I have a 13 street Bob but she doesn't have passenger pegs. I was looking where they go on the bike and it looks like the holes have to be drilled for the installation. Is that correct or am I missing something?

 

Do you see any plastic plugs on the right side? The left side peg mount replaces the one for the belt guard

 

Ditto, left side is different belt guard mount. Should be holes on the right

 

Dyna passenger pegs mount to the swingarm, not the frame. As mentioned above, on the primary side the upper belt guard mount at front can be replaced by a combo footpeg/belt guard mount. On the exhaust side, look on the swingarm near where the front edge of your rear fender points downward and you will see a mount 'platform' with two threaded holes probably filled with plastic plugs - that's where the pass peg bracket mounts.
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mine didn't come with them either. The front bolts of the belt guard and on the right side also on the swing arm you should see little caps. you'll need to get peg brackets. you can find them on ebay pretty cheap. putting on the bracket where the belt guard is, is a pain in the patoot!.