Form N-CSRS BNY MELLON CALIFORNIA For: Nov 30

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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:		05/31
Date of reporting period:		11/30/21

FORM N-CSR

Item 1.

Reports to Stockholders.

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

SEMIANNUAL REPORT

November 30, 2021

Save time. Save paper. View your next shareholder report online as soon as it’s available. Log into www.im.bnymellon.com and sign up for eCommunications. It’s simple and only takes a few minutes.

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


Discussion of Fund Performance	2
Understanding Your Fund’s Expenses	5
Comparing Your Fund’s Expenses With Those of Other Funds	5
Statement of Investments	6
Statement of Assets and Liabilities	25
Statement of Operations	26
Statement of Changes in Net Assets	27
Financial Highlights	29
Notes to Financial Statements	34
Information About the Renewal of the Fund’s Management and Sub-Investment Advisory Agreements	44

FOR MORE INFORMATION

Back Cover

DISCUSSION OF FUND PERFORMANCE (Unaudited)

For the period from June 1, 2021 through November 30, 2021, as provided by Portfolio Managers, Jeffrey Burger and Thomas Casey of Insight North America LLC, Sub-Investment Adviser

Market and Fund Performance Overview

For the six-month period ended November 30, 2021, BNY Mellon California AMT-Free Municipal Bond Fund, Inc.’s Class A shares produced a total return of 0.72%, Class C shares returned 0.39%, Class I shares returned 0.84%, Class Y shares returned 0.79% and Class Z shares returned 0.84%.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 0.56% for the same period.²

During the reporting period, municipal bonds benefited from strong fundamentals and from healthy demand arising from continued uncertainty regarding the COVID-19 pandemic. The fund’s Class A shares, Class I shares, Class Y shares and Class Z shares outperformed the Index, due to outperformance of “California municipal bonds generally and 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 assets in investment-grade municipal bonds or the unrated equivalent as determined by BNY Mellon. 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 BNY Mellon. 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.

Delta Variant, Inflation Concerns and Political Uncertainty Drive the Market

While the market continued to benefit from policies put in place in response to the COVID-19 pandemic, volatility increased as a result of a variety of factors. Despite the volatility, credit spreads are now tighter than they were prior to the pandemic, which is a testament to how strong the market has been over the past year.

The primary factors driving the recent volatility have been the emergence of the Delta variant of COVID-19, uncertainty about whether inflation would be transitory, and how well the Federal Reserve (the “Fed”) would address inflationary pressures. Tax reform measures in Washington D.C. have also factored into the market environment.

The Delta variant contributed to volatility by casting doubt on the pace of the reopening of the economy and of future growth. But volatility was fed primarily by concerns about inflation, and whether it would be short lived or persist over a longer period. The market has appeared to be uncertain about this. While the long end of the curve flattened, suggesting that investors believed inflationary pressures would soon ease, the shorter end of the curve rose, indicating investors believed the Fed would be forced to raise rates sooner than it has indicated.

The performance of the broader municipal market was relatively strong early in the reporting period, driven by favorable demand and limited supply. This was followed by a lull that persisted for a few months. Late in the period, performance again picked up as markets perceived that the Federal Reserve would head off inflation. The emergence of the Omicron variant of the COVID-19 virus also benefited the market as it led to a flight to quality.

While the market has been volatile, credit fundamentals remain strong. The fiscal health of issuers has remained better than expected in part because real-estate and income-tax collections during the pandemic failed to decline as much as predicted. Progressive tax regimes proved beneficial because higher-earning, white-collar workers were largely unaffected by the pandemic.

California Market and Segment Returns Drove Outperformance

The fund’s outperformance versus the Index was helped by the strong performance of California bonds generally. A strong economy and healthy fiscal condition have made the state’s bonds attractive versus many other markets, and this also had a positive effect on the bonds of municipalities and other issuers in the state. In addition, the fund’s overweighted positions in certain revenue bond segments was advantageous. Positions in the tobacco, transportation, airports and hospital segments, in particular, contributed positively.

In contrast, higher-quality bonds generally underperformed. The fund’s positions in essential services such as water & sewer and power, in particular, lagged the Index. In addition, the fund’s holdings of tender option bonds produced a neutral effect, with the added yield offset by a decline in value during the period.

A Positive Near-term Outlook

We are optimistic about the California municipal bond market, especially in the near term. Demand is likely to remain stronger than supply, and it is likely to remain healthy because uncertainty about the pandemic is likely to continue over the coming months. Longer term,

DISCUSSION OF FUND PERFORMANCE (Unaudited) (continued)

the market is facing a variety of unknowns but could benefit from volatility in the Treasury market, given uncertainty about the pace and durability of inflation as well as about Federal Reserve policy.

December 15, 2021

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 shares, Class Y shares and Class Z shares (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 for non-California residents. Capital gains, if any, are fully taxable.

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, 2021 to November 30, 2021. 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, 2021

	Class A	Class C	Class I	Class Y	Class Z
Expenses paid per $1,000^†	$4.78	$8.59	$3.57	$3.52	$3.68
Ending value (after expenses)	$1,007.20	$1,003.90	$1,008.40	$1,007.90	$1,008.40

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, 2021

		Class A	Class C	Class I	Class Y	Class Z
Expenses paid per $1,000^†		$4.81	$8.64	$3.60	$3.55	$3.70
Ending value (after expenses)		$1,020.31	$1,016.50	$1,021.51	$1,021.56	$1,021.41
^†	Expenses are equal to the fund’s annualized expense ratio of .95% for Class A, 1.71% for Class C, .71% for Class I, .70% for Class Y and .73% 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, 2021 (Unaudited)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Bonds and Notes - 1.2%
Collateralized Municipal-Backed Securities - .6%
California Housing Finance Agency, Revenue Bonds, Ser. A		4.25	1/15/2035	4,352,440		5,236,532
U.S. Government Agencies Collateralized Municipal-Backed Securities - .6%
California Housing Finance Agency, Revenue Bonds (Green Bond) (Insured; Federal National Mortgage Association)		2.35	12/1/2035	4,848,469		5,000,012
Total Bonds and Notes (cost $9,864,307)				10,236,544

Long-Term Municipal Investments - 101.7%
California - 100.9%
ABAG Finance Authority for Nonprofit Corp., Revenue Bonds, Refunding (Sharp HealthCare Obligated Group) Ser. A		5.00	8/1/2043	13,250,000		14,229,379
Alameda Corridor Transportation Authority, Revenue Bonds, Refunding, Ser. B		5.00	10/1/2037	1,650,000		1,937,227
Allan Hancock Joint Community College District, GO, Ser. C		5.60	8/1/2047	11,375,000	^a	10,650,633
Anaheim Community Facilities District, Special Tax Bonds, Refunding		4.00	9/1/2046	1,690,000		1,794,052
Anaheim Community Facilities District, Special Tax Bonds, Refunding		4.00	9/1/2041	4,325,000		4,602,079
California, GO		4.00	11/1/2035	1,000,000		1,227,429
California, GO, Refunding		5.00	8/1/2036	7,000,000		8,364,708
California, GO, Refunding		5.00	2/1/2038	5,000,000		5,039,626
California, GO, Refunding		5.25	2/1/2029	13,835,000		13,950,311
California, GO, Refunding (Insured; Assured Guaranty Municipal Corp.)		5.25	8/1/2032	7,000,000		9,712,145
California Community Choice Financing Authority, Revenue Bonds (Green Bond) Ser. A		4.00	12/1/2027	2,000,000	^b	2,314,259
California Community Choice Financing Authority, Revenue Bonds (Green Bond) Ser. B1		4.00	8/1/2031	10,500,000	^b	12,725,004
California County Tobacco Securitization Agency, Revenue Bonds, Refunding		5.00	6/1/2034	5,000,000		5,186,314



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 101.7% (continued)
California - 100.9% (continued)
California County Tobacco Securitization Agency, Revenue Bonds, Refunding (Sonoma County Securitization)		4.00	6/1/2049	1,000,000		1,162,148
California County Tobacco Securitization Agency, Revenue Bonds, Refunding (Sonoma County Securitization)		5.00	6/1/2049	1,000,000		1,224,683
California County Tobacco Securitization Agency, Revenue Bonds, Refunding, Ser. A		4.00	6/1/2049	1,750,000		2,034,877
California Educational Facilities Authority, Revenue Bonds (Chapman University)		5.00	4/1/2040	5,000,000		5,659,294
California Educational Facilities Authority, Revenue Bonds (Chapman University)		5.00	4/1/2045	2,305,000		2,596,634
California Educational Facilities Authority, Revenue Bonds, Refunding (Loma Linda University) Ser. A		5.00	4/1/2037	1,500,000		1,778,734
California Educational Facilities Authority, Revenue Bonds, Refunding (Loma Linda University) Ser. A		5.00	4/1/2036	3,845,000		4,563,920
California Educational Facilities Authority, Revenue Bonds, Refunding (Occidental College)		5.00	10/1/2045	500,000		575,929
California Educational Facilities Authority, Revenue Bonds, Refunding (Pepperdine University)		5.00	9/1/2045	5,000,000		5,745,146
California Educational Facilities Authority, Revenue Bonds, Refunding (Pooled College & University Projects) Ser. A		5.63	7/1/2023	35,000		36,869
California Health Facilities Financing Authority, Revenue Bonds (City of Hope Obligated Group)		4.00	11/15/2045	6,000,000		6,984,193
California Health Facilities Financing Authority, Revenue Bonds (Sutter Health Obligated Group) Ser. A		5.00	11/15/2048	3,000,000		3,665,979
California Health Facilities Financing Authority, Revenue Bonds (Sutter Health Obligated Group) Ser. A		5.00	11/15/2025	1,150,000	^c	1,355,588

STATEMENT OF INVESTMENTS (Unaudited) (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 101.7% (continued)
California - 100.9% (continued)
California Health Facilities Financing Authority, Revenue Bonds (Sutter Health Obligated Group) Ser. A		5.00	11/15/2025	750,000	^c	884,079
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Adventist Health System/West Obligated Group) Ser. A		4.00	3/1/2039	2,665,000		2,949,244
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		2,372,581
California Health Facilities Financing Authority, Revenue Bonds, Refunding (CommonSpirit Health Obligated Group) Ser. A		4.00	4/1/2045	3,000,000		3,483,508
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Providence St. Joseph Health Obligated Group) Ser. A		5.00	7/1/2037	7,500,000		8,033,920
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Stanford Health Care Obligated Group) Ser. A		5.00	11/15/2037	3,360,000		4,151,751
California Health Facilities Financing Authority, Revenue Bonds, Refunding (Sutter Health Obligated Group) Ser. A		5.00	8/15/2025	2,000,000	^c	2,337,150
California Health Facilities Financing Authority, Revenue Bonds, Refunding, Ser. A		5.00	10/1/2031	4,430,000		4,967,685
California Health Facilities Financing Authority, Revenue Bonds, Refunding, Ser. A		5.00	10/1/2030	3,500,000		3,926,910
California Housing Finance Agency, Revenue Bonds, Ser. 2		4.00	3/20/2033	2,911,102		3,358,053
California Housing Finance Agency, Revenue Bonds, Ser. 2021-1		3.50	11/20/2035	2,971,433		3,394,156
California Housing Finance Agency, Revenue Bonds, Ser. A		3.25	8/20/2036	5,000,000		5,670,960
California Infrastructure & Economic Development Bank, Revenue Bonds (Equitable School Revolving Fund Obligated Group)		5.00	11/1/2049	1,500,000		1,816,484



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 101.7% (continued)
California - 100.9% (continued)
California Infrastructure & Economic Development Bank, Revenue Bonds (Equitable School Revolving Fund Obligated Group)		5.00	11/1/2039	550,000		674,190
California Infrastructure & Economic Development Bank, Revenue Bonds (Equitable School Revolving Fund Obligated Group)		5.00	11/1/2044	625,000		760,573
California Infrastructure & Economic Development Bank, Revenue Bonds (WFCS Holdings) Ser. A		5.00	1/1/2055	1,000,000	^d	1,122,932
California Infrastructure & Economic Development Bank, Revenue Bonds (WFCS Portfolio Project) Ser. A-1		5.00	1/1/2056	1,250,000	^d	1,410,301
California Infrastructure & Economic Development Bank, Revenue Bonds, Refunding (Academy of Motion Pictures Arts & Sciences Obligated Group)		5.00	11/1/2041	2,250,000		2,445,490
California Municipal Finance Authority, Revenue Bonds (Bowles Hall Foundation) Ser. A		5.00	6/1/2050	1,500,000		1,676,589
California Municipal Finance Authority, Revenue Bonds (California Baptist University) Ser. A		5.00	11/1/2046	2,500,000	^d	2,877,119
California Municipal Finance Authority, Revenue Bonds (Channing House Project) Ser. B		5.00	5/15/2047	2,500,000		2,877,971
California Municipal Finance Authority, Revenue Bonds (Green Bond) (Insured; Build America Mutual)		4.00	5/15/2032	1,155,000		1,396,278
California Municipal Finance Authority, Revenue Bonds (HumanGood California Obligated Group)		4.00	10/1/2049	2,000,000		2,311,510
California Municipal Finance Authority, Revenue Bonds (Insured; Build America Mutual)		5.00	5/15/2043	3,040,000		3,761,221
California Municipal Finance Authority, Revenue Bonds (Insured; Build America Mutual)		5.00	5/15/2044	1,890,000		2,333,854
California Municipal Finance Authority, Revenue Bonds (LAX Integrated Express Solutions Project)		5.00	12/31/2035	1,500,000		1,795,061

STATEMENT OF INVESTMENTS (Unaudited) (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 101.7% (continued)
California - 100.9% (continued)
California Municipal Finance Authority, Revenue Bonds (LAX Integrated Express Solutions Project)		5.00	12/31/2033	3,800,000		4,561,997
California Municipal Finance Authority, Revenue Bonds (The Palmdale Aerospace Academy Project)		5.00	7/1/2046	2,170,000	^d	2,432,331
California Municipal Finance Authority, Revenue Bonds (The Palmdale Aerospace Academy Project)		5.00	7/1/2041	1,750,000	^d	1,972,132
California Municipal Finance Authority, Revenue Bonds (United Airlines Project)		4.00	7/15/2029	3,000,000		3,430,117
California Municipal Finance Authority, Revenue Bonds, Refunding (Biola University)		5.00	10/1/2039	1,000,000		1,183,401
California Municipal Finance Authority, Revenue Bonds, Refunding (Community Medical Centers Obligated Group) Ser. A		5.00	2/1/2037	1,000,000		1,196,764
California Municipal Finance Authority, Revenue Bonds, Refunding (Community Medical Centers Obligated Group) Ser. A		5.00	2/1/2036	1,000,000		1,197,341
California Municipal Finance Authority, Revenue Bonds, Refunding (Eisenhower Medical Center) Ser. A		5.00	7/1/2042	3,500,000		4,184,200
California Municipal Finance Authority, Revenue Bonds, Refunding (Eisenhower Medical Center) Ser. A		5.00	7/1/2036	1,100,000		1,322,183
California Municipal Finance Authority, Revenue Bonds, Refunding (Eisenhower Medical Center) Ser. A		5.00	7/1/2037	1,000,000		1,200,767
California Municipal Finance Authority, Revenue Bonds, Refunding (Eisenhower Medical Center) Ser. B		5.00	7/1/2042	2,500,000		2,988,714
California Municipal Finance Authority, Revenue Bonds, Refunding (HumanGood Obligated Group) Ser. A		5.00	10/1/2044	2,000,000		2,368,500



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 101.7% (continued)
California - 100.9% (continued)
California Municipal Finance Authority, Revenue Bonds, Refunding (Town & Country Manor of the Christian & Missionary Alliance)		5.00	7/1/2034	1,720,000		2,162,052
California Municipal Finance Authority, Revenue Bonds, Refunding (Town & Country Manor of the Christian & Missionary Alliance)		5.00	7/1/2049	2,100,000		2,563,051
California Municipal Finance Authority, Revenue Bonds, Refunding (William Jessup University)		5.00	8/1/2048	9,115,000		10,091,275
California Pollution Control Financing Authority, Revenue Bonds (San Jose Water Company Project)		5.10	6/1/2040	5,500,000		5,519,477
California Pollution Control Financing Authority, Revenue Bonds (Waste Management Project) Ser. A		2.50	5/1/2024	3,000,000	^b	3,137,865
California Public Finance Authority, Revenue Bonds (Green Bond) (ENSO Village Project)		5.00	11/15/2036	500,000	^d	588,699
California Public Finance Authority, Revenue Bonds (Green Bond) (ENSO Village Project)		5.00	11/15/2046	1,000,000	^d	1,150,186
California Public Finance Authority, Revenue Bonds, Refunding (Henry Mayo Newhall Hospital Obligated Group)		5.00	10/15/2047	3,000,000		3,497,143
California Public Works Board, Revenue Bonds (Judicial Council Projects) Ser. D		5.00	12/1/2031	8,500,000		8,500,000
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	3,904,843
California School Finance Authority, Revenue Bonds (Granada Hills Charter High School Obligated Group)		5.00	7/1/2049	1,100,000	^d	1,246,996
California School Finance Authority, Revenue Bonds (Granada Hills Charter High School Obligated Group)		5.00	7/1/2043	1,255,000	^d	1,429,820

STATEMENT OF INVESTMENTS (Unaudited) (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 101.7% (continued)
California - 100.9% (continued)
California School Finance Authority, Revenue Bonds (Green Dot Public Schools California Project) Ser. A		5.00	8/1/2048	1,650,000	^d	1,935,653
California School Finance Authority, Revenue Bonds (KIPP LA Project) Ser. A		5.00	7/1/2037	590,000	^d	694,174
California School Finance Authority, Revenue Bonds (KIPP LA Project) Ser. A		5.00	7/1/2047	875,000	^d	1,014,874
California School Finance Authority, Revenue Bonds (Kipp SoCal Public Schools Obligated Group) Ser. A		5.00	7/1/2049	1,650,000	^d	1,991,802
California School Finance Authority, Revenue Bonds (Kipp Social Project) Ser. A		4.00	7/1/2050	1,135,000	^d	1,291,088
California School Finance Authority, Revenue Bonds, Refunding		5.00	8/1/2041	1,600,000	^d	1,803,908
California School Finance Authority, Revenue Bonds, Refunding		5.00	8/1/2025	150,000	^c,d	174,605
California Statewide Communities Development Authority, Revenue Bonds (Loma Linda University Medical Center Obligated Group)		5.50	12/1/2058	1,500,000	^d	1,839,598
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	6,062,990
California Statewide Communities Development Authority, Revenue Bonds (Viamonte Senior Living Project)		3.00	7/1/2025	1,155,000		1,157,280
California Statewide Communities Development Authority, Revenue Bonds, Refunding (American Baptist Homes)		5.00	10/1/2045	3,550,000		3,960,367
California Statewide Communities Development Authority, Revenue Bonds, Refunding (California Baptist University) Ser. A		5.00	11/1/2032	1,855,000	^d	2,219,925
California Statewide Communities Development Authority, Revenue Bonds, Refunding (California Baptist University) Ser. A		5.00	11/1/2041	700,000	^d	821,687
California Statewide Communities Development Authority, Revenue Bonds, Refunding (Cottage Health System Obligated Group)		5.00	11/1/2024	4,000,000	^c	4,539,984



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 101.7% (continued)
California - 100.9% (continued)
California Statewide Communities Development Authority, Revenue Bonds, Refunding (Front Porch Communities & Services Obligated Group)		4.00	4/1/2051	5,500,000		6,304,380
California Statewide Communities Development Authority, Revenue Bonds, Refunding (Front Porch Communities & Services Obligated Group)		5.00	4/1/2047	4,555,000		5,370,881
California Statewide Communities Development Authority, Revenue Bonds, Refunding (Henry Mayo Newhall Memorial Hospital Obligated Group) (Insured; Assured Guaranty Municipal Corp.) Ser. A		5.25	10/1/2024	2,100,000	^c	2,377,699
California Statewide Communities Development Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.)		5.00	11/15/2024	2,390,000	^c	2,720,721
California Statewide Communities Development Authority, Revenue Bonds, Refunding (John Muir Health) Ser. A		5.00	8/15/2041	1,200,000		1,414,266
California University, Revenue Bonds, Refunding, Ser. A		5.00	11/1/2038	5,000,000		6,104,354
Eastern Municipal Water District Financing Authority, Revenue Bonds, Refunding, Ser. A		5.00	7/1/2037	1,500,000		1,978,799
Eastern Municipal Water District Financing Authority, Revenue Bonds, Refunding, Ser. A		5.00	7/1/2036	1,725,000		2,277,335
Eastern Municipal Water District Financing Authority, Revenue Bonds, Refunding, Ser. A		5.00	7/1/2035	825,000		1,090,532
Escondido Union High School District, GO, Ser. C		0.00	8/1/2046	3,000,000	^e	1,583,407
Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificates, Revenue Bonds, Ser. M049		3.05	4/15/2034	5,064,756		5,551,297
Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificates, Revenue Bonds, Ser. MO50		3.05	6/15/2037	6,130,000	^d	6,797,593

STATEMENT OF INVESTMENTS (Unaudited) (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 101.7% (continued)
California - 100.9% (continued)
Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.)		0.00	1/15/2035	10,000,000	^e	7,625,523
Foothill-Eastern Transportation Corridor Agency, Revenue Bonds, Ser. A		4.00	1/15/2046	1,500,000		1,752,120
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		1,007,949
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		1,188,768
Glendale Community College District, GO, Ser. B		4.00	8/1/2050	7,750,000		9,043,822
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A1		5.00	6/1/2047	4,500,000		4,597,613
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A1		5.00	6/1/2029	8,000,000		9,632,006
Golden State Tobacco Securitization Corp., Revenue Bonds, Refunding, Ser. A1		5.00	6/1/2026	2,500,000		2,971,177
Grossmont Union High School District, GO (Insured; Assured Guaranty Municipal Corp.)		0.00	8/1/2026	3,265,000	^e	3,121,012
Grossmont Union High School District, GO (Insured; Assured Guaranty Municipal Corp.)		0.00	8/1/2023	4,850,000	^e	4,814,529
Grossmont Union High School District, GO (Insured; Assured Guaranty Municipal Corp.)		0.00	8/1/2022	2,105,000	^e	2,101,148
Hesperia Community Redevelopment Agency, Tax Allocation Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A		5.00	9/1/2035	6,835,000		8,509,514
Hesperia Community Redevelopment Agency, Tax Allocation Bonds (Insured; Assured Guaranty Municipal Corp.) Ser. A		5.00	9/1/2034	3,255,000		4,057,272



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)	Value ($)
Long-Term Municipal Investments - 101.7% (continued)
California - 100.9% (continued)
Imperial Irrigation District Electric System, Revenue Bonds, Refunding, Ser. C		5.00	11/1/2038	1,800,000	2,106,621
Imperial Irrigation District Electric System, Revenue Bonds, Refunding, Ser. C		5.00	11/1/2037	2,500,000	2,929,404
Irvine, Special Tax Bonds (Community Facilities District No. 2013-3)		5.00	9/1/2048	4,250,000	4,908,312
Irvine, Special Tax Bonds (Community Facilities District No. 2013-3)		5.00	9/1/2043	2,500,000	2,897,914
Irvine, Special Tax Bonds (Community Facilities District No. 2013-3)		5.00	9/1/2044	2,500,000	2,756,984
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	1,302,571
Irvine Unified School District, Special Tax Bonds (Community Facilities District No. 09-1) Ser. A		5.00	9/1/2042	400,000	475,562
Irvine Unified School District, Special Tax Bonds (Community Facilities District No. 09-1) Ser. B		5.00	9/1/2042	1,000,000	1,188,904
Irvine Unified School District, Special Tax Bonds (Community Facilities District No. 09-1) Ser. C		5.00	9/1/2042	1,000,000	1,188,904
Jefferson Union High School District, COP (Teacher & Staff Housing Project) (Insured; Build America Mutual)		4.00	8/1/2055	7,000,000	8,064,570
Jurupa Public Financing Authority, Special Tax Bonds, Refunding, Ser. A		5.00	9/1/2042	3,420,000	3,802,441
Lancaster Redevelopment Agency, Tax Allocation Bonds, Refunding (Comb Redevelopment Project Areas) (Insured; Assured Guaranty Municipal Corp.)		5.00	8/1/2033	1,200,000	1,411,679
Lodi Public Financing Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.)		5.00	9/1/2030	1,275,000	1,585,844
Long Beach Harbor, Revenue Bonds, Ser. D		5.00	5/15/2042	3,500,000	3,974,508

STATEMENT OF INVESTMENTS (Unaudited) (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)	Value ($)
Long-Term Municipal Investments - 101.7% (continued)
California - 100.9% (continued)
Los Angeles Community Facilities District, Special Tax Bonds, Refunding		5.00	9/1/2030	1,095,000	1,220,212
Los Angeles Community Facilities District, Special Tax Bonds, Refunding		5.00	9/1/2029	1,170,000	1,304,926
Los Angeles County Metropolitan Transportation Authority, Revenue Bonds (Green Bond) Ser. A		4.00	6/1/2036	5,000,000	6,081,706
Los Angeles County Public Works Financing Authority, Revenue Bonds, Refunding, Ser. D		5.00	12/1/2045	4,000,000	4,607,753
Los Angeles County Regional Financing Authority, Revenue Bonds (MonteCedro Project) Ser. A		5.00	11/15/2044	2,000,000	2,074,197
Los Angeles Department of Airports, Revenue Bonds (Los Angeles International Airport) Ser. B		5.00	5/15/2038	3,500,000	3,727,106
Los Angeles Department of Airports, Revenue Bonds, Refunding (Los Angeles International Airport)		5.00	5/15/2032	16,985,000	21,326,874
Los Angeles Department of Airports, Revenue Bonds, Refunding, Ser. A		5.00	5/15/2027	2,370,000	2,879,480
Los Angeles Department of Airports, Revenue Bonds, Refunding, Ser. A		5.00	5/15/2028	4,215,000	5,238,608
Los Angeles Department of Airports, Revenue Bonds, Refunding, Ser. C		5.00	5/15/2038	4,500,000	5,143,073
Los Angeles Department of Water & Power, Revenue Bonds, Refunding, Ser. B		5.00	7/1/2050	5,000,000	6,404,000
Los Angeles Department of Water & Power, Revenue Bonds, Refunding, Ser. B		5.00	7/1/2045	4,000,000	5,145,911
Los Angeles Department of Water & Power Water System, Revenue Bonds, Refunding, Ser. A		5.00	7/1/2040	3,000,000	3,913,503
Metropolitan Water District of Southern California, Revenue Bonds, Refunding, Ser. A		5.00	10/1/2034	5,000,000	5,076,419
Metropolitan Water District of Southern California, Revenue Bonds, Ser. A		5.00	7/1/2040	2,000,000	2,301,143
Norman Y. Mineta San Jose International Airport, Revenue Bonds, Refunding, Ser. A		5.00	3/1/2029	1,795,000	2,169,768



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 101.7% (continued)
California - 100.9% (continued)
Norman Y. Mineta San Jose International Airport, Revenue Bonds, Refunding, Ser. B		5.00	3/1/2042	2,550,000		3,071,378
Northern California Transmission Agency, Revenue Bonds, Refunding (California-Oregon Transmission Project) Ser. A		5.00	5/1/2039	1,500,000		1,763,833
Northern California Transmission Agency, Revenue Bonds, Refunding (California-Oregon Transmission Project) Ser. A		5.00	5/1/2038	1,565,000		1,842,273
Oakland Redevelopment Agency, Tax Allocation Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. TE		5.00	9/1/2036	3,000,000		3,466,330
Oakland Unified School District, GO, Ser. A		5.00	8/1/2025	3,500,000	^c	4,070,793
Orange County Community Facilities District, Special Tax Bonds, Ser. A		5.00	8/15/2047	1,000,000		1,188,559
Orange County Community Facilities District, Special Tax Bonds, Ser. A		5.00	8/15/2042	3,000,000		3,592,795
Orange County Community Facilities District, Special Tax Bonds, Ser. A		5.00	8/15/2041	6,000,000		6,894,723
Palomar Community College District, GO, Ser. B		6.38	8/1/2045	16,615,000	^a	19,283,799
Palomar Health, Revenue Bonds, Refunding		5.00	11/1/2026	1,845,000		2,203,120
Palomar Health, Revenue Bonds, Refunding (Palomar Health & Arch Health Partners Obligated Group)		5.00	11/1/2042	5,000,000		5,939,630
Peralta Community College District, GO, Refunding, Ser. A		4.00	8/1/2039	5,000,000		5,533,706
Perris Union High School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A		4.00	9/1/2036	1,850,000		2,212,109
Perris Union High School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A		4.00	9/1/2035	1,740,000		2,089,713
Perris Union High School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A		4.00	9/1/2034	1,310,000		1,581,900
Pittsburg Redevelopment Agency, Tax Allocation Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. A		5.00	9/1/2028	3,000,000		3,576,156

STATEMENT OF INVESTMENTS (Unaudited) (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 101.7% (continued)
California - 100.9% (continued)
Pomona Redevelopment Agency, Tax Allocation Bonds, Refunding, Ser. Y		5.50	5/1/2032	3,000,000		3,759,758
Pomona Unified School District, GO (Insured; Build America Mutual) Ser. F		5.00	8/1/2039	2,000,000		2,233,316
Port of Los Angeles, Revenue Bonds, Refunding, Ser. B		5.00	8/1/2039	2,050,000		2,277,965
Riverside County Transportation Commission, Revenue Bonds, Refunding, Ser. B1		4.00	6/1/2037	1,750,000		2,111,400
Sacramento City Unified School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. G		4.00	8/1/2049	2,000,000		2,320,701
Sacramento City Unified School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. G		4.00	8/1/2044	1,000,000		1,170,031
Sacramento County Airport System, Revenue Bonds, Refunding, Ser. A		5.00	7/1/2041	3,250,000		3,832,563
Sacramento County Airport System, Revenue Bonds, Refunding, Ser. B		5.00	7/1/2035	1,000,000		1,233,692
Sacramento County Airport System, Revenue Bonds, Refunding, Ser. B		5.00	7/1/2036	1,375,000		1,693,662
Sacramento County Airport System, Revenue Bonds, Refunding, Ser. C		5.00	7/1/2028	5,615,000		6,971,195
Sacramento County Airport System, Revenue Bonds, Refunding, Ser. C		5.00	7/1/2033	6,120,000		7,493,244
Sacramento North Natomas Community Facilities District No. 4, Special Tax Bonds, Refunding, Ser. E		5.25	9/1/2026	2,760,000		2,982,263
San Diego Association of Governments, Revenue Bonds, Ser. A		5.00	7/1/2042	6,000,000		7,230,227
San Diego Association of Governments, Revenue Bonds, Ser. A		5.00	7/1/2038	2,000,000		2,417,810
San Diego County Regional Airport Authority, Revenue Bonds, Refunding		5.00	7/1/2028	2,000,000		2,526,432
San Diego County Regional Airport Authority, Revenue Bonds, Refunding, Ser. A		5.00	7/1/2042	3,000,000		3,613,315
San Diego County Regional Airport Authority, Revenue Bonds, Refunding, Ser. B		4.00	7/1/2044	1,000,000		1,144,916
San Diego County Regional Airport Authority, Revenue Bonds, Ser. A		4.00	7/1/2051	5,000,000	^f	5,903,244



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 101.7% (continued)
California - 100.9% (continued)
San Diego County Regional Transportation Commission, Revenue Bonds, Refunding, Ser. A		5.00	4/1/2024	4,000,000	^c	4,438,528
San Diego County Water Authority, Revenue Bonds, Refunding (Green Bond) Ser. B		4.00	5/1/2033	5,000,000		6,251,326
San Francisco Bay Area Rapid Transit District, Revenue Bonds, Ser. A		4.00	7/1/2037	2,500,000		2,890,979
San Francisco City & County, GO, Ser. C1		4.00	6/15/2037	3,710,000		4,446,706
San Francisco City & County Airport Commission, Revenue Bonds, Refunding		5.00	5/1/2029	2,000,000		2,039,418
San Francisco City & County Airport Commission, Revenue Bonds, Refunding		5.00	5/1/2028	1,000,000		1,019,921
San Francisco City & County Airport Commission, Revenue Bonds, Refunding (SFO Fuel Co.) Ser. A		5.00	1/1/2047	4,000,000		4,873,578
San Francisco City & County Airport Commission, Revenue Bonds, Refunding (SFO Fuel Co.) Ser. A		5.00	1/1/2027	2,000,000		2,406,555
San Francisco City & County Airport Commission, Revenue Bonds, Refunding, Ser. A		5.00	5/1/2029	1,000,000		1,184,472
San Francisco City & County Airport Commission, Revenue Bonds, Refunding, Ser. A		5.00	5/1/2032	1,000,000		1,180,938
San Francisco City & County Airport Commission, Revenue Bonds, Refunding, Ser. D		5.00	5/1/2048	5,000,000		6,048,245
San Francisco City & County Airport Commission, Revenue Bonds, Refunding, Ser. E		5.00	5/1/2040	9,905,000		12,237,248
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		1,287,581
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		1,835,212

STATEMENT OF INVESTMENTS (Unaudited) (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 101.7% (continued)
California - 100.9% (continued)
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		2,053,532
San Joaquin Hills Transportation Corridor Agency, Revenue Bonds, Refunding, Ser. A		5.00	1/15/2050	5,000,000		5,583,231
San Mateo Foster Public Financing Authority, Revenue Bonds		4.00	8/1/2037	2,200,000		2,651,042
San Mateo Foster Public Financing Authority, Revenue Bonds		4.00	8/1/2039	1,500,000		1,801,289
Santa Margarita Water District, Special Tax Bonds (Community Facilities District No. 2013-1)		5.63	9/1/2043	6,720,000		7,184,449
Santa Margarita Water District, Special Tax Bonds, Refunding (Community Facilities District No. 99-1) Ser. B		5.00	9/1/2027	1,945,000		2,146,720
South Orange County Public Financing Authority, Special Tax Bonds, Refunding, Ser. A		5.00	8/15/2030	1,000,000		1,025,224
South Orange County Public Financing Authority, Special Tax Bonds, Refunding, Ser. A		5.00	8/15/2029	1,500,000		1,537,956
Stockton Unified School District, GO (Insured; Assured Guaranty Municipal Corp.) Ser. A		5.00	8/1/2038	2,500,000		2,788,823
Stockton Unified School District, GO, Refunding (Insured; Assured Guaranty Municipal Corp.)		5.00	7/1/2025	1,620,000		1,664,970
Tender Option Bond Trust Receipts (Series 2016-XM0375), (Riverside County Transportation Commission, Revenue Bonds, Refunding) Recourse, Underlying Coupon Rate (%) 5.25		9.90	6/1/2039	7,500,000	^d,g,h	8,053,894
Tender Option Bond Trust Receipts (Series 2016-XM0379), (Los Angeles Department of Water & Power, Revenue Bonds, Refunding) Non-recourse, Underlying Coupon Rate (%) 5.00		18.10	7/1/2043	12,000,000	^d,g,h	12,315,939



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 101.7% (continued)
California - 100.9% (continued)
Tender Option Bond Trust Receipts (Series 2019-XF0761), (Los Angeles Department of Harbors, Revenue Bonds, Refunding (Green Bond)) Recourse, Underlying Coupon Rate (%) 4.00		14.49	8/1/2039	10,000,000	^d,g,h	11,209,482
Tender Option Bond Trust Receipts (Series 2019-XF0762), (California Health Facilities Financing Authority, Revenue Bonds, Refunding (Sutter Health)) Recourse, Underlying Coupon Rate (%) 5.00		18.41	11/15/2046	12,275,000	^d,g,h	14,669,930
Tobacco Securitization Authority of Southern California, Revenue Bonds, Refunding (San Diego County Tobacco Asset Securitization)		5.00	6/1/2048	5,750,000		7,100,314
Tulare Local Health Care District, GO, Refunding (Insured; Build America Mutual)		4.00	8/1/2035	650,000		781,179
Tulare Local Health Care District, GO, Refunding (Insured; Build America Mutual)		4.00	8/1/2039	1,900,000		2,265,154
Tulare Local Health Care District, GO, Refunding (Insured; Build America Mutual)		4.00	8/1/2032	695,000		841,023
Tulare Local Health Care District, GO, Refunding (Insured; Build America Mutual)		4.00	8/1/2033	1,500,000		1,811,922
University of California, Revenue Bonds, Refunding (Limited Project) Ser. G		5.00	5/15/2042	10,000,000		10,218,854
University of California, Revenue Bonds, Refunding, Ser. BH		4.00	5/15/2040	3,000,000		3,638,988
University of California, Revenue Bonds, Ser. AM		5.25	5/15/2030	3,000,000		3,353,003
University of California Regents Medical Center, Revenue Bonds, Refunding, Ser. J		5.00	5/15/2043	10,000,000		10,656,424
University of California Regents Medical Center, Revenue Bonds, Refunding, Ser. L		4.00	5/15/2044	3,000,000		3,351,350
Walnut Energy Center Authority, Revenue Bonds, Refunding		5.00	1/1/2027	2,150,000		2,399,916
Yosemite Community College District, GO, Ser. D		0.00	8/1/2031	5,545,000	^e	4,812,317
					831,731,316

STATEMENT OF INVESTMENTS (Unaudited) (continued)



Description	Coupon Rate (%)		Maturity Date	Principal Amount ($)		Value ($)
Long-Term Municipal Investments - 101.7% (continued)
U.S. Related - .8%
Puerto Rico Highway & Transportation Authority, Revenue Bonds, Refunding (Insured; Assured Guaranty Municipal Corp.) Ser. CC		5.25	7/1/2034	5,905,000		6,406,336
Total Long-Term Municipal Investments (cost $777,747,607)				838,137,652
Total Investments (cost $787,611,914)				102.9%	848,374,196
Liabilities, Less Cash and Receivables				(2.9%)	(24,025,835)
Net Assets				100.0%	824,348,361

^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, 2021, these securities were valued at $91,032,501 or 11.04% of net assets.

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

^f Security purchased on a when-issued or delayed basis for which the fund has not taken delivery as of November 30, 2021.

^g 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.

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


Portfolio Summary (Unaudited) ^†	Value (%)
Medical	14.1
Airport	13.1
General Obligation	11.9
Education	11.5
General	8.6
Special Tax	6.5
Transportation	6.4
Water	4.8
Multifamily Housing	4.2
Tobacco Settlement	4.1
Nursing Homes	4.0
School District	3.4
Prerefunded	2.8
Power	2.1
Development	1.7
Housing	1.1
Facilities	1.0
Utilities	.9
Pollution	.7
	102.9

^† 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, 2021 (Unaudited)



	Cost	Value
Assets ($):
Investments in securities—See Statement of Investments	787,611,914	848,374,196
Cash		4,587,495
Interest receivable		8,505,384
Receivable for shares of Common Stock subscribed		131,605
Prepaid expenses		42,844
		861,641,524
Liabilities ($):
Due to BNY Mellon Investment Adviser, Inc. and affiliates—Note 3(c)		463,507
Payable for floating rate notes issued—Note 4		29,455,000
Payable for investment securities purchased		5,823,900
Payable for shares of Common Stock redeemed		1,404,144
Interest and expense payable related to floating rate notes issued—Note 4		58,230
Directors’ fees and expenses payable		4,786
Other accrued expenses		83,596
		37,293,163
Net Assets ($)		824,348,361
Composition of Net Assets ($):
Paid-in capital		759,989,440
Total distributable earnings (loss)		64,358,921
Net Assets ($)		824,348,361


Net Asset Value Per Share	Class A	Class C	Class I	Class Y	Class Z
Net Assets ($)	91,434,138	6,778,036	64,444,288	15,250	661,676,649
Shares Outstanding	6,032,656	447,305	4,253,992	1,006.89	43,653,517
Net Asset Value Per Share ($)	15.16	15.15	15.15	15.15	15.16

See notes to financial statements.

STATEMENT OF OPERATIONS
Six Months Ended November 30, 2021 (Unaudited)





Investment Income ($):
Interest Income					13,178,717
Expenses:
Management fee—Note 3(a)					2,495,863
Shareholder servicing costs—Note 3(c)					355,358
Interest and expense related to floating rate notes issued—Note 4					93,138
Professional fees					58,986
Registration fees					39,596
Directors’ fees and expenses—Note 3(d)					30,201
Distribution fees—Note 3(b)					26,077
Prospectus and shareholders’ reports					11,135
Custodian fees—Note 3(c)					7,267
Chief Compliance Officer fees—Note 3(c)					7,077
Loan commitment fees—Note 2					83
Miscellaneous					26,652
Total Expenses					3,151,433
Investment Income—Net					10,027,284
Realized and Unrealized Gain (Loss) on Investments—Note 4 ($):
Net realized gain (loss) on investments					462,178
Net change in unrealized appreciation (depreciation) on investments					(3,889,095)
Net Realized and Unrealized Gain (Loss) on Investments					(3,426,917)
Net Increase in Net Assets Resulting from Operations					6,600,367

See notes to financial statements.

STATEMENT OF CHANGES IN NET ASSETS



	Six Months Ended November 30, 2021 (Unaudited)	Year Ended May 31, 2021
Operations ($):
Investment income—net	10,027,284	21,570,549
Net realized gain (loss) on investments	462,178	764,694
Net change in unrealized appreciation (depreciation) on investments	(3,889,095)	23,296,228
Net Increase (Decrease) in Net Assets Resulting from Operations	6,600,367	45,631,471
Distributions ($):
Distributions to shareholders:
Class A	(1,011,272)	(2,151,021)
Class C	(50,110)	(139,599)
Class I	(738,472)	(1,624,628)
Class Y	(2,279)	(14,061)
Class Z	(8,235,052)	(18,678,215)
Total Distributions	(10,037,185)	(22,607,524)
Capital Stock Transactions ($):
Net proceeds from shares sold:
Class A	6,566,347	10,213,298
Class C	42,500	361,266
Class I	12,731,763	16,768,797
Class Y	32	-
Class Z	5,113,810	11,190,448
Distributions reinvested:
Class A	846,691	1,758,361
Class C	49,683	135,032
Class I	726,928	1,600,602
Class Y	180	404
Class Z	6,590,924	14,873,752
Cost of shares redeemed:
Class A	(3,877,182)	(11,830,262)
Class C	(765,565)	(2,043,271)
Class I	(4,144,664)	(23,332,223)
Class Y	(235,893)	(1,522,336)
Class Z	(28,367,072)	(62,892,013)
Increase (Decrease) in Net Assets from Capital Stock Transactions	(4,721,518)	(44,718,145)
Total Increase (Decrease) in Net Assets	(8,158,336)	(21,694,198)
Net Assets ($):
Beginning of Period	832,506,697	854,200,895
End of Period	824,348,361	832,506,697

STATEMENT OF CHANGES IN NET ASSETS (continued)



	Six Months Ended November 30, 2021 (Unaudited)	Year Ended May 31, 2021
Capital Share Transactions (Shares):
Class A
Shares sold	431,805	672,397
Shares issued for distributions reinvested	55,751	116,270
Shares redeemed	(255,794)	(783,495)
Net Increase (Decrease) in Shares Outstanding	231,762	5,172
Class C
Shares sold	2,785	23,972
Shares issued for distributions reinvested	3,271	8,931
Shares redeemed	(50,247)	(134,822)
Net Increase (Decrease) in Shares Outstanding	(44,191)	(101,919)
Class I
Shares sold	837,554	1,110,296
Shares issued for distributions reinvested	47,896	105,901
Shares redeemed	(272,943)	(1,539,592)
Net Increase (Decrease) in Shares Outstanding	612,507	(323,395)
Class Y
Shares issued for distributions reinvested	12	27
Shares redeemed	(15,641)	(101,180)
Net Increase (Decrease) in Shares Outstanding	(15,629)	(101,153)
Class Z
Shares sold	336,359	739,855
Shares issued for distributions reinvested	433,963	983,419
Shares redeemed	(1,865,845)	(4,152,545)
Net Increase (Decrease) in Shares Outstanding	(1,095,523)	(2,429,271)

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, 2021			Year Ended May 31,
Class A Shares	(Unaudited)		2021	2020	2019	2018	2017
Per Share Data ($):
Net asset value, beginning of period		15.22	14.82	14.94	14.81	15.24	15.69
Investment Operations:
Investment income—net^a		.17	.36	.39	.44	.46	.48
Net realized and unrealized gain (loss) on investments		(.06)	.42	(.08)	.19	(.30)	(.45)
Total from Investment Operations		.11	.78	.31	.63	.16	.03
Distributions:
Dividends from investment income—net		(.17)	(.35)	(.39)	(.44)	(.46)	(.48)
Dividends from net realized gain on investments		-	(.03)	(.04)	(.06)	(.13)	(.00)^b
Total Distributions		(.17)	(.38)	(.43)	(.50)	(.59)	(.48)
Net asset value, end of period		15.16	15.22	14.82	14.94	14.81	15.24
Total Return (%)^c		.72^d	5.27	2.07	4.40	1.03	.25
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets		.95^e	.96	.99	.98	.95	.94
Ratio of net expenses to average net assets		.95^e	.96	.99	.98	.94	.94
Ratio of interest and expense related to floating rate notes issued to average net assets		.02^e	.02	.06	.05	.02	.01
Ratio of net investment income to average net assets		2.22^e	2.36	2.62	3.00	3.07	3.15
Portfolio Turnover Rate		6.21^d	9.84	17.89	22.63	14.26	21.23
Net Assets, end of period ($ x 1,000)		91,434	88,286	85,874	80,780	78,495	82,369

^a Based on average shares outstanding.

^b Amount represents less than $.01 per share.

^c Exclusive of sales charge.

^d Not annualized.

^e Annualized.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)



Six Months Ended
November 30, 2021			Year Ended May 31,
Class C Shares	(Unaudited)		2021	2020	2019	2018	2017
Per Share Data ($):
Net asset value, beginning of period		15.22	14.81	14.94	14.80	15.24	15.69
Investment Operations:
Investment income—net^a		.11	.24	.28	.33	.35	.37
Net realized and unrealized gain (loss) on investments		(.07)	.43	(.10)	.20	(.32)	(.46)
Total from Investment Operations		.04	.67	.18	.53	.03	(.09)
Distributions:
Dividends from investment income—net		(.11)	(.23)	(.27)	(.33)	(.34)	(.36)
Dividends from net realized gain on investments		-	(.03)	(.04)	(.06)	(.13)	(.00)^b
Total Distributions		(.11)	(.26)	(.31)	(.39)	(.47)	(.36)
Net asset value, end of period		15.15	15.22	14.81	14.94	14.80	15.24
Total Return (%)^c		.39^d	4.47	1.22	3.68	.19	(.52)
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets		1.71^e	1.72	1.76	1.75	1.70	1.70
Ratio of net expenses to average net assets		1.71^e	1.72	1.76	1.75	1.70	1.70
Ratio of interest and expense related to floating rate notes issued to average net assets		.02^e	.02	.06	.05	.02	.01
Ratio of net investment income to average net assets		1.44^e	1.59	1.86	2.24	2.31	2.39
Portfolio Turnover Rate		6.21^d	9.84	17.89	22.63	14.26	21.23
Net Assets, end of period ($ x 1,000)		6,778	7,478	8,790	9,609	10,040	16,087

^a Based on average shares outstanding.

^b Amount represents less than $.01 per share.

^c Exclusive of sales charge.

^d Not annualized.

^e Annualized.

See notes to financial statements.



Six Months Ended
November 30, 2021			Year Ended May 31,
Class I Shares	(Unaudited)		2021	2020	2019	2018	2017
Per Share Data ($):
Net asset value, beginning of period		15.21	14.81	14.94	14.80	15.23	15.68
Investment Operations:
Investment income—net^a		.19	.39	.43	.47	.50	.52
Net realized and unrealized gain (loss) on investments		(.06)	.42	(.10)	.21	(.30)	(.45)
Total from Investment Operations		.13	.81	.33	.68	.20	.07
Distributions:
Dividends from investment income—net		(.19)	(.38)	(.42)	(.48)	(.50)	(.52)
Dividends from net realized gain on investments		-	(.03)	(.04)	(.06)	(.13)	(.00)^b
Total Distributions		(.19)	(.41)	(.46)	(.54)	(.63)	(.52)
Net asset value, end of period		15.15	15.21	14.81	14.94	14.80	15.23
Total Return (%)		.84^c	5.53	2.24	4.73	1.28	.49
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets		.71^d	.71	.75	.73	.70	.69
Ratio of net expenses to average net assets		.71^d	.71	.75	.73	.70	.69
Ratio of interest and expense related to floating rate notes issued to average net assets		.02^d	.02	.06	.05	.02	.01
Ratio of net investment income to average net assets		2.45^d	2.59	2.86	3.25	3.32	3.39
Portfolio Turnover Rate		6.21^c	9.84	17.89	22.63	14.26	21.23
Net Assets, end of period ($ x 1,000)		64,444	55,395	58,718	50,296	51,660	49,897

^a Based on average shares outstanding.

^b Amount represents less than $.01 per share.

^c Not annualized.

^d Annualized.

See notes to financial statements.

FINANCIAL HIGHLIGHTS (continued)



Six Months Ended
November 30, 2021			Year Ended May 31,
Class Y Shares	(Unaudited)		2021	2020	2019	2018	2017
Per Share Data ($):
Net asset value, beginning of period		15.21	14.81	14.94	14.80	15.23	15.68
Investment Operations:
Investment income—net^a		.18	.39	.43	.48	.50	.53
Net realized and unrealized gain (loss) on investments		(.06)	.43	(.09)	.20	(.30)	(.46)
Total from Investment Operations		.12	.82	.34	.68	.20	.07
Distributions:
Dividends from investment income—net		(.18)	(.39)	(.43)	(.48)	(.50)	(.52)
Dividends from net realized gain on investments		-	(.03)	(.04)	(.06)	(.13)	(.00)^b
Total Distributions		(.18)	(.42)	(.47)	(.54)	(.63)	(.52)
Net asset value, end of period		15.15	15.21	14.81	14.94	14.80	15.23
Total Return (%)		.79^c	5.54	2.28	4.75	1.31	.52
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets		.70^d	.70	.69	.70	.67	.67
Ratio of net expenses to average net assets		.70^d	.70	.69	.70	.67	.67
Ratio of interest and expense related to floating rate notes issued to average net assets		.02^d	.02	.06	.05	.02	.01
Ratio of net investment income to average net assets		2.47^d	2.61	2.89	3.27	3.35	3.43
Portfolio Turnover Rate		6.21^c	9.84	17.89	22.63	14.26	21.23
Net Assets, end of period ($ x 1,000)		15	253	1,744	3,910	3,149	3,544

^a Based on average shares outstanding.

^b Amount represents less than $.01 per share.

^c Not annualized.

^d Annualized.

See notes to financial statements.



Six Months Ended
November 30, 2021			Year Ended May 31,
Class Z Shares	(Unaudited)		2021	2020	2019	2018	2017
Per Share Data ($):
Net asset value, beginning of period		15.22	14.82	14.94	14.81	15.24	15.69
Investment Operations:
Investment income—net^a		.19	.39	.43	.47	.49	.52
Net realized and unrealized gain (loss) on investments		(.06)	.42	(.09)	.19	(.30)	(.46)
Total from Investment Operations		.13	.81	.34	.66	.19	.06
Distributions:
Dividends from investment income—net		(.19)	(.38)	(.42)	(.47)	(.49)	(.51)
Dividends from net realized gain on investments		-	(.03)	(.04)	(.06)	(.13)	(.00)^b
Total Distributions		(.19)	(.41)	(.46)	(.53)	(.62)	(.51)
Net asset value, end of period		15.16	15.22	14.82	14.94	14.81	15.24
Total Return (%)		.84^c	5.50	2.29	4.62	1.24	.47
Ratios/Supplemental Data (%):
Ratio of total expenses to average net assets		.73^d	.74	.77	.76	.73	.72
Ratio of net expenses to average net assets		.73^d	.74	.77	.76	.73	.72
Ratio of interest and expense related to floating rate notes issued to average net assets		.02^d	.02	.06	.05	.02	.01
Ratio of net investment income to average net assets		2.44^d	2.57	2.84	3.21	3.29	3.38
Portfolio Turnover Rate		6.21^c	9.84	17.89	22.63	14.26	21.23
Net Assets, end of period ($ x 1,000)		661,677	681,094	699,074	738,744	775,138	824,664

^a Based on average shares outstanding.

^b Amount represents less than $.01 per share.

^c Not annualized.

^d 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 non-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. Effective September 1, 2021 (the “Effective Date”), the Adviser has engaged its affiliate, Insight North America LLC (the “Sub-Adviser”) as the fund’s sub-investment adviser pursuant to a sub-investment advisory agreement between the Adviser and Sub-Adviser. As the fund’s sub-investment adviser, the Sub-Adviser provides the day-to-day management of the fund’s investments, subject to the Adviser’s supervision and approval. The Adviser (and not the fund) pays the Sub-Adviser for its sub-advisory services. As of the Effective Date, portfolio managers responsible for managing the fund’s investments who were employees of Mellon Investments Corporation (“Mellon”) in a dual employment arrangement with the Adviser, have become employees of the Sub-Adviser, and are no longer employees of Mellon.

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 The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of the Adviser, 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 Service 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, 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.

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund’s investments are as follows:

Investments in securities are valued each business day by an independent pricing service (the “Service”) approved by the fund’s Board of Directors (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). Debt investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.

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

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.

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, 2021 in valuing the fund’s investments:


	Level 1-Unadjusted Quoted Prices	Level 2- Other Significant Observable Inputs	Level 3-Significant Unobservable Inputs	Total
Assets ($)
Investments In Securities:^†
Collateralized Municipal-Backed Securities	-	5,236,532	-	5,236,532
Municipal Securities	-	838,137,652	-	838,137,652
U.S. Government Agencies Collateralized Municipal-Backed Securities	-	5,000,012	-	5,000,012
Liabilities ($)
Other Financial Instruments:
Floating Rate Notes^††	-	(29,455,000)	-	(29,455,000)

^† 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

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

within the state to pay interest on, or repay principal of, municipal obligations held by the fund.

(c) Risk: Certain events particular to the industries in which the fund’s investments conduct their operations, as well as general economic, political and public health conditions, may have a significant negative impact on the investee’s operations and profitability. 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. 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. The COVID-19 pandemic has had, and any other outbreak of an infectious disease or other serious public health concern could have, a significant negative impact on economic and market conditions and could trigger a prolonged period of global economic slowdown. 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.

(d) Dividends and distributions to shareholders: It is the policy of the fund to declare dividends daily from investment income-net. 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.

(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, 2021, 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, 2021, the fund did not incur any interest or penalties.

Each tax year in the three-year period ended May 31, 2021 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, 2021 was as follows: tax-exempt income $21,092,755 and long-term capital gains $1,514,769. The tax character of current year distributions will be determined at the end of the current fiscal year.

(f) New accounting pronouncements: In March 2020, the FASB issued Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), and in January 2021, the FASB issued Accounting Standards Update 2021-01, Reference Rate Reform (Topic 848): Scope (“ASU 2021-01”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the LIBOR and other interbank offered rates as of the end of 2021. The temporary relief provided by ASU 2020-04 and ASU 2021-01 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 and ASU 2021-01 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 is also currently actively working with other financial institutions and counterparties to modify contracts as required by applicable regulation and within the regulatory deadlines.

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 The Bank of New York Mellon (the “BNYM Credit Facility”), a subsidiary of BNY Mellon and an affiliate of the Adviser, each to be utilized primarily for temporary or emergency purposes, including the

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

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, 2021, the fund did not borrow under the Facilities.

NOTE 3—Management Fee, Sub-Investment 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 .60% of the value of the fund’s average daily net assets and is payable monthly. 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 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 November 30, 2021, there was no reduction in expenses pursuant to the Agreement.

As of the Effective Date, 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 .288% of the value of the fund’s average daily net assets.

During the period ended November 30, 2021, the Distributor retained $61 from commissions earned on sales of the fund’s Class A shares.

(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, 2021, Class C shares were charged $26,077 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, 2021, Class A and Class C shares were charged $113,751 and $8,692, 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, 2021, Class Z shares were charged $113,532 pursuant to the Shareholder Services Plan.

The fund has arrangements with the transfer agent and the custodian whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset transfer agency and custody fees. For financial reporting purposes, the fund includes transfer agent net earnings credits, if any, as shareholder servicing costs and includes custody net earnings credits, if any, as an expense offset in the Statement of Operations.

The fund compensates BNY Mellon Transfer, Inc., a wholly-owned subsidiary of the Adviser, under a transfer agency agreement for providing transfer agency and cash management services inclusive of earnings credits, if any, for the fund. The majority of transfer agency 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, 2021, the fund was charged $63,054 for transfer agency services, inclusive of earnings credit, if any. These fees are included in Shareholder servicing costs in the Statement of Operations.

The fund compensates The Bank of New York Mellon 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, 2021, the fund was charged $7,267 pursuant to the custody agreement.

NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)

The fund compensates The Bank of New York Mellon 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, 2021, the fund was charged $3,751 pursuant to the agreement, which is included in Shareholder servicing costs in the Statement of Operations.

During the period ended November 30, 2021, the fund was charged $7,077 for services performed by the 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 fees of $405,403, Distribution Plan fees of $4,160 Shareholder Services Plan fees of $19,910, custodian fees of $4,591, Chief Compliance Officer fees of $5,897 and transfer agency fees of $23,546.

(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, 2021, amounted to $53,042,382 and $50,862,198, 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, 2021, was approximately $29,455,000, with a related weighted average annualized interest rate of .63%.

At November 30, 2021, accumulated net unrealized appreciation on investments was $60,762,282, consisting of $62,652,820 gross unrealized appreciation and $1,890,538 gross unrealized depreciation.

At November 30, 2021, 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 November 1-2, 2021, the Board considered the renewal of the fund’s Management Agreement pursuant to which the Adviser provides the fund with investment advisory and administrative services (the “Agreement”) and the Sub-Investment Advisory Agreement (together, the “Agreements”), pursuant to which Insight North America LLC (the “Subadviser”) provides day-to-day management of the fund’s investments. 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 Subadviser. In considering the renewal of the Agreements, 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 Subadviser.

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, 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, 2021, 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 discussed with representatives of the Adviser and the Subadviser the results of the comparisons and considered that the fund’s total return performance was below the Performance Group and Performance Universe medians for all periods. The Board also considered that the fund’s yield performance was at or below the Performance Group medians for all ten one-year periods and above the Performance Universe medians for eight of the ten one-year periods ended September 30^th. 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. The Board noted that the fund had a five star rating for the five- and ten-year periods, a four star rating for the three-year period and a five star overall rating from Morningstar based on Morningstar’s risk-adjusted return measures.

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 and sub-advisory services provided by the Adviser and the Subadviser, respectively. In addition, the Board reviewed and considered the actual management fee rate paid by the fund over the fund’s last fiscal year. The Board also reviewed the range of actual and contractual management fees and total expenses as a percentage of 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.

Representatives of the Adviser noted that there were no other funds advised or administered 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 Subadviser that are considered to have similar investment strategies and policies as the fund.

The Board considered the fee payable to the Subadviser in relation to the fee payable to the Adviser by the fund and the respective services provided by the Subadviser and the

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

Adviser. The Board also took into consideration that the Subadviser’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 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 Subadviser, 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. Since the Adviser, and not the fund, pays the Subadviser pursuant to the Sub-Investment Advisory Agreement, the Board did not consider the Subadviser’s profitability to be relevant to its deliberations. 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 Subadviser 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.

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. 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 Subadviser are adequate and appropriate.

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

· The Board concluded that the fees paid to the Adviser and the Subadviser continued to be 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 charged to the fund pursuant to the 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 Subadviser, of the Adviser and the Subadviser and the services provided to the fund by the Adviser and the Subadviser. 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 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 their 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.

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 [email protected]

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.


© 2022 BNY Mellon Securities Corporation 6124SA1121

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 DiPetrillo

        David DiPetrillo

        President (Principal Executive Officer)

Date: January 21, 2022

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 DiPetrillo

        David DiPetrillo

        President (Principal Executive Officer)

Date: January 21, 2022

By: /s/ James Windels

        James Windels

       Treasurer (Principal Financial Officer)

Date: January 21, 2022

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)

[EX-99.CERT]—Exhibit (a)(2)

SECTION 302 CERTIFICATION

I, David DiPetrillo, certify that:

1. I have reviewed this report on Form N-CSR of BNY Mellon California AMT-Free Municipal Bond Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By: /s/ David DiPetrillo

David DiPetrillo

President (Principal Executive Officer)

Date: January 21, 2022

SECTION 302 CERTIFICATION

I, James Windels, certify that:

1. I have reviewed this report on Form N-CSR of BNY Mellon California AMT-Free Municipal Bond Fund, Inc.;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By: /s/ James Windels

James Windels

Treasurer (Principal Financial Officer)

Date: January 21, 2022

[EX-99.906CERT]

Exhibit (b)

SECTION 906 CERTIFICATIONS

In connection with this report on Form N-CSR for the Registrant as furnished to the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

By: /s/ David DiPetrillo

David DiPetrillo

President (Principal Executive Officer)

Date: January 21, 2022

By: /s/ James Windels

James Windels

Treasurer (Principal Financial Officer)

Date: January 21, 2022

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

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