BNY Mellon California Amt-free Municipal Bond Fund NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number			811-03757

	BNY Mellon California AMT-Free Municipal Bond Fund, Inc.
	(Exact name of Registrant as specified in charter)

	c/o BNY Mellon Investment Adviser, Inc. 240 Greenwich Street New York, New York 10286
	(Address of principal executive offices) (Zip code)

	Deirdre Cunnane, Esq. 240 Greenwich Street New York, New York 10286
	(Name and address of agent for service)

Registrant's telephone number, including area code:				(212) 922-6400

Date of fiscal year end:		5/31
Date of reporting period:		11/30/22

FORM N-CSR

Item 1.

Reports to Stockholders.

BNY Mellon California AMT-Free Municipal Bond Fund, Inc.

SEMI-ANNUAL REPORT

November 30, 2022

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The views expressed in this report reflect those of the portfolio manager(s) only through the end of the period covered and do not necessarily represent the views of BNY Mellon Investment Adviser, Inc. or any other person in the BNY Mellon Investment Adviser, Inc. organization. Any such views are subject to change at any time based upon market or other conditions and BNY Mellon Investment Adviser, Inc. disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund in the BNY Mellon Family of Funds are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund in the BNY Mellon Family of Funds.

Not FDIC-Insured • Not Bank-Guaranteed • May Lose Value

Contents

THE FUND

FOR MORE INFORMATION

Back Cover

DISCUSSION OF FUND PERFORMANCE (Unaudited)

For the period from June 1, 2022, through November 30, 2022, as provided by Portfolio Managers Jeffrey Burger and Thomas Casey of Insight North America LLC, sub-adviser.

Market and Fund Performance Overview

For the six-month period ended November 30, 2022, BNY Mellon California AMT-Free Municipal Bond Fund, Inc.’s (the “fund”) Class A shares produced a total return of −1.89%, Class C shares returned −2.28%, Class I shares returned −1.78%, Class Y shares returned −1.85% and Class Z shares returned −1.79%.¹ In comparison, the Bloomberg Municipal Bond Index (the “Index”), the fund’s benchmark index, which is composed of bonds issued nationally and not solely within California, achieved a total return of −1.43% for the same period.²

During the reporting period, municipal bonds were hindered by inflation and rising interest rates. The fund underperformed the Index primarily due to overweight positions in certain revenue bond segments.

The Fund’s Investment Approach

The fund seeks as high a level of current income, exempt from federal and California state income taxes, as is consistent with the preservation of capital. To pursue its goal, the fund normally invests at least 80% of its net assets in municipal bonds that provide income exempt from federal and California state income taxes. The fund also seeks to provide income exempt from the federal alternative minimum tax. The fund invests at least 80% of its net assets in municipal bonds rated, at the time of purchase, investment grade (i.e., Baa/BBB or higher) or the unrated equivalent as determined by the fund’s sub-adviser. The fund may invest up to 20% of its assets in municipal bonds rated below investment grade (“junk” bonds) or the unrated equivalent as determined by the fund’s sub-adviser. The dollar-weighted, average maturity of the fund’s portfolio normally exceeds 10 years, but the fund may invest without regard to maturity.

We focus on identifying undervalued sectors and securities, and we minimize the use of interest-rate forecasting. We select municipal bonds by using fundamental credit analysis to estimate the relative value and attractiveness of various sectors and securities and to exploit pricing inefficiencies in the municipal bond market. We actively trade among various sectors, such as pre-refunded, general obligation and revenue, based on their apparent relative values.

Rising Rates Hinder the Market, but Inflation Shows Signs of Easing

Fixed-income markets generally and the municipal bond market in particular posted a negative performance during the reporting period, driven by worries about rising inflation, Russia’s invasion of Ukraine and an increase in the federal funds rate by the Federal Reserve (the “Fed”). Late in the period, optimism about a continued decline in inflation resulted in a rebound in the municipal bond market.

Inflation measures stayed near multi-decade highs during the reporting period, fueled in part by high oil prices. The Fed implemented additional increases in the federal funds rate, raising it in June, July, September and early November, bringing the target rate to between 3.75% and 4.00%. Despite these hikes, the economy, which had earlier posted two-consecutive quarters of contraction, rebounded in the third quarter, with GDP growing at a 2.6% annualized rate.

The economy’s strength, including its low unemployment rate, enabled the Fed to continue its inflation-fighting policy. But this policy introduced some uncertainty as investors increasingly began to fear that it could lead to an economic slowdown.

The persistence of higher-than-expected inflation, combined with interest-rate hikes by the Fed and rising Treasury yields, resulted in market volatility through much of the year. Significant outflows from municipal bond mutual funds added to the turmoil as fund managers sold positions to meet redemptions. Late in the period, however, inflation measures began to show reductions in year-over-year pricing pressures, leading the market to recover a large portion of its earlier losses.

Despite the period’s volatility, credit fundamentals in the municipal market have remained strong, assisted by healthy tax revenues and federal support.

Revenue Bonds Hindered Performance

The fund’s underperformance versus the Index was driven by asset allocation decisions. An overweight to revenue bonds hampered relative returns, as did an overweight to lower-quality securities. In the revenue sector, overweight positions in transportation and hospital bonds hindered returns most.

In contrast, the fund’s overweight positions in essential services were beneficial, especially in the water and power segments. The fund’s higher yield versus the Index also contributed positively. This extra yield came largely from overweights to bonds rated A and lower. But the fund was also overweight in higher-quality bonds, which also generally outperformed. Exposure to the shorter end of the municipal bond yield curve added to relative returns as well. The fund did not make use of derivatives during the period.

Easing Inflation Gives Reason for Optimism

Signs of declining inflation provided a boost to the municipal bond market late in the reporting period. We believe that if inflation has peaked, the municipal bond market could continue to rebound. This is likely to be driven in part by a return to strong inflows from the retail market, which tends to respond to market outperformance. The prospect of an economic slowdown could also benefit the market, as municipal bonds are considered a safe

DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)

haven. In this case, the appeal of municipal bonds will only be enhanced by the strong fundamentals enjoyed by the market generally.

December 15, 2022

¹ Total return includes reinvestment of dividends and any capital gains paid and does not take into consideration the maximum initial sales charge in the case of Class A shares, or the applicable contingent deferred sales charges imposed on redemptions in the case of Class C shares. Had these charges been reflected, returns would have been lower. Class I, Class Y and Class Z (which is closed to new investors) shares are not subject to any initial or deferred sales charge. Past performance is no guarantee of future results. Share price, yield and investment return fluctuate such that upon redemption, fund shares may be worth more or less than their original cost. Income may be subject to state and local taxes, and some income may be subject to the federal alternative minimum tax (AMT) for certain investors. Capital gains, if any, are taxable. The fund’s returns reflect the waiver of a portion of its management fee by BNY Mellon Investment Adviser, Inc. of .05% of the fund’s average daily net assets pursuant to an agreement. Had this waiver not been implemented, returns would have been lower.

² Source: Lipper Inc. — The Bloomberg U.S. Municipal Bond Index covers the U.S. dollar-denominated, long-term, tax-exempt bond market. Investors cannot invest directly in any index.

Bonds are subject generally to interest-rate, credit, liquidity and market risks, to varying degrees, all of which are more fully described in the fund’s prospectus. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines.

High yield bonds involve increased credit and liquidity risks compared with investment-grade bonds and are considered speculative in terms of the issuer’s ability to pay interest and repay principal on a timely basis.

Recent market risks include pandemic risks related to COVID-19. The effects of COVID-19 have contributed to increased volatility in global markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. To the extent the fund may overweight its investments in certain countries, companies, industries or market sectors, such positions will increase the fund’s exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors.

UNDERSTANDING YOUR FUND’S EXPENSES (Unaudited)

As a mutual fund investor, you pay ongoing expenses, such as management fees and other expenses. Using the information below, you can estimate how these expenses affect your investment and compare them with the expenses of other funds. You also may pay one-time transaction expenses, including sales charges (loads) and redemption fees, which are not shown in this section and would have resulted in higher total expenses. For more information, see your fund’s prospectus or talk to your financial adviser.

Review your fund’s expenses

The table below shows the expenses you would have paid on a $1,000 investment in BNY Mellon California AMT-Free Municipal Bond Fund, Inc. from June 1, 2022 to November 30, 2022. It also shows how much a $1,000 investment would be worth at the close of the period, assuming actual returns and expenses.


Expenses and Value of a $1,000 Investment
Assume actual returns for the six months ended November 30, 2022

	Class A	Class C	Class I	Class Y	Class Z
Expenses paid per $1,000^†	$4.77	$8.62	$3.53	$3.53	$3.73
Ending value (after expenses)	$981.10	$977.20	$982.20	$981.50	$982.10

COMPARING YOUR FUND’S EXPENSES WITH THOSE OF OTHER FUNDS (Unaudited)

Using the SEC’s method to compare expenses

The Securities and Exchange Commission (“SEC”) has established guidelines to help investors assess fund expenses. Per these guidelines, the table below shows your fund’s expenses based on a $1,000 investment, assuming a hypothetical 5% annualized return. You can use this information to compare the ongoing expenses (but not transaction expenses or total cost) of investing in the fund with those of other funds. All mutual fund shareholder reports will provide this information to help you make this comparison. Please note that you cannot use this information to estimate your actual ending account balance and expenses paid during the period.


Expenses and Value of a $1,000 Investment
Assuming a hypothetical 5% annualized return for the six months ended November 30, 2022

		Class A	Class C	Class I	Class Y	Class Z
Expenses paid per $1,000^†		$4.86	$8.80	$3.60	$3.60	$3.80
Ending value (after expenses)		$1,020.26	$1,016.34	$1,021.51	$1,021.51	$1,021.31
^†	Expenses are equal to the fund’s annualized expense ratio of .96% for Class A, 1.74% for Class C, .71% for Class I, .71% for Class Y and .75% for Class Z, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

STATEMENT OF INVESTMENTS
November 30, 2022 (Unaudited)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Bonds and Notes - 1.3%
Collateralized Municipal-Backed Securities - 1.3%
California Housing Finance Agency, Revenue Bonds (Green Bond) (Insured; Federal National Mortgage Association)		2.35	12/1/2035	4,765,384		4,189,808
California Housing Finance Agency, Revenue Bonds, Ser. A		4.25	1/15/2035	4,281,527		4,159,272
Total Bonds and Notes (cost $9,699,501)				8,349,080

Long-Term Municipal Investments - 100.4%
California - 99.5%
ABAG Finance Authority for Nonprofit Corp., Revenue Bonds, Refunding (Sharp HealthCare Obligated Group) Ser. A		5.00	8/1/2043	13,250,000		13,356,519
Alameda Corridor Transportation Authority, Revenue Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. C		5.00	10/1/2052	2,500,000		2,629,631
Allan Hancock Joint Community College District, GO, Ser. C		5.60	8/1/2047	11,375,000	^a	7,408,856
Anaheim Community Facilities District, Special Tax Bonds, Refunding		4.00	9/1/2046	1,690,000		1,504,401
Anaheim Community Facilities District, Special Tax Bonds, Refunding		4.00	9/1/2041	4,325,000		3,964,085
California, GO		4.00	11/1/2035	1,000,000		1,045,473
California, GO, Refunding		5.00	4/1/2035	3,000,000		3,332,447
California, GO, Refunding		5.00	4/1/2042	2,000,000		2,138,665
California, GO, Refunding		5.00	8/1/2036	7,000,000		7,471,444
California, GO, Refunding		5.00	4/1/2042	1,500,000		1,684,167
California, GO, Refunding (Insured; Assured Guaranty Municipal Corp.)		5.25	8/1/2032	5,000,000		6,039,265
California Community Choice Financing Authority, Revenue Bonds (Green Bond) (Clean Energy Project)		4.00	12/1/2027	2,000,000	^b	2,010,309
California Community Choice Financing Authority, Revenue Bonds (Green Bond) Ser. B1		4.00	8/1/2031	10,500,000	^b	10,366,709
California County Tobacco Securitization Agency, Revenue Bonds, Refunding		5.00	6/1/2034	5,000,000		5,008,245



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 100.4% (continued)
California - 99.5% (continued)
California County Tobacco Securitization Agency, Revenue Bonds, Refunding (Sonoma County Securitization)		4.00	6/1/2049	1,000,000		861,935
California County Tobacco Securitization Agency, Revenue Bonds, Refunding (Sonoma County Securitization)		5.00	6/1/2049	810,000		810,315
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A		4.00	6/1/2049	1,750,000		1,508,478
California Educational Facilities Authority, Revenue Bonds (Chapman University)		5.00	4/1/2045	2,305,000		2,344,396
California Educational Facilities Authority, Revenue Bonds (Chapman University)		5.00	4/1/2040	5,000,000		5,105,441
California Educational Facilities Authority, Revenue Bonds, Refunding (Loma Linda University) Ser. A		5.00	4/1/2037	1,500,000		1,590,688
California Educational Facilities Authority, Revenue Bonds, Refunding (Loma Linda University) Ser. A		5.00	4/1/2036	3,845,000		4,091,482
California Educational Facilities Authority, Revenue Bonds, Refunding (Occidental College)		5.00	10/1/2045	500,000		517,160
California Educational Facilities Authority, Revenue Bonds, Refunding (Pepperdine University)		5.00	9/1/2025	5,000,000	^c	5,331,457
California Educational Facilities Authority, Revenue Bonds, Refunding (Pooled College & University Projects) Ser. A		5.63	7/1/2023	20,000		20,336
California Health Facilities Financing Authority, Revenue Bonds (City of Hope Obligated Group)		4.00	11/15/2045	6,000,000		5,469,296
California Health Facilities Financing Authority, Revenue Bonds (Sutter Health Obligated Group) Ser. A		5.00	11/15/2048	3,000,000		3,069,072
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Adventist Health System/West Obligated Group) Ser. A		4.00	3/1/2039	2,665,000		2,577,383

STATEMENT OF INVESTMENTS (Unaudited) (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 100.4% (continued)
California - 99.5% (continued)
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Children's Hospital Los Angeles Obligated Group) Ser. A		5.00	8/15/2047	2,000,000		2,019,178
California Health Facilities Financing Authority, Revenue Bonds, Refunding (CommonSpirit Health Obligated Group) Ser. A		4.00	4/1/2045	3,000,000		2,762,237
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Providence St. Joseph Health Obligated Group) Ser. A		5.00	10/1/2030	3,500,000		3,612,277
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Providence St. Joseph Health Obligated Group) Ser. A		5.00	10/1/2031	4,430,000		4,561,043
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Providence St. Joseph Health Obligated Group) Ser. A		5.00	7/1/2023	6,500,000	^c	6,593,585
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Stanford Health Care Obligated Group) Ser. A		5.00	11/15/2037	3,360,000		3,607,428
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Sutter Health Obligated Group) Ser. A		5.00	8/15/2025	2,000,000	^c	2,125,765
California Housing Finance Agency, Revenue Bonds, Ser. 2		4.00	3/20/2033	2,861,415		2,778,914
California Housing Finance Agency, Revenue Bonds, Ser. 2021-1		3.50	11/20/2035	2,926,999		2,641,472
California Housing Finance Agency, Revenue Bonds, Ser. A		3.25	8/20/2036	4,924,712		4,256,014
California Infrastructure & Economic Development Bank, Revenue Bonds (Equitable School Revolving Fund Obligated Group)		5.00	11/1/2039	550,000		574,202
California Infrastructure & Economic Development Bank, Revenue Bonds (Equitable School Revolving Fund Obligated Group)		5.00	11/1/2044	625,000		648,273



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 100.4% (continued)
California - 99.5% (continued)
California Infrastructure & Economic Development Bank, Revenue Bonds (Equitable School Revolving Fund Obligated Group)		5.00	11/1/2049	1,500,000		1,548,696
California Infrastructure & Economic Development Bank, Revenue Bonds (WFCS Holdings) Ser. A		5.00	1/1/2055	1,000,000	^d	788,812
California Infrastructure & Economic Development Bank, Revenue Bonds (WFCS Portfolio Project) Ser. A-1		5.00	1/1/2056	1,250,000	^d	982,267
California Infrastructure & Economic Development Bank, Revenue Bonds, Refunding (Academy of Motion Pictures Arts & Sciences Obligated Group)		5.00	11/1/2041	2,250,000		2,282,044
California Municipal Finance Authority, Revenue Bonds (Bowles Hall Foundation) Ser. A		5.00	6/1/2050	1,500,000		1,501,725
California Municipal Finance Authority, Revenue Bonds (California Baptist University) Ser. A		5.00	11/1/2046	2,500,000	^d	2,460,139
California Municipal Finance Authority, Revenue Bonds (Channing House Project) Ser. B		5.00	5/15/2047	2,500,000		2,591,883
California Municipal Finance Authority, Revenue Bonds (Green Bond) (Insured; Build America Mutual)		4.00	5/15/2032	1,155,000		1,189,784
California Municipal Finance Authority, Revenue Bonds (HumanGood California Obligated Group)		4.00	10/1/2049	2,000,000		1,827,437
California Municipal Finance Authority, Revenue Bonds (Insured; Build America Mutual)		5.00	5/15/2044	1,890,000		1,973,172
California Municipal Finance Authority, Revenue Bonds (Insured; Build America Mutual)		5.00	5/15/2043	3,040,000		3,180,849
California Municipal Finance Authority, Revenue Bonds (LAX Integrated Express Solutions APM Project)		5.00	6/30/2031	3,100,000		3,249,191
California Municipal Finance Authority, Revenue Bonds (LAX Integrated Express Solutions APM Project)		5.00	12/31/2035	1,500,000		1,542,447

STATEMENT OF INVESTMENTS (Unaudited) (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 100.4% (continued)
California - 99.5% (continued)
California Municipal Finance Authority, Revenue Bonds (The Palmdale Aerospace Academy Project)		5.00	7/1/2041	1,750,000	^d	1,656,674
California Municipal Finance Authority, Revenue Bonds (The Palmdale Aerospace Academy Project)		5.00	7/1/2046	2,170,000	^d	2,000,613
California Municipal Finance Authority, Revenue Bonds (United Airlines Project)		4.00	7/15/2029	3,000,000		2,911,792
California Municipal Finance Authority, Revenue Bonds, Refunding (Biola University)		5.00	10/1/2039	1,000,000		1,042,028
California Municipal Finance Authority, Revenue Bonds, Refunding (Community Medical Centers) Ser. A		5.00	2/1/2037	1,000,000		1,034,746
California Municipal Finance Authority, Revenue Bonds, Refunding (Community Medical Centers) Ser. A		5.00	2/1/2036	1,000,000		1,038,121
California Municipal Finance Authority, Revenue Bonds, Refunding (Eisenhower Medical Center) Ser. A		5.00	7/1/2036	1,100,000		1,129,923
California Municipal Finance Authority, Revenue Bonds, Refunding (Eisenhower Medical Center) Ser. A		5.00	7/1/2042	3,500,000		3,565,892
California Municipal Finance Authority, Revenue Bonds, Refunding (Eisenhower Medical Center) Ser. A		5.00	7/1/2037	1,000,000		1,024,499
California Municipal Finance Authority, Revenue Bonds, Refunding (Eisenhower Medical Center) Ser. B		5.00	7/1/2042	2,500,000		2,547,066
California Municipal Finance Authority, Revenue Bonds, Refunding (HumanGood California Obligated Group) Ser. A		5.00	10/1/2044	2,000,000		2,058,101
California Municipal Finance Authority, Revenue Bonds, Refunding (Town & Country Manor of the Christian & Missionary Alliance)		5.00	7/1/2034	1,720,000		1,911,106



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 100.4% (continued)
California - 99.5% (continued)
California Municipal Finance Authority, Revenue Bonds, Refunding (Town & Country Manor of the Christian & Missionary Alliance)		5.00	7/1/2049	2,100,000		2,244,133
California Municipal Finance Authority, Revenue Bonds, Refunding (William Jessup University)		5.00	8/1/2048	9,115,000	^d	8,069,385
California Pollution Control Financing Authority, Revenue Bonds (Waste Management Project) Ser. A		2.50	5/1/2024	3,000,000	^b	2,930,238
California Public Finance Authority, Revenue Bonds (Green Bond) (ENSO Village Project)		5.00	11/15/2036	500,000	^d	455,380
California Public Finance Authority, Revenue Bonds (Green Bond) (ENSO Village Project)		5.00	11/15/2046	1,000,000	^d	849,052
California Public Finance Authority, Revenue Bonds (Hoag Memorial Hospital Presbyterian Obligated Group) Ser. A		4.00	7/15/2051	3,000,000		2,900,750
California Public Finance Authority, Revenue Bonds (Hoag Memorial Hospital Presbyterian Obligated Group) Ser. A		5.00	7/15/2046	2,000,000		2,160,315
California Public Finance Authority, Revenue Bonds, Refunding (Henry Mayo Newhall Hospital Obligated Group)		5.00	10/15/2047	3,000,000		3,029,407
California School Finance Authority, Revenue Bonds (Alliance for College-Ready Public Schools Obligated Group Projects) Ser. A		5.00	7/1/2045	3,500,000	^d	3,520,067
California School Finance Authority, Revenue Bonds (Granada Hills Charter High School Obligated Group)		5.00	7/1/2049	1,100,000	^d	1,106,024
California School Finance Authority, Revenue Bonds (Granada Hills Charter High School Obligated Group)		5.00	7/1/2043	1,255,000	^d	1,267,108
California School Finance Authority, Revenue Bonds (Green Dot Public Schools California Project) Ser. A		5.00	8/1/2048	1,650,000	^d	1,651,015
California School Finance Authority, Revenue Bonds (KIPP LA Project) Ser. A		5.00	7/1/2037	590,000	^d	602,736

STATEMENT OF INVESTMENTS (Unaudited) (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 100.4% (continued)
California - 99.5% (continued)
California School Finance Authority, Revenue Bonds (KIPP LA Project) Ser. A		5.00	7/1/2047	875,000	^d	879,290
California School Finance Authority, Revenue Bonds (Kipp SoCal Public Schools Obligated Group) Ser. A		5.00	7/1/2049	1,650,000	^d	1,658,162
California School Finance Authority, Revenue Bonds (Kipp Social Project) Ser. A		4.00	7/1/2050	1,135,000	^d	953,453
California School Finance Authority, Revenue Bonds, Refunding (Aspire Public Schools Obligated Group)		5.00	8/1/2041	1,600,000	^d	1,606,442
California School Finance Authority, Revenue Bonds, Refunding (Aspire Public Schools Obligated Group)		5.00	8/1/2025	150,000	^c,d	159,103
California School Finance Authority, Revenue Bonds, Refunding (Classical Academies Oceans) Ser. A		5.00	10/1/2052	1,500,000	^d	1,494,018
California Statewide Communities Development Authority, Revenue Bonds (Enloe Medical Center Obligated Group) (Insured; Assured Guaranty Municipal Corp.) Ser. A		5.25	8/15/2052	1,000,000		1,054,710
California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center Obligated Group)		5.50	12/1/2058	1,500,000	^d	1,512,331
California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center Obligated Group) Ser. A		5.00	12/1/2036	5,250,000	^d	5,261,657
California Statewide Communities Development Authority, Revenue Bonds, Refunding (American Baptist Homes)		5.00	10/1/2045	3,550,000		3,585,221
California Statewide Communities Development Authority, Revenue Bonds, Refunding (California Baptist University) Ser. A		5.00	11/1/2032	1,855,000	^d	1,903,633
California Statewide Communities Development Authority, Revenue Bonds, Refunding (California Baptist University) Ser. A		5.00	11/1/2041	700,000	^d	702,994



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 100.4% (continued)
California - 99.5% (continued)
California Statewide Communities Development Authority, Revenue Bonds, Refunding (Cottage Health System Obligated Group)		5.00	11/1/2024	4,000,000	^c	4,178,395
California Statewide Communities Development Authority, Revenue Bonds, Refunding (Front Porch Communities & Services Obligated Group)		4.00	4/1/2051	5,500,000		4,996,712
California Statewide Communities Development Authority, Revenue Bonds, Refunding (Front Porch Communities & Services Obligated Group)		5.00	4/1/2047	4,555,000		4,694,333
California Statewide Communities Development Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.)		5.00	11/15/2024	2,390,000	^c	2,501,054
California Statewide Communities Development Authority, Revenue Bonds, Refunding (John Muir Health) Ser. A		5.00	8/15/2041	1,200,000		1,237,822
California University, Revenue Bonds, Refunding, Ser. A		5.00	11/1/2038	5,000,000		5,361,142
Eastern Municipal Water District Financing Authority, Revenue Bonds, Refunding, Ser. A		5.00	7/1/2037	1,500,000		1,671,596
Eastern Municipal Water District Financing Authority, Revenue Bonds, Refunding, Ser. A		5.00	7/1/2036	1,725,000		1,936,457
Escondido Union High School District, GO, Ser. C		0.00	8/1/2046	3,000,000	^e	1,006,356
Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificates, Revenue Bonds, Ser. M049		3.05	4/15/2034	4,685,000		4,048,528
Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificates, Revenue Bonds, Ser. MO50		3.05	6/15/2037	5,975,000	^d	5,149,320
Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.)		0.00	1/15/2035	10,000,000	^e	6,178,067
Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Ser. A		4.00	1/15/2046	1,500,000		1,381,097

STATEMENT OF INVESTMENTS (Unaudited) (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 100.4% (continued)
California - 99.5% (continued)
Fresno Joint Powers Financing Authority, Revenue Bonds, Refunding (Master Lease Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A		5.00	4/1/2037	850,000		905,614
Fresno Joint Powers Financing Authority, Revenue Bonds, Refunding (Master Lease Project) (Insured; Assured Guaranty Municipal Corp.) Ser. A		5.00	4/1/2035	1,000,000		1,071,015
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A1		5.00	6/1/2026	2,500,000		2,702,931
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A1		5.00	6/1/2027	8,000,000	^c	8,814,259
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. B2		0.00	6/1/2066	47,000,000	^e	5,060,137
Grossmont Union High School District, GO (Insured; Assured Guaranty Municipal Corp.)		0.00	8/1/2026	3,265,000	^e	2,930,300
Grossmont Union High School District, GO (Insured; Assured Guaranty Municipal Corp.)		0.00	8/1/2023	4,850,000	^e	4,764,887
Hesperia Community Redevelopment Agency, Tax Allocation Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A		5.00	9/1/2035	6,835,000		7,412,823
Hesperia Community Redevelopment Agency, Tax Allocation Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A		5.00	9/1/2034	3,255,000		3,544,662
Imperial Irrigation District Electric System, Revenue Bonds, Refunding, Ser. C		5.00	11/1/2038	1,800,000		1,890,241
Imperial Irrigation District Electric System, Revenue Bonds, Refunding, Ser. C		5.00	11/1/2037	2,500,000		2,654,131
Irvine, Special Tax Bonds (Community Facilities District No. 2013-3)		5.00	9/1/2048	4,250,000		4,339,866
Irvine, Special Tax Bonds (Community Facilities District No. 2013-3)		5.00	9/1/2043	2,500,000		2,568,517



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)	Value ($)
Long-Term Municipal Investments - 100.4% (continued)
California - 99.5% (continued)
Irvine, Special Tax Bonds (Community Facilities District No. 2013-3)		5.00	9/1/2044	2,500,000	2,521,028
Irvine Unified School District, Special Tax Bonds (Community Facilities District No. 09-1) (Insured; Build America Mutual) Ser. A		4.00	9/1/2044	1,115,000	1,093,949
Irvine Unified School District, Special Tax Bonds (Community Facilities District No. 09-1) Ser. A		5.00	9/1/2042	400,000	409,307
Irvine Unified School District, Special Tax Bonds (Community Facilities District No. 09-1) Ser. B		5.00	9/1/2042	1,000,000	1,023,269
Irvine Unified School District, Special Tax Bonds (Community Facilities District No. 09-1) Ser. C		5.00	9/1/2042	1,000,000	1,023,269
Jefferson Union High School District, COP (Teacher & Staff Housing Project) (Insured; Build America Mutual)		4.00	8/1/2055	7,000,000	6,684,787
Jurupa Public Financing Authority, Special Tax Bonds, Refunding, Ser. A		5.00	9/1/2042	3,420,000	3,519,035
Lancaster Redevelopment Agency, Tax Allocation Bonds, Refunding (Comb Redevelopment Project Areas) (Insured; Assured Guaranty Municipal Corp.)		5.00	8/1/2033	1,200,000	1,282,143
Lodi Public Financing Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.)		5.00	9/1/2030	1,275,000	1,411,558
Long Beach Harbor, Revenue Bonds, Ser. D		5.00	5/15/2042	3,500,000	3,621,542
Los Angeles Community Facilities District, Special Tax Bonds, Refunding (Playa Vista)		5.00	9/1/2030	1,095,000	1,142,070
Los Angeles Community Facilities District, Special Tax Bonds, Refunding (Playa Vista)		5.00	9/1/2029	1,170,000	1,219,692
Los Angeles County Public Works Financing Authority, Revenue Bonds, Refunding, Ser. D		5.00	12/1/2045	4,000,000	4,156,652
Los Angeles Department of Airports, Revenue Bonds (Los Angeles International Airport) Ser. B		5.00	5/15/2038	3,500,000	3,525,156

STATEMENT OF INVESTMENTS (Unaudited) (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 100.4% (continued)
California - 99.5% (continued)
Los Angeles Department of Airports, Revenue Bonds, Refunding (Los Angeles International Airport)		5.00	5/15/2032	16,985,000		18,278,571
Los Angeles Department of Airports, Revenue Bonds, Refunding, Ser. A		5.00	5/15/2028	4,215,000		4,554,685
Los Angeles Department of Airports, Revenue Bonds, Refunding, Ser. A		5.00	5/15/2027	2,370,000		2,534,772
Los Angeles Department of Airports, Revenue Bonds, Refunding, Ser. C		5.00	5/15/2038	4,500,000		4,670,105
Los Angeles Department of Water & Power, Revenue Bonds, Refunding, Ser. A		5.00	7/1/2040	3,000,000		3,330,955
Los Angeles Department of Water & Power, Revenue Bonds, Refunding, Ser. B		5.00	7/1/2050	5,000,000		5,400,469
Los Angeles Department of Water & Power, Revenue Bonds, Refunding, Ser. B		5.00	7/1/2045	4,000,000		4,365,851
Norman Y. Mineta San Jose International Airport, Revenue Bonds, Refunding, Ser. A		5.00	3/1/2029	1,795,000		1,887,160
Norman Y. Mineta San Jose International Airport, Revenue Bonds, Refunding, Ser. B		5.00	3/1/2042	2,550,000		2,633,525
Northern California Transmission Agency, Revenue Bonds, Refunding (California-Oregon Transmission Project) Ser. A		5.00	5/1/2039	1,500,000		1,586,997
Northern California Transmission Agency, Revenue Bonds, Refunding (California-Oregon Transmission Project) Ser. A		5.00	5/1/2038	1,565,000		1,658,480
Oakland Redevelopment Agency, Tax Allocation Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. TE		5.00	9/1/2036	3,000,000		3,142,664
Oakland Unified School District, GO, Ser. A		5.00	8/1/2025	3,500,000	^c	3,717,039
Orange County Community Facilities District, Special Tax Bonds (Esencia Village) Ser. A		5.00	8/15/2047	1,000,000		1,014,872
Orange County Community Facilities District, Special Tax Bonds (Esencia Village) Ser. A		5.00	8/15/2042	3,000,000		3,067,057
Orange County Community Facilities District, Special Tax Bonds (Esencia Village) Ser. A		5.00	8/15/2041	6,000,000		6,100,346



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 100.4% (continued)
California - 99.5% (continued)
Orange County Community Facilities District, Special Tax Bonds, Ser. A		5.00	8/15/2047	2,000,000		2,035,525
Palomar Community College District, GO, Ser. B		6.37	8/1/2045	16,615,000	^a	14,714,480
Palomar Health, Revenue Bonds, Refunding		5.00	11/1/2026	1,845,000		1,940,421
Palomar Health, Revenue Bonds, Refunding (Palomar Health & Arch Health Partners Obligated Group)		5.00	11/1/2042	5,000,000		5,034,571
Peralta Community College District, GO, Refunding, Ser. A		4.00	8/1/2039	5,000,000		4,934,452
Perris Union High School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A		4.00	9/1/2036	1,850,000		1,895,519
Perris Union High School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A		4.00	9/1/2035	1,740,000		1,799,630
Perris Union High School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A		4.00	9/1/2034	1,310,000		1,368,949
Pittsburg Redevelopment Agency, Tax Allocation Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A		5.00	9/1/2028	3,000,000		3,210,562
Pomona Redevelopment Agency, Tax Allocation Bonds, Refunding, Ser. Y		5.50	5/1/2032	3,000,000		3,370,861
Pomona Unified School District, GO (Insured; Build America Mutual) Ser. F		5.00	8/1/2039	2,000,000		2,064,543
Port of Los Angeles, Revenue Bonds, Refunding, Ser. B		5.00	8/1/2039	2,050,000		2,108,150
Riverside County Transportation Commission, Revenue Bonds, Refunding, Ser. B1		4.00	6/1/2037	1,750,000		1,711,785
Sacramento County Airport System, Revenue Bonds, Refunding, Ser. A		5.00	7/1/2041	3,250,000		3,343,916
Sacramento County Airport System, Revenue Bonds, Refunding, Ser. B		5.00	7/1/2036	1,375,000		1,481,016
Sacramento County Airport System, Revenue Bonds, Refunding, Ser. B		5.00	7/1/2035	1,000,000		1,085,621
Sacramento County Airport System, Revenue Bonds, Refunding, Ser. C		5.00	7/1/2033	6,120,000		6,462,139
Sacramento County Airport System, Revenue Bonds, Refunding, Ser. C		5.00	7/1/2028	5,615,000		6,005,709

STATEMENT OF INVESTMENTS (Unaudited) (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)	Value ($)
Long-Term Municipal Investments - 100.4% (continued)
California - 99.5% (continued)
Sacramento North Natomas Community Facilities District No. 4, Special Tax Bonds, Refunding, Ser. E		5.25	9/1/2026	2,760,000	2,799,535
Sacramento Unified School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. G		4.00	8/1/2049	2,000,000	1,927,822
Sacramento Unified School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. G		4.00	8/1/2044	1,000,000	980,200
San Diego Association of Governments, Revenue Bonds, Ser. A		5.00	7/1/2038	2,000,000	2,137,220
San Diego Association of Governments, Revenue Bonds, Ser. A		5.00	7/1/2042	6,000,000	6,388,345
San Diego County Regional Airport Authority, Revenue Bonds, Refunding		5.00	7/1/2028	2,000,000	2,220,201
San Diego County Regional Airport Authority, Revenue Bonds, Refunding, Ser. A		5.00	7/1/2042	3,000,000	3,105,378
San Diego County Regional Airport Authority, Revenue Bonds, Refunding, Ser. B		4.00	7/1/2044	1,000,000	900,666
San Diego County Regional Airport Authority, Revenue Bonds, Ser. A		4.00	7/1/2051	5,000,000	4,707,741
San Diego County Water Authority, Revenue Bonds, Refunding (Green Bond) Ser. B		4.00	5/1/2033	5,000,000	5,418,016
San Francisco Bay Area Rapid Transit District, Revenue Bonds, Ser. A		4.00	7/1/2037	2,500,000	2,527,838
San Francisco City & County, GO, Ser. C1		4.00	6/15/2037	3,710,000	3,825,672
San Francisco City & County Airport Commission, Revenue Bonds, Refunding (SFO Fuel Co.) Ser. A		5.00	1/1/2027	2,000,000	2,118,986
San Francisco City & County Airport Commission, Revenue Bonds, Refunding (SFO Fuel Co.) Ser. A		5.00	1/1/2047	4,000,000	4,082,120
San Francisco City & County Airport Commission, Revenue Bonds, Refunding, Ser. A		5.00	5/1/2032	1,000,000	1,064,009
San Francisco City & County Airport Commission, Revenue Bonds, Refunding, Ser. A		5.00	5/1/2029	1,000,000	1,071,336



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)	Value ($)
Long-Term Municipal Investments - 100.4% (continued)
California - 99.5% (continued)
San Francisco City & County Airport Commission, Revenue Bonds, Refunding, Ser. D		5.00	5/1/2048	5,000,000	5,088,454
San Francisco City & County Airport Commission, Revenue Bonds, Refunding, Ser. E		5.00	5/1/2040	9,905,000	10,272,701
San Francisco City & County Redevelopment Agency, Tax Allocation Bonds (Mission Bay South Redevelopment Project) (Insured; National Public Finance Guarantee Corp.) Ser. B		5.00	8/1/2043	1,100,000	1,136,218
San Francisco City & County Redevelopment Agency, Tax Allocation Bonds, Refunding (Mission Bay North Redevelopment Project) Ser. A		5.00	8/1/2036	1,555,000	1,630,535
San Francisco City & County Redevelopment Agency, Tax Allocation Bonds, Refunding (Mission Bay South Redevelopment Project) (Insured; National Public Finance Guarantee Corp.) Ser. C		5.00	8/1/2041	1,750,000	1,811,256
San Mateo Foster Public Financing Authority, Revenue Bonds		4.00	8/1/2037	2,200,000	2,251,397
San Mateo Foster Public Financing Authority, Revenue Bonds		4.00	8/1/2039	1,500,000	1,514,746
Santa Margarita Water District, Special Tax Bonds (Community Facilities District No. 2013-1)		5.63	9/1/2043	6,720,000	6,776,743
Santa Margarita Water District, Special Tax Bonds, Refunding (Community Facilities District No. 99-1) Ser. B		5.00	9/1/2027	1,945,000	1,999,930
South Orange County Public Financing Authority, Special Tax Bonds, Refunding, Ser. A		5.00	8/15/2030	1,000,000	1,011,285
Southern California Tobacco Securitization Authority, Revenue Bonds, Refunding (San Diego County Tobacco Asset Securitization)		5.00	6/1/2048	5,750,000	5,872,473
Stockton Unified School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A		5.00	8/1/2038	2,500,000	2,569,184

STATEMENT OF INVESTMENTS (Unaudited) (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 100.4% (continued)
California - 99.5% (continued)
Tender Option Bond Trust Receipts (Series 2016-XM0375), (Riverside County Transportation Commission, Revenue Bonds, Refunding) Non- Recourse, Underlying Coupon Rate (%) 5.25		8.04	6/1/2039	7,500,000	^d,f,g	7,602,415
Tender Option Bond Trust Receipts (Series 2019-XF0761), (Los Angeles Department of Harbors, Revenue Bonds, Refunding (Green Bond)) Non-Recourse, Underlying Coupon Rate (%) 4.00		8.91	8/1/2039	10,000,000	^d,f,g	9,986,607
Tender Option Bond Trust Receipts (Series 2019-XF0762), (California Health Facilities Financing Authority, Revenue Bonds, Refunding (Sutter Health)) Non-Recourse, Underlying Coupon Rate (%) 5.00		12.79	11/15/2046	12,275,000	^d,f,g	12,873,386
Tulare Local Health Care District, GO, Refunding (Insured; Build America Mutual)		4.00	8/1/2035	650,000		659,959
Tulare Local Health Care District, GO, Refunding (Insured; Build America Mutual)		4.00	8/1/2039	1,900,000		1,874,713
Tulare Local Health Care District, GO, Refunding (Insured; Build America Mutual)		4.00	8/1/2032	695,000		728,189
Tulare Local Health Care District, GO, Refunding (Insured; Build America Mutual)		4.00	8/1/2033	1,500,000		1,557,848
University of California, Revenue Bonds, Refunding, Ser. BH		4.00	5/15/2040	3,000,000		3,060,483
University of California, Revenue Bonds, Ser. AM		5.25	5/15/2030	2,000,000		2,075,169
University of California Regents Medical Center, Revenue Bonds, Refunding, Ser. J		5.00	5/15/2043	10,000,000		10,053,553
University of California Regents Medical Center, Revenue Bonds, Refunding, Ser. L		4.00	5/15/2044	3,000,000		2,907,432
Vernon Electric System, Revenue Bonds, Ser. A		5.00	10/1/2027	1,500,000		1,584,065
Vernon Electric System, Revenue Bonds, Ser. A		5.00	4/1/2027	1,750,000		1,838,989
Yosemite Community College District, GO, Ser. D		0.00	8/1/2031	5,545,000	^e	4,077,083
					642,268,688



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 100.4% (continued)
U.S. Related - .9%
Puerto Rico Highway & Transportation Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. CC		5.25	7/1/2034	5,905,000		5,861,519
Total Long-Term Municipal Investments (cost $686,613,329)				648,130,207
Total Investments (cost $696,312,830)				101.7%	656,479,287
Liabilities, Less Cash and Receivables				(1.7%)	(11,147,361)
Net Assets				100.0%	645,331,926

GO—General Obligation

^a Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.

^b These securities have a put feature; the date shown represents the put date and the bond holder can take a specific action to retain the bond after the put date.

^c 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.

^d 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 November 30, 2022, these securities were valued at $77,152,083 or 11.96% of net assets.

^e Security issued with a zero coupon. Income is recognized through the accretion of discount.

^f The Variable Rate shall be determined by the Remarketing Agent in its sole discretion based on prevailing market conditions and may, but need not, be established by reference to one or more financial indices.

^g Collateral for floating rate borrowings. The coupon rate given represents the current interest rate for the inverse floating rate security.

STATEMENT OF INVESTMENTS (Unaudited) (continued)


Portfolio Summary (Unaudited) ^†	Value (%)
Medical	15.7
Airport	13.9
Education	10.5
General Obligation	9.5
General	9.1
Special Tax	7.6
Transportation	6.5
Prerefunded	5.2
Multifamily Housing	4.2
Nursing Homes	3.9
Tobacco Settlement	3.4
School District	3.3
Power	2.6
Water	2.5
Development	1.9
Housing	1.2
Utilities	.7
	101.7

^† Based on net assets.

See notes to financial statements.



Summary of Abbreviations (Unaudited)

ABAG	Association of Bay Area Governments	AGC	ACE Guaranty Corporation
AGIC	Asset Guaranty Insurance Company	AMBAC	American Municipal Bond Assurance Corporation
BAN	Bond Anticipation Notes	BSBY	Bloomberg Short-Term Bank Yield Index
CIFG	CDC Ixis Financial Guaranty	COP	Certificate of Participation
CP	Commercial Paper	DRIVERS	Derivative Inverse Tax-Exempt Receipts
EFFR	Effective Federal Funds Rate	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
IDC	Industrial Development Corporation	LIBOR	London Interbank Offered Rate
LOC	Letter of Credit	LR	Lease Revenue
NAN	Note Anticipation Notes	MFHR	Multi-Family Housing Revenue
MFMR	Multi-Family Mortgage Revenue	MUNIPSA	Securities Industry and Financial Markets Association Municipal Swap Index Yield
OBFR	Overnight Bank Funding Rate	PILOT	Payment in Lieu of Taxes
PRIME	Prime Lending Rate	PUTTERS	Puttable Tax-Exempt Receipts
RAC	Revenue Anticipation Certificates	RAN	Revenue Anticipation Notes
RIB	Residual Interest Bonds	SFHR	Single Family Housing Revenue
SFMR	Single Family Mortgage Revenue	SOFR	Secured Overnight Financing Rate
TAN	Tax Anticipation Notes	TRAN	Tax and Revenue Anticipation Notes
U.S. T-BILL	U.S. Treasury Bill Money Market Yield	XLCA	XL Capital Assurance

See notes to financial statements.

STATEMENT OF ASSETS AND LIABILITIES
November 30, 2022 (Unaudited)



	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments	696,312,830	656,479,287
Cash		3,768,198
Interest receivable		7,216,692
Receivable for shares of Common Stock subscribed		493,294
Prepaid expenses		43,573
		668,001,044
Liabilities ($):
Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(c)		344,600
Payable for inverse floater notes issued—Note 4		20,455,000
Payable for shares of Common Stock redeemed		1,658,238
Interest and expense payable related to inverse floater notes issued—Note 4		117,960
Directors’ fees and expenses payable		12,128
Other accrued expenses		81,192
		22,669,118
Net Assets ($)		645,331,926
Composition of Net Assets ($):
Paid-in capital		682,903,823
Total distributable earnings (loss)		(37,571,897)
Net Assets ($)		645,331,926


Net Asset Value Per Share	Class A	Class C	Class I	Class Y	Class Z
Net Assets ($)	71,468,753	4,841,314	46,470,877	13,630	522,537,352
Shares Outstanding	5,398,178	365,765	3,511,843	1,030	39,466,507
Net Asset Value Per Share ($)	13.24	13.24	13.23	13.23	13.24

See notes to financial statements.

STATEMENT OF OPERATIONS
Six Months Ended November 30, 2022 (Unaudited)





Investment Income ($):
Interest Income					11,297,088
Expenses:
Management fee—Note 3(a)					1,991,893
Shareholder servicing costs—Note 3(c)					314,471
Interest and expense related to inverse floater notes issued—Note 4					241,949
Professional fees					51,996
Directors’ fees and expenses—Note 3(d)					42,040
Registration fees					40,065
Distribution fees—Note 3(b)					18,288
Loan commitment fees—Note 2					7,738
Chief Compliance Officer fees—Note 3(c)					7,538
Prospectus and shareholders’ reports					6,669
Custodian fees—Note 3(c)					5,765
Miscellaneous					17,225
Total Expenses					2,745,637
Less—reduction in expenses due to undertaking—Note 3(a)					(166,060)
Less—reduction in fees due to earnings credits—Note 3(c)					(5,463)
Net Expenses					2,574,114
Net Investment Income					8,722,974
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments					(983,936)
Net change in unrealized appreciation (depreciation) on investments					(20,871,102)
Net Realized and Unrealized Gain (Loss) on Investments					(21,855,038)
Net (Decrease) in Net Assets Resulting from Operations					(13,132,064)

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS



	Six Months Ended November 30, 2022 (Unaudited)	Year Ended May 31, 2022
Operations ($):
Net investment income	8,722,974	19,549,528
Net realized gain (loss) on investments	(983,936)	891,836
Net change in unrealized appreciation (depreciation) on investments	(20,871,102)	(83,613,818)
Net Increase (Decrease) in Net Assets Resulting from Operations	(13,132,064)	(63,172,454)
Distributions ($):
Distributions to shareholders:
Class A	(877,534)	(2,089,076)
Class C	(39,833)	(105,547)
Class I	(650,791)	(1,557,020)
Class Y	(170)	(2,458)
Class Z	(7,025,553)	(16,715,136)
Total Distributions	(8,593,881)	(20,469,237)
Capital Stock Transactions ($):
Net proceeds from shares sold:
Class A	4,890,444	14,419,047
Class C	334,172	117,500
Class I	19,056,978	28,122,979
Class Z	5,716,841	8,424,905
Distributions reinvested:
Class A	738,709	1,748,912
Class C	39,833	105,120
Class I	633,677	1,532,928
Class Y	170	358
Class Z	5,596,965	13,449,872
Cost of shares redeemed:
Class A	(8,690,038)	(18,175,368)
Class C	(652,531)	(1,725,354)
Class I	(18,951,293)	(31,161,999)
Class Y	-	(235,893)
Class Z	(38,290,517)	(68,853,552)
Increase (Decrease) in Net Assets from Capital Stock Transactions	(29,576,590)	(52,230,545)
Total Increase (Decrease) in Net Assets	(51,302,535)	(135,872,236)
Net Assets ($):
Beginning of Period	696,634,461	832,506,697
End of Period	645,331,926	696,634,461



		Six Months Ended November 30, 2022 (Unaudited)	Year Ended May 31, 2022
Capital Share Transactions (Shares):
Class A
Shares sold		369,251	988,876
Shares issued for distributions reinvested		56,109	118,669
Shares redeemed		(660,978)	(1,274,643)
Net Increase (Decrease) in Shares Outstanding		(235,618)	(167,098)
Class C
Shares sold		25,663	7,820
Shares issued for distributions reinvested		3,028	7,127
Shares redeemed		(49,752)	(119,617)
Net Increase (Decrease) in Shares Outstanding		(21,061)	(104,670)
Class I^a
Shares sold		1,425,321	1,916,906
Shares issued for distributions reinvested		48,165	104,113
Shares redeemed		(1,426,692)	(2,197,455)
Net Increase (Decrease) in Shares Outstanding		46,794	(176,436)
Class Y
Shares issued for distributions reinvested		13	24
Shares redeemed		-	(15,643)
Net Increase (Decrease) in Shares Outstanding		13	(15,619)
Class Z^a
Shares sold		431,708	563,301
Shares issued for distributions reinvested		424,991	912,358
Shares redeemed		(2,894,181)	(4,720,710)
Net Increase (Decrease) in Shares Outstanding		(2,037,482)	(3,245,051)

^a	During the period ended November 30, 2022, 31,165 Class Z shares representing $425,718 were exchanged for 31,188 Class I shares.
See notes to financial statements.

FINANCIAL HIGHLIGHTS

The following tables describe the performance for each share class for the fiscal periods indicated. All information (except portfolio turnover rate) reflects financial results for a single fund share. Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption at net asset value on the last day of the period. Net asset value total return includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. These figures have been derived from the fund’s financial statements.



Six Months Ended
November 30, 2022			Year Ended May 31,
Class A Shares	(Unaudited)		2022	2021	2020	2019	2018
Per Share Data ($):
Net asset value, beginning of period		13.66	15.22	14.82	14.94	14.81	15.24
Investment Operations:
Net investment income^a		.16	.34	.36	.39	.44	.46
Net realized and unrealized gain (loss) on investments		(.42)	(1.55)	.42	(.08)	.19	(.30)
Total from Investment Operations		(.26)	(1.21)	.78	.31	.63	.16
Distributions:
Dividends from net investment income		(.16)	(.33)	(.35)	(.39)	(.44)	(.46)
Dividends from net realized gain on investments		-	(.02)	(.03)	(.04)	(.06)	(.13)
Total Distributions		(.16)	(.35)	(.38)	(.43)	(.50)	(.59)
Net asset value, end of period		13.24	13.66	15.22	14.82	14.94	14.81
Total Return (%)^b		(1.89)^c	(8.08)	5.27	2.07	4.40	1.03
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets		1.01^d	.95	.96	.99	.98	.95
Ratio of net expenses to average net assets		.96^d	.93	.96	.99	.98	.94
Ratio of interest and expense related to floating rate notes issued to average net assets		.07^d	.03	.02	.06	.05	.02
Ratio of net investment income to average net assets		2.44^d	2.27	2.36	2.62	3.00	3.07
Portfolio Turnover Rate		1.35^c	10.45	9.84	17.89	22.63	14.26
Net Assets, end of period ($ x 1,000)		71,469	76,968	88,286	85,874	80,780	78,495

^a Based on average shares outstanding.

^b Exclusive of sales charge.

^c Not annualized.

^d Annualized.

See notes to financial statements.



Six Months Ended
November 30, 2022			Year Ended May 31,
Class C Shares	(Unaudited)		2022	2021	2020	2019	2018
Per Share Data ($):
Net asset value, beginning of period		13.66	15.22	14.81	14.94	14.80	15.24
Investment Operations:
Net investment income^a		.11	.22	.24	.28	.33	.35
Net realized and unrealized gain (loss) on investments		(.42)	(1.54)	.43	(.10)	.20	(.32)
Total from Investment Operations		(.31)	(1.32)	.67	.18	.53	.03
Distributions:
Dividends from net investment income		(.11)	(.22)	(.23)	(.27)	(.33)	(.34)
Dividends from net realized gain on investments		-	(.02)	(.03)	(.04)	(.06)	(.13)
Total Distributions		(.11)	(.24)	(.26)	(.31)	(.39)	(.47)
Net asset value, end of period		13.24	13.66	15.22	14.81	14.94	14.80
Total Return (%)^b		(2.28)^c	(8.73)	4.47	1.22	3.68	.19
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets		1.79^d	1.72	1.72	1.76	1.75	1.70
Ratio of net expenses to average net assets		1.74^d	1.70	1.72	1.76	1.75	1.70
Ratio of interest and expense related to floating rate notes issued to average net assets		.07^d	.03	.02	.06	.05	.02
Ratio of net investment income to average net assets		1.66^d	1.48	1.59	1.86	2.24	2.31
Portfolio Turnover Rate		1.35^c	10.45	9.84	17.89	22.63	14.26
Net Assets, end of period ($ x 1,000)		4,841	5,284	7,478	8,790	9,609	10,040

^a Based on average shares outstanding.

^b Exclusive of sales charge.

^c Not annualized.

^d Annualized.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)



Six Months Ended
November 30, 2022			Year Ended May 31,
Class I Shares	(Unaudited)		2022	2021	2020	2019	2018
Per Share Data ($):
Net asset value, beginning of period		13.65	15.21	14.81	14.94	14.80	15.23
Investment Operations:
Net investment income^a		.18	.37	.39	.43	.47	.50
Net realized and unrealized gain (loss) on investments		(.42)	(1.54)	.42	(.10)	.21	(.30)
Total from Investment Operations		(.24)	(1.17)	.81	.33	.68	.20
Distributions:
Dividends from net investment income		(.18)	(.37)	(.38)	(.42)	(.48)	(.50)
Dividends from net realized gain on investments		-	(.02)	(.03)	(.04)	(.06)	(.13)
Total Distributions		(.18)	(.39)	(.41)	(.46)	(.54)	(.63)
Net asset value, end of period		13.23	13.65	15.21	14.81	14.94	14.80
Total Return (%)		(1.78)^b	(7.87)	5.53	2.24	4.73	1.28
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets		.76^c	.72	.71	.75	.73	.70
Ratio of net expenses to average net assets		.71^c	.70	.71	.75	.73	.70
Ratio of interest and expense related to floating rate notes issued to average net assets		.07^c	.03	.02	.06	.05	.02
Ratio of net investment income to average net assets		2.69^c	2.49	2.59	2.86	3.25	3.32
Portfolio Turnover Rate		1.35^b	10.45	9.84	17.89	22.63	14.26
Net Assets, end of period ($ x 1,000)		46,471	47,314	55,395	58,718	50,296	51,660

^a Based on average shares outstanding.

^b Not annualized.

^c Annualized.

See notes to financial statements.



Six Months Ended
November 30, 2022			Year Ended May 31,
Class Y Shares	(Unaudited)		2022	2021	2020	2019	2018
Per Share Data ($):
Net asset value, beginning of period		13.65	15.21	14.81	14.94	14.80	15.23
Investment Operations:
Net investment income^a		.18	.35	.39	.43	.48	.50
Net realized and unrealized gain (loss) on investments		(.43)	(1.56)	.43	(.09)	.20	(.30)
Total from Investment Operations		(.25)	(1.21)	.82	.34	.68	.20
Distributions:
Dividends from net investment income		(.17)	(.33)	(.39)	(.43)	(.48)	(.50)
Dividends from net realized gain on investments		-	(.02)	(.03)	(.04)	(.06)	(.13)
Total Distributions		(.17)	(.35)	(.42)	(.47)	(.54)	(.63)
Net asset value, end of period		13.23	13.65	15.21	14.81	14.94	14.80
Total Return (%)		(1.85)^b	(8.06)	5.54	2.28	4.75	1.31
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets		.76^c	.72	.70	.69	.70	.67
Ratio of net expenses to average net assets		.71^c	.70	.70	.69	.70	.67
Ratio of interest and expense related to floating rate notes issued to average net assets		.07^c	.03	.02	.06	.05	.02
Ratio of net investment income to average net assets		2.70^c	2.50	2.61	2.89	3.27	3.35
Portfolio Turnover Rate		1.35^b	10.45	9.84	17.89	22.63	14.26
Net Assets, end of period ($ x 1,000)		14	14	253	1,744	3,910	3,149

^a Based on average shares outstanding.

^b Not annualized.

^c Annualized.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)



Six Months Ended
November 30, 2022			Year Ended May 31,
Class Z Shares	(Unaudited)		2022	2021	2020	2019	2018
Per Share Data ($):
Net asset value, beginning of period		13.66	15.22	14.82	14.94	14.81	15.24
Investment Operations:
Net investment income^a		.18	.37	.39	.43	.47	.49
Net realized and unrealized gain (loss) on investments		(.43)	(1.55)	.42	(.09)	.19	(.30)
Total from Investment Operations		(.25)	(1.18)	.81	.34	.66	.19
Distributions:
Dividends from net investment income		(.17)	(.36)	(.38)	(.42)	(.47)	(.49)
Dividends from net realized gain on investments		-	(.02)	(.03)	(.04)	(.06)	(.13)
Total Distributions		(.17)	(.38)	(.41)	(.46)	(.53)	(.62)
Net asset value, end of period		13.24	13.66	15.22	14.82	14.94	14.81
Total Return (%)		(1.79)^b	(7.88)	5.50	2.29	4.62	1.24
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets		.80^c	.74	.74	.77	.76	.73
Ratio of net expenses to average net assets		.75^c	.72	.74	.77	.76	.73
Ratio of interest and expense related to floating rate notes issued to average net assets		.07^c	.03	.02	.06	.05	.02
Ratio of net investment income to average net assets		2.66^c	2.49	2.57	2.84	3.21	3.29
Portfolio Turnover Rate		1.35^b	10.45	9.84	17.89	22.63	14.26
Net Assets, end of period ($ x 1,000)		522,537	567,055	681,094	699,074	738,744	775,138

^a Based on average shares outstanding.

^b Not annualized.

^c Annualized.

See notes to financial statements

NOTES TO FINANCIAL STATEMENTS (Unaudited)

NOTE 1—Significant Accounting Policies:

BNY Mellon California AMT-Free Municipal Bond Fund, Inc. (the “fund”), which is registered under the Investment Company Act of 1940, as amended (the “Act”), is a diversified open-end management investment company. The fund’s investment objective is to seek as high a level of current income exempt from federal and California state income taxes, as is consistent with the preservation of capital. BNY Mellon Investment Adviser, Inc. (the “Adviser”), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (“BNY Mellon”), serves as the fund’s investment adviser. Insight North America LLC (the “Sub-Adviser”), a wholly-owned subsidiary of BNY Mellon and an affiliate of the Adviser, serves as the fund’s sub-adviser.

BNY Mellon Securities Corporation (the “Distributor”), a wholly-owned subsidiary of the Adviser, is the distributor of the fund’s shares. The fund is authorized to issue 700 million shares of $.001 par value Common Stock. The fund currently has authorized five classes of shares: Class A (100 million shares authorized), Class C (100 million shares authorized), Class I (150 million shares authorized), Class Y (150 million shares authorized) and Class Z (200 million shares authorized). Class A and Class C shares are sold primarily to retail investors through financial intermediaries and bear Distribution and/or Shareholder Services Plan fees. Class A shares generally are subject to a sales charge imposed at the time of purchase. Class A shares bought without an initial sales charge as part of an investment of $1 million or more may be charged a contingent deferred sales charge (“CDSC”) of 1.00% if redeemed within one year. Class C shares are subject to a CDSC imposed on Class C shares redeemed within one year of purchase. Class C shares automatically convert to Class A shares eight years after the date of purchase, without the imposition of a sales charge. Class I shares are sold primarily to bank trust departments and other financial service providers (including BNY Mellon and its affiliates), acting on behalf of customers having a qualified trust or an investment account or relationship at such institution, and bear no Distribution or Shareholder Services Plan fees. Class Y shares are sold at net asset value per share generally to institutional investors, and bear no Distribution or Shareholder Services Plan fees. Class Z shares are sold at net asset value per share to certain shareholders of the fund. Class Z shares generally are not available for new accounts and bear Shareholder Services Plan fees. Class I, Class Y and Class Z shares are offered without a front-end sales charge or CDSC. Other differences between the classes include the services offered to and the expenses borne by each class, the allocation of certain transfer agency costs, and certain voting rights. Income,

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

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 SEC under authority of federal laws are also sources of authoritative GAAP for SEC registrants. The fund is an investment company and applies the accounting and reporting guidance of the FASB ASC Topic 946 Financial Services-Investment Companies. 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 fund enters into contracts that contain a variety of indemnifications. The fund’s maximum exposure under these arrangements is unknown. The fund does not anticipate recognizing any loss related to these arrangements.

(a) 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:

The fund’s Board of Directors (the “Board”) has designated the Adviser as the fund’s valuation designee, effective September 8, 2022, to make all fair value determinations with respect to the fund’s portfolio investments, subject to the Board’s oversight and pursuant to Rule 2a-5 under the Act.

Investments in municipal securities are valued each business day by an independent pricing service (the “Service”) approved by 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). Municipal 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. The Service is engaged under the general oversight of the Board. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.

When market quotations or official closing prices are not readily available, or are determined not to 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.

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

For 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.

The following is a summary of the inputs used as of November 30, 2022 in valuing the fund’s investments:


	Level 1-Unadjusted Quoted Prices	Level 2- Other Significant Observable Inputs	Level 3-Significant Unobservable Inputs	Total
Assets ($)
Investments in Securities:^†
Collateralized Municipal-Backed Securities	-	8,349,080	-	8,349,080
Municipal Securities	-	648,130,207	-	648,130,207
Liabilities ($)
Other Financial Instruments:
Inverse Floater Notes^††	-	(20,455,000)	-	(20,455,000)

^† See Statement of Investments for additional detailed categorizations, if any.

^†† Certain of the fund’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes.

(b) Securities transactions and investment income: Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and recognized on the accrual basis. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the trade date.

The fund follows an investment policy of investing primarily in municipal obligations of one state. Economic changes affecting the state and certain of its public bodies and municipalities may affect the ability of issuers within the state to pay interest on, or repay principal of, municipal obligations held by the fund.

(c) Market Risk: The value of the securities in which the fund invests may be affected by political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. The value of a security may also decline due to general market conditions that are not specifically related to a particular company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes

in interest or currency rates, changes to inflation, adverse changes to credit markets or adverse investor sentiment generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies world-wide. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken world-wide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff.

Municipal Securities Risk: The amount of public information available about municipal securities is generally less than that for corporate equities or bonds. Special factors, such as legislative changes, and state and local economic and business developments, may adversely affect the yield and/or value of the fund’s investments in municipal securities. Other factors include the general conditions of the municipal securities market, the size of the particular offering, the maturity of the obligation and the rating of the issue. Changes in economic, business or political conditions relating to a particular municipal project, municipality, or state, territory or possession of the United States in which the fund invests may have an impact on the fund’s share price. As an example, elevated costs or shortfalls in revenue associated with the spread of the COVID-19 outbreak could affect the ability of municipal issuers to make payments on debt obligations when due. Any such credit impairment could adversely impact the value of their bonds, which could negatively impact the performance of the fund.

(d) Dividends and distributions to shareholders: It is the policy of the fund to declare dividends daily from net investment income. Such dividends are paid monthly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

(e) Federal income taxes: It is the policy of the fund to continue to qualify as a regulated investment company, which can distribute tax-exempt dividends, by complying with the applicable provisions of the Code, and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.

As of and during the period ended November 30, 2022, the fund did not have any liabilities for any uncertain tax positions. The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended November 30, 2022, the fund did not incur any interest or penalties.

Each tax year in the three-year period ended May 31, 2022 remains subject to examination by the Internal Revenue Service and state taxing authorities.

The tax character of distributions paid to shareholders during the fiscal year ended May 31, 2022 was as follows: tax-exempt income $19,263,994, ordinary income $93,256 and long-term capital gains $1,111,987. The tax character of current year distributions will be determined at the end of the current fiscal year.

(f) New accounting pronouncements: In 2020, the FASB issued Accounting Standards Update No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting.

The objective of the guidance in Topic 848 is to provide temporary relief during the transition period. The FASB included a sunset provision within Topic 848 based on expectations of when the LIBOR would cease being published. At the time that Update 2020-04 was issued, the UK Financial Conduct Authority (FCA) had established its intent that it would no longer be necessary to persuade, or compel, banks to submit to LIBOR after December 31, 2021. As a result, the sunset provision was set for December 31, 2022—12 months after the expected cessation date of all currencies and tenors of LIBOR.

In March 2021, the FCA announced that the intended cessation date of the overnight 1-, 3-, 6-, and 12-month tenors of USD LIBOR would be June 30, 2023, which is beyond the current sunset date of Topic 848.

Because the current relief in Topic 848 may not cover a period of time during which a significant number of modifications may take place, the amendments in this Update defer the sunset date of Topic 848 from

December 31, 2022, to December 31, 2024 (“FASB Sunset Date”), after which entities will no longer be permitted to apply the relief in Topic 848.

Management had evaluated the impact of Topic 848 on the fund’s investments, derivatives, debt and other contracts that will undergo reference rate-related modifications as a result of the Reference Rate Reform. Management has no concerns in adopting Topic 848 by FASB Sunset Date. Management will continue to work with other financial institutions and counterparties to modify contracts as required by applicable regulation and within the regulatory deadlines. As of November 30, 2022, management believes these accounting standards have no impact on the fund and does not have any concerns of adopting the regulations by FASB Sunset Date.

NOTE 2—Bank Lines of Credit:

The fund participates with other long-term open-end funds managed by the Adviser in a $823.5 million unsecured credit facility led by Citibank, N.A. (the “Citibank Credit Facility”) and a $300 million unsecured credit facility provided by BNY Mellon (the “BNYM Credit Facility”), each to be utilized primarily for temporary or emergency purposes, including the financing of redemptions (each, a “Facility”). The Citibank Credit Facility is available in two tranches: (i) Tranche A is in an amount equal to $688.5 million and is available to all long-term open-ended funds, including the fund, and (ii) Tranche B is an amount equal to $135 million and is available only to BNY Mellon Floating Rate Income Fund, a series of BNY Mellon Investment Funds IV, Inc. In connection therewith, the fund has agreed to pay its pro rata portion of commitment fees for Tranche A of the Citibank Credit Facility and the BNYM Credit Facility. Interest is charged to the fund based on rates determined pursuant to the terms of the respective Facility at the time of borrowing. During the period ended November 30, 2022, the fund did not borrow under the Facilities.

NOTE 3—Management Fee, Sub-Advisory Fee and Other Transactions with Affiliates:

(a) Pursuant to a management agreement (the “Agreement”) with the Adviser, the management fee is computed at the annual rate of .45% of the value of the fund’s average daily net assets and is payable monthly. Effective December 1, 2022, the Board approved a reduction in the management fee payable to the Adviser from an annual rate of .60% to an annual rate of .45% of the value of the fund’s average daily The Agreement provides that if in any fiscal year the aggregate expenses allocable to Class Z shares (excluding taxes, brokerage commissions, interest expense and extraordinary expenses) exceed 1½% of the value of the average daily net

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

assets of Class Z shares, the fund may deduct from the fees paid to the Adviser, or the Adviser will bear such excess expense. During the period ended May 31, 2021, there was no reduction in expenses pursuant to the Agreement.

The Adviser had contractually agreed from December 1, 2021 through November 30, 2022, to waive receipt of a portion of its management fee, in the amount of .05% of the value of the fund’s average daily net assets. On November 30, 2022, the Adviser terminated this waiver agreement. The reduction in expenses, pursuant to the undertakings, amounted to $166,060 during the period ended November 30, 2022.

Pursuant to a sub-investment advisory agreement between the Adviser and the Sub-Adviser, the Adviser pays the Sub-Adviser a monthly fee at an annual rate of .216% of the value of the fund’s average daily net assets. Effective December 1, 2022, the Board approved a reduction in the sub-adviser fee payable to the Sub-Adviser from an annual rate of .288% to an annual rate of .216% of the value of the fund’s average daily.

(b) Under the Distribution Plan adopted pursuant to Rule 12b-1 under the Act, Class C shares pay the Distributor for distributing its shares at an annual rate of .75% of the value of its average daily net assets. The Distributor may pay one or more Service Agents in respect of advertising, marketing and other distribution services, and determines the amounts, if any, to be paid to Service Agents and the basis on which such payments are made. During the period ended November 30, 2022, Class C shares were charged $18,288 pursuant to the Distribution Plan.

(c) Under the Shareholder Services Plan, Class A and Class C shares pay the Distributor at an annual rate of .25% of the value of their average daily net assets for the provision of certain services. The services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding the fund, and services related to the maintenance of shareholder accounts. The Distributor may make payments to Service Agents (securities dealers, financial institutions or other industry professionals) with respect to these services. The Distributor determines the amounts to be paid to Service Agents. During the period ended November 30, 2022, Class A and Class C shares were charged $91,252 and $6,096, respectively, pursuant to the Shareholder Services Plan.

Under the Shareholder Services Plan, Class Z shares reimburse the Distributor at an amount not to exceed an annual rate of .25% of the value of Class Z shares’ average daily net assets for certain allocated expenses of providing personal services and/or maintaining shareholder accounts. The

services provided may include personal services relating to shareholder accounts, such as answering shareholder inquiries regarding Class Z shares, and services related to the maintenance of shareholder accounts. During the period ended November 30, 2022, Class Z shares were charged $105,276 pursuant to the Shareholder Services Plan.

The fund has arrangements with BNY Mellon Transfer, Inc., (the “Transfer Agent”) and The Bank of New York Mellon (the “Custodian”), both a subsidiary of BNY Mellon and an affiliate of the Adviser, whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset Transfer Agent and Custodian fees. For financial reporting purposes, the fund includes transfer agent net earnings credits, if any, and custody net earnings credits, if any, as an expense offset in the Statement of Operations.

The fund compensates the Transfer Agent, under a transfer agency agreement, for providing transfer agency and cash management services for the fund. The majority of Transfer Agent fees are comprised of amounts paid on a per account basis, while cash management fees are related to fund subscriptions and redemptions. During the period ended November 30, 2022, the fund was charged $61,664 for transfer agency services. These fees are included in Shareholder servicing costs in the Statement of Operations. These fees were partially offset by earnings credits of $4,405.

The fund compensates the Custodian, under a custody agreement, for providing custodial services for the fund. These fees are determined based on net assets, geographic region and transaction activity. During the period ended November 30, 2022, the fund was charged $5,765 pursuant to the custody agreement. These fees were partially offset by earnings credits of $1,058.

The fund compensates the Custodian, under a shareholder redemption draft processing agreement, for providing certain services related to the fund’s check writing privilege. During the period ended November 30, 2022, the fund was charged $3,669 pursuant to the agreement, which is included in Shareholder servicing costs in the Statement of Operations.

During the period ended November 30, 2022, the fund was charged $7,538 for services performed by the fund’s Chief Compliance Officer and his staff. These fees are included in Chief Compliance Officer fees in the Statement of Operations.

The components of “Due to BNY Mellon Investment Adviser, Inc. and affiliates” in the Statement of Assets and Liabilities consist of: management fee of $312,830, Distribution Plan fees of $2,945 Shareholder Services Plan

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

fees of $15,292, Custodian fees of $5,562, Chief Compliance Officer fees of $2,721 and Transfer Agent fees of $31,282, which are offset against an expense reimbursement currently in effect in the amount of $26,032.

(d) Each Board Member also serves as a Board Member of other funds in the BNY Mellon Family of Funds complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.

NOTE 4—Securities Transactions:

The aggregate amount of purchases and sales (including paydowns) of investment securities, excluding short-term securities during the period ended November 30, 2022, amounted to $8,816,951 and $36,336,207, respectively.

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 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.

The average amount of borrowings outstanding under the inverse floater structure during the period ended November 30, 2022, was approximately $21,930,410, with a related weighted average annualized interest rate of 2.20%.

At November 30, 2022, accumulated net unrealized depreciation on investments was $39,833,543, consisting of $5,096,724 gross unrealized appreciation and $44,930,267 gross unrealized depreciation.

At November 30, 2022, 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).

INFORMATION ABOUT THE RENEWAL OF THE FUND’S MANAGEMENT AND SUB-INVESTMENT ADVISORY AGREEMENTS (Unaudited)

At a meeting of the fund’s Board of Directors held on October 31-November 1, 2022, the Board considered the renewal and a proposed amendment of the fund’s Management Agreement, pursuant to which the Adviser provides the fund with investment advisory and administrative services, and the Sub-Investment Advisory Agreement (together with the Management Agreement, the “Agreements”), pursuant to which Insight North America LLC (the “Sub-Adviser”) provides day-to-day management of the fund’s investments. The Adviser proposed to amend the Management Agreement to reduce the management fee payable by the fund from an annual rate of .60% to an annual rate of .45% of the value of the fund’s average daily net assets, and to amend the Sub-Investment Advisory Agreement to reduce the fee payable by the Adviser to the Sub-Adviser from an annual rate of .288% to an annual rate of .216% of the value of the fund’s average daily net assets, effective December 1, 2022. The Board members, none of whom are “interested persons” (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from representatives of the Adviser and the Sub-Adviser. In considering the renewal of the Agreements, as proposed to be amended, the Board considered several factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.

Analysis of Nature, Extent, and Quality of Services Provided to the Fund. The Board considered information provided to it at the meeting and in previous presentations from representatives of the Adviser regarding the nature, extent, and quality of the services provided to funds in the BNY Mellon fund complex, including the fund. The Adviser provided the number of open accounts in the fund, the fund’s asset size and the allocation of fund assets among distribution channels. The Adviser also had previously provided information regarding the diverse intermediary relationships and distribution channels of funds in the BNY Mellon fund complex (such as retail direct or intermediary, in which intermediaries typically are paid by the fund and/or the Adviser) and the Adviser’s corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to each intermediary or distribution channel, as applicable to the fund.

The Board also considered research support available to, and portfolio management capabilities of, the fund’s portfolio management personnel and that the Adviser also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered the Adviser’s extensive administrative, accounting and compliance infrastructures, as well as the Adviser’s supervisory activities over the Sub-Adviser. The Board also considered that the Adviser stated that there will be no diminution of the nature, extent or quality of the services provided to the fund pursuant to the Agreements, as proposed to be amended, by the Adviser or the Sub-Adviser or their Affiliates.

Comparative Analysis of the Fund’s Performance and Management Fee and Expense Ratio. The Board reviewed reports prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data based on classifications provided by Thomson Reuters Lipper (“Lipper”), which included information comparing (1) the performance of the fund’s Class I shares with the performance of a group of institutional California municipal debt funds selected by Broadridge as comparable to the fund (the “Performance Group”) and with a broader group of funds consisting of all retail and institutional California municipal debt funds (the “Performance Universe”), all for various periods ended September 30, 2022, and (2) the fund’s actual and contractual management fees and total expenses with those of the same group of funds in the Performance Group (the “Expense Group”) and with a broader group of all institutional California municipal debt funds, excluding outliers (the “Expense Universe”), the information for which was derived in part from fund financial statements available to Broadridge as of the date of its analysis. The Adviser previously had furnished the Board with a description of the methodology Broadridge used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.

Performance Comparisons. Representatives of the Adviser stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations and policies that may be applicable to the fund and comparison funds and the end date selected. The Board also considered the fund’s performance in light of overall financial market conditions. The Board discussed with representatives of the Adviser and the Sub-Adviser the results of the comparisons and considered that the fund’s total return performance was below the Performance Group median for all periods, except the one- and two-year periods when it was slightly above the Performance Group median, and at or above the Performance Universe median for the one-, two- and three-year periods and below the Performance Universe median for the four-, five- and ten-year periods. The Board also considered that the fund’s yield was below the Performance Group median for eight of the ten one-year periods and at or above the Performance Universe median for nine of the ten one-year periods ended September 30th. The Board considered the relative proximity of the fund’s performance to the Performance Group and/or Performance Universe medians in certain periods when performance was below median. The Adviser also provided a comparison of the fund’s calendar year total returns to the returns of the fund’s benchmark index, and it was noted that the fund’s returns were above the returns of the index in five of the ten calendar years shown.

Management Fee and Expense Ratio Comparisons. The Board reviewed and considered the contractual management fee rate payable by the fund to the Adviser in light of the nature, extent and quality of the management services and the sub-advisory services provided by the Adviser and the Sub-Adviser, respectively. In addition, the Board reviewed and considered the actual management fee rate paid by the fund over the fund’s last fiscal year, which included reductions for a fee waiver arrangement in place that reduced the management fee paid to the Adviser. The Board also reviewed the range of actual and contractual management fees and total expenses as a percentage of

INFORMATION ABOUT THE RENEWAL OF THE FUND’S MANAGEMENT AND SUB-INVESTMENT ADVISORY AGREEMENTS (Unaudited) (continued)

average net assets of the Expense Group and Expense Universe funds and discussed the results of the comparisons.

The Board considered that the fund’s contractual management fee was higher than the Expense Group median contractual management fee, the fund’s actual management fee was higher than the Expense Group median and the Expense Universe median actual management fee and the fund’s total expenses were higher than the Expense Group median and the Expense Universe median total expenses. The Board considered that the fund’s contractual management fee, as proposed to be reduced, was equal to the Expense Group median contractual management fee.

Representatives of the Adviser stated that the Adviser had voluntarily agreed to waive receipt of a portion of its management fee in the amount of .05% of the value of the fund’s average daily net assets.

Representatives of the Adviser noted that there were no other funds advised by the Adviser that are in the same Lipper category as the fund or separate accounts and/or other types of client portfolios advised by the Adviser or the Sub-Adviser that are considered to have similar investment strategies and policies as the fund.

The Board considered the fee payable to the Sub-Adviser in relation to the fee payable to the Adviser by the fund and the respective services provided by the Sub-Adviser and the Adviser. The Board also took into consideration that the Sub-Adviser’s fee is paid by the Adviser, out of its fee from the fund, and not the fund.

Analysis of Profitability and Economies of Scale. Representatives of the Adviser reviewed the expenses allocated and profit received by the Adviser and its affiliates and the resulting profitability percentage for managing the fund and the aggregate profitability percentage to the Adviser and its affiliates for managing the funds in the BNY Mellon fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not excessive, given the services rendered and service levels provided by the Adviser and its affiliates. The Board also considered the fee waiver arrangement and its effect on the profitability of the Adviser and its affiliates. The Board also had been provided with information prepared by an independent consulting firm regarding the Adviser’s approach to allocating costs to, and determining the profitability of, individual funds and the entire BNY Mellon fund complex. The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.

The Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreements, considered in relation to the mix of services provided by the Adviser and the Sub-Adviser, including the nature, extent and quality of such services, supported the renewal of the Agreements and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Representatives of the Adviser stated that a discussion of economies of scale is predicated on a fund having achieved a substantial size with increasing assets and that, if a fund’s assets had been stable or decreasing, the

possibility that the Adviser may have realized any economies of scale would be less. Representatives of the Adviser also stated that, as a result of shared and allocated costs among funds in the BNY Mellon fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund’s asset level. The Board also considered potential benefits to the Adviser and the Sub-Adviser from acting as investment adviser and sub-investment adviser, respectively, and took into consideration that there were no soft dollar arrangements in effect for trading the fund’s investments. Representatives of the Adviser noted that the amendment of the Management Agreement could result in a reduction in the Adviser’s fee (and therefore negatively impacting profitability) and that any potential benefits would not change materially as a result of the amendment.

At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Agreements and the proposed amendments to the Agreements. Based on the discussions and considerations as described above, the Board concluded and determined as follows.

· The Board concluded that the nature, extent and quality of the services provided by the Adviser and the Sub-Adviser are adequate and appropriate and would continue to be adequate and appropriate.

· The Board generally was satisfied with the fund’s performance.

· The Board concluded that the fees paid to the Adviser and the Sub-Adviser, as proposed to be reduced, were appropriate under the circumstances and in light of the factors and the totality of the services provided as discussed above.

· The Board determined that the economies of scale which may accrue to the Adviser and its affiliates in connection with the management of the fund had been adequately considered by the Adviser in connection with the fee rate proposed to be charged to the fund pursuant to its Management Agreement and that, to the extent in the future it were determined that material economies of scale had not been shared with the fund, the Board would seek to have those economies of scale shared with the fund.

In evaluating the Agreements, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with the Adviser and its affiliates and the Sub-Adviser, of the Adviser and the Sub-Adviser and the services provided to the fund by the Adviser and the Sub-Adviser. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of the fund and the investment management and other services provided under the Agreements, including information on the investment performance of the fund in comparison to similar mutual funds and benchmark performance indices; general market outlook as applicable to the fund; and

INFORMATION ABOUT THE RENEWAL OF THE FUND’S MANAGEMENT AND SUB-INVESTMENT ADVISORY AGREEMENTS (Unaudited) (continued)

compliance reports. In addition, the Board’s consideration of the contractual fee arrangements for the fund had the benefit of a number of years of reviews of the Agreements for the fund, or substantially similar agreements for other BNY Mellon funds that the Board oversees, during which lengthy discussions took place between the Board and representatives of the Adviser. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board’s conclusions may be based, in part, on its consideration of the fund’s arrangements, or substantially similar arrangements for other BNY Mellon funds that the Board oversees, in prior years. The Board determined to renew the Agreements as amended.

This page intentionally left blank.

For More Information

BNY Mellon California AMT-Free Municipal Bond Fund, Inc.

240 Greenwich Street
New York, NY 10286

Adviser

BNY Mellon Investment Adviser, Inc.
240 Greenwich Street
New York, NY 10286

Sub-Adviser

Insight North America LLC
200 Park Avenue, 7^th Floor
New York, NY 10166

Custodian

The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286

Transfer Agent &
Dividend Disbursing Agent

BNY Mellon Transfer, Inc.
240 Greenwich Street
New York, NY 10286

Distributor

BNY Mellon Securities Corporation
240 Greenwich Street
New York, NY 10286


Ticker Symbols:	Class A: DCAAX Class C: DCACX Class I: DCMIX Class Y: DCAYX Class Z: DRCAX

Telephone Call your financial representative or 1-800-373-9387

Mail The BNY Mellon Family of Funds, 144 Glenn Curtiss Boulevard, Uniondale, NY 11556-0144

E-mail Send your request to info@bnymellon.com

Internet Information can be viewed online or downloaded at www.im.bnymellon.com

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-PORT. The fund’s Forms N-PORT are available on the SEC’s website at www.sec.gov.

A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30 is available at www.im.bnymellon.com and on the SEC’s website at www.sec.gov and without charge, upon request, by calling 1-800-373-9387.


© 2023 BNY Mellon Securities Corporation 6124SA1122

Item 2.

Code of Ethics.

Not applicable.

Item 3.

Audit Committee Financial Expert.

Not applicable.

Item 4.

Principal Accountant Fees and Services.

Not applicable.

Item 5.

Audit Committee of Listed Registrants.

Not applicable.

Item 6.

Investments.

(a) Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures applicable to Item 10.

Item 11.

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-CSR 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-CSR 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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13.

Exhibits.

(a)(1) Not applicable.

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

(a)(3) Not applicable.

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

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.

BNY Mellon California AMT-Free Municipal Bond Fund, Inc.

By: /s/ David J. DiPetrillo

        David J. DiPetrillo

        President (Principal Executive Officer)

Date: January 21, 2023

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/ David J. DiPetrillo

        David J. DiPetrillo

        President (Principal Executive Officer)

Date: January 21, 2023

By: /s/ James Windels

        James Windels

       Treasurer (Principal Financial Officer)

Date: January 20, 2023

EXHIBIT INDEX

(a)(2) 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)

(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940. (EX-99.906CERT)

BNY Mellon California Amt-free Municipal Bond Fund N-CSRSCertified semi-annual shareholder report (management investment company)