a temporary chairman for the meeting, who may
be one of themselves.

         1.2 Proxies; Voting. Shareholders may vote either in person or by duly
executed proxy and each full share represented at the meeting shall have one
vote, all as provided in Article 10 of the Declaration.

         1.3 Fixing Record Dates. For the purpose of determining the
Shareholders who are entitled to notice of or to vote or act at any meeting,
including any adjournment thereof, or who are entitled to participate in any
dividends, or for any other proper purpose, the Trustees may from time to time,
without closing the transfer books, fix a record date in the manner provided in
Section 10.3 of the Declaration. If the Trustees do not prior to any meeting of
Shareholders so fix a record date or close the transfer books, then the date of
mailing notice of the meeting or the date upon which the dividend resolution is
adopted, as the case may be, shall be the record date.

         1.4 Inspectors of Election. In advance of any meeting of Shareholders,
the Trustees may appoint Inspectors of Election to act at the meeting or any
adjournment thereof. If Inspectors of Election are not so appointed, the
Chairman, if any, of any meeting of Shareholders may, and on the request of any
Shareholder or Shareholder proxy shall, appoint Inspectors of Election of the
meeting. The number

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of Inspectors of Election shall be either one or three. If appointed at the
meeting on the request of one or more Shareholders or proxies, a majority of
Shares present shall determine whether one or three Inspectors of Election are
to be appointed, but failure to allow such determination by the Shareholders
shall not affect the validity of the appointment of Inspectors of Election. In
case any person appointed as Inspector of Election fails to appear or fails or
refuses to act, the vacancy may be filled by appointment made by the Trustees in
advance of the convening of the meeting or at the meeting by the person acting
as chairman. The Inspectors of Election shall determine the number of Shares
outstanding, the Shares represented at the meeting, the existence of a quorum,
the authenticity, validity and effect of proxies, shall receive votes, ballots
or consents, shall hear and determine all challenges and questions in any way
arising in connection with the right to vote, shall count and tabulate all votes
or consents, determine the results, and do such other acts as may be proper to
conduct the election or vote with fairness to all Shareholders. If there are
three Inspectors of Election, the decision, act or certificate of a majority is
effective in all respects as the decision, act or certificate of all. On request
of the Chairman, if any, of the meeting, or of any Shareholder or Shareholder
proxy, the Inspectors of Election shall make a report in writing of any
challenge or question or matter determined by them and shall execute a
certificate of any facts found by them.

         1.5 Records at Shareholder Meetings. At each meeting of the
Shareholders, there shall be made available for inspection at a convenient time
and place during normal business hours, if requested by Shareholders, the
minutes of the last previous Annual or Special Meeting of Shareholders of the
Trust and a list of the Shareholders of the Trust, as of the record date of the
meeting or the date of closing of transfer books, as the case may be. Such list
of Shareholders shall contain the name and the address of each Shareholder in
alphabetical order and the number of Shares owned by such Shareholder.
Shareholders shall have such other rights and procedures of inspection of the
books and records of the Trust as are granted to shareholders of a Delaware
business corporation.


                                   ARTICLE II

                                    Trustees
                                    --------

         2.1 Annual and Regular Meetings. Meetings of the Trustees shall be held
from time to time upon the call of the Chairman, if any, the President, the
Secretary or any two Trustees. Regular meetings of the Trustees may be held
without call or notice and shall generally be held quarterly. Neither the
business to be

                                        2

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transacted at, nor the purpose of, any meeting of the Board of Trustees need be
stated in the notice or waiver of notice of such meeting, and no notice need be
given of action proposed to be taken by unanimous written consent.

         2.2 Chairman; Records. The Chairman, if any, shall act as chairman at
all meetings of the Trustees; in absence of a chairman, the Trustees present
shall elect one of their number to act as temporary chairman. The results of all
actions taken at a meeting of the Trustees, or by unanimous written consent of
the Trustees, shall be recorded by the person appointed by the Board of Trustees
as the meeting secretary.


                                   ARTICLE III

                                    Officers
                                    --------

         3.1 Officers of the Trust. The officers of the Trust shall consist of a
President, a Secretary, a Treasurer and such other officers or assistant
officers as may be elected or authorized by the Trustees. Any two or more of the
offices may be held by the same Person, except that the same person may not be
both President and Secretary. No other officer of the Trust need be a Trustee.

         3.2 Election and Tenure. At the initial organization meeting, the
Trustees shall elect the Chairman, if any, President, Secretary, Treasurer and
such other officers as the Trustees shall deem necessary or appropriate in order
to carry out the business of the Trust. Such officers shall serve at the
pleasure of the Trustees or until their successors have been duly elected and
qualified. The Trustees may fill any vacancy in office or add any additional
officers at any time.

         3.3 Removal of Officers. Any officer may be removed at any time, with
or without cause, by action of a majority of the Trustees. This provision shall
not prevent the making of a contract of employment for a definite term with any
officer and shall have no effect upon any cause of action which any officer may
have as a result of removal in breach of a contract of employment. Any officer
may resign at any time by notice in writing signed by such officer and delivered
or mailed to the Chairman, if any, President, or Secretary, and such resignation
shall take effect immediately upon receipt by the Chairman, if any, President,
or Secretary, or at a later date according to the terms of such notice in
writing.

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         3.4 Bonds and Surety. Any officer may be required by the Trustees to be
bonded for the faithful performance of such officer's duties in such amount and
with such sureties as the Trustees may determine.

         3.5 President and Vice Presidents. The President shall be the chief
executive officer of the Trust and, subject to the control of the Trustees,
shall have general supervision, direction and control of the business of the
Trust and of its employees and shall exercise such general powers of management
as are usually vested in the office of President of a corporation. Subject to
direction of the Trustees, the President shall each have power in the name and
on behalf of the Trust to execute any and all loans, documents, contracts,
agreements, deeds, mortgages, registration statements, applications, requests,
filings and other instruments in writing, and to employ and discharge employees
and agents of the Trust. Unless otherwise directed by the Trustees, the
President shall have full authority and power, on behalf of all of the Trustees,
to attend and to act and to vote, on behalf of the Trust at any meetings of
business organizations in which the Trust holds an interest, or to confer such
powers upon any other persons, by executing any proxies duly authorizing such
persons. The President shall have such further authorities and duties as the
Trustees shall from time to time determine. In the absence or disability of the
President, the Vice-Presidents in order of their rank as fixed by the Trustees
or, if more than one and not ranked, the Vice-President designated by the
Trustees, shall perform all of the duties of the President, and when so acting
shall have all the powers of and be subject to all of the restrictions upon the
President. Subject to the direction of the Trustees, and of the President, each
Vice-President shall have the power in the name and on behalf of the Trust to
execute any and all instruments in writing, and, in addition, shall have such
other duties and powers as shall be designated from time to time by the Trustees
or by the President.

         3.6 Secretary. The Secretary shall maintain the minutes of all meetings
of, and record all votes of, Shareholders, Trustees and the Executive Committee,
if any. The Secretary shall be custodian of the seal of the Trust, if any, and
the Secretary (and any other person so authorized by the Trustees) shall affix
the seal, or if permitted, facsimile thereof, to any instrument executed by the
Trust which would be sealed by a Delaware business corporation executing the
same or a similar instrument and shall attest the seal and the signature or
signatures of the officer or officers executing such instrument on behalf of the
Trust. The Secretary shall also perform any other duties commonly incident to
such office in a Delaware business corporation, and shall have such other
authorities and duties as the Trustees shall from time to time determine.

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         3.7 Treasurer. Except as otherwise directed by the Trustees, the
Treasurer shall have the general supervision of the monies, funds, securities,
notes receivable and other valuable papers and documents of the Trust, and shall
have and exercise under the supervision of the Trustees and of the President all
powers and duties normally incident to the office. The Treasurer may endorse for
deposit or collection all notes, checks and other instruments payable to the
Trust or to its order. The Treasurer shall deposit all funds of the Trust in
such depositories as the Trustees shall designate. The Treasurer shall be
responsible for such disbursement of the funds of the Trust as may be ordered by
the Trustees or the President. The Treasurer shall keep accurate account of the
books of the Trust's transactions which shall be the property of the Trust, and
which together with all other property of the Trust in the Treasurer's
possession, shall be subject at all times to the inspection and control of the
Trustees. Unless the Trustees shall otherwise determine, the Treasurer shall be
the principal accounting officer of the Trust and shall also be the principal
financial officer of the Trust. The Treasurer shall have such other duties and
authorities as the Trustees shall from time to time determine. Notwithstanding
anything to the contrary herein contained, the Trustees may authorize any
adviser, administrator, manager or transfer agent to maintain bank accounts and
deposit and disburse funds of any series of the Trust on behalf of such series.

         3.8 Other Officers and Duties. The Trustees may elect such other
officers and assistant officers as they shall from time to time determine to be
necessary or desirable in order to conduct the business of the Trust. Assistant
officers shall act generally in the absence of the officer whom they assist and
shall assist that officer in the duties of the office. Each officer, employee
and agent of the Trust shall have such other duties and authority as may be
conferred upon such person by the Trustees or delegated to such person by the
President.


                                   ARTICLE IV

                                  Miscellaneous
                                  -------------

         4.1 Depositories. In accordance with Section 7.1 of the Declaration,
the funds of the Trust shall be deposited in such custodians as the Trustees
shall designate and shall be drawn out on checks, drafts or other orders signed
by such officer, officers, agent or agents (including the adviser, administrator
or manager), as the Trustees may from time to time authorize.

                                        5

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         4.2 Signatures. All contracts and other instruments shall be executed
on behalf of the Trust by its properly authorized officers, agent or agents, as
provided in the Declaration or Amended and Restated By-Laws or as the Trustees
may from time to time by resolution provide.

         4.3 Seal. The Trust is not required to have any seal, and the adoption
or use of a seal shall be purely ornamental and be of no legal effect. The seal,
if any, of the Trust may be affixed to any instrument, and the seal and its
attestation may be lithographed, engraved or otherwise printed on any document
with the same force and effect as if it had been imprinted and affixed manually
in the same manner and with the same force and effect as if done by a Delaware
business corporation. The presence or absence of a seal shall have no effect on
the validity, enforceability or binding nature of any document or instrument
that is otherwise duly authorized, executed and delivered.


                                    ARTICLE V

                                 Stock Transfers
                                 ---------------

         5.1 Transfer Agents, Registrars and the Like. As provided in Section
6.7 of the Declaration, the Trustees shall have authority to employ and
compensate such transfer agents and registrars with respect to the Shares of the
Trust as the Trustees shall deem necessary or desirable. In addition, the
Trustees shall have power to employ and compensate such dividend disbursing
agents, warrant agents and agents for the reinvestment of dividends as they
shall deem necessary or desirable. Any of such agents shall have such power and
authority as is delegated to any of them by the Trustees.

         5.2 Transfer of Shares. The Shares of the Trust shall be transferable
on the books of the Trust only upon delivery to the Trustees or a transfer agent
of the Trust of proper documentation as provided in Section 6.8 of the
Declaration. The Trust, or its transfer agents, shall be authorized to refuse
any transfer unless and until presentation of such evidence as may be reasonably
required to show that the requested transfer is proper.

         5.3 Registered Shareholders. The Trust may deem and treat the holder of
record of any Shares as the absolute owner thereof for all purposes and shall
not be required to take any notice of any right or claim of right of any other
person.

                                        6

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                                   ARTICLE VI

                    Amendment of Amended and Restated By-Laws
                    -----------------------------------------

         6.1 Amendment and Repeal of Amended and Restated By-Laws. In accordance
with Section 3.9 of the Declaration, the Trustees shall have the exclusive power
to amend or repeal the Amended and Restated By-Laws or adopt new By-Laws at any
time. Action by the Trustees with respect to the Amended and Restated By-Laws
shall be taken by an affirmative vote of a majority of the Trustees. The
Trustees shall in no event adopt By-Laws which are in conflict with the
Declaration, and any apparent inconsistency shall be construed in favor of the
related provisions in the Declaration.




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