N-Q 1 formnq-805.htm FORM N-Q formnq-805.htm - Generated by SEC Publisher for SEC Filing

 

 

 

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

811-22784

 

 

 

Dreyfus Municipal Bond Infrastructure Fund, Inc.

 

 

(Exact name of Registrant as specified in charter)

 

 

 

 

 

 

c/o The Dreyfus Corporation

200 Park Avenue

New York, New York 10166

 

 

(Address of principal executive offices) (Zip code)

 

 

 

 

 

John Pak, Esq.

200 Park Avenue

New York, New York 10166

 

 

(Name and address of agent for service)

 

 

Registrant's telephone number, including area code:

(212) 922-6000

 

 

Date of fiscal year end:

 

2/28

 

Date of reporting period:

5/31/13

 

             

 

 


 

 

FORM N-Q

Item 1.                        Schedule of Investments.

 


 

STATEMENT OF INVESTMENTS         
Dreyfus Municipal Bond Infrastructure Fund Inc.         
May 31, 2013 (Unaudited)           
 
Long-Term Municipal  Coupon  Maturity  Principal    
Investments--140.2%  Rate (%)  Date  Amount ($)   Value ($) 
Alaska--4.6%           
Alaska Industrial Development and           
Export Authority, Revenue           
(Providence Health and           
Services) (Morgan Stanley           
Municipal Trust Program           
Residual Series 3334)  5.00  10/1/40  10,000,000 a,b,c   10,838,600 
Arizona--4.4%           
Pima County Industrial Development           
Authority, Education Revenue           
(Arizona Charter Schools           
Refunding Project)  5.38  7/1/31  4,490,000   4,862,266 
Salt Verde Financial Corporation,           
Senior Gas Revenue  5.00  12/1/37  5,000,000   5,534,450 
California--7.3%           
Deutsche Bank Spears/Lifers Trust           
(Series DBE-1174) (San Diego           
County Regional Airport           
Authority, Senior Airport           
Revenue)  5.00  7/1/43  10,000,000 a,b,d   10,613,700 
Golden State Tobacco           
Securitization Corporation,           
Tobacco Settlement           
Asset-Backed Bonds  5.13  6/1/47  4,430,000   3,893,616 
Golden State Tobacco           
Securitization Corporation,           
Tobacco Settlement           
Asset-Backed Bonds  5.75  6/1/47  3,000,000   2,825,700 
Colorado--3.4%           
Colorado Health Facilities           
Authority, Health Facilities           
Revenue (The Evangelical           
Lutheran Good Samaritan           
Society Project)  5.00  12/1/33  1,960,000 c  2,069,740 
Public Authority for Colorado           
Energy, Natural Gas Purchase           
Revenue  6.50  11/15/38  4,450,000   5,987,119 
Indiana--4.7%           
Indiana Finance Authority,           
Midwestern Disaster Relief           
Revenue (Ohio Valley Electric           
Corporation Project)  5.00  6/1/32  5,500,000   5,848,150 
Indiana Finance Authority,           
Private Activity Bonds (Ohio           
River Bridges East End           
Crossing Project)  5.00  7/1/44  5,000,000   5,192,450 

 



Iowa--5.7%           
Iowa Finance Authority,           
Midwestern Disaster Area           
Revenue (Alcoa Inc. Project)  4.75  8/1/42  6,495,000   6,179,798 
Iowa Finance Authority,           
Midwestern Disaster Area           
Revenue (Iowa Fertilizer           
Company Project)  5.25  12/1/25  7,000,000   7,228,270 
Louisiana--2.3%           
Louisiana Local Government           
Environmental Facilities and           
Community Development           
Authority, Subordinate Lien           
Revenue (East Baton Rouge           
Sewerage Commission Projects)  5.00  2/1/48  5,000,000   5,357,800 
Massachusetts--2.1%           
Massachusetts Development Finance           
Agency, RRR (Covanta Energy           
Project)  5.25  11/1/42  4,870,000   4,973,195 
Michigan--2.0%           
Michigan Tobacco Settlement           
Finance Authority, Tobacco           
Settlement Asset-Backed Bonds  6.00  6/1/34  5,000,000   4,765,200 
Mississippi--9.1%           
Southern Mississippi Educational           
Building Corporation, Revenue           
(Residence Hall Construction           
and Refunding Project) (Morgan           
Stanley Municipal Trust           
Program Residual Series 3335)  5.00  3/1/43  19,490,000 a,b  21,555,343 
Missouri--.9%           
Saint Louis County Industrial           
Development Authority, Senior           
Living Facilities Revenue           
(Friendship Village Sunset           
Hills)  5.00  9/1/42  2,000,000 c  2,114,400 
New York--17.8%           
Deutsche Bank Spears/Lifers Trust           
(Series DBE-1169)           
(Metropolitan Transportation           
Authority, Transportation           
Revenue)  5.00  11/15/43  15,000,000 a,b,d   16,138,650 
New York City Industrial           
Development Agency, PILOT           
Revenue (Queens Baseball           
Stadium Project) (Insured;           
AMBAC)  5.00  1/1/39  8,000,000   8,096,400 
New York City Industrial           
Development Agency, Senior           
Airport Facilities Revenue           
(Transportation Infrastructure           
Properties, LLC Obligated           

 



Group)  5.00  7/1/28  5,000,000 d  5,272,250 
RIB Floater Trust (Series 9U)           
(New York City Municipal Water           
Finance Authority, Water and           
Sewer System Second General           
Resolution Revenue)  5.00  6/15/47  11,575,000 a,b  12,677,966 
North Carolina--9.4%           
Deutsche Bank Spears/Lifers Trust           
(Series DB-1167) (North           
Carolina Medical Care           
Commission, Health Care           
Facilities Revenue (Duke           
University Health System))           
(Liquidity Facility; Deutsche           
Bank AG and LOC; Deutsche Bank           
AG)  5.00  6/1/42  20,000,000 a,b,c   22,193,000 
Ohio--15.6%           
Buckeye Tobacco Settlement           
Financing Authority, Tobacco           
Settlement Asset-Backed Bonds  5.75  6/1/34  7,000,000   6,329,050 
JPMorgan Chase Putters/Drivers           
Trust (Series 4313) (The Ohio           
State University, Special           
Purpose General Receipts Bonds)  5.00  12/1/20  16,810,000 a,b  18,764,316 
Muskingum County,           
Hospital Facilities Revenue,           
(Genesis HealthCare System           
Obligated Group Project)  5.00  2/15/44  7,000,000 c  6,891,430 
Rickenbacker Port Authority,           
Capital Funding Revenue (Ohio           
Association of School Business           
Officials Expanded Asset           
Pooled Financing Program)  5.38  1/1/32  4,545,000   4,957,777 
Pennsylvania--8.2%           
Clairton Municipal Authority,           
Sewer Revenue  5.00  12/1/37  4,000,000   4,173,680 
Deutsche Bank Spears/Lifers Trust           
(Series DBE-1173)           
(Pennsylvania Turnpike           
Commission, Motor License           
Fund-Enhanced Turnpike           
Subordinate Special Revenue)  5.00  12/1/43  9,270,000 a,b,d   10,023,350 
Pennsylvania Turnpike Commission,           
Turnpike Subordinate Revenue  5.00  12/1/43  5,000,000 d  5,284,600 
South Carolina--.5%           
South Carolina Jobs-Economic           
Development Authority, Health           
Facilities Revenue (The           
Lutheran Homes of South           
Carolina, Inc.)  5.13  5/1/48  1,250,000 c  1,243,237 
Texas--12.4%           
Central Texas Regional Mobility           

 



Authority, Senior Lien Revenue  5.00  1/1/43  5,315,000 d  5,686,412 
Deutsche Bank Spears/Lifers Trust           
(Series DBE-1168) (Dallas and           
Fort Worth, Joint Improvement           
Revenue (Dallas/Fort Worth           
International Airport))  5.00  11/1/38  15,000,000 a,b,d   15,520,500 
JPMorgan Chase Putters/Drivers           
Trust (Series 4314) (Tarrant           
County Cultural Education           
Facilities Finance           
Corporation, HR (Baylor Health           
Care System Project))  5.00  11/15/20  7,410,000 a,b,c   8,112,229 
Virginia--7.4%           
Deutsche Bank Spears/Lifers Trust           
(Series DB-1170) (Norfolk           
Economic Development           
Authority, Health Care           
Facilities Revenue (Sentara           
Healthcare))  5.00  11/1/43  11,725,000 a,b,c   12,883,298 
Virginia Small Business Financing           
Authority, Senior Lien Revenue           
(95 Express Lanes LLC Project)  5.00  7/1/34  4,500,000 d  4,661,820 
Wisconsin--8.2%           
Public Finance Agency,           
Senior Airport Facilities           
Revenue (Transportation           
Infrastructure Properties, LLC           
Obligated Group)  5.00  7/1/42  5,000,000 d  5,184,550 
Wisconsin Health and Educational           
Facilities Authority, Revenue           
(Froedtert Health, Inc.           
Obligated Group) (Morgan           
Stanley Municipal Trust           
Program Residual Series 3333)  5.00  4/1/42  10,375,000 a,b,c   11,214,119 
Wisconsin Health and Educational           
Facilities Authority, Revenue           
(Sauk-Prairie Memorial           
Hospital, Inc. Project)  5.38  2/1/48  3,000,000 c  3,057,540 
U.S. Related--14.2%           
Puerto Rico Aqueduct and Sewer           
Authority, Senior Lien Revenue  5.75  7/1/37  6,500,000   6,644,885 
Puerto Rico Aqueduct and Sewer           
Authority, Senior Lien Revenue  5.25  7/1/42  6,905,000   6,670,161 
Puerto Rico Electric Power           
Authority, Power Revenue  5.00  7/1/32  4,500,000   4,394,385 
Puerto Rico Electric Power           
Authority, Power Revenue  5.25  7/1/40  7,000,000   6,974,590 
Puerto Rico Highways and           
Transportation Authority,           
Transportation Revenue           
(Insured; FGIC)  5.25  7/1/39  9,120,000 d  8,960,674 
Total Long-Term Municipal Investments           

 



(cost $337,359,377)          331,850,666  
Short-Term Municipal  Coupon  Maturity  Principal      
Investments--10.2%  Rate (%)  Date  Amount ($)   Value ($)  
California--3.2%             
California,             
GO Notes             
(Kindergarten-University)             
(LOC; Citibank NA)  0.07  6/3/13  7,500,000 e  7,500,000  
Connecticut--.9%             
Connecticut Health and Educational             
Facilities Authority, Revenue             
(Yale University Issue)  0.05  6/3/13  2,180,000 e  2,180,000  
New York--3.0%             
New York City             
GO Notes (LOC; JPMorgan Chase             
Bank)  0.11  6/3/13  7,000,000 e  7,000,000  
Pennsylvania--3.1%             
Geisinger Authority,             
Health System Revenue             
(Geisinger Health System)             
(Liquidity Facility; JPMorgan             
Chase Bank)  0.07  6/3/13  7,400,000 c,e  7,400,000  
Total Short-Term Municipal Investments             
(cost $24,080,000)          24,080,000  
Total Investments (cost $361,439,377)      150.4 %  355,930,666  
Liabilities, Less Cash and Receivables      (50.4 %)  (119,345,873 ) 
Net Assets      100.0 %  236,584,793  

 

a Collateral for floating rate borrowings. 
b Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be 
resold in transactions exempt from registration, normally to qualified institutional buyers. At May 31, 2013, these
securities were valued at $170,535,071 or 72.1% of net assets.
c At May 31, 2013, the fund had $88,017,593 or 37.2% of net assets invested in securities whose payment of principal and 
interest is dependent upon revenues generated from health care.
d At May 31, 2013, the fund had $87,346,506 or 36.9% of net assets invested in securities whose payment of principal and 
interest is dependent upon revenues generated from transportation.
e Variable rate demand note - rate shown is the interest rate in effect at May 31, 2013. Maturity date represents the next 
demand date, or the ultimate maturity date if earlier. 

 

At May 31, 2013, net unrealized depreciation on investments was $5,508,711 of which $547,685 related to appreciated investment securities and $6,056,396 related to depreciated investment securities. At May 31, 2013, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes.

Summary of Abbreviations     
ABAG  Association of Bay Area Governments  ACA  American Capital Access 
AGC  ACE Guaranty Corporation  AGIC  Asset Guaranty Insurance Company 
AMBAC  American Municipal Bond Assurance Corporation  ARRN  Adjustable Rate Receipt Notes 
BAN  Bond Anticipation Notes  BPA  Bond Purchase Agreement 
CIFG  CDC Ixis Financial Guaranty  COP  Certificate of Participation 
CP  Commercial Paper  DRIVERS  Derivative Inverse Tax-Exempt Receipts 

 



EDR  Economic Development Revenue  EIR  Environmental Improvement Revenue 
FGIC  Financial Guaranty Insurance Company  FHA  Federal Housing Administration 
FHLB  Federal Home Loan Bank  FHLMC  Federal Home Loan Mortgage Corporation 
FNMA  Federal National Mortgage Association  GAN  Grant Anticipation Notes 
GIC  Guaranteed Investment Contract  GNMA  Government National Mortgage Association 
GO  General Obligation  HR  Hospital Revenue 
IDB  Industrial Development Board  IDC  Industrial Development Corporation 
IDR  Industrial Development Revenue  LIFERS  Long Inverse Floating Exempt Receipts 
LOC  Letter of Credit  LOR  Limited Obligation Revenue 
LR  Lease Revenue  MERLOTS  Municipal Exempt Receipts Liquidity Option 
MFHR  Multi-Family Housing Revenue  MFMR  Multi-Family Mortgage Revenue 
PCR  Pollution Control Revenue  P-FLOATS  Puttable Floating Option Tax-Exempts Receipts 
PILOT  Payment in Lieu of Taxes  PUTTERS  Puttable Tax-Exempt Receipts 
RAC  Revenue Anticipation Certificates  RAN  Revenue Anticipation Notes 
RAW  Revenue Anticipation Warrants  ROCS  Reset Option Certificates 
RRR  Resources Recovery Revenue  SAAN  State Aid Anticipation Notes 
SBPA  Standby Bond Purchase Agreement  SFHR  Single Family Housing Revenue 
SFMR  Single Family Mortgage Revenue  SONYMA  State of New York Mortgage Agency 
SPEARS  Short Puttable Exempt Adjustable Receipts  SWDR  Solid Waste Disposal Revenue 
TAN  Tax Anticipation Notes  TAW  Tax Anticipation Warrants 
TRAN  Tax and Revenue Anticipation Notes  XLCA  XL Capital Assurance 

 



The following is a summary of the inputs used as of May 31, 2013 in valuing the fund's investments:

      Level 3 -   
  Level 1 -  Level 2 - Other  Significant   
  Unadjusted Quoted  Significant  Unobservable   
Assets ($)  Prices  Observable Inputs  Inputs  Total 
Investments in Securities:         
Municipal Bonds  -  355,930,666  -  355,930,666 

 



The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the exclusive reference of authoritative U.S. generally accepted accounting principles (“GAAP”) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund's financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

Portfolio valuation: The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.

Various inputs are used in determining the value of the fund’s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:

Level 1—unadjusted quoted prices in active markets for identical investments.

Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

Level 3—significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:

Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the Board of Directors. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. All preceding securities are categorized as Level 2 in the hierarchy.

When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded (for example, a foreign exchange or market), but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board of Directors. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers. These securities are either categorized as Level 2 or 3 depending on the relevant inputs used.



For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.

 

 

Item 2.                        Controls and Procedures.

(a)        The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b)        There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant's most recently ended fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. 

Item 3.                        Exhibits.

(a)        Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.

 


 

 

FORM N-Q

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.

Dreyfus Municipal Bond Infrastructure Fund, Inc.

By: /s/ Bradley J. Skapyak

Bradley J. Skapyak

President

 

Date:

June 25, 2013

 

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/ Bradley J. Skapyak

Bradley J. Skapyak

President

 

Date:

June 25, 2013

 

By: /s/ James Windels

James Windels

Treasurer

 

Date:

June 25, 2013

 

EXHIBIT INDEX

(a)        Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.  (EX-99.CERT)