lp1-0805.htm - Generated by SEC Publisher for SEC Filing

Washington, D.C. 20549



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) 922-6000

Date of fiscal year end:  2/28 
Date of reporting period:  11/30/15 



Item 1.  Schedule of Investments. 


Dreyfus Municipal Bond Infrastructure Fund, Inc. 
November 30, 2015 (Unaudited) 


Long-Term Municipal  Coupon  Maturity  Principal    
Investments--141.8%  Rate (%)  Date  Amount ($)   Value ($) 
Jefferson County,           
Sewer Revenue Warrants  0/7.90  10/1/50  2,500,000 a  1,716,350 
Phoenix Industrial Development           
Authority, Education Facility           
Revenue (BASIS Schools, Inc.           
Projects)  5.00  7/1/45  2,000,000 b  2,007,480 
Pima County Industrial Development           
Authority, Education Revenue           
(American Charter Schools           
Foundation Project)  5.63  7/1/38  2,835,000   2,647,890 
Pima County Industrial Development           
Authority, Education Revenue           
(Arizona Charter Schools           
Refunding Project)  5.38  7/1/31  4,435,000   4,635,551 
Salt Verde Financial Corporation,           
Senior Gas Revenue  5.00  12/1/37  5,000,000   5,601,550 
California Statewide Communities           
Development Authority, Revenue           
(California Baptist University)  6.38  11/1/43  2,035,000   2,246,111 
Golden State Tobacco           
Securitization Corporation,           
Tobacco Settlement           
Asset-Backed Bonds  5.75  6/1/47  8,000,000   7,411,840 
Long Beach Bond Finance Authority,           
Natural Gas Purchase Revenue  5.50  11/15/37  5,000,000   6,080,800 
Riverside County Transportation           
Commission, Senior Lien Toll           
Revenue  5.75  6/1/44  3,250,000   3,703,570 
San Buenaventura,           


Revenue (Community Memorial         
Health System)  7.50  12/1/41  2,500,000  3,044,000 
University of California Regents,         
Medical Center Pooled Revenue  5.00  5/15/43  5,000,000  5,564,850 
City and County of Denver,         
Airport System Subordinate         
Revenue  5.25  11/15/43  5,000,000  5,529,950 
Colorado Health Facilities         
Authority, Revenue (Sisters of         
Charity of Leavenworth Health         
System)  5.00  1/1/44  2,500,000  2,771,325 
District of Columbia--.8%         
District of Columbia,         
Revenue (Knowledge is Power         
Program, District of Columbia         
Issue)  6.00  7/1/43  1,700,000  1,948,914 
Educational Facilities Revenue         
(Nova Southeastern University         
Project)  5.63  4/1/43  4,805,000  5,480,343 
Customer Facility Charge         
Senior Lien Revenue (Chicago         
O'Hare International Airport)  5.75  1/1/43  3,750,000  4,250,175 
GO (Project and Refunding         
Series)  5.00  1/1/36  3,000,000  3,033,690 
Metropolitan Pier and Exposition         
Authority, Revenue (McCormick         
Place Expansion Project)  5.00  6/15/53  2,500,000  2,616,050 
University of Illinois Board of         
Trustees, Auxiliary Facilities         
System Revenue (University of         
Illinois)  5.00  4/1/44  2,500,000  2,734,925 


Indiana Finance Authority,           
HR (The King's Daughters'           
Hospital and Health Services)  5.50  8/15/40  7,425,000   8,032,216 
Indiana Finance Authority,           
Private Activity Bonds (Ohio           
River Bridges East End           
Crossing Project)  5.00  7/1/40  5,000,000   5,352,950 
Indiana Finance Authority,           
Revenue (Baptist Homes of           
Indiana Senior Living)  6.00  11/15/41  3,500,000   3,931,200 
Iowa Finance Authority,           
Midwestern Disaster Area           
Revenue (Iowa Fertilizer           
Company Project)  5.25  12/1/25  7,000,000   7,644,280 
Louisville/Jefferson County Metro           
Government, Health System           
Revenue (Norton Healthcare,           
Inc.)  5.75  10/1/42  2,370,000   2,736,971 
Louisiana Public Facilities           
Authority, Dock and Wharf           
Revenue (Impala Warehousing           
LLC Project)  6.50  7/1/36  2,000,000 b  2,230,220 
New Orleans,           
Sewerage Service Revenue  5.00  6/1/44  2,000,000   2,205,060 
New Orleans,           
Water Revenue  5.00  12/1/34  1,000,000   1,128,980 
New Orleans,           
Water Revenue  5.00  12/1/44  2,000,000   2,215,300 
Massachusetts Development Finance           
Agency, Revenue (North Hill           
Communities Issue)  6.50  11/15/43  2,000,000 b  2,170,340 
Massachusetts Port Authority,           
Special Facilities Revenue           
(Delta Air Lines, Inc.           


Project) (Insured; AMBAC)  5.00  1/1/27  8,210,000   8,231,510 
Water Supply System Senior           
Lien Revenue  5.25  7/1/41  2,250,000   2,424,465 
Kent Hospital Finance Authority,           
Revenue (Metropolitan Hospital           
Project)  6.25  7/1/40  5,750,000   5,754,025 
Michigan Finance Authority,           
HR (Trinity Health Credit           
Group)  5.00  12/1/39  4,990,000   5,474,180 
Michigan Finance Authority,           
HR (Trinity Health Credit           
Group) (Prerefunded)  5.00  12/1/21  10,000 c  12,009 
Michigan Finance Authority,           
Local Government Loan Program           
Revenue (Detroit Water and           
Sewerage Department, Sewage           
Disposal System Revenue Senior           
Lien Local Project Bonds)           
(Insured; Assured Guaranty           
Municipal Corp.)  5.00  7/1/30  1,500,000   1,695,255 
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   2,458,215 
Michigan Tobacco Settlement           
Finance Authority, Tobacco           
Settlement Asset-Backed Bonds  6.00  6/1/34  5,000,000   4,616,000 
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  2,510,550 
Saint Paul Housing and         
Redevelopment Authority,         
Hospital Facility Revenue         
(HealthEast Care System         
Project)  5.00  11/15/25  2,000,000  2,199,820 
Missouri Health and Educational         
Facilities Authority,         
Educational Facilities Revenue         
(Saint Louis College of         
Pharmacy)  5.50  5/1/43  2,000,000  2,196,260 
Saint Louis County Industrial         
Development Authority, Senior         
Living Facilities Revenue         
(Friendship Village Sunset         
Hills)  5.00  9/1/42  3,500,000  3,693,445 
New Jersey--5.7%         
New Jersey Economic Development         
Authority School Facilities         
Construction Revenue  5.25  6/15/40  2,000,000  2,102,600 
New Jersey Economic Development         
Authority, Private Activity         
Revenue (The Goethals Bridge         
Replacement Project)  5.38  1/1/43  2,500,000  2,681,825 
New Jersey Economic Development         
Authority, Special Facility         
Revenue (Continental Airlines,         
Inc. Project)  5.13  9/15/23  2,500,000  2,739,100 
New Jersey Economic Development         
Authority, Special Facility         
Revenue (Continental Airlines,         
Inc. Project)  5.25  9/15/29  4,500,000  4,915,755 
Tobacco Settlement Financing         
Corporation of New Jersey,         
Tobacco Settlement         
Asset-Backed Bonds  5.00  6/1/41  2,330,000  1,892,566 


New York--15.4%           
Deutsche Bank Spears/Lifers Trust           
(Series DBE-1177) Recourse           
(Metropolitan Transportation           
Authority, Transportation           
Revenue)  5.00  11/15/38  15,000,000 b,d  16,895,250 
New York City Industrial           
Development Agency, PILOT           
Revenue (Queens Baseball           
Stadium Project) (Insured;           
AMBAC)  5.00  1/1/36  8,000,000   8,230,800 
New York Liberty Development           
Corporation, Revenue (3 World           
Trade Center Project)  5.00  11/15/44  3,500,000 b  3,589,880 
New York State Dormitory           
Authority, Revenue (Saint           
John's University)  5.00  7/1/44  2,000,000   2,227,900 
Niagara Area Development           
Corporation, Solid Waste           
Disposal Facility Revenue           
(Covanta Energy Project)  5.25  11/1/42  7,870,000 b  7,928,710 
Buckeye Tobacco Settlement           
Financing Authority, Tobacco           
Settlement Asset-Backed Bonds  6.25  6/1/37  7,000,000   6,385,400 
Muskingum County,           
Hospital Facilities Revenue           
(Genesis HealthCare System           
Obligated Group Project)  5.00  2/15/44  7,000,000   7,195,580 
Southeastern Ohio Port Authority,           
Hospital Facilities           
Improvement Revenue (Memorial           
Health System Obligated Group           
Project)  6.00  12/1/42  3,000,000   3,275,280 
Clairton Municipal Authority,           
Sewer Revenue  5.00  12/1/37  4,000,000   4,308,000 
Clairton Municipal Authority,           


Sewer Revenue  5.00  12/1/42  1,500,000   1,603,110 
Deutsche Bank Spears/Lifers Trust           
(Series DBE-1179) Recourse           
(Pennsylvania Turnpike           
Commission, Motor License           
Fund-Enhanced Turnpike           
Subordinate Special Revenue)  5.00  12/1/42  13,000,000 b,d  14,311,932 
Montgomery County Industrial           
Development Authority, Revenue           
(Whitemarsh Continuing Care           
Retirement Community Project)  5.25  1/1/40  315,000   316,906 
Pennsylvania Higher Educational           
Facilities Authority, Revenue           
(Thomas Jefferson University)  5.00  9/1/45  3,500,000   3,853,570 
Pennsylvania Turnpike Commission,           
Motor License Fund-Enhanced           
Turnpike Subordinate Special           
Revenue (Insured; Assured           
Guaranty Municipal Corp.)  5.00  12/1/42  5,000,000   5,465,500 
South Carolina--2.9%           
South Carolina Jobs-Economic           
Development Authority, Health           
Facilities Revenue (The           
Lutheran Homes of South           
Carolina, Inc.)  5.13  5/1/48  1,750,000   1,800,032 
South Carolina Public Service           
Authority, Revenue Obligations           
(Santee Cooper)  5.13  12/1/43  5,000,000   5,537,950 
Austin Convention Enterprises,           
Inc., Convention Center Hotel           
First Tier Revenue (Insured;           
XLCA)  5.00  1/1/34  5,000,000   5,050,600 
Clifton Higher Education Finance           
Corporation, Education Revenue           
(IDEA Public Schools)  6.00  8/15/43  1,500,000   1,779,960 
Clifton Higher Education Finance           
Corporation, Education Revenue           


(International Leadership of           
Texas)  5.75  8/15/45  2,500,000   2,570,925 
Clifton Higher Education Finance           
Corporation, Revenue (Uplift           
Education)  4.25  12/1/34  2,000,000   1,971,780 
Deutsche Bank Spears/Lifers Trust           
(Series DBE-1182) Recourse           
(Dallas and Fort Worth, Joint           
Improvement Revenue           
(Dallas/Fort Worth           
International Airport))  5.00  11/1/45  15,000,000 b,d  16,218,150 
JPMorgan Chase Putters/Drivers           
Trust (Series 4314)           
Non-recourse (Tarrant County           
Cultural Education Facilities           
Finance Corporation, HR           
(Baylor Health Care System           
Project))  5.00  11/15/20  7,410,000 b,d  8,293,852 
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  1,500,000   1,575,855 
North Texas Education Finance           
Corporation, Education Revenue           
(Uplift Education)  5.13  12/1/42  3,000,000   3,156,570 
North Texas Tollway Authority,           
Second Tier System Revenue  5.00  1/1/38  2,000,000   2,243,300 
Texas Transportation Commission,           
Central Texas Turnpike System           
First Tier Revenue  5.00  8/15/41  2,500,000   2,736,425 
Lexington Industrial Development           
Authority, Residential Care           
Facilities Mortgage Revenue           


(Kendal at Lexington)  5.50  1/1/37  5,400,000  5,526,144 
Virginia Small Business Financing         
Authority, Senior Lien Revenue         
(95 Express Lanes LLC Project)  5.00  1/1/40  7,640,000  8,002,594 
Virginia Small Business Financing         
Authority, Senior Lien Revenue         
(Elizabeth River Crossing         
Opco, LLC Project)  5.50  1/1/42  5,000,000  5,524,700 
Washington Health Care Facilities         
Authority, Revenue (Providence         
Health and Services)  5.00  10/1/42  5,000,000  5,571,200 
Public Finance Agency of         
Wisconsin, Senior Airport         
Facilities Revenue         
(Transportation Infrastructure         
Properties, LLC Obligated         
Group)  5.00  7/1/42  5,000,000  5,190,000 
Public Finance Authority of         
Wisconsin, Senior Living         
Revenue (Rose Villa Project)  4.50  11/15/20  1,500,000  1,501,995 
Wisconsin Health and Educational         
Facilities Authority, Revenue         
(Aurora Health Care, Inc.)  5.25  4/15/35  5,000,000  5,545,350 
Wisconsin Health and Educational         
Facilities Authority, Revenue         
(Beaver Dam Community         
Hospitals, Inc.)  5.25  8/15/34  5,700,000  6,111,597 
Wisconsin Health and Educational         
Facilities Authority, Revenue         
(Sauk-Prairie Memorial         
Hospital, Inc. Project)  5.38  2/1/48  5,000,000  5,200,000 
U.S. Related--2.0%         
Guam Waterworks Authority,         
Water and Wastewater System         
Revenue  5.50  7/1/43  3,000,000  3,385,980 
Puerto Rico Commonwealth,         


Public Improvement GO           
(Insured; Assured Guaranty           
Municipal Corp.)  5.00  7/1/35  1,750,000   1,695,750
Total Investments (cost $332,080,675)      141.8 %  358,048,988
Liabilities, Less Cash and Receivables      (12.1 %)  (30,526,757)
VMTPS, at liquidation value      (29.7 %)  (75,000,000)
Net Assets Applicable to Common Shareholders      100.0 %  252,522,231


VMTPS - Variable Rate Municipal Term Preferred Shares

a  Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity. 
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 November 30, 2015, these 
  securities were valued at $73,645,814 or 29.2% of net assets applicable to Common Shareholders. 
c  This security is 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. 
d  Collateral for floating rate borrowings. 


At November 30, 2015, net unrealized appreciation on investments was $25,968,313 of which $26,412,453 related to appreciated investment securities and $444,140 related to depreciated investment securities. At November 30, 2015, 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 Tender 
MFHR  Multi-Family Housing Revenue  MFMR  Multi-Family Mortgage Revenue 
PCR  Pollution Control Revenue  P-FLOATS  Puttable Floating Option Tax-Exempt Receipts 
PILOT  Payment in Lieu of Taxes  PUTTERS  Puttable Tax-Exempt Receipts 
RAC  Revenue Anticipation Certificates  RAN  Revenue Anticipation Notes 
RAW  Revenue Anticipation Warrants  RIB  Residual Interest Bonds 
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 November 30, 2015 in valuing the fund's investments:

  Level 1 -  Level 2 - Other  Level 3 -Significant   
  Unadjusted  Significant  Unobservable   
Assets ($)  Quoted Prices  Observable Inputs  Inputs  Total 
Investments in Securities:         
Municipal Bonds†  -  358,048,988  -  358,048,988 


† See Statement of Investments for additional detailed categorizations. 


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 fund's 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 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 fund's 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 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.

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 trust subsequently issues two or more variable rate securities that are collateralized by the cash flows of the fixed-rate, tax-exempt municipal bonds. One or more of these variable rate securities pays interest based on a short-term floating rate set by a remarketing agent at predetermined intervals. A residual interest tax-exempt security is also created by the trust, which is transferred to the fund, and is paid interest based on the remaining cash flow of the trust, after payment of interest on the other securities and various expenses of the trust.

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.



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 
Date:  January 20, 2016 


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 
Date:  January 20, 2016 
By:  /s/ James Windels 
James Windels
Date:  January 20, 2016 



(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)