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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)

 

 

 

 

 

Bennett A. MacDougall, Esq.

200 Park Avenue

New York, New York  10166

 

 

(Name and address of agent for service)

 

 

Registrant's telephone number, including area code: 

(212) 922-6400

 

 

Date of fiscal year end:

 

 02/28

 

Date of reporting period:

  05/31/18

 

             

 


 

FORM N-Q

Item 1.                         Schedule of Investments.

 


 

STATEMENT OF INVESTMENTS
Dreyfus Municipal Bond Infrastructure Fund, Inc.
May 31, 2018 (Unaudited)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 143.8%           
Alabama - 2.5%           
Birmingham Special Care Facilities           
Financing Authority,           
Improvement Revenue (Methodist           
Home for the Aging)  5.75  6/1/45  1,500,000   1,653,240 
Birmingham Special Care Facilities           
Financing Authority,           
Improvement Revenue (Methodist           
Home for the Aging)  6.00  6/1/50  2,350,000   2,621,143 
Jefferson County,           
Sewer Revenue Warrants  0/7.90  10/1/50  2,500,000 a  2,122,550 
          6,396,933 
Arizona - 5.3%           
Phoenix Industrial Development           
Authority,           
Education Facility Revenue (BASIS           
Schools Projects)  5.00  7/1/45  2,000,000 b  2,057,500 
Pima County Industrial Development           
Authority,           
Education Revenue (American           
Leadership Academy Project)  5.00  6/15/52  1,000,000 b  1,002,900 
Pima County Industrial Development           
Authority,           
Education Revenue (Arizona Charter           
Schools Refunding Project)  5.38  7/1/31  4,395,000   4,725,504 
Salt Verde Financial Corporation,           
Senior Gas Revenue  5.00  12/1/37  5,000,000   5,990,100 
          13,776,004 
California - 13.0%           
California Statewide Communities           
Development Authority,           
Revenue (Baptist University)  5.00  11/1/41  1,875,000 b  2,031,431 
California Statewide Communities           
Development Authority,           
Revenue (California Baptist University)  6.38  11/1/43  2,035,000   2,350,181 
Golden State Tobacco Securitization           
Corporation,           
Tobacco Settlement Asset-Backed           
Bonds  5.75  6/1/47  7,510,000   7,547,550 
Long Beach Bond Finance Authority,           
Natural Gas Purchase Revenue  5.50  11/15/37  5,000,000   6,401,950 
Riverside County Transportation           
Commission,           
Senior Lien Toll Revenue  5.75  6/1/44  3,250,000   3,613,675 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 143.8% (continued)       
California - 13.0% (continued)           
San Buenaventura,           
Revenue (Community Memorial Health           
System)  7.50  12/1/41  2,500,000   2,808,500 
Tobacco Securitization Authority,           
North Tobacco Settlement Revenue           
(Capital Appreciation-2nd Sub-Asset           
Backed C)  0.00  6/1/45  29,370,000 c  3,178,421 
University of California Regents,           
Medical Center Pooled Revenue  5.00  5/15/43  5,000,000   5,551,200 
          33,482,908 
Colorado - 4.3%           
City and County of Denver,           
Airport System Subordinate Revenue  5.25  11/15/43  5,000,000   5,500,700 
Colorado Bridge Enterprise,           
Revenue (Central 70 Project)  4.00  6/30/51  1,500,000   1,501,140 
Colorado Health Facilities Authority,           
Revenue (Sisters of Charity of           
Leavenworth Health System)  5.00  1/1/44  2,500,000   2,744,100 
Dominion Water and Sanitation District,           
Tap Fee Revenue  6.00  12/1/46  1,200,000   1,259,940 
          11,005,880 
District of Columbia - 1.2%           
District of Columbia,           
Revenue (Knowledge is Power           
Program, District of Columbia Issue)           
(Prerefunded)  6.00  7/1/23  1,700,000 d  2,014,857 
District of Columbia Tobacco Settlement           
Financing Corporation,           
Tobacco Settlement Asset-Backed           
Bonds  0.00  6/15/46  7,400,000 c  1,217,522 
          3,232,379 
Florida - 2.1%           
Davie,           
Educational Facilities Revenue (Nova           
Southeastern University Project)  5.63  4/1/43  4,805,000   5,310,582 
Georgia - 1.3%           
Burke County Development Authority,           
Pollution Control Revenue, Refunding           
(Oglethorpe Power Corp-Vogtle)  4.13  11/1/45  1,000,000   1,012,290 
Fulton County Development Authority,           
Hospital Revenue (Wellstar Health           
Systems)  5.00  4/1/47  1,250,000   1,388,238 
Gainesville and Hall County Development           
Authority,           
Educational Facilities Revenue           
(Riverside Military Academy)  5.00  3/1/37  1,000,000   1,062,480 
          3,463,008 

 


 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 143.8% (continued)       
Illinois - 10.3%           
Chicago,           
Customer Facility Charge Senior Lien           
Revenue (Chicago O'Hare International           
Airport)  5.75  1/1/43  3,750,000   4,228,725 
Chicago,           
GO (Project and Refunding Series)  6.00  1/1/38  2,500,000   2,821,150 
Chicago Board of Education,           
GO  5.00  12/1/35  1,500,000   1,535,685 
Illinois,           
GO, Refunding  5.00  12/1/27  3,500,000   3,757,005 
Metropolitan Pier and Exposition           
Authority,           
Dedicated Tax Revenue (Capital           
Appreciation-McCormick Place           
Expansion Project) (Insured; MBIA           
Insurance Corporation)  0.00  12/15/36  2,500,000 c  1,055,075 
Metropolitan Pier and Exposition           
Authority,           
Revenue (McCormick Place Expansion           
Project)  5.00  6/15/53  2,500,000   2,609,900 
Tender Option Bond Trust Receipts           
(Series 2017-XM0492), 10/1/40,           
(Illinois Finance Authority, Revenue           
(The University of Chicago)) Non-           
recourse  5.00  10/1/40  7,000,000b,e,f   7,784,858 
University of Illinois Board of Trustees,           
Auxiliary Facilities System Revenue           
(University of Illinois)  5.00  4/1/44  2,500,000   2,712,400 
          26,504,798 
Indiana - 7.7%           
Indiana Finance Authority,           
HR (The King's Daughters' Hospital and           
Health Services)  5.50  8/15/40  7,425,000   7,756,823 
Indiana Finance Authority,           
Midwestern Disaster Relief Revenue           
(Ohio Valley Electric Corporation           
Project)  5.00  6/1/32  2,750,000   2,768,755 
Indiana Finance Authority,           
Private Activity Bonds (Ohio River           
Bridges East End Crossing Project)  5.00  7/1/40  5,000,000   5,365,050 
Indiana Finance Authority,           
Revenue (Baptist Homes of Indiana           
Senior Living)  6.00  11/15/41  3,500,000   3,997,525 
          19,888,153 
Iowa - 2.9%           
Iowa Finance Authority,           
Midwestern Disaster Area Revenue           
(Iowa Fertilizer Company Project)  5.25  12/1/25  7,000,000   7,498,820 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 143.8% (continued)       
Kentucky - 1.5%           
Christian County,           
HR (Jennie Stuart Medical Center)  5.50  2/1/44  1,000,000   1,082,960 
Louisville/Jefferson County Metro           
Government,           
Health System Revenue (Norton           
Healthcare, Inc.)  5.75  10/1/42  2,370,000   2,675,991 
          3,758,951 
Louisiana - 3.0%           
Louisiana Public Facilities Authority,           
Dock and Wharf Revenue (Impala           
Warehousing LLC Project)  6.50  7/1/36  2,000,000 b  2,225,580 
New Orleans,           
Sewerage Service Revenue  5.00  6/1/44  2,000,000   2,196,000 
New Orleans,           
Water Revenue  5.00  12/1/34  1,000,000   1,114,060 
New Orleans,           
Water Revenue  5.00  12/1/44  2,000,000   2,204,580 
          7,740,220 
Maryland - .4%           
City of Rockville MD,           
Economic Development Revenue           
(Ingelside at King Farm Project)  5.00  11/1/47  1,000,000   1,085,230 
Massachusetts - 4.6%           
Massachusetts Development Finance           
Agency,           
Revenue (North Hill Communities           
Issue) (Prerefunded)  6.50  11/15/23  2,000,000 b,d  2,439,180 
Massachusetts Development Finance           
Agency,           
Revenue, Refunding (NewBridge           
Charles)  5.00  10/1/57  1,000,000 b  1,057,980 
Massachusetts Port Authority,           
Special Facilities Revenue (Delta Air           
Lines, Inc. Project) (Insured; AMBAC)  5.00  1/1/27  8,210,000   8,306,467 
          11,803,627 
Michigan - 6.9%           
Detroit,           
Water Supply System Senior Lien           
Revenue  5.25  7/1/41  2,250,000   2,421,608 
Michigan Finance Authority,           
HR (Trinity Health Credit Group)  5.00  12/1/39  4,990,000   5,436,056 
Michigan Finance Authority,           
HR (Trinity Health Credit Group)           
(Prerefunded)  5.00  12/1/21  10,000 d  10,996 

 


 

  Coupon  Maturity  Principal   
Description  Rate (%)  Date  Amount ($)  Value ($) 
Long-Term Municipal Investments - 143.8% (continued)     
Michigan - 6.9% (continued)         
Michigan Finance Authority,         
Local Government Loan Program         
Revenue (Detroit Water and Sewerage         
Department, Water Supply System         
Revenue Senior Lien Local Project         
Bonds) (Insured; National Public         
Finance Guarantee Corp.)  5.00  7/1/36  2,250,000  2,462,828 
Michigan Tobacco Settlement Finance         
Authority,         
Tobacco Settlement Asset-Backed         
Bonds  6.00  6/1/34  5,000,000  5,025,800 
Wayne County Airport Authority,         
Airport Revenue (Detroit Metropolitan         
Wayne County Airport) (Insured; Build         
America Mutual Assurance Company)  5.00  12/1/39  2,250,000  2,494,058 
        17,851,346 
Missouri - 1.2%         
Missouri Health and Educational Facilities         
Authority,         
Educational Facilities Revenue (Saint         
Louis College of Pharmacy)  5.50  5/1/43  2,000,000  2,161,100 
Saint Louis County Industrial         
Development Authority,         
Senior Living Facilities Revenue         
(Friendship Village Sunset Hills)  5.00  9/1/42  1,000,000  1,048,940 
        3,210,040 
New Jersey - 7.0%         
New Jersey Economic Development         
Authority,         
Private Activity Revenue (The Goethals         
Bridge Replacement Project)  5.38  1/1/43  2,500,000  2,736,800 
New Jersey Economic Development         
Authority,         
Revenue  5.25  6/15/27  2,500,000  2,780,425 
New Jersey Economic Development         
Authority,         
School Facilities Construction Revenue  5.25  6/15/40  2,000,000  2,160,780 
New Jersey Economic Development         
Authority,         
Special Facility Revenue (Continental         
Airlines, Inc. Project)  5.13  9/15/23  2,500,000  2,716,825 
New Jersey Economic Development         
Authority,         
Special Facility Revenue (Continental         
Airlines, Inc. Project)  5.25  9/15/29  4,500,000  4,909,185 
New Jersey Tobacco Settlement Financing         
Corp.,         
Revenue, Refunding, Ser. B  5.00  6/1/46  2,500,000  2,689,300 
        17,993,315 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 143.8% (continued)       
New York - 17.1%           
New York City Industrial Development           
Agency,           
PILOT Revenue (Queens Baseball           
Stadium Project) (Insured; AMBAC)  5.00  1/1/36  8,000,000   8,019,920 
New York Counties Tobacco Trust V,           
Revenue (Tobacco Settlement Pass-           
Through Bonds)  0.00  6/1/50  13,500,000 c  1,722,735 
New York Liberty Development           
Corporation,           
Revenue (3 World Trade Center           
Project)  5.00  11/15/44  3,500,000 b  3,721,620 
New York State Dormitory Authority,           
Revenue (Saint John's University)  5.00  7/1/44  2,000,000   2,184,000 
New York Transportation Development           
Corporation,           
Special Facility Revenue (LaGuardia           
Airport Terminal B Redevelopment           
Project)  5.00  7/1/46  3,000,000   3,256,230 
Niagara Area Development Corporation,           
Solid Waste Disposal Facility Revenue           
(Covanta Energy Project)  5.25  11/1/42  7,870,000 b  7,875,352 
Tender Option Bond Trust Receipts           
(Series 2017-XF2419), 11/15/38,           
(Metropolitan Transportation           
Authority, Transportation Revenue)           
Recourse  5.00  11/15/38  15,000,000b,e,f   16,387,087 
TSASC, Inc. of New York,           
Tobacco Settlement Subordinate Bonds  5.00  6/1/48  1,000,000   1,029,180 
          44,196,124 
Ohio - 7.5%           
Buckeye Tobacco Settlement Financing           
Authority,           
Tobacco Settlement Asset-Backed           
Bonds  6.25  6/1/37  7,000,000   7,233,940 
Buckeye Tobacco Settlement Financing           
Authority,           
Tobacco Settlement Asset-Backed           
Bonds  0.00  6/1/47  26,000,000 c  2,159,040 
Cuyahoga County Hospital,           
Revenue (The Metrohealth System)  5.25  2/15/47  2,500,000   2,691,325 
Muskingum County,           
Hospital Facilities Revenue (Genesis           
HealthCare System Obligated Group           
Project)  5.00  2/15/44  7,000,000   7,351,750 
          19,436,055 
Oklahoma - .6%           
Tulsa County Industrial Authority,           
Senior Living Community Revenue           
(Montereau Inc. Project)  5.25  11/15/45  1,500,000   1,660,500 

 


 

  Coupon  Maturity  Principal    
Description  Rate (%)  Date  Amount ($)   Value ($) 
Long-Term Municipal Investments - 143.8% (continued)       
Pennsylvania - 11.6%           
Allentown Neighborhood Improvement           
Zone Development Authority,           
Tax Revenue (City Center Project)  5.00  5/1/42  1,000,000 b  1,075,840 
Clairton Municipal Authority,           
Sewer Revenue  5.00  12/1/37  4,000,000   4,299,000 
Clairton Municipal Authority,           
Sewer Revenue  5.00  12/1/42  1,500,000   1,604,355 
Pennsylvania Higher Educational           
Facilities Authority,           
Revenue (Thomas Jefferson University)  5.00  9/1/45  3,000,000   3,319,230 
Pennsylvania Turnpike Commission,           
Motor License Fund-Enhanced           
Turnpike Subordinate Special Revenue           
(Insured; Assured Guaranty Municipal           
Corp.)  5.00  12/1/42  5,000,000   5,439,200 
Tender Option Bond Trust Receipts           
(Series 2017-XF2420), 12/1/42,           
(Pennsylvania Turnpike Commission,           
Motor License Fund-Enhanced           
Turnpike Subordinate Special Revenue)           
Recourse  5.00  12/1/42  13,000,000b,e,f   14,124,507 
          29,862,132 
South Carolina - 2.8%           
South Carolina Jobs-Economic           
Development Authority,           
Health Facilities Revenue (The           
Lutheran Homes of South Carolina, Inc.)  5.13  5/1/48  1,750,000   1,806,945 
South Carolina Public Service Authority,           
Revenue Obligations (Santee Cooper)  5.13  12/1/43  5,000,000   5,343,450 
          7,150,395 
Texas - 13.4%           
Clifton Higher Education Finance           
Corporation,           
Education Revenue (IDEA Public           
Schools)  6.00  8/15/43  1,500,000   1,693,425 
Clifton Higher Education Finance           
Corporation,           
Education Revenue (International           
Leadership of Texas)  5.75  8/15/45  2,500,000   2,589,050 
New Hope Cultural Education Facilities           
Finance Corporation,           
Student Housing Revenue (National           
Campus and Community Development           
Corporation - College Station           
Properties LLC - Texas A&M University           
Project)  5.00  7/1/35  500,000   420,205 
North Texas Education Finance           
Corporation,           
Education Revenue (Uplift Education)  5.13  12/1/42  3,000,000   3,148,200 

 


 

STATEMENT OF INVESTMENTS (Unaudited) (continued)

  Coupon  Maturity  Principal   
Description  Rate (%)  Date  Amount ($)  Value ($) 
Long-Term Municipal Investments - 143.8% (continued)     
Texas - 13.4% (continued)         
Tender Option Bond Trust Receipts         
(Series 2016-XM0374), 11/15/38,         
(Tarrant County Cultural Education         
Facilities Finance Corporation, HR         
(Baylor Health Care System Project))         
Non-recourse  5.00  11/15/20  7,410,000b,e,f  8,122,431 
Tender Option Bond Trust Receipts         
(Series 2017-XF2421), 11/1/45,         
(Dallas and Fort Worth, Joint         
Improvement Revenue (Dallas/Fort         
Worth International Airport)) Recourse  5.00  11/1/45  15,000,000b,e,f  15,972,337 
Texas Transportation Commission,         
Central Texas Turnpike System First         
Tier Revenue  5.00  8/15/41  2,500,000  2,696,725 
        34,642,373 
Virginia - 5.3%         
Virginia Small Business Financing         
Authority,         
Senior Lien Revenue (95 Express Lanes         
LLC Project)  5.00  1/1/40  7,640,000  8,138,128 
Virginia Small Business Financing         
Authority,         
Senior Lien Revenue (Elizabeth River         
Crossing Opco, LLC Project)  5.50  1/1/42  5,000,000  5,451,950 
        13,590,078 
Washington - 2.1%         
Washington Health Care Facilities         
Authority,         
Revenue (Providence Health and         
Services)  5.00  10/1/42  5,000,000  5,470,550 
Wisconsin - 6.2%         
Public Finance Agency of Wisconsin,         
Senior Airport Facilities Revenue         
(Transportation Infrastructure         
Properties, LLC Obligated Group)  5.00  7/1/42  5,000,000  5,319,550 
Wisconsin Health and Educational         
Facilities Authority,         
Revenue (Aurora Health Care, Inc.)  5.25  4/15/35  5,000,000  5,427,600 
Wisconsin Health and Educational         
Facilities Authority,         
Revenue (Beaver Dam Community         
Hospitals, Inc.)  5.25  8/15/34  3,000,000  3,188,700 
Wisconsin Health and Educational         
Facilities Authority,         
Revenue (Sauk-Prairie Memorial         
Hospital, Inc. Project)  5.38  2/1/48  2,000,000  2,088,060 
        16,023,910 

 


 

  Coupon Maturity  Principal      
Description  Rate (%) Date  Amount ($)   Value ($)  
Long-Term Municipal Investments - 143.8% (continued)         
U.S. Related - 2.0%           
Guam Waterworks Authority,           
Water and Wastewater System           
Revenue  5.50 7/1/43  3,000,000   3,265,050  
Puerto Rico Commonwealth,           
Public Improvement GO (Insured;           
Assured Guaranty Municipal Corp.)  5.00 7/1/35  1,750,000   1,820,753  
        5,085,803  
Total Investments (cost $342,087,222)    143.8 %  371,120,114  
Liabilities, Less Cash and Receivables    (14.7 %)  (37,994,158 ) 
VMTPS, at liquidation value    (29.1 %)  (75,000,000 ) 
Net Assets Applicable to Common Shareholders  100.0 %  258,125,956  

 

VMTPS—Variable Rate Muni Term Preferred Shares

a Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity. 
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, normally to qualified institutional buyers. At May 31, 2018, these securities were valued at 
$85,878,603 or 33.27% of net assets. 
c Security issued with a zero coupon. Income is recognized through the accretion of discount. 
d These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are collateralized by 
U.S. Government securities which are held in escrow and are used to pay principal and interest on the municipal issue and to retire 
the bonds in full at the earliest refunding date. 
e Variable rate security—rate shown is the interest rate in effect at period end. 
f Collateral for floating rate borrowings. 

 


 

STATEMENT OF INVESTMENTS
Dreyfus Municipal Bond Infrastructure Fund, Inc.
May 31, 2018 (Unaudited)

The following is a summary of the inputs used as of May 31, 2018 in valuing the fund’s investments:

    Level 2 - Other   Level 3 -     
  Level 1 -  Significant   Significant     
  Unadjusted  Observable   Unobservable     
  Quoted Prices  Inputs   Inputs  Total  
Assets ($)             
Investments in Securities:             
Municipal Bonds  -  371,120,114   -  371,120,114  
Liabilities ($)             
Floating Rate Notes††  -  (42,055,000 )  -  (42,055,000 ) 

 

  See Statement of Investments for additional detailed categorizations. 
††  Certain of the fund’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. 

 


 

NOTES

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 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.

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 fund's Board Members (the “Board”). 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


 

NOTES

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 of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.

The Service is engaged under the general supervision of the Board.

When market quotations or official closing prices are not readily available, or are determined to not accurately reflect 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, 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. 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 within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and such securities are generally categorized within Level 3 of the fair value hierarchy.

Inverse Floater Securities: The fund participates in secondary inverse floater structures in which fixed-rate, tax-exempt municipal bonds are transferred to a trust (the “Inverse Floater Trust”). The Inverse Floater Trust typically issues two variable rate securities that are collateralized by the cash flows of the fixed-rate, tax-exempt municipal bonds. One of these variable rate securities pays interest based on a short-term floating rate set by a remarketing agent at predetermined intervals (“Trust Certificates”). A residual interest tax-exempt security is also created by the Inverse Floater Trust, which is transferred to the fund, and is paid interest based on the remaining cash flows of the Inverse Floater Trust, after payment of interest on the other securities and various expenses of the Inverse Floater Trust. An Inverse Floater Trust may be collapsed without the consent of the fund due to certain termination events such as bankruptcy, default or other credit event.

The fund accounts for the transfer of bonds to the Inverse Floater Trust as secured borrowings, with the securities transferred remaining in the fund’s investments, and the Trust Certificates reflected as fund liabilities in the Statement of Assets and Liabilities.

The fund may invest in inverse floater securities on either a non-recourse or recourse basis. These securities are typically supported by a liquidity facility provided by a bank or other financial institution (the “Liquidity Provider”) that allows the holders of the Trust Certificates to tender their certificates in exchange for payment from the Liquidity Provider of par plus accrued interest on any business day prior to a termination event. When the fund invests in inverse floater securities on a non-recourse basis, the Liquidity


 

NOTES

Provider is required to make a payment under the liquidity facility due to a termination event to the holders of the Trust Certificates. When this occurs, the Liquidity Provider typically liquidates all or a portion of the municipal securities held in the Inverse Floater Trust. A liquidation shortfall occurs if the Trust Certificates exceed the proceeds of the sale of the bonds in the Inverse Floater Trust (“Liquidation Shortfall”). When a fund invests in inverse floater securities on a recourse basis, the fund typically enters into a reimbursement agreement with the Liquidity Provider where the fund is required to repay the Liquidity Provider the amount of any Liquidation Shortfall. As a result, a fund investing in a recourse inverse floater security bears the risk of loss with respect to any Liquidation Shortfall.

At May 31, 2018, accumulated net unrealized appreciation on investments was $29,032,892, consisting of $29,203,831 gross unrealized appreciation and $170,939 gross unrealized depreciation.

At May 31, 2018, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).

Additional investment related disclosures are hereby incorporated by reference to the annual and semi-annual reports previously filed with the SEC 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:    July 23, 2018

 

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:    July 23, 2018

 

By:       /s/ James Windels

            James Windels

            Treasurer

 

Date:    July 23, 2018

 

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)